Document:

EX-10.6

 Exhibit 10.6 
  

 
 GUILD MORTGAGE COMPANY’S 

SENIOR VICE PRESIDENT EMPLOYMENT AGREEMENT 
 This
SENIOR VICE PRESIDENT EMPLOYMENT AGREEMENT (“Agreement”), dated as of January 1, 2016 (“Effective Date”), between Guild Mortgage Company (“Company”) and David Neylan (“Employee”)
(collectively, the “Parties”). 
 WHEREAS, the Parties desire to set forth their agreement with respect to such employment in this Agreement;

 NOW, THEREFORE, in consideration of the promises and mutual covenants set forth herein, the consideration for which receipt and sufficiency are
hereby acknowledged, the Parties agree as follows: 
 ARTICLE 1 – EMPLOYMENT DUTIES 

 

	1.1	 Commencement. On the terms set forth herein, Company employs Employee, and Employee agrees to be employed by
Company as provided for herein. 

  

	1.2	 General Duties. 

  

	 	(a)	 Employee shall assist Company in the management of and supervise the business operations of the Region. In this regard,
Employee’s managerial functions (collectively “Managerial Duties”) shall include without limitation: 

  

	 	(i)	 Supervising at least two (2) full time employees; 

 

	 	(ii)	 Developing and maintaining an attitude of teamwork, establish a culture consistent with Company’s corporate
mission statements, and ensuring employees abide by Company Policies (as defined below); 

  

	 	(iii)	 Reviewing revenue, expenses, commission, and other financial worksheets and materials related to the activities in the
Region, remaining cognizant of their contents, modifying Region efforts to keep results in line with expectations, and preparing and submitting periodic production projections and other reports in accordance with Company Policies and Company’s
expectations; 

  

	 	(iv)	 Developing and maintaining a network of relationships with existing and prospective clients, promoting the image and
reputation of Company as creative, dynamic and competitive, expanding Company’s market share through the promotion of Company’s business and sales, and actively holding, and ensuring attendance by Region employees, sales meetings, training
seminars, and other events; 

  

	 	(v)	 Approving a budget for the Region’s branch offices and for the fiscal supervision thereof, as prepared by the
Branch Managers, and subject to approval by the Company’s Chief Financial Officer; 

  

	 	(vi)	 Assist Company’s management in the development of a successful group of branch offices in the Region; and

  

	 	(vii)	 Assist and cooperate with Company in responding to investor inquiries related to loans originated in the Region
(e.g., documentation of deficiencies, repurchases, etc.). 

  

	 	(b)	 Employee shall also perform any other or additional duties that are assigned by Company from time to time or that are
contained in this Agreement or in the manuals, guidelines, memoranda, e-mails and other materials that set forth the Company’s policies and procedures (“Company Policies”).

  

	1.3	 Duty to Comply with Company Policies. Employee shall comply with all duties and requirements imposed on
Employee, as a Senior Vice President and employee, as set forth in the Company Policies, and shall cause all employees of Company who are assigned to work at the Region’s branch offices (the “Region Employees”) to comply with the
Company Policies. The Company Policies are effective as of the date of issuance, unless otherwise specified. Company may modify the Company Policies at any time in its sole discretion. 

 

	1.4	 Duty of Loyalty. Employee shall devote appropriate time and attention to his/her activities for and on behalf of
Company. Employee shall assist and work for only the Company and no other employer, lender, broker or other entity, and shall not engage in any way in any mortgage lending or brokering, loan processing or underwriting services, loan modification
services, real estate sales or acquisition, closing, settlement or title-related services, credit repair, credit counseling, borrower assistance or other business or service of the same or similar nature. 

Guild Senior Vice President 

  
 Page 1 of 5 

 Additionally, Employee may not own an interest in any entity engaging in any such
activities, other than a passive investment of less than one percent (1%), without the prior written consent of Company. 
  

	1.5	 Regulatory Compliance. Employee is familiar with and shall comply, and cause the Region Employees to comply,
with the Company Policies and all applicable federal, state and local laws, ordinances, rules, regulations, guidelines and other requirements pertaining to the mortgage banking industry, to the business of Company, and to the origination,
processing, underwriting, closing, or funding of mortgages, or other activities of the Company, including but not limited to the Equal Credit Opportunity Act, Gramm-Leach-Billey Act, Truth in Lending Act, Real Estate Settlement Procedures Act, USA
PATRIOT Act, Home Mortgage Disclosure Act, Federal Trade Commission Act, Telemarketing and Consumer Fraud and Abuse Prevention Act, Fair Credit Reporting Act, Fair Housing Act, Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (the
“SAFE Act”), Dodd-Frank Wall Street reform and Consumer Protection Act and all related regulations to the foregoing Acts, and all similar federal, state and local laws, rules, regulations and requirements, federal and state telemarketing
and do-not-call laws, rules and regulations, and all applicable guidelines and requirements of the United States Department of Housing and Urban Development
(“HUD”), Department of Veterans Affairs (“VA”), Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”), Federal National Mortgage Association (“FNMA” or “Fannie Mae”), Government
National Mortgage Association (‘GNMA” or “Ginnie Mae”), United States Department of Agriculture (“USDA”) and all other applicable agencies, investors and insurers (altogether, the Company Policies and all such
applicable laws, rules, regulations, guidelines and other requirements are referred to herein as the “Applicable Requirements”), in each case as amended from time to time. Employee agrees to develop and maintain his/her knowledge and
understanding of all such Applicable Requirements. For purposes of emphasis, and without limitation of the foregoing, for the entire terms of this Agreement, Employee shall: 

 

	 	(a)	 Not charge, nor allow any Region Employee to charge, any consumer any fees in excess of that permitted under Applicable
Requirements; 

  

	 	(b)	 Ensure compliance with all applicable (i) federal licensing and registration requirements, including without
limitation those pursuant to the SAFE Act, (ii) state licensing and registration requirements of each state where Employee or any Region Employee engages in loan origination activities, and (iii) the registration and compliance
requirements of the Nationwide Mortgage Licensing System Registry (“NMLSR”), for all Region Employees; and 

  

	 	(c)	 Comply with the provisions of the final rule revising Regulation Z to add provisions on loan originator compensation
and steering, published by Federal Reserve Board on September 24, 2010 (75 Fed. Reg. 58509), as it may be amended from time to time. 

  

	1.6	 Certain Restrictions and Requirements. 

 

	 	(a)	 Except as expressly provided herein, Employee will not, and shall have no authority to (and will not permit the Region
Employees to): 

  

	 	(i)	 Enter into, act on behalf of, or bind Company with respect to any contract, commitment or agreement, unless Employee
has first been expressly authorized in writing by an officer of Company. 

  

	 	(ii)	 Control the underwriting process. 

 

	 	(iii)	 Close or arrange for the closing of any loan in the name of any person or entity other than Company, unless authorized
in advance by Company. 

  

	 	(iv)	 Use any name, trade name, trade mark, service mark or logo of Company or an affiliate of Company for advertising,
marketing or other business purposes without the prior written approval of an officer of Company. 

  

	 	(v)	 Incur any expenses or obligations on behalf of Company unless permitted in the Company Policies or unless Company
provides its prior written approval. Employee shall promptly submit invoices and other supporting documentation for reimbursement of permitted expenses in accordance with the Company Policies. 

 

	 	(vi)	 Undertake or implement any business development plans or activities, without the prior approval of Company.

  

	 	(vii)	 Use any forms or documents in connection with any application or origination of any loan, other than those forms and
documents provided to the Branch by Company or otherwise approved by Company. If Employee or a Region Employee desires to use any form or document not provided by Company, Employee must first submit the item to Company for approval.

  

	 	(viii)	 Use any Company e-mail addresses or technology, other than for the performance
of Employee’s and 

 Guild Senior Vice President 

  
 Page 2 of 5 

 the Region Employees’ respective duties on behalf of Company. Notwithstanding the
foregoing, Employee is permitted to make limited use of Company e-mail addresses and technology for purposes other than the performance of Employee’s duties on behalf of Company, provided such use is
reasonable and in compliance with applicable federal, state and local law. 
  

	 	(b)	 All underwriting for the Region’s branch offices shall be performed in accordance with the procedures and
standards imposed by Company or provided in the Company Policies. All underwriters must be qualified and experienced underwriters, as determined by Company, and shall be under the supervision of and report to Company’s Corporate Underwriting
Supervisor. Delegation of underwriting authority will be based on performance and at the sole discretion of Company. 

  

	 	(c)	 Employee shall not cause the Region or any branch office in the Region to incur any expenses in the excess of $7,500 or
outside the ordinary course of business without the prior written consent of Company. 

  

	1.7	 Remittance of Funds. Employee shall cause fees, charges, funds, and other amounts received by Employee, by any
Region Employee or by the Region’s branch offices to be remitted to the applicable office of Company in accordance with Company Policies. 

  

	1.8	 Certain Employee Representations. Without limiting any obligations of Employee, Employee hereby represents and
warrants to Company at all times during employment as follows: 

  

	 	(a)	 Employee’s employment with Company will not violate or conflict with any obligations Employee owes to any
individual or entity, including without limitation, obligations arising out of or relating to (i) any non-compete, non-disclosure,
non-solicitation or confidentiality agreements or provisions, and (ii) any prior employer or employment. 

  

	 	(b)	 Employee knows of no reason why Employee could not or should not accept an offer of employment from Company, or
otherwise be employed by Company. Employee has not been subject to any investigation or sanction of any type, or denied any license or approval, by any federal, state or local government, quasi-government and private industry authority, including
but not limited to any licensing authority. 

