Document:

EX-10.1

 Exhibit 10.1 

PARSONS EMPLOYEE STOCK OWNERSHIP PLAN 

2012 AMENDMENT AND RESTATEMENT (including Amendments 1-7) 

  
 1 

 TABLE OF CONTENTS 

 

											
	 	 	 	 	 	  	 	  	Page	 
	ARTICLE I GENERAL	  	 	1	 
					
		 		 	1.1	  	Nature of Plan	  	 	1	 
		 		 	1.2	  	Effective Date	  	 	2	 
		 		 	1.3	  	Defined Terms	  	 	2	 
		
	ARTICLE II DEFINITIONS	  	 	2	 
					
		 		 	2.1	  	Account	  	 	2	 
		 		 	2.2	  	Affiliated Company	  	 	2	 
		 		 	2.3	  	Anniversary Date	  	 	3	 
		 		 	2.4	  	Approved Absence	  	 	3	 
		 		 	2.5	  	Beneficiary	  	 	3	 
		 		 	2.6	  	Board of Directors	  	 	3	 
		 		 	2.7	  	Break in Service	  	 	3	 
		 		 	2.8	  	Capital Accumulation	  	 	4	 
		 		 	2.9	  	Code	  	 	4	 
		 		 	2.10	  	Committee	  	 	4	 
		 		 	2.11	  	Company	  	 	4	 
		 		 	2.12	  	Company Stock	  	 	4	 
		 		 	2.13	  	Compensation	  	 	4	 
		 		 	2.14	  	Early Retirement Date or Early Retirement	  	 	5	 
		 		 	2.15	  	Eligible Employee	  	 	5	 
		 		 	2.16	  	Employee	  	 	6	 
		 		 	2.17	  	Employee Contribution Account	  	 	6	 
		 		 	2.18	  	ERISA	  	 	6	 
		 		 	2.19	  	ESOP Account	  	 	6	 
		 		 	2.20	  	ESOP Fund	  	 	6	 
		 		 	2.21	  	ESOP Suspense Subfund	  	 	7	 
		 		 	2.22	  	Exempt Loan	  	 	7	 
		 		 	2.23	  	Forfeiture	  	 	7	 
		 		 	2.24	  	Highly Compensated Employee	  	 	7	 
		 		 	2.25	  	Hour of Service	  	 	8	 
		 		 	2.26	  	Member Company	  	 	8	 
		 		 	2.27	  	Normal Retirement Date	  	 	8	 
		 		 	2.28	  	Parsons Corporation Eligible Employee	  	 	8	 
		 		 	2.29	  	Parsons E&C Eligible Employee	  	 	9	 
		 		 	2.30	  	Parsons E&C Stock	  	 	9	 
		 		 	2.31	  	Parsons Stock	  	 	9	 
		 		 	2.32	  	Participant	  	 	9	 
		 		 	2.33	  	PAYSOP Account	  	 	9	 
		 		 	2.34	  	PAYSOP Fund	  	 	9	 
		 		 	2.35	  	Plan	  	 	9	 

  
 i 

											
		 		 	2.36	  	Plan Administrator	  	 	9	 
		 		 	2.37	  	Plan Year	  	 	9	 
		 		 	2.38	  	Predecessor Plan	  	 	9	 
		 		 	2.39	  	Retirement Account	  	 	9	 
		 		 	2.40	  	Retirement Fund	  	 	9	 
		 		 	2.41	  	Sponsor	  	 	10	 
		 		 	2.42	  	Trust	  	 	10	 
		 		 	2.43	  	Trust Agreement	  	 	10	 
		 		 	2.44	  	Trustee	  	 	10	 
		 		 	2.45	  	Trust Fund	  	 	10	 
		 		 	2.46	  	Valuation Date	  	 	10	 
		 		 	2.47	  	Year of Cumulative Service	  	 	10	 
		
	ARTICLE III PARTICIPATION IN THE PLAN	  	 	11	 
					
		 		 	3.1	  	Commencement of Participation	  	 	11	 
		 		 	3.2	  	Members of the Board	  	 	12	 
		 		 	3.3	  	Re-employment as Eligible Employees	  	 	12	 
		 		 	3.4	  	Former Participants	  	 	12	 
		
	ARTICLE IV COMPANY CONTRIBUTIONS	  	 	12	 
					
		 		 	4.1	  	Contributions to ESOP Fund	  	 	12	 
		 		 	4.2	  	Reserved	  	 	13	 
		 		 	4.3	  	Company Not Responsible for Adequacy of Trust Fund	  	 	13	 
		 		 	4.4	  	Conditions of Contributions	  	 	13	 
		 		 	4.5	  	Reserved	  	 	13	 
		
	ARTICLE V TRUST FUND	  	 	13	 
					
		 		 	5.1	  	Plan Assets	  	 	13	 
		 		 	5.2	  	Division of Assets	  	 	13	 
		 		 	5.3	  	Investment of Trust Fund	  	 	14	 
		 		 	5.4	  	Exempt Loan	  	 	14	 
		 		 	5.5	  	Securities Law Limitation	  	 	16	 
		 		 	5.6	  	Accounting and Valuations	  	 	16	 
		
	ARTICLE VI ALLOCATION OF CONTRIBUTIONS TO THE ESOP FUND	  	 	16	 
					
		 		 	6.1	  	Allocation of Contributions	  	 	16	 
		 		 	6.2	  	Suspense Subfund	  	 	17	 
		 		 	6.3	  	Release from ESOP Suspense Subfund	  	 	17	 
		 		 	6.4	  	Allocation of Shares Released from ESOP Suspense Subfund	  	 	18	 
		 		 	6.5	  	Stock Dividends, Splits, Recapitalizations, Etc.	  	 	18	 
		 		 	6.6	  	Allocation of Amounts Transferred From Defined Benefit Plans	  	 	19	 
		 		 	6.7	  	Special Limitations for Disqualified Persons	  	 	19	 

  
 ii 

											
		
	ARTICLE VII RESERVED	  	 	21	 
		
	ARTICLE VIII VESTING AND INTERIM WITHDRAWALS	  	 	21	 
					
		 		 	8.1	  	No Vested Rights Except as Herein Specified	  	 	21	 
		 		 	8.2	  	Full Vesting of Participants’ Accounts	  	 	21	 
		 		 	8.3	  	Partial Vesting of Participants’ Accounts	  	 	22	 
		 		 	8.4	  	Termination Prior to Full Vesting	  	 	23	 
		 		 	8.5	  	Treatment of Forfeitures	  	 	23	 
		 		 	8.6	  	Interim Withdrawals	  	 	24	 
		 		 	8.7	  	Diversification Rule	  	 	24	 
		 		 	8.8	  	No Title	  	 	25	 
		
	ARTICLE IX RETIREMENT BENEFITS	  	 	26	 
					
		 		 	9.1	  	Distribution Timing	  	 	26	 
		 		 	9.2	  	Method of Distribution	  	 	26	 
		 		 	9.3	  	Change of Method of Distribution	  	 	29	 
		 		 	9.4	  	Form of Distribution of Capital Accumulation	  	 	29	 
		 		 	9.5	  	Benefit Commencement Deadline	  	 	29	 
		 		 	9.6	  	Application for Determination of Benefits	  	 	36	 
		 		 	9.7	  	Forfeiture on Failure to Locate Participant or Beneficiary	  	 	38	 
		 		 	9.8	  	Special Rule For Money Purchase Plans	  	 	38	 
		 		 	9.9	  	Direct Transfers	  	 	40	 
		
	ARTICLE X DEATH BENEFITS	  	 	41	 
					
		 		 	10.1	  	Methods of Distribution	  	 	41	 
		 		 	10.2	  	Death After Termination of Employment	  	 	41	 
		 		 	10.3	  	Designation of Beneficiary	  	 	42	 
		 		 	10.4	  	Incapacity of Participant or Beneficiary	  	 	42	 
		 		 	10.5	  	Additional Documents	  	 	42	 
		 		 	10.6	  	Special Rule	  	 	42	 
		 		 	10.7	  	Special Rule for Money Purchase Plans	  	 	43	 
		
	ARTICLE XI DISABILITY BENEFITS	  	 	44	 
					
		 		 	11.1	  	Method of Distribution	  	 	44	 
		 		 	11.2	  	Determination of Disability	  	 	44	 
		 		 	11.3	  	Disability After Termination of Employment	  	 	44	 
		
	ARTICLE XII LIMITATION ON ALLOCATIONS	  	 	44	 
					
		 		 	12.1	  	General Rule	  	 	44	 
		 		 	12.2	  	Annual Additions	  	 	46	 
		 		 	12.3	  	Other Defined Contribution Plans	  	 	46	 
		 		 	12.4	  	Defined Benefit Plans	  	 	47	 
		 		 	12.5	  	Adjustments for Excess Annual Additions	  	 	47	 
		 		 	12.6	  	Adjustment for Excessive Combined Plan Fraction	  	 	48	 

  
 iii 

											
		 		 	12.7	  	Affiliated Company	  	 	48	 
		 		 	12.8	  	Compensation	  	 	48	 
		
	ARTICLE XIII ADMINISTRATION	  	 	49	 
					
		 		 	13.1	  	Named Fiduciary	  	 	49	 
		 		 	13.2	  	Reserved	  	 	49	 
		 		 	13.3	  	Policy Committee	  	 	49	 
		 		 	13.4	  	Committee Procedure	  	 	50	 
		 		 	13.5	  	Notices	  	 	50	 
		 		 	13.6	  	Reliance on Information	  	 	50	 
		 		 	13.7	  	Authority	  	 	51	 
		 		 	13.8	  	Expenses and Fees	  	 	52	 
		 		 	13.9	  	Resignation	  	 	52	 
		 		 	13.10	  	Liability of Committee	  	 	52	 
		 		 	13.11	  	Voting Rights of Company Stock	  	 	52	 
		
	ARTICLE XIV AMENDMENT OR MERGER OF THE PLAN	  	 	54	 
					
		 		 	14.1	  	Right to Amend	  	 	54	 
		 		 	14.2	  	Merger and Consolidation	  	 	54	 
		
	ARTICLE XV TERMINATION OF THE PLAN	  	 	54	 
					
		 		 	15.1	  	Right to Terminate Plan	  	 	54	 
		 		 	15.2	  	Termination	  	 	55	 
		
	ARTICLE XVI TOP-HEAVY PROVISIONS	  	 	55	 
					
		 		 	16.1	  	Application of Top-Heavy Rules	  	 	55	 
		 		 	16.2	  	Minimum Contribution Requirement	  	 	55	 
		 		 	16.3	  	Minimum Vesting Requirement	  	 	55	 
		 		 	16.4	  	Reserved	  	 	56	 
		 		 	16.5	  	Impact on Maximum Allocations	  	 	56	 
		 		 	16.6	  	Definitions	  	 	56	 
		 		 	16.7	  	Special Rules	  	 	58	 
		
