Document:

EX-10.3

 Exhibit 10.3 
  

					
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	  	Non-Qualified Deferred Compensation Plan, Basic Plan Document	  	

 NONQUALIFIED 

DEFERRED COMPENSATION PLAN 

BASIC PLAN DOCUMENT 

(Including Code §409A provisions) 

Base Document 

									
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Nonqualified Deferred Compensation Prototype Plan 
  

NONQUALIFIED 
 DEFERRED
COMPENSATION PLAN 
 BASIC PLAN DOCUMENT 

By execution of the Adoption Agreement associated with this Basic Plan Document, the Employer establishes this Nonqualified Deferred
Compensation Plan (“Plan”) for the benefit of certain Employees and Contractors the Employer designates in its Adoption Agreement. The primary purpose of the Plan is to provide additional compensation to Participants upon termination of
employment or service with the Employer. The Employer will pay benefits under the Plan only in accordance with the terms and conditions set forth in the Plan. 

PREAMBLE 
 ERISA/Code
Plan Type. The Employer in its Adoption Agreement will specify whether it establishes the Plan as a nonqualified deferred compensation plan or as an ineligible Code §457(f) plan. A nonqualified deferred compensation plan is an unfunded plan
that may be: (i) an “excess benefit plan” under ERISA §3(36); (ii) a plan maintained “primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” (“top-hat plan”) under ERISA §§201(2), 301(a)(3) and 401(a)(1); (iii) a plan only for Contractors and exempt from Title I of ERISA; or (iv) a church plan under Code §414(e) and ERISA
§3(33) and maintained by a church or church-controlled organization under Code §3121(w)(3). A top-hat plan includes a supplemental executive retirement plan (“SERP”). A tax-exempt Code §457(f) plan may include a church plan under Code §414(e) and ERISA §3(33) but which is not sponsored by a church or church-controlled organization under Code §3121(w)(3). 

409A Plan Type. The Employer in its Adoption Agreement will specify whether it establishes the Plan as an Account Balance Plan or as a
Separation Pay Plan. 
 Possible Nonuniformity. The Employer in its Adoption Agreement will specify such Plan terms as will apply to
all Participants uniformly or as may apply to a given Participant. Except where the Plan or Applicable Guidance require uniformity in order to comply with Code §409A, the Employer need not provide the same Plan benefits or apply the same Plan
terms and conditions to all Participants, even as to Participants who are of similar pay, title and other status with the Employer. The elections the Employer makes in its Adoption Agreement apply uniformly to all Participants, except to the extent
the Employer adopts inconsistent provisions with respect to one or more Participants in a separate attachment designated as “Exhibit A” and attached to the Adoption Agreement. The Employer may create a separate Exhibit A for one or more
Participants, specifying such terms and conditions as are applicable to a given Participant. The Employer, in Exhibit A, may modify any Plan provision or any Adoption Agreement election as to one or more Participants. 

I. DEFINITIONS 
 1.01
“Account” means the account the Employer establishes under the Plan for each Participant and, as applicable, means a Participant’s Elective Deferral Account, Nonelective Contribution Account or Matching Contribution Account.

 1.02 “Account Balance Plan” means an Elective Deferral Account Balance Plan or an Employer Contribution Account Balance
Plan, or a combination of both, as the Employer elects in its Adoption Agreement. 
 (A) Elective Deferral Account Balance Plan. An
Elective Deferral Account Balance Plan is a plan comprised of an Elective Deferral Account as described under Treas. Reg. §1.409A-l(c)(2)(i)(A). 

(B) Employer Contribution Account Balance Plan. An Employer Contribution Account Balance Plan is a plan comprised of Employer
Nonelective Contribution Accounts, Matching Contribution Accounts, or both, as described under Treas. Reg. §1.409A-l(c)(2)(i)(B). 

1.03 “Accrued Benefit” means the total dollar amount credited to a Participant’s Account. 

  

			
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1.04 “Adoption Agreement” means the document the Employer executes to establish the Plan and includes all Exhibits and other
documents referenced therein. 
 1.05 “Aggregated Plans” means this Plan and any other like-type plan of the Employer in
which a given Participant participates and as to which the Plan (see Sections 2.02(B)(2) and 6.03(B)) or Treas. Reg. §1.409A-1 (c)(2) requires the aggregation of all such nonqualified deferred
compensation in applying Code §409A. For this purpose, the following rules apply: 
 (A) Participants in Separate Plans. The
plan for a Participant is treated as a separate plan from the plan for any other Participant, even though such plans may be incorporated into a single written plan in this Plan and covering all Participants. 

(B) Plan Types. The following plans under clauses (i), (ii) and (iii) are not “like-type plans” and are treated as
separate from each other: (i) all Elective Deferral Account Balance Plans (including for aggregation purposes only, Separation Pay Plans based on Voluntary Separation from Service); (ii) all Employer Contribution Account Balance Plans
(including for aggregation purposes only, Separation Pay Plans based on Voluntary Separation from Service); and (iii) all Separation Pay Plans based on Involuntary Separation from Service or under a Window Program. 

(C) Dual Status. If a Participant in two like-type plans participates in one plan as an Employee and in the other as a Contractor, the
plans are not Aggregated Plans. If an Employee also serves on the Employer’s board of directors (or in a similar capacity with regard to a non-corporate entity) and participates in like-type plans but
participates in one plan as an Employee and in the other as a director (or similar capacity with regard to a non-corporate entity) [a “director plan”], the plans are not Aggregated Plans provided
that the director plan is substantially similar to a plan the maintains for non-employee directors. If the director plan is not substantially similar, for purposes of aggregation, the director plan is treated
as a plan for Employees. Director plans and plans for Contractors are subject to aggregation under this Section 1.05. 
 1.06
“Applicable Guidance” means as the context requires Code §§83,409A and 457, Treas. Reg. §1.83, Treas. Reg. §§1.409A-1 through
-6, Treas. Reg. §1.457-11, or other written Treasury or IRS guidance regarding or affecting Code §§83, 409A or 457(f), including, as applicable, any Code
§409A guidance in effect prior to January 1, 2008. 
 1.07 “Base Salary” means a Participant’s Compensation
consisting only of regular salary and excluding any other Compensation. 
 1.08 “Basic Plan Document” means this
Nonqualified Deferred Compensation Plan document. 
 1.09 “Beneficiary” means the person or persons entitled to receive
Plan benefits in the event of a Participant’s death. 
 1.10 “Bonus” means a Participant’s Compensation
consisting only of bonus and excluding any other Compensation. A Bonus also may be Performance-Based Compensation under Section 1.37. 

1.11 “Change in Control” means, as to an Employer which is a corporation, a change: (i) in the ownership of the Employer
(acquisition by one or more persons acting as a group of more than 50% of the total voting power or fair market value of the Employer); (ii) in the effective control of the Employer (acquisition or acquisition during a
12-month period ending on the date of the latest acquisition, by one or more persons acting as a group of 30% or more of the total voting power of the Employer or replacement of a majority of the members of
the board of directors of the Employer [described below, but including only the entity for which no other corporation is a majority shareholder] during any 12-month period by directors not endorsed by a
majority of the board before the appointment or election); or (iii) in the ownership of a substantial portion of the assets of the Employer (acquisition or acquisition during a 12-month period ending on
the date of the latest acquisition, by one or more persons [other than related persons described in Treas. Reg. §1.409A-3(iX5)(vii)(B)] acting as a group of assets with a total gross fair market value of
40% or more of the total gross fair market value of all assets of the Employer immediately before such acquisition or acquisitions), each within the meaning of Treas. Reg. §1.409A-3(i)(5) or in Applicable
Guidance. For this purpose, the Employer includes the Employer, the corporation which is liable for the payment of the Deferred Compensation, a majority shareholder (more than 50% of total fair market value and voting 

  

			
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power) of the foregoing or a corporation in a chain of corporations in which each is a majority owner of another corporation in the chain, ending in the
Employer or in the corporation that is liable for payment of the Deferred Compensation, all in accordance with Treas. Reg. §1.409A-3(i)(5)(ii). An event constituting a Change in Control must be
objectively determinable and any certification thereof by the Employer or its agents may not subject to the discretion of such person. For purposes of applying this Section 1.11, stock ownership is determined in accordance with Code
§318(a)as modified under Treas. Reg. §1.409A-3(i)(5)(iii). The Employer in its Adoption Agreement will elect whether a Change in Control includes any or all the events described in clauses (i), (ii)
or (iii) and also may elect to increase the percentage change required under any such event to constitute a Change in Control. Pending the issuance of Applicable Guidance as to the application of the Change in Control provisions to partnerships
(or other non-corporate entities), if the Employer elects in its Adoption Agreement to permit Change in Control as a payment event, the Employer will apply clauses (i) and (iii) and clause (ii) as it
relates to a change in the composition of the board of directors by analogy in accordance with Treas. Reg. §1.409A, Preamble, II.G. 

1.12 “Change in the Employer’s Financial Health” means an adverse change in the Employer’s financial condition as
described in Applicable Guidance. 
 1.13 “Code” means the Internal Revenue Code of 1986, as amended. 

1.14 “Commissions” means Compensation or portions of Compensation consisting of Sales Commissions or of Investment
Commissions. See Section 2.02(B)(5). 
 (A) Sales Commissions. Sales Commissions means Compensation or portions of Compensation a
Participant earns if: (i) a substantial portion of Participant’s services to the Employer consists of the direct sale of a product or a service to a customer that is not related or treated as related to the Employer or to the Participant
(under Treas. Reg. §§1.409A-1 (f)(2)(ii)) and (iv)); (ii) the Compensation the Employer pays to the Participant consists either of a portion of the purchase price for the product or service or of an
amount substantially all of which is calculated by reference to volume of sales; and (iii) payment is either contingent upon the Employer receiving payment from an unrelated customer (as described in clause (i) above) for the product or
services or, if consistently applied as to all similarly situated service providers, is contingent upon the closing of a sales transaction and such other requirements as the Employer may specify before the closing of the sales transaction. 

(B) Investment Commissions. Investment Commissions means Compensation or portions of Compensation a Participant earns if: (i) a
substantial portion of the Participant’s services to the Employer to which the Compensation relates consists of sales of financial products or other direct customer services to a customer that is not related or treated as related to the
Employer or to the Participant (under Treas. Reg. §§1.409A-1(f)(2)(ii)) and (iv)) as to customer assets or customer asset accounts; (ii) the customer retains the right to terminate the
relationship and to move or liquidate the assets or asset accounts without undue delay (but subject to a reasonable notice period); (iii) the Compensation is based on a portion of the value of the overall assets or asset account balance,
substantially all of the Compensation is calculated by reference to the increase in value of the overall assets of account balance, or both; and (iv) the value of the overall assets or account balance and Investment Commissions are determined
at least annually. 
 (C) Related Customer Commissions. This Section 1.14 also applies to Sales Commissions and to Investment
Commissions involving a related customer provided: (i) the Employer as to unrelated customers makes substantial sales or provides substantial services giving rise to Commissions; and (ii) the sales, service and Commission arrangements with
the related customer are bona fide, arise from the Employer’s ordinary course of business and are substantially the same, in terms and in practice, as those terms and practices that apply to unrelated customers to which substantial sales are
made or substantial services are rendered. 
 1.15 “Compensation” 

(A) Employees. Compensation means as to an Employee, gross W-2 compensation. “W-2 Compensation” means wages for federal income tax withholding purposes, as defined under Code §3401(a), plus all other payments to an Employee in the course of the Employer’s trade or
business, for which the Employer must furnish the Employee a written statement under Code §§6041, 6051 and 6052, disregarding any rules limiting the remuneration included as wages under this definition based on the nature or location of

  

			
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the employment or service performed. “Gross W-2 compensation” means
W-2 compensation plus all amounts excludible from a Participant’s gross income under Code §§125,132(f)(4), 402(e)(3), 402(h)(2), 403(b), and 408(p), contributed by the Employer, at the
Participant’s election, to a cafeteria plan, a qualified transportation fringe benefit plan, a 401(k) arrangement, a SEP, a tax sheltered annuity, or a SIMPLE plan. 

(B) Contractors. Compensation as to a Contractor means all payments by the Employer to the Contractor for services during a Taxable
Year. 
 (C) Modifications. The Employer in its Adoption Agreement will elect whether to modify the definition of Compensation. The
Employer may modify the definition of Compensation or may specify a different definition of Compensation either as to Employees, as to Contractors or both. 

1.16 “Contractor” means a person or entity providing services to the Employer (not as an Employee) as described in Treas.
Reg. §1.409A-1(f)(1) and which for any Taxable Year of the Contractor that the Contractor is on the cash receipts and disbursements method of accounting for Federal income tax purposes. A person serving
on a board of directors is a Contractor as to Compensation for such service without regard to whether the person is an Employee for other purposes. A Contractor is not subject to this Plan or to Code §409A if in the Taxable Year in which the
Legally Binding Right to Compensation arises: (i) the Contractor is actively engaged in the trade or business of performing services other than as an Employee or as a director (or similar position as to a
non-corporate Employer); (ii) the Contractor provides significant services to the Employer and to at least 2 other unrelated service recipients, where the Contractor, the Employer and the other service
recipient(s) are all unrelated to each other within the meaning of Treas. Reg. §§1.409A-1(f)(2)(i)(B) and (C) as applicable; and (iii) the services are not “management services”
within the meaning of Treas. Reg. §1.409A-1(f)(2)(iv). For purposes of clause (ii) “significant services” means as described in Treas. Reg.
§1.409A-1(f)(2)(iii). This Plan and Code §409A also do not apply to certain other “related” Contractor services as described in Treas. Reg.
§1.409A-1(f)(2)(v). 
 1.17 “Disability” except as the Plan otherwise provides
means a condition of a Participant who by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months: (i) is unable
to engage in any substantial gainful activity; or (ii) is receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering Employees. The Employer in its Adoption Agreement will elect
whether Disability includes all impairments constituting Disability under this Section 1.17, or only certain specified Disabilities which satisfy the foregoing definition. The Employer will determine whether a Participant has incurred a
Disability based on its own good faith determination and may require a Participant to submit to reasonable physical and mental examinations for this purpose. A Participant will be deemed to have incurred a Disability if: (i) the Social Security
Administration or Railroad Retirement Board determines that the Participant is totally disabled; or (ii) the applicable insurance company providing disability insurance to the Participant under an Employer sponsored disability program
determines that a Participant is disabled under the insurance contract definition of disability, provided such definition complies with the definition in this Section 1.17. 

1.18. “Deferred Compensation” means the Participant’s Account Balance attributable to Elective Deferrals and Employer
Contributions and includes Earnings on such amounts except where the Plan otherwise provides. “Compensation Deferred” is Compensation that the Participant or the Employer has deferred under this Plan. Compensation is Deferred Compensation
if: (i) under the terms of the Plan and the relevant facts and circumstances, the Participant has a Legally Binding Right to Compensation during a Taxable Year that the Participant has not actually or constructively received and included in gross
income; and (ii) pursuant to the Plan terms, the Compensation is or may be payable to or on behalf of the Participant in a later Taxable Year. Deferred Compensation includes Separation Pay paid pursuant to a Separation Pay Plan except as
otherwise described in Treas. Reg. §1.409A-1(b)(9) relating to certain excluded Involuntary or Voluntary Separation from Service or Window Programs and certain reimbursements, medical benefits, in-kind benefits and limited payments. Deferred Compensation excludes certain “short-term deferrals” and all other items described in Treas. Reg.
§§1.409A-1(b)(3), (4), (5), (6), (8), (10), (11) and (12) or in other Applicable Guidance. 

1.19 “Earnings” means earnings, gain or loss applicable to a Participant’s Account provided that such amounts reflect
actual predetermined investments or notional amounts which do not exceed a reasonable rate of interest. Amounts credited to an Account 

  

			
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that do not reflect actual predetermined investments or a reasonable rate of interest are Deferred Compensation and are not Earnings. For purposes of making
the determination of whether an amount is Earnings or is Deferred Compensation, the principles of Treas. Reg. §31.3121(v)(2)-l(d)(2) apply. 

1.20 “Effective Date” of the Plan is the date the Employer specifies in the Adoption Agreement, but which is not earlier than
January 1, 2008. If this Plan restates a Plan (written or otherwise) which was in effect before January 1, 2008, for periods before January 1, 2008, as to 409A Amounts, the standards and transition rules in effect under Notices 2006-79, 2006-64, 2003- 33, 2006-4, Prop. Treas. Reg. §1.409A, Preamble, Section XI and Notice
2005-1 apply. See also the Treas. Reg. §1.409A Preamble, Section XII as to the treatment of certain actions which were in compliance with Applicable Guidance in effect before the issuance of such 409A
Regulations on April 17, 2007, but which are not in compliance with such Regulations. 
 1.21 “Elective Deferral”
means Compensation a Participant elects to defer into the Participant’s Account under the Plan. 
 1.22 “Elective Deferral
Account” means the portion of a Participant’s Account attributable to Elective Deferrals and Earnings thereon. 
 1.23
“Employee” means a person providing services to the Employer as a common law employee (and not as a Contractor) as described in Treas. Reg. §1.409A-1(f)(1) and who, for any Taxable Year
of the Employee, is on the cash receipts and disbursements method of accounting for Federal income tax purposes. 
 1.24
“Employer” means the person or entity: (i) receiving the services of the Participant (even if another person pays the Deferred Compensation); (ii) with respect to whom the Legally Binding Right to Compensation arises; and
(iii) who or which executes an Adoption Agreement establishing the Plan. The Employer includes all persons with whom the Employer would be considered a single employer under Code §§414(b) or (c). In the case of an Ineligible 457 Plan,
Employer means a State or a Tax- Exempt Organization. For purposes of this Plan, “Employer” means “service recipient” as that term in used in Treas. Reg.
§1.409A-1 through -6. 
 1.25 “Employer
Contribution” means amounts the Employer contributes or credits to an Account under the Plan, including Nonelective Contributions and Matching Contributions but not including Elective Deferrals. 

1.26 “Employer Contribution Account” means the portion of a Participant’s Account attributable to Employer Contributions
and Earnings thereon. 
 1.27 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

1.28 “409A Amount” means: (i) any Compensation Deferred prior to January 1, 2005, unless such Deferred Compensation
is a Grandfathered Amount; and (ii) any Compensation Deferred in Taxable Years beginning after December 31, 2004. In determining 409A Amounts, the rules of Section 1.05 regarding Aggregated Plans apply. 

1.29 “Grandfathered Amount” means an amount of Deferred Compensation hereunder as to which, prior to January 1, 2005, a
Participant: (i) had a Legally Binding Right to be paid Deferred Compensation; and (ii) was Vested. However, if the Employer after October 3, 2004, materially modifies the Plan as described in Treas. Reg. 1.409A-6(a)(4), then such amount ceases to be a Grandfathered Amount. In determining Grandfathered Amounts, the rules of Section 1.05 regarding Aggregated Plans apply. 

1.30 “Ineligible 457 Plan” means this Plan which is subject to Code §457(f) and that is not an eligible 457 plan under
Code §457(b). 
 1.31 “Legally Binding Right” means, in reference to Compensation, the grant by the Employer to the
Participant of an enforceable right (under contract, statute or other applicable law) to Compensation where, after the Participant has performed the services which created the Legally Binding Right, the Compensation is not subject to unilateral
reduction or elimination by the 

  

			
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Employer or any other person. The Employer, based on the facts and circumstances and in accordance with Treas. Reg.
§1.409A-1(b)(1), will determine: (i) whether a Legally Binding Right exists; or (ii) whether a Legally Binding Right does not exist on account of the existence of negative discretion which has
substantive significance to reduce or eliminate the Compensation. Negative discretion does not exist where the Participant has effective control over the person with the negative discretion, has effective control over any portion of compensation of
the decision maker or is a family member of the decision maker (within the meaning of Code §267(c)(4) applied as if the family of an individual includes the spouse of any member of the family). Compensation is not subject to unilateral
reduction or elimination merely because: (i) it may be reduced or eliminated by operation of objective Plan terms, such as a Substantial Risk of Forfeiture; (ii) the Compensation is determined under a formula that provides for an offset
based on benefits provided under another plan, including a qualified plan; or (iii) benefits are reduced on account of actual or notional investment losses, or, in a final average pay plan, because of subsequent decreases in compensation. 

1.32 “Matching Contribution” means a fixed or discretionary Employer contribution made with respect to a Participant’s
Elective Deferral. 
 1.33 “Matching Contribution Account” means the portion of a Participant’s Account attributable
to Matching Contributions and Earnings thereon. 
 1.34 “Nonelective Contribution” means a fixed or discretionary Employer
Contribution that is unrelated to a Participant’s Elective Deferrals. 
 1.35 “Nonelective Contribution Account” means
the portion of a Participant’s Account attributable to Nonelective Contributions and Earnings thereon. 
 1.36
“Participant” means an Employee or Contractor the Employer designates under Adoption Agreement Section 2.01 or in Exhibit “B” to the Adoption Agreement to participate in the Plan. For purposes of this Plan,
“Participant” means a “service provider” as that term in used in Treas. Reg. 1.409A-1 through-6, who is a participant in the Plan. A reference herein
to “service provider” means another service provider to the Employer, whether or not that person is a Participant. 
 1.37
“Performance-Based Compensation” means Compensation (including a Bonus) where the amount of, or entitlement to, the Compensation is contingent on satisfaction of preestablished organizational or individual performance criteria
relating to a performance period of at least 12 consecutive months. The Employer must establish the organizational or individual performance criteria in writing not later than 90 days after commencement of the performance period and the outcome must
be substantially uncertain at the time that the Employer establishes the performance criteria. The Employer may establish performance criteria without the necessity of action by its shareholders, board of directors, compensation committee or similar
entities in the case of a non-corporate Employer. Performance-Based Compensation does not include any amount that will be paid regardless of performance or that will be paid based on a level of performance
that is substantially certain to be met at the time the criteria are established. If the Plan will pay the Participant’s Performance-Based Compensation in the event of the Participant’s death or disability or if a Change in Control occurs,
without regard to whether the performance criteria have been satisfied, the Compensation is not Performance-Based Compensation (and therefore is not entitled to the election timing under Section 2.02(B)(4)) if payment occurs as a result of any of
such events. “Disability” for purposes of this Section 1.37 means any medically determinable physical or mental impairment resulting from the Participant’s inability to perform the duties of his/her position or of any
substantially similar position, where such impairment can be expected to result in death or to last for a continuous period of not less than 6 months. Performance-Based Compensation does not include an amount of Compensation which is based on a
specified number of shares of stock multiplied by the share price at the end of the performance period, but may include an amount of Compensation based on an increase in share price over the performance period or which is not payable unless the
share price is at or above a specified price. Performance-Based Compensation may be based on subjective performance criteria provided: (i) the criteria are bona fide and relate the Participant’s performance, a group of service providers
that includes the Participant or a business unit for which the Participant provides services which may include the Employer; and (ii) the person who decides whether the subjective performance criteria have been met is someone other than the
Participant, the Participant’s family member (within the meaning of Code §267(c)(4) applied as if the family of an individual includes the spouse of any member of the family), or a person under the effective control of the Participant or
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family member. In addition, the decision maker’s compensation may not be controlled in whole or in part by the Participant or such a family member. The
Employer will determine the status of Compensation as Performance-Based Compensation in accordance with Treas. Reg. §1.409A-1(e) and Applicable Guidance. 

