Document:

Exhibit 10.1

 

BANK
FIRST NATIONAL CORPORATION

 

2011
EQUITY PLAN

 

THIS PLAN is made this 18th
day of January, 2011, by Bank First National Corporation (the “Company”).

 

ARTICLE I

 

PURPOSE AND EFFECTIVE DATE

 

1.1          Purpose.
The purpose of the Plan is to provide financial incentives for selected Employees and for the non-employee Directors of the Company,
thereby promoting the long-term growth and financial success of the Company by (1) attracting and retaining Employees, and
Directors of outstanding ability, (2) strengthening the Company’s capability to develop, maintain, and direct a competent
management team, (3) providing an effective means for selected Employees and non-employee Directors to acquire and maintain
ownership of Company stock, (4) motivating Employees to achieve long-range Performance Goals and objectives, and (5) providing
incentive compensation opportunities competitive with those of other major corporations.

 

1.2          Effective
Date and Expiration of Plan. The Plan is effective when adopted by the Board. Unless the Plan is terminated earlier by the
Board pursuant to Section 12.3, the Plan shall terminate on the tenth anniversary of its Effective Date. No Award shall be
made pursuant to the Plan after its termination date, but Awards made prior to the termination date may extend beyond that date.

 

ARTICLE II

 

DEFINITIONS

 

The following words and phrases, as used in the Plan, shall have
these meanings:

 

Award means, individually or collectively,
any SAR, Restricted Stock, unrestricted Company Stock or Performance Unit Award.

 

Award Statement means a written confirmation
of an Award under the Plan furnished to the Participant.

 

Board means the Board of Directors of
the Company.

 

Company means Bank First National Corporation
and all of its Subsidiaries on and after the Effective Date.

 

Company Stock means Capital Stock of
the Company.

 

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Cause with respect to any Participant,
means (i) the definition of Cause as set forth in any individual employment agreement applicable to such Participant, or (ii) in
the case of a Participant who does not have an individual employment agreement that defines Cause, then Cause means the termination
of a Participant’s employment by reason of his or her (1) engaging in gross misconduct, (2) misappropriation of
funds, (3) willful misrepresentation to a representative of the Company, (4) gross negligence in the performance of the
Participant’s duties, (5) conviction of a crime. The determination of whether a Participant’s employment was terminated
for Cause shall be made by the Company in its sole discretion.

 

Code means the Internal Revenue Code
of 1986, as amended.

 

Committee means the Compensation and
Retirement Plan Committee of the Board or a subcommittee thereof.

 

Director means a member of the Board
of Directors of the Company.

 

Effective Date means the date on which
the Plan is approved by the Board of Directors of the Company, as provided in Section 1.2.

 

Employee means an employee of the Company selected to participate
in the Plan.

 

Exchange Act means the Securities Exchange
Act of 1934, as amended.

 

Fair Market Value means, as of any specified
date, an amount equal to the mean between the reported high and low prices of Company Stock on the OTCBB on the specified date
or, if no shares of Company Stock have been traded on any such dates, the mean between the reported high and low prices of Company
Stock on the OTCBB as reported on the first day prior thereto on which shares of Company Stock were so traded. If shares of Company
Stock are no longer traded on the OTCBB, Fair Market Value shall be determined in good faith by the Committee using other reasonable
means. The definition of “Fair Market Value” shall be determined in a manner consistent with Section 409A, where necessary
to avoid the application of Section 409A to any Award granted hereunder.

 

Fiscal Year means the fiscal year of
the Company ending on December 31.

 

Participant means an Employee or a non-employee
Director of the Company or Subsidiary to whom an Award has been made under the Plan or a Transferee.

 

Performance Goals means goals approved
by the Committee pursuant to Section 4.5.

 

Performance Period means a period of
time over which performance is measured.

 

Performance Unit means the unit of measure
determined under Article IX by which is expressed the value of a Performance Unit Award.

 

Performance Unit Award means an Award
granted under Article IX.

 

Personal Representative means the person
or persons who, upon the death, disability, or incompetency of a Participant, shall have acquired, by will or by the laws of descent
and distribution or by other legal proceedings, the right to manage Participant’s property and affairs.

 

Plan means this Company 2011 Equity
Plan, as amended from time to time.

 

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Restricted Stock means Company Stock
subject to the terms and conditions provided in Article VI.

 

Restricted Stock Award means an Award
granted under Article VI.

 

Restriction Period means a period of
time determined under Section 6.2 during which Restricted Stock is subject to the terms and conditions provided in Section 6.3.

 

Retirement means any normal or early
retirement by a Participant pursuant to the terms of any or policy of the Company or any Subsidiary that is applicable to such
Participant at the Time of the Participant’s Termination.

 

SAR means a stock appreciation right
granted under Article V.

 

Section 409A means Section 409A of the
Code and the regulations and guidance of general applicability issued hereunder.

 

Shareholders mean the Shareholders of
the Company.

 

Subsidiary means a corporation or other
entity the majority of the voting stock of which is owned directly or indirectly by the Company.

 

Transferee means a person to whom a
Participant has transferred his or her rights to an Award under the Plan in accordance with Section 12.1 and procedures and
guidelines adopted by the Company.

 

ARTICLE III

 

ADMINISTRATION

 

3.1          Committee
to Administer. The Plan shall be administered by the Committee.

 

3.2          Powers
of Committee.

 

(a)          The
Committee shall have full power and authority to interpret and administer the Plan and to establish and amend rules and regulations
for its administration. The Committee’s decisions shall be final and conclusive with respect to the interpretation of the
Plan and any Award made under it.

 

(b)          Subject
to the provisions of the Plan, the Committee shall have authority, in its discretion, to determine those Participants who shall
receive an Award, the time or times when such Award shall be made, the vesting schedule, if any, for the Award and the type of
Award to be granted, the number of shares to be subject to each Restricted Stock Award, and the value of each Performance Unit.

 

(c)          The
Committee shall determine and set forth in an Award Statement the terms of each Award. The Committee may correct any defect or
supply any omission or reconcile any inconsistency in the Plan or in any Award Statement, in such manner and to the extent the
Committee shall determine in order to carry out the purposes of the Plan. The Committee may, in its discretion, accelerate (i) the
date on which any SAR may be exercised, (ii) the date of termination of the restrictions applicable to a Restricted Stock
Award, or (iii) the end of a Performance Period under a Performance Unit Award, if the Committee determines that to do so
will be in the best interests of the Company.

 

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ARTICLE IV

 

AWARDS

 

4.1          Awards.
Awards under the Plan may consist of SARs, Restricted Stock, unrestricted Company Stock and Performance Units. All Awards shall
be subject to the terms and conditions of the Plan and to such other terms and conditions consistent with the Plan as the Committee
deems appropriate. Awards under a particular section of the Plan need not be uniform and Awards under two or more sections may
be combined in one Award Statement. Any combination of Awards may be granted at one time and on more than one occasion to the same
Participant. Awards of Performance Units shall be earned upon attainment of Performance Goals and the Committee shall have no discretion
to increase such Awards. Except with regard to a Change of Control pursuant to Article X below, all Awards shall be granted in
such manner, and subject to such terms and conditions, as is necessary to avoid the application of Section 409A.

 

4.2          Eligibility
for Awards. An Award may be made to any Participant; the Committee gives sole discretion to the bank’s Chief Executive
Officer, to select participating employees. In making this selection and in determining the form and amount of the Award, the Chief
Executive Officer may give consideration to the functions and responsibilities of the respective Participant, his or her present
and potential contributions to the success of the Company, Participant’s contribution to Company risk management, the value
of his or her services to the Company, and other factors deemed relevant.

 

4.3          Shares
Available Under the Plan.

 

(a)          The
Company Stock to be offered under the Plan pursuant to SARs, Performance Unit Awards, and Restricted Stock and unrestricted Company
Stock Awards must be Company Stock previously issued and outstanding and reacquired by the Company. Subject to adjustment under
Section 12.2, the number of shares of Company Stock that may be issued pursuant to Awards under the Plan (the Section 4.3
Limit) shall not exceed, in the aggregate:

 

(i)          659,250
shares

 

(b)          Any
shares of Company Stock subject to SARs shall be counted against the Section 4.3 Limit as one share for every one share subject
thereto.

 

(c)          The
Section 4.3 Limit shall be increased by shares of Company Stock that are (i) tendered in the exercise price of other
Awards; (ii) subject to an Award which for any reason is cancelled or terminated without having been exercised or paid; or
(iii) withheld from any Award to satisfy a Participant’s tax withholding obligations. Anything to the contrary in this
Section 4.3(c) notwithstanding, if a SAR is settled in whole or in part in shares of Company Stock, the Section 4.3 Limit
shall be increased by the excess, if any, of the number of shares of Company Stock subject to the SAR over the number of shares
of Company Stock delivered to the Participant.

 

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4.4          Limitation
on Awards. The maximum aggregate dollar value of Restricted Stock and Performance Units awarded to any Employee with respect
to a Performance Period or Restriction Period may not exceed $1 million for each fiscal year included in such Performance
Period or Restriction Period.

 

4.5          General
Performance Goals. At the beginning of a Performance Period, or as early in the Period as is reasonably possible, the Company
will establish in writing Performance Goals for the Company and its various operating units and the Committee will approve. The
goals will be comprised of specified levels of the performance criteria as the Committee may deem appropriate.

 

In addition, for any Awards not intended to
meet the requirements of Section 162(m) of the Code, the Committee may establish goals based on other performance criteria
as it deems appropriate. The Committee may disregard or offset the effect of any special charges or gains or cumulative effect
of a change in accounting in determining the attainment of Performance Goals. Awards may also be payable when Company performance
meets or exceeds the criteria established by the Committee.

 

ARTICLE V

 

STOCK APPRECIATION RIGHTS

 

5.1          Award
of SARs.

 

(a)          The
Committee may award to the Participant a SAR.

 

(b)          The
SAR shall represent the right to receive payment of an amount equal to the amount by which the Fair Market Value of one share of
Company Stock on the date of SAR payout exceeds the Fair Market Value of one share of Company Stock on the date the SAR was granted
to the Participant multiplied by the number of shares covered by the SAR.

 

(c)          The
number of Shares covered by the SAR, the payout date of the SAR and the Fair Market Value of one share of Company Stock on the
date of grant for SARs awarded under the Plan shall be evidenced by an Award Statement.

 

(d)          The
Committee may prescribe conditions and limitations on the exercise or transferability of any SAR.

 

(e)          At
grant, the Committee shall set a payout date for the SAR. If the FMV of the Company Stock on the payout date is equal to or less
than the Fair Market Value of the Company Stock on the date of grant, the SAR shall expire without any payment to the Participant

 

(f)           Payment
of the amount to which a Participant is entitled upon the exercise of a SAR shall be made in cash, Company Stock, or partly in
cash and partly in Company Stock at the discretion of the Committee.

 

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ARTICLE VI

 

RESTRICTED STOCK

 

6.1          Award
of Restricted Stock. The Committee may make a Restricted Stock Award to a Participant subject to this Article VI and to
such other terms and conditions as the Committee may prescribe.

 

6.2          Restriction
Period. At the time of making a Restricted Stock Award, the Committee shall establish the Restriction Period applicable to
such Award. The Committee may establish different Restriction Periods from time to time and each Restricted Stock Award may have
a different Restriction Period, in the discretion of the Committee. Restriction Periods, when established for a Restricted Stock
Award, shall not be changed except as permitted by Section 6.3.

 

6.3          Other
Terms and Conditions. Company Stock, when awarded pursuant to a Restricted Stock Award, will be represented in a book entry
account in the name of the Participant who receives the Restricted Stock Award. The Participant shall be entitled to receive dividends
during the Restriction Period and shall have the right to vote such Restricted Stock and shall have all other Shareowners rights,
with the exception that (i) the Participant will not be entitled to delivery of the stock certificate during the Restriction
Period, (ii) the Company will retain custody of the Restricted Stock during the Restriction Period, (iii) a breach of
a restriction or a breach of the terms and conditions established by the Committee pursuant to the Restricted Stock Award will
cause a forfeiture of the Restricted Stock Award. The Participant may satisfy any amounts required to be withheld by the Company
under applicable federal, state and local tax laws in effect from time to time, by electing to have the Company withhold a portion
of the Restricted Stock Award to be delivered for the payment of such taxes. The Committee may, in addition, prescribe additional
restrictions, terms, or conditions upon or to the Restricted Stock Award including the attainment of Performance Goals in accordance
with Section 4.5.

 

6.4          Restricted
Stock Award Statement or Agreement. Each Restricted Stock Award shall be evidenced by an Award Statement or an agreement which
shall contain the number of shares awarded, the Fair Market Value of the Restricted Stock on the date of grant and the vesting
terms and conditions.

 

ARTICLE VII

 

AWARDS FOR NON-EMPLOYEE DIRECTORS

 

7.1          Award
to Non-Employee Directors. The Board will approve the compensation of non-employee Directors and such compensation may consist
of Awards under the Plan. The Board retains the discretionary authority to make Awards to non-employee Directors. All such Awards
shall be subject to the terms and conditions of the Plan and to such other terms and conditions consistent with the Plan as the
Board deems appropriate.

 

7.2          No
Right to Continuance as a Director. None of the actions of the Company in establishing the Plan, the actions taken by the Company,
the Board, or the Committee under the Plan, or the granting of any Award under the Plan shall be deemed (i) to create any
obligation on the part of the Board to nominate any Director for reelection by the Company's Shareholders or (ii) to be evidence
of any agreement or understanding, express or implied, that the Director has a right to continue as a Director for any period of
time or at any particular rate of compensation.

 

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ARTICLE VIII

 

UNRESTRICTED COMPANY STOCK AWARDS FOR PARTICIPANTS

 

8.1          The
Committee in its discretion may make awards of unrestricted Company Stock to Participants. Such awards shall be paid to Participants
no later than the last date that causes the payment to constitute a short-term deferral that is not subject to Section 409A (i.e.,
generally, no later than 21⁄2 months after the end of the year in which a Participant obtains a legally binding right to such
award).

 

ARTICLE IX

 

AWARD OF PERFORMANCE UNITS

 

9.1          Award
of Performance Units. The Committee may award Performance Units to any Participant. Each Performance Unit shall represent the
right of a Participant to receive an amount equal to the value of the Performance Unit, determined in the manner established by
the Committee at the time of Award.

 

9.2          Performance
Period. At the time of each Performance Unit Award, the Committee shall establish, with respect to each such Award, a Performance
Period during which performance shall be measured. There may be more than one Performance Unit Award in existence at any one time,
and Performance Periods may differ.

 

9.3          Performance
Measures. Performance Units shall be awarded to a Participant and earned contingent upon the attainment of Performance Goals
in accordance with Section 4.5.

 

9.4          Performance
Unit Value. Each Performance Unit shall have a maximum dollar value established by the Committee at the time of the Award.
Performance Units earned will be determined by the Committee in respect of a Performance Period in relation to the degree of attainment
of Performance Goals. The measure of a Performance Unit may, in the discretion of the Committee, be equal to the Fair Market Value
of one share of Company Stock.