	ARTICLE XVII MISCELLANEOUS	  	 	59	 
					
		 		 	17.1	  	Dividends	  	 	59	 
		 		 	17.2	  	Annual Statement	  	 	59	 
		 		 	17.3	  	No Right to Employment Hereunder	  	 	59	 
		 		 	17.4	  	Limitation on Company Liability	  	 	59	 
		 		 	17.5	  	Exclusive Benefit	  	 	60	 
		 		 	17.6	  	No Alienation	  	 	60	 
		 		 	17.7	  	PAYSOP Account Assets Not Subject To Company Withdrawal	  	 	60	 
		 		 	17.8	  	Rights Pursuant to USERRA	  	 	60	 
		 		 	17.9	  	Redetermination of Tax Credits	  	 	61	 

  
 iv 

											
		 		 	17.10	  	Addresses	  	 	61	 
		 		 	17.11	  	Data	  	 	61	 
		 		 	17.12	  	Gender and Number	  	 	62	 
		 		 	17.13	  	Headings	  	 	62	 
		 		 	17.14	  	Counterpart	  	 	62	 
		 		 	17.15	  	Governing Law	  	 	62	 

  
 v 

 PARSONS EMPLOYEE STOCK OWNERSHIP PLAN 

2012 AMENDMENT AND RESTATEMENT 

ARTICLE I 
 GENERAL

 1.1 Nature of Plan. 

(a) The Plan, formerly known as The Ralph M. Parsons Company Employee Stock Ownership and Retirement Plan, was originally effective as of
December 28, 1974. It was amended several times, and on January 1, 1984 it became known as The Parsons Corporation Employee Stock Ownership Plan. The Plan has been amended several times since then, including amendment and restatement in
1989, 1993, 1995, 1997, 1999, 2004 and 2006. Effective as of January 1, 2002, the Plan became known as the Parsons Employee Stock Ownership Plan. The Plan is hereby again amended and republished in its entirety in this 2012 Restatement,
generally effective January 1, 2012, except as otherwise provided herein, by applicable law, or by any resolution or other instrument adopting a particular provision. Neither the Plan nor any Predecessor Plan shall be deemed to have terminated
as a result of the consolidation of such Predecessor Plan with this Plan. The rights of an Employee terminating employment after December 31, 2011, shall be governed by the terms of the Plan, as in effect on the date of such termination. The
rights of an Employee under a Predecessor Plan which is merged with and into this Plan shall be governed by the terms of this Plan, as in effect from time to time on and after the effective date of the merger of such Predecessor Plan with and into
the Plan. It is intended, however, that neither this amendment and republication nor any prior amendment and republication will enlarge the rights of Participants in the Plan or a Predecessor Plan, as the case may be, whose employment with a Company
terminated prior to January 1, 2012 or the effective date of a merger of a Predecessor Plan with and into the Plan, as the case may be, except as required by applicable law or as expressly provided herein. 

(b) The Plan is a combination stock bonus plan (and, for the period set forth in Section 4.1(d), a money purchase pension plan) qualified
under Section 401(a) of the Code and consists of two separate and distinct programs which are designed to complement each other. The first program is an employee stock ownership plan, as defined by Section 4975(e)(7) of the Code, designed
to invest primarily in Company Stock. The second program is a tax credit employee stock ownership plan, as defined by Sections 41 and 409 of the Code, designed to invest primarily in Company Stock. 

(c) The Plan, as amended and republished herein, is designed to enable Eligible Employees indirectly to participate in stock ownership of the
Company through participation in the Plan and the Accounts maintained thereunder to the extent that the assets of the Plan and such Accounts are invested in Company Stock and to the extent that distributions with respect to such Stock, whether in
Stock or cash, represent the value of such Stock. 
 (d) The funding policy of the Plan and Trust is as set forth in Article V hereof. 

 (e) All Trust assets acquired under the Plan as a result of Company and Participant
contributions, income and other additions to the Trust shall be administered, distributed, forfeited and otherwise governed by the provisions of the Plan. 

(f) The Plan is adopted to reflect certain provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”) in
good faith compliance, and is to be construed in accordance with EGTRRA and guidance issued thereunder. 
 (g) Effective as of
January 1, 2003, certain provisions of the Plan are revised to provide separate contribution allocations for Eligible Employees of the Sponsor and its subsidiaries and Eligible Employees of Parsons E&C Corporation and its subsidiaries. 

1.2 Effective Date. The original effective date of this Plan is December 28, 1974, and the general effective date of this 2012
Amendment and Restatement is January 1, 2012 except as otherwise specifically stated. 
 1.3 Defined Terms. All capitalized
terms used in this Plan shall have the meaning set forth in Article II, unless the context clearly indicates otherwise or such terms are not defined in Article II. 

ARTICLE II 

DEFINITIONS 
 2.1
Account. “Account” shall mean each of the following accounts (including any subaccounts established from time to time under each such account) maintained to record the interest of an Employee in the Plan: 

(a) Employee Contribution Account 

(b) ESOP Account 
 (c) PAYSOP
Account 
 (d) Retirement Account 

2.2 Affiliated Company. “Affiliated Company” shall mean (except as modified by Section 12.7 for purposes of Article
XII) (a) any corporation which is included in a controlled group of corporations (within the meaning of Section 414(b) of the Code), of which a Member Company is a member, other than such Member Company, (b) any trade or business
which is under common control with a Member Company (within the meaning of Section 414(c) of the Code), other than such Member Company, (c) any member of an affiliated service group (within the meaning of Section 414(m) of the Code)
that includes a Member Company, other than such Member Company; and (d) any other entity required to be aggregated with the Company pursuant to regulations under Section 414(o) of the Code. 

The term “Affiliated Company” shall also mean and include RMP International, Ltd., a Cayman Islands Corporation, its subsidiaries
and affiliates. 

  
 2 

 2.3 Anniversary Date. “Anniversary Date” shall mean the last day of each
Plan Year. 
 2.4 Approved Absence. “Approved Absence” shall mean a leave of absence approved for an Employee under the
uniform leave of absence policy maintained by the Company employing such Employee. 
 2.5 Beneficiary. “Beneficiary” shall
mean the person or estate of a deceased Participant, entitled to benefits hereunder upon the death of a Participant as designated pursuant to Section 10.3. 

2.6 Board of Directors. “Board of Directors” shall mean the Board of Directors of the Sponsor, as such Board may be
constituted from time to time. 
 2.7 Break in Service. “Break in Service” or “Break” shall mean with respect to
an Employee whose employment with all Companies terminates, starting with the 1984 calendar year: 
 (a) the calendar year in which his
employment terminates if such termination occurs prior to March 1 of such year and the Employee does not return to employment with a Company prior to November 1 of such year. 

(b) each calendar year following the calendar year in which his employment terminates, except for a calendar year in which the Employee
returns to employment with a Company prior to November 1 of such calendar year. 
 Notwithstanding the foregoing, no Employee shall
have a Break in Service with respect to a calendar year if he completes more than five hundred (500) Hours of Service during such calendar year. Further, for Employees with fewer than three Years of Cumulative Service as of January 1,
1994, an Employee shall only have a Break in Service in respect of any Calendar Year beginning on or after January 1, 1994 if he completes five hundred (500) or fewer Hours of Service during such calendar year. For purposes of this
Section 2.7, an Employee who leaves work on an Approved Absence and returns to work on or before the end of such Approved Absence shall not be deemed to have terminated employment; if such person does not return to work by the end of an
Approved Absence, he shall be treated as having terminated employment immediately prior to leaving work on such Approved Absence. 
 Solely
for purposes of determining whether a Break in Service for eligibility or vesting purposes has occurred in a computation period beginning after December 31, 1984, an individual who is absent from work for maternity or paternity reasons shall
receive credit for the Hours of Service which would otherwise have been credited to such individual but for such absence, or in any case in which such Hours cannot be determined, eight (8) Hours of Service per day of such absence, except that
the total number of Hours of Service to be credited shall not exceed five hundred one (501). For purposes of this paragraph, an absence from work for maternity or paternity reasons means an absence (1) by reason of the pregnancy of the
individual, (2) by reason of a birth of a child of the individual, (3) by reason of the placement of a child with the individual in connection with the adoption of such child by such individual, or (4) for purposes of caring for such
child for a period beginning immediately following such birth or placement. The Hours of Service credited under this Section shall be credited (1) in the computation period in which the absence begins if the crediting is necessary to prevent a
Break in Service in that period, or (2) in all other cases, in the following computation period. 

  
 3 

 Notwithstanding the foregoing, a period of absence from employment shall not be regarded as
maternity or paternity leave if the Employee shall fail to comply with a request by the Company to furnish the Plan Administrator such timely information as may be reasonably required to establish that the absence from employment was for a reason
set forth above and the number of days for which there was such an absence. 
 In addition, in the case of an individual who is absent from
work during an approved leave of absence granted to an Employee on or after August 5, 1993, pursuant to the Family and Medical Leave Act, the twelve (12) consecutive month period beginning on the first anniversary of the first day of such
absence shall not constitute a Break in Service if the Employee returns to work for the Company at the end of such leave of absence. Uniformed services Employees will not incur a Break in Service because of their military leave in accordance with
the terms set forth in Section 17.8. 
 2.8 Capital Accumulation. “Capital Accumulation” shall mean the vested portion
of a Participant’s Accounts under Article VIII hereof. 
 2.9 Code. “Code” shall mean the Internal Revenue Code of
1986 and the regulations thereunder. Reference to a specific section of the Code shall be deemed also to refer to any applicable regulations under such section, and also shall include any comparable provisions of future legislation that amend,
supplement or supersede that specific section. 
 2.10 Committee. “Committee” shall mean the Policy and Advisory Committee
established under the provisions of Article XIII. 
 2.11 Company. “Company” shall mean the Sponsor or any Affiliated
Company. 
 2.12 Company Stock. “Company Stock” shall mean the stock issued by the Sponsor or any Affiliated Company,
provided such stock is a “qualifying employer security” within the meaning of Section 409(1) of the Code. 
 2.13
Compensation. “Compensation” means all amounts received in cash by an Employee from a Company including salary, wages, shift differential, overtime pay, vacation, holiday and sick pay, and any differential wage payments under Code
Section 3401(h), if any, commissions, or jury or military duty pay. However, Compensation shall not include amounts included in the Employee’s gross income with respect to bonuses, the grant or exercise of stock options, grant of
restricted stock, lapse of restrictions on restricted stock, dividends paid on restricted stock, dividends paid on Company Stock held by the Plan, amounts included in the Employee’s gross income in respect of group term life insurance exceeding
$50,000, automobile allowances, moving expense allowances, tax differentials, cost of living differentials and other expense reimbursements. Compensation shall include amounts that would be received in cash and included in gross income by the
Employee but for an election to defer and contribute such amounts pursuant to a flexible benefit program or other arrangement described in Section 125 of the Code or a cash or deferred arrangement under Section 402(g) of the Code and
qualified transportation fringe benefits described in Code Section 132(f)(4). Severance pay is also 

  
 4 

 
“Compensation” if it is paid within the later of (i) 21⁄2 months of separation from employment, or (ii) the end of the year that includes the date of severance, but only to the
extent that, absent a severance, such amounts would have been paid to the Employee as an active Employee as regular compensation for services during the Employee’s regular working hours. 