1.38 “Plan” means the Nonqualified Deferred Compensation Plan of the Employer established by and including the Adoption
Agreement, the Basic Plan Document, the Trust, if any, and all notices, forms, elections and other written documentation to which the Plan refers. The Employer will set forth the name of the Plan in its Adoption Agreement. For purposes of applying
Code §409A requirements this Plan, as the Employer elects in its Adoption Agreement, is an Elective Deferral Account Balance Plan, an Employer Contribution Account Balance Plan or both, or is a Separation Pay Plan. This Plan does not
constitute: (i) a Code §401(a) plan with and exempt trust under Code §501(a); (ii) a Code §403(a) annuity plan; (iii) a Code §403(b) annuity; (iv) a Code §408(k) SEP; (v) a Code §408(p) Simple
IRA; (vi) a Code §501(c)(18) trust to which an active participant makes deductible contributions; (vii) a Code §457(b) plan; or (viii) a Code §415(m) plan. 

1.39 “Retirement Age” means the date (if any) the Employer elects in the Adoption Agreement. 

1.40 “Separation from Service” 

(A) Employees. Separation from Service means in the case of an Employee, the Employee’s termination of employment with the
Employer whether on account of death, retirement, Disability or otherwise. 
 (1) Insignificant or Significant Service/Presumptions.
The Employer will determine whether an Employee has terminated employment (and incurred a Separation from Service) based on whether the facts and circumstances as described in Treas. Reg.
§1.409A-1(h)(1)(ii). An Employee incurs a Separation from Service if the parties reasonably anticipate, based on the facts and circumstances, the Employee will not perform any additional services after a
certain date or that the level of bona fide services (whether performed as an Employee or as a Contractor) will permanently decrease to no more than 20% of the average level of bona fide services performed (whether performed as an Employee or as a
Contractor) over the immediately preceding 36-month period (or, if less, the period the employee has rendered service to the Employer) (“average prior service”). An Employee is presumed to have
incurred a Separation from Service if the Employee’s service level decreases to 20% or less than the average prior service and an Employee is presumed to not have incurred a Separation from Service if the Employee’s service level continues
at a rate which is 50% or more of the average prior service. No presumption applies where the Employee’s service level is more than 20% and less than 50% of the average prior service. 

(2) Effect of Leave. An Employee does not incur a Separation from Service if the Employee is on military leave, sick leave, or other
bona fide leave of absence if such leave does not exceed a period of 6 months, or if longer, the period for which a statute or contract provides the Employee with the right to reemployment with the Employer. If a Participant’s leave exceeds 6
months but the Participant is not entitled to reemployment under a statute or contract, the Participant incurs a Separation from Service on the next day following the expiration of 6 months. A leave of absence constitutes a bona fide leave of
absence for this Section 1.40 only if there is a reasonable expectation that the Employee will return to perform services for the Employer. Where a leave of absence is due to any medically determinable physical or mental impairment that can be
expected to result in death or to last for a continuous period of at least 6 months, and where the Participant cannot perform his/her duties or the duties of any substantially similar position, in determining when a Separation from Service occurs,
the above 6 month period is 29 months unless the Employer or the Employee terminate the leave sooner. For purposes of determining average prior service under Section 1.40 (A)(1), during a paid leave of absence which is not a Separation From
Service, the Employee is treated as rendering bona fide services at a level that would have been required to earn the amount paid during the leave. If the leave of absence is unpaid, the leave period is disregarded in determining average prior
service. 
 (3) Alternative Definition. In lieu of applying Section 1.40(A)(1), the Employer or Participant in an initial payment
election or in a change payment election may elect a percentage of reduced bona fide services resulting in a Separation from Service which percentage must be greater than 20% and less than 50% of prior average service, determined over the
immediately preceding 36 months. 

  

			
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(B) Contractors. Separation from Service, in the case of a Contractor, means the expiration of the contract (or all contracts) under
which the Contractor performs services for the Employer provided that the expiration constitutes a good-faith and complete termination of the contractual relationship between the Contractor and the Employer. A good-faith and complete termination
does not occur if the Employer anticipates a renewal of the service contract or the Employer anticipates the Contractor becoming an Employee. The Employer anticipates the renewal of the contract if the Employer intends to contract again for the
services provided under the expired contract and neither the Employer nor the Contractor has eliminated the Contractor as a possible provider of such additional services. The Employer is deemed to intend renewal of the Contractor’s expired
contract if renewal is conditioned only upon incurring a need for services, the Employer’s ability to pay for the services, or both. See Section 4.01(E) as to Contractor “deemed” Separation from Service provisions. 

(C) Involuntary Separation from Service (including for “good reason”). “Involuntary Separation from Service” means
a Separation from Service due to the Employer’s independent exercise of unilateral authority to terminate the Participant’s services (other than due the Participant’s implicit or explicit request), where the Participant was willing
and able to continue performing services for the Employer. Involuntary Separation from Service may include the Employer’s failure to renew the service contract at the time the contract expires provided that the Participant was willing and able
to execute a new contract on substantially the same terms and conditions as the expiring contract and to continue providing such services. The Employer will make the determination as to whether an Involuntary Separation from Service has occurred
based on all of the facts and circumstances and in accordance with Treas. Reg. §1.409A-1(n). For this purpose, a Participant’s voluntary Separation from Service is treated as an Involuntary
Separation from Service if it is for “good reason” as described in Treas. Reg. §§1.409A-1(n) (2). For this purpose, the Separation from Service is deemed to be for a good reason if it
occurs during a limited period not to exceed 2 years following the initial existence of the following without the Participant’s: consent (i) a material reduction in the Participant’s base compensation (including Base Salary); (ii) a
material reduction in the Participant’s authority, duties or responsibilities; (iii) a material reduction in the authority, duties or responsibilities of the Participant’s supervisor, including a change in the Participant’s
reporting responsibilities to a lower level than the board of directors or similar authority in a non-corporate entity; (iv) a material reduction in the Participant’s budget; (v) a material change in the location at which the
Participant renders service; or (vi) any other action or inaction that constitutes the Employer’s material breach of the agreement under which the Participant provides services to the Employer. In addition, to be a deemed “good
reason” the amount, time and form of payment upon Separation from Service must be substantially identical to the amount payable upon an actual Involuntary Separation from Service, if such right exists, and the Participant must provide notice to
the Employer within 90 days of the initial existence of the condition and afford the Employer at least 30 days to remedy the condition without having to pay the Compensation. 

(D) Voluntary Separation from Service. “Voluntary Separation from Service” means a Separation from Service which is not an
Involuntary Separation from Service under Section 1.40(C). 
 (E) “Employer” for Purposes of Separation Rules. The
“Employer” for purposes of applying this Section 1.40 (determining Separation from Service under the Plan) means as defined under Section 1.24 but by applying 50% in lieu of 80% in applying Code §§414(b) and (c).
The Employer in lieu of applying the previous sentence may elect in its Adoption Agreement to use a percentage equal to not less than 20% and not more than 80% in determining related employers under Code §§414(b) and (c); provided that the
Employer may not elect to apply a percentage which is less than 50% unless there are legitimate business criteria for doing so. 
 (F)
Dual Capacity. If a Participant renders service to the Employer both in the capacity as an Employee and as a Contractor (or changes status from Employee to Contractor or vice versa), the Participant must incur a Separation from Service in
both capacities to constitute a Separation from Service. For this purpose, if a Participant renders service both as an Employee and as a member of the Employer’s board of directors (or an analogous position in the case of a non-corporate Employer) the director services (or the Employee services if this Plan relates to director services) are disregarded in determining whether the Participant has incurred a Separation from Service as to
this Plan provided that the plans are not Aggregated Plans. 

  

			
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(G) Certain Asset Sales. In accordance with and subject to Treas. Reg. §1.409A-1(h)(4), if
the Employer sells its assets to an unrelated party purchaser where the Participants otherwise would incur a Separation from Service and where such Participants will provide services to the purchaser after the sale closing, the Employer and the
purchaser retain discretion no later than the asset sale closing date to specify in writing whether the Participants will incur a Separation from Service. In making such determination, the Employer and the purchaser must treat all affected
Participants consistently. 
 (H) Collectively Bargained Multiple Employer Plan. If the Plan is established pursuant to a bona fide
collective bargaining agreement covering services rendered for multiple employers, the Employer (which for this purpose means the employer which executes the Adoption Agreement) in its Adoption Agreement may elect to define Separation from Service
in a reasonable manner that treats an Employee as not having separated during periods in which the Employee is not providing services but is available to do so for one or more employers. However, such alternative definition must also provide that
the Employee is deemed to have incurred a Separation from Service at a specified date not later than the end of any period of at least 12 consecutive months during which time the Employee has not provided any service covered by the collective
bargaining agreement to any participating employer. The Employer will apply this section in accordance with the requirements of Treas. Reg. §1.409A-1(h)(6). 

1.41 “Separation Pay” means any Deferred Compensation (applied before application of any exclusion applicable to Separation
Pay Plans under Treas. Reg. §1.409A-1(b)(9)) that will not be paid under any circumstances unless the Participant incurs a Separation from Service, whether voluntary or involuntary, including payments in
the form of reimbursements for expenses incurred and provision of in-kind benefits. Deferred Compensation that a Participant may receive without incurring a Separation from Service is not Separation Pay merely
because the Participant elects to receive or receives payment upon or after Separation from Service. Deferred Compensation does not fail to constitute Separation Pay merely because the Participant must execute a release of claims, noncompetition
agreement or nondisclosure agreement or is subject to similar requirements. Any amount or entitlement that acts as a substitute for, or replacement of, Deferred Compensation is a payment of Deferred Compensation and is not Separation Pay. 

1.42 “Separation Pay Plan” means any plan that provides for Separation Pay, including the portion of any plan that provides
for Separation Pay, under Treas. Reg. §§1.409A-1(m). The Employer in its Adoption Agreement will elect whether this Plan is a Separation Pay Plan and will elect whether the plan pays benefits in the
event of Involuntary Separation from Service, Voluntary Separation from Service, pursuant to a Window Program or a combination thereof. 

1.43 “Service Year” means a Participant’s Taxable Year in which the Participant performs services which give rise to
Compensation. A “service period” or “performance period” means a Service Year or such other period in which a Participant performs services for the Employer giving rise to Compensation. 

1.44 “Specified Employee” means a Participant who is a key employee as described in Code §416(i)(l)(A), disregarding
paragraph (5) thereof and using compensation as defined under Treas. Reg. §1.415(c)-2(a). However, a Participant is not a Specified Employee unless any stock of the Employer is publicly traded on an
established securities market or otherwise and the Participant is a Specified Employee on the date of his/her Separation from Service. If a Participant is a key employee at any time during the 12 months ending on the Specified Employee
identification date, the Participant is a Specified Employee for the 12 month period commencing on the Specified Employee effective date. The Specified Employee identification date is December 31. The Specified Employee effective date is the
April 1 following the Specified Employee identification date. The Employer, in determining whether this Section 1.44 and all related Plan provisions apply, will determine whether the Employer has any publicly traded stock as of the date of
a Participant’s Separation from Service. In the case of certain corporate transactions (a merger, acquisition, spin-off or initial public offering), or in the case of nonresident alien Employees, the
Employer will apply the Specified Employee provisions of the Plan in accordance with Treas. Reg. §1.409A-1(i) and other Applicable Guidance. Notwithstanding the foregoing, the Employer in its Adoption
Agreement, and in accordance with Treas. Reg. §1.409A-1(i) and other Applicable Guidance, may make the following elections: (i) use of any Code §415 definition of compensation for Specified
Employee determination; (ii) designation of an alternative Specified Employee identification date; (iii) designation of an alternative Specified Employee effective date; (iv) use of an alternative method to identify Participants who will
be subject to the 6 month delay rule in Section 4.01(D); (v) certain elections in the context of corporate transactions; and (vi) certain elections regarding nonresident alien Employees. The Employer’s election

  

			
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under clauses (ii) or (iii) regarding an identification date or effective date made on or before December 31, 2007. applies to any Separation from
Service occurring on or after January 1, 2005, unless the Employer subsequently changes the identification date and/or effective date. Such elections are effective as of the date that all necessary corporate action has been taken to make the
election binding as to all nonqualified deferred compensation plans in which service providers of the Employer who would become a Specified Employees participate. The Employer must apply all such elections consistently as to all service providers.
The Employer will apply the Specified Employee provisions of the Plan, including the elections described in this Section 1.44, in accordance with Treas. Reg. §1.409A-1(i) and other Applicable
Guidance. 
 1.45 “Specified Time or Fixed Schedule” means, in reference to a payment of Deferred Compensation, the
Employer, at the time of the deferral of the Compensation can objectively determine: (i) the amount payable; and (ii) the payment date or dates. An amount is objectively determinable if the deferral election specifically identifies the
amount or if the Employer can determine the amount at the time it is due pursuant to an objective, nondiscretionary formula specified at the time of deferral. 

(A) Dates and Period(s). A payment is scheduled to occur at a specified time if it is a lump sum payment on a specific date, or a
specific, objectively determinable date, including following the lapse of a substantial risk of forfeiture. A payment is scheduled to occur on a fixed schedule if it is a series of payments (which may include an annuity or a series of installments)
payable on specific dates or on specifically, objectively determinable dates including following the lapse of a substantial risk of forfeiture. The designation of a Taxable Year of the Participant, or a defined period within a Taxable Year of the
Participant, in which payment will occur is adequate designation of a specific date. For purposes of Sections 4.02 and 4.05, if the date specified is only a designated Taxable Year of the Participant, or a period of time during such a Taxable Year,
the date specified under the plan is treated as the first day of such Taxable Year or the first day of the period of time, as applicable. 

(B) Limitations and Link to Employer Receipts. A Fixed Schedule may include certain: (i) limitations on the amount payable at a
specified time of during a specified period expressed either as a stated limit or based on an objective nondiscretionary formula; and (ii) payment schedules based on the timing of payments received by the Employer as described in Treas. Reg. §§1.409A-3(i)(1)(ii) and (iii) and other Applicable Guidance. 
 (C) Tax Gross-Up Payments. A Specified Time or Fixed Schedule may include tax gross-up payments made by the end of the Participant’s Taxable Year which follows the Taxable
Year in which the Participant remits the related taxes resulting from compensation paid or made available to the Participant by the Employer, as described in Treas. Reg. §1.409A-3(i)(l)(v) and other
Applicable Guidance. 
 1.46 “State” means: (i) one of the fifty states of the United States or the District of
Columbia, or (ii) a political subdivision of a State, or any agency or instrumentality of a State or its political subdivision. A State does not include the federal government or an agency or instrumentality thereof. 

1.47 “Substantial Risk of Forfeiture” 

(A) 409A Amounts. Substantial Risk of Forfeiture means as to 409A Amounts, and other than for purposes of application of
Code §457(f), Compensation which is payable conditioned: (i) on the performance of substantial future services by any person including the Participant; or (ii) on the occurrence of a condition related to a purpose of the
Compensation, and where under clause (i) or (ii) the possibility of forfeiture is substantial. A condition related to the purpose of the Compensation relates to the Participant’s performance for the Employer or to the Employer’s
business activities or organizational goals. A Substantial Risk of Forfeiture includes conditioning payment on the Participant’s Involuntary Separation from Service without cause provided the possibility of not incurring such a Separation from
Service is substantial. Except as to payment of Compensation related to a Change in Control, a Substantial Risk of Forfeiture does not include any addition of a condition after a Legally Binding Right to the Compensation arises or any extension of a
period during which the Compensation is subject to a Substantial Risk of Forfeiture. Compensation is not subject to a Substantial Risk of Forfeiture merely because payment is conditioned on the Participant’s refraining from performing services.
Compensation is not subject to a Substantial Risk of Forfeiture beyond the date or time that the Participant otherwise could 

  

			
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have elected to receive the Compensation unless the present value of the amount subject to the Substantial Risk of Forfeiture (determined without regard to the
Substantial Risk of Forfeiture) is materially greater than the present value of the amount that the Participant otherwise could have elected to receive, absent the Substantial Risk of Forfeiture. As such, a Participant’s Elective Deferrals
generally may not be made subject to a Substantial Risk of Forfeiture if the Participant could have elected to receive an equivalent amount in cash. In addition, Compensation the Participant would receive for continuing to perform service for the
Employer (such as through the extension of an employment contract) is disregarded in determining whether the present value of such nonvested payment amount is materially greater than the Compensation which the Participant could have elected to
receive presently. In determining whether the possibility of forfeiture is substantial in the case of rights to Compensation granted to a Participant who owns significant voting power or value in the Employer, the Employer in accordance with Treas.
Reg. §1.409A-1(d)(3) and Applicable Guidance, will take into account all relevant facts and circumstances. 

(B) Grandfathered Amounts. A Substantial Risk of Forfeiture for Grandfathered Amounts is defined in Treas. Reg. §1.83-3(c) and in Notice 2005-1, Q/A-16(b) or in Applicable Guidance. 

(C) Ineligible 457 Plan. A Substantial Risk of Forfeiture for purposes of application of Code §457(f) under an Ineligible 457 Plan
is described in Code §457(f)(3)(B), Treas. Reg. §1.83-3(c) and Applicable Guidance. 

1.48 “Tax-Exempt Organization” means any
tax-exempt organization other than: (i) a governmental unit; or (ii) a church or a qualified church-controlled organization within the meaning of Code §§3121(w)(3)(A) and 3121(w)(3)(B).

 1.49 “Taxable Year” means as to the Participant, the Participant’s taxable year and means as to the Employer, the
Employer’s taxable year, in each case as the Plan provides or as the context otherwise requires. 
 1.50 “Trust” means
the trust, if any, described in Section 5.03 of the Basic Plan Document and which the Employer in its Adoption Agreement elects to create. 

1.51 “Unforeseeable Emergency” means: (i) a severe financial hardship to the Participant resulting from an illness or
accident of the Participant, the Participant’s spouse, a Beneficiary or the Participant’s dependent (as defined in Code §152 but without regard to Code §§152(b)(1), (b)(2) and (d)(1)(B)); (ii) loss of the Participant’s
property due to casualty; or (iii) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant’s control. The Employer in its Adoption Agreement will elect whether to permit payment
based on a Participant’s Unforeseeable Emergency. The Employer will determine whether a Participant incurs an Unforeseeable Emergency based on the relevant facts and circumstances and in accordance with Treas.
Reg. §1.409A-3(i)(3) or Applicable Guidance, but in any case, the Plan may not make payment to the extent that the Unforeseeable Emergency may be relieved: (i) through reimbursement or
compensation from insurance or otherwise; (ii) by liquidation of the Participant’s assets to the extent that such liquidation of assets would not itself cause severe financial hardship; or (iii) by the Participant’s cessation of
Elective Deferrals under the Plan. The Plan must limit the amount of any payment based on Unforeseeable Emergency to the amount that is reasonably necessary to satisfy the emergency need, which may include amounts necessary to pay any Federal,
state, local or foreign income taxes or penalties reasonably anticipated to result from the payment. The Employer in making the determination as to the amount of payment must take into account any additional Compensation available to the Participant
upon cancellation of an Elective Deferral election under Section 4.03(D)(vii). However, the Employer in determining “necessity” may disregard amounts available as a hardship distribution or a loan from a qualified plan or as an
unforeseeable emergency distribution from another nonqualified plan, regardless of whether such amount is 409A Amount or is a Grandfathered Amount. If the Employer in its Adoption Agreement elects to permit payment based on Unforeseeable Emergency,
the Employer further will elect whether to permit payment based on all events that will constitute an Unforeseeable Emergency or to limit such events to a subset of specific events which will so qualify. The Employer will not pay a Participant any
Deferred Compensation based an Unforeseeable Emergency unless the Participant requests such payment on a form the Employer provides for this purpose, the Employer determines that the payment would qualify under the Plan terms as being based on the
Participant’s Unforeseeable Emergency, and the Employer in its sole discretion otherwise approves the payment. Neither a Participant’s request or failure to request an Unforeseeable Emergency payment nor the Employer’s acceptance or
rejection of such a request is a change payment election under Section 4.02(B). 

  

			
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1.52 “USERRA” means the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended. 

1.53 “Valuation Date” means the last day of each of the Employer’s Taxable Year and such other dates as the Employer may
determine. 
 1.54 “Vested” means an amount of Deferred Compensation which is not subject to a Substantial Risk of
Forfeiture or to a requirement to perform further services for the Employer. For purposes of determining whether an amount satisfies the vesting requirement for Grandfathered Amounts under Article VII, the definition of Substantial Risk of
Forfeiture in Section 1.47(B) applies. 
 1.55 “Window Program” means a program the Employer establishes in connection with
an impending Separation from Service to provide Separation Pay to separated Participants and which program is available only for a period of up to 12 months for Participants who separate during such period or who separate during such period under
specified circumstances. A Window Program does not include a program the Employer establishes under which there is a pattern of repeated provision of similar Separation Pay in similar situations for substantially consecutive limited periods of time.
Whether a recurrent program constitutes such a pattern depends upon all of the facts and circumstances, including whether the benefits are account of a specific event or condition, the degree to which the separation pay relates to the event or
condition and whether the event or condition is temporary or discrete or is a permanent aspect of the Employer’s business. 
 1.56
“Wraparound Election” means as to a Participant who also is a participant in a 401(k) plan of the Employer, an election (or elections, if made separately) to defer compensation under both plans with the result that the Participant
will achieve under the 401(k) plan, the maximum amount of elective deferrals and matching contributions, if any, as is permissible under the 401(k) plan terms and under Code §§402(g), 401(k)(3), 401(m), 415 and 414(v). For any
Participant’s Taxable Year, the maximum amount of Elective Deferrals the Plan will transfer as to the Participant (and corresponding decrease in amounts of Compensation Deferred to this Plan) may not exceed the Code §402(g) limit (but
increased by catch-up contributions under Code §414(v) for any year in which the Participant is catch-up eligible). For any Participant’s Taxable Year, the
maximum amount of Matching Contributions the Plan will transfer as to the Participant (and corresponding decrease in amounts of Compensation Deferred to this Plan) may not exceed the maximum amount of matching contributions that would be provided
under the 401(k) plan absent any plan-based restrictions which reflect Code limits on qualified plan contributions. Under a Wraparound Election, the Plan promptly following completion of 401(k) plan testing and within any time required under
Applicable Guidance, will transfer from the Participant’s Account such Elective Deferrals and related Matching Contributions for the Taxable Year (but without Earnings thereon) as are consistent with the Wraparound Election, to the
Participant’s account under the 401(k) plan to be held and administered in accordance with the 401(k) plan. Any remaining amounts not transferred to the 401(k) plan will remain in and be administered in accordance with this Plan. The Employer
in its Adoption Agreement will specify whether a participant may make a Wraparound Election. A Participant will make a Wraparound Election subject to any timing requirements of Applicable Guidance and on a form the Employer provides for this
purpose. 
 1.57 “Year of Service” means the requirements, if any, the Employer specifies in its Adoption Agreement. 

II. PARTICIPATION 
 2.01
Participants Designated. The Employer will designate from time to time in its Adoption Agreement those Employees or Contractors (by name, job title or other classification) who are Participants in the Plan. 

2.02 Elective Deferrals. The Employer will specify in its Adoption Agreement whether Participants may elect to make Elective Deferrals
to their Accounts. 
 (A) Limitations. The Employer will specify in its Adoption Agreement any amount limitations or conditions
applicable to Elective Deferrals. 