  

	1.9	 Committing Rates and Pricing. Employee shall manage the Region and impose procedures necessary to ensure that
loans are consistently locked in accordance with Company Policies and locked with Company’s secondary marketing department with the same program, rate and price that were committed to the customer. 

 

	1.10	 Truthfulness. At all times during the term of this Agreement, Employee agrees not to withhold or misrepresent
material facts with regard to an applicant’s income, assets, investments, debts, obligations, circumstances and information on the subject property. It is Employee’s obligation and responsibility to disclose any and all information
regarding an applicant’s state of affairs that would customarily be taken into consideration in the evaluation of an applicant’s creditworthiness. At no time will Employee advise an applicant to provide, or assist an applicant in
providing, inaccurate information in relation to a loan application. 

  

	1.11	 Forwarding Notices. Within three (3) days of the receipt thereof, Employee shall forward to Company’s
principal office, marked to the attention of Senior Vice President, Retail Production Manager, all notices received by Employee, including notices from any regulatory agencies, legal summons, garnishments, attachments, executions, noticed of
intended legal or administrative action, and any other notices which may require a response by Company. 

 ARTICLE II – EMPLOYEES 

 

	2.1.	 Region Employees. Company shall be entitled to conduct interviews and background checks on all Region Employees
prior to their hire date by Company, in the same manner as Company might or could do in making any other employee hiring decision generally. All Region Employees will be hired as new employees of Company, and Company shall have no liability or
responsibility for any obligation or liability related to any period of time prior to the time of such hiring. While Company will consider Employee recommendations regarding hiring, discipline and termination, all decisions to hire, terminate and
discipline employees shall be made solely by Company and are solely within Company’s discretion. Employee shall, and shall cause Region Employees to, participate in training sessions as required by Company from time to time.

 ARTICLE III – TERM AND TERMINATION 
  

	3.1	 At-Will Employment. Notwithstanding anything to the contrary herein:
(a) the Parties hereby agree and acknowledge that the employment relationship between them is wholly an “at-will” relationship, and neither Party shall have any obligation (whether arising by
law, implication, custom or otherwise) to extend, maintain or continue Employee’s employment with Company; (b) Employee’s employment can be terminated at will, with or 

Guild Senior Vice President 

  
 Page 3 of 5 

 without cause, and with or without reason, at any time, upon notice; (c) no
employee or representative of Company has the authority to modify this at will nature of the employment except for the President of Company, and any such modification must be in a specific written agreement signed by both Employee and Company by its
President. 
  

	3.2	 Termination upon Death. If employee dies while employed hereunder, Employee’s employment and
Employee’s rights to compensation hereunder shall automatically terminate (without notice) at the close of business on the date on which disability occurs. Company shall pay Employee any compensation earned by Employee as of the date of such
termination in accordance with the normal payroll practices of Company or as otherwise required under applicable law. . 

  

	3.3	 Company Property. All loans initiated and handled by Employee while employed by Company, and all related
information, shall at all times remain the sole and exclusive property of Company. Employee agrees to promptly return to Company immediately upon request, at any time, and upon termination of employment, all Company property, including office keys,
access cards, any electronic communications equipment issued by the Company, documents, files, correspondence and notes, containing or relating to Confidential Materials (defined below), and including but not limited to information obtained from the
customers and prospective customers contacted by Employee, and the loans handled by Employee, while employed by Company, without keeping any copies. Employee shall assist Company in securing all original loan files and copies thereof, as requested
by Company. 

 ARTICLE IV – COMPENSATION AND BENEFITS 
  

	4.1.	 Compensation. At all times during Employee’s employment, as full compensation, Company hereby agrees to pay
Employee as set forth below and in Exhibit A. The Company at all times shall have the right to modify the applicable compensation formula on a prospective basis upon notice to Employee. Compensation shall be paid to Employee at such times and
in a manner consistent with Company Policies as may be in effect from time to time. 

  

	4.2.	 Benefits. While employed by Company, Employee shall be entitled to the rights and benefits under any employee
benefit plans provided by Company to similarly situated employees. 

  

	4.3.	 Sole Compensation. Other than as provided for in this Article IV, Employee shall not be entitled to any
other compensation or benefits. 

 ARTICLE V – MISCELLANEOUS PROVISIONS 

 

	5.1	 Severability. The invalidity or unenforceability of any term or provision contained in this Agreement shall not
void or impair the remaining provisions hereof, which shall remain in full force and effect as if such invalid or unenforceable provision had never been contained herein. 

 

	5.2	 Modifications, Alterations and Amendments. Company reserves the right to modify, alter or amend this Agreement
prospectively upon written notice to Employee. Such modifications shall not affect commissions earned but not paid. Employee’s continued employment after written notice of the modification, alteration or amendment shall constitute
Employee’s acceptance of the modification, alteration or amendment. No modification, alteration or amendment of Employee’s at-will status is effective, however, unless it is in writing and signed by
Employee and an officer of Company. 

  

	5.3	 Further Assurances. Employee agrees to execute, acknowledge and deliver or cause to be executed, acknowledged
and delivered all such further documents that Company reasonably deems necessary or appropriate to carry out the terms and provisions of this Agreement. 

  

	5.4	 No Waiver. No waiver by Company of any condition, or the breach of any term, covenant, representation or
warranty contained herein, whether by conduct or otherwise, by Employee in any one or more instances shall be deemed or construed as a further or continuing waiver of any such term, condition, representation or warranty set forth in the Agreement.
Any waiver must be in writing in order to be enforceable against Company. 

  

	5.5	 Successors and Assigns. Company may assign its rights and duties hereunder provided that the assignee is the
successor, by operation of law or otherwise, to the business of Company. Employee’s rights and obligations under this Agreement shall not be assignable absent Company’s prior written consent, which Company may withhold in its sole and
absolute discretion. 

  

	5.6	 Survival. Notwithstanding anything herein to the contrary, Section 1.7, 3.3, 4.3, and Article V
shall survive termination of this Agreement and/or termination or resignation of Employee’s employment with Company. 

  

	5.7	 Notice. Any and all notices, demands or requests required or permitted to be given under this Agreement shall be
given in writing and sent, by registered or certified U.S. mail, return receipt requested, by hand, or by 

 Guild Senior Vice
President 

  
 Page 4 of 5 

 overnight courier, addressed to the other Party hereto at its address set forth below,
or such other address as such Party may from time-to-time designate by written notice, given in accordance with the terms of this Section. 

If to Company: 
 Guild
Mortgage Company 
 5898 Copley Drive, 4th Floor 

San Diego, CA 92111 

If to Employee, to the address provided in connection with the signature line below or to the most current address on file in Company
records. 
 Notice shall be deemed effective: (a) on the date hand delivered, (b) on the first business day following the
sending thereof by overnight courier, and (c) on the fifth calendar day (or, if it is not a business day, then the next succeeding business day thereafter) after the depositing thereof into the exclusive custody of the U.S. Postal Service,
except for a notice of change of address, which shall be deemed effective only upon receipt. 
  

	5.8	 Construction. In the event of an ambiguity or if a question of intent or interpretation arises, this Agreement
shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement. The Section headings contained in
this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

  

	5.9	 No Third-Party Beneficiaries. This Agreement is not intended, and shall not be deemed, to confer upon or give
rights to any person except as otherwise expressly provided herein. 

  

	5.10	 Counterparts. This Agreement may be executed in any number of counterparts, and each such counterpart shall be
deemed an original instrument. 

  

	5.11	 Entire Agreement. This Agreement sets forth all the promises, covenants, agreements and conditions between the
Parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, inducements or conditions, expressed or implied, oral, written or otherwise, except as set forth herein.

  

	5.12	 Cooperation. At all times during and after separation of employment, the Parties hereto shall cooperate in
effecting an orderly transition of the business contemplated by this Agreement to avoid any interruption in the handling of the business contemplated by this Agreement. 

 

	5.13	 Consultation. Employee agrees and acknowledges that, prior to signing, Company has granted Employee sufficient
time to review the Agreement, including allowing Employee (in Employee’s sole discretion) to take the Agreement home for further study and review. Employee further understands that the terms and conditions of this Agreement may be negotiated.
Company has encouraged Employee to freely discuss the terms of this Agreement with others, including any lawyer of Employee’s choosing, prior to signing. 

 

	5.14	 No Reliance. Employee is not resigning Employee’s employment or relocating a residence in reliance on any
promise or representation by Company regarding any guaranteed length of employment or guaranteed compensation by Company. 

  

	5.15	 Withholding. Employee acknowledges that all compensation earned under this Agreement shall be subject to
applicable withholding and deductions. 

  

	5.16	 Incorporation. The attachments identified in this Agreement constitute a part of this Agreement and are hereby
expressly and specifically incorporated herein by reference in their entirety as if fully set forth in this Agreement. Employee is also required acknowledge and understand the terms described in Exhibit B to this Agreement entitled “Employee
Confidentiality and Restrictive Covenant Agreement”. 

 IN WITNESS WHEREOF, the Parties hereto have caused their names to
be hereunto subscribed, all as of the day and year first above written. 
  