 

9.5          Award
Criteria. In determining the number of Performance Units to be granted to any Participant, the Committee shall take into account
the Participant’s responsibility level, performance, potential, cash compensation level, other incentive awards, and such
other considerations as it deems appropriate.

 

9.6          Payment.

 

(a)          Following
the end of Performance Period, a Participant holding Performance Units will be entitled to receive payment of an amount, not exceeding
the maximum value of the Performance Units, based on the achievement of the Performance Goals for such Performance Period, as determined
by the Committee.

 

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(b)          Payment
of Performance Units shall be made in cash except that Performance Units which are measured using Company Stock shall be paid in
Company Stock. Payment may be made in a lump sum or in installments and shall be subject to such other terms and conditions as
shall be determined by the Committee. Participants shall be paid their Performance

 

Units no later than the last date that causes
the payment to constitute a short-term deferral that is not subject to Section 409 (i.e., generally, no later than 21⁄2 months
after the end of the year in which a Participant obtains a legally binding right to the Performance Units).

 

9.7          Performance
Unit Award Statements or Agreements. Each Performance Unit Award shall be evidenced by an Award Statement or agreement.

 

ARTICLE X

 

VESTING AND PAYOUT OF AWARDS

 

The Committee shall have discretion to determine
vesting provisions for SARs, Restricted Stock, or Performance Units on a individual Participant basis. However, if the Participant’s
employment or relationship (Non-Employee Director) with the Company is terminated for Cause or the Participant voluntarily terminates
employment prior to that Participant’s Retirement, such vesting provisions shall provide that the rights expire without payment.
If a Non-Employee Director leaves the Board, for reasons other than Cause, prior to their vesting provision, the Participant’s
rights to an Award granted hereunder shall be immediately vested and paid to the Participant. Further, except for Changes of Control
under Article XI below, if a Participant’s right to a payment under this Plan vests, the Participant shall receive his or
her benefit under the Plan no later than the last date that causes the payment to constitute a short-term deferral that is not
subject to Section 409A (i.e., generally, no later than 21⁄2 months after the end of the year in which an Executive obtains
a legally binding right to such award).

 

ARTICLE XI

 

CHANGE IN CONTROL OF THE COMPANY

 

Upon the Company’s Change of Control,
as defined in the Treasury Regulation Section 1.409A-3(i)(5) (“Change of Control”) a Participant’s rights to
an Award granted hereunder shall be immediately vested and paid to the Participant.

 

ARTICLE XII

 

MISCELLANEOUS PROVISIONS

 

12.1        Limits
as to Transferability.

 

(a)          Unless
otherwise provided by the Committee, no SAR, share of Restricted Stock, or Performance Unit under the Plan shall be transferable
by the Participant other than by will or the laws of descent and distribution.

 

(b)          Any
transfer contrary to this Section 12.1 will cause the SAR, Performance Unit, or share of Restricted Stock to immediately expire.

 

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12.2        Adjustments
Upon Changes in Stock. In case of any reorganization, recapitalization, reclassification, stock split, stock dividend, distribution,
combination of shares, merger, consolidation, rights offering, or any other changes in the corporate structure or shares of the
Company, appropriate adjustments may be made by the Committee (or if the Company is not the surviving corporation in any such transaction,
the board of directors of the surviving corporation) in Deferred Accounts and in the aggregate number and kind of shares subject
to the Plan, and the number and kind of shares and the price per share which may be issued under outstanding Restricted Stock Awards
or pursuant to unrestricted Company Stock Awards. Appropriate adjustments may also be made by the Committee in the terms of any
Awards under the Plan, subject to Article XI, to reflect such changes and to modify any other terms of outstanding Awards
on an equitable basis, including modifications of Performance Goals and changes in the length of Performance Periods. Any such
adjustments made by the Committee pursuant to this Section 12.2 shall be conclusive and binding for all purposes under the
Plan.

 

12.3        Amendment,
Suspension, and Termination of Plan.

 

(a)          The
Board may suspend or terminate the Plan or any portion thereof at any time, and may amend the Plan from time to time in such respects
as the Board may deem advisable in order that any Awards thereunder shall conform to any change in applicable laws or regulations
or in any other respect the Board may deem to be in the best interests of the Company; provided, however, that no such amendment
shall, without Shareowner approval, (i) except as provided in Section 12.2, increase the number of shares of Company
Stock which may be issued under the Plan, (ii) expand the types of awards available to Participants under the Plan, (ii) materially
expand the class of Participants eligible to participate in the Plan, or (iii) extend the termination date of the Plan. No
such amendment, suspension, or termination shall materially adversely alter or impair any outstanding SARs, shares of Restricted
Stock, or Performance Units without the consent of the Participant affected thereby.

 

(b)          The
Committee may amend or modify any outstanding SARs, Restricted Stock Awards, or Performance Unit Awards in any manner to the extent
that the Committee would have had the authority under the Plan initially to award such SARs, Restricted Stock Awards, or Performance
Unit Awards as so modified or amended, including without limitation, to change the date or dates as of which such SARs may be exercised,
to remove the restrictions on shares of Restricted Stock, or to modify the manner in which Performance Units are determined and
paid.

 

12.4        Nonuniform
Determinations. The Committee’s determinations under the Plan, including without limitation, (i) the determination
of the Participants to receive Awards, (ii) the form, amount, and timing of such Awards, (iii) the terms and provisions
of such Awards and (iv) the Award Statements evidencing the same, need not be uniform and may be made by it selectively among
Participants who receive, or who are eligible to receive, Awards under the Plan, whether or not such Participants are similarly
situated.

 

12.5        General
Restriction. Each Award under the Plan shall be subject to the condition that, if at any time the Committee shall determine
that (i) the listing, registration, or qualification of the shares of Company Stock subject or related thereto upon any securities
exchange or under any state or federal law (ii) the consent or approval of any government or regulatory body, or (iii) an
agreement by the Participant with respect thereto, is necessary or desirable, then such Award shall not become exercisable in whole
or in part unless such listing, registration, qualification, consent, approval, or agreement shall have been effected or obtained
free of any conditions not acceptable to the Committee.

 

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12.6        No
Right To Employment. None of the actions of the Company in establishing the Plan, the action taken by the Company, the Board,
or the Committee under the Plan, or the granting of any Award under the Plan shall be deemed (i) to create any obligation
on the part of the Company to retain any person in the employ of the Company, or (ii) to be evidence of any agreement or understanding,
express or implied, that the person has a right to continue as an employee for any period of time or at any particular rate of
compensation.

 

12.7        Governing
Law. The provisions of the Plan shall take precedence over any conflicting provision contained in an Award Statement. All matters
relating to the Plan or to Awards granted hereunder shall be governed by and construed in accordance with the laws of the State
of Wisconsin without regard to the principles of conflict of laws.

 

12.8        Trust
Arrangement. All benefits under the Plan represent an unsecured promise to pay by the Company. The Plan shall be unfunded and
the benefits hereunder shall be paid only from the general assets of the Company resulting in the Participants having no greater
rights than the Company's general creditors; provided, however, nothing herein shall prevent or prohibit the Company from establishing
a trust or other arrangement for the purpose of providing for the payment of the benefits payable under the Plan.

 

12.9        Indemnification
of Board and Committee. Indemnification shall be in accordance with the Code of Regulations as amended by the Shareholders
from time to time.

 

12.10      Global
409A Limitation. Notwithstanding anything herein to the contrary, except for Changes in Control under Article XI, no Award
shall be granted under the Plan that would be subject to Section 409A, and the Plan and all Awards granted hereunder shall be administered
and interpreted consistent with that intent.

 

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

 

Adopted by the Board of Directors on January
18, 2011, with additional changes adopted on August 23, 2016

 

    	 	Page 10Exhibit 10.2

 

BANK FIRST NATIONAL

 

 “AMENDED AND RESTATED

 

NONQUALIFIED DEFERRED COMPENSATION PLAN”

 

MASTER PLAN DOCUMENT

 

    			 

     

    

  

TABLE OF CONTENTS 

 

	 	ARTICLE 1

                                   Definitions 
	1
	“Account(s)”	1
	“Adopting Employer(s)”	2
	“Adoption Agreement”	2
	“Base Salary”	2
	“Beneficiary or Beneficiaries”	2
	“Bonus”	2
	“Cause”	2
	“Change in Control”	2
	“Claimant”	3
	“Code”	3
	“Compensation”	3
	“Deemed Investment Election”	3
	“Deemed Investment Options”	3
	“Deferral Account”	3
	“Deferral Amount”	3
	“Deferral Election”	4
	“Disability or Disabled”	4
	“Earnings”	4
	“Effective Date”	4
	“Election Form”	4
	“Eligibility Date”	4
	“Eligible Individual”	4
	“Employee”	4
	“Employer”	4
	“Employer Discretionary Contribution”	4
	“Employer Discretionary Contribution Account”	5
	“Employer Matching Contribution”	5
	“Employer Matching Contribution Account”	5
	“ERISA”	5
	“Event Based Accounts”	5
	“Independent Contractor”	5
	“Independent Contractor Compensation”	5
	“Participant”	5
	“Participation Agreement”	5
	“Performance-Based Compensation”	5
	“Performance Period”	5
	“Permissible Payment Events”	5
	“Plan”	6
	“Plan Administrator”	6
	“Plan Sponsor”	6
	“Sales Commission”	6
	“Scheduled Withdrawal Account”	6
	“Section 409A”	6
	“Separation from Service”	6
	“Specified Employee”	7
	“Specified Time”	7
	“Taxable Year”	7
	“Trust”	7
	“Trustee”	7
	“Unforeseeable Emergency”	7
	“Valuation Date”	8

 

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        ARTICLE 2 

        Eligibility and Participation
	8
	2.1	Selection 	8
	2.2	Enrollment Requirements 	8
	2.3	Reemployment 	8
	2.4	Termination of Active Participation 	8
	 	
        ARTICLE 3 

        Deferral Elections and Employer Contributions
	8
	3.1	Minimum and Maximum Deferral Limits 	8
	3.2	Initial Deferral Elections 	9
	3.3	Annual Deferral Elections 	9
	3.4	Duration and Cancellation of Deferral Elections 	10
	3.5	Elections as to Time and Form of Payment 	11
	3.6	Subsequent Deferral Elections 	12
	3.7	Withholding and Crediting of Deferral Amounts 	13
	3.8	Employer Discretionary Contributions 	13
	3.9	Employer Matching Contributions 	13
	 	
        ARTICLE 4

        Earnings on Account(s)
	14
	4.1	Deemed Investment Options 	14
	4.2	Allocation of Deemed Investment Options 	14
	4.3	Valuation of Accounts 	15
	 	ARTICLE
                                    5

                                    Vesting
                                    of Accounts
	15
	5.1	Participant Account(s)	15
	5.2	Employer Account(s) 	15
	5.3	Accelerated Vesting on Specified Events	15
	5.4	Forfeiture 	15
	 	
        ARTICLE 6

        Taxes and Withholdings
	16
	6.1	Federal Insurance Contribution Act (FICA) 	16
	6.2	Federal Unemployment Tax Act (FUTA) 	16
	6.3	Self-Employment Contributions Act (SECA) 	16
	6.4	Income Tax Withholding 	16
	 	
        ARTICLE 7

        Payment of Benefits
	16
	7.1	Payments in General 	16
	7.2	Permissible Payment Events 	17
	7.3	Accelerations 	18
	7.4	Unsecured General Creditor Status of Participant 	18
	7.5	Facility of Payment 	19
	7.6	Discharge of Obligations 	19
	7.7	Excise Tax Limitation 	19
	7.8	Delay in Payment 	19
	 	
        ARTICLE 8 

        Beneficiary Designation
	21
	8.1	Designation of Beneficiaries 	21
	8.2	Information to be Furnished by Participants and Beneficiaries; Inability to Locate Participants or Beneficiaries	21
	 	
        ARTICLE 9 

        Plan Amendment
	21
	9.1	Right to Amend 	21
	9.2	Amendment to Insure Proper Characterization of the Plan 	21
	 	ARTICLE 10

                                                        Plan Termination 
	22
	10.1	Employer’s Right to Suspend or Terminate Plan 	22
	10.2	Suspension of Deferrals and Employer Contributions 	22
	10.3	Plan Termination 	22
	 	ARTICLE 11

                                                        Administration 
	23
	11.1	Plan Administrator Duties 	23
	11.2	Plan Administrator Authority 	23
	11.3	Binding Effect of Decision 	24
	11.4	Compensation, Expenses, and Indemnity 	24

 

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	11.5	Employer Information 	24
	11.6	Periodic Statements 	24
	11.7	Compliance with Section 409A 	24
	 	
        ARTICLE 12 

        Claims Procedures
	24
	12.1	Claims Procedure 	24
	12.2	Arbitration of Claims 	26
	 	
        ARTICLE 13

        The Trust
	26
	13.1	Establishment of Trust 	26
	13.2	Interrelationship of the Plan and the Trust 	27
	13.3	Contribution to the Trust 	27
	 	
        ARTICLE 14 

        Miscellaneous
	27
	14.1	Validity 	27
	14.2	Nonassignability 	27
	14.3	Not a Contract of Employment 	27
	14.4	Unclaimed Benefits 	27
	14.5	Governing Law 	28
	14.6	Notice 	28
	14.7	Coordination with Other Benefits 	28
	14.8	Aggregation of Employers 	28
	14.9	Aggregation of Plan 	28
	14.10	USERRA 	28

 

    iii

     

    

  

“AMENDED AND RESTATED

 

NONQUALIFIED DEFERRED COMPENSATION PLAN”

 

MASTER PLAN DOCUMENT

 

By execution of the
Adoption Agreement attached hereto, Bank First National (formerly known as First National Bank in Manitowoc) (the “Plan Sponsor”),
and such affiliates as may be identified as Adopting Employers under the Plan, hereby establishes this Amended and Restated Nonqualified
Deferred Compensation Plan (the “Plan”) as of the date designated in the Adoption Agreement. This Agreement hereby amends
and restates all prior agreements between the Plan Sponsor and the Participant(s) and also serves as a new Plan Agreement for newly
eligible Participants.

 

INTRODUCTION

 

WHEREAS the
Plan Sponsor and the Participant may have entered into “Prior Agreements”, which provided certain benefits to the Participant
upon his retirement, to encourage the Participant to remain in the employ of the Plan Sponsor; and

 

WHEREAS this
Plan is hereby established primarily for the purpose of providing deferred compensation benefits for certain Employees or Independent
Contractors, hereinafter referred to as the “Participants”, that the Employer designates pursuant to the terms set forth
herein. The Plan Sponsor intends that the Plan shall at all times be administered and interpreted in such a manner as to constitute
an unfunded nonqualified deferred compensation plan for tax purposes and for purposes of Title I of ERISA and may be: (i) a plan
maintained “primarily for the purposes of providing deferred compensation for a select group of management or highly compensated
employees” within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”); and/or (ii) a plan for Independent Contractors; and

 

WHEREAS it is
the intention of the Plan Sponsor that each and every provision of this Plan has been and will continue to be construed and interpreted
for all purposes as being in compliance with all of the requirements set forth in Section 409A of the Code (“Section 409A”)
and the Treasury regulations issued thereunder; if there is any conflict between any of the provisions of this Plan and any of
the requirements set forth in Section 409A and/or the Treasury regulations issued thereunder, the requirements set forth in Section
409A and/or the Treasury regulations issued thereunder, as the case may be, shall be controlling.