  

			
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(B) Election Form and Timing. A Participant must make his/her Elective Deferral election on an election form the Employer provides for
that purpose. The Participant must make the election no later than the latest of the applicable times specified below. The Employer in its Adoption Agreement will elect that a Participant must make and deliver his/her election to the Employer no
later than: (i) such applicable time; or (ii) the number of days prior to such applicable time as the Employer sets forth in its Adoption Agreement. The Employer will disregard any Elective Deferral election which is not timely under this
Section 2.02(B). See Section 6.04. 
 (1) General Timing Rule. Except as otherwise provided in this Section
2.02(B), a Participant must deliver to the Employer his/her Elective Deferral election regarding Service Year Compensation no later than the end of the Participant’s Taxable Year which is prior to the Service Year. 

(2) New Participant/New Plan. As to the Service Year in which an Employee or a Contractor first becomes a Participant (a
“newly eligible Participant”), the Participant must make and deliver an Elective Deferral election for that Service Year not later than 30 days after the Employee or Contractor becomes a Participant. All Participants who are eligible
to participate on the Effective Date of a new plan are newly eligible Participants as of the Effective Date. 
 (a) Participant
status. For purposes of this Section 2.02(B)(2), an Employee or Contractor is eligible to participate in the Plan at any time during which, under the Plan terms and without further amendment or action by the Employer, the Employee or Contractor
is eligible to accrue Deferred Compensation under the Plan (other than Earnings on prior Deferred Compensation), even if the Employee or Contractor has elected not to accrue any such Deferred Compensation (or has made no election). 

(b) Changes in status. For purposes of this Section 2.02(B)(2), if a Participant has been paid all Deferred Compensation and on or
before the last payment ceases to be eligible to participate in the Plan, but thereafter becomes eligible to participate, the Employee or Contractor is treated as a newly eligible Participant. If a Participant ceases to be eligible to participate,
other than as to Earnings, regardless of whether the Participant has been fully paid all Deferred Compensation under the Plan, and subsequently becomes eligible to participate, the Employee or Contractor is treated as a newly eligible Participant
provided that the period during which the Employee or Contractor was ineligible was at least 24 months. 
 (c) Compensation to which
election applies. Under this Section 2.02(B)(2), a Participant’s election may apply only to Compensation for services the Participant performs subsequent to the date the Participant delivers the election to the Employer. For Compensation
that is earned for a specified performance period, including an annual bonus, if the newly eligible Participant makes an Elective Deferral election after the performance period commences, the Employer will pro rate the election by multiplying the
performance period Compensation by the ratio of the number of days left in the performance period at the time of the election, over the total number of days in the entire performance period. 

(d) Excess benefit plan. For purposes of this Section 2.02(B)(2), if this Plan is an excess benefit plan, an Employee is a newly
eligible Participant in the Plan as of the first day of the Employee’s Taxable Year immediately following the first year in which he or she accrues a benefit under the Plan. Any election the Employee makes within 30 days following such date
applies to any benefits accrued for services provided before the election. An excess benefit plan for purposes of this Section 2.02(B)(2)(d) means a plan under which all Deferred Compensation is attributable to Employer Contributions and is based on
the amount the Participant would have accrued under the Employer’s qualified plan(s) but for one or more Code limits which apply to the qualified plan(s) over the benefits the Participant actually accrues in such plan(s). Once a Participant has
accrued a benefit or deferred compensation in any year, the Participant is not eligible to use the delayed election in this Section 2.02(B)(2)(d). 

(e) Aggregated Plans. All references to the Plan in this Section 2.02(B)(2) include Aggregated Plans. As such, an Employee or
Contractor who participates in an Aggregated Plan is not a newly eligible Participant and this Section 2.02(B)(2) does not apply. 
 (3)
Certain Forfeitable Rights. If payment of Deferred Compensation is subject to a condition requiring the Participant to perform services for the Employer for at least 12 months after the Participant obtains the Legally Binding Right to the
Compensation to avoid forfeiture of the payment, the Participant may make an Elective Deferral election no later than 30 days after the Participant 

  

			
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obtains the Legally Binding Right to the Compensation, provided the Participant makes the election at least 12 months prior to the earliest date on which the
service forfeiture condition could lapse. If the Plan provides for a waiver of the service condition upon the Participant’s death, Disability or upon a Change in Control, and such event occurs before the end of the 12 month minimum service
period, the Participant’s elective Deferral election is valid only if the election is timely under the Plan without regard to this Section 2.02(B)(3). 

(4) Performance-Based Compensation. As to any Performance-Based Compensation, a Participant may elect no later than 6 months
before the end of the performance period to defer such Compensation, provided that the Participant: (i) continuously performs services from the later of the beginning of the performance period or the date the Employer establishes the performance
criteria and at least through the date of the Participant’s election; and (ii) may not make an election after the Compensation has become readily ascertainable. For purposes of this Section 2.02(B)(4), if the Performance-Based Compensation
is a specified or calculable amount, the Compensation is readily ascertainable if and when the amount is first substantially certain to be paid. If the Performance-Based Compensation is not a specified or calculable amount, the Compensation or any
portion thereof is readily ascertainable when the amount is first both calculable and substantially certain to be paid. In applying this Section 2.02(B)(4), the Employer will bifurcate any right to payment as between amounts which are readily
ascertainable and amounts which are not readily ascertainable. 
 (5) Commissions. 

(a) Sales Commissions. For purposes of election timing under this Section 2.02(B), if Compensation consists of Sales Commissions, the
Participant is treated as providing the services giving rise to the Commissions in the Participant’s Taxable Year in which the customer remits payment to the Employer, or, if applied consistently to all similarly situated service providers, the
Participant’s Taxable Year in which the sale occurs. 
 (b) Investment Commissions. For purposes of election timing under this
Section 2.02(B), if Compensation consists of Investment Commissions, the Participant is treated as providing the services giving rise to the Commissions over the 12 months preceding the date as of which the overall value of the assets or the asset
accounts is determined for purposes of calculation of the Investment Commissions. 
 (6) Final Payroll Period. If Compensation is
payable after the last day of the Participant’s Taxable Year, but is Compensation for the Participant’s services during the final payroll period within the meaning of Code §3401(b) (or, as to a Contractor, a period not longer than
such period) which contains the last day of the Participant’s Taxable Year, the Compensation is treated for purposes of an election under this Section 2.02(B), as Compensation: (i) for the current Taxable Year in which the final payroll
period commenced; or (ii) for the subsequent Taxable Year in which the Employer pays the Compensation, as the Employer elects in its Adoption Agreement. This Section 2.02(B)(6) does not apply to Compensation for services performed over any
period other than the final payroll period as described herein, including an annual bonus. If the Employer amends its Adoption Agreement after December 31, 2007, to alter the timing rule of this Section 2.02(B)(6), any such amendment may not
take effect until 12 months after the later of the date the amendment is executed and is effective. If the Plan is a restated Plan, whatever election the Employer makes in it Adoption Agreement on or before December 31, 2007, applies to any
period spanning 2005 through 2007, as applicable, unless the Employer indicates otherwise in its election. 
 (7) Separation Pay/Window
Program. If the Participant’s election relates to Separation Pay (based on voluntary or involuntary Separation from Service) and the Separation Pay is the subject of bona-fide, arm’s length negotiations at the time of Separation from
Service, the Participant may make an election under this Section 2.02(B) at any time up to the time that the Participant has a Legally Binding Right to the Separation Pay. This Section 2.02(B)(7) does not apply to any Separation Pay to which the
Participant obtained a Legally Binding Right before the negotiations at the time of Separation from Service, including a right to payment subject to a condition. If the Separation Pay results from a Window Program, the Participant may make the
election at any time up to the time that the Participant’s election to participate in the Window Program becomes irrevocable. 
 (8)
Fiscal Year Employer. In the event that the Employer’s Taxable Year is a not the same as the Participant’s Taxable Year, a Participant may elect to defer Compensation which is co-extensive
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Years, and no amount of which is paid or payable during the Employer’s Taxable Year or Years constituting the period of service, by making an election no
later than the end of the Employer’s Taxable Year which precedes the Employer’s first Taxable Year in which the Participant performs the service for which the Compensation is payable. 

(C) Election Changes/ Irrevocability. The Employer in its Adoption Agreement will elect whether a Participant’s Elective Deferral
election made prior to the Section 2.02(B) deadline becomes irrevocable as to a Taxable Year: (i) following the last day on which a Participant may make an election under Section 2.02(B) for such Taxable Year; or (ii) if earlier, when the
Participant makes the election for a Taxable Year. For this purpose, a Participant’s Elective Deferral election is considered made when the Employer accepts the election. If the Employer elects to permit changes to an election up to the Section
2.02(B) election deadline, a Participant may make any number of changes to his/her Elective Deferral election during the period prior to the election becoming irrevocable. If the Employer elects in its Adoption Agreement and under Section 2.02(D)
that a Participant’s election is continuing, the Participant is deemed to have made an irrevocable election as to each Taxable Year on the last day that the Participant could have made an election under Section 2.02(B). As such, the
Participant may revoke or modify a continuing election for a Taxable Year up to the date that such election is deemed made and irrevocable for that Taxable Year. A change payment election under Section 4.02(B) or a permissible acceleration
under Section 4.02(C)(3) does not render an Elective Deferral election and an accompanying initial payment election under Section 4.02(A) revocable within the meaning of this Section 2.02(C). 

(D) Election Duration/Cancellation. As the Employer elects in its Adoption Agreement, a Participant’s Elective Deferral election
remains in effect: (i) only for the duration of the Taxable Year for which the Participant makes the election; or (ii) for the duration of the Taxable Year for which the Participant makes the election and for all subsequent Taxable Years
unless the Participant executes a subsequent timely election, modification or revocation. A Participant, subject to Plan requirements regarding election timing, may make a new election, or may revoke or modify an existing election effective no
earlier than for the next Taxable Year, provided that under Section 4.02(C)(3), a Participant may cancel an existing and otherwise irrevocable election for a Taxable Year at any time following the Participant’s receipt of an Unforeseeable
Emergency distribution or of a distribution from the Employer’s 401(k) plan based upon hardship within the meaning of Treas. Reg. §1.401(k)-1(d)(3). 

(E) “Non-Elections” or Deemed Compliance. 

(1) Linkage to Qualified or Certain Foreign Plans. The following are not elections under Section 2.02(B): (i) the amount of
Compensation Deferred under this Plan is determined under a formula for determining benefits under the Employer’s qualified plan or broad-based foreign retirement plan (but applied without regard to Code or foreign law imposed limitations); or
(ii) the amount of Compensation Deferred under this Plan is offset by some or all benefits provided under the Employer’s qualified plan or broad-based foreign plan and where in either case the amount of Compensation Deferred under the Plan
increases on account of changes in the Code or foreign law imposed benefit limitations applicable to the qualified plan or foreign plan, provided in either case such operation does not result in a change in the time or form for payment under this
Plan and that the change in the amounts of Compensation Deferred do not exceed the change in amounts deferred under the qualified plan or foreign plan. 

(2) Actions/Inactions (including Wraparound Elections). The following Participant actions or in actions are not elections under Section
2.02(B), even if they result in an increase in Compensation Deferred under the Plan: (i) election or non-election under the Employer’s qualified plan or broad-based foreign plan as to receipt of a
subsidized or ancillary benefit under such plans; (ii) an amendment of such other plans’ benefits to add or remove a subsidized or ancillary benefit or to freeze or limit future accruals under the qualified plan or foreign plan or to
reduce existing benefits under the foreign plan; or (iii) a Participant’s Wraparound Election, provided in all cases such action or inaction does not result in a change in the time or form for payment under this Plan and that under clauses
(i) and (ii) above, the change in the amounts of Compensation Deferred do not exceed the change in amounts deferred under the qualified plan or foreign plan. 

(3) Elections under a Cafeteria (125) Plan. If a Participant who is also a participant in a cafeteria (Code
§125) plan of the Employer, changes an election under the cafeteria plan with the result that the amount of Compensation Deferred under this Plan changes on account of an increase or decrease in Compensation under this Plan as a result of the
cafeteria plan election, the cafeteria plan election is not an election for purposes of Section 2.02(B). 

  

			
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(4) USERRA Rights. The requirements of Section 2.02(B) are deemed satisfied as to any Elective Deferral election (including an initial
payment election) which the Plan provides to satisfy the requirements of USERRA. 
 (5) Annualizing Recurrent Partial Year
Compensation. If a Participant is receiving recurring part-year Compensation, the Participant’s election to defer all or a portion of such Compensation to be earned during a particular service period is deemed to satisfy the requirements of
Section 2.02(B) if the Participant makes the election before the services giving rise to the Compensation begin and the election does not defer payment of any of such Compensation to a date beyond the last day of the 13th month following the first date of the service period. For purposes of this Section 2.02(E)(5), recurring part-year Compensation means Compensation paid for services rendered as to a position the
Participant and the Employer reasonably anticipate will continue on similar terms and on similar conditions in subsequent years, and will require services to be provided in successive service periods, each of which comprises less than 12 months and
each of which begins in one Taxable Year of the Participant and ends in the next Taxable Year. This Section 2.02(E)(5) applies only once to Compensation Deferred such that the same amount may not again be treated as recurring part-year Compensation
and subject to a second deferral election. 
 2.03 Nonelective Contributions. The Employer will specify in its Adoption Agreement
whether the Employer will or may make Nonelective Contributions to the Plan, and the terms and conditions applicable to any Nonelective Contributions. 

2.04 Matching Contributions. The Employer will specify in its Adoption Agreement whether the Employer will or may make Matching
Contributions to the Plan, and the terms and conditions applicable to any Matching Contributions. 
 2.05 Actual or Notional
Contribution. The Employer will specify in its Adoption Agreement whether it will make any Employer Contribution as a notional contribution or as an actual contribution. If the Employer establishes the Trust, any Employer Contributions to the
Trust will be actual contributions. 
 2.06 Allocation Conditions. The Employer will specify in its Adoption Agreement or an exhibit
thereto any employment or other condition applicable to the allocation of Employer Contributions for a Taxable Year. 
 2.07 Timing.
The Employer may elect to make any Employer Contribution for a Taxable Year at such times as Code §409A or Applicable Guidance may permit. The Employer is not required to contribute any actual contribution (or to post any notional contribution)
to an Account at the time that the Employer makes its contribution election. 
 2.08 Administration. The Employer will administer all
Employer Contributions in the same manner as Elective Deferrals, and will treat the Employer’s election to make Employer Contributions as an Elective Deferral election, except as the Plan otherwise provides. If the Employer establishes the
Trust, the Employer will remit any Elective Deferrals to the Trust and will make any Employer Contributions to the Trust. Any Employer Contribution is not subject to an immediate Participant right to elect a cash payment in lieu of the Employer
Contribution and such amounts are payable only in accordance with the Plan terms. 
 III. VESTING AND SUBSTANTIAL RISK OF FORFEITURE

 3.01 Vesting Schedule or other Substantial Risk of Forfeiture. The Employer will specify in its Adoption Agreement any vesting
schedule or other Substantial Risk of Forfeiture applicable to Participant Accounts. If the Plan is an Ineligible 457 Plan, the Employer must specify a Substantial Risk of Forfeiture. 

  

			
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3.02 Immediate Vesting on Specified Events. The Employer will specify in its Adoption Agreement whether a Participant’s Account is
Vested without regard to Years of Service if the Participant Separates from Service on or following Retirement Age, or as a result of death, Disability, or other events. 

3.03 Application of Forfeitures. A Participant will forfeit any non-Vested Accrued Benefit
(where vesting is based on a service condition) upon Separation from Service. A Participant will forfeit any other non-Vested Accrued Benefit when the condition constituting a Substantial Risk of Forfeiture
can no longer be satisfied, such as its expiration date. The Employer will specify in its Adoption Agreement how it will apply Participant forfeitures under the Plan. 

IV. BENEFIT PAYMENTS 

4.01 Payment Events. The Employer in its Adoption Agreement will specify the Plan permissible payment events as all or some of the
following payment events affecting a Participant: (i) Separation from Service; (ii) death; (iii) Disability; (iv) a Specified Time or pursuant to a Fixed Schedule; (v) Change in Control; or (vi) Unforeseeable Emergency. As
to payment events (i), (ii), (iii) (v) and (vi), the Plan will pay to the Participant the Vested Accrued Benefit held in the Participant’s Account on the applicable payment event or on another specified payment date as provided in Section
4.01(A). Payment will commence at the time and payment will be made in the form and medium specified under Section 4.02. See Section 4.02 as to payment elections, including as to payment events under this Section 4.01. 

(A) Payment on Objective and Nondiscretionary (Specified) Payment Date(s). The Plan or an initial payment election or change payment
election must provide for a payment date that the Employer, at the time of the payment event, can determine objectively and without the exercise of discretion. Such payment date may, but need not, coincide with a payment event, but any payment date
must be on or following and must relate to a Plan payment event. 
 (1) Payment Schedule as Payment Date. A specified payment date
may include a payment schedule which is objectively determinable and nondiscretionary based on the date of the payment event and that would qualify as a Fixed Schedule if the payment event were a fixed date. An election of a payment schedule must be
made at the time of the election of the payment event. 
 (2) Designation of Year or Other Period. A specified payment date or a
specified payment schedule with regard to any payment event other than a Specified Time or pursuant to a Fixed Schedule may include: (i) a Participant’s Taxable Year or Years; or (ii) a designated period of time but only if the
designated period both begins and ends within one Taxable Year of the Participant or the designated period is not more than 90 days and the Participant does not have the right to designate the Taxable Year of payment except under a change payment
election under Section 4.02(B). For purposes of clause (ii), this includes designation of payment on or before the last date of the designated (maximum 90 day) period but after the payment event occurs. 

(3) Deemed Payment Date. If the Adoption Agreement or any such election provides for payment only in a designated Taxable Year or
Years, the payment date is deemed to be January 1 of that Year or Years. If the Adoption Agreement or any such election provides for payment only in a designated period, the payment date is deemed to be the first day in the relevant period.

 (B) Payment Event Default. This Section 4.01(B) applies if the Employer in its Adoption Agreement fails to elect one or more
payment events described in this Section 4.01, if a Participant or the Employer under Section 4.02 fails to elect one of more payment events where the Adoption Agreement affords them such an election, or if the Employer under
Section 4.06 rejects the election and the Participant does not timely file a new election the Employer accepts. In such event, the Plan will pay the affected Participant’s Vested Benefit held in the Participant’s Account following the
earlier of the Participant’s Separation from Service or death. See Section 4.02(A)(5) as to the applicable default for the time, form and medium of such payments. If this default provision applies, the default payment is deemed to be an initial
payment election under the Plan. 
 (C) Multiple Payment Events; Sequencing. The Plan or an initial payment election or a change
payment election may provide for more than one permissible payment event and may provide for payment upon the earliest or latest of more than one permissible payment event. See Section 4.02(A)(4) as to limitations on the number of time and form of
payment elections which may apply to a single payment event. In a Separation Pay Plan, the Plan or any election may provide for any payment only upon Separation from Service (including as a result of death or Disability). 

  

			
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(D) Payment to Specified Employees. Notwithstanding anything to the contrary in the Plan or in a Participant or Employer payment
election, the Plan may not make payment, based on Separation from Service to a Participant who, on the date of Separation from Service is a Specified Employee, earlier than 6 months following Separation from Service (or if earlier, upon the
Specified Employee’s death), except as permitted under this Section 4.01(D). This limitation applies regardless of the Participant’s status as a Specified Employee or otherwise on any other date including the next Specified Employee
effective date had the Participant continued to render services through such date. The Employer, operationally and without any direct or indirect Participant election, will elect whether any payments that otherwise would be payable to the Specified
Employee during the foregoing 6 month period: (i) will be accumulated and payment delayed until the first day of the seventh month that is after the 6 month period; or (ii) will be delayed by 6 months as to each installment otherwise
payable during the 6 month period. This Section 4.01(D) does not apply to payments made on account of a domestic relations order, payments made because of a conflict of interest, or payment of employment taxes, all as described in Treas. Reg. 1.409A-3(i)(2)(i). This Section 4.01(D) also does not apply to any reimbursement or in-kind benefit which is Separation Pay but which is not Deferred Compensation under
Section 1.18(A). 
 (E) Deemed Separation of Contractor. The Employer in its Adoption Agreement may elect to apply the special
payment timing rules in this Section 4.01(E) as to Contractors. Compliance with this Section 4.01(E) results in the Contractor being deemed to have incurred a Separation from Service under Section 1.39. Under this Section 4.01(E): (i) the Plan
will not pay a Contractor’s Account, or any portion thereof, before a date that is at least 12 months after the expiration of the contract (or all contracts) under which the Contractor performs services for the Employer; and (ii) no amount
payable under clause (i) will be paid to the Contractor if the Contractor (whether as a Contractor or an Employee) performs services for the Employer after the contract(s)’ expiration and before the payment date. 

4.02 Timing, Form and Medium Payment Elections. Unless the Employer under Section 4.02(A) and/or 4.02(B) permits Employer or
Participant elections, the Employer (in addition to its election of permissible payment events under Section 4.01) will elect in its Adoption Agreement the permissible: (i) payment timing; (ii) payment form (lump-sum, installments, annuity or other form including a combination thereof); and (iii) payment medium (cash or property) applicable to Plan Accounts (all of which elections are collectively, “payment
elections”). Until the Plan pays a Participant’s entire Vested Accrued Benefit, the Plan will continue to credit the Participant’s Account with Earnings, in accordance with Section 5.02(A) or Section 5.03(B) as applicable. A
permissible payment medium election may, but is not required to be, made at the same time as the initial payment election or change payment election, but must be made a reasonable time before any payment date. No election as to payment medium may
change the time or form of payment. 
 (A) Initial Payment Election. The Employer will elect in its Adoption Agreement:
(i) whether a Participant or the Employer may make an initial payment election or whether there are no Participant or Employer initial payment elections and the payment events, timing, form and medium are controlled by the Employer’s
Adoption Agreement elections; and (ii) whether any Participant payment election applies to all Account types or only applies to a Participant’s Elective Deferral Account. A Participant must make any permissible initial payment election on
a form the Employer provides for that purpose. 
 (1) No elections are a Deemed Initial Election. If the Employer elects in its
Adoption Agreement not to provide any Participant or Employer initial payment elections, the elected Adoption Agreement and applicable Plan provisions constitute an initial payment election under the Plan. 

(2) Timing. 
 (a)
Participant Election. A Participant must make an initial payment election at the time of the Participant’s Elective Deferral election under Section 2.02(B), or in the absence of such an Elective Deferral election but where the
Participant may make an initial payment election as to Employer Contributions, within the same time period as such an Elective Deferral election would be permitted. 

(b) Employer Election. The Employer must make an initial payment election as to a Participant at the time that the Employer grants a
Legally Binding Right to Deferred Compensation to the Participant, or, if later, by the time that the Participant would have had to make such election, if the Plan had permitted the Participant to make such an election. In the case of a newly
eligible Participant or a new Plan described under Section 2.02(B)(2), the Employer must make the initial payment election no later than 30 days after the date the Employee or Contractor becomes a Participant and the pro ration provisions of
Section 2.02(B)(2)(c) do not apply to such Employer election. 