In addition to other applicable limitations set forth in the Plan, and notwithstanding any other provision of the Plan to the contrary, the
annual Compensation of each Employee taken into account under the Plan shall not exceed $220,000 ($250,000 for the 2012 Plan Year), as adjusted by the Commissioner of the Internal Revenue for increases in the cost of living in accordance with Code
Section 401(a)(17)(B). The cost-of-living adjustment in effect for a calendar year applies to any period, not exceeding 12 months, over which Compensation is
determined (“determination period”) beginning in such calendar year. If a determination period consists of fewer than 12 months, the OBRA ‘93 annual compensation limit will be multiplied by a fraction, the numerator of which is the
number of months in the determination period, and the denominator of which is 12. 
 2.14 Early Retirement Date or Early Retirement.
“Early Retirement Date” or “Early Retirement” shall mean the date that is the later of (a) the date upon which the termination of employment with all Companies of a Participant who is 100% vested in his ESOP Account occurs
and (b) the first day of the month in which the Participant attains age sixty-two (62). 
 2.15
Eligible Employee. 
 (a) “Eligible Employee” shall mean an Employee who is employed by a Member Company as an active
employee on a full- or part-time basis (without regard to his or her treatment under the Fair Labor Standards Act or any successor provision thereto, including any such Eligible Employee who is on sick leave or vacation; provided that the
Employee’s salary or wages are subject to employment taxes under Section 3121(b) of the Code. 
 (b) The term “Eligible
Employee” shall also include (i) any citizen or resident of the United States of America who is an Employee of a corporation which is a “domestic subsidiary,” as defined in Section 407 of the Code, of a Company which is a
“domestic parent corporation” within the meaning of Section 407 of the Code, and which has been specifically designated as such for purposes of the Plan by resolution of the Board of Directors, and (ii) any citizen or resident of
the United States of America who is an Employee of a corporation which is a “foreign subsidiary,” as defined in Section 3121(1)(8) of the Code, of a Company which is a “domestic corporation” within the meaning of
Section 406 of the Code, provided the Company has entered into an agreement under Section 3121(1) of the Code with respect to such foreign subsidiary; unless such individual would otherwise be an Employee under the Plan. 

(c) The term “Eligible Employee” shall exclude any Employee (i) who is on an Approved Absence, (ii) who is covered by a
collective bargaining agreement to which any Company is a party if there is evidence that retirement benefits were the subject of good faith bargaining between the Company and the collective bargaining representative, unless the collective
bargaining agreement provides for participation in this Plan, (iii) who is employed by Parsons Infrastructure and Technology Services Division of Parsons Infrastructure & Technology Group Inc., or, prior to January 1, 2007, by the
Parking Division of Parsons Facility Management Company, or (iv) a “leased employee,” within the meaning of Section 414(n) of the Code. 

  
 5 

 (d) The term “Eligible Employee” shall also exclude an individual recorded on the
books and records of a Member Company as an independent contractor, a worker provided by a temporary staffing agency, or an individual with respect to whom a written agreement governing the relationship between such person and a Member Company
provides in substance that such person shall not be an Eligible Employee hereunder. 
 (e) The preceding provisions of this
Section 2.15 shall be given effect notwithstanding any classification or reclassification of an individual as an employee or common law employee of a Member Company or as a member of any other category of individuals not excluded under the
preceding provisions of this Section by reason of action taken by any tax, or other governmental authority. In the event that an individual rendering services to a Member Company in an excluded category is classified or reclassified by reason of
action taken by any tax, or other governmental authority, or by a Member Company, such individual shall continue to be excluded under this Plan unless specifically included hereunder by the terms of an amendment to this Plan or by the terms of a
written instrument executed by such individual and a Member Company. 
 2.16 Employee. “Employee” shall mean any individual
employed by a Company. 
 2.17 Employee Contribution Account. “Employee Contribution Account” shall mean an Employee’s
Account, including subaccounts, if any, established thereunder from time to time, in which amounts formerly held in Predecessor Plans attributable to the Employee’s contributions are held. The Employee Contribution Account shall also hold
amounts held in any Predecessor Plan attributable to contributions made under Section 401(k) of the Code and amounts held in any Predecessor Plan as rollover contributions within the meaning of Section 402(c) of the Code. The Committee
reserves the right to obtain information and satisfy itself that such amounts do qualify as contributions under Section 40 1(k) or as rollover contributions within the meaning of Section 402(c), as the case may be, or that the receipt or
retention of such amounts by this Plan will not in any way jeopardize the qualified status of this Plan under Section 401 of the Code. Effective on or about March 1, 1997, all such accounts were transferred to and thereafter maintained
under the Parsons Corporation Retirement Savings Plan, although such accounts (and earnings thereon) shall continue to be treated as part of a Participant’s Capital Accumulation to the extent provided herein. 

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

 2.19 ESOP Account. “ESOP Account” shall mean an Employee’s account, including subaccounts, if any, established
thereunder from time to time, representing his interest in the ESOP Fund. 
 2.20 ESOP Fund. “ESOP Fund” shall mean that
portion of the Trust Fund to which are allocated assets attributable to all ESOP Accounts, contributions under Section 4.1 hereof and the Proceeds of any Exempt Loan. 

  
 6 

 2.21 ESOP Suspense Subfund. “ESOP Suspense Subfund” shall mean the
subfund established under Section 6.2 hereof as part of the ESOP Fund to hold Company Stock purchased with the proceeds of an Exempt Loan pending the allocation of such Stock to individual ESOP Accounts. 

2.22 Exempt Loan. “Exempt Loan” shall mean any loan that satisfies the provisions of the term “Loan” as described
in Treasury Regulations Section 54.4975-7(b)(1)(ii) and as defined below. “Loan” refers to a loan made to an ESOP by a disqualified person or a loan to an ESOP which is guaranteed by a
disqualified person. It includes a direct loan of cash, a purchase-money transaction, and an assumption of the obligation of an ESOP. “Guarantee” includes an unsecured guarantee and the use of assets of a disqualified person as collateral
for a loan, even though the use of assets may not be a guarantee under applicable state law. An amendment of a loan in order to qualify as an exempt loan is not a refinancing of the loan or the making of another loan. A “Non-Exempt Loan” shall mean any loan that fails to satisfy the “Loan” provisions described above. 

2.23 Forfeiture. “Forfeiture” shall mean the portion of a Participant’s Accounts which does not become part of his
Capital Accumulation. 
 2.24 Highly Compensated Employee. 

(a) “Highly Compensated Employee” shall mean any Employee who 

(i) was a 5% owner (as defined in Section 416(i)(1) of the Code) at any time during the Plan Year or the preceding Plan
Year, or 
 (ii) for preceding Plan Year, received compensation (within the meaning of Section 415(c)(3) of the Code)
from a Company in excess of $100,000 (as adjusted in the same time and in the same manner as under Section 415(d) of the Code) during the preceding Plan Year and was in the “top-paid group” of
Employees (as defined in regulations under Section 414(q)(3) of the Code) for such preceding year. 
 (b) Determination of a Highly
Compensated Employee shall be in accordance with the following definitions and special rules: 
 (i) An Employee shall be
treated as a 5% owner for any Plan Year if at any time during such Year such Employee was a 5% owner. 
 (ii) A former
Employee shall be treated as a Highly Compensated Employee if such Employee was a Highly Compensated Employee when such Employee incurred a severance, or such Employee was a Highly Compensated Employee at any time after attaining age fifty-five
(55). 
 (iii) Code Sections 414(b), (c), (m), and (o) shall be applied before the application of this Section. 

(iv) To the extent permissible under Code Section 414(q), the Committee may determine which Employees shall be categorized
as Highly Compensated Employees by applying a simplified method prescribed by the Internal Revenue Service. 

  
 7 

 2.25 Hour of Service. 

(a) “Hour of Service” shall mean, with respect to an Employee: 

(1) Each hour for which the Employee is paid, or entitled to payment for the performance of duties for a Company. These hours shall be
credited to the Employee for the computation period in which the duties are performed. 
 (2) Each hour for which an Employee is paid, or
entitled to payment, by a Company on account of a period of time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), layoff,
jury duty, military duty or leave of absence. No more than five hundred one (501) Hours of Service shall be credited under this paragraph for any single continuous period (whether or not such period occurs in a single computation period). 

(3) Each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by a Company. The same Hours of
Service shall not be credited both under Paragraph (1) or (2), as the case may be, and under this Paragraph (3). 
 (b) Hours of
Service under Sections 2.25(a)(2) and (3) hereof shall be determined and credited in accordance with Paragraphs (b) and (c) of Department of Labor Regulation Section 2530.200b-2 or any successor
Regulation thereto. 
 (c) An “Hour of Service” shall include service performed for an Affiliated Company prior to the date such
Company becomes an Affiliated Company, as required by Code Section 414(a). 
 2.26 Member Company. “Member Company”
shall mean the Sponsor or each Affiliated Company that, as a whole or only with respect to certain units or divisions thereof, has adopted the Plan or a portion thereof, with the permission of the Board of Directors. Notwithstanding the foregoing,
in no event may, effective April 1, 1992, Parsons International Limited, a Delaware Corporation, or, effective January 1, 1995, Parsons International, a California corporation, or effective January 1, 2005, De Leuw Cather
International Limited, a Delaware corporation, be considered Member Companies under this Plan. A Member Company shall automatically terminate its status as such when it ceases to be an Affiliated Company unless the Board of Directors expressly
provides otherwise. 
 2.27 Normal Retirement Date. “Normal Retirement Date” shall mean the first day of the month
in which the Participant attains age sixty-five (65). 
 2.28 Parsons Corporation Eligible Employee. “Parsons Corporation
Eligible Employee” shall mean an Eligible Employee who is employed by the Sponsor or a subsidiary thereof that is a Member Company. 