 

ARTICLE 1

Definitions

 

The following Article
provides definitions of terms used throughout this Plan, and whenever used herein in a capitalized form, except as otherwise expressly
provided, the terms shall be deemed to have the following meanings:

 

“Account(s)”
shall mean the bookkeeping records established and maintained by the Employer on behalf of the Participants under the Plan,
including a Deferral Account, Scheduled Withdrawal Accounts, Employer Matching Contribution Account, and Employer Discretionary
Contribution Account. To the extent that it is considered necessary or appropriate, the Plan Administrator shall maintain separate
sub-accounts under this Plan. References to a Scheduled Withdrawal Account will include all sub-accounts established by the Participant.
The Account and each and every sub-account shall be used solely as a device to measure and determine the amounts, if any, to be
paid to a Participant or a Beneficiary under the Plan.

 

    	Page 1 of 28

     

    

  

“Adopting Employee(s)”
shall mean any trade or business, whether or not incorporated, (now in existence or hereafter formed or acquired) which adopts
this Plan with the consent of the Plan Sponsor, and with whom the Plan Sponsor would be considered a single employer under Sections
414(b) and 414(c) of the Code. Such term shall be interpreted in a manner consistent with the definition of “service recipient”
contained in Section 409A.

 

“Adoption Agreement”
shall mean the written agreement executed by the Plan Sponsor to establish the Plan. The Adoption Agreement is also part of
the Plan for any Adopting Employer.

 

“Base Salary”
shall mean the annual base rate of cash compensation relating to services performed during any calendar year payable to a Participant
as an Employee for services rendered to an Employer, but excluding any: bonuses; commissions; overtime pay; incentive payments;
non-monetary awards; relocation expenses; retainers; directors fees and other fees; severance allowances; pay in lieu of vacations;
employer-provided pensions, retirement, deferred compensation, welfare, or fringe benefits; insurance premiums paid by the employer,
insurance benefits paid to the Participant or his or her Beneficiary; stock options and grants; car allowances; and expense reimbursements.
Base Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant pursuant
to all qualified or nonqualified plans of the Employer and shall be calculated to include amounts not otherwise included in the
Participant’s gross income under Sections 125, 402(e)(3), 402(h), or 403(b) of the Code pursuant to plans established by the Employer;
provided, however, that all such amounts will be included in Compensation only to the extent that, had there been no such Plan,
the amounts would have been payable in cash to the Participant.

 

“Beneficiary
or Beneficiaries” shall mean the person or persons, natural or otherwise, designated by a Participant in accordance with
the Plan to receive applicable payments in the event of the death of the Participant prior to the Participant’s receipt of the
entire amount credited to his or her Account.

 

“Bonus”
shall mean any incentive compensation, in addition to Base Salary, Sales Commission, or Independent Contractor Compensation
relating to services performed during any Performance Period, whether or not paid in such Performance Period or included on the
Federal Income Tax Form W-2 for such Taxable Year, payable to a Participant as an Employee under the Employer’s bonus plans, excluding
stock options. The amount of a Participant’s Bonus shall be determined before any required or voluntary withholdings or deductions
and before any of the Bonus is deferred under this Plan.

 

“Cause”
shall mean any of the following acts or circumstances: (i) willful destruction by the Participant of property of the Employer
having a material value to the Employer; (ii) fraud, embezzlement, theft, or comparable dishonest activity committed by
the Participant (excluding acts involving a de minimis dollar value and not related to the Employer); (iii) the Participant’s
conviction of or entering a plea of guilty or nolo contendere to any crime constituting a felony or any misdemeanor involving
fraud, dishonesty, or moral turpitude (excluding acts involving a de minimis dollar value and not related to the Employer);
(iv) the Participant’s breach, neglect, refusal, or failure to materially discharge the Participant’s duties (other than due to
physical or mental illness) commensurate with the Participant’s title and function or the Participant’s failure to comply with
the lawful directions of a senior managing officer of the Employer in any such case that is not cured within fifteen (15) days
after the Participant has received written notice thereof from such senior managing officer; or (v) any willful misconduct by the
Participant which may cause substantial economic or reputation injury to the Employer, including, but not limited to, sexual harassment.

 

“Change in
Control” shall mean the occurrence of a Change in Control event, within the meaning of Treasury regulation §1.409A-3(i)(5)
and described in any of subparagraphs (a), (b), or (c), (collectively referred to as “Change in Control Events”), or
any combination of the Change in Control Events. The Plan Sponsor in its Adoption Agreement will elect whether a Change in Control
includes any or all the events described below. To constitute a Change in Control Event with respect to the Participant or Beneficiary,
the Change in Control Event must relate to: (i) the corporation for whom the Participant is performing services at the time of
the Change in Control Event; (ii) the corporation that is liable for the payment of the deferred compensation (or all corporations
liable for the payment if more than one corporation is liable); or (iii) a corporation that is a majority shareholder of a corporation
identified in clause (i) or (ii), or any corporation in a chain of corporations in which each corporation is a majority shareholder
of another corporation in the chain, ending in a corporation identified in clause (i) or (ii).

 

    	Page 2 of 28

     

    

  

(a)          Change
in Ownership. A change in ownership occurs if a person, or a group of persons acting together, acquires more than fifty
percent (50%) of the stock of the corporation, measured by voting power or value. Incremental increases in ownership by a person
or group that already owns fifty percent (50%) of the corporation do not result in a change of ownership, as defined in Treasury
regulation §1.409A-3(i)(5)(v).

 

(b)          Change
in Effective Control. A change in effective control occurs if, over a twelve (12) month period: (i) a person or group acquires
stock representing thirty percent (30%) of the voting power of the corporation; or (ii) a majority of the members of the board
of directors of the corporation is replaced by directors not endorsed by the majority of the persons who were members of the board
of directors before the new directors’ appointment, as defined in Treasury regulation §1.409A-3(i)(5)(vi).

 

(c)          Change
in Ownership of a Substantial Portion of Corporate Assets. A Change in Control based on the sale of assets occurs if a
person or group acquires forty percent (40%) or more of the gross fair market value of the assets of a corporation over a twelve
(12) month period. No Change in Control results pursuant to this subparagraph (c) if the assets are transferred to certain entities
controlled by the shareholders of the transferring corporation, as defined in Treasury regulation § 1.409A-3(i)(5)(vii).

 

“Claimant”
shall mean a person who believes that he or she is being denied a benefit to which he or she is entitled hereunder.

 

“Code”
shall mean the Internal Revenue Code of 1986, and the regulations thereunder, as amended from time to time.

 

“Compensation”
shall mean the total cash remuneration, including regular Base Salary, Sales Commission, Bonus, or Independent Contractor Compensation
(to the extent provided in the Adoption Agreement) paid by the Employer to an Eligible Individual with respect to his or her services
performed for the Employer.

 

“Deemed Investment
Election” shall mean the elections made by a Participant specifying the manner in which the Participant Account(s) will
be hypothetically invested in the Deemed Investment Options in accordance with the terms of the Plan.

 

“Deemed Investment
Options” shall mean the hypothetical investment options offered by the Plan Sponsor, from time to time, that are used
to determine the Earnings on the Participant Account.

 

“Deferral Account”
shall mean: (i) the sum of the Participant’s Deferral Amount that may be allocated, in whole or in part, by a Participant pursuant
to his or her Deferral Election, plus (ii) Earnings thereon, less (iii) all distributions made to the Participant or his or her
Beneficiary, and tax withholding amounts deducted from the Participant’s Deferral Account.

 

“Deferral Amount”
shall mean that portion of a Participant’s Compensation or Independent Contractor Compensation that a Participant elects to
defer for any calendar year or Performance Period.

 

    	Page 3 of 28

     

    

  

“Deferral Election”
shall mean the Participant’s election on a form approved by the Plan Administrator (in a paper or electronic format) to defer
a portion of his or her Compensation in accordance with the provisions of Article 3.

 

“Disability
or Disabled” shall mean a condition of the Participant whereby he or she either: (i) is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death
or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically
determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous
period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months
under an accident and health plan covering employees of the Employer. Such term shall be interpreted in a manner consistent with
the definition of “disability” contained in Treasury regulation §1.409A-3(i)(4). The Plan Administrator 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 also be deemed to have incurred a Disability
if determined to be totally disabled by the Social Security Administration, Railroad Retirement Board, or in accordance with a
disability insurance program, provided that the definition of disability applied under such disability insurance program complies
with the requirements of Treasury regulation §1.409A-3(i)(4).

 

“Earnings”
shall mean the actual or notional gains or losses (realized or unrealized) credited or debited to a Participant’s Account in
accordance with Article 4 hereof.

 

“Effective
Date” shall mean be the date the Plan is effective as set forth in the Adoption Agreement.

 

“Election Form”
shall mean the form or forms established from time to time by the Plan Administrator (in a paper or electronic format) on which
the Participant makes certain designations as required under the terms of this Plan.

 

“Eligibility
Date” shall mean the date designated by the Plan Administrator at which an Eligible Individual shall become eligible to
participate in the Plan.

 

“Eligible Individual”
shall mean for any calendar year (or applicable portion of a calendar year): (i) an Employee of the Employer who is determined
by the Plan Administrator to be a member of a select group of management or highly compensated employees of the Employer and who
is designated by the Plan Administrator to be an eligible Employee under the Plan or (ii) an Independent Contractor who is determined
and designated by the Plan Administrator, to be an eligible Independent Contractor under the Plan. If the Plan Administrator determines
that an individual first becomes an Eligible Individual during a calendar year, the Plan Administrator shall notify such individual
of its determination and the date such Eligible Individual shall become eligible to participate in the Plan.

 

“Employee”
shall mean a person or entity (in accordance with Treasury regulation §1.409A-1(f)(1)) which is on the cash basis method
of accounting for Federal income tax purposes and is providing services to the Employer.

 

“Employer”
shall mean the Plan Sponsor and any affiliate of the Plan Sponsor as is identified as an Adopting Employer under the Plan by
consent of the Plan Sponsor and its board of directors (or similar governing body), or any successors.

 

“Employer Discretionary
Contribution” shall mean the deferred compensation amount credited to the Employer Discretionary Contribution Account
with respect to a Participant at the Employer’s sole and absolute discretion, in accordance with Section 3.8 hereof.

 

    	Page 4 of 28

     

    

  

“Employer Discretionary
Contribution Account” shall mean: (i) the sum of the Employer Discretionary Contribution amounts (if any), plus (ii) Earnings
thereon, less (iii) all distributions made to the Participant or his or her Beneficiary that relate to the Participant’s Employer
Discretionary Contribution Account, and tax withholding amounts deducted (if any) from said Account.

 

“Employer Matching
Contribution” shall mean the deferred compensation amount credited to the Employer Matching Contribution Account with
respect to a Participant at the Employer’s sole and absolute discretion, in accordance with Section 3.9 hereof.

 

“Employer Matching
Contribution Account” shall mean: (i) the sum of the Employer Matching Contribution amounts, plus (ii) Earnings thereon,
less (iii) all distributions made to the Participant or his or her Beneficiary that relate to the Participant’s Employer Matching
Contribution Account, and tax withholding amounts deducted (if any) from said Account.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

 

“Event Based
Accounts” shall mean the Deferral Account, Employer Discretionary Contribution Account, and Employer Matching Contribution
Account.

 

“Independent
Contractor” shall mean an individual in the service of the Employer if the relationship between the individual and the
Employer is not the legal relationship of Employer and Employee. The term “service” shall mean the period during which
the contractual relationship exists between the Employer and the Participant. An Independent Contractor shall include a director
of the Employer who is not an Employee. Such term shall be interpreted in a manner consistent with the definition of “independent
contractor” as defined in Treasury regulation §1.409A-1(f)(2).

 

“Independent
Contractor Compensation” shall mean the fees or other compensation, reportable on Internal Revenue Service (the “IRS”)
Form 1099, which an Independent Contractor elects to defer under the terms of the Plan.

 

“Participant”
shall mean each Eligible Individual who has met the requirements of participation under Article 2 and who participates in the
Plan in accordance with the terms and conditions of the Plan.

 

“Participation
Agreement” shall mean the agreement executed by the Eligible Individual whereby the Eligible Individual agrees to participate
in the Plan.

 

“Performance-Based
Compensation” shall mean that portion of a Participant’s Bonus the amount of which, or the entitlement to which, is contingent
on the satisfaction of pre-established organizational or individual performance criteria relating to a Performance Period of at
least twelve (12) consecutive months and which qualifies as “performance-based compensation” under Section 409A. Performance
criteria shall be established in writing not later than ninety (90) days after the commencement of the period of service to which
the criteria relate; provided that the outcome is substantially uncertain at the time the criteria are established. Performance-Based
Compensation shall not include any amount or portion of any amount that will be paid regardless of performance or is based upon
a level of performance that is substantially certain to be met at the time the criteria are established.

 

“Performance
Period” shall mean, with respect to any Bonus, the period of time over which such Bonus is earned.

 

“Permissible
Payment Events” shall mean: (i) the Participant’s Separation from Service, (ii) the Participant’s death, (iii) the Participant’s
Disability, (iv) a Change in Control, (v) the occurrence of an Unforeseeable Emergency, or (vi) a Specified Time elected by the
Participant for a Scheduled Withdrawal Account.

 

    	Page 5 of 28

     

    

  

“Plan”
shall mean this Nonqualified Deferred Compensation Plan established by and including the Master Plan Document, the Adoption Agreement,
the Participation Agreement, all Election Form(s), and the Trust, (if any). For purposes of applying Section 409A requirements,
this Plan is an account balance plan under Treasury regulation §1.409A-l(c)(2)(i)(A).

 

“Plan Administrator”
shall mean the board of directors, or any committee of the board duly authorized to act as Plan Administrator of the Plan,
or any individual or entity duly authorized by the Plan Administrator to act on its behalf with respect to the Plan. If a Participant
is part of a group of persons designated as a committee or Plan Administrator, then the Participant may not participate in any
activity or decision relating solely to his or her individual benefits under this Plan.

 

“Plan Sponsor”
shall mean the entity specified in the Adoption Agreement, its successors or assigns unless otherwise herein provided.