  

			
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(3) Future Deferred Compensation and Earnings. A payment election may apply only to the Deferred Compensation that is the subject of the
Elective Deferral election or the Employer Contribution or may apply to such Deferred Compensation and to all future Deferred Compensation, as the payment election indicates. A payment election separately may apply to Deferred Compensation and to
the Earnings thereon provided that the Plan credits Earnings at least annually. 
 (4) Limitations on Payment Time and Form; Multiple
Payment Events. Except as otherwise provided in this Section 4.02(A)(4), the Plan or a payment election may designate only one time and form of payment for each of the following payment events: Separation from Service, Disability, death or
Change in Control. 
 (a) Disability, Death or Change in Control. In the case of payment in the event of Disability, death or Change
in Control, the Plan or payment election may provide for one time and/or method of payment if the event occurs on or before one specified date and may provide for an alternative time and form of payment if the event occurs after the specified date.

 (b) Separation From Service. In the case of payment in the event of Separation from Service, the Plan or payment election may
provide for an alternative time and form of payment where: (i) Separation from Service occurs within a limited period of time not exceeding two years following a Change in Control; (ii) Separation from Service occurs before or after a
specified date or Separation occurs before or after the combination of a specified date and a specified period of service determined under a predetermined, nondiscretionary objective formula or pursuant to the method for crediting service under a
qualified plan of the Employer (but not both of the options under clause (ii)); and Separation from Service which is not described in clause (i) or (ii). However, neither the Plan nor a payment election may provide for a different time and form
of payment based on whether Separation from Service is Voluntary or Involuntary or based on the Participant’s marital status at the time of Separation from Service. 

(c) Unforeseeable Emergency. If the Employer in its Adoption Agreement elects to permit Unforeseeable Emergency as a payment event, a
Participant at any time may request payment based on Unforeseeable Emergency by submitting to the Employer a form the Employer provides for this purpose. The Plan will make payment to the Participant within 90 days following the Employer’s
acceptance of the Participant’s Unforeseeable Emergency payment request. If that 90-day period spans more than one Taxable Year of the Participant, the Participant will not have any discretion over the
Taxable Year of payment. See Section 1.51 as to additional requirements relating to an Unforeseeable Emergency payment. 
 (d)
Addition, Change or Deletion of Time and Form. The addition, change, or deletion of an alternative time and form of payment (after the initial payment election has become irrevocable) as permitted under this Section 4.02(A)(4) is a change
payment election subject to Section 4.02(B) and is subject to Section 4.02(C). 
 (5) Time, Form and Medium Default. If the
Participant or the Employer as applicable has the right to make an initial payment election but fails to do so, or if the Employer rejects the Participant’s election under Section 4.06 and the Participant does not make a new timely
election the Employer accepts, the Plan will pay the affected Participant’s Vested Accrued Benefit attributable to the non-election under this default provision, in a
lump-sum cash payment 13 months following the earliest event permitting payment of the Participant’s Account under Section 4.01 (including, if applicable, the default payment events under Section
4.01(B)). If this default provision applies, the default payment is deemed to be an initial payment election under the Plan. 

  

			
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(B) Change Payment Election. The Employer will elect in its Adoption Agreement whether the Employer or a Participant may make a change
payment election under this Section 4.02(B). If the Plan permits change elections, the Employer in its Adoption Agreement will elect whether to limit the number of change payment elections. If the Plan permits a Participant or the Employer to change
existing payment elections (initial or change payment elections) as to any or all Deferred Compensation, including any Plan specified initial payment election or a default payment applicable in the absence of an actual initial payment election, any
such change payment election must comply with this Section 4.02(B). A change payment election may add or delete payment events, may delay payment and/or may change the form of payment, provided the change does not result in an impermissible
acceleration under Section 4.02(C). The Employer in its Adoption Agreement will elect whether a Beneficiary following a Participant’s death may make a change payment election under this Section 4.02(B). A Participant’s change of
Beneficiary is not a change payment election provided that the time and method of payment is not otherwise changed. See Section 4.02(B)(3) as to changes of Beneficiary where the payment method is a life annuity. A Participant or Beneficiary must
make any change payment election on a form the Employer provides for such purpose. 
 (1) Conditions on Change Payment Elections.

 (a) Election Timing/Deferral of Payment. Any change payment election: (i) may not take effect until at least 12 months
following the date the change payment election is made; (ii) if the change payment election relates to a payment based on Separation from Service or on Change in Control, or if the payment is at a Specified Time or pursuant to a Fixed Schedule,
the change payment election must result in payment being made not earlier than 5 years following the date upon which the payment otherwise would have been made (or, in the case of a life annuity or installment payments treated as a single payment, 5
years from the date the first amount was scheduled to be paid); and (iii) if the change payment election relates to payment at a Specified Time or pursuant to a Fixed Schedule, the Participant or Employer must make the change payment election
not less than 12 months prior to the date the payment is scheduled to be made (or, in the case of a life annuity or installment payments treated as a single payment, 12 months prior to the date the first amount was scheduled to be paid). 

(b) Application of Other Rules. A change payment election must satisfy the Plan provisions applicable to initial payment elections
under Section 4.02(A)(4) related to multiple payment events and Section 4.02(A)(3) regarding scope and Earnings also applies to change payment elections. For purposes of application of Section 4.02(A)(4), Section 4.02(B)(1)(a) applies separately as
to each Payment described under Section 4.02(B)(2) and due upon each payment event. 
 (c) Rejection. If the Employer under
Section 4.06 rejects a Participant or Beneficiary change payment election, the Participant’s initial payment election or deemed initial payment election continues to apply unless and until the Participant makes another change payment
election which the Employer accepts. 
 (d) USERRA Rights. The requirements of Section 4.02(B) are deemed satisfied as to any change
payment election which the Plan provides to satisfy the requirements of USERRA. Such elections are not an acceleration under Section 4.02(C). 

(2) Definition of “Payment.” Except as otherwise provided in Section 4.02(B)(3), a “payment” for purposes of
applying Section 4.02(B)(1) is each separately identified amount the Plan is obligated to pay to a Participant on a determinable date and includes amounts paid for the benefit of the Participant. An amount is “separately identified” only
if the amount is objectively determinable under a nondiscretionary formula. A payment includes the provision of any taxable benefit, including payment in cash or in-kind. A payment includes, but is not limited
to, the transfer, cancellation or reduction of an amount of Deferred Compensation in exchange for benefits under a welfare benefit plan, fringe benefits excludible under Code §§119 or 132, or any other benefit that is excluded from gross
income. In the case of a Specified Time or a Fixed Schedule, “payment” for purposes of Section 4.02(B)(1) means as further described in Treas. Reg. §1.409A-3(i)(1). 

(3) Life Annuities and Installment Payments. 

(a) Life Annuities. A life annuity is treated as a single payment. For purposes of this Section 4.02(B)(3), a “life annuity”
is a series of substantially equal periodic payments, payable not less frequently than annually, for the life (or life expectancy) of the Participant, or the joint lives (or life expectancies) of the Participant and of his/her Beneficiary. A change
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occurs before the initial payment of a life annuity is not a change payment election. A change in the form of payment before any annuity payment has been made
from one type of life annuity to another with the same scheduled date for the first payment is not subject to the change payment election requirements provided that the annuities are actuarially equivalent applying reasonable actuarial assumptions
and that at any given time, the same actuarial assumptions and methods are used to value each annuity. The requirement of actuarial equivalence applies for the duration of the Participant’s participation in the Plan such that the annuity
payment must be actuarially equivalent at all times for the annuity payment options to be treated as a single time and method of payment. The Plan over time may change actuarial assumptions and methods provided such methods and assumptions are
reasonable. The following features are disregarded in determining if the payment is a life annuity but are taken into account in determining if one life annuity is the actuarial equivalent of another: (i) term certain features under which
payments continue for the longer of the annuitant’s life or for a fixed period of time; (ii) pop-up features under which payments increase upon the death of the Beneficiary or other event which
eliminates the survivor annuity; (iii) cash refund features under which there is a payment on the death of the last annuitant in an amount not greater than the excess of the present value of the annuity at the annuity starting state over the
total payments before the last annuitant’s death; (iv) a feature under which the annuity provides higher periodic payments before the expected commencement of Social Security or Railroad Retirement Act benefits and lower payments after the
expected commencement of such benefits, such the combined payments are approximately level before and after the expected commencement date; and (v) features providing for a
cost-of-living increase in the annuity payment in accordance with Treas. Reg. §1.409A-6, Q & A-14(A)(1) or (2). A joint and survivor annuity does not fail to be actuarially equivalent to a single life annuity solely due to the value of a subsidized survivor benefit provided the annual lifetime annuity to
the Participant is not greater than the annual lifetime benefit to the Participant under the single life annuity and the annual survivor annuity benefit is not greater than the annual lifetime annuity to the Participant under the joint and survivor
annuity. 
 (b) Installments. The Employer in its Adoption Agreement will elect whether to treat a series of installment payments
which are not a life annuity as a single payment or as a series of separate payments. If the Employer fails to so elect, the Employer must treat the installments as a single payment. Any election to treat installments as separate payments applies at
all times with respect to the amount deferred. For purposes of this Section 4.02(B)(3), a “series of installment payments” means payment of a series of substantially equal periodic amounts to be paid over a predetermined number of years,
except to the extent that any increase in the payment amounts reflects reasonable Earnings through the date of payment. For this purpose, a series of installment payments over a predetermined period and: (i) a series of installments over a
shorter or longer period; and (ii) a series of installments over the same period but with a difference commencement date, are different times and methods of payment and a change in the predetermined period or commencement date is subject to this
Section 4.02(B). An installment payment does not fail to be an installment solely because the plan provides for an immediate payment of all remaining installments if the present value of the Deferred Compensation to be paid in the remaining
installments falls below a predetermined amount, and the immediate payment in not an acceleration under Section 4.02(C) provided that the payment election establishes this feature, including the predetermined amount triggering immediate payment and
that any change to the feature is subject to this Section 4.02(B). If the Plan is a restated Plan, whatever election the Employer makes in it Adoption Agreement on or before December 31, 2007, applies to any period spanning 2005 through 2007,
as applicable, unless the Employer indicates otherwise in its election. 
 (4) Coordination with Anti-Acceleration Rule. The
definition of “payment” in Sections 4.02(B)(2) and (3) also applies to Section 4.02(C). A change payment election may change the form of payment to a more rapid schedule (including a change from installments to a lump-sum payment) without violating Section 4.02(C), provided any such change remains subject to the change payment election provisions under this Section 4.02(B). 

(5) Multiple Payment Events. If the Plan permits multiple payment events, the change payment election provisions of Section 4.02(B)(1)
apply separately as to each payment due upon each payment event. The addition or deletion of a permissible payment event to Deferred Compensation previously deferred is subject to the change election provisions of Section 4.02(B)(1) where the
additional event may cause a change in the time or form of payment. However the addition of death, Disability or Unforeseeable Emergency as an “earliest of” payment event is not a change payment election and is not an impermissible
acceleration under Section 4.02(C). 

  

			
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(6) Domestic Relations Orders. An election, pursuant to or reflected in a domestics relations order under Code §414(p)(1)(B), by
someone other than the Participant, as to payments to a person other than the Participant, is not a change payment election subject to this Section 4.02(B). 

(7) Certain Payment Delays not Subject to Change Payment Election Rules. The Employer operationally will elect whether to apply the
some or all of the following payment delay provisions. The Employer in applying such provisions must treat all payments to similarly situated service providers on a reasonably equivalent basis. If applicable, these provisions do not result in the
Plan failing to provide for payment upon a permissible event as Code §409A requires nor are the delays treated as a change payment election under this Section 4.02(B). 

(a) Non-deductible Payment. The Plan may delay payment to a Participant if the Employer
reasonably anticipates that the Employer’s deduction for the scheduled payment of the Participant’s Deferred Compensation will be barred under Code §162(m). In such event, the Plan (without any Participant election as to timing) will
pay such Deferred Compensation either in the Participant’s first Taxable Year in which the Employer reasonably anticipates or should reasonably anticipate that Code §162(m) will not apply or during the period beginning on the date the
affected Participant Separates from Service and ending on the later of the last day of the Participant’s Taxable Year in which the Separation occurs or the 15th day of the third month
following the Separation. If the Employer fails to delay under this Section 4.02(B)(7)(a) all scheduled payments during a Taxable Year which could be so delayed, the Employer’s delay of any payment is a change payment election subject to this
Section 4.02(B). If the Employer delays payment until the Participant’s Separation from Service, the payment is considered as made based on Separation from Service for purpose of application of Section 4.01(D) and payment to a Specified
Employee will be made on the date that is six months after Separation from Service. 
 (b) Securities or Other Laws. The Plan may
delay payment to a Participant if the Employer reasonably anticipates that the payment will violate Federal securities law or other applicable law. The Plan will pay such Deferred Compensation at the earliest date at which the Employer reasonably
anticipates that the payment will not cause a violation of such laws. For purposes of this Section 4.02(B)(7)(b), a violation of “other applicable law” does not include a payment which would cause inclusion of the Deferred
Compensation in the Participant’s gross income or which would subject the Participant to any Code penalty or other Code provision. 

(c) Change in Control. The Plan may delay payment to a Participant related to a Change in Control and that occur under the
circumstances described in Treas. Reg. 1.409A-3(i)(5)(iv). 
 (d) Other. The Plan may delay
payment to a Participant upon such other events as Applicable Guidance may permit. 
 (8) Extension of Short-Term Deferral. A
Participant who, after the deadline for an initial payment election under Section 4.02(A)(2)(a), makes an election to defer payment of an amount which, but for the election, would be a short-term deferral under Treas. Reg. 1.409A-1(b)(4) and not subject to 409A, makes a change payment election subject to this Section 4.02(B) and in applying Section 4.02(B), the Plan treats the scheduled payment date as the date the
Substantial Risk of Forfeiture lapses; provided that a Participant making such an election may provide for payment upon a Change in Control without regard to the 5 year requirement under clause (ii) of Section 4.02(B)(1)(a). 

(C) No Acceleration. 

(1) General Rule. No person may accelerate the time or schedule of any Plan payment or amount scheduled to be paid under the Plan. For
this purpose, the payment of an amount substituted for the Deferred Compensation is a payment of the Deferred Compensation, as provided in Treas. Reg. §1.409A-3(f). 

(2) Not an Acceleration. Certain actions as described in Treas. Reg.
§§1.409A-3(j)(1), (2), (3), (5) and (6) are not an acceleration including: (i) certain payments made as a result of an intervening payment event and made in accordance with Plan provisions
or pursuant to an initial payment election under Section 4.02(A) or a change payment election under Section 4.02(B); (ii) the Employer’s waiver or acceleration of the satisfaction of any condition constituting a Substantial Risk of Forfeiture
provided that payment is made only upon a permissible payment event; (iii) the addition of death, Disability or Unforeseeable Emergency as 

  

			
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payment events where such addition results in an earlier payment than would have occurred without the addition of such events (iv) an election to change
Beneficiaries (including before the commencement of a life annuity) the if the time and form of payment does not change (except where under a life annuity a change in time of payments results solely from the different life expectancy of the new
Beneficiary); (v) a decrease in the Compensation Deferred under the Plan as a result of certain linkage to qualified plans or broad-based foreign plans or certain other actions or inactions, including related to Wraparound Elections; or (vi) a
change to a cafeteria plan election (under Code §125(d)) resulting in a change in the Compensation Deferred under this Plan. 
 (3)
Permissible Accelerations/ Including Cash-Out. Notwithstanding Section 4.02(C)(1), the Employer in its sole discretion and without any Participant discretion or election, operationally may elect
accelerations of the time or schedule of payment from the Plan in any or all of the circumstances described in Treas. Reg. §§1.409A-3(j)(4)(ii) through (xiv). Such circumstances include, but are not
limited to, the mandatory lump-sum payment of the Participant’s entire Vested Accrued Benefit at any time provided that the Employer evidences its discretion to make such payment in writing no later than
the date of payment, the payment results in the termination and liquidation of the Participant’s interest under the Plan and under all Aggregated Plans, and the payment amount does not exceed the applicable dollar amount under Code
§402(g)(l)(B). The Employer in applying this Section 4.02(C)(3) must treat all similarly situated service providers on a reasonably equivalent basis. See Section 6.03 as to Plan termination which also results in a permissible acceleration.

 4.03 Withholding. The Employer will withhold from any payment made under the Plan and from any amount taxable under
Code §409A, all applicable taxes, and any and all other amounts required to be withheld under Applicable Guidance. 
 4.04
Beneficiary Designation. A Participant may designate a Beneficiary (including one or more primary and contingent Beneficiaries) to receive payment of any Vested Accrued Benefit remaining in the Participant’s Account at death. The
Employer will provide each Participant with a form for this purpose and no designation will be effective unless made on that form and delivered to the Employer. A Participant may modify or revoke an existing designation of Beneficiary by executing
and delivering a new designation to the Employer. In the absence of a properly designated Beneficiary, the Employer will pay a deceased Participant’s Vested Accrued Benefit to the Participant’s surviving spouse and if none, to the
Participant’s then living lineal descendants, by right of representation, and if none, to the Participant’s estate. If a Beneficiary is a minor or otherwise is a person whom the Employer reasonably determines to be legally incompetent, the
Employer may cause the Plan or Trust to pay the Participant’s Vested Accrued Benefit to a guardian, trustee or other proper legal representative of the Beneficiary. The Plan’s or Trust’s payment of the deceased Participant’s
Vested Accrued Benefit to the Beneficiary or proper legal representative of the Beneficiary completely discharges the Employer, the Plan and Trust of all further obligations under the Plan. 

4.05 Payments Treated as Made on Payment Date. 

(A) Certain Late Payments. The Plan’s payment of Deferred Compensation is deemed made on the Plan required payment date or payment
election required payment date even if the Plan makes payment after such date, provided the payment is made by the latest of: (i) the end of the Taxable Year in which the payment is due; (ii) the 15th day of the third calendar month following the payment due date provided that the Participant is not able, directly or indirectly, to designate the Taxable Year of payment; (iii) in case the
Employer cannot calculate the payment amount on account of administrative impracticality which is beyond the Participant’s control (or the control of the Participant’s Beneficiary), in the first Taxable Year of the Participant in which
payment is practicable; (iv) in case the making of the payment on the specified date would jeopardize the Employer’s ability to continue as a going concern, in the first Taxable Year of the Participant in which the payment would not have
such effect. The Employer may cause the Plan or Trust to pay a Participant’s Vested Accrued Benefit on any date which satisfies this Section 4.05(A) and that is administratively practicable following any Plan specified payment date or the date
specified in any valid payment election. 
 (1) Change in Control. In the case of certain Change in Control events, as described in
Treas. Reg. §1.409A-3(i)(5)(iv), certain transaction based compensation paid on the same schedule and on the same terms as apply to shareholders generally with respect the Employer’s stock or as the
payments to the Employer, is treated as paid on the designated payment date. Further, such payments made within 5 years after the Change in Control event are deemed compliant with Sections 4.02(A) and (B). 

(2) Disputed Payments. In the event of a dispute between the Employer and a Participant as to whether Deferred Compensation is payable
to the Participant or as to the amount thereof, or any other failure to pay, payment is treated as paid on the designated payment date if such payment is made in accordance with Treas. Reg. §1.409A-3(g).

 (B) Early Payments. The Employer also may cause the Plan or Trustee to pay on a date no earlier than 30 days before the specified
payment date provided the Participant is not able, directly or indirectly, to designate the Taxable Year of the payment. Such “early” payments are not an accelerated payment under Section 4.02(C). 

  

			
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4.06 Payment Election Requirements. The term “payment election,” for purposes of this Section 4.06(B) and the Plan generally,
means either an initial payment election under Section 4.02(A) or a change payment election under Section 4.02(B). 
 (A) Compliance with
Plan Terms. All initial payment elections and change payment elections must be consistent with the Plan and with the Adoption Agreement. 

(B) When Election is Considered Made; Irrevocability. 

(1) Participant Elections. A Participant’s payment election is not considered made for any purpose under the Plan until both:
(i) the Employer approves the election; and (ii) the election has become irrevocable. A Participant’s payment election is always revocable until the Employer accepts the election, which acceptance must occur within the time period
described in Section 4.06(C). A Participant’s payment election becomes irrevocable as the Employer elects in its Adoption Agreement. 

(2) Employer Elections. The Employer’s payment election is not considered made for any purpose under the Plan until the election
has become irrevocable. The Employer’s initial payment election is irrevocable after the last permissible date for making the election under Section 4.02(A)(2)(b). The Employer’s change payment election relating to payment at a Specified
Time or pursuant to a Fixed Schedule is irrevocable after the last permissible date for making the election under Section 4.02(B)(1)(a). The Employer’s change payment election relating to payment based on any other payment event (not a
Specified Time or Fixed Schedule) remains revocable for 30 days following the Employer’s execution of the change payment election. 

(3) Effect of Changes While Election is Revocable. Any change made to a payment election while the election remains revocable is not a
change payment election, either for purposes of Section 4.02(B)(1)(a) timing rules or in applying any Plan limit on the number of change payment elections a Participant may make as to any amount of Deferred Compensation. Any modification to a
payment election after the election has become irrevocable is a change payment election (if made with respect to an initial payment election) or is a new change payment election (if made with respect to a change payment election). 

(4) Continuing Elections. If an initial payment election is continuing under Section 4.02(A)(3), such that it applies to Compensation
Deferred in one or more Taxable Years beginning after the first Taxable Year to which the payment election applies, the payment election is revocable as to such future Taxable Years until the last permissible date under Section 402(A)(2)(b) for
making the election with regard to such future Taxable Year or Years. 
 (C) Employer Approval of Participant and Beneficiary
Elections. The Employer expressly and in writing must approve any Participant or Beneficiary payment election as to timing, form and medium, even if the Plan and Adoption Agreement permit such election. The Employer, in its absolute discretion,
may withhold approval for any reason, including, but not limited to, non-compliance with Plan terms. However, the Employer must approve or reject any such election within the time period during which the
Participant or Beneficiary would have had to make the election. If the Employer does not so approve or reject a payment election, the election is deemed rejected within such time period. With regard to initial payment elections, unless the
Participant subsequently makes a timely initial payment election the Employer accepts, the Employer will pay the Participant’s Vested Accrued Benefit under the payment event, timing, form and medium default provisions of Sections 4.01(B) and
4.02(A)(5). 
 (D) Preservation of Pre-2008 Payment Elections. If the Plan is a restatement
of a Plan which was in effect before January 1, 2008, as to pre-2008 Deferred Compensation (and Earnings thereon) which is a 409A Amount, the Plan preserves any 409A permissible payment elections under
the Plan which elections are not available under the Plan as to Compensation Deferred after 2007, subject to any change payment election made as to such pre-2008 Deferred Compensation. 