  
 8 

 2.29 Parsons E&C Eligible Employee. “Parsons E&C Eligible Employee”
shall mean an Eligible Employee who is employed by Parsons E&C Corporation or a subsidiary thereof that is a Member Company. 

2.30 Parsons E&C Stock. “Parsons E&C Stock” shall mean the Company Stock issued by Parsons E&C Corporation. 

2.31 Parsons Stock. “Parsons Stock” shall mean the Company Stock issued by the Sponsor. 

2.32 Participant. “Participant” shall mean any Employee (or former Employee) who has satisfied the requirements for
participation under Article III hereof or on whose behalf Accounts are maintained under this Plan. 
 2.33 PAYSOP Account.
“PAYSOP Account” shall mean an Employee’s Account, including subaccounts, if any, established thereunder from time to time, representing his interest in the PAYSOP Fund. 

2.34 PAYSOP Fund. “PAYSOP Fund” shall mean that portion of the Trust Fund to which are allocated assets attributable to all
PAYSOP Accounts and contributions under Section 4.2 hereof. 
 2.35 Plan. “Plan” shall mean the Parsons Employee Stock
Ownership Plan, and includes the Trust Agreement. 
 2.36 Plan Administrator. “Plan Administrator” shall mean the
Sponsor. 
 2.37 Plan Year. “Plan Year” shall mean, starting January 1, 1985, each calendar year. Prior to
January 1, 1985, “Plan Year” shall mean each fiscal year of the Sponsor and the period beginning on December 29, 1984 and ending on December 31, 1984. 

2.38 Predecessor Plan. “Predecessor Plan” shall mean each retirement plan listed in Schedule A hereof, as amended from time
to time by resolution of the Board of Directors. 
 2.39 Retirement Account. “Retirement Account” shall mean an
Employee’s Account, including subaccounts, if any, established thereunder from time to time, in which amounts formerly held in Predecessor Plans attributable to employer contributions are held. Effective on or about March 1, 1997, all
portions of such accounts invested in assets other than Company Stock were transferred to and thereafter maintained under the Parsons Corporation Retirement Savings Plan, although such transferred amounts (and earnings thereon) shall continue to be
treated as part of a Participant’s Capital Accumulation to the extent provided herein. 
 2.40 Retirement Fund.
“Retirement Fund” shall mean that portion of the Trust Fund to which are allocated assets attributable to all Employee Contribution Accounts and Retirement Accounts. Effective on or about March 1, 1997, all portions of the Retirement
Fund invested in assets other than Company Stock were transferred to and thereafter maintained under the Parsons Corporation Retirement Savings Plan, although such transferred amounts (and earnings thereon) shall continue to be treated as part of a
Participant’s Capital Accumulation to the extent provided herein. 

  
 9 

 2.41 Sponsor. “Sponsor” shall mean Parsons Corporation. 

2.42 Trust. “Trust” shall mean the Parsons Corporation Employee Stock Ownership Trust, created by the Trust Agreement entered
into between the Sponsor and the Trustees. 
 2.43 Trust Agreement. “Trust Agreement” shall mean the Agreement by and
between the Sponsor and the Trustees, as said Agreement may from time to time be amended. 
 2.44 Trustee. “Trustee”
shall mean each person serving as Trustee under the Trust Agreement. Any person serving as Trustee may also serve as a member of the Committee, as a member of the Board of Directors, or as an officer, employee or director of a Company or in any
other fiduciary or other capacity with respect to either the Plan or a Company. 
 2.45 Trust Fund. “Trust Fund” shall mean
all cash and securities and all other assets deposited with or acquired by the Trustees in their capacity as such hereunder, together with accumulated income. 

2.46 Valuation Date. “Valuation Date” shall mean the date upon which the assets of the Trust Fund are valued, as prescribed
by Section 5.6 hereof. The Valuation Date of Company Stock assets shall be each December 31 (the “Anniversary Date”). Notwithstanding the foregoing, in the event that the Plan purchases Company Stock form certain disqualified
persons, as defined in Code Section 4975(e)(2), that Company Stock will be valued as of the date of the transaction as required by Treasury Regulation Section 54.4975-11(d)(5). 

2.47 Year of Cumulative Service. 

(a) “Year of Cumulative Service” shall mean, with respect to an Employee: 

(1) For calendar years starting with the calendar year ending December 31, 1984: 

(i) the calendar year in which such Employee is hired or rehired by a Company if the date of hire or rehire is prior to
September 1 of such calendar year; or the calendar year in which the entity employing the Employee becomes a Company, so long as the entity becomes a Company prior to September 1 of such calendar year and the Employee is an employee of
such entity as of such date; provided that for Employees hired or rehired after 1993 or for entities becoming a Company after December 31, 1993, the calendar year of hire or rehire or acquisition, as the case may be, shall be counted as a
“Year of Cumulative Service” in accordance with Section 2.47(a)(1)(iii) hereof; 
 (ii) the calendar year in
which such Employee’s employment with all Companies terminates if the date of termination occurs after April 30 of such calendar year; provided that, for Employees with fewer than three Years of Cumulative Service as of January 1,
1994, the calendar year of employment termination shall be counted as a “Year of Cumulative Service” in accordance with Section 2.47(a)(1)(iii) hereof; 

  
 10 

 (iii) any calendar year in which the Employee completes 1,000 or more Hours
of Service; provided, that, an Employee shall not receive credit for more than one Year of Cumulative Service under this Section 2.47(a)(1) with respect to any calendar year. 

Notwithstanding the foregoing, an Employee who was a participant in the Engineering-Science Companies Employees’ Pension Plan prior to
January 1, 1984, or the Brian Watt Associates, Inc. Employee Retirement Plan prior to February 2, 1985, shall receive credit solely for vesting purposes for services performed during such periods even though such service was not required
to be credited under such Predecessor Plans because (i) such Predecessor Plans utilized the rule set forth in Section 411(a)(4)(B) of the Code (pertaining to non-recognition of service during periods
for which the Employee declined to contribute); (ii) he was ineligible to contribute to such Predecessor Plan due to the imposition of a penalty for making a withdrawal of contributions made thereunder; or (iii) he failed to meet any minimum
age required for eligibility for participation thereunder. An Employee shall not receive credit under this paragraph for more than one year of service with respect to any calendar year. 

ARTICLE III 

PARTICIPATION IN THE PLAN 

3.1 Commencement of Participation. Except as provided in Section 3.3 hereof, an Eligible Employee shall become a Participant in
the Plan in accordance with the following rules: 
 (a) An Eligible Employee who was a Participant on December 31, 2001 shall be a
Participant on January 1, 2002. 
 (b) An Eligible Employee hired in any calendar year after 2001, or employed by an entity on the date
such entity becomes a Member Company in any calendar year after 2001, shall become a Participant in the Plan on the January 1 coinciding with or immediately preceding the date such Employee completes 1,000 Hours of Service in a computation
period, provided he is an Eligible Employee on the last day of such computation period. For purposes of this Section 3.1(b), the initial computation period shall be the period of 12 consecutive calendar months commencing on the date the
Employee first Performs an Hour of Service following or coinciding with his employment with a Company and successive computation periods shall be each calendar year starting with the calendar year in which the initial computation period ends. 

(c) If an Employee, who is not an Eligible Employee, has completed the requisite Hours of Service with the Company (in (b) above) and
subsequently becomes an Eligible Employee as defined in the Plan, such Eligible Employee shall become a Participant as of the January 1 coinciding with or immediately preceding the date he became an Eligible Employee. 

  
 11 

 3.2 Members of the Board. Any Employee who was a member of the board of directors of
The Ralph M. Parsons Company on January 1, 1974 shall not be eligible to participate in the Plan. 
 3.3 Re-employment as Eligible Employees. 
 (a) In the case of an Employee who was not a Participant as of
the date of his termination of employment, if such Employee is re-employed as an Eligible Employee in any calendar after 2001 and following the occurrence of a Break in Service, he shall become a Participant
in the Plan on the January 1 coinciding with or immediately preceding the date he completes 1000 Hours of Service in a computation period, provided he is an Eligible Employee on the last day of such computation period. For purposes of this
Section 3.3(a), the initial computation period shall mean the period of 12 consecutive calendar months commencing on the date such Employee completes an Hour of Service following or coinciding with his
re-employment with a Company and successive computation periods shall be each calendar year starting with the calendar year in which the initial computation period ends. 

(b) In the case of an Eligible Employee who was a Participant as of the date of his termination of employment, if such individual is re-employed by a Member Company as an Eligible Employee, he shall become a Participant as of his date of rehire. 

3.4 Former Participants. Employees who have commenced participation in the Plan, but cease active participation because their employer,
though still a Company, has ceased to be a Member Company, shall continue to accrue Years of Cumulative Service, but shall no longer be entitled to additional contributions or allocations of Forfeitures under the Plan unless hired or rehired by a
Member Company. 
 ARTICLE IV  

COMPANY CONTRIBUTIONS 

4.1 Contributions to ESOP Fund. 

(a) Subject to Article XII hereof, the Member Companies shall contribute in cash or Company Stock to the ESOP Fund for each Plan Year such sum
as the Board of Directors (and, with respect to Parsons E&C Eligible Employees, the board of directors of Parsons E&C Corporation) may, in its sole discretion, determine. In any Plan Year, the contribution on behalf of the Eligible Employees
of a Member Company, when expressed as a percentage of the aggregate Compensation of such Eligible Employees, will be in the same proportion as the contribution on behalf of Eligible Employees of another Member Company. The contribution under this
Section 4.1 for any given Plan Year shall be fixed by resolution of the Board of Directors and shall be paid to the Trustees not later than the due date (including any extensions thereof) for filing the federal income tax return of the Member
Companies for their fiscal year ending with or within the Plan Year. 
 (b) Some or all of a contribution under Section 4.1(a) hereof
made in cash or property other than Company Stock may be applied to repay any outstanding Exempt Loan. The Committee may, subject to any pledge or similar agreement, direct or determine the proportions by which contributions are applied to repay
each of the one or more Exempt Loans. 