					
		  	 DocuSigned by:
	  	
	     David Neylan
	  	 /s/ David Neylan
	  	 6/17/2016

	 Employee Name  
	  	 Employee Signature
	  	      Date

			
		  	 DocuSigned by:
	  	
	     Mary Ann McGarry
	  	 /s/ Mary Ann McGarry
	  	 6/17/2016

	 Manager Name
	  	 Manager Signature
	  	      Date

 Guild Senior Vice President 

  
 Page 5 of 5 

 

 
 EXHIBIT A 

VICE PRESIDENT COMPENSATION 
 Employee’s
compensation shall be determined and calculated in accordance with this Exhibit A. Notwithstanding anything to the contrary herein, the timing of payments of compensation shall at all times be subject to Company’s Policies regarding
payroll practices in effect from time to time, and Company may, in its sole and absolute discretion, change the commission amounts and formulas set forth in this Exhibit A, and the manner and schedule of payment, at any time, but no such
change will affect any compensation already earned by Employee as of the date the change is announced. 
  

	I.	 Employee Compensation. For each pay period, Employee shall earn compensation equal to:

  

	 	A.	 Guaranteed Salary. “Guaranteed Salary” means $13,000.00 a month, but under no circumstances in
an amount less than equal to the minimum amount per workweek required by applicable local, state and federal law, which is paid in accordance with applicable Company Policies. 

 

	 	B.	 Monthly Override Amount. “Override Amount” means the amount paid to Employee for his/her managerial
responsibilities. The Monthly Override will be considered earned and paid out 30 days after the end of the performance month in accordance with Company payroll practices in effect, as may be revised from time to time. For example, monthly override
for February in-house closed loan volume will be paid at the end of March. 

  

	 	•	 	 2 Basis Points monthly override on all in-house closed loan production for
Corresponding Lending and FIS Tier 2. 

  

	 	•	 	 0.75 Basis Point monthly override on all in-house closed loan production for
Direct Lending (including 437/1032) and FIS Tier 1. After each fiscal quarter end, if the in-house closed loan volume is higher than the first tier on the table below, there will be a true-up and the employee will receive the difference between the bps earned per the table below and the basis points paid monthly. The Quarterly True-up will be considered
earned and paid out at the end of the month, following the previous quarter, in accordance with Company payroll practices in effect, as may be revised from time to time. For example, monthly override for Q1
in-house closed loan volume will be paid at the end of April. 

  

			
	 In-house closed loan volume
in
 Direct Lending (including 437/1032) and

FIS Tier 1
	  	Basis Points
	$0 - $49,999,999	  	0.75
	$50,000,000 - $94,999,999	  	1.50
	$62,500,000 - $74,999,999	  	2.25
	$75,000,000 +	  	3.00

 Definitions. 

A “Basis Point” is equal to one hundredth of one percentage point (0.01%) of the gross loan amount stated in the Note at
settlement. 
 An “In-House Loan” is defined as a company closed and funded
residential mortgage loan that is (a) closed and funded by Company in accordance with Applicable Requirements, in the period in which the Override Amount is calculated; and (b) not unfunded, cancelled or rescinded for any reason within
five (5) days after settlement. 
 Vice President Exhibit A 

  

A-1 

	II.	 Quarterly Bonus . 

The Quarterly Bonus is based on a calendar quarter, for example the first quarter commences on January 1st and ends on March 30th. The Quarterly Bonus will be paid out at the end of the month, following the previous quarter, in accordance with Company
payroll practices in effect, as may be revised from time to time. 
 Recapture : 

Employee is eligible to earn a Quarterly Bonus that is based upon the Recapture Report as prepared by Company’s Finance Department. 

 

			
	  
 Overall
Company Recapture %
  
 Financing of a new loan (purchase or
refinance) resulting from the
 payoff of an existing Guild portfolio loan for the same borrower.

 
	  	    Bps on Overall Company    

Recapture Volume

	0 – 9.99	  	0.00
	10.00 – 24.99	  	0.50
	25.00 – 29.99	  	0.75
	30.00 – 34.99	  	1.00
	35.00 – 39.99	  	1.25
	40.00 +	  	1.50
		  	
	 Overall Company Purchase Recapture %

 
 Financing of a new purchase transaction resulting from the

payoff of an existing Guild portfolio loan for the same borrower.
  
	  	Bps on Overall Company

Purchase Recapture Volume

	0 – 6.99	  	1.50
	7.00 – 9.99	  	2.00
	10.00 – 12.99	  	2.50
	13.00 – 14.99	  	3.00
	15.00 – 17.99	  	3.50
	18.00 +	  	4.00

 Direct Lending (including 437/1032) and FIS Tier 1: 

Employee is eligible to earn a Quarterly Bonus that is based upon the Regional Contribution shown per the Regional Contribution Report as prepared by
Company’s Finance Department for each Region. Regional Contribution is defined as the total of Region Income, Marketing Income and Operation Center Contributions minus Region Expense. 

 

			
	 Column A – Regional Contribution in

Direct Lending (including 437/1032) and
 FIS
Tier 1
 (in Basis Points)
	  	            
Column B - Quarterly Bonus            
 (in Basis
Points)

	0 – 35.00	  	0.25
	35.01– 85.00	  	0.75
	85.01 – 135.00	  	1.25
	135.01– 185.00	  	1.75
	185.01– 220.00	  	2.25
	220.01– 255.00	  	2.75
	255.01 +	  	3.00

 Vice President Exhibit A 

  

A-2 

 Correspondent Lending and FIS Tier 2 (effective beginning 2016 Q3) : 

Employee is eligible to receive a Quarterly Bonus that is based upon the total Region Income less the total Region Expenses for the quarter. The amount
in Column A, expressed in Basis Points, is equal to the total Income for the quarter, plus fee income, less any concessions (commitment price less amount due to outside Correspondent Client) and less Expenses for the quarter. 

 

			
	 Column A - Net Income in

Corresponding Lending and FIS Tier 2
 (in Basis
Points)
	  	
Column B - Quarterly Bonus
 (in Basis
Points)

	0 – 4.99	  	0.5
	5.00 – 9.99	  	1.0
	10.00 – 14.99	  	1.5
	15.00 – 19.99	  	2.0
	20.00 – 39.99	  	2.5
	40.00 +	  	3.5

  

	A.	 Regional Net Income or Net Loss. Regional net income (“Net Income”) or net loss (“Net Loss”)
shall be the difference between Region Income (defined below) and Region Expense (defined below) shown per the Profit and Loss Statement (“P&L”) as prepared by Company’s finance department for each of the Region’s branches
and then consolidated with the income and expense of the Regional Sales Office.     

  

	 	(1)	 For purposes of this Exhibit A, no Net Income can be achieved unless and until all Cumulative Net Losses are offset by
subsequent monthly profits of the Region branches and the Regional Sales Office. “Cumulative Net Losses” means any Net Loss that is not subsequently offset by Net Income since the Closing Date. Any Cumulative Net Losses shall be carried
forward from month to month on the P&L of the Region’s branches without regard to fiscal or contract years until fully offset by profits of the Region’s branches.     

	 	(2)	 Income and Expenses related to the new branches added to the Region during the year will be excluded from the Quarterly
Bonus Calculation for the first two (2) full months of operation if they are negative. After two full months of operation, the cumulative profit (loss) will be included in the cumulative calculation of the Quarterly Bonus. This does not apply
to satellite branches. 

  

	B.	 Region Income.     

	 	(1)	 “Region Income” shall include the following: 

	 	(a)	 All of the actual income generated by the Region’s branch offices (“Total Branch Income”), including:

	 	1.	 The origination fees collected on loans the Region’s branches closed and which are warehoused and setup by the
last day of the month or caused to be closed by others (brokered); provided that the checks for brokered loans must be received by Company’s accounting department in San Diego by the last day of the month; 

	 	2.	 Miscellaneous fees collected from application through closing; 

	 	3.	 Discount overage or loss (all fees paid to other approved mortgage companies will be deducted from discount overage and
the net figure will be shown). Discount overage or loss is the difference between the price set by Company’s Marketing Department for a particular loan and the actual price at which the loan is funded, where price is expressed as a percentage
of par. A positive difference on a particular loan is a discount overage, a negative difference is a discount loss. This discount overage or loss shall apply to FHA, VA, and conventional loans. Under some loan programs, the borrower has the option
of obtaining a loan at a higher interest rate in order to obtain what is commonly referred to as a “marketing rebate” on the discount points. The rebate is generally applied towards the borrower’s closing costs, including loan
origination fees, underwriting, document preparation, processing, credit report, appraisal, title, and escrow fees. All such closing costs and fees paid out of a marketing rebate will be deducted from the discount overage. The standard closing costs
and fees vary by region, are set by Company’s corporate office, and may vary from time to time. 

  

	 	(2)	 Income shall not include: 

  

	 	(a)	 Net warehouse interest income (or loss); 

	 	(b)	 The actual gain or loss which results from purchases of loans by investors; provided, however, that such gain or loss
shall be reflected in the P&L of the Regional Office; and 

	 	(c)	 Any other additional fees which may be designated in Company’s sole discretion as home office fees as they may
change from time to time, in Company’s sole discretion. 

 Vice President Exhibit A 

  

A-3 

	 	(3)	 Region Income shall be offset by legal expenses incurred as a result of the operations of the Region. Legal expenses
shall include the cost of attorney’s fees, litigation costs, court fees and settlements of claims, actions or disputes arising from the operations of the Region. 