  

			
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V. TRUST ELECTION AND PLAN EARNINGS 

5.01 Unfunded Plan. The Employer as it elects in its Adoption Agreement intends this Plan to be an unfunded plan that is wholly or
partially exempt under ERISA. No Participant, Beneficiary or successor thereto has any legal or equitable right, interest or claim to any property or assets of the Employer, including assets held in any Account under the Plan except as the Plan
otherwise permits. The Employer’s obligation to pay Plan benefits is an unsecured promise to pay. Any assets held in Plan Accounts remain subject to claims of the Employer’s general creditors and no Participant’s or Beneficiary’s
claim to Plan assets has any priority over any general unsecured creditor of the Employer. Except as otherwise provided in the Plan or Trust, all Plan assets, including all incidents of ownership thereto, at all times will be the sole property of
the Employer. 
 5.02 No Trust. Except as provided in its Adoption Agreement, this Plan does not create a trust for the benefit of
any Participant. If the Employer does not establish the Trust: (i) the Employer may elect to make notional contributions in lieu of actual contributions to the Plan; and (ii) the Employer may elect not to invest any actual Plan
contributions. If the Employer elects to invest any actual Plan contributions, such investments may be held for the Employer’s benefit in providing for the Employer’s obligations under the Plan or for such other purposes as the Employer
may determine. 
 (A) Earnings. If the Employer does not establish the Trust, the Employer will elect in its Adoption Agreement
whether the Plan periodically will credit actual or notional Plan contributions with a determinable amount of notional Earnings (at a specified fixed or floating interest rate or other specified index) or will credit or charge each
Participant’s Account with the Earnings actually incurred by the Account. 
 (B) Investment Direction. If the Account is
credited and charged with actual Earnings, the Employer will specify in the Adoption Agreement whether the Employer or the Participant has the right to direct the investment of the Participant’s Account and also may specify any limitations on
the Participant’s right of investment direction. If the Adoption Agreement provides for Employer investment direction, the Employer may make any investment of Plan assets it deems reasonable or appropriate. If the Adoption Agreement provides
for Participant investment direction, this right is limited strictly to investment direction and the Participant will not be entitled to the distribution of any Account asset except as the Plan otherwise permits. 

5.03 Trust. If the Employer elects in its Adoption Agreement to create the Trust, the applicable provisions of the Basic Plan Document
continue to apply, including those of Section 5.01. The Trustee will pay Plan benefits in accordance with the Plan terms or upon the Employer’s direction consistent with Plan terms. 

(A) Restriction on Trust Assets. If an Employer establishes, directly or indirectly, the Trust (or any other arrangement Applicable
Guidance may describe), the Trust and the Trust assets must be and must remain located within the United States, except with respect to a Participant who performs outside the United States substantially all services giving rise to the Deferred
Compensation. The Trust may not contain any provision limiting the Trust assets to the payment of Plan benefits upon a Change in the Employer’s Financial Health, even if the assets remain subject to claims of the Employer’s general
creditors. For this purpose, the Employer, upon a Change in the Employer’s Financial Health, may not transfer Deferred Compensation to the Trust. The Employer (and any member of a controlled group which includes the Employer) during the
“restricted period” also may not transfer Deferred Compensation to the Trust and the Trust may not be restricted to payment of Plan benefits, to the extent that such transfer or restriction would violate the
at-risk limitation of Code §409A(b)(3). Any Trust the Employer establishes under this Plan shall be further subject to Applicable Guidance, compliance with which is necessary to avoid the transfer of
assets to the Trust being treated as a transfer of property under Code §83. 
 (B) Trust Earnings and Investment. If the
Employer establishes the Trust, the Trust earnings provisions apply to all Plan contributions and constitute Earnings for purposes of the Plan. The Trustee will invest the assets held in the Trust in accordance with the Trust terms but are not
subject to Participant direction of investment. 

  

			
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VI. MISCELLANEOUS 
 6.01
No Assignment. No Participant or Beneficiary has the right to anticipate, alienate, assign, pledge, encumber, sell, transfer, mortgage or otherwise in any manner convey in advance of actual receipt, the Participant’s Account. Prior to
actual payment, a Participant’s Account is not subject to the debts, judgments or other obligations of the Participant or Beneficiary and is not subject to attachment, seizure, garnishment or other process applicable to the Participant or
Beneficiary. 
 6.02 Not Employment Contract. This Plan is not a contract for employment between the Employer and any Employee who is
a Participant. This Plan does not entitle any Participant to continued employment with the Employer, and benefits under the Plan are limited to payment of a Participant’s Vested Accrued Benefit in accordance with the terms of the Plan. 

6.03 Amendment and Termination. 

(A) Amendment. The Employer reserves the right to amend the Plan at any time to comply with Code §409A, Treas.
Reg. §1.409A and other Applicable Guidance or for any other purpose, provided that such amendment will not result in taxation to any Participant under Code §409A. Except as the Plan and Applicable Guidance otherwise may require, the
Employer may make any such amendments effective immediately. 
 (B) Termination. The Employer may terminate, but is not required to
terminate and liquidate the Plan which includes the distribution of all Plan Accounts under the following circumstances: 
 (1)
Dissolution/Bankruptcy. The Employer may terminate and liquidate the Plan within 12 months following a dissolution of a corporate Employer taxable under Code §331 or with approval of a Bankruptcy court under 11 U.S.C. §503(b)(l)
(A), provided that the Deferred Compensation is paid to the Participants and is included in the Participants’ gross income in the latest of (or, if earlier, the Taxable Year in which the amount is actually or constructively received): (i) the
calendar year in which the plan termination and liquidation occurs; (ii) the first calendar year in which the amounts no longer are subject to a Substantial Risk of Forfeiture; or (iii) the first calendar year in which the payment is
administratively practicable. 
 (2) Change in Control. The Employer may terminate and liquidate the Plan by irrevocable action taken
within the 30 days preceding or the 12 months following a Change in Control, provided the Employer distributes all Plan Accounts (and must distribute the accounts under any Aggregated Plans which plan the Employer also must terminate and liquidate
as to each Participant who has experienced the Change in Control) within 12 months following the date of Employer’s irrevocable action to terminate and liquidate the Plan and Aggregated Plans. Where the Change in Control results from an asset
purchase transaction, the “Employer” with discretion to terminate and liquidate the Plan is the Employer that is primarily liable after the transaction to pay the Deferred Compensation. 

(3) Other. The Employer may terminate the Plan for any other reason in the Employer’s discretion provided that: (i) the
termination and liquidation does not occur proximate to a downturn in the Employer’s financial health; (ii) the Employer also terminates all Aggregated Plans in which any Participant also is a participant; (ii) the Plan makes no
payments in the 12 months following the date of Employer’s irrevocable action to terminate and liquidate the Plan other than payments the Plan would have made irrespective of Plan termination; (iii) the Plan makes all payments within 24
months following the date of Employer’s irrevocable action to terminate and liquidate the Plan; and (iv) the Employer within 3 years following the date of Employer’s irrevocable action to terminate and liquidate the Plan does not
adopt a new plan covering any Participant that would be an Aggregated Plan. 
 (4) Applicable Guidance. The Employer may terminate
and liquidate the Plan under such other circumstances as Applicable Guidance may permit. 

  

			
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(C) Effect on Vesting. Any Plan amendment or termination will not reduce the Vested Accrued Benefit held in any Participant Account at
the date of the amendment or termination and will not accelerate vesting except as the Employer may expressly provide for in connection with the amendment or termination, provided that any such vesting acceleration does not subject any Participant
to taxation under Code §409A. 
 (D) Cessation of Future Contributions. The Employer in its Adoption Agreement may elect at any
time to amend the Plan to cease future Elective Deferrals, Nonelective Contributions or Matching Contributions as of a specified date. In such event, the Plan remains in effect (except those provisions permitting the frozen contribution type) until
all Accounts are paid in accordance with the Plan terms, or, if earlier, upon the Employer’s termination of the Plan. 
 6.04 Fair
Construction. The Employer, Participants and Beneficiaries intend that this Plan in form and in operation comply with Code 409A, the regulations thereunder, and all other present and future Applicable Guidance. The Employer and any other party
with authority to interpret or administer the Plan will interpret the Plan terms in a manner which is consistent with Applicable Law. However, as required under Treas. Reg. §1.409A-1(c)(1), the
“interpretation” of the Plan does not permit the deletion of material terms which are expressly contrary to Code §409A and the regulations thereunder and also does not permit the addition of missing terms necessary to comply
therewith. Such deletions or additions may be accomplished only be means of a Plan amendment under Section 6.03(A). Any Participant, Beneficiary or Employer permitted Elective Deferral election, initial payment election, change payment election
or any other Plan permitted election, notice or designation which is not compliant with Applicable Law is not an “election” or other action under the Plan and has no effect whatsoever. In the event that a Participant, Beneficiary or the
Employer fail to make an election or fail to make a compliant election, the Employer will apply the Plan’s default terms under Sections 4.01(B) and 4.02(A)(5). 

6.05 Notice and Elections. Any notice given or election made under the Plan must be in writing and must be delivered or mailed by
certified mail, to the Employer, the Trustee or to the Participant or Beneficiary as appropriate. The Employer will prescribe the form of any Plan notice or election to be given to or made by Participants. Any notice or election will be deemed given
or made as of the date of delivery, or if given or made by certified mail, as of 3 business days after mailing. 
 6.06
Administration. The Employer will administer and interpret the Plan, including making a determination of the Vested Accrued Benefit due any Participant or Beneficiary under the Plan. As a condition of receiving any Plan benefit to which a
Participant or Beneficiary otherwise may be entitled, a Participant or Beneficiary will provide such information and will perform such other acts as the Employer reasonably may request. The Employer may cause the Plan to forfeit any or all of a
Participant’s Vested Accrued Benefit, if the Participant fails to cooperate reasonably with the Employer in the administration of the Participant’s Plan Account, provided that this provision does not apply to a bona fide dispute under
Section 4.05(A)(2). The Employer may retain agents to assist in the administration of the Plan and may delegate to agents such duties as it sees fit. The decision of the Employer or its designee concerning the administration of the Plan is final and
is binding upon all persons having any interest in the Plan. The Employer will indemnify, defend and hold harmless any Employee designated by the Employer to assist in the administration of the Plan from any and all loss, damage, claims, expense or
liability with respect to this Plan (collectively, “claims”) except claims arising from the intentional acts or gross negligence of the Employee. 

6.07 Account Statements. The Employer from time to time will provide each Participant with a statement of the Participant’s Vested
Accrued Benefit as of the most recent Valuation Date. The Employer also will provide Account statements to any Beneficiary of a deceased Participant with a Vested Accrued Benefit remaining in the Plan. Any such statements are for information
purposes only prior to an actual Plan payment, are subject to adjustment or correction, and are not binding upon the Employer. 
 6.08
Accounting. The Employer will maintain for each Participant as is necessary for proper administration of the Plan, an Elective Deferral Account, a Matching Contribution Account, a Nonelective Contribution Account, and separate sub-accounts reflecting 409A Amounts and Grandfathered Amounts in accordance with Section 7.03. 

  

			
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6.09 Costs and Expenses. Investment charges which will be borne by the Account to which they pertain. The Employer will pay the other
costs, expenses and fees associated with the operation of the Plan, excluding those incurred by Participants or Beneficiaries. The Employer will pay costs, expenses or fees charged by or incurred by the Trustee only as provided in the Trust or other
agreement between the Employer and the Trustee. 
 6.10 Reporting. The Employer will report Deferred Compensation for Employee
Participants on Form W-2 for and on Form 1099-MISC for Contractor Participants in accordance with Applicable Guidance. 

6.11 ERISA Claims Procedure. If this Plan is established as a “top-hat plan” within
the meaning of DOL Reg. §2520.104-23, the following claims procedure under DOL Reg. §2560.503-1 applies. For purposes of the Plan’s claims procedure under
this Section 6.11, the “Plan Administrator” means the Employer. A Participant or Beneficiary may file with the Plan Administrator a written claim for benefits, if the Participant or Beneficiary disputes the Plan Administrator’s
determination regarding the Participant’s or Beneficiary’s Plan benefit. However, the Plan Administrator will cause the Plan to pay only such benefits as the Plan Administrator in its discretion determines a Participant or Beneficiary is
entitled to receive. The Plan Administrator under this Section 6.11 will provide a separate written document to affected Participants and Beneficiaries which explains the Plan’s claims procedure and which by this reference is incorporated
into the Plan. If the Plan Administrator makes a final written determination denying a Participant’s or Beneficiary’s claim, the Participant or Beneficiary must file an action with respect to the denied claim within 180 days following the
date of the Plan Administrator’s final determination. 
 VII. 409A AMOUNTS AND GRANDFATHERED AMOUNTS 

7.01 409A Amounts. The terms of this Plan control as to any 409A Amount. 

7.02 Grandfathered Amounts. A Grandfathered Amount remains subject to the terms of the Plan as in effect before January 1, 2005,
unless the Employer makes a material modification to the Plan as described in Treas. Reg. §1.409A-6(a)(4). 

7.03 Separate Accounting/Earnings. The Employer will account separately for 409A Amounts and for Grandfathered Amounts within each
Participant’s Account. The Employer also will account separately for Earnings on the 409A Amounts and Earnings on the Grandfathered Amounts. Post-2004 Earnings on Grandfathered Amounts are included in the Grandfathered Amount. 

*    *    *    *    *    *   
 *    *    *    *    *    *    *    *    * 

  

			
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 NONQUALIFIED 

DEFERRED COMPENSATION PLAN 

ADOPTION AGREEMENT 

(Including Code §409A provisions) 

 Nonqualified Deferred Compensation Plan 

Adoption Agreement 
  

NONQUALIFIED 
 DEFERRED
COMPENSATION PLAN 
 ADOPTION AGREEMENT 

The undersigned Ponce De Leon Federal Bank_(“Employer”) by execution of this Adoption Agreement hereby establishes this Nonqualified
Deferred Compensation Plan (“Plan”) consisting of the Basic Plan Document, this Adoption Agreement and all other Exhibits and documents to which they refer. The Employer makes the following elections concerning this Plan. All capitalized
terms used in the Adoption Agreement have the same meaning given in the Basic Plan Document. References to “Section” followed by a number in this Adoption Agreement are references to the Basic Plan Document. 

PREAMBLE 
 ERISA/Code Plan
Type: The Employer establishes this Plan as (choose one of (a) or (b)): 
  

	[X]	(a) Nonqualified Deferred Compensation Plan. An unfunded nonqualified deferred compensation plan which is (choose only one of (i), (ii), (iii) or (iv)): 

 

	 	[    ]	(i) Excess benefit plan. An “excess benefit plan” under ERISA§3(36) and exempt from Title I of ERISA. 

  

	 	[X]	(ii) Top-hat plan. A “SERP” or other plan primarily for a “select group of management or highly compensated employees” under ERISA and
partially exempt from Title I of ERISA. 

  

	 	[    ]	(iii) Contractors only. A plan benefiting only Contractors (non-Employees) and exempt from Title I of ERISA. 

 

	 	[    ]	(iv) Church plan. A church plan as described in Code §414(e) and ERISA §3(33) and maintained by a church or church controlled organization under Code §3121(w)(3). 

 

	[    ]	(b) Ineligible 457 Plan. An ineligible 457 Plan subject to Code §457(f). The Employer is (choose only one of (i), (ii) or (iii)): 

 

	 	[    ]	(i) Governmental Plan. A State. 

  

	 	[    ]	(ii) Tax-Exempt Plan. A Tax-Exempt Organization. The Plan is intended to be a
“top-hat” plan or an excess benefit plan as described in (a)(ii) and (a)(ii) above or the Plan benefits only Contractors. 

 

	 	[    ]	(iii) Church plan. A church plan as described in Code §414(e) and ERISA §3(33) but which is not maintained by a church or church controlled organization under Code §3121(w)(3).

 Note: If the Employer elects (a)(i), the Plan benefits only Employees. If the Employer elects (a)(ii), the Plan generally may not
benefit Contractors based on the “primarily” requirement. If the Employer elects (a)(iii), the Plan benefits only Contractors. If the Employer elects (a)(iv), (b)(i), or (b)(iii) the Plan may benefit Employees and Contractors. If the
Employer elects (b)(ii), the plan is either a top-hat plan, an excess benefit plan or benefits only Contractors. 

409A Plan Type: The Employer establishes this Plan (choose one of (a) or (b)):  

 

	[X]	(a) Account Balance Plan. As the following type(s) of Account Balance Plan(s) under Section 1.02 (choose one of (i), (ii) or (iii)): 

 

	 	[    ]	(i) Elective Deferral Account Balance Plan. See Section 2.02. 

  

	 	[X]	(ii) Employer Contribution Account Balance Plan. See Sections 2.03 and 2.04. 

  

	 	[    ]	(iii) Both. Both an Elective Deferral Account Balance Plan and an Employer Contribution Account Balance Plan. 

  

			
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Adoption Agreement 
  

Note: For purposes of aggregation under Section 1.05, a Separation Pay Plan based only on Voluntary Separation from Service is treated as an Account
Balance Plan. Nevertheless, if the Employer maintains this Plan as any type of Separation Pay Plan, the Employer should elect (b) below. 

[    ] (b) Separation Pay Plan. As the following type(s) of Separation Pay Plan(s) under Section 1.42 (choose one of
(i) through (iv)): 
 [    ] (i) Involuntary Separation.  

[    ] (ii) Window Program.  

[    ] (iii) Voluntary Separation.  

[X] (iv) Combination: Involuntary Separation, Voluntary Separation and Impending Separation up to 12 months.
(specify)  
 Note: Under a Separation Pay Plan, the Employer must limit its payment election to Separation from Service or death.
Electing death as a separate payment event would permit a different payment election for death versus any other Separation from Service. Separation from Service may also result from Disability. 

Uniformity or Nonuniformity: The nonuniformity provisions described in the Preamble to the Basic Plan Document (choose one of
(a) or (b)):  
 [    ] (a) Do not apply. All Adoption Agreement elections and Plan provisions
apply to all Participants. 
 [X] (b) Apply. See Exhibit A to the Adoption Agreement. 

ARTICLE I 
 DEFINITIONS

 1.11 Change in Control. Change in Control means (choose (a) or choose one of (b), (c) or
(d)):  
  

	[    ]	(a) Not applicable. Change in Control does not apply for purposes of this Plan. 

  

	[X]	(b) All events. Change in Control means all events under Section 1.11. 

  

	[    ]	(c) Limited events. Change in Control means only the following events under Section 1.11 (choose one or two of (i), (ii) and (iii)):  

 

	 	[    ]	(i) Change in ownership of the Employer. 

  

	 	[    ]	(ii) Change in the effective control of the Employer. 

  

	 	[    ]	(iii) Change in the ownership of a substantial portion of the Employer’s assets. 

  

	[    ]	(d) (Specify):
                                        .

 Note: The Employer may not use the blank in (d) to specify events not described in Treas. Reg.
§1.409A-3(i)(5). However, the Employer may increase the percentages required to trigger a Change in Control under one or all three of the listed events. 

1.15 Compensation. The Employer makes the following modifications to the “gross W-2”
definition of Compensation (choose (a) or at least one of (b) – (e)):  

  

			
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	[X]	(a) No modifications. 

  

	[    ]	(b) Net Compensation. Exclude all elective deferrals to other plans of the Employer described in Section 1.15. 

  

	[    ]	(c) Base Salary only. Exclude all Compensation other than Base Salary. 

  

	[    ]	(d) Bonus only. Exclude all Compensation other than Bonus. 

  

	[    ]	(e) (Specify):
                                        .

 Note: See Section 1.15(B) as to Contractor Compensation. 

1.17 Disability. Disability means (choose one of (a) or (b))):  

 

	[X]	(a) All impairments. All impairments constituting Disability. 

  

	[    ]	(b) Limited. Only the following impairments constituting Disability:
                                        .

 1.20 Effective Date. The effective date of the Plan is (choose one of (a) or
(b)):  
  

	[X]	(a) New Plan. This Plan is a new Plan and is effective April 1, 2015 

 Note: The
effective date should be no earlier than January 1, 2008. 
  

	[    ]	(b) Restated Plan. This Plan is a restated Plan and is restated effective as of                     . The Plan
is restated to comply with Code §409A. 

  

	Note:	If the Plan (whether or not in written form) was in effect before January 1, 2008, the Plan is a restated Plan. 

1.38 Plan Name. The name of the Plan as adopted by the Employer is:
                                        . 

1.39 Retirement Age. A Participant’s Retirement Age under the Plan is (choose only one of (a)-(d)): 

 

	[X]	(a) Not applicable. Retirement Age does not apply for purposes of this Plan. 

  

	[    ]	(b) Age. The Participant’s attainment of age:        . 

  

	[    ]	(c) Age and service. The Participant’s attainment of age      with      Years of Service (defined under 1.57) with the Employer. 

 

	[    ]	(d) (Specify):
                                        .

 1.40 Separation from Service. In determining whether a Participant has incurred a Separation from Service under the
Plan (choose one or both or (a) and (b)):  
 [    ] (a) Determination of
“Employer.” In determining the “Employer” under Section 1.40(E) and Code §§414(b) and (c), apply the following percentage:
                                        
(specify percentage).  
  

	Note:	The specified percentage may not be more than 80% and may not be less than 20%. If the percentage is less than 50%, there must be legitimate business criteria.  

 

	[    ]	(b) Collectively Bargained Multiple Employer Plan. Under Section 1.40(H), the following reasonable definition of Separation from Service applies:
                                        
(specify).  

  

			
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1.44 Specified Employees-Elections. The Employer makes the following elections relating to the determination of Specified Employees
(choose (a) or choose one or more of (b)-(e)):  
  

	[X]	(a) Not applicable. The Employer does not have any Specified Employees or none which benefit under the Plan. 

  

	[    ]	(b) Alternative Code §415 Compensation. The Employer elects the following alternative definition of Code §415 Compensation:
                                        
(specify). 

  

	[    ]	(c) Alternative Specified Employee identification date. The Employer elects the following alternative Specified Employee identification date:
                                        
(specify).  

  

	[    ]	(d) Alternative Specified Employee effective date. The Employer elects the following alternative Specified Employee effective date:
                                        
(specify).  

  

	[    ]	(e) Other elections. The Employer makes the following other elections relating to Specified Employees:
                     (specify). 

  

	Note:	See Treas. Reg. 1.409A-1 (i)(8) as to uniformity requirements affecting the above Specified Employee elections. 

1.51 Unforeseeable Emergency. Unforeseeable Emergency means (choose (a) or choose one of (b)
or (c)):  
  

	[    ]	(a) Not applicable. Unforeseeable Emergency does not apply for purposes of this Plan. 

  

	[X]	(b) All events. All events constituting Unforeseeable Emergency. 

  

	[    ]	(c) Limited. Only the following events constituting Unforeseeable Emergency:
                                        .

 1.56 Wraparound Election. The Plan (choose one of (a) or (b)):  

 

	[X]	(a) Permits. Permits Participants who participate in a 401(k) plan of the Employer to make Wraparound Elections. 

  

	[    ]	(b) Not permitted. Does not permit Wraparound Elections (or the Employer does not maintain a 40l (k) plan covering any Participants). 

1.57 Year of Service. The following apply in determining credit for a Year of Service under the Plan (choose
(a) or choose one or more of (b) – (e)): 
  

	[X]	(a) Not applicable. Year of Service does not apply for purposes of this Plan. 

  

	[    ]	(b) Year of continuous service. To receive credit for one Year of Service, the Participant must remain in continuous employment with the Employer (or render contract service to the Employer) for the
Participant’s entire Taxable Year. 

  

	[    ]	(c) Service on any day. To receive credit for one Year of Service, the Participant only need be employed by the Employer (or render contract service to the Employer) on any day of the Participant’s Taxable
Year. 

  

	[    ]	(d) Pre-Plan service. The Employer will treat service before the Plan’s Effective Date for determining Years of Service as follows (choose one of
(i) or (ii)):  

  

			
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	 	[    ]	(i) Include.  

  

	 	[    ]	(ii) Disregard. 

  

	[    ]	(e) (Specify):  

 ARTICLE II 

PARTICIPATION 
 2.01
Participant Designation. The Employer designates the following Employees or Contractors as Participants in the Plan (choose one of (a), (b) or (c)):  

 

	[X]	(a) All top-hat Employees. All Employees whom the Employer from time to time designates in writing as part of a select group of management or highly compensated
employees. 