  
 12 

 (c) Some or all of a contribution under Section 4.1(a) hereof made in cash or property
other than Company Stock may be applied to purchase the shares of Company Stock including shares allocated to the Accounts of any Participant (or Beneficiary) in order to make a distribution under Articles VIII, IX, X, or XI hereof to such
Participant (or Beneficiary). 
 (d) For calendar quarters ending prior to July 1, 2004, notwithstanding the foregoing provisions of
this Section 4.1, the Board of Directors shall authorize each calendar quarter a contribution on behalf of each Eligible employee entitled to an allocation under Article VI hereof equal to not less than 10 percent of such Employee’s
Compensation for such calendar quarter. 
 4.2 Reserved 

4.3 Company Not Responsible for Adequacy of Trust Fund. Except as required by applicable law, neither the Board of Directors, any
Company, any member of the Committee nor any Trustee shall be responsible for the adequacy of the Trust Fund to meet and discharge any or all payments and liabilities hereunder. 

4.4 Conditions of Contributions. All contributions by a Company to the ESOP Fund are conditioned on the qualification of the Plan under
Section 401 of the Code and their deductibility under Section 404 of the Code. 
 4.5 Reserved 

ARTICLE V 
 TRUST FUND

 5.1 Plan Assets. The Sponsor has entered into the Trust Agreement providing for the establishment of a single Trust to
hold the assets of the Plan. All Company contributions shall be paid over to the Trustees and held pursuant to the provisions of the Plan and the Trust Agreement, which, as amended from time to time, shall constitute a part of the Plan. The Board of
Directors may at any time, in accordance with the terms of the Trust Agreement, remove an incumbent Trustee and designate a successor Trustee. 

5.2 Division of Assets. Assets of the Trust Fund shall be held in separate funds which initially shall consist of the ESOP Fund, PAYSOP
Fund and Retirement Fund and thereafter shall consist of such funds as the Committee may establish from time to time. Individual Participant interests in the Trust Fund shall be reflected in the Accounts maintained for each Participant.
Notwithstanding the foregoing, the Trust Fund shall be treated as a single trust for purposes of investment and administration, and nothing contained herein shall require a physical segregation of assets for any fund or for any Account maintained
under the Plan. 

  
 13 

 5.3 Investment of Trust Fund. 

(a) The ESOP Fund shall be invested primarily in Company Stock except for cash or cash equivalent investments for the limited purposes of
making Plan distributions to participants or paying Plan administrative expenses, or pending the investment of contributions or other cash receipts in Company Stock. Neither any Company nor the Committee nor any Trustee shall have any responsibility
or duty to time any transaction involving Company Stock, in order to anticipate market conditions or changes in stock value, nor shall any such person have any responsibility or duty to sell Company Stock held in the ESOP Fund (or otherwise to
provide investment management for Company Stock held in the ESOP Fund) in order to maximize return or minimize loss. The Committee may direct the Trustees to have the ESOP enter into one or more Exempt Loans to finance the acquisition of Company
Stock. Company contributions in cash, and other cash received by the Trustees, may be used to acquire shares of Company Stock from Company shareholders or directly from the Company. 

(b) The PAYSOP Fund shall be invested primarily in Company Stock except for cash or cash equivalent investments for the limited purpose of
making Plan distributions to Participants or paying Plan administrative expenses, or pending the investment of contributions or other cash receipts in Company Stock. Neither any Company nor the Committee nor any Trustee shall have any responsibility
or duty to time any transaction involving Company Stock, in order to anticipate market conditions or changes in stock value, nor shall any such person have any responsibility or duty to sell Company Stock held in the PAYSOP Fund (or otherwise to
provide investment management for Company Stock held in the PAYSOP Fund) in order to maximize return or minimize loss. 
 (c) In the case of
the De Leuw, Cather Current Service Retirement Plan, amounts invested in ordinary life insurance policies as of September 11, 1984 shall remain so invested in accordance with Article XII of that plan as in effect immediately prior to that date;
provided that no application for investment in such policies under said Article XII may be accepted on or after September 11, 1984. 

5.4 Exempt Loan. Notwithstanding anything contained herein to the contrary, proceeds of an Exempt Loan shall be used, within a
reasonable time after receipt by the Trust, only for the following purposes: 
 (a) to acquire Company Stock; 

(b) to repay the same Exempt Loan; or 

(c) to repay any previous Exempt Loan. 

An Exempt Loan shall be repaid only from amounts loaned to the Trust and the proceeds of such loans, from Member Company contributions in cash
and earnings attributable thereto, from any collateral given for the loan, and from dividends paid on shares of unallocated Company Stock acquired with proceeds of the loan. 

No Company Stock acquired with the proceeds of an Exempt Loan may be subject to a put, call, or other option, or buy-sell or similar arrangement while held by the Plan and when distributed by the Plan whether or not the Plan is then an employee stock ownership plan within the meaning of Section 4975(e)(7) of the Code.

  
 14 

 In addition, and in accordance with Treasury Regulations Sections 54.4975-7 and 54.4975-11, the following provisions shall apply to an Exempt Loan under the Plan: 

(i) An Exempt Loan must be for a specific term, and must not be payable at the demand of any person. 

(ii) An Exempt Loan must be primarily for the benefit of the Plan participants and their beneficiaries. 

(iii) The Plan must not obligate itself to acquire securities from a particular security holder as an indefinite time
determined upon the happening of an event, such as the death of the holder. 
 (iv) The only assets of the Plan that may be
given as collateral on an Exempt Loan are qualifying employer securities acquired with the proceeds of the loan and those securities that were used as collateral on a prior Exempt Loan repaid with the proceeds of the current Exempt Loan. 

(v) The interest rate of an Exempt Loan must not be in excess of a reasonable rate of interest and should consider the
following factors: the amount and duration of the loan, the security and guarantee involved (if any), the credit standing of the Plan and the guarantor (if any), and the interest rate prevailing for comparable loans. 

(vi) At the time an Exempt Loan is made, the interest rate for the loan and the price of securities to be acquired with the
loan proceeds should not be such that the Plan assets might be drained off. 
 (vii) No person entitled to payment under an
Exempt Loan shall have any rights to assets of the Plan other than collateral given for the loan, contributions (other than contributions of employer securities) made to repay such Exempt Loan, and the earnings attributable to such collateral and
the investment of such contributions. 
 (viii) The payments made with respect to an Exempt Loan by the Plan during a Plan
Year must not exceed and amount equal to the sum of such contributions and earnings received during or prior to the year less such payments in prior years. Such contributions and earnings must be accounted for separately in the books of account of
the Plan until the loan is repaid. 
 (ix) In the event of default upon an Exempt Loan, the value of Plan assets transferred
in satisfaction of the loan must not exceed the amount of default. If the lender is a Disqualified Person, a loan must provide for a transfer of Plan assets upon default only upon and to the extent of the failure of the Plan to meet the payment
schedule of the loan. 
 (x) In the event that the Plan holds different classes of stock and securities acquired with the
proceeds of an Exempt Loan available for distribution consist or more than one class, a distributee must receive substantially the same proportion of each such class of stock. 

  
 15 

 (xi) If a portion of a Participant’s Account is forfeited, qualifying
employer securities will be forfeited only after other assets. If interests in more than one class of qualifying employer securities have been allocated to the Participant’s Account, the Participant must be treated as forfeiting the same
proportion of each such class of stock. 
 5.5 Securities Law Limitation. The Committee shall not be required to engage in any
transaction, including without limitation, directing the purchase or sale of Company Stock, which it determines in its sole discretion might tend to subject itself, its members, the Plan, any Company, or any Participant to a liability under federal
or state securities laws. Further, notwithstanding any provision of the Plan to the contrary, in the absence of an effective registration statement and prospectus or an available exemption from registration, no amount attributable to Employee
contributions shall be allocated to the purchase of securities (other than interests or participations in the Trust or Plan) issued by a Company or any company directly or indirectly controlling, controlled by, or under common control with the
Company. 
 5.6 Accounting and Valuations. 

(a) The fair value of the assets of the Trust Fund shall be determined as of each Valuation Date, in accordance with generally accepted
commercial methods and practices. Valuations of employer securities which are not readily tradable on an established market, will be made by an independent appraiser who meets the requirements similar to the requirements prescribed under Code
Section 170(a)(1). 
 (b) As of each Valuation Date each Participant’s Accounts shall be credited (debited) with the allocable
share of the net income (loss) of the portion of the Trust Fund valued as of such Valuation Date. For this purpose the net income (loss) of the Trust Fund shall include any income with respect to securities in the ESOP Suspense Subfund acquired with
the proceeds of an Exempt Loan. In determining net income, interest paid under any installment contract for the acquisition of Company Stock by the Trust or on any Exempt Loan shall not be taken into account. 

(c) The Committee shall establish accounting procedures for the purpose of making the allocations, valuations and adjustments to
Participants’ Accounts provided for in Articles V through XI hereof. From time to time, the Committee may modify its accounting procedures for the purpose of achieving equitable and non-discriminatory
allocations among the Accounts of Participants in accordance with the provisions of the Plan. 
 ARTICLE VI 

ALLOCATION OF CONTRIBUTIONS TO THE ESOP FUND 

6.1 Allocation of Contributions. 

(a) In addition to net income or loss allocated in accordance with Article V and Forfeitures allocated in accordance with Article VIII,
the ESOP Account maintained for each Participant will be credited as of each Anniversary Date with his allocable share of (a) Company Stock contributed in kind to the ESOP Fund by Member Companies and (b) contributions under

  
 16 

 
Section 4.1 hereof in other than Company Stock. The allocation of contributions of each Member Company shall be made to the ESOP accounts of those Participants who were Eligible Employees of
a Member Company during the Plan Year, and such allocation shall be made in the same proportion that the Compensation for the Plan Year of such Participant while an Eligible Employee of such member Company bears to the total Compensation for the
Plan Year of all Participants while Eligible Employees of such Member Company entitled to an allocation under this Section 6.1 for that Plan Year. Each ESOP Account will be debited for its share of cash payments for the acquisition of Company
Stock or for repayment of exempt Loans or other debt, including principal and interest, incurred for the acquisition of Company Stock, as Company Stock is allocated to such Account in accordance with Section 6.3 hereof. Allocations of Company
Stock shall be expressed in terms of number of whole and fractional interests in shares. A subaccount under each Participant’s ESOP Account shall be maintained to reflect his non-forfeitable interest in
any Trust assets (including Company Stock) attributable to dividends on Company Stock allocated to his ESOP Account (other than dividends distributed under the provisions of Section 17.1 hereof). One or more other subaccounts may be established
under each Employee’s ESOP Account to differentiate between contributions and earnings thereon and for such other purposes as the Committee deems appropriate. 