 

	C.	 Region Expenses. “Region Expenses” are amounts equivalent to: 

 

	 	(1)	 All of the actual expenses incurred by the Region’s branch offices and amounts allocated to the Region’s
branch offices by the Company (“Total Branch Expenses”), including, but not limited to: 

	 	(a)	 Any underwriting functions performed at the branch level; 

	 	(b)	 Waived or uncollected borrower fees; and 

	 	(c)	 Tolerance errors and other pricing adjustments;     

 

	 	(2)	 All of the actual expenses incurred and expenses allocated to the Regional Sales Center, including:

	 	(1)	 All direct business expenses, including personnel, payroll and group insurance expenses, travel, sales rallies and
other events, training and education expenses, employee relation expenses, etc. attributable to the Region Sales Center (expenses are to be charged against each month in which services are rendered, or in the case of
year-end, the year in which services are rendered) 

	 	(2)	 General overhead expenses incurred by the Region Sales Center such as utilities, office materials, supplies and
services; rent expenses for furniture, fixtures and equipment; 

	 	(3)	 Advertising and marketing costs; 

	 	(4)	 Any bonus paid to a branch, district or area manager, assistant manager or other employee within the Region
(Employee’s Quarterly Bonus will not be considered a Region Expense when calculating the Quarterly Bonus); 

	 	(5)	 Employee’s salary and override amounts; 

	 	(6)	 Administrative staff compensation and services; 

	 	(7)	 Errors and Omissions, Liability, Property and Bonding insurance costs; (8) Amounts debited from the Regional
Reserve Account; and 

  

	 	(3)	 Other reasonable expenses incurred by Company in connection with the Region, as determined by Company in its sole
discretion. 

  

	III.	 Periodic Reviews. Periodically, Company will evaluate the commission amounts paid to its employees based
on factors such as loan performance, transaction volume, and current market conditions, and prospectively revise the compensation it agrees to pay to Employee. Company shall have the right, at its sole discretion, to modify this compensation
schedule (Exhibit A), in whole or in part, at any time. In such event, Company shall issue and deliver to Employee a new Exhibit A which reflects such changes which shall, as of the effective date stated thereon, supersede and replace
the prior Exhibit A. 

 This Exhibit A will apply to all loan closings occurring on or after January 1,
2017, until such time that the Agreement or this Exhibit A is modified. 
  

					
	 EMPLOYEE
	 		  	 GUILD MORTGAGE COMPANY

			
	 By:         /s/ David
Neylan                                        
        
	 	
                        

	  	 By:         /s/ Mary Ann
McGarry                                    

			
	 Name: David Neylan
	 		  	 Name:         Mary Ann
McGarry                                    

			
	 Date:
                4/24/2017                       
                         
	 		  	 Date:         4/24/2017

 Vice President Exhibit A 

  

A-4EX-10.8

 Exhibit 10.8 

THE EXECUTIVE NONQUALIFIED EXCESS PLAN 

PLAN DOCUMENT 

 THE EXECUTIVE NONQUALIFIED EXCESS PLAN 

Section 1.     Purpose: 

By execution of the Adoption Agreement, the Employer has adopted the Plan set forth herein, and in the Adoption Agreement, to provide a means
by which certain management Employees or Independent Contractors of the Employer may elect to defer receipt of current Compensation from the Employer in order to provide retirement and other benefits on behalf of such Employees or Independent
Contractors of the Employer, as selected in the Adoption Agreement. The Plan is intended to be a nonqualified deferred compensation plan that complies with the provisions of Section 409A of the Internal Revenue Code (the “Code”). The
Plan is also intended to be an unfunded plan maintained primarily for the purpose of providing deferred compensation benefits for a select group of management or highly compensated employees under Sections 201(2), 301(a)(3) and 401(a)(l) of the
Employee Retirement Income Security Act of 1974 (“ERISA”) and independent contractors. Notwithstanding any other provision of this Plan, this Plan shall be interpreted, operated and administered in a manner consistent with these
intentions. 
 Section 2.     Definitions: 

As used in the Plan, including this Section 2, references to one gender shall include the other, unless otherwise indicated by the
context: 
 2.1     “Active Participant” means, with respect to any day or date, a Participant who is
in Service on such day or date; provided, that a Participant shall cease to be an Active Participant (i) immediately upon a determination by the Committee that the Participant has ceased to be an Employee or Independent Contractor, or
(ii) at the end 

  
 1 

 
of the Plan Year that the Committee determines the Participant no longer meets the eligibility requirements of the Plan. 

2.2     “Adoption Agreement” means the written agreement pursuant to which the Employer adopts the Plan.
The Adoption Agreement is a part of the Plan as applied to the Employer. 
 2.3     “Beneficiary” means
the person, persons, entity or entities designated or determined pursuant to the provisions of Section 13 of the Plan. 
 2.4
    “Board” means the Board of Directors of the Company, if the Company is a corporation. If the Company is not a corporation, “Board” shall mean the Company. 

2.5     “Change in Control Event” means an event described in Section 409A(a)(2)(A)(v) of the Code
(or any successor provision thereto) and the regulations thereunder. 
 2.6     “Committee” means the
persons or entity designated in the Adoption Agreement to administer the Plan. If the Committee designated in the Adoption Agreement is unable to serve, the Employer shall satisfy the duties of the Committee provided for in Section 9. 

2.7     “Company” means the company designated in the Adoption Agreement as such. 

2.8     “Compensation” shall have the meaning designated in the Adoption Agreement. 

2.9     “Crediting Date” means the date designated in the Adoption Agreement for crediting the amount of
any Participant Deferral Credits or Employer Credits to the Deferred Compensation Account of a Participant. 

  
 2 

 2.10     “Deferred Compensation Account” means the
account or accounts maintained with respect to each Participant under the Plan. The Deferred Compensation Account shall be credited with Participant Deferral Credits and Employer Credits, credited or debited for deemed investment gains or losses,
and adjusted for payments in accordance with the rules and elections in effect under Section 8. As permitted in the Adoption Agreement, the Deferred Compensation Account of a Participant may consist of one or more accounts including In-Service or Education Accounts, if applicable. A Participant may elect payment options for each account as described in Section 7.1 and deemed investments for each account as described in Section 8.2.

 2.11     “Disabled or Disability” means Disabled or Disability within the meaning of
Section 409A of the Code and the regulations thereunder. Generally, this means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than 12 months, or is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to
last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering Employees of the Employer. 

2.12     “Education Account” is an In-Service Account which will
be used by the Participant for educational purposes. 
 2.13     “Effective Date” shall be the date
designated in the Adoption Agreement. 

  
 3 

 2.14     “Employee” means an individual in the Service
of the Employer if the relationship between the individual and the Employer is the legal relationship of employer and employee. An individual shall cease to be an Employee upon the Employee’s Separation from Service. 

2.15     “Employer” means the Company, as identified in the Adoption Agreement, and any Participating
Employer which adopts this Plan. An Employer may be a corporation, a limited liability company, a partnership or sole proprietorship. 

2.16     “Employer Credits” means the amounts credited to the Participant’s Deferred Compensation
Account by the Employer pursuant to the provisions of Section 4.2. 
 2.17     “Grandfathered Amounts”
means, if applicable, the amounts that were deferred under the Plan and were earned and vested within the meaning of Section 409A of the Code and regulations thereunder as of December 31, 2004. Grandfathered Amounts shall be subject to the
terms designated in the Plan which were in effect as of October 3, 2004. 
 2.18     “Independent
Contractor” means 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. An individual shall cease to be an Independent Contractor
upon the termination of the Independent Contractor’s Service. An Independent Contractor shall include a director of the Employer who is not an Employee. 

2.19     “In-Service Account” means a separate account to be kept
for each Participant that has elected to take in-service distributions as described in Section 5.4. The In-Service Account shall be adjusted in the same manner and
at the same time as the 

  
 4 

 
Deferred Compensation Account under Section 8 and in accordance with the rules and elections in effect under Section 8. 

2.20     “Normal Retirement Age” of a Participant means the age designated in the Adoption Agreement.

 2.21     “Participant” means with respect to any Plan Year an Employee or Independent Contractor who
has been designated by the Committee as a Participant and who has entered the Plan or who has a Deferred Compensation Account under the Plan; provided that if the Participant is an Employee, the individual must be a highly compensated or management
employee of the Employer within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. 
 2.22
    “Participant Deferral Credits” means the amounts credited to the Participant’s Deferred Compensation Account by the Employer pursuant to the provisions of Section 4.1. 

2.23     “Participating Employer” means any trade or business (whether or not incorporated) which adopts
this Plan with the consent of the Company identified in the Adoption Agreement. 
 2.24     “Participation
Agreement” means a written agreement entered into between a Participant and the Employer pursuant to the provisions of Section 4.1 

2.25     “Performance-Based Compensation” means compensation where the amount of, or entitlement to, the
compensation is contingent on the satisfaction of preestablished organizational or individual performance criteria relating to a performance period of at least twelve months. Organizational or individual performance criteria are considered
preestablished if established in writing within 90 days after the 

  
 5 

 
commencement of the period of service to which the criteria relates, provided that the outcome is substantially uncertain at the time the criteria are established. Performance-based compensation
may include payments based upon subjective performance criteria as provided in regulations and administrative guidance promulgated under Section 409A of the Code. 

2.26     “Plan” means The Executive Nonqualified Excess Plan, as herein set out and as set out in the
Adoption Agreement, or as duly amended. The name of the Plan as applied to the Employer shall be designated in the Adoption Agreement. 