  

	[    ]	(b) All Employees with maximum qualified plan additions or benefits. All Employees who have reached or will reach their limit under Code §§415(b) or (c) in the Employer’s qualified plan for
the Taxable Year or for the 415 limitation year ending in the Taxable Year. 

  

	[    ]	(c) Specified Employees/Contractors by name, job title or classification:
                    .                    
(e.g., Joe Smith, Executive Vice Presidents or those Employees/Contractors specified in Exhibit B). 

 Note: An Employer
might elect (c) and reference Exhibit B to maintain confidentiality within the workforce as to the identity of some or all Participants. 

2.02 Elective Deferrals. Elective Deferrals by Participants are (choose one of (a), (b) or (c)):  

 

	[X]	(a) Permitted. Participants may make Elective Deferrals. 

  

	[    ]	(b) Not permitted. Participants may not make Elective Deferrals. 

  

	[    ]	(c) Frozen Elective Deferrals. The Plan does not permit Elective Deferrals as of:
                                        .

 2.02(A) Amount limitation/conditions. A Participant’s Elective Deferrals for a Taxable Year are subject to the
following amount limitation(s) or other conditions (choose (a) or choose at least one of (b) – (d)): 
  

	[X]	(a) No limitation.  

  

	[    ]	(b) Maximum Elective Deferral amount:
                                        .

  

	[    ]	(c) Minimum Elective Deferral amount:
                                        .

  

	[    ]	(d) (Specify):
                                        .

 2.02(B) Election timing. A Participant must provide the Elective Deferral election under Section 2.02 to the
Employer (choose one of (a) or (b)):  
  

	[X]	(a) By the deadline. No later than the applicable election deadline under Section 2.02(B). 

  

	[    ]	(b) Specified date. No later than              days before the applicable election deadline under Section 2.02(B). 

  

			
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2.02(B)(6) Final payroll period. The Plan treats final payroll period Compensation under Section 2.02(B)(6) as (choose one of
(a) or (b)): 
  

	[X]	(a) Current Year. As Compensation for the current Taxable Year in which the payroll period commenced. 

  

	[    ]	(b) Subsequent Year. As Compensation for the subsequent Taxable Year in which the Employer pays the Compensation. 

2.02(C) Election changes/Irrevocability. A Participant who makes an Elective Deferral election before the applicable deadline under
Section 2.02(B) (choose one of (a) or (b)):  
  

	[X]	(a) May change. May change the election until the applicable election deadline. 

  

	[    ]	(b) May not change. May not change the election as to the first Taxable Year to which the election applies. 

Note: A payment election under Section 4.02(A) or (B) is a separate election which is not controlled by this Section 2.02(C). See
Section 4.06(B). 
 2.02(D) Election duration. A Participant’s Elective Deferral election (choose one of
(a) or (b)):  
  

	[    ]	(a) Taxable Year only. Applies only to the Participant’s Compensation for the Taxable Year for which the Participant makes the election. 

 

	[X]	(b) Continuing. Applies to the Participant’s Compensation for all Taxable Years, commencing with the Taxable Year for which the Participant makes the election, unless the Participant makes a new
election or revokes or modifies an existing election. 

 2.03 Nonelective Contributions. During each Taxable Year the
Employer will contribute a Nonelective Contribution for each Participant equal to (choose (a) or (f) or choose one or more of (b) – (e)): 

 

	[    ]	(a) None. The Employer will not make Nonelective Contributions to the Plan. 

  

	[    ]	(b) Fixed percentage.     % of the Participant’s Compensation. 

  

	[    ]	(c) Fixed dollar amount. $                     per Participant. 

 

	[X]	(d) Discretionary. Such Nonelective Contributions (or additional Nonelective Contributions) as the Employer may elect, including zero. 

 

	[    ]	(e) (Specify):
                                        .

  

	[    ]	(f) Frozen Nonelective Contributions. The Employer will not make any Nonelective Contributions as of:
                    . 

2.04 Matching Contributions. During each Taxable Year, the Employer will contribute a Matching Contribution equal to (choose
(a) or (i) or choose one or more of (b) – (h)):  
  

	[    ]	(a) None. The Employer will not make Matching Contributions to the Plan. 

  

	[    ]	(b) Fixed match-flat. An amount equal to                     % of each Participant’s Elective Deferrals for
each Taxable Year. 

  

			
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	[    ]	(c) Fixed match-tiered. An amount equal to the following percentages for each specified level of a Participant’s Elective Deferrals or Years of Service for each Taxable Year: 

 

					
	Elective Deferrals	  	Matching Percentage	 
		  	 	  	% 
		  	 	  	% 
		  	 	  	% 
		  	 	  	% 

 Note: Specify Elective Deferrals subject to match as a percentage of Compensation or a dollar amount. 

 

					
	Years of Service	  	Matching Percentage	 
		  	 	  	% 
		  	 	  	% 
		  	 	  	% 
		  	 	  	% 

  

	[    ]	(d) No other caps. The Employer in applying the Matching Contribution formula under 2.04(b) or (c) above will not limit the Participant’s Elective Deferrals taken into account (except as indicated
above) and otherwise will not limit the amount of the match. 

  

	[    ]	(e) Limit on Elective Deferrals matched. The Employer in making Matching Contributions will disregard a Participant’s Elective Deferrals exceeding
                                        
(specify percentage or dollar amount of Compensation) for the Taxable Year. 

  

	[    ]	(f) Limit on matching amount. The Matching Contribution for any Participant for a Taxable Year may not exceed:
                                        
(specify percentage or dollar amount of Compensation).  

  

	[    ]	(g) Discretionary. Such Matching Contributions as the Employer may elect, including zero. 

  

	[    ]	(h) (Specify):
                                        .

  

	[    ]	(i) Frozen Matching Contributions. The Employer will not make any Matching Contributions as of:
                                        .

 2.05 Actual or Notional Contribution. The Employer’s Contributions will be (choose one
of (a) or (b) and choose (c) as applicable):  
  

	[    ]	(a) Actual. Made in cash or property to Participant Accounts or to the Trust. 

  

	[    ]	(b) Notional. Credited to Participant Accounts only as a bookkeeping entry. 

  

	[    ]	(c) (Specify):
                                        .

 2.06 Allocation Conditions. To receive an allocation of Employer Contributions, a Participant must satisfy the
following conditions during the Taxable Year (choose (a) or choose one or both of (b) and (c)):  
  

	[    ]	(a) No allocation conditions.  

  

	[    ]	(b) Year of continuous service. The Participant must remain in continuous employment with the Employer (or render contract service to the Employer) for the entire Taxable Year. 

 

	[    ]	(c) (Specify):
                                        .

  

			
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ARTICLE III 
 VESTING AND
SUBSTANTIAL RISK OF FORFEITURE 
 3.01 Vesting Schedule/Other Substantial Risk of Forfeiture. The following vesting schedule or
other Substantial Risk of Forfeiture applies to a Participant’s Accrued Benefit (choose (a) or choose one or more of (b) – (f)): 

 

	[    ]	(a) Not applicable. The Plan does not apply a vesting schedule or other Substantial Risk of Forfeiture. 

  

	[X]	(b) Immediate vesting. 100% Vested at all times with respect to the entire Accrued Benefit. 

  

	[    ]	(c) Immediate vesting (Elective Deferrals)/vesting schedule (Employer Contributions). A Participant’s Elective Deferral Account is 100% Vested at all times. A Participant’s Nonelective
Contributions Account and Matching Contributions Account are subject to the following vesting schedule: 

  

					
	 Years of Service
	  	 Vesting%
	 
	
                   
  or less
	  	 	  	% 
		  	 	  	% 
		  	 	  	% 
		  	 	  	% 
		  	 	  	% 
	
                   
  or more
	  	 	100	% 

  

	[    ]	(d) Vesting schedule - entire Accrued Benefit. The Participant’s entire Accrued Benefit is subject to the following vesting schedule: 

 

					
	 Years of Service
	  	 Vesting%
	 
	
                   
  or less
	  	 	  	% 
		  	 	  	% 
		  	 	  	% 
		  	 	  	% 
		  	 	  	% 
	
                   
  or more
	  	 	100	% 

 [    ] (e) Vesting schedule - class year or all years. The Plan’s vesting
schedule applies as follows (Choose one of (i) or (ii)): 
  

	 	[    ]	(i) Class year. Apply the vesting schedule separately to the Deferred Compensation for each Taxable Year. 

  

	 	[    ]	(ii) All years. Apply the vesting schedule to all Deferred Compensation based on all Years of Service. 

  

	[    ]	(f) Other Substantial Risk of Forfeiture. (Specify):
                                         
       . 

 Note: An Employer may elect both a vesting schedule and an additional Substantial Risk of
Forfeiture. In such event, a Participant failing to satisfy the conditions resulting in a Substantial Risk of Forfeiture will forfeit his/her Account, even if 100% Vested under any vesting schedule. If the Plan is an Ineligible 457 Plan, the
Employer must specify a Substantial Risk of Forfeiture, which may be a vesting schedule provided that under any “graded” vesting schedule, an Ineligible 457 Plan Participant will be taxed as and when each portion of his/her Deferred
Compensation vests. 

  

			
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3.02 Immediate Vesting upon Specified Events. A Participant’s entire Accrued Benefit is 100% Vested without regard to Years of
Service if the Participant’s Separation from Service with the Employer on or following or as a result of (choose (a) or choose one or more of (b) – (e)):  

 

	[    ]	(a) Not Applicable.  

  

	[    ]	(b) Retirement Age. On or following Retirement Age. 

  

	[    ]	(c) Death. As a result of death. 

  

	[    ]	(d) Disability. As a result of Disability. 

  

	[    ]	(e)
(Specify):                                       
 .  

 Note: An early vesting provision generally does not result in prohibited acceleration of benefits under Code §409A. See
Section 4.03(C). 
 3.03 Application of Forfeitures. The Employer will (choose only one of (a) – (d)): 

  

	[    ]	(a) Not Applicable. Not apply any provision regarding allocation of forfeitures since there are no Plan forfeitures. 

  

	[    ]	(b) Retain. Keep all forfeitures for the Employer’s account. 

  

	[    ]	(c) Allocate. Allocate (in the year in which the forfeiture occurs) any forfeiture to the Accounts of the remaining (nonforfeiting) Participants, in accordance with one of the following methods (choose
only one):  

  

	 	[    ]	(i) Per Compensation. In the same ratio each Participant’s Compensation for the Taxable Year bears to the total Compensation of all Participants sharing in the forfeiture allocation for the Taxable Year.

  

	 	[    ]	(ii) Per Account balances. In the same ratio each Participant’s Account balance at the beginning of the Taxable Year bears to the total Account balances of all Participants sharing in the forfeiture
allocation for the Taxable Year. 

  

	[    ]	(d)
(Specify):                                     
   . 

 Note: If the Employer elects to create the Trust under Section 5. 03, the Employer should
coordinate its forfeiture application elections with the provisions of the Trust. 
 ARTICLE IV 

BENEFIT PAYMENTS 
 4.01
Payment Events/Elections. The Plan payment events are (choose one or more of (a) through (i) as applicable):  

Note: The Employer must elect the Plan permitted payment events. The Employer may elect all of the 409A permitted events or limit the payment events, but
the Employer must elect at least one payment event. If the Plan permits initial payment elections, change payment elections, or both, as to any or all of the Plan permitted payment events, the Employer should elect 4.01 (d)(iv), (e)(ii) and
(i) as applicable. The Employer also should elect under 4. 02(A) and 4. 02(B) as to who has election rights and to specify any limitations on such rights. If the Plan will not offer any initial or change payment elections, the Employer should
not elect 4.01(d)(iv), (e)(ii) or (i). If the Plan will not offer any initial payment elections the Employer also should elect 4.02(A)(a). If the Plan will not offer change payment elections, the Employer also should elect 4.02(B)(a). 

  

			
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[X] (a) Separation from Service. 
 [X]
(b) Death. 
 [X] (c) Disability. 

[    ] (d) Specified Time. The Plan permits payment to a Participant at a Specified Time (choose one of
(i)-(iv)):  
  

	 	[    ]	(i) Forfeiture Lapse. At the time that the Deferred Compensation no longer is subject to a Substantial Risk of Forfeiture. 

  

	 	[    ]	(ii) Stated Age. Upon attainment of age:                    (specify age). 

  

	 	[    ]	(iii) (Specify): On:                    (e.g., January 1, 2015). 

 

	 	[X]	(iv) Election. In accordance with a Participant or Employer election under 4.02(A) or (B). 

Note: The Employer must approve any Participant payment election. See Section 4.06. Payment at a Specified Time will be a lump-sum payment. 
 [    ] (e) Fixed Schedule. The Plan Permits payment to a
Participant in accordance with the following Fixed Schedule (choose one of (i) or (ii)): 
  

	 	[    ]	(i)
Schedule:                                       
 . 

  

	 	[    ]	(ii) Election. In accordance with a Participant or Employer election under 4.02(A) or (B). 

 Note:
The Employer must approve any Participant payment election. See Section 4.06. Payment pursuant to a Fixed Schedule will be installments or an annuity commencing at a specific time. 

[X] (f) Change in Control. The Plan permits payment to a Participant based on a Change in Control. 

[X] (g) Unforeseeable Emergency. The Plan permits payment to a Participant who has an Unforeseeable Emergency. 

[    ] (h)
(Specify):                                      
  (e.g., based on Unforeseeable Emergency, but only as the Elective Deferral Accounts). 
 Note: The Employer in (h) may modify any
of (a)-(g) but only if such modifications are consistent with Code §409A. 
 [X] (i) Election. As to 4.01 (a),
(b), (c), (f), (g) and/or (h), in accordance with a Participant or Employer election under 4.02(A) or (B). 
 Note: The Employer must approve any
Participant payment election. See Section 4.06. 
 4.01(E) Contractor deemed Separation from Service. In making any payment
to a Contractor based on Separation from Service, the Plan (choose (a) or choose one of (b) or (c)):  
  

	[    ]	(a) Not applicable. \ Only Employees are Participants in the Plan. 

  

	[X]	(b) Applies deemed Separation from Service. Applies the deemed Separation from Service provisions of Section 4.01 (E). 

 

	[    ]	(c) Does not apply. Does not apply the deemed Separation from Service provisions of Section 4.0l(E). 

  

			
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4.02 Timing, Form and Medium of Payment/Elections. The Plan will pay a Participant’s Vested Accrued Benefit as follows
(complete (a), (b) and (c)):  
  

	 	(a)	Timing. Payment will commence or be made (choose only one of (i) – (vi)):  

  

	 	[    ]	(i) 30 days. On a date which is 30 days following the payment event, unless otherwise made at a Specified Time or in accordance with a Fixed Schedule. 

 

	 	[    ]	(ii) 90 days. On a date which is within 90 days following the payment event, unless otherwise made at a Specified Time or in accordance with a Fixed Schedule. 

Note: A Participant may not designate the Taxable Year of Payment under (a)(ii). 

 

	 	[    ]	(iii) 6 months. On a date that is 6 months following the payment event, unless otherwise made at a Specified Time or in accordance with a Fixed Schedule. 

 

	 	[    ]	(iv) Specified Time/Fixed Schedule. At the Specified Time under Section 4.01 (d) or pursuant to the Fixed Schedule under Section 4.0l(e). 

 

	 	[    ]	(v)
(Specify):                                    
    . 

  

	 	[X]	(vi) Election. In accordance with a Participant or Employer election under Sections 4.02(A) or (B). 

Note: The Employer must approve any Participant payment election. See Section 4.06(C). 

Note: See Section 4.01 (D) as to restrictions on timing of payments to Specified Employees. 

 

	 	(b)	Form. The Plan will make payment in the form of (choose one or more of (i) – (v)): 

  

	 	[    ]	(i) Lump-sum. A single payment. 

  

	 	[    ]	(ii) Installments. In installments as
follows:                                        .

  

	 	[    ]	(iii) Annuity. An immediate annuity contract. 

  

	 	[    ]	(iv)
(Specify):                                     
   . 

  

	 	[X]	(v) Election. In accordance with a Participant or Employer election under Sections 4.02(A) or (B). 

Note: The Employer must approve any Participant payment election. See Section 4.06. 

 

	 	(c)	Medium. The form of payment will be (choose only one of (i) - (iv)):  

  

	 	[X]	(i) Cash only.  

  

	 	[    ]	(ii) Property only.  

  

	 	[    ]	(iii) Property or cash (or both). 

  

	 	[    ]	(iv) Election. In accordance with a Participant or Employer election under 4.02(A) or (B). 

  

			
	©    Copyright 2007 SunGard	  	07/07    11

 Nonqualified Deferred Compensation Plan 

Adoption Agreement 
  

Note: The Employer must approve all Participant payment elections. See Section 4. 06. 

Note: A choice between cash or property is not subject to Code §409A. See Treas. Reg. §1.409A-2(a)(1).
The Plan treats this election as not being subject to the timing rules applicable to payment elections. 
 4.02(A) Initial payment
elections. The Plan (choose only one of (a) - (d)):  
  

	[    ]	(a) No initial payment elections. The Plan and Adoption Agreement specify the payment events and the timing, form and medium of payment. If there are multiple payment events, the Plan will make payment based on
the earliest event to occur except as
follows:                                        
(indicate no exceptions or specify sequencing).  

  

	[    ]	(b) Participant initial payment election. Permits a Participant initially to elect the payment event and the timing, form and medium of payment of his/her Deferred Compensation in accordance with Section 4.02(A)
(choose only one of (i) or (ii)):  

  

	 	[    ]	(i) All Accounts. The Plan applies a Participant’s elections to all of the Participant’s Accounts under the Plan. 

  

	 	[    ]	(ii) Elective Deferral Account. The Plan applies a Participant’s elections only to the Participant’s Elective Deferral Account. The Employer will make all payment elections as to Nonelective and
Matching Contribution Accounts. 

 Note: A Participant must elect a payment event from those which the Employer has elected under 4.01
above, unless the Employer has permitted a Participant to elect the 409A permissible payment events. A Participant in his/her election form may limit the payment election to Compensation Deferred at the time of the election or also may apply the
payment election to all future Deferred Compensation. 
  

	[    ]	(c) Employer initial payment election. Permits the Employer (and not the Participant) initially to elect the payment events and the timing, form and medium of payment of all Participant Accounts in
accordance with Section 4.02(A). 

  

	[    ]	(d) (Specify):                    (e.g., the Participant may make an election only as to
the Participant’s Grandfathered Amounts). 

  

	Note:	If a Participant or the Employer does not make an initial payment election, see Sections 4.01 (B) and 4.02(A)(5). 

4.02(B) Change payment elections. The Plan (choose only one of (a) or (b); choose
(c) if (b) applies and choose (d) if applicable):  
 Note: Even if the
Employer under 4.02(A)(a) elects not to permit any Participant or Employer initial payment elections, the Plan under Section 4.02(A)(1) treats a Plan designation of the payment events and of the timing, form and medium of payment as an initial
election for purposes of applying any change election the Plan permits. 
  

	[    ]	(a) Change payment elections not permitted. Does not permit a Participant, a Beneficiary or the Employer to make a change payment election in accordance with Section 4.02(B). 

 

	[    ]	(b) Permits change payment elections. Permits changes payment elections or changes to a change payment elections in accordance with Section 4.02(B) and as follows (choose one or more of (i)
-(iv)): 

  

	 	[X	(i) Participant election. Permits a Participant to make change payment elections. 

  

	 	[    ]	(ii) Employer election. Permits the Employer to make change payment elections. 

  

			
	12    07/07	  	

 Nonqualified Deferred Compensation Plan 

Adoption Agreement 
  

EMPLOYER SIGNATURE 
 The
Employer hereby agrees to the provisions of this Plan, and in witness of its agreement, the Employer, by its duly authorized officer, has executed this Adoption Agreement
on                    , 
  

			
	Name of Employer:	 	Ponce DeLeon Federal Bank 
	Employer’s EIN:	 	13-1919096

  

			
	Signed:	 	 

  

	
	 [Name/Title]

  

			
	©    Copyright 2007 SunGard	  	07/07    13

 Nonqualified Deferred Compensation Plan 

Adoption Agreement 
  

TRUSTEE SIGNATURE 
 [If
Trust created under Section 5.03] 
 The Trustee(s), by executing this Adoption Agreement on
04-29-2015, accept(s) the appointment as Trustee of the Trust created under Section 5.03 of the Plan and attached hereto as Exhibit C. 

 

			
	Name of Trustee(s):	 	  

 
			
		
	Signed:	 	 

  

		
	Signed:	 	  

	
	 [Name/Title]

	
	 [Name/Title]

  

			
	14    07/07EX-10.4

 Exhibit 10.4 

Employment Agreement 

This Employment Agreement (the “Agreement”) is made and entered into as of March 23, 2017, by and between Carlos P.
Naudon (the “Executive”) and Ponce De Leon Federal Bank, a federally chartered bank (the “Bank”). 

WHEREAS, the Executive currently serves as President and Chief Operating Officer of the Bank; 

WHEREAS, it is contemplated that the Bank will become a wholly-owned subsidiary of PDL Community Bancorp, a federally chartered savings and
loan holding company (the “Bancorp”); 
 WHEREAS, it is contemplated that the Bancorp will become majority owned by Ponce
Bank Mutual Holding Company, a federally chartered mutual holding company (the “MHC”); and 
 WHEREAS, the Executive
desires to continue to be employed by the Bank on the terms and conditions set forth herein, and the Bank desires to continue to employ the Executive on such terms and conditions. 

NOW, THEREFORE, in consideration of the mutual covenants, promises and obligations set forth herein, the parties agree as follows: 

1. Term. The Executive’s employment hereunder shall be effective as of the date first written above (the “Effective Date”) and
shall continue until the third anniversary of the Effective Date unless terminated earlier pursuant to Section 5 of this Agreement or extended in accordance with this Section. 

Commencing on the first anniversary of the Effective Date, and continuing on each anniversary thereof, the term of this Agreement shall be
extended for one year until such time as the disinterested members of the Board of Directors of the Bank (the “Board”) or the Executive elects not to extend the term of this Agreement by giving written notice to the other party at
least 90 days in advance of any such anniversary date. 
 The Board will review this Agreement and Executive’s performance annually for
purposes of determining whether to extend this Agreement and the rationale and results thereof shall be included in the minutes of the Board’s meeting. The Board shall give notice to the Executive as soon as practicable after such review as to
whether this Agreement is to be extended. The period during which the Executive is employed by a Bank hereunder is hereinafter referred to as the “Employment Term.” The Board shall conduct periodic reviews of the Executive’s
performance at least annually and prior to the 90-day written notice which is required to be provided to the Executive of non-renewal and may increase, but not decrease,
the Executive’s salary, benefits and other compensation hereunder. 
 2. Positions and Duties. 

2.1 Positions. During the Employment Term the Executive shall serve as the President and Chief Operating Officer of the Bank and shall
report to the Board and the Chief 

 
Executive Officer of the Bank. No later than one year after the effective date of the completion of the MHC reorganization, or January 1, 2019, if earlier, the Executive shall resign as
Chief Operating Officer of the Bank and be appointed as President and Chief Executive Officer of the Bank. In such positions, the Executive shall have such duties, authority and responsibility as shall be determined from time to time by the Board
(and the Chief Executive Officer of the Bank during the portion of the Employment Term during which the Executive is the Chief Operating Officer of the Bank), which duties, authority and responsibility are consistent with the Executive’s
position. In addition, if requested, the Executive will also serve as an officer or director of any subsidiary of the Bank for no additional compensation. 