 

“Sales Commission”
shall mean compensation or portions of compensation earned by the Participant if: (i) a substantial portion of the services
provided by the Participant to the Employer consists of the direct sale of a product or service to an unrelated customer; (ii)
the compensation paid by the Employer to the Participant consists of either a portion of the purchase price for the product or
service or an amount calculated solely by reference to the volume of sales; and (iii) payment of the compensation is contingent
upon the Employer receiving payment for the product or services from a customer who is unrelated to the Employer or to the Participant.
Such term shall be interpreted in a manner consistent with the definition of “sales commission” as defined in Treasury
regulation §1.409A-2(a)(12)(i).

 

“Scheduled
Withdrawal Account” shall mean: (i) the sum of the Participant’s Compensation deferred for any calendar year that may
be allocated, in whole or in part, by a Participant pursuant to his or her Deferral Election to a Scheduled Withdrawal Account,
plus (ii) Earnings thereon, less (iii) all distributions made to the Participant or his or her Beneficiary, and tax withholding
amounts which may have been deducted (if any) from the Participant’s Scheduled Withdrawal Account.

 

“Section 409A”
shall mean Code Section 409A and the Treasury regulations or other authoritative guidance issued thereunder.

 

“Separation
from Service”

 

(a)          Employee
Participants. The occurrence of a Participant’s death, retirement, or “other termination of employment”, as
defined in Treasury regulation §1.409A-l(h)(l).

 

(i)          Effect
of Leave. A Participant does not incur a Separation from Service if the Participant is on military leave, sick leave, or
other bona fide leave of absence if the period of such leave does not exceed six (6) months or, if longer, the period for which
a statute or contract provides the Participant with the right to reemployment with the Employer. If a Participant’s leave exceeds
six (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 such six (6) month period.

 

(ii)         Termination
of Employment. A Participant will have incurred a Separation from Service where the Employer and the Participant reasonably
anticipated that no further services would be performed after a certain date. Notwithstanding the above, a Participant is presumed
to have Separated from Service (whether as an Employee or an Independent Contractor), when the level of bona fide services performed
decreases to a level equal to or less than twenty percent (20%) of the services performed by the Participant during the immediately
preceding thirty-six (36) month period (or the full period of services to the employer if the Participant has been providing services
to the Employer for less than thirty-six (36) months). The Plan Sponsor may specify in the Adoption Agreement a percentage between
twenty percent (20%) and fifty percent (50%) upon which a Participant will be deemed to incur a Separation from Service with the
Employer. A Participant will be presumed not to have Separated from Service where the level of bona fide services performed continues
at a level that is fifty percent (50%) or more of the average level of service performed by the Participant during the immediately
preceding thirty-six (36) month period (or the full period of services to the employer if the Participant has been providing services
to the Employer for less than thirty-six (36) months).

 

    	Page 6 of 28

     

    

  

(b)          Independent
Contractor Participants. A Separation from Service will occur upon the expiration of the contract (or in the case of more
than one contract, all contracts) under which services are performed for the Employer, as defined in Treasury regulation §1.409A-1(h)(2)), if the expiration constitutes a good-faith and complete termination of the contractual relationship. The Plan
is considered to satisfy the requirement with respect to an amount payable to an Independent Contractor upon a Separation from
Service if: (i) no amount will be paid to the Participant before a date at least twelve (12) months after the day on which the
contract expires under which the Participant performs services for the Employer (or, in the case of more than one contract, all
such contracts expire); and (ii) no amount payable to the Participant on that date will be paid to the Participant if, after the
expiration of the contract (or contracts) and before that date, the Participant performs services for the Employer as an Independent
Contractor or an Employee.

 

Upon a sale or other disposition of the
assets of the Employer to an unrelated purchaser, the Plan Administrator reserves the right to the extent permitted by Treasury
regulation §1.409A-1(h)(4) to determine whether Participants providing services to the purchaser after and in connection with
the purchase transaction have experienced a Separation from Service. The Plan Administrator in determining whether a Participant
incurs a Separation of Service shall take into account, among other things, the definition of “service recipient” and
 “employer” set forth in Treasury regulation §1.409A-l(h)(3). The Plan Administrator shall have full and final authority,
to determine conclusively whether a Participant has had a Separation from Service, and the date of such Separation from Service.

 

“Specified
Employee” shall mean, with respect to a corporation any stock of which is publicly traded on an established securities
market or otherwise, a Participant who, at any time during the twelve (12) month period ending on the December 31 of a calendar
year, is a key employee of the Employer, as currently defined in Code section 416(i) (without regard to paragraph (5) thereof).

 

“Specified
Time” shall mean, with respect to a Scheduled Withdrawal Account, the date on which the Scheduled Withdrawal Account shall
be paid or commence to be paid to the Participant pursuant to Section 7.2(f) hereof.

 

“Taxable
Year” shall mean the twelve (12) consecutive month period ending each December 31.

 

“Trust”
shall mean one or more trusts that may be established in accordance with the terms of this Plan.

 

“Trustee”
shall mean the party or parties so designated from time to time pursuant to the terms of the Trust agreement, if any.

 

“Unforeseeable
Emergency” shall mean: (i) a severe financial hardship to the Participant resulting from an illness or accident of the
Participant, the Participant’s spouse, the Participant’s Beneficiary, or the Participant’s dependents (as defined in Code §152
(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 control of the Participant.
The Plan Administrator will determine whether a Participant incurs an Unforeseeable Emergency based on the relevant facts and circumstances
and in accordance with Treasury regulation §I.409A-3(i)(3).

 

    	Page 7 of 28

     

    

  

“Valuation
Date” shall mean the date through which Earnings are credited/debited to a Participant Account. The Valuation Date shall
be as close to the payout or other event triggering valuation as is administratively feasible. The Valuation Date shall mean the
close of each business day, as established and amended from time to time by guidelines and procedures of the Plan Administrator
at its sole and absolute discretion.

 

ARTICLE 2

Eligibility and Participation

 

2.1           Selection.
Participation in this Plan shall be limited to those Eligible Individuals of the Plan Sponsor or Adopting Employer, as determined
by the Plan Administrator in its sole and absolute discretion. Eligible Individuals shall become eligible to participate in the
Plan on their Eligibility Date as specified in their Participation Agreement.

 

2.2           Enrollment
Requirements. As a condition of participation in this Plan, each Eligible Individual shall complete, execute, and return
to the Plan Administrator a Participation Agreement and any applicable Election Form(s) within the time specified by the Plan Administrator
in accordance with the terms and conditions of the Plan. In addition, the Plan Administrator shall establish such other enrollment
requirements as it determines necessary or advisable.

 

2.3           Reemployment.
The reemployment of a former Participant by the Employer shall not entitle such individual to become a Participant hereunder. Such
individual shall not become a Participant until the individual is again designated as an Eligible Individual in accordance with
Section 2.1. If a Participant who has experienced a Separation from Service is receiving installment distributions pursuant to
Section 7.2(a) and is re-employed by the Employer, distributions due to the Participant shall not be suspended.

 

2.4           Termination
of Active Participation. The Plan Administrator may remove an Eligible Individual from further active participation in
the Plan at its discretion. If this occurs, the Participant shall not have additional amounts credited to the Employer Matching
Contribution Account and Employer Discretionary Contribution Account and shall be prevented from making Deferral Elections in subsequent
Taxable Years. Any existing Deferral Election shall continue in effect for the remainder of the calendar year or Performance Period
and may only be canceled in accordance with Section 3.4(b) hereof. Such individual shall continue to be subject to all the terms
and conditions of the Plan until the amounts credited to the Participant’s Accounts are distributed or forfeited.

 

ARTICLE 3

Deferral Elections and Employer Contributions

 

3.1           Minimum
and Maximum Deferral Limits. For each calendar year, a Participant may make separate elections with regard to Deferral
Amounts from Base Salary, Bonus, Sales Commission, or Independent Contractor Compensation and shall specify the percentage or flat
dollar amount of each applicable type of Compensation subject to the minimums or maximums (if any) established by the Plan Administrator
and communicated to the Participant. The Plan Administrator may at any time establish an aggregate limit on the amount of Compensation
that any Participant may elect to defer under the Plan, provided that such limit shall not reduce a Participant’s Deferral Amount
for the calendar year (or Performance Period) under any Deferral Election Form in effect at the time the limit is established.
Once such a limit is in effect, the Deferral Amount specified by each of the Participant’s shall be limited so that the aggregate
of the Participant’s Deferral Amount does not exceed the maximum.

 

    	Page 8 of 28

     

    

  

 

3.2            Initial
Deferral Elections.

 

(a)          Application.
This Section 3.2 applies to each Eligible Individual who first becomes eligible to participate in the Plan. The Plan Administrator
shall determine (in accordance with Treasury regulation §1.409A-2(a)(7)(ii)) the date upon which a Participant who ceased
being eligible to participant in the Plan, can again become eligible to participate in the Plan.

 

(b)          Deferral
Election. An Eligible Individual described in Section 3.2(a) may elect to defer Base Salary, Sales Commission, or Independent
Contractor Compensation earned during such calendar year or his or her Bonus earned during a Performance Period that commences
in such calendar year by filing a Deferral Election with the Plan Administrator in accordance with the following rules:

 

(i)          Timing;
Irrevocability. The Deferral Election must be filed with the Plan Administrator by, and shall become irrevocable as of,
the thirtieth (30th) day following the Participant’s Eligibility Date (or such earlier date as specified by the Plan
Administrator on the Deferral Election).

 

(ii)         Base
Salary. The Deferral Election shall only apply to Base Salary earned during such calendar year beginning with the first
payroll period that begins immediately after the date the Deferral Election becomes irrevocable. Base Salary payable after the
last day of a calendar year solely for services performed during the final payroll period described in Section 3401(b) of the Code
containing December 31 of such year shall be treated as earned during the subsequent calendar year.

 

(iii)        Bonus.
Where a Deferral Election is made in the first year of eligibility but after the commencement of the Performance Period, then,
except as otherwise provided in Section 3.3 below, the Deferral Election shall only apply to that portion of Bonus earned for such
Performance Period equal to the total amount of the Bonus earned during such Performance Period multiplied by a fraction, the numerator
of which is the number of days beginning on the day immediately after the date that the Deferral Election becomes irrevocable and
ending on the last day of the Performance Period, and the denominator of which is the total number of days in the Performance Period.

 

(iv)        Sales
Commission. The Deferral Election shall only apply to Sales Commission earned immediately after the date the
Deferral Election becomes irrevocable and only with respect to the Taxable Year in which (i) the customer remits payment to
the Employer, or (ii) the Taxable Year in which the sale occurs, if applied consistently to all similarly situated
Participants.

 

(v)         Independent
Contractor Compensation. The Deferral Election shall only apply to Independent Contractor Compensation for services to
be performed after the Deferral Election becomes irrevocable.

 

3.3           Annual
Deferral Elections. Unless Section 3.2 applies, each Eligible Individual may elect to defer Base Salary, Sales Commission,
or Independent Contractor Compensation for a calendar year or his or her Bonus for a Performance Period, by filing a Deferral Election
with the Plan Administrator in accordance with the following rules:

 

(a)          Base
Salary, Sales Commission, and Independent Contractor Compensation. The Deferral Election with respect to Base Salary, Sales
Commission, or Independent Contractor compensation must be filed with the Plan Administrator by, and shall become irrevocable following,
December 31 (or such earlier date as specified by the Plan Administrator on the Deferral Election) of the calender year next preceding
the calender year for which such amounts would otherwise be earned.

 

    	Page 9 of 28

     

    

  

(b)          Bonus.
The Deferral Election with respect to Bonus must be filed with the Plan Administrator by, and shall become irrevocable following,
December 31 (or such earlier date as specified by the Plan Administrator on the Deferral Election) of the calendar year next preceding
the first day of the Performance Period for which such Bonus would otherwise be earned. If the Employer has a fiscal year other
than the calendar year, Bonus relating to services in the fiscal year of the Employer, of which no amount is paid or payable during
the fiscal year, may be deferred at the Participant’s election if the Deferral Election is made not later than the close of the
Employer’s fiscal year next preceding the first fiscal year in which the Participant performs any services for which such Bonus
is payable.

 

(c)          Bonus
Qualifying as Performance-Based Compensation.

 

(i)          Notwithstanding
anything contained in this Section 3.3 to the contrary, and only to the extent permitted by the Plan Administrator, the Deferral
Election with respect to Bonus that constitutes “Performance-Based Compensation”, must be filed with the Plan Administrator
by, and shall become irrevocable as of, the date that is six (6) months before the end of the applicable Performance Period (or
such earlier date as specified by the Plan Administrator on the Deferral Election), provided that in no event may such Deferral
Election be made after such Bonus has become “readily ascertainable” within the meaning of Section 409A.

 

(ii)         In
order to make a Deferral Election under this Section 3.3(c), the Participant must perform services continuously from the later
of the beginning of the Performance Period or the date the performance criteria are established through the date a Deferral Election
becomes irrevocable under this Section 3.3(c).

 

(iii)        A
Deferral Election made under this Section 3.3(c) shall not apply to any portion of the Performance-Based Compensation that is actually
earned by a Participant regardless of satisfaction of the performance criteria.

 

(iv)        To
the extent permitted by the Plan Administrator, an Eligible Individual described in Section 3.2(a) hereof shall be permitted to
make a Deferral Election with respect to Performance-Based Compensation in accordance with this Section 3.3(c) provided that the
Eligible Individual satisfies all of the other requirements of this Section 3.3(c).

 

3.4           Duration
and Cancellation of Deferral Elections.

 

(a)          Duration.
Once irrevocable, a Deferral Election shall only be effective for the calendar year or Performance Period with respect to which
such election was timely filed with the Plan Administrator. Except as provided in Section 3.4(b) hereof, a Deferral Election, once
irrevocable, cannot be cancelled or altered during a calendar year or Performance Period.

 

(b)          Cancellation.

 

(i)         The Plan
Administrator may cancel a Participant’s Deferral Election where such cancellation occurs by the later of: (a) the end of the Participant’s
Taxable Year, or (b) the fifteenth (15th) day of the third (3rd) month following the date the Participant
incurs a “disability”, in accordance with Treasury regulation §1.409A-3(j)(4)(xii). For purposes of this Section
3.4(b)(i), a disability refers to any medically determinable physical or mental impairment resulting in the Participant’s inability
to perform duties of his or her position or any substantially similar position where such impairment can be expected to result
in death or can be expected to last for a continuous period of not less than six (6) months, in accordance with Treasury regulation
 § 1.409A-3(i)(3).

 

    	Page 10 of 28

     

    

  

(ii)         Upon
the request of the Participant, the Plan Administrator may, cancel a Participant’s Deferral Election if the Participant: (1) demonstrates
to the Plan Administrator that he or she has incurred an Unforeseeable Emergency, (2) receives an accelerated distribution of benefits
due to an Unforeseeable Emergency pursuant to Section 7.2(e), or (3) receives a hardship distribution (as described in Treasury
regulation §1.401 (k)-l(d)(3)).