2.27     “Plan-Approved Domestic Relations Order” shall mean a judgment, decree, or order (including the
approval of a settlement agreement) which is: 
 2.27.1 Issued pursuant to a State’s domestic relations law; 

2.27.2 Relates to the provision of child support, alimony payments or marital property rights to a Spouse, former Spouse, child or other
dependent of the Participant; 
 2.27.3 Creates or recognizes the right of a Spouse, former Spouse, child or other dependent of the
Participant to receive all or a portion of the Participant’s benefits under the Plan; 
 2.27.4 Requires payment to such person of
their interest in the Participant’s benefits in a lump sum payment at a specific time; and 
 2.27.5 Meets such other requirements
established by the Committee. 
 2.28     “Plan Year” means the twelve-month period ending on the last
day of the month designated in the Adoption Agreement; provided that the initial Plan Year may have fewer than twelve months. 
 2.29
    “Qualifying Distribution Event” means (i) the Separation from Service of the Participant, (ii) the date the Participant becomes Disabled, (iii) the death of the Participant, (iv) the time
specified by the Participant for an In-Service or Education 

  
 6 

 
Distribution, (v) a Change in Control Event, or (vi) an Unforeseeable Emergency, each to the extent provided in Section 5. 

2.30     “Seniority Date” shall have the meaning designated in the Adoption Agreement. 

2.31     “Separation from Service” or “Separates from Service” means a “separation
from service” within the meaning of Section 409A of the Code. 
 2.32     “Service” means
employment by the Employer as an Employee. For purposes of the Plan, the employment relationship is treated as continuing intact while the Employee is on military leave, sick leave, or other bona fide leave of absence if the period of such leave
does not exceed six months, or if longer, so long as the Employee’s right to reemployment is provided either by statute or contract. If the Participant is an Independent Contractor, “Service” shall mean the period during which the
contractual relationship exists between the Employer and the Participant. The contractual relationship is not terminated if the Participant anticipates a renewal of the contract or becomes an Employee. 

2.33     “Service Bonus” means any bonus paid to a Participant by the Employer which is not
Performance-Based Compensation. 
 2.34     “Specified Employee” means an Employee who meets the
requirements for key employee treatment under Section 416(i)(l)(A)(i), (ii) or (iii) of the Code (applied in accordance with the regulations thereunder and without regard to Section 416(i)(5) of the Code) at any time during the twelve
month period ending on December 31 of each year (the “identification date”). If the person is a key employee as of any identification date, the person is treated as a Specified Employee for the twelve-month period

  
 7 

 
beginning on the first day of the fourth month following the identification date. Unless binding corporate action is taken to establish different rules for determining Specified Employees for all
plans of the Company and its controlled group members that are subject to Section 409A of the Code, the foregoing rules and the other default rules under the regulations of Section 409A of the Code shall apply. 

2.35     “Spouse” or “Surviving Spouse” means, except as otherwise provided in the Plan,
a person who is the legally married spouse or surviving spouse of a Participant. 
 2.36     “Unforeseeable
Emergency” means an “unforeseeable emergency” within the meaning of Section 409A of the Code. 
 2.37
    “Years of Service” means each Plan Year of Service completed by the Participant. For vesting purposes, Years of Service shall be calculated from the date designated in the Adoption Agreement and Service shall be
based on service with the Company and all Participating Employers. 
 Section 3.
    Participation: 
 The Committee in its discretion shall designate each Employee or Independent Contractor
who is eligible to participate in the Plan. A Participant who Separates from Service with the Employer and who later returns to Service will not be an Active Participant under the Plan except upon satisfaction of such terms and conditions as the
Committee shall establish upon the Participant’s return to Service, whether or not the Participant shall have a balance remaining in his Deferred Compensation Account under the Plan on the date of the return to Service. 

Section 4.     Credits to Deferred Compensation Account: 

4.1     Participant Deferral Credits. To the extent provided in the Adoption

  
 8 

 
Agreement, each Active Participant may elect, by entering into a Participation Agreement with the Employer, to defer the receipt of Compensation from the Employer by a dollar amount or percentage
specified in the Participation Agreement. The amount of Compensation the Participant elects to defer, the Participant Deferral Credit, shall be credited by the Employer to the Deferred Compensation Account maintained for the Participant pursuant to
Section 8. The following special provisions shall apply with respect to the Participant Deferral Credits of a Participant: 
 4.1.1
    The Employer shall credit to the Participant’s Deferred Compensation Account on each Crediting Date an amount equal to the total Participant Deferral Credit for the period ending on such Crediting Date. 

4.1.2     An election pursuant to this Section 4.1 shall be made by the Participant by executing and delivering a
Participation Agreement to the Committee. Except as otherwise provided in this Section 4.1, the Participation Agreement shall become effective with respect to such Participant as of the first day of January following the date such Participation
Agreement is received by the Committee. A Participant’s election may be changed at any time prior to the last pennissible date for making the election as permitted in this Section 4.1, and shall thereafter be irrevocable. Any election of a
Participant shall continue in effect for the time period as set forth in the Adoption Agreement and shall be described as evergreen or non-evergreen as appropriate. 

4.1.3     A Participant may execute and deliver a Participation Agreement to the Committee within 30 days after the date
the Participant first becomes eligible to participate in the Plan. After the 30 day period expires, or after any shorter time period as agreed to by the Participant and the Committee, the latest election made by the Participant during that period
becomes irrevocable. Such election shall then be effective as of the first payroll period commencing following the date the Participation Agreement becomes irrevocable. Whether a Participant is treated as newly eligible for participation under this
Section shall be determined in accordance with Section 409A of the Code and the regulations thereunder, including (i) rules that treat all elective deferral account balance plans as one plan, and (ii) rules that treat a previously
eligible Employee as newly eligible if his benefits had been previously distributed or if he has been ineligible for 24 months. For Compensation that is earned based upon a specified performance period (for example, an annual bonus), where a
deferral election is made under this Section but after the beginning of the performance period, the election will only apply to the portion of the Compensation equal to the total amount of the Compensation for the service period multiplied by the
ratio of the number of days remaining in the performance period after the date the election becomes irrevocable over the total number of days in the performance period. 

  
 9 

 4.1.4     A Participant may unilaterally modify a Participation
Agreement (either to terminate, increase or decrease the portion of his future Compensation which is subject to deferral within the percentage limits set forth in Section 4.1 of the Adoption Agreement) by providing a written modification of the
Participation Agreement to the Committee. The modification shall become effective as of the first day of January following the date such written modification is received by the Committee, or at such later date as required under Section 409A of
the Code. 
 4.1.5     If the Participant performed services continuously from the later of the beginning of the
performance period or the date upon which the performance criteria are established through the date upon which the Participant makes an initial deferral election, a Participation Agreement relating to the deferral of Performance-Based Compensation
may be executed and delivered to the Committee no later than the date which is 6 months prior to the end of the performance period, provided that in no event may an election to defer Performance-Based Compensation be made after such Compensation has
become readily ascertainable. 
 4.1.6     If the Employer has a fiscal year other than the calendar year, Compensation
relating to Service in the fiscal year of the Employer (such as a bonus based on 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 election to
defer 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 Compensation is payable. 

4.1.7     Compensation payable after the last day of the Participant’s taxable year solely for services provided
during the final payroll period containing the last day of the Participant’s taxable year (i.e., December 31) is treated for purposes of this Section 4.1 as Compensation for services performed in the subsequent taxable year. 

4.1.8     The Committee may from time to time establish policies or rules consistent with the requirements of
Section 409A of the Code to govern the manner in which Participant Deferral Credits may be made. 
 4.1.9     If a
Participant becomes Disabled all currently effective deferral elections for such Participant shall be cancelled. At the time the participant is no longer Disabled, subsequent elections to defer future compensation will be permitted under this
Section 4. 
 4.1.10     If a Participant applies for and receives a distribution on account of an Unforeseeable
Emergency, all currently effective deferral elections for such Participant shall be cancelled. Subsequent elections to defer future compensation will be permitted under this Section 4. 

4.1.11     If a Participant receives a hardship distribution under
Section 1.401(k)-1(d)(3) of the Code, all currently effective deferral elections shall be cancelled. 

  
 10 

 
Subsequent elections to defer future compensation under this Section 4 will not be effective until the later of the beginning of the next calendar year or six months after the date of the
hardship distribution. If the effective date of such an election occurs after the beginning of the next calendar year, as permitted by the Employer, a Participant may make elections for the next calendar year prior to January 1st of the next calendar year, but these elections will not become effective until the end of the six month waiting period. 

4.2     Employer Credits. If designated by the Employer in the Adoption Agreement, the Employer shall cause the
Committee to credit to the Deferred Compensation Account of each Active Participant an Employer Credit as determined in accordance with the Adoption Agreement. A Participant must make distribution elections with respect to any Employer Credits
credited to his Deferred Compensation Account by the deadline that would apply under Section 4.1 for distribution elections with respect to Participant Deferral Credits credited at the same time, on a Participation Agreement that is timely
executed and delivered to the Committee pursuant to Section 4.1. If no distribution election is made, vested amounts in the Deferred Compensation Account will be distributed in a lump sum upon the earliest of any Qualifying Distribution Event
limited to Separation from Service, Disability, Death or Change in Control. 
 4.3     Deferred Compensation
Account. All Participant Deferral Credits and Employer Credits shall be credited to the Deferred Compensation Account of the Participant as provided in Section 8. 