2.2 Duties. During the Employment Term, the Executive shall devote substantially all of his business time and attention (other than
during weekends, holidays, vacation periods, and periods of illness or leaves of absence) to the performance of the Executive’s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise
which would conflict or interfere with the performance of such services either directly or indirectly without the prior written consent of the Board. Notwithstanding the foregoing, the Executive will be permitted to: 

 

	 	(a)	with the prior written consent of the Bank’s Chairman of the Compensation Committee, act or serve as a director, trustee, committee member or advisor of any type of business, civic or charitable organization; and

  

	 	(b)	purchase or own less than 5% of the securities or ownership interests of any corporation, partnership or limited liability company; provided that, such ownership represents a passive investment and that the Executive is
not a controlling person of, or a member of a group that controls, such corporation, partnership or limited liability company; 

 provided
further that, the activities described in clauses (a) and (b) do not interfere with the performance of the Executive’s duties and responsibilities to the Bank as provided hereunder. 

3. Place of Performance. The principal place of the Executive’s employment shall be the Bank’s executive office currently located in Bronx,
New York; provided that, the Executive will be required to travel on Bank business during the Employment Term. The Bank shall provide the Executive at his principal place of employment with a private office, secretarial services and other support
services and facilities suitable to his positions with the Bank as necessary or appropriate in connection with the performance of his assigned duties under this Agreement. 

4. Compensation. 
 4.1 Base
Salary. The Bank shall pay the Executive a base annual salary of $605,000 in periodic instalments in accordance with the Bank’s customary payroll practices, but no less frequently than monthly. The Executive’s annual base salary may be
increased from time to time, but may not be decreased without the Executive’s written consent. The Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as “Base Salary”. 

4.2 Incentive and/or Bonus Compensation. In addition to the foregoing minimum Base Salary, the Executive shall be eligible during the
term of this Agreement to receive incentive compensation determined and payable in accordance with any incentive compensation plans of the Bank in effect from time to time for members of executive management generally. 

  
 2 

 4.3 Fringe Benefits and Perquisites. During the Employment Term, the Executive shall be
entitled to fringe benefits and perquisites consistent with the practices of the Bank, and to the extent the Bank provides similar benefits or perquisites (or both) to similarly situated executives of the Bank. 

4.4 Participation in Benefit and Retirement Plans. The Executive shall participate in and receive the benefits of any plan of the Bank
or any of its affiliates that may be or may become applicable to executive management relating to pension or other retirement benefit plans, tax deferred compensation plans, profit-sharing, stock options, restricted stock or any other stock based
plans or incentive plans, or other plans, benefits and privileges given to employees and executives of the Bank, to the extent commensurate with his then duties and responsibilities as fixed by the Bank. The Bank reserves the right to amend or
cancel any benefit plan or program at any time in its sole discretion, subject to the terms of such benefit plan or program and applicable law. 

4.5 Disability Benefits. The Bank will establish a long-term disability plan that will provide the Executive with disability benefits
for the remaining term of this Agreement in the event he is disabled equal to 100% of his base annual salary hereunder. 
 4.6
Vacation. During the Employment Term, the Executive shall be entitled to four weeks paid vacation days per calendar year (pro-rated for partial years) in accordance with the Bank’s vacation
policies, as in effect from time to time. 
 4.7 Business Expenses. The Executive shall be entitled to reimbursement for all
reasonable and necessary out-of-pocket business, entertainment and travel expenses incurred by the Executive in connection with the performance of the Executive’s
duties hereunder in accordance with an expense reimbursement policy and procedures approved by the Bank. 
 4.8 Automobile Allowance.
During the Employment Term, the Bank shall provide to Executive, at no cost to the Executive, the use of a Bank-owned or Bank-leased vehicle of a cost and quality reasonably acceptable to the Bank but, in any event, equal to or exceeding the cost
and quality of the vehicle currently used by the Executive. The Bank shall pay, or reimburse the Executive for, all costs associated with operating, maintaining and insuring such automobile. 

4.9 SERP. During the Employment Term, the Bank shall contribute to the supplemental employee retirement program for the
Executive’s benefits 10% of his Base Salary in effect as of July 1st of each year. 
 4.10 Indemnification and Insurance. 

 

	 	(a)	 The Bank shall indemnify the Executive (and his heirs, executors and administrators) for the term of the
Agreement and for a period of six years thereafter to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he
may be involved by reason of his having been a director or officer of the Bank or any subsidiary or affiliate of the Bank 

  
 3 

	 	
(whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court
costs and attorneys’ fees and the cost of reasonable settlements; provided, however, that the Bank cannot indemnify the Executive for a settlement or final judgment against the Executive (or a final judgement in the Executive’s favor,
other than on the merits) unless a majority of the disinterested directors of the Bank determine that the Executive was acting in good faith within the scope of his employment or authority as he could reasonably have perceived it under the
circumstances and for a purpose he could reasonably have believed under the circumstances was in the best interests of the Bank. 

  

	 	(b)	Notwithstanding the foregoing, no indemnification shall be made under this Section 4.10 unless the Bank gives the Office of the Comptroller of the Currency (the “OCC”) at least 60
days’ notice of its intention to make such indemnification. Such notice shall state the facts on which the action arose, the terms of any settlement, and any disposition of the action by a court. Such notice, a copy thereof, and a certified
copy of the resolution containing the required determination by the board of directors shall be sent to the Assistant Deputy Comptroller for the Northeastern District Officer of the OCC. The notice period shall run from the date of such receipt. No
such indemnification shall be made if the OCC advises the Bank in writing within such notice period of its objection thereto. 

  

	 	(c)	The Bank shall provide the Executive (including his heirs, executors and administrators) with coverage under a standard directors’ and officers’ liability insurance policy at its expense for the term of the
Agreement and for a period of six years thereafter to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred by him in connection with or arising out of any action, suit or proceeding in which he
may be involved by reason of his having been a director or officer of the Bank or any subsidiary or affiliate of the Bank (whether or not he continues to be a director or officer at the time of incurring such expenses or liabilities). However, such
coverage may not provide for payment of losses of any individual incurred as a consequence of his willful or criminal misconduct. 

  

	 	(d)	If a majority of the directors of the Bank conclude that, in connection with an action, the Executive (including his heirs, executors and administrators) may ultimately may become entitled to indemnification under this
Section 4.10, the directors may authorize payment of reasonable costs and expenses, including reasonable attorneys’ fees, arising from the defense or settlement of such action. Nothing in this subsection (d) shall
prevent the directors of the Bank from imposing such conditions on a payment of expenses as they deem warranted and in the interests of the Bank. Before making advance payment of expenses under this subsection (d), the Bank shall obtain an agreement
that it will be repaid if the person on whose behalf payment is made is later determined not to be entitled to such indemnification. 

  
 4 

	 	(e)	The Bank shall not indemnify any person referred to in Section 4.10(a) or provide any insurance referred to in Section 4.10(c) other than in accordance with this
Section 4.10; provided, however, if the Bank has a bylaw in effect relating to indemnification of its personnel, any indemnification under that bylaw shall be governed solely by that bylaw. 

 

	 	(f)	Any indemnification made by the Bank pursuant to this Section 4.10 shall be made in accordance with the requirements of 12 C.F.R. §145.121 or any successor provision, and is subject to and
qualified by 12 U.S.C. §1821(k). 

 4.11 Clawback Provisions. Notwithstanding any other provision in this
Agreement to the contrary, any incentive-based compensation, or any other compensation, paid to the Executive pursuant to this Agreement or any other agreement or arrangement with the Bank which is subject to recovery under any law, government
regulation or stock exchange listing requirement, will be subject to such deductions and clawback as shall be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Bank
pursuant to any such law, government regulation or stock exchange listing requirement). 
 4.12 Required Regulatory Provisions. 

 

	 	(a)	The Bank may terminate the Executive’s employment with the Bank at any time, but any termination by the Bank, other than termination for Cause, shall not prejudice the Executive’s right to receive compensation
or other benefits under this Agreement. The Executive shall not have the right to receive compensation or other benefits for any period after termination for Cause. For purposes of this Section 4.12(a), “Cause” means personal
dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or
final cease-and-desist order, or material breach by Executive of any provision of this Agreement. 

 

	 	(b)	If the Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance
Act, 12 U.S.C. §1818(e)(3) or (g)(1); the Bank’s obligations under this Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its
discretion: (i) pay the Executive all or part of the compensation withheld while its obligations under this Agreement were suspended; and (ii) reinstate (in whole or in part) any of the obligations which were suspended. 

 

	 	(c)	If the Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C.
§1818(e)(4) or (g)(1), all obligations of the Bank under this Agreement shall terminate as of the effective date of the order, but vested rights of the contracting parties shall not be affected. 

  
 5 

	 	(d)	If the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(x)(1), all obligations of the Bank under this contract shall terminate as of the date of default, but
this paragraph (d) shall not affect any vested rights of the Executive or the Bank. 

  

	 	(e)	All obligations of the Bank under this Agreement shall be terminated, except to the extent it is determined that continuation of this Agreement is necessary for the continued operation of the Bank by the Comptroller of
the Currency (the “Comptroller”) or his or her designee, at the time the Federal Deposit Insurance Corporation (the “FDIC”) enters into an agreement to provide assistance to or on behalf of the Bank under ( the authority
contained in Section 13(c) of the Federal Deposit Insurance Act, 12 U.S.C. §1823(c); or by the Comptroller (or his or her designee) at the time the Comptroller (or his or her designee) approves a supervisory merger to resolve problems related
to the operations of the Bank, or when the Bank is determined by the Comptroller to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 

 

	 	(f)	Any payments made to the Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon compliance with 12 U.S.C. §1828(k) and any rules and regulations promulgated thereunder, including 12
C.F.R. Part 359. 

 5. Termination of Employment. Upon termination of the Executive’s employment during the Employment Term, the
Executive shall be entitled to the compensation and benefits described in this Section 5 and shall have no further rights pursuant to this Agreement to any compensation or any other benefits from the Bank. 

5.1 Expiration of the Term, Termination for Cause or Without Good Reason. 

 

	 	(a)	The Executive’s employment hereunder may be terminated by the Bank upon the expiration of the Employment Term without extension or during the Employment Term by the Bank for Cause or by the Executive without Good
Reason. If the Executive’s employment is so terminated, the Executive shall be entitled to receive: 

  

	 	(i)	any accrued but unpaid Base Salary and accrued but unused vacation pay which shall be paid on the pay date immediately following the Termination Date (as defined in Section 5.6 below) in
accordance with the Bank’s customary payroll procedures; 

  

	 	(ii)	any earned but unpaid annual bonus with respect to any completed calendar year immediately preceding the Termination Date, which shall be paid on the otherwise applicable payment date, except to the extent payment is
otherwise deferred pursuant to any applicable deferred compensation arrangement; 

  

	 	(iii)	reimbursement for unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid in accordance with the Bank’s expense reimbursement policy; and 

 

	 	(iv)	such employee benefits (including equity compensation), if any, as to which the Executive may be entitled under the Bank’s employee benefit plans as of the Termination Date. 

  
 6 

 Items 5.1(a)(i) through 5.1(a)(iv) are referred to herein collectively as the “Accrued Amounts”.

  

	 	(b)	Except as provided in Section 4.12, for purposes of this Agreement, “Cause” shall mean: 

  

	 	(i)	the Executive’s conviction of any crime involving fraud, embezzlement, theft or dishonesty, or any similar issue that in the reasonable opinion of the Board would materially and negatively impact the reputation of
the Bank or any of its subsidiaries or the Executive’s ability to perform his duties; 

  

	 	(ii)	serious willful misconduct by the Executive, including a material violation of a material provision of the Bank’s Code of Conduct or the Executive’s material personal dishonesty in connection with the business
or customers of the Bank or the material breach of fiduciary duty to the Bank or its customers for personal profit; 

  

	 	(iii)	any material breach by the Executive of any material provision of this Agreement; 

  

	 	(iv)	any willful failure by the Executive to follow a reasonable and lawful directive of the Board or the Chief Executive Officer of the Bank, other than any failure resulting from the Executive’s incapacity due to
physical or mental injury or illness; 

  

	 	(v)	any willful failure to keep confidential material information of the Bank or its subsidiaries confidential (except as necessary to the performance of his duties in his reasonable discretion); 

 

	 	(vi)	the Executive’s arrest for any crime involving fraud, embezzlement, theft or dishonesty that in the sole opinion of two-thirds or more of the full membership of the Board
(excluding the Executive) has caused a material negative impact the reputation of the Bank or prevents the Executive from substantially performing his duties hereunder; or 

 

	 	(vii)	if the regulatory authorities of the Bank issue an order removing the Executive from his positions at the Bank, or if such regulatory authorities inform the Board that the continuation of the Executive in his officer
positions at the Bank would constitute an unsafe and unsound banking practice. 

 The Bank cannot terminate the
Executive’s employment for Cause unless it has provided written notice to the Executive of the existence of the circumstances providing grounds for termination for Cause and the Executive has had 30 days from the date on which such notice is
provided to cure such circumstances, if such grounds are curable 

  
 7 

 
(e.g., conviction is not curable). If the Executive remedies the condition within such 30-day cure period, then no Cause shall be deemed to exist with
respect to such condition. If the Executive does not remedy the curable condition within such 30-day cure period, then the Bank may deliver a notice of termination for Cause at any time following the
expiration of such cure period. 
 For purposes of this Agreement, no act or failure to act on the part of the Executive
shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Bank. Any act or failure to
act based upon authority given pursuant to a resolution duly adopted by the Board or based upon the written advice of counsel for the Bank shall be conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the
best interests of the Bank. 
 In the event that the Executive is terminated for Cause based on Section 5.1(b)(i)
above and, after the case is fully adjudicated (including all appeals), the Executive is subsequently found innocent of these charges on the merits of the case by any court of competent jurisdiction or the appropriate administrative agency, then
the Executive will be entitled to receive at that time the amounts payable due to a termination without Cause. Such amounts will be paid no later than the end of the calendar year in which the Executive is fully adjudicated to be innocent of the
charges. 
  

	 	(c)	For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in each case during the Employment Term without the Executive’s written consent: 

 

	 	(i)	any reduction in the Executive’s Base Salary; 

  

	 	(ii)	a material reduction in the Executive’s target annual incentive opportunity under any annual incentive compensation or incentive plan or program; 

 

	 	(iii)	a relocation of the Executive’s principal place of employment outside of the Bronx, Queens, Manhattan, Brooklyn, New York or Hudson County, New Jersey; 

 

	 	(iv)	any material breach by the Bank of any material provision of this Agreement; 

  

	 	(v)	a material, adverse change in the Executive’s title, authority, duties or responsibilities (other than temporarily while the Executive is physically or mentally incapacitated or as required by applicable law);

  

	 	(vi)	the Executive is not reappointed as a member of the Board; 

  

	 	(vii)	a material adverse change in the reporting structure applicable to the Executive, including any requirement that the Executive report to a corporate officer of the Bank other than the Chief Executive Officer of the
Bank; or 

  

	 	(viii)	the failure of the Bank to extend this Agreement in accordance with Section 1 hereof. 

  
 8 

 The Executive cannot terminate his employment with respect to the Bank for Good Reason unless he has provided
written notice to the Bank of the existence of the circumstances providing grounds for termination for Good Reason within 30 days of the initial existence of such grounds and the Bank has had 30 days from the date on which such notice is provided to
cure such circumstances. If the Bank remedies the condition within such 30-day cure period, then no Good Reason shall be deemed to exist with respect to such condition. If the Bank does not remedy the
condition within such 30-day cure period, then the Executive may deliver a notice of termination for Good Reason at any time within 60 days following the expiration of such cure period. If the Executive does
not terminate his employment for Good Reason within 60 days following the expiration of the cure period, then the Executive will be deemed to have waived his right to terminate for Good Reason with respect to such grounds. 

5.2 Without Cause or for Good Reason. The Employment Term and the Executive’s employment hereunder with the Bank may be terminated
by the Executive for Good Reason or by the Bank without Cause. In the event of such termination (unless Section 5.4 below is applicable), the Executive shall be entitled to receive the Accrued Amounts and, subject to the
Executive’s compliance with Section 6, Section 7 and Section 8 of this Agreement and his execution of a mutually agreeable release of claims in favor of the Bank and
its subsidiaries and their respective officers and directors, which release the parties shall not unreasonably decline to agree on (a “Release”) and such Release becoming effective as provided therein (“Release Execution
Period”), the Executive shall be entitled to receive the following: 
  

	 	(a)	A lump sum payment equal to the sum of: (i) 3.0 times (2.0 times in the case of a resignation for Good Reason pursuant to Section 5.1(c)(viii)) the sum of the Executive’s then current Base Salary and the
annual bonus and any other cash compensation earned for the calendar year prior to the calendar year in which the Termination Date occurs; and (ii) the value of any shares of restricted stock, stock options or other awards issued to Executive
under any plan adopted by the Bank or any affiliate of the Bank or any successor plan that are forfeited as a result of such termination, whether vested or unvested. The payment shall be made 60 business days following the termination of
Executive’s employment with the Bank provided the Release shall have become effective prior to that date. 

  

	 	(b)	If the Executive timely and properly elects continuation coverage under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”), the Bank shall reimburse the Executive for the difference between
the monthly COBRA premium paid by the Executive for himself and his dependents and the monthly premium amount paid by similarly situated active executives. Such reimbursement shall be paid to the Executive on or before the fifteenth day of the month
immediately following the month in which the Executive timely remits the premium payment. The Executive shall be eligible to receive such reimbursement until the earliest of: 

 

	 	(i)	the second year anniversary of the Termination Date; 

  
 9 

	 	(ii)	the date the Executive is no longer eligible to receive COBRA continuation coverage; and 

  

	 	(iii)	the date on which the Executive receives/becomes eligible to receive substantially similar coverage from another employer. 

Notwithstanding the foregoing, the Bank is not required to pay any amounts pursuant to this Section 5.2(b) if the Bank determines, in
its sole discretion, that the reimbursement would result in a violation of the nondiscrimination rules of section 105(h)(2) of the Internal Revenue Code of 1986 (the “Code”) or any statute or regulation of similar effect (including,
but not limited to, the 2010 Patient Protection and Affordable Care Act, as amended by the 2010 Health Care and Education Reconciliation Act). 
  

	 	(c)	A lump sum payment equal to the pro-rata annual bonus, if any, that the Executive would have earned for the year in which the Termination Date occurs based on the achievement of
applicable performance goals for such year, which shall be payable on the date that annual bonuses are paid to the Bank’s similarly situated executives, but in no event later than 2-1/2 months following
the end of the calendar year in which the Termination Date occurs. 

 5.3 Death or Disability. 

 

	 	(a)	The Executive’s employment hereunder shall terminate automatically upon the Executive’s death during the Employment Term, and the Bank may terminate the Executive’s employment with the Bank on account of
the Executive’s Disability. 

  

	 	(b)	If the Executive’s employment is terminated during the Employment Term on account of the Executive’s death or Disability, the Executive (or the Executive’s estate and/or beneficiaries, as the case may be)
shall be entitled to receive the following: 

  

	 	(i)	the Accrued Amounts; and 

  

	 	(ii)	a lump sum payment equal to the pro-rata annual bonus, if any, that the Executive would have earned for the year in which the Termination Date occurs based on the achievement of
applicable performance goals for such year, which shall be payable on the date that annual bonuses are paid to the Bank’s similarly situated executives, but in no event later than 2-1/2 months following
the end of the calendar year in which the Termination Date occurs. 

  

	 	(c)	 For purposes of this Agreement, Disability shall mean that the Executive is entitled to receive long-term
disability benefits under the Bank’s long-term disability plan, or if there is no such plan, the Executive’s inability, due to physical or mental incapacity, to substantially perform his essential duties and responsibilities under this
Agreement for 90 days out of any 365-day period; provided however, in the event the Bank temporarily replaces the Executive, or transfers the Executive’s duties or responsibilities to another individual
on 

  
 10 

	 	
account of the Executive’s inability to perform such duties due to a mental or physical incapacity which is, or is reasonably expected to become, a Disability, then the Executive’s
employment shall not be deemed terminated by the Bank and the Executive shall not be able to resign with Good Reason as a result thereof. 

Any question as to the existence of the Executive’s Disability as to which the Executive and the Bank cannot agree shall be determined in
writing by a qualified independent physician mutually acceptable to the Executive and the Bank. If the Executive and the Bank cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall
select a third who shall make such determination in writing. The determination of Disability made in writing to the Bank and the Executive shall be final and conclusive for all purposes of this Agreement. 

5.4 Change in Control Termination. 
  

	 	(a)	Notwithstanding any other provision contained herein, if the Executive’s employment hereunder is terminated by the Executive for Good Reason or by the Bank without Cause (other than on account of the
Executive’s death or Disability), in each case either concurrently with or within 24 months following a Change in Control, the Executive shall be entitled to receive the Accrued Amounts and, subject to the Executive’s compliance with
Section 6, Section 7 and Section 8 of this Agreement and his execution of a Release which becomes effective as provided therein, for which the Bank assigns significant
value in agreeing to this Section 5.4, the Executive shall be entitled to receive the following: 

  

	 	(i)	A lump sum payment upon the effectiveness of the Release equal to the sum of: (y) 2.99 times his highest annual compensation for services rendered that was includible in the Executive’s gross income (partial years
being annualized) for the immediately preceding three taxable years (or such shorter period as the Executive was employed); and (z) the value of any shares of restricted stock, stock options or other awards issued to Executive under any plan
adopted by the Bank or any affiliate of the Bank or any successor plan that are forfeited as a result of such termination, whether vested or unvested. The payment shall be made 60 business days following the termination of Executive’s
employment with the Bank provided the Release shall have become effective prior to that date. 

  

	 	(ii)	If the Executive timely and properly elects continuation coverage under COBRA, the Bank shall reimburse the Executive for the difference between the monthly COBRA premium paid by the Executive for himself and his
dependents and the monthly premium amount paid by similarly situated active executives. Such reimbursement shall be paid to the Executive on the fifteenth day of the month immediately following the month in which the Executive timely remits the
premium payment. The Executive shall be eligible to receive such reimbursement until the earliest of: 

 (x) the second year
anniversary of the Termination Date; 

  
 11 

 (y) the date the Executive is no longer eligible to receive COBRA continuation coverage; and

 (z) the date on which the Executive receives/becomes eligible to receive substantially similar coverage from another employer. 