 

(iii)        If
a Participant’s Deferral Election is cancelled with respect to a particular calendar year or Performance Period in accordance with
this Section 3.4(b), he or she may complete a new Deferral Election for a subsequent calendar year or Performance Period, only
in accordance with Section 3.3 hereof.

 

3.5           Elections
as to Time and Form of Payment.

 

(a)          Time
of Payment Elections.

 

(i)          In
General. Concurrent with any election to defer Compensation under Sections 3.2 and 3.3, a Participant may make an irrevocable
election to allocate all or a portion of his or her elected Deferral Amount (plus Earnings credited thereon) to the Deferral Account
and/or, to the extent permitted by the Plan Administrator in the Adoption Agreement, one or more Scheduled Withdrawal Accounts.
To the extent that a Participant does not designate the Account to which Deferral Amounts will be allocated as provided in this
Section 3.5(a), such Deferral Amounts shall be allocated and credited to the Participant’s Deferral Account. The Plan Sponsor shall
indicate in the Adoption Agreement the maximum number of Scheduled Withdrawal Accounts that a Participant may establish and a Participant
may not establish an additional Scheduled Withdrawal Account until all of the funds in one of the first Scheduled Withdrawal Accounts
have been paid out. The Participant may elect to allocate additional deferrals to an existing Scheduled Withdrawal Account in subsequent
Participant Election Forms but may only change a scheduled distribution date for an existing Account in accordance with the provision
of Section 3.6

 

(ii)         Scheduled
Withdrawal Accounts. A Participant may designate, on any Deferral Election that he or she delivers to the Plan Administrator
in which deferrals of Base Salary, Sales Commission, Bonus, and/or Independent Contractor Compensation are credited to a Scheduled
Withdrawal Account (or sub-accounts), the year in which payments will commence to be paid from that Scheduled Withdrawal Account.
The Participant may elect to receive a scheduled distribution on January 1 of any calendar year after the second (2nd) calendar
year beginning after the date the Deferral Election becomes irrevocable. (For example: The earliest scheduled distribution date
that may be selected for Base Salary under which such Deferral Election becomes irrevocable as of December 31, 2009, would be January
1, 2012.) The scheduled distribution date designated by the Participant will apply to all amounts credited to that Scheduled Withdrawal
Account unless changed in accordance with the rules of Section 3.6. To the extent that the elected scheduled distribution date
does not comply with the terms of this Section 3.5(a)(ii) (or the Participant does not designate the time of payment on a Election
Form), then that Scheduled Withdrawal Account shall be paid at the earliest permissible date in accordance with this Section. Notwithstanding
the foregoing, should an event occur that triggers a payment under Separation from Service, death, Disability, or a Change in Control,
any Account balances subject to Scheduled Withdrawal Account(s) that have not yet been paid shall not be paid under the election
as to time and form of the Account(s), but instead shall be paid, in time and form, in accordance with the event that triggers
the distribution, as permitted under Section 409A.

 

    	Page 11 of 28

     

    

 

 

(iii)        Event
Based Accounts. A Participant’s Deferral Account (if any), Employer Discretionary Contribution Account (if any), and Employer
Matching Contribution Account (if any) shall be paid to the Participant or Beneficiary pursuant to a Permissible Payment Event,
at the time described in Section 7.2 hereof.

 

(b)          Form
of Payment Elections.

 

(i)          Scheduled
Withdrawal Account. Concurrent with any Deferral Election a Participant delivers to the Plan Administrator in which
he or she establishes a Scheduled Withdrawal Account, he or she must make an election as to the form of payment and
shall elect to receive the Scheduled Withdrawal Account in a single lump sum or in a number of approximately equal annual
installments over a specified period not exceeding five (5) years. The form of payment designated on such Election Form
will apply to all amounts credited to that Scheduled Withdrawal Account under the Plan (including with respect to all
subsequent calendar years) unless changed in accordance with the rules of Section 3.6. A Participant may choose different
forms of payment for each separate Scheduled Withdrawal Account in accordance with this Section 3.5(b)(i). To the
extent that a Participant does not designate the form of payment on a Election Form as provided in this Section 3.5(b)(i)
(or such designation does not comply with the terms of the Plan) for a Scheduled Withdrawal Account, that Scheduled
Withdrawal Account shall be paid in a single lump sum.

 

(ii)         Event
Based Accounts. The Plan Sponsor shall designate in the Adoption Agreement (and/or a separate Participant Election
Form) the form of payment options which may be elected by the Participant pursuant to Event Based Accounts.
A Participant shall elect, on the first Election Form that he or she delivers to the Plan Administrator pursuant to
his or her Eligibility Date, to receive payment of the Deferral Account, Employer Discretionary Contribution Account, and
Employer Matching Contribution Account upon the occurrence of a Separation from Service, and if permitted by the Plan
Sponsor, in the event of death, Disability, or a Change in Control. If permitted by the Plan Sponsor in the Adoption
Agreement, a Participant shall have the option to elect a separate form of payment with respect to a Separation from
Service prior to a specified age and on or after a specified age and elect a separate form for different events. The
form of payment designated on that first Election Form will apply to all amounts credited to the Event Based Accounts
under the Plan unless changed in accordance with the rules of Section 3.6. To the extent that a Participant does
not designate the form of payment on the first Election Form as provided in this Section (or such designation does
not comply with the terms of the Plan) the Event Based Accounts shall be paid in a single lump sum.

 

3.6           Subsequent
Deferral Elections. A Participant may change the time of a payment election (as described in Section 3.5(a)(ii) hereof)
or change the form of payment election (as described in Section 3.5(b) hereof) as expressly provided under this Section 3.6 and
Section 409A (hereinafter, a “Subsequent Deferral Election”). Notwithstanding the foregoing, a Subsequent Deferral Election
cannot accelerate any payment. A Subsequent Deferral Election which delays payment or changes the form of payment is permitted
only if all of the following requirements are met:

 

    	Page 12 of 28

     

    

 

(a)          The
Subsequent Deferral Election does not take effect until at least twelve (12) months after the date on which the Subsequent Deferral
Election is made and approved by the Plan Administrator;

 

(b)          If
the Subsequent Deferral Election relates to a payment based on Separation from Service, Change in Control, or at a Specified Time,
the Subsequent Deferral Election must result in payment being deferred for a period of not less than five (5) years from the date
such payment would otherwise have been paid (or in the case of installment payments treated as a single payment, five (5) years
from the date the first amount was scheduled to be paid);

 

(c)          If
the Subsequent Deferral Election relates to a payment at a Specified Time, the Participant must make the Subsequent Deferral Election
not less than twelve (12) months before the date such payment was scheduled to be paid (or in the case of installment payments
treated as a single payment, twelve (12) months before the date the first amount was scheduled to be paid).

 

For purposes of applying
this Section 3.6, the Plan Sponsor in the Adoption Agreement will elect to treat previously elected installment payments as a “single
payment” or a “series of separate payments”. Any election made pursuant to this Section shall be made on such Election
Forms or electronic media as is required by the Plan Administrator, in accordance with the rules established by the Plan Administrator
and shall comply with all requirements of Section 409A.

 

3.7       Withholding
and Crediting of Deferral Amounts. For each calendar year, the Base Salary portion of the Deferral Amount shall be withheld
from each regularly scheduled payroll in approximately equal amounts, (or as otherwise specified by the Plan Administrator), as
adjusted from time to time for increases and decreases in Base Salary (if the Deferral Amount with respect to Base Salary is expressed
as a percentage). The Bonus, Sales Commission, or Independent Contractor Compensation portion of the Deferral Amount shall be withheld
as soon as administratively feasible following the time the Bonus, Sales Commission, or Independent Contractor Compensation otherwise
would be paid to the Participant, whether or not this occurs during the Plan Year or Performance Period as the case may be. Deferral
Amounts shall be credited to a Participant’s Deferral Account and/or to the extent permitted one or more Scheduled Withdrawal Accounts
as soon as administratively feasible following the time such amounts would otherwise have been paid to a Participant.

 

3.8       Employer
Discretionary Contributions. The Plan Sponsor will specify in the Adoption Agreement whether the Employer will or may make
Employer Discretionary Contributions under the Plan. The Plan Administrator shall direct that any such Employer Discretionary Contributions
be allocated to those Participants that it may select in its sole and absolute discretion. The amount so credited on behalf of
a Participant may be smaller or larger than the amount credited to any other Participant, and the amount credited to any Participant
for a calendar year may be zero. No Participant shall have a right to compel the Employer to make an Employer Discretionary Contribution
and no Participant shall have the right to share in any such contribution for any year unless selected by the Plan Administrator
in its sole and absolute discretion. An Employer Discretionary Contribution for any given year under this Section shall be credited
to the applicable Participant’s Employer Discretionary Contribution Account at such time or times established by the Plan Administrator
in its sole discretion.

 

3.9       Employer
Matching Contributions. The Plan Sponsor will specify in the Adoption Agreement whether the Employer will or may make Employer
Matching Contributions under the Plan. The level of Employer Matching Contribution amounts for a calendar year shall be based upon
a percentage of the Participant’s elected Deferral Amount for that year. Such percentage level shall be determined by the Plan
Administrator in its discretion and may vary from year-to-year and Participant-to-Participant. An Employer Matching Contribution
for any year shall be credited to the applicable Participant’s Employer Matching Contribution Account at such time or times established
by the Plan Administrator in its sole discretion.

 

    	Page 13 of 28

     

    

ARTICLE 4

Earnings on Account(s)

 

4.1         Deemed
Investment Options. The Plan Administrator shall select from time to time certain mutual funds, insurance company separate
accounts, indexed rates, or other methods (the “Deemed Investment Options”) for purposes of crediting Earnings to each
Participant’s Account(s). The Plan Administrator may discontinue, substitute, or add Deemed Investment Options in its sole discretion.
Any discontinuance, substitution, or addition of a Deemed Investment Option will take effect as soon as administratively practicable.
The Deemed Investment Options are to be used for measurement purposes only, and the Plan Administrator’s or Participant’s election
of any such Deemed Investment Option, the allocation of such Deemed Investment Options to the Participant’s Account, the calculation
of additional amounts, and the crediting or debiting of such amounts to a Participant’s Account shall not be considered
or construed in any manner as an actual investment of the Participant’s Account. The Participant Accounts shall reflect all gains
or losses (realized or unrealized), reduced by any expenses as determined by the Plan Administrator. In the event that the Plan
Administrator or the trustee of the Trust (if any), in its own discretion, decides to invest funds in any or all of the investments
on which any of the Deemed Investment Options are based, no Participant (or Beneficiary) shall have any rights in or to such investments
themselves. Without limiting the foregoing, a Participant’s Account shall at all times be a bookkeeping entry only and shall not
represent any investment made on his or her behalf by the Plan Administrator or the Trust (if any). The Participant (or Beneficiary)
shall at all times remain an unsecured creditor of the Employer. Any liability or obligation of the Employer to any Participant,
former Participant, or Beneficiary with respect to a right to payment shall be based solely upon contractual obligations created
by this Plan.

 

4.2         Allocation
of Deemed Investment Options. The Plan Sponsor will specify in the Adoption Agreement whether the Employer or Participant
shall have the right to allocate Deemed Investment Options among the Participant’s Account(s) in accordance with the following
guidelines:

 

(a)          Employer
Allocation of Deemed Investment Options. If permitted by the Plan Sponsor in the Adoption Agreement, the Employer may elect
to index the value of the Participant’s Account by allocating all Accounts to one Deemed Investment Option or by allocating percentages
of the Deemed Investment Option to all Accounts, with the total amount allocated equal to one hundred percent (100%) of the Accounts.
The Plan Administrator shall be under no obligation to invest Employer assets pursuant to the Employer’s allocation. All deemed
investment decisions shall be made by the Plan Administrator in its sole discretion.

 

(b)          Participant’s
Allocation of Deemed Investment Options. If permitted by the Plan Sponsor in the Adoption Agreement, each Participant shall
have the right to direct the Plan Administrator as to how the Participant’s Deferral Amounts, and/or Employer Discretionary Contributions,
and/or Employer Matching Contributions shall be deemed to be invested, subject to any operating rules and procedures imposed by
the Plan Administrator. As of each Valuation Date, the Participant’s Account(s) will be credited or debited to reflect the performance
of the Deemed Investment Options elected by the Participant. A Participant’s Deemed Investment Elections for his or her Account(s)
shall be subject to the following rules:

 

(i)          Any
initial or subsequent Deemed Investment Election shall be in writing or electronic format, supplied by and filed with the
Plan Administrator (or made in any other manner specified by the Plan Administrator), and shall be effective on such date
as specified by the Plan Administrator. The Plan Administrator is not required to provide multiple methods of making
Deemed Investment Elections.

 

(ii)         All
Deemed Investment Elections shall continue indefinitely until changed by the Participant in the manner permitted by the Plan
Administrator.

 

    	Page 14 of 28

     

    

 

(iii)       If the Plan Administrator receives
an initial or revised Deemed Investment Election which it determines to be incomplete, unclear, or improper, the Participant’s
Deemed Investment Election then in effect shall remain in effect (or, in the case of a deficiency in an initial Deemed Investment
Election, the Participant shall be deemed to have filed no Deemed Investment Election) until a date so designated by the Plan
Administrator, unless the Plan Administrator provides for, and permits the application of, corrective action prior to that date.
Notwithstanding the foregoing, a Participant’s election must total one hundred percent (100%). If the Plan Administrator possesses
(or is deemed to possess, as provided above) at any time Deemed Investment Elections of less than one hundred percent (100%) of
a Participant’s Account(s), the Participant shall be deemed to have directed that the undesignated portion of the said Account(s)
be deemed to be invested in a money market or similar fund made available under this Plan as determined by the Plan Administrator.

 

(iv)      Each
Participant, as a condition of his or her participation in the Plan, agrees to indemnify and hold harmless the Employer and the
Plan Administrator from any losses or damages of any kind relating to the Deemed Investment Election of the Participant’s Account(s).

 

4.3        Valuation
of Accounts. Each Participant’s Account as of each Valuation Date shall consist of the balance of the Participant’s Account
as of the immediately preceding Valuation Date, plus the Participant’s Deferral Amounts and Employer Matching Contributions (if
any) or Employer Discretionary Contributions (if any) that have been credited, plus Earnings, minus the amount of any distributions
made and any applicable tax withheld since the immediately preceding Valuation Date. The Account shall be deemed to be credited
with Earnings from the date the deferred compensation is credited to the Account through the Valuation Date.

 

ARTICLE 5 

Vesting of Accounts

 

5.1       Participant
Account(s). A Participant shall at all times be one hundred percent (100%) vested in his or her Deferral Amounts and all
Earnings attributable thereto.

 

5.2       Employer
Account(s). The Plan Sponsor will specify in the Participation Agreement of the Participant any vesting schedule applicable
to a Participant’s Employer Matching Contributions or Employer Discretionary Contributions and all applicable Earnings attributable
thereto.