Section 5.     Qualifying Distribution Events: 

5.1     Separation from Service. If the Participant Separates from Service with the Employer, the vested balance in
the Deferred Compensation Account shall be paid to the Participant by the Employer as provided in Section 7. Notwithstanding the foregoing, 

  
 11 

 
no distribution shall be made earlier than six months after the date of Separation from Service (or, if earlier, the date of death) with respect to a Participant who as of the date of Separation
from Service is a Specified Employee of a corporation the stock in which is traded on an established securities market or otherwise. Any payments to which such Specified Employee would be entitled during the first six months following the date of
Separation from Service shall be accumulated and paid on the first day of the seventh month following the date of Separation from Service, and shall be adjusted for deemed investment gain and loss incurred during the six month period. 

5.2     Disability. If the Employer designates in the Adoption Agreement that distributions are permitted under the
Plan when a Participant becomes Disabled, and the Participant becomes Disabled while in Service, the vested balance in the Deferred Compensation Account shall be paid to the Participant by the Employer as provided in Section 7. 

5.3     Death. If the Participant dies while in Service, the Employer shall pay a benefit to the Participant’s
Beneficiary in the amount designated in the Adoption Agreement. Payment of such benefit shall be made by the Employer as provided in Section 7. 

5.4     In-Service or Education Distributions. If the Employer designates
in the Adoption Agreement that in-service or education distributions are permitted under the Plan, a Participant may designate in the Participation Agreement to have a specified amount credited to the
Participant’s In-Service or Education Account for in-service or education distributions at the date specified by the Participant. In no event may an in-service or education distribution of an amount be made before the date that is two years 

  
 12 

 
after the first day of the year in which any deferral election to such In-Service or Education Account became effective. Notwithstanding the foregoing, if
a Participant incurs a Qualifying Distribution Event prior to the date on which the entire balance in the In-Service or Education Account has been distributed, then the vested balance in the In-Service or Education Account on the date of the Qualifying Distribution Event shall be paid as provided under Section 7.1 for payments on such Qualifying Distribution Event. 

5.5     Change in Control Event. If the Employer designates in the Adoption Agreement that distributions are
permitted under the Plan upon the occurrence of a Change in Control Event, the Participant may designate in the Participation Agreement to have the vested balance in the Deferred Compensation Account paid to the Participant upon a Change in Control
Event by the Employer as provided in Section 7. 
 5.6     Unforeseeable Emergency. If the Employer
designates in the Adoption Agreement that distributions are permitted under the Plan upon the occurrence of an Unforeseeable Emergency event, a distribution from the Deferred Compensation Account may be made to a Participant in the event of an
Unforeseeable Emergency, subject to the following provisions: 
 5.6.1     A Participant may, at any time prior to his
Separation from Service for any reason, make application to the Committee to receive a distribution in a lump sum of all or a portion of the vested balance in the Deferred Compensation Account (determined as of the date the distribution, if any, is
made under this Section 5.6) because of an Unforeseeable Emergency. A distribution because of an Unforeseeable Emergency shall not exceed the amount required to satisfy the Unforeseeable Emergency plus amounts necessary to pay taxes reasonably
anticipated as a result of such distribution, after taking into account the extent to which the Unforeseeable Emergency may be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s
assets (to the extent the liquidation of such assets would not itself cause severe financial hardship) or by stopping current deferrals under the Plan pursuant to Section 4.1.10. 

  
 13 

 5.6.2     The Participant’s request for a distribution on account
of Unforeseeable Emergency must be made in writing to the Committee. The request must specify the nature of the financial hardship, the total amount requested to be distributed from the Deferred Compensation Account, and the total amount of the
actual expense incurred or to be incurred on account of the Unforeseeable Emergency. 
 5.6.3     If a distribution
under this Section 5.6 is approved by the Committee, such distribution will be made as soon as practicable following the date it is approved. The processing of the request shall be completed as soon as practicable from the date on which the
Committee receives the properly completed written request for a distribution on account of an Unforeseeable Emergency. If a Participant’s Separation from Service occurs after a request is approved in accordance with this Section 5.6.3, but
prior to distribution of the full amount approved, the approval of the request shall be automatically null and void and the benefits which the Participant is entitled to receive under the Plan shall be distributed in accordance with the applicable
distribution provisions of the Plan. 
 5.6.4     The Committee may from time to time adopt additional policies or rules
consistent with the requirements of Section 409A of the Code to govern the manner in which such distributions may be made so that the Plan may be conveniently administered. 

Section 6.     Vesting: 

A Participant shall be fully vested in the portion of his Deferred Compensation Account attributable to Participant Deferral Credits, and all
income, gains and losses attributable thereto. A Participant shall become fully vested in the portion of his Deferred Compensation Account attributable to Employer Credits, and income, gains and losses attributable thereto, in accordance with the
vesting schedule and provisions designated by the Employer in the Adoption Agreement. If a Participant’s Deferred Compensation Account is not fully vested upon Separation from Service, the portion of the Deferred Compensation Account that is
not fully vested shall thereupon be forfeited. 
 Section 7.     Distribution Rules: 

7.1     Payment Options. The Employer shall designate in the Adoption Agreement the payment options which may be
elected by the Participant (lump sum, annual installments, or a combination of both). Different payment options may be made 

  
 14 

 
available for each Qualifying Distribution Event, and different payment options may be available for different types of Separations from Service, all as designated in the Adoption Agreement. The
Participant shall elect in the Participation Agreement the method under which the vested balance in the Deferred Compensation Account will be distributed from among the designated payment options. The Participant may at such time elect a different
method of payment for each Qualifying Distribution Event as specified in the Adoption Agreement. If the Participant is permitted by the Employer in the Adoption Agreement to elect different payment options and does not make a valid election, the
vested balance in the Deferred Compensation Account will be distributed as a lump sum upon the Qualifying Distribution Event. 

Notwithstanding the foregoing, if certain Qualifying Distribution Events occur prior to the date on which the vested balance of a
Participant’s Deferred Compensation Account is completely paid pursuant to this Section 7.1 following the occurrence of certain initial Qualifying Distribution Events, the following rules apply: 

7.1.1     If the initial Qualifying Distribution Event is a Separation from Service or Disability, and the Participant
subsequently dies, the remaining unpaid vested balance of a Participant’s Deferred Compensation Account shall be paid as a lump sum. 

7.1.2     If the initial Qualifying Distribution Event is a Change in Control Event, and any subsequent Qualifying
Distribution Event occurs (except an In-Service or Education Distribution described in Section 2.29(iv)), the remaining unpaid vested balance of a Participant’s Deferred Compensation Account shall be
paid as provided under Section 7.1 for payments on such subsequent Qualifying Distribution Event. 
 7.2
    Timing of Payments. Payment shall be made in the manner elected by the Participant and shall commence as soon as practicable after (but no later than 60 days after) the distribution date specified for the
Qualifying Distribution Event. For each payment, the Committee must specify a date for the Deferred Compensation Account(s) 

  
 15 

 
to be valued. In the event the Participant fails to make a valid election of the payment method, the distribution will be made in a single lump sum payment as soon as practicable after (but no
later than 60 days after) the Qualifying Distribution Event. A payment may be further delayed to the extent permitted in accordance with regulations and guidance under Section 409A of the Code. 

7.3     Installment Payments. If the Participant elects to receive installment payments upon a Qualifying
Distribution Event, the payment of each installment shall be made on the anniversary of the date of the first installment payment, and the amount of the installment shall be adjusted on such anniversary for credits or debits to the
Participant’s account pursuant to Section 8 of the Plan. Such adjustment shall be made by dividing the balance in the Deferred Compensation Account on such date by the number of installments remaining to be paid hereunder; provided that
the last installment due under the Plan shall be the entire amount credited to the Participant’s account on the date of payment. 

7.4     De Minimis Amounts. Notwithstanding any payment election made by the Participant, if the Employer
designates a pre-determined de minimis amount in the Adoption Agreement, the vested balance in all Deferred Compensation Accounts of the Participant will be distributed in a single lump sum payment if at the
time of a permitted Qualifying Distribution Event the vested balance does not exceed such pre-determined de minimis amount; provided, however, that such distribution will be made only where the Qualifying
Distribution Event is a Separation from Service, death, Disability (if applicable) or Change in Control Event (if applicable). Such payment shall be made on or before the later of (i) December 31 of the calendar year in which the
Qualifying 

  
 16 

 
Distribution Event occurs, or (ii) the date that is 2-1/2 months after the Qualifying Distribution Event occurs. In addition, the Employer may
distribute a Participant’s vested balance in all of the Participant’s Deferred Compensation Accounts at any time if the balance does not exceed the limit in Section 402(g)(1)(B) of the Code and results in the termination of the
Participant’s entire interest in the Plan as provided under Section 409A of the Code. 
 7.5     Subsequent
Elections. With the consent of the Committee, a Participant may delay or change the method of payment of the Deferred Compensation Account subject to the following requirements: 

7.5.1     The new election may not take effect until at least 12 months after the date on which the new election is made.

 7.5.2     If the new election relates to a payment for a Qualifying Distribution Event other than the death of the
Participant, the Participant becoming Disabled, or an Unforeseeable Emergency, the new election must provide for the deferral of the payment for a period of at least five years from the date such payment would otherwise have been made. 

7.5.3     If the new election relates to a payment from the In-Service or
Education Account, the new election must be made at least 12 months prior to the date of the first scheduled payment from such account. 
 For purposes of
this Section 7.5 and Section 7.6, a payment is each separately identified amount to which the Participant is entitled under the Plan; provided, that entitlement to a series of installment payments is treated as the entitlement to a single
payment. 
 7.6     Acceleration Prohibited. The acceleration of the time or schedule of any payment due under
the Plan is prohibited except as expressly provided in regulations and administrative guidance promulgated under Section 409A of the Code (such as accelerations for domestic relations orders and employment taxes). It is not an

  
 17 

 
acceleration of the time or schedule of payment if the Employer waives or accelerates the vesting requirements applicable to a benefit under the Plan. 