 

	 	(b)	For purposes of this Agreement, a “Change in Control” shall mean an event involving the Bank that: (i) would be required to be reported in response to Item 5.01 of the current report on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) results in a Change in Control of the Bank within the
meaning of the Home Owners’ Loan Act of 1933, as amended, the Federal Deposit Insurance Act, or the Rules and Regulations promulgated by the OCC, as in effect on the date hereof (provided, that in applying the definition of change in control as
set forth under the rules and regulations of the OCC, the Board shall substitute its judgment for that of the OCC); or (iii) without limitation such a Change in Control shall be deemed to have occurred at such time as: 

 

	 	(i)	any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Exchange Act), directly or indirectly, of voting securities of the Bank representing 20% or more of the Bank’s outstanding voting securities or right to acquire such securities except for any voting securities purchased by any
employee benefit plan of the Bank or by the Ponce De Leon Foundation; 

  

	 	(ii)	individuals who constitute the Board on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director subsequent to
the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the Bank’s stockholders was approved by a Nominating Committee solely composed
of members which are Incumbent Board members, shall be, for purposes of this clause (B), considered as though he were a member of the Incumbent Board; 

  

	 	(iii)	a plan of reorganization, merger, consolidation, sale of all or substantially all the assets of the Bank or similar transaction occurs or is effectuated in which the Bank is not the resulting entity; provided, however,
that such an event listed above will be deemed to have occurred or to have been effectuated upon the receipt of all required federal regulatory approvals not including the lapse of any statutory waiting periods; 

 

	 	(iv)	 a proxy statement has been distributed soliciting proxies from stockholders of the Bank, by someone other than
the current management of the Bank, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Bank with one or more companies as a 

  
 12 

	 	
result of which the outstanding shares of the class of securities then subject to such plan or transaction are exchanged for or converted into cash or property or securities not issued by the
Bank; or 

  

	 	(v)	a tender offer is made for 20% or more of the voting securities of the Bank then outstanding. 

In no event, however, shall a Change in Control be deemed to have occurred as a result of: (X) any acquisition of securities or assets of
the MHC or the Bancorp by the MHC or the Bancorp, by one or more subsidiaries of the MHC or the Bancorp, by any employee benefit plan maintained by the MHC, the Bancorp or the Bank or by the Ponce De Leon Foundation; (Y) an initial public
offering of securities issued by Bancorp; or (Z) the conversion of the MHC to stock form, any reorganization used to effect such a conversion, or any offering of securities in connection with such conversion. 

5.5 Notice of Termination. Any termination of the Executive’s employment hereunder by the Bank or by the Executive during the
Employment Term (other than termination pursuant to Section 5.3(a) on account of the Executive’s death) shall be communicated by a written notice of termination (“Notice of Termination”) to the other party hereto in
accordance with Section 21. The Notice of Termination shall specify: 
  

	 	(a)	the termination provision of this Agreement relied upon; 

  

	 	(b)	to the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated; and 

 

	 	(c)	the applicable Termination Date. 

 5.6 Termination Date. The Executive’s
Termination Date shall be: 
  

	 	(a)	If the Executive’s employment hereunder terminates on account of the Executive’s death, the date of the Executive’s death; 

 

	 	(b)	If the Executive’s employment hereunder is terminated on account of the Executive’s Disability, the date that it is determined that the Executive has a Disability; 

 

	 	(c)	If the Bank terminates the Executive’s employment hereunder for Cause, the date the Notice of Termination is delivered to the Executive; 

 

	 	(d)	If the Bank terminates the Executive’s employment hereunder without Cause, the date specified in the Notice of Termination, which shall be no less than 30 days following the date on which the Notice of Termination
is delivered; or 

  

	 	(e)	If the Executive terminates his employment hereunder with or without Good Reason, the date specified in the Executive’s Notice of Termination, which shall be no less than 30 days following the date on which the
Notice of Termination is delivered. 

  
 13 

 Notwithstanding anything contained herein, the Termination Date shall not occur until the date on which the
Executive incurs a “separation from service” within the meaning of Code section 409A. 
 5.7 Mitigation. In no event
shall the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and except as provided with respect to COBRA
reimbursements, any amounts payable pursuant to this Section 5 shall not be reduced by compensation the Executive earns on account of employment with another employer. 

5.8 Resignation of All Other Positions. Upon termination of the Executive’s employment hereunder for any reason, the Executive
agrees to resign, effective on the Termination Date and shall be deemed to have resigned from all positions that the Executive holds as an officer or member of the board of directors (or a committee thereof) of the Bank or any of its subsidiaries.

 5.9 Code Section 280G. 
  

	 	(a)	If any of the payments or benefits received or to be received by the Executive (including, without limitation, any payment or benefits received in connection with a Change in Control or the Executive’s termination
of employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement, or otherwise) (all such payments collectively referred to herein as the “280G Payments”) constitute
“parachute payments” within the meaning of Code section 280G and will be subject to the excise tax imposed under Code section 4999 (the “Excise Tax”), then such 280G Payments shall be reduced by the minimum
amount required so that no amount payable to the Executive will be subject to the Excise Tax (with the cash severance under this Agreement to be reduced first and with any further reductions that may be required to be determined by Tax Counsel (as
defined below) in a manner that minimizes the impact to the Executive). 

  

	 	(b)	All calculations and determinations under this Section 5.9 shall be made by an independent accounting firm or independent tax counsel appointed by the Bank (the “Tax Counsel”)
whose determinations shall be conclusive and binding on the Bank and the Executive for all purposes. For purposes of making the calculations and determinations required by this Section 5.9, the Tax Counsel may rely on
reasonable, good faith assumptions and approximations concerning the application of Code sections 280G and 4999. The Bank and the Executive shall furnish the Tax Counsel with such information and documents as the Tax Counsel may reasonably request
in order to make its determinations under this Section 5.9. The Bank shall bear all costs the Tax Counsel may reasonably incur in connection with its services. 

 

	 	(c)	 The Bank’s obligations under this Section shall not be conditioned upon the Executive’s termination of
employment. By way of example, in the event of a Change in Control that does not result in Executive’s termination of employment or entitlement to severance benefits under this Agreement, but which causes the

  
 14 

	 	
accelerated vesting of any shares of restricted stock, stock options or other awards issued to the Executive giving rise to an Excise Tax, the Bank’s obligations under this Section shall
apply with respect to such accelerated vesting. 

 6. Cooperation. The parties agree that certain matters in which the Executive will
be involved during the Employment Term may necessitate the Executive’s cooperation in the future. Accordingly, following the termination of the Executive’s employment for any reason, to the extent reasonably requested by the Bank, the
Executive shall cooperate with the Bank in connection with matters arising out of the Executive’s service to the Bank; provided that, the Bank shall make reasonable efforts to minimize disruption of the Executive’s other activities. The
Bank shall reimburse the Executive for reasonable expenses incurred in connection with such cooperation, including reasonable attorney’s fees, and compensate the Executive at an hourly rate based on the Executive’s Base Salary on the
Termination Date. 
 7. Confidential Information. The Executive understands and acknowledges that during the Employment Term, he will have access to
and learn about Confidential Information, as defined below. 
 7.1 Confidential Information Defined. 

 

	 	(a)	Definition. 

 For purposes of this Agreement, “Confidential
Information” includes, but is not limited to, all information not generally available and known to the public, in spoken, printed, electronic or any other form or medium, relating directly or indirectly to the Bank or any of its
subsidiaries, or of any other person or entity that has entrusted information to the Bank in confidence. 
 The Executive understands and
agrees that Confidential Information includes information developed by him in the course of his employment by the Bank as if the Bank furnished the same Confidential Information to the Executive in the first instance. Confidential Information shall
not include information that is generally available to and known by the public at the time of disclosure to the Executive or later; provided that, such disclosure is through no direct or indirect fault of the Executive or person(s) acting on the
Executive’s behalf. 
 Without otherwise limiting the foregoing, the parties agree that this Agreement and the terms hereof
(“Contract Information”) shall constitute Confidential Information unless and until the Bank determines that it or they must or should be disclosed, in whole or in part. The Bank intends to coordinate any such required or desired
disclosure of Contract Information with the Executive. 
  

	 	(b)	Disclosure and Use Restrictions. 

 The Executive agrees and covenants: (i) to treat
all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose, publish, communicate or make available Confidential Information, or allow it to be disclosed, published, communicated or made available, in
whole or part, to any entity or person whatsoever except as needed in the performance of the Executive’s authorized employment duties to the Bank; and (iii) not to access or use any Confidential Information, and not to copy any documents,
records, files, media or 

  
 15 

 
other resources containing any Confidential Information, or remove any such documents, records, files, media or other resources from the premises or control of the Bank, except as needed in the
performance of the Executive’s authorized employment duties to the Bank and the Bank. Nothing herein shall be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant to the
valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required by such law, regulation or order. 

The Executive understands and acknowledges that his obligations under this Agreement with regard to any particular Confidential Information
shall commence immediately upon the Executive first having access to such Confidential Information (whether before or after he begins employment with the Bank) and shall continue during and after his employment by the Bank until such time as such
Confidential Information has become public knowledge other than as a result of the Executive’s breach of this Agreement or breach by those acting in concert with the Executive or on the Executive’s behalf. Nothing herein shall prevent the
Executive from disclosing Contract Information to his personal attorneys, accountants and other advisors, as necessary for the performance of their duties and on a confidential basis. 

8. Restrictive Covenants. 
 8.1
Acknowledgment. The Executive understands that the nature of the Executive’s position gives him access to and knowledge of Confidential Information and places him in a position of trust and confidence with the Bank. The Executive
understands and acknowledges that the intellectual services he provides to the Bank are unique, special or extraordinary. 
 The Executive
further understands and acknowledges that the Bank’s ability to reserve these services for the exclusive knowledge and use of the Bank is of great competitive importance and commercial value to the Bank, and that improper use or disclosure by
the Executive is likely to result in unfair or unlawful competitive activity. 
 8.2
Non-competition. Because of the Bank’s legitimate business interest as described herein and the good and valuable consideration offered to the Executive, during the Employment Term and for the term
of one year, beginning on the last day of the Executive’s employment with the Bank, for any reason or no reason and whether employment is terminated at the option of the Executive or the Bank, the Executive agrees and covenants not to engage in
Prohibited Activity within any county or borough in which the Bank or any of its subsidiaries maintains as of the Termination Date or has pending as of the Termination Date a filing for permission to establish a branch, loan production office, or
mortgage production office (the “Restricted Area”). 
 For purposes of this Section 8.2: 

 

	 	(a)	“Prohibited Activity” is activity in which the Executive, directly or indirectly, solely or jointly with any person or persons, as an employee, consultant, or advisor (whether or not engaged in business
for profit), or as an individual proprietor, partner, shareholder, director, officer, joint venturer, investor or lender, or in any other capacity becomes affiliated with any FDIC insured institution (or affiliate thereof) headquartered or with
branches in the New York City metropolitan area; 

  

	 	(b)	“become affiliated” shall mean, without limitation, engaging, participating, or being involved in any respect in the business of banking (other than as a depositor, borrower or other customer), or
furnishing any aid, assistance or service of any kind to any person in connection with the business of the Bank or any of its subsidiaries, and shall include without limitation being employed by any FDIC insured institution which has a branch or
other place of business in the Restricted Area, but shall exclude the permitted activities under Section 2.2. 

  
 16 

 Nothing herein shall prohibit the Executive from purchasing or owning less than 5% of the
securities or ownership interests of any corporation, partnership or limited liability company, provided that such ownership represents a passive investment and that the Executive is not a controlling person of, or a member of a group that controls,
such corporation, partnership or limited liability company. 
 This Section 8 does not, in any way, restrict or
impede the Executive from exercising protected rights to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized
government agency, provided that such compliance does not exceed that required by the law, regulation or order. The Executive shall promptly provide written notice of any such order to the Board of Directors. 

8.3 Non-solicitation of Employees. The Executive agrees and covenants not to directly or
indirectly solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of the Bank or any of its subsidiaries for the term of one year, beginning on the last day of the Executive’s employment with
the Bank. 
 8.4 Non-solicitation of Clients. The Executive understands and acknowledges that
because of the Executive’s experience with and relationship to the Bank, he will have access to and learn about much or all of the customers, prospective customers and referral sources of the Bank and its subsidiaries. The Executive understands
and acknowledges that loss of these customer and referral relationships and/or goodwill will cause significant and irreparable harm. The Executive agrees and covenants, for a period of one year, beginning on the last day of the Executive’s
employment with the Bank, not to directly or indirectly (a) solicit any actual or prospective customer or customer-referral source who had a business relationship with the Bank or any of its subsidiaries during the period of time in which the
Executive was employed by the Bank, it being expressly agreed that soliciting a referral from a prospective customer or customer-referral source is included within this prohibition; or (b) encourage any such customer or customer-referral source
to turn down, terminate or reduce a business relationship with the Bank or any of its subsidiaries. 
 8.5
Non-disparagement. Executive agrees and covenants that he will not at any time following the termination of his employment with the Bank, make, publish or communicate to any person or entity or in any
public forum any defamatory or disparaging remarks, comments or statements concerning the Bank or any of its subsidiaries or their respective businesses, or any of their employees, officers, and existing and prospective customers. Nothing contained
in this Section 8.5 shall preclude (i) the Executive from reporting information to, or participating in any investigation or proceeding conducted by, the Securities and Exchange Commission, the Federal Deposit
Insurance Corporation, or any federal, state, or local governmental agency or entity; (ii) 

  
 17 

 
either Executive or the Bank from making truthful statements or disclosures that are required by applicable law, regulation or legal process; or (iii) either Executive or any Bank from
enforcing their respective rights under this Agreement. 
 8.6 Non-Interference Covenant. For
a period of one year, beginning on the last day of the Executive’s employment with the Bank, the Executive covenants and agrees that he will not, directly or indirectly and for whatever reason, whether for his own account or for the account of
any other person, firm, corporation or other organization: 
  

	 	(a)	solicit, employ, or otherwise interfere with any of the contracts or relationships of the Bank or any of its subsidiaries with any employee, officer, director or any independent contractor who is employed by or
associated with the Bank or any of its subsidiaries as of the Termination Date; or 

  

	 	(b)	actively solicit or cause to be solicited, or otherwise actively interfere with, any of the contracts or relationships of the Bank or any of its subsidiaries with any independent contractor, customer, client or supplier
of the Bank or any of its subsidiaries. 

 8.7 Business Materials and Property Disclosure. All written materials,
records, and documents made by the Executive or coming into his possession concerning the business or affairs of the Bank or any of its subsidiaries shall be the sole property of the Bank. Upon termination of his employment with the Bank, the
Executive shall deliver the same to the Bank and shall retain no copies, including but not limited to copies in paper, electronic, digital or any other format. The Executive shall also return to the Bank all other property in his possession owned by
the Bank upon the termination of his employment. 
 If a court or arbitration panel concludes that the time period of the restriction set forth in this
Section 8 is not enforceable or that a specific geographical scope must be stated herein, then the parties agree that such court or arbitration panel may rewrite the time period of this restriction and/or prescribe a
geographical restriction to the maximum enforceable time period and geographical area permitted by law. 
 9. Acknowledgement. The Executive
acknowledges and agrees that the services to be rendered by his to the Bank are of a special and unique character; that the Executive will obtain knowledge and skill relevant to the Bank’s industry, methods of doing business and marketing
strategies by virtue of the Executive’s employment; and that the restrictive covenants and other terms and conditions of this Agreement are reasonable and reasonably necessary to protect the legitimate business interest of the Bank. 

The Executive further acknowledges that the amount of his compensation reflects, in part, his obligations and the Bank’s rights under
Section 7 and Section 8 of this Agreement; that he has no expectation of any additional compensation, royalties or other payment of any kind not otherwise referenced herein in connection herewith;
and that he will not be subject to undue hardship by reason of his full compliance with the terms and conditions of Section 6 and Section 7 of this Agreement or the Bank’s enforcement thereof.

 10. Remedies. In the event of a breach or threatened breach by the Executive of Section 7 or
Section 8 of this Agreement, the Executive hereby consents and agrees that the Bank shall be 

  
 18 

 
entitled to seek, in addition to other available remedies, a temporary or permanent injunction or other equitable relief against such breach or threatened breach from any court of competent
jurisdiction, without the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition
to, not in lieu of, legal remedies, monetary damages or other available forms of relief. 
 11. Arbitration. Any dispute whatsoever relating to the
Executive’s employment by the Bank, or any other dispute arising out of this Agreement which cannot be resolved by any party upon 30 days’ written notice to the other party, shall be settled by binding arbitration at a mutually agreed
location in New York City, New York in accordance with the then prevailing Employment Dispute Resolution Rules of the American Arbitration Association by a single arbitrator. The judgment upon the award rendered by the arbitrator may be entered in
any court of competent jurisdiction. It is the purpose of this Agreement, and the intent of the parties hereto, to make the submission to arbitration of any dispute or controversy arising out of this Agreement, as set forth hereinabove, binding upon
all parties hereto. This Section 11 shall not in any way restrict the right of the Bank or the Executive to obtain injunctive relief from a court of competent jurisdiction. 

The Bank shall pay all arbitration costs and all other costs in connection with any arbitration proceeding hereunder, including but not limited to reasonable
attorneys’ fees incurred by the Executive in connection with the arbitration. 
 12. Governing Law: Jurisdiction and Venue. This Agreement, for
all purposes, shall be construed and enforced in all respects in accordance with the laws of the State of New York, without regard to its principles of conflicts of laws, and in accordance with and subject to any applicable federal laws to which the
Bank may be subject as a federally chartered FDIC insured institution. Any action or proceeding by either of the parties to enforce this Agreement that is not covered by the Arbitration provision of Section 11 above shall
be brought only in a state or federal court located in New York City, New York. The parties hereby irrevocably submit to the non-exclusive jurisdiction of such courts and waive the defense of inconvenient
forum to the maintenance of any such action or proceeding in such venue. 
 13. Entire Agreement. Unless specifically provided herein, this Agreement
contains all of the understandings and representations between the Executive and the Bank pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written
and oral, with respect to such subject matter. The parties mutually agree that this Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of this Agreement. 

14. Modification and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing
and signed by the Executive and by the Chairman of the Board. No waiver by either of the parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a
waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of the parties in exercising any right, power or privilege hereunder operate as a waiver thereof to
preclude any other or further exercise thereof or the exercise of any other such right, power or privilege. 

  
 19 

 15. Severability. Should any provision of this Agreement be held by a court of competent jurisdiction to
be enforceable only if modified, or if any portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding
upon the parties with any such modification to become a part hereof and treated as though originally set forth in this Agreement. 
 The parties further
agree that any such court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision,
deleting any or all of the offending provision, adding additional language to this Agreement or by making such other modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent
permitted by law. 
 The parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of them.
In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and if such provision
or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had not been set forth herein. 

16. Captions. Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of this
Agreement is to be construed by reference to the caption or heading of any section or paragraph. 
 17. Counterparts. This Agreement may be executed
in separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. 
 18.
Tolling. Should the Executive violate any of the terms of the restrictive covenant obligations articulated herein, the time period for compliance with such obligations shall be tolled for the full period in which the Executive is in violation
of such obligations, with the tolled period to be added to the period of time remaining following the first date on which the Executive ceases to be in violation of such obligation. 

19. Code Section 409A. 
 19.1 This
Agreement is intended to comply with Code section 409A or an exemption thereunder and shall be construed and administered in accordance with Code section 409A. Notwithstanding any other provision of this Agreement, payments provided under this
Agreement may only be made upon an event and in a manner that complies with Code section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Code section 409A either as separation pay due to an involuntary
separation from service or as a short-term deferral shall be excluded from Code section 409A to the maximum extent possible. 
 19.2 For
purposes of Code section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. 

  
 20 

 19.3 For purposes of this Agreement, any reference to “termination” of Executive’s
employment or similar term shall be interpreted consistent with the meaning of the term “separation from service” in Code section 409A(a)(2)(A)(i) and no portion of any benefits payable to Executive on account of any such
“termination” shall be paid prior to the date such Employee incurs a separation from service under Code section 409A(a)(2)(A)(i). 

19.4 Notwithstanding any other provision of this Agreement, in the event any payment is to be made during a specified time period following
the expiration of the Release Execution Period and the time period for such payment begins in one calendar year and ends in a second calendar year, then such amount shall be payable in the second calendar year. 

19.5 All reimbursements and in-kind benefits provided under this Agreement shall be made or provided
in accordance with the requirements of Code section 409A to the extent that such reimbursements or in-kind benefits are subject to Code section 409A. All expenses or reimbursements paid pursuant to this
Agreement that are taxable income to the Executive shall in no event be paid later than the end of the calendar year next following the calendar year in which the Employee incurs such expense or pays the related tax. With regard to any provision in
this Agreement for the right to reimbursement or in-kind benefits, such right shall not be subject to liquidation or exchange for another benefit, the amount of expenses eligible for reimbursements or in-kind benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable year;
provided that the foregoing clause shall not be violated with regard to expenses reimbursed under any arrangement covered by Code section 105(b) solely because such expenses are subject to a limit related to the period the arrangement is in effect,
and such payments shall be made on or before the last day of the Employee’s taxable year following the taxable year in which the expense was incurred. 

19.6 Notwithstanding any other provision of this Agreement, if any payment or benefit provided to the Executive in connection with his
termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Code section 409A and the Executive is determined to be a “specified employee” as defined in Code section
409A(a)(2)(b)(i), then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the Termination Date (the “Specified Employee Payment
Date”), unless the payment otherwise satisfies the short-term deferral exemption or another exemption under Code section 409A. The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date
shall be paid to the Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule. 

19.7 Notwithstanding the foregoing, the Bank makes no representations that the payments and benefits provided under this Agreement comply with
Code section 409A and in no event shall any of the Bank be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Executive on account of non-compliance
with Code section 409A. 
 20. Successors and Assigns. This Agreement is personal to the Executive and shall not be assigned by the Executive. Any
purported assignment by the Executive shall be null and void from the initial date of the purported assignment. The Bank may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business or assets of the Bank. This Agreement shall inure to the benefit of the Bank and permitted successors and assigns. 

  
 21 

 21. Notices. Notices and all other communications provided for in this Agreement shall be in writing and
shall be delivered personally or sent by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses set forth below (or such other addresses as specified by the parties by like notice): 

If to the Bank or its successor: 

Chair of the Board of Directors 

Ponce De Leon Federal Bank 
 2244
Westchester Ave. 
 Bronx, NY 10462 

and 
 Chief Executive Officer

 Ponce De Leon Federal Bank 

2244 Westchester Ave. 
 Bronx, NY
10462 
 If to the Executive: 

Carlos P. Naudon 
 c/o Ponce De
Leon Federal Bank 
 2244 Westchester Ave. 

Bronx, NY 10462 
 and 

Carlos P. Naudon 
 (last home
address on file with the Bank) 
 22. Representations of the Executive. The Executive represents and warrants to the Bank that: 

22.1 The Executive’s acceptance of employment with the Bank and the performance his duties hereunder will not conflict with or result in
a violation of, a breach of, or a default under any contract, agreement or understanding to which he is a party or is otherwise bound. 

22.2 The Executive’s acceptance of employment with the Bank and the performance of his duties hereunder will not violate any non-solicitation, non-competition or other similar covenant or agreement of a prior employer. 

23. Withholding. The Bank shall have the right to withhold from any amount payable hereunder any federal, state and local taxes in order for the Bank
to satisfy any withholding tax obligation it may have under any applicable law or regulation. 

  
 22 

 24. Survival. Upon the expiration or other termination of this Agreement, the respective rights and
obligations of the parties hereto shall survive such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement. 

25. Acknowledgment of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO THIS
AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT. 

[SIGNATURE PAGE FOLLOWS] 

  
 23 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written
above. 
  

			
	PONCE DE LEON FEDERAL BANK
		
	By 	 	 /s/ Steven A. Tsavaris

	Name:	 	 Steven A. Tsavaris

	Title:	 	Chairman of the Board of Directors
	
	EXECUTIVE
		
	Signature:	 	 /s/ Carlos P. Naudon

	Name:	 	Carlos P. Naudon

  
 24

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