6.2 Suspense Subfund. 

(a) Company Stock acquired by the ESOP Fund through an Exempt Loan shall be added to and maintained in the ESOP Suspense Subfund and
shall thereafter be released from the ESOP Suspense Subfund and allocated to ESOP Accounts of Participants as provided in Sections 6.3 and 6.4. The Company Stock acquired with each Exempt Loan shall be accounted for and allocated separately in
accordance with the provisions of this Article VI. 
 6.3 Release from ESOP Suspense Subfund. Company Stock acquired
for the ESOP Fund through an Exempt Loan shall be released from the ESOP Suspense Subfund as the Exempt Loan is repaid, in accordance with the provisions of this Section 6.3. 

(a) For each Plan Year until the Exempt Loan is fully repaid, the number of shares of Company Stock released from the ESOP Suspense Subfund
shall equal the number of unreleased shares immediately before such release for the current Plan Year multiplied by the “Release Fraction.” As used herein, the Release Fraction shall be a fraction the numerator of which is the amount of
principal and interest paid on the Exempt Loan for such current Plan Year and the denominator of which is the sum of the numerator plus the principal and interest to be paid on such Exempt Loan for all future years during the duration of the term of
such Loan (determined without reference to any possible extensions or renewals thereof). Notwithstanding the foregoing, in the event such Loan shall be repaid with the proceeds of a subsequent Exempt Loan (the “Substitute Loan”), such
repayment shall not operate to release all such Company Stock in the ESOP Suspense Subfund, but, rather, such release shall be effected pursuant to the foregoing provisions of this Section 6.3 on the basis of payments of principal and interest
on such Substitute Loan. 

  
 17 

 (b) If required by any pledge or similar agreement, then in lieu of applying the provisions
of Section 6.3(a) hereof with respect to such loan or Substitute Loan, shares shall be released from the ESOP Suspense Subfund as the principal amount of an Exempt Loan is repaid (and without regard to interest payments), provided the following
three conditions are satisfied: 
 (1) The Exempt Loan must provide for annual payments of principal and interest at a cumulative rate that
is not less rapid at any time than level annual payments of such amounts for ten years. 
 (2) The interest portion of any payment is
disregarded only to the extent it would be treated as interest under standard loan amortization tables. 
 (3) If the Exempt Loan is
renewed, extended or refinanced, the sum of the expired duration of the Exempt Loan and the renewal, extension or new Exempt Loan period must not exceed ten years. 

(c) If at any time there is more than one Exempt Loan outstanding, then separate accounts may be established under the ESOP Suspense Subfund
for each such Loan. Each Exempt Loan for which a separate account is maintained may be treated separately for purposes of the provisions governing the release of shares from the ESOP Suspense Subfund under this Section 6.3 and for purposes of
the provisions governing the application of Member Company contributions to repay an Exempt Loan under Section 4.1 hereof. 
 (d) It is
intended that the provisions of this Section 6.3 shall be applied and construed in a manner consistent with the requirements and provisions of Treasury Regulation § 54.4975-7(b)(8), and any
successor Regulation thereto. All Company Stock released from the ESOP Suspense Subfund during any Plan Year shall be allocated among Participants as prescribed by Section 6.4 hereof. 

6.4 Allocation of Shares Released from ESOP Suspense Subfund. 

(a) Shares of Company Stock released from the ESOP Suspense Subfund for a Plan Year in accordance with Section 6.3 hereof shall be held
in the ESOP Fund on an unallocated basis until allocated by the Committee as of the Anniversary Date for that Plan Year. The allocation of such shares among the ESOP Accounts of Participants shall be made among the ESOP Accounts of those
Participants who were Eligible Employees at any time during the Plan Year and the number of shares allocable to such Participant’s ESOP Account shall be made in the proportion that the Compensation for such Plan Year of each such Participant
while an Eligible Employee bears to the total Compensation for the Plan Year of all such Participants while Eligible Employees. All Company Stock in the ESOP Fund, other than Company Stock held in the ESOP Suspense Subfund as of an Anniversary Date,
must be allocated to ESOP Accounts as of such Date. 
 6.5 Stock Dividends, Splits, Recapitalizations, Etc. Any Company Stock
received by the Trustees as a result of a stock split, dividend, or as a result of a reorganization or other recapitalization of a Company shall be allocated as of the day on which the Company Stock is received by the Trustees in the same manner as
the Company Stock to which it is attributable is then allocated. 

  
 18 

 6.6 Allocation of Amounts Transferred From Defined Benefit Plans. This
Section 6.6 shall be effective for periods beginning on and after July 1, 1985. In the case of any amounts contributed under Section 4.1(a) representing amounts transferred from terminated defined benefit pension plans, such amounts
shall be either allocated in their entirety in respect of the plan year in which such amounts were transferred to this Plan, subject to the limitations of Article XII hereof, or they shall be allocated to a special suspense fund and allocated from
such fund among accounts of participants no less rapidly than ratably over a period not to exceed seven years. Notwithstanding the foregoing, in the year of transfer, the amount allocated shall not be less than the lesser of the maximum allowable
under Article XII hereof or one-eighth of the amount attributable to the shares of Company Stock acquired with the transferred amount. 

6.7 Special Limitations for Disqualified Persons. 

(a) General. No Company Stock, and no portion of the Trust that is allocable in lieu of Company Stock, shall be allocated to the
Accounts of any “Disqualified Person” for a “Non-allocation Year.” 
 (b) Non-allocation Year. For purposes of this Section 6.7, the term “Non-allocation Year” means any Fiscal Year for which an S corporation election by the
Company under Section 1362(a) of the Code is in effect if, at any time during that Fiscal Year, Disqualified Persons own or are deemed to own at least 50 percent of the outstanding shares of the Company’s stock. 

(c) Disqualified Person. For purposes of this Section 6.7, the term “Disqualified Person” means any person if —

 (i) he or she is deemed to own ten percent or more of the “Deemed-Owned Shares” of Company Stock; 

(ii) the number of shares of Company Stock deemed to be owned by the person, together with the shares of Company Stock deemed
to be owned members of his or her family, is at least 20 percent of the total Deemed-Owned Shares of Company Stock; or 

(iii) the person is a member of the family of a Disqualified Person described in subparagraph (c)(ii) above (if not otherwise
treated as a Disqualified Person under subparagraph (c)(i) or (c)(ii) above). 
 (d) Deemed-Owned Shares. For purposes of this
Section 6.7, the term “Deemed-Owned Shares” means, with respect to any Participant — 
 (i) shares of
Company Stock allocated to his or her Company Stock Account; 
 (ii) that number of the shares of Company Stock allocated to
the Suspense Account that would be allocated to his or her Company Stock Account if all of the shares of Company Stock that are allocated to the Suspense Account were allocated among the Company Stock Accounts of the Participants pursuant to the
formula set forth in Section 6.3 as of the most recent Valuation Date; and 

  
 19 

 (iii) the shares of Company Stock on which any “Synthetic Equity”
held by that Participant is based, if this treatment of the Participant’s Synthetic Equity results either in the treatment of any Participant as a Disqualified Person or the treatment of any Fiscal Year as a
Non-allocation Year. 
 (e) Synthetic Equity. For purposes of this Section 6.7, the term
“Synthetic Equity” means any stock option, warrant, restricted stock, deferred issuance stock right, or similar interest or right that gives the holder the right to acquire or receive stock of the Company in the future. Except to the
extent provided in regulations issued by the Treasury Department, the term “Synthetic Equity” also includes stock appreciation rights, phantom stock units, and similar rights to future cash payments based on the value of Company Stock or
on the appreciation in the value of the Company Stock. 
 (f) Member of Family. For purposes of this Section 6.7, the term
“member of the family” means, with respect to any individual — 
 (i) his or her husband or wife, 

(ii) any ancestor or lineal descendant of the individual or of the individual’s husband or wife, 

(iii) a brother or sister of the individual or of the individual’s husband or wife and any lineal descendant, and 

(iv) the husband or wife of any individual described in clauses (ii) or (iii) above. 

(g) Attribution of Ownership. For purposes of this Section 6.7, the attribution-of-ownership rules of Section 318(a) of the Code, as modified by Section 409(p) of the Code, shall apply for purposes of determining ownership of shares of the Company’s Stock. 

(h) Impermissible Allocation. For purposes of this Section 6.7, and as provided by Treasury Regulation 1.409(p)-1T(b)(2)(iii), the
term “Impermissible Allocation” means any contribution or other annual addition (e.g. forfeiture allocation) in the ESOP or other qualified plan (including a release and allocation from an ESOP Suspense Account) that would have otherwise
been added to the Disqualified Person’s Account and invested in employer securities consisting of S corporation stock. 
 (i)
Impermissible Accrual. For purposes of this Section 6.7, and as provided by Treasury Regulation 1.409(p)-1T(b)(2)(ii), the term “Impermissible Accrual” means all S corporation shares that are employer securities and other ESOP
assets attributable to such shares (including IRC Section 1368 distributions, sale proceeds and earnings on either the distribution or the proceeds) held for a Disqualified Person’s Account, whether attributable to current or prior year
contributions. 

  
 20 

 ARTICLE VII 

RESERVED 
 ARTICLE
VIII 
 VESTING AND INTERIM WITHDRAWALS 

8.1 No Vested Rights Except as Herein Specified. No Employee shall have any vested right or interest, or any right to
payment, of any assets of the Trust Fund, except as herein provided. Neither the making of any allocation nor the credit to any Account of a Participant in the Trust Fund shall vest in any Participant any right, title or interest in or to any assets
of the Trust Fund. 
 8.2 Full Vesting of Participants’ Accounts. An Employee shall at all times be fully
vested, within the meaning of Section 411 of the Code and Section 203 of ERISA, in his PAYSOP Account, his Employee Contribution Account, and the subaccount of his ESOP or Retirement Account attributable to cash dividends received by the
Trust on Company Stock allocated to such Account. He shall be fully vested, within the meaning of Section 411 of the Code and Section 203 of ERISA, in the balance of his Accounts upon the earliest to occur of: 

(a) the day he becomes fully vested under the vesting schedules included in Section 8.3; 

(b) the first day of the month in which he becomes sixty-five (65) years of age, provided that such Participant is then employed by a
Company or the Participant is on an Approved Absence; 
 (c) his death while: 

(i) employed by a Company; 

(ii) on qualified military service (as defined in Code Section 414(u)); or 

(iii) on an Approved Absence; 

(d) the date of his termination of employment with all Companies under circumstances entitling him to receive a benefit under
Section 11.1 on account of permanent disability; or 
 (e) the date on which he is required to be fully vested under the applicable
provisions of the Code on account of the termination, partial termination or the complete discontinuance of contributions to the Plan. 