7.7     Residual Distributions. If calculation of the amount of any credit to a Participant’s Deferred
Compensation Account is not administratively practicable due to events beyond the control of the Employer, payments may be made to the Participant for residual amounts contributed to or remaining in a Deferred Compensation Account after payments
under the provisions of this Section 7 have commenced or been completed. The residual amount shall be credited to the Deferred Compensation Account when the calculation of the amount becomes administratively practicable. Examples of residual
amounts include, but are not limited to, additional investment returns credited after payment (due to dividends or pricing changes) or additional contributions made after payment (such as an annual bonus deferral or an Employer Credit). Payments
that would have been made had the residual amount been calculable at the benefit commencement date shall be made up as soon as practicable after crediting to the Deferred Compensation Account, in no case later than the end of the year in which
calculation of the amount becomes administratively practicable. 
 7.8     Ineffective Deferrals. If a
Participant deferral election under Section 4 to contribute to an In-Service or Education Account carries over to a subsequent year (an evergreen election) and the deferral election is ineffective (i.e.,
the distribution election would cause payment in the current or prior years), the amount deferred will be credited to a Deferred Compensation Account that is not an In-Service or Education Account. If the
Participant only has one account of this type, the amount deferred will be credited to that account. If the Participant has multiple accounts of this type, and one of the accounts 

  
 18 

 
has a lump sum at Separation from Service distribution election, the amount deferred will be credited to that account. If the Participant has multiple accounts of this type and does not have an
account with a lump sum at Separation from Service distribution election, one will be established with a lump sum at Separation from Service distribution election and the amount deferred will be credited to this account. 

Section 8.     Accounts; Deemed Investment; Adjustments to Account: 

8.1     Accounts. The Committee shall establish a book reserve account, entitled the “Deferred Compensation
Account,” on behalf of each Participant. The Committee shall also establish an In-Service or Education Account as a part of the Deferred Compensation Account of each Participant, if applicable. The amount
credited to the Deferred Compensation Account shall be adjusted pursuant to the provisions of Section 8.3. 
 8.2
    Deemed Investments. The Deferred Compensation Account of a Participant shall be credited with an investment return determined as if the account were invested in one or more investment funds made available by the
Committee. The Participant shall elect the investment funds in which his Deferred Compensation Account shall be deemed to be invested. Such election shall be made in the manner prescribed by the Committee and shall take effect upon the entry of the
Participant into the Plan. The investment election of the Participant shall remain in effect until a new election is made by the Participant. In the event the Participant fails for any reason to make an effective election of the investment return to
be credited to his account, the investment return shall be determined by the Committee. 

  
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 8.3     Adjustments to Deferred Compensation Account. With
respect to each Participant who has a Deferred Compensation Account under the Plan, the amount credited to such account shall be adjusted by the following debits and credits, at the times and in the order stated: 

8.3.1     The Deferred Compensation Account shall be debited each business day with the total amount of any payments made
from such account since the last preceding business day to him or for his benefit. Unless otherwise specified by the Employer, each deemed investment fund will be debited pro-rata based on the value of the
investment funds as of the end of the preceding business day. 
 8.3.2     The Deferred Compensation Account shall be
credited on each Crediting Date with the total amount of any Participant Deferral Credits and Employer Credits to such account since the last preceding Crediting Date. 

8.3.3     The Deferred Compensation Account shall be credited or debited on each day securities are traded on a national
stock exchange with the amount of deemed investment gain or loss resulting from the performance of the deemed investment funds elected by the Participant in accordance with Section 8.2. The amount of such deemed investment gain or loss shall be
determined by the Committee and such determination shall be final and conclusive upon all concerned. 

Section 9.     Administration by Committee: 

9.1     Membership of Committee. If the Committee consists of individuals appointed by the Board, they will serve
at the pleasure of the Board. Any member of the Committee may resign, and his successor, if any, shall be appointed by the Board. 

9.2     General Administration. The Committee shall be responsible for the operation and administration of the Plan
and for carrying out its provisions. The Committee shall have the full authority and discretion to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Plan and decide or resolve any and all
questions, including interpretations of this Plan, as may arise in connection with this Plan. Any such action taken by the Committee shall be final and conclusive on any party. To the extent the Committee has been granted discretionary

  
 20 

 
authority under the Plan, the Committee’s prior exercise of such authority shall not obligate it to exercise its authority in a like fashion thereafter. The Committee shall be entitled to
rely conclusively upon all tables, valuations, certificates, opinions and reports furnished by any actuary, accountant, controller, counsel or other person employed or engaged by the Employer with respect to the Plan. The Committee may, from time to
time, employ agents and delegate to such agents, including Employees of the Employer, such administrative or other duties as it sees fit. 

9.3     Indemnification. To the extent not covered by insurance, the Employer shall indemnify the Committee, each
Employee, officer, director, and agent of the Employer, and all persons formerly serving in such capacities, against any and all liabilities or expenses, including all legal fees relating thereto, arising in connection with the exercise of their
duties and responsibilities with respect to the Plan, provided however that the Employer shall not indemnify any person for liabilities or expenses due to that person’s own gross negligence or willful misconduct. 

Section 10.     Contractual Liability, Trust: 

10.1     Contractual Liability. Unless otherwise elected in the Adoption Agreement, the Company shall be obligated
to make all payments hereunder. This obligation shall constitute a contractual liability of the Company to the Participants, and such payments shall be made from the general funds of the Company. The Company shall not be required to establish or
maintain any special or separate fund, or otherwise to segregate assets to assure that such payments shall be made, and the Participants shall not have any interest in any particular assets of the Company by reason of its obligations hereunder. To
the extent that any person acquires a right to receive payment from the 

  
 21 

 
Company under the Plan, such right shall be no greater than the right of an unsecured creditor of the Company. 

10.2     Trust. The Employer may establish a trust to assist it in meeting its obligations under the Plan. Any such
trust shall conform to the requirements of a grantor trust under Revenue Procedures 92-64 and 92-65 and at all times during the continuance of the trust the principal
and income of the trust shall be subject to claims of general creditors of the Employer under federal and state law. The establishment of such a trust would not be intended to cause Participants to realize current income on amounts contributed
thereto, and the trust would be so interpreted and administered. 
 Section 11.     Allocation of
Responsibilities: 
 The persons responsible for the Plan and the duties and responsibilities allocated to each are as follows: 

11.1     Board. 
  

	 	(i)	 To amend the Plan; 

  

	 	(ii)	 To appoint and remove members of the Committee; and 

 

	 	(iii)	 To terminate the Plan as permitted in Section 14. 

11.2     Committee. 
  

	 	(i)	 To designate Participants; 

 

	 	(ii)	 To interpret the provisions of the Plan and to determine the rights of the Participants under the Plan, except
to the extent otherwise provided in Section 16 relating to claims procedure; 

  

	 	(iii)	 To administer the Plan in accordance with its terms, except to the extent powers to administer the Plan are
specifically delegated to another person or persons as provided in the Plan; 

  

	 	(iv)	 To account for the amount credited to the Deferred Compensation Account of a Participant;

  

	 	(v)	 To direct the Employer in the payment of benefits; 

  
 22 

	 	(vi)	 To file such reports as may be required with the United States Department of Labor, the Internal Revenue
Service and any other government agency to which reports may be required to be submitted from time to time; and 

  

	 	(vii)	 To administer the claims procedure to the extent provided in Section 16. 

Section 12.     Benefits Not Assignable; Facility of Payments: 

12.1     Benefits Not Assignable. No portion of any benefit credited or paid under the Plan with respect to any
Participant shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, and any attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be void,
nor shall any portion of such benefit be in any manner payable to any assignee, receiver or any one trustee, or be liable for his debts, contracts, liabilities, engagements or torts. 

12.2     Plan-Approved Domestic Relations Orders. The Committee shall establish procedures for determining whether
an order directed to the Plan is a Plan-Approved Domestic Relations Order. If the Committee determines that an order is a Plan-Approved Domestic Relations Order, the Committee shall cause the payment of amounts pursuant to or segregate a separate
account as provided by (and to prevent any payment or act which might be inconsistent with) the Plan-Approved Domestic Relations Order notwithstanding Section 12.1. 

12.3     Payments to Minors and Others. If any individual entitled to receive a payment under the Plan shall be
physically, mentally or legally incapable of receiving or acknowledging receipt of such payment, the Committee, upon the receipt of satisfactory evidence of his incapacity and satisfactory evidence that another person or institution is maintaining
him and that no guardian or committee has been appointed for him, may 

  
 23 

 
cause any payment otherwise payable to him to be made to such person or institution so maintaining him. Payment to such person or institution shall be in full satisfaction of all claims by or
through the Participant to the extent of the amount thereof. 
 Section 13.     Beneficiary:

 The Participant’s Beneficiary shall be the person, persons, entity or entities designated by the Participant on the Beneficiary
designation form provided by and filed with the Committee or its designee. If the Participant does not designate a Beneficiary, the Beneficiary shall be his Surviving Spouse. If the Participant does not designate a Beneficiary and has no Surviving
Spouse, the Beneficiary shall be the Participant’s estate. The designation of a Beneficiary may be changed or revoked only by filing a new Beneficiary designation form with the Committee or its designee. If a Beneficiary (the “primary
Beneficiary”) is receiving or is entitled to receive payments under the Plan and dies before receiving all of the payments due him, the balance to which he is entitled shall be paid to the contingent Beneficiary, if any, named in the
Participant’s current Beneficiary designation form. If there is no contingent Beneficiary, the balance shall be paid to the estate of the primary Beneficiary. Any Beneficiary may disclaim all or any part of any benefit to which such Beneficiary
shall be entitled hereunder by filing a written disclaimer with the Committee before payment of such benefit is to be made. Such a disclaimer shall be made in a form satisfactory to the Committee and shall be irrevocable when filed. Any benefit
disclaimed shall be payable from the Plan in the same manner as if the Beneficiary who filed the disclaimer had predeceased the Participant. 