 

5.3       Accelerated
Vesting on Specified Events. The Plan Sponsor will specify in the Participation Agreement of the Participant the extent
to which vesting will be accelerated for a Participant’s Employer Matching Contribution Account (if any) and Employer Discretionary
Contribution Account (if any) upon any of the following events while an Eligible Individual: (i) the Participant’s attainment of
a specified age; (ii); the Participant’s death; (iii) the Participant’s Disability; (iv) Plan termination and liquidation or (v)
upon a Change in Control.

 

5.4       Forfeiture.
In the event the Participant’s employment is terminated for Cause, no benefits of any kind will be due or payable by the Employer
under the terms of this Plan from the Participant’s Employer Matching Contribution Account and Employer Discretionary Contribution
Account and all rights of the Participant, his or her designated Beneficiary, executors, or administrators, or any other person,
to receive payments thereof shall be forfeited. A Participant will forfeit any portion of an Account that is non-vested upon Separation
from Service.

 

    	Page 15 of 28

     

    

 

Article
6 

Taxes and Withholdings

 

6.1       Federal
Insurance Contribution Act (FICA). Deferred Compensation amounts, in accordance with Code §3121(v)(2), are taken into
account as wages for FICA tax purposes as of the later of: (i) when the services are performed; or (ii) when there is no substantial
risk of forfeiture with respect to the Employee’s right to receive the deferred amounts in a later calendar year. Amounts are subject
to FICA taxes at the time of the deferral, unless the Employee is required to perform substantial future services in order for
the Employee to have a legal right to the future Compensation. If the Employee is required to perform future services in order
to have a vested right to the future Payment, the deferred amounts (plus Earnings up to the date of vesting) are subject to FICA
taxes when all the required services have been performed. FICA taxes only apply up to the annual wage base for Social Security
taxes and without withholding limitations for Medicare taxes.

 

6.2       Federal
Unemployment Tax Act (FUTA). Deferred Compensation amounts are taken into account for FUTA purposes at the later of: (i)
when services are performed; or (ii) when there is no substantial risk of forfeiture with respect to the Employee’s right to receive
the deferred amounts up to the FUTA wage base.

 

6.3       Self-Employment
Contributions Act (SECA). For non-employees such as Independent Contractors and directors, SECA taxes apply up to the amount
of the Social Security wage base.

 

6.4       Income
Tax Withholding. All distributions under the Plan are subject to any applicable tax withholding, as determined by the Employer
in its discretion. The Employer shall have the right to deduct from a Participant’s compensation that is not being deferred under
this Plan any Federal, state, local or employment taxes which it deems are required by law to be withheld with respect to any Deferral
Amounts, vested Employer Matching Contributions and vested Employer Discretionary Contribution or Plan distributions. Subject to
Section 409A, if necessary, the Employer may reduce the Participant’s Deferral Amount in order to comply with this Section.

 

ARTICLE 7 

Payment of Benefits

 

7.1         Payments in General.

 

(a)          Source
of Payments. All payments made under the Plan shall be made in cash or in kind as determined by the Plan Administrator.

 

(b)          Calculation
of Installment Payments. If the Participant elects to receive installment payments upon a Permissible Payment Event,
the payment of each installment shall be made on the modal anniversary of the date of the event which triggered such payment
until all required installments have been paid. The amount of each payment shall be determined by dividing the value of the
Participant’s Account(s) as of the date of the event (or on the anniversary date of the event for subsequent installments) by
the number of payments remaining to be paid. (By way of example, if the Participant elects to receive payments in equal
annual installments over a period of five (5) years, the first payment shall equal 1/5 of the Account balance. The following
year, the payment shall be 1/4 of the Account balance. The final installment payment shall be equal to the balance of the
Account(s), calculated as of the applicable Anniversary Date.) Any unpaid Account balance shall continue to be deemed to be
invested pursuant to Article 4, in which case any deemed income, gains, losses, or expenses shall be reflected in the actual
payments. Notwithstanding anything else contained herein to the contrary, if a Participant or Beneficiary is to receive
payment in the form of installments, and if the vested Account balance (excluding any Scheduled Withdrawal Account balances)
at the due date of the first installment is equal to or less than the stated amount specified by the Plan Sponsor in the
Adoption Agreement, payment of said Accounts shall be made instead in a lump sum, and no installment payments shall be
available hereunder.

 

    	Page 16 of 28

     

    

 

7.2         Permissible
Payment Events. The Plan Sponsor will make payments to the Participant or the Participant’s Beneficiary on the first to
occur of the following Permissible Payment Events designated by the Plan Sponsor in the Adoption Agreement:

 

(a)          Payment
Following Separation from Service. If the Participant Separates from Service with the Employer, the Plan will pay the
vested balance of the Participant’s Account(s) as elected by the Participant pursuant to Section 3.5(b)(ii) hereof.
Amounts shall be paid in accordance with Section 3.5(b)(ii), with payment or payments being made or commencing
within the first sixty (60) days following the Plan Year in which the Separation from Service event occurs.
Notwithstanding the foregoing, if and when the Employer becomes a corporation whose stock is publicly traded on an
established securities market or otherwise, any Participant who is a “Specified Employee” (as defined in
Treasury regulation §1.409A-l(i)) as of the date of his or her Separation from Service, then the payment of such
Accounts shall not commence in the case of installments or be paid in the case of a lump sum payment until six (6) months
and one (1) day following the date of the Participant’s Separation from Service. In the event that the
Participant elected installments, then on the day that is six (6) months and one (1) day following his or
her Separation from Service, such Participant will be entitled to a lump sum payment of the installments that would
have been made during the six (6) months and one (1) day deferral period and the remainder of such installment payments
will be made pursuant to their terms for the remainder of the installment period.

 

(b)          Payment
Following Death. If the Plan Sponsor designates in the Adoption Agreement that payments are permitted under the Plan when
a Participant dies while in service, the Employer shall pay a benefit to the Participant’s designated Beneficiary, equal to the
vested balance of the Participant’s Account(s). Payment or payments following a Participant’s death will be made or commence within
the first sixty (60) days following the Plan Year in which the Participant’s death occurs. Notwithstanding the foregoing, if death
occurs after installment payments have commenced under any Permissible Payment Event, the remaining vested balance of the Participant’s
Account(s) will be paid under the payment option, as stated in the Adoption Agreement..

 

(c)          Payment
Following Disability. If the Plan Sponsor designates in the Adoption Agreement that payments are permitted under the Plan
when a Participant becomes Disabled and the Participant becomes Disabled while in service, the Employer shall pay a disability
benefit to the Participant, equal to the vested balance of the Participant’s Account(s). Payment shall be made or commence to be
paid within the first sixty (60) days following the Plan Year in which occurs the determination of Disability.

 

(d)          Payment
Following Change in Control. If the Plan Sponsor designates in the Adoption Agreement that payments are permitted under
the Plan upon the occurrence of a Change in Control event, the Employer shall pay a Change in Control benefit to the Participant,
equal to the vested balance of the Participant’s Accounts). Payment shall be made or commence to be paid within ninety (90) days
following the Change in Control event date.

 

(e)          Withdrawal
due to an Unforeseeable Emergency. If the Plan Sponsor designates in the Adoption Agreement that payments are permitted
under the Plan upon the occurrence of an Unforeseeable Emergency, a Participant shall have the right to request, on a form provided
by the Plan Administrator, a payment of all or a portion of his or her vested Account(s) in a lump sum. The Plan Administrator
shall have the sole discretion to determine, in accordance with the standards under Section 409A, whether to grant such a request
and the amount to be paid pursuant to such request.

 

    	Page 17 of 28

     

    

 

(i)        Determination
of Unforseeable Emergency. Whether a Participant is faced with an unforeseeable emergency permitting a payment is to be
determined based on the relevant facts and circumstances of each case, but, in any case, a payment on account of an Unforeseeable
Emergency may not be made to the extent that such emergency is or may be relieved through reimbursement or compensation from insurance
or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not cause severe
financial hardship, or by cessation of deferrals under the Plan. Payments because of an Unforeseeable Emergency must be limited
to the amount 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).

 

(ii)          Payment
of Account. Payment shall be made within thirty (30) days following the determination by the Plan Administrator that a
withdrawal will be permitted under this Section 7.2(e).

 

(f)             Payment
at a Specified Time. If the Plan Sponsor designates in the Adoption Agreement that payments are permitted at a Specified
Time, with respect to an established Scheduled Withdrawal Account(s) by the Participant, a Participant shall be paid the balance
of the Account within sixty (60) days of the scheduled distribution date designated by the Participant pursuant to Section 3.5(a)(ii)
hereof

 

7.3       Accelerations.
Notwithstanding anything in the Plan to the contrary, the Plan Administrator, in its discretion (without any direct or indirect
election on the part of any Participant), may accelerate the date of distribution or commencement of distributions hereunder, or
accelerate installment payments hereunder, to the extent permitted under Section 409A (for example, as provided in Treasury regulation
 §1.409A-3(j)(4), to comply with domestic relations orders or certain conflict of interest rules, to pay employment taxes,
to make a lump sum cashout of certain de minimis amounts that are less than the applicable dollar amount under Code Section 402(g)(1)(B),
or to make payments upon income inclusion under Section 409A).

 

7.4       Unsecured
General Creditor Status of Participant.

 

(a)          Payment
to the Participant or any Beneficiary hereunder shall be made from assets which shall continue, for all purposes, to be part of
the general, unrestricted assets of the Employer and no person shall have any interest in any such asset by virtue of any provision
of this Plan. The Employer’s obligation hereunder shall be an unfunded and unsecured promise to pay money in the future. To the
extent that any person acquires a right to receive payments from the Employer under the provisions hereof, such right shall be
no greater than the right of any unsecured general creditor of the Employer and no such person shall have or acquire any legal
or equitable right, interest, or claim in or to any property or assets of the Employer.

 

(b)          In
the event that the Employer purchases an insurance policy or policies insuring the life of a Participant or employee, to allow
the Employer to recover or meet the cost of providing benefits, in whole or in part, hereunder, no Participant or Beneficiary shall
have any rights whatsoever in said policy or the proceeds therefrom. The Employer or the Trustee of the Trust (if any) shall be
the primary owner and beneficiary of any such insurance policy or property and shall possess and may exercise all incidents of
ownership therein. No insurance policy with regard to any director, “highly compensated employee”, or “highly compensated
individual” as defined in IRS Section 101(j) shall be acquired before satisfying the Section 101(j) “Notice and Consent”
requirements.

 

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(c)          In
the event that the Employer purchases an insurance policy or policies on the life of a Participant as provided for above, then
all of such policies shall be subject to the claims of the creditors of the Employer.

 

(d)          If
the Employer chooses to obtain insurance on the life of a Participant in connection with its obligations under this Plan, the Participant
hereby agrees to take such physical examinations and to truthfully and completely supply such information as may be required by
the Employer or the insurance company designated by the Employer.

 

7.5       Facility
of Payment. If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Plan Administrator
may make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his
or her residence; or (ii) to the conservator or administrator or, if none, to the person having custody of an incompetent payee.
Any such distribution shall fully discharge the Employer and the Plan Administrator from further liability on account thereof.

 

7.6       Discharge
of Obligations. The payment to a Participant or his or her Beneficiary of an Account in a single lump sum or the number
of installments elected by the Participant pursuant to this Article 7 shall discharge all obligations of the Employer to such Participant
or Beneficiary under the Plan with respect to that Account.

 

7.7       Excise
Tax Limitation. In the event that any Payment or benefit (within the meaning of Code §280G(b)(2) of the Code) to the
Participant or for the Participant’s benefit paid or payable or distributed or distributable (including, but not limited to, the
acceleration of the time for the vesting or Payment of such benefit or Payment) pursuant to the terms of this Plan or otherwise
in connection with, or arising out of, the Participant’s employment with the Employer or a Change in Control within the meaning
of Code §280G of the Code (a “Payment” or “Payments”), would be subject to the excise tax imposed by Code
 §4999 of the Code (the “Excise Tax”), then the Payments shall be reduced (but not below zero) but only to the extent
necessary so that no portion thereof shall be subject to the excise tax imposed by Code § 4999 (the “Section 4999 Limit”).
Unless the Participant shall have given prior written notice specifying a different order to the Employer to effectuate the limitations
described in the preceding sentence, the Employer shall reduce or eliminate the Payments by first reducing or eliminating those
Payments or benefits which are not payable in cash and then by reducing or eliminating cash Payments, in each case in reverse order
beginning with Payments or benefits which are to be paid the farthest in time. Any notice given by the Participant pursuant to
the preceding sentence shall take precedence over the provisions of any other plan, arrangement, or agreement governing the Participant’s
rights and entitlements to any benefits or compensation.

 

7.8       Delay
in Payment.

 

(a)          A
payment may be delayed to a date after the designated payment date under any of the circumstances described below, and the provision
will not fail to meet the requirements of establishing a Permissible Payment Event, in accordance with Treasury regulation §1.409A-2(b)(7).
The delay in the payment will not constitute a subsequent deferral election, so long as the Employer treats all payments to similarly
situated Participants on a reasonably consistent basis:

 

(i) Payments
subject to Section 162(m). A payment may be delayed to the extent that the Employer reasonably anticipates that if the
payment were made as scheduled, the Employer’s deduction with respect to such payment would not be permitted due to the application
of Code §162(m). If a payment is delayed, such payment must be made either:

 

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(1)         during
the Participant’s first Taxable Year in which the Employer reasonably anticipates, or should reasonably anticipate, that if the
payment is made during such year, the deduction of such payment will not be barred by application of Code § 162(m) or,

 

(2)         during
the period beginning with the date of the Participant’s Separation from Service and ending on the later of the last day of the
Taxable Year of the Employer in which the Participant separates from service or the fifteenth (15lh) day of the third
(3rd) month following the Participant’s Separation from Service. Where any scheduled payment to a specific Participant
in an Employer’s taxable year is delayed in accordance with this Section, the delay in payment will be treated as a subsequent
deferral election unless all scheduled payments to that Participant that could be delayed in accordance with this Section are also
delayed. Where a payment is delayed to a date on or after the Participant’s Separation from Service, the payment will be considered
a payment made on account of a Separation from Service for purposes of the rules under Treasury regulation §1.409A-3(i)(2)
(regarding payments to Specified Employees upon a Separation from Service) and, in the case of a “Specified Employee”
(as defined in Treasury regulation §1.409A-l(i)), the date that is six (6) months and one (1) day after the Participant’s
Separation from Service will be substituted for any reference to the Participant’s Separation from Service in the first sentence
of this paragraph.

 

(ii)         Payments
that would violate Federal securities laws or other applicable law. A payment may be delayed where the Employer
reasonably anticipates that making the payment will violate Federal securities laws or other applicable law provided
that the payment is made at the earliest date at which the Employer reasonably anticipates that the making of the payment
will not cause such violation. Making of a payment that would cause inclusion in gross income or the application of any
penalty provision or other provision of the Code is not treated as a violation of applicable law.

 

(iii)        Other
events and conditions. An Employer may delay a payment upon such other events and conditions as the Commissioner of
the IRS may prescribe.