  
 21 

 8.3 Partial Vesting of Participants’ Accounts. 

(a) Except as provided in Section 8.2, effective for all Plan Years beginning on and after January 1, 1989: 

(1) The percentage of an Employee’s Capital Accumulation which is vested, within the meaning of Section 411 of the Code and
Section 203 of ERISA, shall be based upon his number of Years of Cumulative Service in the Plan in accordance with the following schedule, provided such Employee performs at least one (1) Hour of Service in any Plan Year beginning on or
after January 1, 1989: 
  

			
	 Years of Cumulative
Service
	  	 Vested Percentage of Employee’s
Account

	Less than 3 years	  	0
	3 years but less than 4	  	30
	4 years but less than 5	  	40
	5 years but less than 6	  	60
	6 years but less than 7	  	80
	7 or more years	  	100

 (2) In the case of an Employee who does not perform at least one (1) Hour of Service in any Plan Year
beginning on or after January 1, 1989, such Employee’s non-forfeitable percentage for purposes of this Section 8.3 shall be determined under the vesting schedule in effect under the Plan as of
the date of such Employee’s termination of employment. 
 (b) Except as provided in Section 8.2, effective for all Plan Years
beginning on and after January 1, 2007: 
 (1) The percentage of an Employee’s Capital Accumulation which is vested, within the
meaning of Section 411 of the Code and Section 203 of ERISA, shall be based upon his number of Years of Cumulative Service in the Plan in accordance with the following schedule, provided such Employee performs at least one (1) Hour of
Service in any Plan Year beginning on or after January 1, 2007: 
  

			
	 Years of Cumulative
Service
	  	 Vested Percentage of Employee’s
Account

	Less than 2 years	  	0
	2 years but less than 3	  	20
	3 years but less than 4	  	40
	4 years but less than 5	  	60
	5 years but less than 6	  	80
	6 or more years	  	100

 (2) In the case of an Employee who does not perform at least one (1) Hour of Service in any Plan Year
beginning on or after January 1, 2007, such Employee’s non-forfeitable percentage for purposes of this Section 8.3 shall be determined under the vesting schedule in effect under the Plan as of
the date of such Employee’s termination of employment. 

  
 22 

 (c) Notwithstanding any other provision of this Plan to the contrary, in the case of an
Employee who was a Participant in the Plan or a Predecessor Plan prior to January 1, 1984, his non-forfeitable percentage for purposes of this Section 8.3 will at no time be less than the vested
percentage determined under the schedule set forth in the Plan or the applicable Predecessor Plan as of December 31, 1983, if such schedule continued to apply. 

8.4 Termination Prior to Full Vesting. 

(a) If a Participant’s employment with all Companies terminates prior to the date on which his interest in his Accounts becomes fully
vested in accordance with Section 8.2 hereof, the unvested portion of the amount in said Participant’s Accounts shall be forfeited as of the last day of the calendar year in which the Participant sustains five (5) consecutive Breaks
in Service and shall be treated as provided in Section 8.5. The vested portion of such a Participant’s Accounts shall be distributed as provided in Section 9.2 hereof. 

(b) In the case of a Participant described in Section 9.2(b) or 9.2(c) who receives a distribution on account of a disability described
in Section 11.3 or hardship, respectively, before incurring five (5) consecutive Breaks in Service and also resumes employment with a Company before five (5) such consecutive Breaks in Service occur, the undistributed forfeitable
portion shall be placed in a subaccount of the Account from which the amount was distributed and the vested portion of such subaccount at a subsequent date shall be determined by the formula: 

 

					
			
	X	  	=	  	P(AB + (R x D)) - (R x D), where:
			
	X	  	=	  	the vested portion of the subaccount at the subsequent date
			
	P	  	=	  	non-forfeitable percentage under Section 8.3 hereof at the subsequent date
			
	AB	  	=	  	the subaccount balance at the subsequent date
			
	D	  	=	  	the amount of the previous distribution
			
	R	  	=	  	the ratio of the subaccount balance at the subsequent date to the original subaccount balance

 (c) If a portion of a Participant’s ESOP Account or Retirement Account is forfeited, shares of
Company Stock allocated to his ESOP Account from the ESOP Suspense Subfund shall be forfeited only after other assets are forfeited from each such Account. 

8.5 Treatment of Forfeitures. Any Forfeitures occurring pursuant to Section 8.4 attributable to amounts in the Participant’s ESOP
and Retirement Accounts shall be allocated among all other ESOP Accounts, but only among such ESOP Accounts of Participants who were Eligible Employees during the Plan Year, and each such allocation shall be made in the proportion that the
Compensation for such Plan Year of each such Participant while an Eligible Employee bears to the total Compensation for the Plan Year of all such Participants while Eligible Employees. Any forfeiture attributable to a Retirement Account may, but
need not, be applied to the acquisition of Company Stock. 

  
 23 

 8.6 Interim Withdrawals. The following provisions shall govern the right of a
Participant to make withdrawals from the Trust Fund prior to the termination of employment with all Companies: 
 (a) A Participant may, at
any time, but in no event more than once in any Plan Year, elect to withdraw, without penalty, all or any part of the principal amount of his contributions under Predecessor Plans (exclusive of any gains or earnings thereon, and less any previous
withdrawals) allocated to his Employee Contribution Account; provided, that, in no event may all withdrawals under this Section 8.6(a) exceed the aggregate amount of such contributions less the total of net investment losses, if any,
attributable to such contributions. 
 (b) Any Participant who elects to withdraw the maximum amount pursuant to Section 8.6(a) hereof
then subject to withdrawal may further elect simultaneously (or at any time subsequent to a withdrawal of the maximum amount pursuant to Section 8.6(a) hereof) to withdraw all (but not less than all) net gains and earnings reflected in his
Employee Contribution Account. 
 (c) Reserved 

(d) Requests for withdrawal pursuant to this Section 8.6 shall be made in such form and manner as the Committee may prescribe. For
purposes of this Section 8.6, the date on which a request for withdrawal is filed shall be considered the date of withdrawal. Payments may be made as set forth in Section 9.4 hereof, as soon as practicable, but in no event later than 180
days from the filing of the request for withdrawal. 
 8.7 Diversification Rule. 

(a) For the purpose of this Section 8.7 only, the following definitions shall apply: 

(1) “Qualified Participant” shall mean a Participant who has attained age 55 and who has completed at least 10 years of
participation in the Plan. 
 (2) “Qualified Election Period” shall mean the six Plan Year period beginning with the Plan Year in
which the Participant first becomes a Qualified Participant. 
 (b) Each Qualified Participant shall be permitted to direct the Plan as to
the diversification of twenty-five percent (25%) of the value of the vested portion of the Participant’s ESOP Account (or any subaccounts under such Account) in respect of Company Stock which was acquired by the Plan after December 31,
1986, in the manner provided under Section 8.7(d) below, during an annual election period (the “Annual Election Period”) specified by the Plan Administrator, which shall commence on the first day each Plan Year during the
Participant’s Qualified Election Period and shall generally end 30 days after the Parsons Stock price and eligible diversification amounts have been communicated to Qualified Participants, but shall in no case end before the 90th day of each such Plan Year. Within the Annual Election Period of the last Plan Year in the Participant’s Qualified Election Period, a Qualified Participant may direct the Plan as to the
diversification of 50 percent of the value of the vested portion of such ESOP Account. 

  
 24 

 (c) The Participant’s direction shall be provided to the Committee in writing and shall
specify which, if any, of the available options set forth in Section 8.7(d) the Participant selects. 
 (d) (1) At the election of the
Qualified Participant, the Plan shall distribute, in one lump sum distribution (notwithstanding Section 409(d) of the Code), the portion of the Participant’s ESOP Account that is covered by the election within ninety (90) days after
the Annual Election Period. Distributions shall be made in the form provided for under Section 9.4 hereof. This Section 8.7(d) shall apply notwithstanding any other provision of the Plan. However, those provisions that require the consent
of the Participant, the Participant’s spouse, or both, to distribute a present value benefit in excess of $5,000 still apply. If the Participant and/or the Participant’s spouse do not consent, the Plan will retain the amount in question.

 (2) In lieu of distribution under Section 8.7(d)(1), the Qualified Participant who has the right to receive a distribution under
Section 8.7(d)(1) may so elect that the Plan transfer the portion of the Participant’s ESOP Account that is distributable and that is covered by such election to another qualified plan of the Company which accepts such transfers, provided
that such plan permits employee-directed investment and does not invest in Company Stock to a substantial degree. Such transfer shall be in the form provided for under Section 9.4 hereof and shall be made no later than ninety (90) days
after the Annual Election Period. 
 (3) The Committee may establish at least three investment options under this Plan, to be selected at
its discretion, for the purpose of diversification under this Section 8.7. If the Committee establishes such investment options, in lieu of distribution or transfer under Section 8.7(d)(1) or (2) above, the Qualified Participant who
has a right to receive a distribution under Section 8.7(d)(1) may so elect that the Plan invest the portion of the Participant’s ESOP Account that is distributable and that is covered by such election in any of the investment options
established by the Committee. Such investment shall be made no later than ninety (90) days after the Annual Election Period. 
 8.8
No Title  
 Notwithstanding the foregoing and solely for purposes of vesting in Plan Accounts as set forth in this Article VIII, a
Participant shall be treated as employed by the Company and shall continue to accrue Hours of Service and Years of Cumulative Service under the Plan for any period of time that the Participant is employed by Saudi Arabian Parsons Limited or Parsons
International Corporation LLC. In addition, solely for purposes of vesting in Plan Accounts as set forth in this Article VIII, Participants shall receive Years of Cumulative Service for past service performed for Saudi Arabian Parsons Limited or
Parsons International Corporation LLC. 