Section 14.     Amendment and Termination of Plan: 

  
 24 

 The Company may amend any provision of the Plan or terminate the Plan at any time; provided,
that in no event shall such amendment or termination reduce the balance in any Participant’s Deferred Compensation Account as of the date of such amendment or termination, nor shall any such amendment materially adversely affect the Participant
relating to the payment of such Deferred Compensation Account. Notwithstanding the foregoing, the following special provisions shall apply: 

14.1     Termination in the Discretion of the Employer. Except as otherwise provided in Sections 14.2, the Company
in its discretion may terminate the Plan and distribute benefits to Participants subject to the following requirements and any others specified under Section 409A of the Code: 

14.1.1     All arrangements sponsored by the Employer that would be aggregated with the Plan under Section 1.409A-1(c) of the Treasury Regulations are terminated. 
 14.1.2     No
payments other than payments that would be payable under the terms of the Plan if the termination had not occurred are made within 12 months of the termination date. 

14.1.3     All benefits under the Plan are paid within 24 months of the termination date. 

14.1.4     The Employer does not adopt a new arrangement that would be aggregated with the Plan under Section 1.409A-1(c) of the Treasury Regulations providing for the deferral of compensation at any time within 3 years following the date of termination of the Plan. 

14.1.5     The termination does not occur proximate to a downturn in the financial health of the Employer. 

14.2     Termination Upon Change in Control Event. If the Company terminates the Plan within thirty days preceding
or twelve months following a Change in Control Event, the Deferred Compensation Account of each Participant shall become 

  
 25 

 
payable to the Participant in a lump sum within twelve months following the date of termination, subject to the requirements of Section 409A of the Code. 

Section 15.     Communication to Participants: 

The Employer shall make a copy of the Plan available for inspection by Participants and their beneficiaries during reasonable hours at the
principal office of the Employer. 
 Section 16.    Claims Procedure: 

The following claims procedure shall apply with respect to the Plan: 

16.1     Filing of a Claim for Benefits. If a Participant or Beneficiary (the “claimant”) believes that
he is entitled to benefits under the Plan which are not being paid to him or which are not being accrued for his benefit, he shall file a written claim therefore with the Committee. 

16.2     Notification to Claimant of Decision. Within 90 days after receipt of a claim by the Committee (or within
180 days if special circumstances require an extension of time), the Committee shall notify the claimant of the decision with regard to the claim. In the event of such special circumstances requiring an extension of time, there shall be furnished to
the claimant prior to expiration of the initial 90-day period written notice of the extension, which notice shall set forth the special circumstances and the date by which the decision shall be furnished. If
such claim shall be wholly or partially denied, notice thereof shall be in writing and worded in a manner calculated to be understood by the claimant, and shall set forth: (i) the specific reason or reasons for the denial; (ii) specific
reference to pertinent provisions of the Plan on which the denial is based; (iii) a description of any additional material or information necessary for the claimant to perfect 

  
 26 

 
the claim and an explanation of why such material or information is necessary; and (iv) an explanation of the procedure for review of the denial and the time limits applicable to such
procedures, including a statement of the claimant’s right to bring a civil action under ERISA following an adverse benefit determination on review. Notwithstanding the foregoing, if the claim relates to a disability determination, the Committee
shall notify the claimant of the decision within 45 days (which may be extended for an additional 30 days if required by special circumstances). 

16.3     Procedure for Review. Within 60 days following receipt by the claimant of notice denying his claim, in
whole or in part, or, if such notice shall not be given, within 60 days following the latest date on which such notice could have been timely given, the claimant may appeal denial of the claim by filing a written application for review with the
Committee. Following such request for review, the Committee shall fully and fairly review the decision denying the claim. Prior to the decision of the Committee, the claimant shall be given an opportunity to review pertinent documents and to submit
issues and comments in writing. 
 16.4     Decision on Review. The decision on review of a claim denied in whole
or in part by the Committee shall be made in the following manner: 
 16.4.1     Within 60 days following receipt by the
Committee of the request for review (or within 120 days if special circumstances require an extension of time), the Committee shall notify the claimant in writing of its decision with regard to the claim. In the event of such special circumstances
requiring an extension of time, written notice of the extension shall be furnished to the claimant prior to the commencement of the extension. Notwithstanding the foregoing, if the claim relates to a disability determination, the Committee shall
notify the claimant of the decision within 45 days (which may be extended for an additional 45 days if required by special circumstances). 

16.4.2     With respect to a claim that is denied in whole or in part, the decision on review shall set forth specific
reasons for the decision, shall be written in a manner calculated to be understood by the claimant, and shall set forth: 

  
 27 

	 	(i)	 the specific reason or reasons for the adverse determination; 

 

	 	(ii)	 specific reference to pertinent Plan provisions on which the adverse determination is based;

  

	 	(iii)	 a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to,
and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits; and 

  

	 	(iv)	 a statement describing any voluntary appeal procedures offered by the Plan and the claimant’s right to
obtain the information about such procedures, as well as a statement of the claimant’s right to bring an action under ERISA section 502(a). 

16.4.3     The decision of the Committee shall be final and conclusive. 

16.5     Action by Authorized Representative of Claimant. All actions set forth in this Section 16 to be taken
by the claimant may likewise be taken by a representative of the claimant duly authorized by him to act in his behalf on such matters. The Committee may require such evidence of the authority to act of any such representative as it may reasonably
deem necessary or advisable. 
 Section 17.     Miscellaneous Provisions: 

17.1     Set off. The Employer may at any time offset a Participant’s Deferred Compensation Account by an
amount up to $5,000 to collect the amount of any loan, cash advance, extension of other credit or other obligation of the Participant to the Employer that is then due and payable in accordance with the requirements of Section 409A of the Code.

 17.2     Notices. Each Participant who is not in Service and each Beneficiary shall be responsible for
furnishing the Committee or its designee with his current address for the mailing of notices and benefit payments. Any notice required or permitted to be given 

  
 28 

 
to such Participant or Beneficiary shall be deemed given if directed to such address and mailed by regular United States mail, first class, postage prepaid. If any check mailed to such address is
returned as undeliverable to the addressee, mailing of checks will be suspended until the Participant or Beneficiary furnishes the proper address. This provision shall not be construed as requiring the mailing of any notice or notification otherwise
permitted to be given by posting or by other publication. 
 17.3     Lost Distributees. A benefit shall be
deemed forfeited if the Committee is unable to locate the Participant or Beneficiary to whom payment is due by the fifth anniversary of the date payment is to be made or commence; provided, that the deemed investment rate of return pursuant to
Section 8.2 shall cease to be applied to the Participant’s account following the first anniversary of such date; provided further, however, that such benefit shall be reinstated if a valid claim is made by or on behalf of the Participant
or Beneficiary for all or part of the forfeited benefit. 
 17.4     Reliance on Data. The Employer and the
Committee shall have the right to rely on any data provided by the Participant or by any Beneficiary. Representations of such data shall be binding upon any party seeking to claim a benefit through a Participant, and the Employer and the Committee
shall have no obligation to inquire into the accuracy of any representation made at any time by a Participant or Beneficiary. 

17.5     Headings. The headings and subheadings of the Plan have been inserted for convenience of reference and are
to be ignored in any construction of the provisions hereof. 
 17.6     Continuation of Employment. The
establishment of the Plan shall not be construed as conferring any legal or other rights upon any Employee or any persons for 

  
 29 

 
continuation of employment, nor shall it interfere with the right of the Employer to discharge any Employee or to deal with him without regard to the effect thereof under the Plan. 

17.7     Merger or Consolidation; Assumption of Plan. No Employer shall consolidate or merge into or with another
corporation or entity, or transfer all or substantially all of its assets to another corporation, partnership, trust or other entity (a “Successor Entity”) unless such Successor Entity shall assume the rights, obligations and liabilities
of the Employer under the Plan and upon such assumption, the Successor Entity shall become obligated to perform the terms and conditions of the Plan. Nothing herein shall prohibit the assumption of the obligations and liabilities of the Employer
under the Plan by any Successor Entity. 
 17.8     Construction. The Employer shall designate in the Adoption
Agreement the state according to whose laws the provisions of the Plan shall be construed and enforced, except to the extent that such laws are superseded by ERISA and the applicable requirements of the Code. 

17.9     Taxes. The Employer or other payor may withhold a benefit payment under the Plan or a Participant’s
wages, or the Employer may reduce a Participant’s Deferred Compensation Account balance, in order to meet any federal, state, or local or employment tax withholding obligations with respect to Plan benefits, as permitted under Section 409A
of the Code. The Employer or other payor shall report Plan payments and other Plan-related information to the appropriate governmental agencies as required under applicable laws. 

  
 30

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