 

(iv)        Continued
Validity of the Employer. Notwithstanding the above, a payment may be delayed where the payment would jeopardize the
ability of the Employer to continue as a going concern, as provided in Treasury regulation
 §I.409A-3(d).

 

(b)          Treatment
of Payment as Made on Designated Payment Date. Each payment under this Plan is deemed made on the required payment date
even if the payment is made after such date, provided the payment is made by the latest of: (i) the end of the calendar year in
which the payment is due; (ii) the fifteenth (15th) day of the third (3rd) calendar month following the payment
due date; (iii) in the case that 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 estate), in the first calendar year in which payment is
practicable; (iv) in the case that the Employer does not have sufficient funds to make the payment without jeopardizing the Employer’s
solvency, in the first calendar year in which the Employer’s funds are sufficient to make the payment.

 

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ARTICLE 8

Beneficiary Designation

 

8.1         Designation
of Beneficiaries.

 

(a)          Each
Participant may designate any person or persons (who may be named contingently or successively) to receive any benefits payable
under the Plan upon the Participant’s death, and the designation may be changed from time to time by the Participant by filing
a new designation. Each designation will revoke all prior designations by the same Participant, shall be in the form prescribed
by the Plan Administrator, and shall be effective only when filed with the Plan Administrator during the Participant’s lifetime.

 

(b)          In
the absence of a valid Beneficiary designation, or if, at the time any benefit payment is due to a Beneficiary, there is no living
Beneficiary validly named by the Participant, the Employer shall pay the benefit payment to the Participant’s spouse, if then living,
and if the spouse is not then living to the Participant’s then living descendants, if any, per stirpes, and if there are
no living descendants, to the Participant’s estate. In determining the existence or identity of anyone entitled to a benefit payment,
the Employer may rely conclusively upon information supplied by the Participant’s personal representative, executor, or administrator.

 

(c)          If
a question arises as to the existence or identity of anyone entitled to receive a death benefit payment under the Plan, or if a
dispute arises with respect to any death benefit payment under the Plan, the Employer may distribute the payment to the Participant’s
estate without liability for any tax or other consequences, or may take any other action which the Employer deems to be appropriate.

 

8.2         Information
to be Furnished by Participants and Beneficiaries; Inability to Locate Participants or Beneficiaries. Any
communication, statement or notice addressed to a Participant or to a Beneficiary at his or her last post office address
as shown on the Employer’s records shall be binding on the Participant or Beneficiary for all purposes of the Plan. The
Employer shall not be obliged to search for any Participant or Beneficiary beyond the sending of a registered letter to
such last known address.

 

ARTICLE 9 

Plan Amendment

 

9.1       Right
to Amend. Subject to Section 409A, the Plan Sponsor, by action of its board of directors or similar governing body, shall
have the right to amend the Plan, at any time and with respect to any provisions hereof, and all parties hereto or claiming any
interest hereunder shall be bound by such amendment; provided, however, that no such amendment shall deprive a Participant or a
Beneficiary of a benefit amount accrued hereunder prior to the date of the amendment. Any such amendment is binding on all Adopting
Employers

 

9.2       Amendment
to Insure Proper Characterization of the Plan. Notwithstanding the provisions of Section 9.1, the Plan may be amended by
the Plan Sponsor at any time, retroactively if required, if found necessary, in the opinion of the Plan Sponsor, in order to ensure
that the Plan is characterized as “top-hat” plan of deferred compensation maintained for a select group of management
or highly compensated employees as described under ERISA sections 201(2), 301(a)(3), and 401(a)(1), to conform the Plan to the
provisions of Section 409A and to conform the Plan to the requirements of any other applicable law (including ERISA and the Code).
No such amendment shall be considered prejudicial to any interest of a Participant or a Beneficiary hereunder.

 

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ARTICLE 10

Plan Termination

 

10.1       Employer’s
Right to Suspend or Terminate Plan. Although each Employer anticipates that it will continue the Plan for an indefinite
period of time, there is no guarantee it will do so. Each Employer reserves the right to suspend the operation of the Plan or to
terminate the Plan at any time in the future as provided for in Sections 10.2 and 10.3.

 

10.2       Suspension
of Deferrals and Employer Contributions. In the event of a suspension of the Plan, the Employer shall continue all aspects
of the Plan, other than contributions to the Plan. During the period of suspension, payments hereunder will continue to be made
in accordance with Article 7.

 

10.3       Plan
Termination. Upon the termination of the Plan with respect to any Employer, the participation of the affected Participants
shall terminate. However, after the Plan termination the Account balances of such Participants shall continue to be credited with
Participant Deferral Amounts attributable to a Deferral Election that was in effect prior to the Plan termination to the extent
deemed necessary to comply with Section 409A, and any Earnings pursuant to Article 4. Following a Plan termination, Participant
Account balances shall remain in the Plan and shall not be distributed until such amounts become eligible for payment in accordance
with the other applicable provisions of the Plan. Notwithstanding the preceding sentence, the Employer shall have the authority,
to terminate and liquidate the Plan and pay each Participant’s entire Account balance to the Participant or, if applicable, his
or her Beneficiary in accordance with the requirements, restrictions and limitations of Treasury regulation §1.409A-3(j)(4)(ix)
as follows:

 

(a)          Corporate
Dissolution or Bankruptcy. This Plan may be terminated and liquidated within twelve (12) months of a corporate
dissolution taxed under Code § 331, or with the approval of a bankruptcy court pursuant to 11 U.S.C.
 §503(b)(1)(A), and distributions may then be made to Participants provided that the amounts deferred under this Plan
are included in the Participants’ gross income in the latest of:

 

(i)          The
calendar year in which the Plan termination occurs;

 

(ii)         The
calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or

 

(iii)        The
first calendar year in which the payment is administratively practicable.

 

(b)          Change
in Control. This Plan may be terminated within the thirty (30) days preceding or the twelve (12) months following a Change
in Control (as defined in Treasury regulation §1.409A-3(i)(5)). This Plan will then be treated as terminated only if
all substantially similar arrangements sponsored by the Plan Sponsor and all related employers which are treated as deferred under
a single plan under Treasury regulation §1.409A-1(c)(2) are terminated and liquidated with respect to each Participant who
experienced the Change in Control Event so that Participants in all such similar arrangements are required to receive all amounts
of compensation deferred under the terminated arrangements within twelve (12) months of the date of termination of the arrangements.

 

(c)          Discretionary
Termination. The Plan Sponsor may also terminate and liquidate this Plan and make distributions provided that:

 

    	Page 22 of 28

     

    

 

(i)          All
plans sponsored by the Plan Sponsor and related employers that would be aggregated with any terminated arrangements under
Treasury regulation §1.409A-l(c) are terminated;

 

(ii)         No
payments, other than payments that would be payable under the terms of this plan if the termination had not occurred, are
made within twelve (12) months of this plan termination;

 

(iii)        All
payments are made widthin twenty-four (24) months of this plan termination; and

 

(iv)        Neither
the Plan Sponsor nor any of its affiliates adopts a new plan that would be aggregated with any terminated plan if the same
Participant participated in both arrangements at any time within three (3) years following the date of termination of
this Plan.

 

(v)         The
termination does not occur proximate to a downturn in the financial health of the Plan Sponsor.

 

The Plan Sponsor may, in its absolute discretion,
terminate an affiliate’s participation in this Plan at any time, without the consent of any affiliate, Participant or Beneficiary.

 

ARTICLE 11 

Administration

 

11.1       Plan
Administrator Duties. The Plan Administrator shall be responsible for the management, operation, and administration of
the Plan. When making a determination or calculation, the Plan Administrator shall be entitled to rely on information furnished
by any Employer, Participant, or Beneficiary. No provision of this Plan shall be construed as imposing on the Plan Administrator
any fiduciary duty under ERISA or other law, or any duty similar to any fiduciary duty under ERISA or other law.

 

11.2       Plan
Administrator Authority. The Plan Administrator shall enforce this Plan in accordance with its terms, shall be charged
with the general administration of this Plan, and shall have all powers necessary to accomplish its purposes, including, but not
by way of limitation, the following:

 

(a)          To
select the Deemed Investment Options available from time to time;

 

(b)          To
construe and interpret the terms and provisions of this Plan, in its sole and absolute discretion;

 

(c)          To
compute and certify the amount and kind of benefits payable to Participants and their Beneficiaries; to determine the time and
manner in which such benefits are paid; and to determine the amount of any withholding taxes to be deducted;

 

(d)          To
maintain all records that may be necessary for the administration of this Plan;

 

(e)          To
provide for the disclosure of all information and the filing or provision of all reports and statements to Participants, Beneficiaries,
and governmental agencies as shall be required by law;

 

(f)          To
make and publish such rules for the regulation of this Plan and procedures for the administration of this Plan so long as no such
rules or procedures are not inconsistent with the terms hereof;

 

    	Page 23 of 28

     

    

 

(g)          To
administer this Plan’s claims procedures;

 

(h)          To
approve Election Forms and procedures for use under this Plan; and

 

(i)          To
appoint a plan recordkeeper or any other agent, and to delegate to them such powers and duties in connection with the
administration of this Plan as the Plan Administrator may from time to time prescribe.

 

11.3       Binding
Effect of Decision. The decision or action of the Plan Administrator with respect to any question arising out of or in
connection with the administration, interpretation, and application of this Plan and the rules and regulations promulgated hereunder
shall be final and conclusive and binding upon all persons having any interest in this Plan.

 

11.4       Compensation,
Expenses, and Indemnity. The Plan Administrator shall serve without compensation for services rendered hereunder. The Plan
Administrator is authorized at the expense of the Employer to employ such legal counsel and/or Plan recordkeeper as it may deem
advisable to assist in the performance of its duties hereunder. Expense and fees in connection with the administration of this
Plan shall be paid by the Employer.

 

11.5       Employer
Information. To enable the Plan Administrator to perform its functions, the Plan Sponsor and or Employer shall supply full
and timely information to the Plan Administrator, on all matters relating to the compensation of its Participants, the date and
circumstances of the Disability, death, or Separation from Service of its Employees or Independent Contractors who are Participants,
and such other pertinent information as the Plan Administrator may reasonably require.

 

11.6       Periodic
Statements. Under procedures established by the Plan Administrator, a Participant shall be provided a statement of account
on an annual basis (or more frequently as the Plan Administrator shall determine) with respect to such Participant’s Accounts.

 

11.7       Compliance
with Section 409A.

 

(a)          It
is intended that the Plan comply with the provisions of Section 409A, so as to prevent the inclusion in gross income of any amounts
deferred hereunder in a taxable year that is prior to the taxable year or years in which such amounts would otherwise actually
be paid or made available to Participants or Beneficiaries. This Plan shall be construed, administered, and governed in a manner
that effects such intent, and the Plan Administrator shall not take any action that would be inconsistent with such intent.

 

(b)          Any
reference in this Plan to Section 409A will also include any final regulations, or any other guidance, promulgated with respect
to such Section 409A by the U.S. Department of Treasury or the Internal Revenue Service. For purposes of the Plan, the phrase “permitted
by Section 409A of the Code,” or words or phrases of similar import, shall mean that the event or circumstance shall only
be permitted to the extent it would not cause an amount deferred or payable under the Plan to be includible in the gross income
of a Participant or Beneficiary under Section 409A(a)(l) of the Code.

 

ARTICLE 12 

Claims Procedures

 

12.1       Claims
Procedure. This Section is based on final regulations issued by the Department of Labor and published in the Federal Register
on November 21, 2000 and codified in Section 2560.503-1 of the Department of Labor Regulations. If any provision of this Section
conflicts with the requirements of those regulations, the requirements of those regulations will prevail.

 

    	Page 24 of 28

     

    

 

(a)         Claim.
A Participant or Beneficiary who believes he or she is entitled to any Plan benefit under this Plan may file a
claim with the Plan Administrator. The Plan Administrator shall review the claim itself or appoint an individual or entity to
review the claim.

 

(b)          Claim
Decision. The Claimant shall be notified within ninety (90) days after the claim is filed (forty-five (45) days for a
Disability claim), whether the claim is allowed or denied, unless the claimant receives written notice from the Plan
Administrator or appointee of the Plan Administrator prior to the end of the ninety (90) day period (forty-five (45) days
for a Disability claim) stating that special circumstances require an extension of the time for decision. For a claim
other than for Disability, such extension is not to extend beyond the day which is one- hundred eighty (180) days after
the day the claim is filed as long as the Plan Administrator notifies the claimant of the circumstances requiring the
extension, and the date as of which a decision is expected to be rendered. For a Disability claim, a thirty (30) day
extension is permitted, with an additional thirty (30) days permitted, provided that the Plan Administrator notifies
the claimant prior to expiration of the first thirty (30) day extension, of the circumstances requiring the extension,
and the date as of which a decision is expected to be rendered. If the Plan Administrator denies the claim, it must
provide to the Claimant, in writing or by electronic communication:

 

(i)          The
specific reasons for such denial;

 

(ii)         Specific
reference to pertinent provisions of this Plan on which such denial is based;

 

(iii)        A
description of any additional material or information necessary for the Claimant to perfect his or her claim, by providing
such material to the Plan Administrator within forty-five (45) days, and an explanation why such material or
such information is necessary; and

 

(iv)        A
description of the Plan’s appeal procedures and the time limits applicable to such procedures, including a statement of the
Claimant’s right to bring civil action under Section 502(a) of ERISA following a denial of the appeal of the denial
of the benefits claim.

 

(c)          Review
Procedures. A request for review of a denied claim must be made in writing to the Plan Administrator within sixty
(60) days after receiving notice of denial. The decision upon review will be made within sixty (60) days (forty-five (45)
days for a Disability claim) after the Plan Administrator’s receipt of a request for review. If the Plan
Administrator determines that an extension of time for processing is required, written notice of the extension shall
be furnished to the claimant (which will include the expected date of rendering a decision) prior to the termination of
the initial period, but in no event will the extension exceed sixty (60) days (forty-five (45) days for a Disability
claim). The reviewer shall afford the Claimant an opportunity to review and receive, without charge, all relevant
documents, information, and records and to submit issues and comments in writing to the Plan Administrator. The
reviewer shall take into account all comments, documents, records, and other information submitted by the Claimant
relating to the claim regardless of whether the information was submitted or considered in the benefit determination.
Upon completion of its review of an adverse initial claim determination, the Plan Sponsor will give the Claimant, in
writing or by electronic notification, a notice containing:

 

(i)          Its
decision;

 

(ii)         The
specific reasons for the decision;

 

    	Page 25 of 28

     

    

 

(iii)        The
relevant plan provisions on which its decision is based;

 

(iv)        A
statement that the Claimant is entitled to receive, upon request and without charge, reasonable access to, and copies of, all
documents, records and other information in the Plan’s files which is relevant to the Claimant’s claim for
benefit;

 

(v)         A
statement describing the Claimant’s right to bring an action for judicial review under ERISA Section 502(a); and

 

(vi)        If
an internal rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination on
review, a statement that a copy of the rule, guideline, protocol, or other similar criterion will be provided without
charge to the Claimant upon request.

 

(d)          Calculation
of Time Periods. For purposes of the time periods specified in this Section 12.1, the period of time during which a benefit
determination is required to be made begins at the time a claim is filed in accordance with this Plan’s procedures without regard
to whether all the information necessary to make a decision accompanies the claim. If a period of time is extended due to a Claimant’s
failure to submit all information necessary, the period for making the determination shall be tolled from the date the notification
is sent to the Claimant until the date the Claimant responds.

 

(e)          Failure
of Plan to Follow Procedures. If the Plan Administrator fails to follow the claims procedure required by this Section 12.1,
a Claimant shall be deemed to have exhausted the administrative remedies available under this Plan and shall be entitled to pursue
any available remedy under Section 502(a) of ERISA on the basis that this Plan has failed to provide a reasonable claims procedure
that would yield a decision on the merits of the claim.

 

(f)          Failure
of Claimant to Follow Procedures. A Claimant’s compliance with the foregoing provisions of this Section is a mandatory
prerequisite to the Claimant’s right to commence any legal action with respect to any claim for benefits under the Plan.

 

12.2       Arbitration
of Claims. All claims or controversies arising out of or in connection with this Plan, other than Disability claims, shall,
subject to the initial review provided for in the foregoing provisions of this Article, shall be resolved through arbitration.
Except as otherwise mutually agreed to by the parties, any arbitration shall be administered under and by the Judicial Arbitration
 & Mediation Services, Inc. (“JAMS”), in accordance with the JAMS procedures then in effect. The arbitration shall
be held in the JAMS office nearest to where the Claimant is or was last employed by the Employer or at a mutually agreeable location.
The prevailing party in the arbitration shall have the right to recover its reasonable attorney’s fees, disbursements, and costs
of the arbitration (including enforcement of the arbitration decision), subject to any contrary determination by the arbitrator.

 

ARTICLE 13 

The Trust

 

13.1        Establishment
of Trust. The Plan Sponsor may establish a grantor trust (the “Trust”), of which the Plan Sponsor is the
grantor, within the meaning of subpart E, part I, subchapter J, subtitle A of the Code, to pay benefits under this Plan. To
the extent such benefits are not paid from the Trust, the benefits shall be paid from the general assets of the Plan Sponsor.
The Trust (if any) shall be a grantor trust which conforms to the terms of the model trust as described in IRS Revenue
Procedure 92-64, I.R.B. 1992-33, as same may be amended or modified from time to time. If the Plan Sponsor establishes a
Trust, the assets of the Trust will be subject to the claims of the Plan Sponsor’s creditors in the event of its insolvency.
Except as may otherwise be provided under the Trust, the Plan Sponsor shall not be obligated to set aside, earmark, or escrow
any funds or other assets to satisfy its obligations under this Plan, and the Participant and/or his or her designated
Beneficiaries shall not have any property interest in any specific assets of the Plan Sponsor other than the unsecured right
to receive payments from the Plan Sponsor, as provided in this Plan.

 

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13.2       Interrelationship
of the Plan and the Trust. The provisions of this Plan shall govern the rights of a Participant to receive distributions
pursuant to this Plan. The provisions of the Trust (if established) shall govern the rights of the Participant and the creditors
of the Plan Sponsor to the assets transferred to the Trust. The Plan Sponsor and each Participant shall at all times remain liable
to carry out its obligations under this Plan. The Plan Sponsor’s obligations under this Plan may be satisfied with Trust assets
distributed pursuant to the terms of the Trust.

 

13.3       Contribution
to the Trust. Amounts may be contributed by the Plan Sponsor to the Trust at the sole discretion of the Plan Sponsor.

 

ARTICLE 14 

Miscellaneous

 

14.1       Validity.
In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the
remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted
herein. To the extent any provision of this Plan is determined by the Plan Administrator (acting in good faith), the IRS, the United
States Department of the Treasury, or a court of competent jurisdiction to fail to comply with Section 409A with respect to any
Participant or Participants, such provision shall have no force or effect with respect to such Participant or Participants.

 

14.2       Nonassignability.
Neither any Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage,
or otherwise encumber, transfer, hypothecate, alienate, or convey in advance of actual receipt, the amounts, if any, payable hereunder,
or any part hereof, which are, and all rights to which are expressly declared to be, unassignable and nontransferable. No part
of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment (except to the extent the
Employer may be required to garnish amounts from payments due under this Plan pursuant to applicable law), or sequestration for
the payment of any debts, judgments, alimony, or separate maintenance owed by a Participant or any other person, be transferable
by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency, or be transferable to a spouse
as a result of a property settlement or otherwise. If any Participant, Beneficiary, or successor in interest is adjudicated bankrupt
or purports to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber transfer, hypothecate, alienate,
or convey in advance of actual receipt, the amount, if any, payable hereunder, or any part thereof, the Plan Administrator, in
its discretion, may cancel such distribution or payment (or any part thereof) to or for the benefit of such Participant, Beneficiary,
or successor in interest in such manner as the Plan Administrator shall direct.

 

14.3       Not
a Contract of Employment. The terms and conditions of this Plan shall not be deemed to constitute a contract of employment
between the Employer and the Participant. Nothing in this Plan shall be deemed to give a Participant the right to be retained in
the service of the Employer as an Employee or otherwise or to interfere with the right of the Employer to discipline or discharge
the Participant at any time.

 

14.4       Unclaimed
Benefits. In the case of a benefit payable on behalf of such Participant, if the Plan Administrator is unable to locate
the Participant or Beneficiary to whom such benefit is payable, such Plan benefit may be forfeited to the Plan Sponsor upon the
Plan Administrator’s determination. Notwithstanding the foregoing, if, subsequent to any such forfeiture, the Participant or Beneficiary
to whom such Plan benefit is payable makes a valid claim for such Plan benefit, such forfeited Plan benefit shall be paid by the
Plan Administrator to the Participant or Beneficiary, without interest, from the date it would have otherwise been paid.

 

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14.5       Governing
Law. Subject to ERISA, the provisions of this Plan shall be construed and interpreted according to the internal laws of
the State indicated in the Adoption Agreement, without regard to its conflicts of laws principles.

 

14.6       Notice.
Any notice, consent, or demand required or permitted to be given under the provisions of this Plan shall be in writing and shall
be signed by the party giving or making the same. If such notice, consent, or demand is mailed, it shall be sent by United States
certified mail, postage prepaid, addressed to the addressee’s last known address as shown on the records of the Employer. The date
of such mailing shall be deemed the date of notice consent, or demand. Any person may change the address to which notice is to
be sent by giving notice of the change of address in the manner aforesaid.

 

14.7       Coordination
with Other Benefits. The benefits provided for a Participant or a Participant’s Beneficiary under this Plan are in addition
to any other benefits available to such Participant under any other plan or program for employees of the Plan Sponsor. This Plan
shall supplement and shall not supersede, modify, or amend any other such plan or program except as may otherwise be expressly
provided herein.

 

14.8       Aggregation
of Employers. If the Employer is a member of a controlled group of corporations or a group of trades or businesses under
common control (as described in Code sections 414(b) or (c)), but substituting a fifty percent (50%) ownership level for the eighty
percent (80%) level set forth in those Code sections), all members of the group shall be treated as a single employer for purposes
of determining whether there has occurred a Separation from Service and for any other purposes under the Plan as Code section 409A
shall require. For purposes of Section 10.3(b), in the case of a Change in Control event, the entities to be treated as a single
Employer shall be determined immediately following the Change in Control event.

 

14.9       Aggregation
of Plan. If the Employer offers other account balance deferred compensation plans in addition to this Plan, those plans
together with this Plan shall be treated as a single plan to the extent required under Section 409A for purposes of determining
whether an Eligible Individual may make a deferral election pursuant to Section 3.2 and 3.3 within thirty (30) days of the Eligible
Individual’s Eligibility Date and for any other purposes under the Plan as Section 409A shall require.

 

14.10       USERRA.
Notwithstanding anything herein to the contrary, any deferral or distribution election provided to a Participant as necessary
to satisfy the requirements of the Uniformed Services Employment and Reemployment Rights Act of 1994, as amended, shall be permissible
hereunder.

 

SEE ADOPTION AGREEMENT ATTACHED HERETO

 

    	Page 28 of 28

     

    

 

BANK FIRST NATIONAL

 

“AMENDED AND RESTATED

NONQUALIFIED DEFERRED COMPENSATION PLAN”

 

ADOPTION AGREEMENT

 

THIS
ADOPTION AGREEMENT is made and effective as of the ____ day of _________, 2009, by Bank First National, a
commercial bank organized and existing under the laws of the State of Wisconsin, hereinafter referred to as the “Plan
Sponsor”.

 

WHEREAS, the
undersigned, by execution of this Adoption Agreement, hereby establishes this Amended and Restated Nonqualified Deferred Compensation
Plan (the “Plan”) consisting of the Master Plan Document, this Adoption Agreement, the Participation Agreement, Election
Forms, and all other documents to which they refer; and

 

WHEREAS, the
Plan Sponsor desires to adopt the Plan as an unfunded nonqualified deferred compensation plan; and

 

WHEREAS, as
of the Effective Date of the Plan, the Plan Sponsor identifies the following “Adopting Employer(s)” to also be a party
to this Plan;

 

	Name of Adopting Employer	 	Address
	 	 	 
	 	 	 
	 	 	 

 

NOW, THEREFORE,
the Plan Sponsor and Adopting Employer(s) hereby adopt the Plan in accordance with the Master Plan Document and the terms and
conditions set forth in this Adoption Agreement.

 

(All capitalized terms in this
Adoption Agreement shall have the same meaning given in the Master Plan Document, unless some other meaning is expressly herein
set forth. By the execution of this Adoption Agreement, the Plan Sponsor hereby represents and warrants that the Plan has been
adopted upon proper authorization of this Adoption Agreement and agrees to be bound by the terms of the Plan. This Adoption Agreement
may only be used in connection with this Plan. The Plan Sponsor hereby makes the following elections for the purpose of this Plan.)

 

 

 

		1.	Permissible Payment Events: The Plan will provide
payment of benefits upon a Participant’s Separation from Service and the following Permissible Payment Events.

 

		x	Payment
following death.

 

		x	Payment
following Disability.

 

		 ̈	Payment
at a Specified Time.

 

		 ̈	Payment
following a Change in Control.

 

		 ̈	Payment
in the event of an Unforeseeable Emergency.

 

 

 

		2.	The definition of Change in Control shall include:

 

		x	All
Change in Control Events identified under Section 409A

 

		 ̈	Limited
to the Following Change in Control Events identified under Section 409A:

 

		 ̈	Change
in Ownership; and/or

 

		 ̈	Change
in Effective Control; and/or

 

		 ̈	Change
in the Ownership of a Substantial Portion of the Corporate Assets.

 

    	Page 1 of 3

     

    

 

 

 

		3.	The definition of Separation from Service shall include:

 

		x	The
Plan shall treat an 80% reduction in the level of bona fide services as a Separation from Service.

 

 

 

		4.	Participant Elective Deferrals:

 

		 ̈	Participant
Elective Deferrals are not allowed under the Plan.

 

		x	Elective
Deferrals Permitted from the Following Sources:

 

		x	Base
Salary

 

		x	Bonus

 

		 ̈	Sales
Commissions

 

		x	Compensation
received as an Independent Contractor reportable on Form 1099.

 

		 ̈	Other
                                         (specify):                                                                                                                                                                   

 

 

 

		5.	Scheduled Withdrawal Accounts: The Plan will allow
a Participant to establish up to a maximum of (    ) Scheduled Withdrawal Accounts.

 

 

 

		6.	Employer Matching Contributions:

 

		x	Employer
Matching Contributions are not allowed under the Plan.

 

		 ̈	Employer
Matching Contributions will be made in the following manner:

 

          %
of Participant Deferral Amount for a given year.

 

           %
of Participant Base Salary deferred for a given year.

 

          %
of Participant Bonus deferred for a given year.

 

 ̈
An amount determined each year by the Employer.

 

 

 

		7.	Employer Discretionary Contributions:

 

		x	Employer
Discretionary Contributions are not allowed under the Plan.

 

		 ̈	Discretionary
Amount. An amount determined each year by the Employer, including zero.

 

 

 

		8.	Earnings on Account(s):

 

		 ̈	Earnings
Based on Deemed Investment Options:

 

		 ̈	Participant
Direction. As a result of the Participant’s selection of Deemed Investment Options for his or her Account(s).

 

		 ̈	Plan Sponsor Direction. As a result of the Plan
                                                                                                               Administrator’s selection of Deemed Investment Options for the Account(s).

 

		x	Earnings
Based upon a Declared Interest Rate/Index:

 

		x	Discretionary
Interest. Interest Rate declared by the Employer, from time to time, compounded daily on all Account(s).

 

		 ̈	Index.
                                         (Please describe):                                                                                                                                            

 

		 ̈	Fixed
Interest. Interest at the rate of ______% per annum compounded daily on all Account(s).

 

    	Page 2 of 3

     

    

 

 

 

		9.	Form of Payments: The Plan will make periodic
payments based on elections made by the Participant in appropriate forms supplied by the Plan Administrator. For Participants
in the Plan on or before the effective date of this Amended and Restated Plan prior elections regarding time and form of distributions
shall apply. Any changes made to a prior election shall be subject to the restrictions of Article 3.6 “Subsequent Deferral
Elections.”

 

 

 

		10.	Treatment of Installment Payments following Death:

 

		x	Continue
remaining installment payments (if any) to named Beneficiaries.

 

		 ̈	Commute
remaining installment payments (if any) and pay Beneficiaries a lump sum.

 

 

 

		11.	Installment Payments. In the event the Plan allows for installment payments (for
                                                                                      purposes of applying Subsequent Deferral Election rules pursuant to Section 3.6 of the Master Plan Document), such
                                                                                      installment payments will be treated as:

 

		x	A
Single Payment.

 

		 ̈	A
Series of Separate Payments.

 

 

 

		12.	Lump
                                         Sum Payment of Minimum Account Balance. If benefit payments are in the form of installments
                                         they shall be paid instead in a lump sum if the
                                         Participant’s vested Account balance (excluding Scheduled Withdrawal Account balances)
                                         at the time of the first installment is below $25,000.

 

 

 

IN WITNESS WHEREOF, the Plan Sponsor
agrees to the provisions of this Plan, and has executed this Adoption Agreement on the date first written above.

 

	WITNESS	 	For: 	Bank First National
	 	 	 
	/s/ Lisa
    Taddy	 	/s/ David
    J. Diedrich
	(Signature)	 	(Signature)
	 	 	 
	Lisa
    Taddy	 	David
    J. Diedrich
	(Print Name)	 	(Print Name)
	 	 	 
	 	 	President:
	 	 	(Title)

 

    	Page 3 of 3

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