  
 25 

 ARTICLE IX 

RETIREMENT BENEFITS 

9.1 Distribution Timing. 

Following the termination of employment of a Participant with all Companies, the Participant’s vested Account shall be distributed to him
or her in the manner provided in this Article. The Participant’s vested Account balance shall be based on its value on the Valuation Date coincident with or immediately preceding the date of distribution. A Participant remaining in the employ
of a Company after reaching his or her Early or Normal Retirement Date shall not be entitled to a distribution of his or her Accounts prior to his or her termination of employment with all Companies except as provided in subsections 9.2(b), (c), or
(d). 
 9.2 Method of Distribution. The Participant’s vested Account shall be distributed to him or her in accordance with this
Section, provided that no Participant shall receive any distribution of any part of his or her Accounts hereunder prior to his or her Normal Retirement Date without his or her written consent if the present value of such vested Account exceeds
$5,000. 
 (a) Early and Normal Retirement. 

(1) Timing. Payment of the Participant’s vested Account shall be made following his or her termination of employment as soon as
practicable after his or her Normal Retirement Date or Early Retirement Date, but in no event later than the sixtieth (60th) day after the last day of the Plan Year in which the Participant (if he or she were then an Employee) attains his or her
Normal Retirement Date, or, if earlier, his or her Early Retirement Date. 
 (2) Form. The available forms shall depend on the value
of the Participant’s vested Account balance. 
 (i) Vested Account Balance of $20,000 or Less. If the value of
the Participant’s vested Account balance is $20,000 or less, then it will be paid as soon as practicable, as the Participant elects, in either 

(A) one lump sum payment; or 

(B) a direct rollover. 

(ii) Vested Account Balance Exceeds $20,000. If the value of the Participant’s vested Account balance exceeds
$20,000, then it will be paid as soon as practicable in installments as described in subsection (e). 
 (b) Permanent Disability.

 (1) Timing. A Participant who has suffered a permanent disability while an Employee (even if on an Approved Absence) or after
termination of employment, but prior to the distribution of his or her entire vested Account, may be entitled to receive a distribution as soon as practicable after the Committee’s receives proof of such disability. 

  
 26 

 (2) Form. The available forms shall depend on the value of the Participant’s
vested Account balance. 
 (i) Vested Account Balance of $20,000 or Less. If the value of the Participant’s
vested Account balance is $20,000 or less, then it will be paid as soon as practicable, as the Participant elects, in either: 

(A) one lump sum payment; or 

(B) a direct rollover. 

(ii) Vested Account Balance Exceeds $20,000. If the value of the Participant’s vested Account balance exceeds
$20,000, then it will be paid as soon as practicable in installments as described in subsection (e). 
 (3) Determination of
Disability. A permanent disability, for purposes of this Plan, shall mean the Participant has been determined by the Social Security Administration as eligible for Social Security disability benefits. 

(c) Financial Hardship. 

(1) Timing. A Participant who has a financial hardship prior to the distribution of his or her entire vested Account may be entitled to
receive a distribution as soon as practicable after the Committee’s determination of such hardship. Distribution will be made to a Participant prior to what would otherwise be the Participant’s Normal Retirement Date, or, if applicable,
Early Retirement Date, in accordance with this subsection (c). 
 (2) Form. The available forms shall depend on the value of the
Participant’s vested Account balance. 
 (i) Vested Account Balance of $20,000 or Less. If the value of the
Participant’s vested Account balance is $20,000 or less, then it will be paid as soon as practicable, as the Participant elects, in one lump sum payment. 

(ii) Vested Account Balance Exceeds $20,000. If the value of the Participant’s vested Account balance exceeds
$20,000, then it will be paid as soon as practicable in installments as described in subsection (e). 
 (3) Determination of Financial
Hardship. The Committee shall determine in its sole discretion whether a genuine financial hardship exists, but in so doing shall not find a genuine financial hardship to exist unless there exists probative evidence of severe want or deprivation
which cannot reasonably be expected to be relieved by other resources reasonably available to the Participant. The Committee shall prescribe such rules as it deems appropriate in making determinations as to the existence of a hardship. In no event,
however, shall the Committee find that sources reasonably available to relieve a hardship include a Participant’s 

  
 27 

 
primary residence. Further, the Committee shall in every case find that sources reasonably available to a Participant for the relief of a hardship include business ventures and other investments
or property (other than a primary residence), if any, that are reasonably liquid and susceptible to reasonably rapid sale. 
 (4)
Notwithstanding subsection (c)(2), a Participant receiving installment distributions may halt such distributions by written notice given to the Trustee at least 30 days in advance of the first scheduled payment as of which distributions should
cease. A Participant may, by a showing of hardship, resume such distributions subject to subsection (c)(3). 
 (d) Conflicts of
Interest. If a Participant who has terminated employment with all Companies but has not received his or her complete distribution from the Plan becomes subject to a conflict of interest by reason of his or her beneficial interest in Company
Stock held hereunder, his or her Account consisting of Company Stock shall, upon satisfactory proof to the Committee of such conflict, be converted into cash and shall be distributed in accordance with the terms of this Plan governing distribution
of ESOP Accounts as described in subsection (a)(2). 
 (e) Installments. Installment distributions shall be made subject to the
following rules: 
 (1) Installment payments can only be made if the Participant’s vested Account balance is at least $20,001. 

(A) If the Participant’s vested Account balance is from $20,001 to $40,000, then it will be paid in a series of
installments over two years or, if shorter, the life expectancy of the Participant and his or her Spouse, if any. 
 (B) If
the Participant’s vested Account balance exceeds $40,000, then it will be paid in a series of installments over either three or five years, as the Participant elects, but in no case shall the number of yearly installments exceed the life
expectancy of the Participant and his or her Spouse, if any. 
 (2) The first installment in a series shall be determined by multiplying the
vested value of the Participant’s Account by a fraction the numerator of which is one and the denominator of which is the number of scheduled installments in the series. The next installment is the remaining Account balance for the year
multiplied by a fraction the numerator of which is one and the denominator of which is the denominator for the previous year reduced by one. Except if subsection (c)(2)(4) is applicable, successive installments in a series, if any, are determined
the same way. 
 (3) Any remaining undistributed balance of the Participant’s Account shall be
non-forfeitable, held in the Participant’s Account and will continue to share in the net income of the Trust including any appreciation or depreciation in the value of Company Stock. 

(f) Small Account Balances. Notwithstanding any other provision in this Plan to the contrary, a Participant who has a termination of
employment (regardless of whether such termination is prior to the Participants Normal or Early Retirement Date) shall automatically receive an immediate distribution without his or her consent if the value of his or her vested Account balance is
$5,000 or less. 

  
 28 

 (1) Vested Account Balance of $1,000 or Less. If the Participant’s vested
Account balance is $1,000 or less, distribution will be made as soon as administratively feasible in one lump sum payment unless it is at least $200 and the Participant timely elects to directly roll it over to an eligible retirement plan. 

(2) Vested Account Value of $1,001 to $5,000. If the Participant’s vested Account balance exceeds $1,000 but does not exceed
$5,000 and the Participant does not timely elect a lump sum distribution or a direct rollover, then it will be directly rolled over to an individual retirement account designated by the Committee. 

9.3 Change of Method of Distribution. If any amount is being paid to a Participant in installments pursuant to Section 9.2 hereof,
the Committee may, at the election of the Participant or Beneficiary, upon the occurrence of such Participants Early or Normal Retirement Date, permanent disability or death, pay the balance then credited to the Participant or Beneficiary in a lump
sum in accordance with the provisions hereof providing for the payment of the balance of an amount in a lump sum. 
 9.4 Form of
Distribution of Capital Accumulation. Distribution of a Participant’s Capital Accumulation shall be made in cash; provided, however, the Company may require that distributions of that portion of such Participant’s Capital Accumulation
invested in Company Stock be made in kind. Any distributions made in Company Stock shall be subject to an immediate automatic repurchase right in favor of the Company. The amount payable to a Participant pursuant to the automatic repurchase right
set forth in the preceding sentence shall be paid by the Company either (a) in a single lump sum within 30 days following the date of the distribution made in Company Stock or (b) in substantially equal periodic payments (not less
frequently than annually) over a period beginning not later than 30 days following the date of the distribution made in Company Stock and not exceeding 5 years; provided, that the Company provides adequate security and pays reasonable interest on
any unpaid amounts following the commencement of such payments. In addition, at the election of the Participant, any life insurance policies held in the Plan may be distributed as an in-kind distribution. In
accordance with Code Sections 79, 83, and 401 and regulations promulgated thereunder, effective February 13, 2004, any transfer of a life insurance contract from an employer to an employee must be taxed at its full fair market value. Such fair
market value will be determined at the time contract (sic) is distributed and using the formula(s) defined in code Section 402. 

Notwithstanding the foregoing, no distribution may be made in Company Stock to any Participant who is a nonresident alien or whose spouse is a
nonresident alien for U.S. federal income tax purposes. 
 9.5 Benefit Commencement Deadline. Notwithstanding the provisions of
Articles IX, X and XI of the Plan regarding distributions of Participants’ Capital Accumulations, the following additional rules shall apply to all such distributions. 

  
 29 

 (a) In no event shall any benefits under this Plan, including benefits upon retirement,
termination of employment, or permanent disability (as determined under Section 11.2), be paid to a Participant prior to the “Consent Date” (as defined herein) unless the Participant consents in writing to the payment of such benefits
prior to said Consent Date. As used herein, the term “Consent Date” shall mean the Participant’s 65th birthday. Notwithstanding the foregoing, the provisions of this Paragraph shall not apply (1) following the Participant’s
death, or (2) with respect to a lump-sum distribution of a Participant’s Capital Accumulation if the total amount of the Capital Accumulation does not exceed $5,000. 

Effective as of March 28, 2005, in the event of a mandatory distribution greater than $1,000 in accordance with the provisions of this
Section 9.5(a), if the Participant does not elect to have such distribution paid directly to an eligible retirement plan specified by the Participant in a direct rollover or to receive the distribution directly in accordance with
Section 9.2 and 9.4 hereof, then the Plan Administrator will pay the distribution in a direct rollover to an individual retirement plan designated by the Plan Administrator. 

(b) Unless the Participant elects otherwise pursuant to Paragraph (a) above, distributions of the vested portion a Participants Capital
Accumulation shall commence no later than the 60th day after the close of the Plan Year in which the latest of the following events occurs: (1) the Participant’s Normal Retirement Age; (2) the tenth anniversary of the year in which
the Participant commenced participation in the Plan; or 3) the Participant’s termination of employment with the Company. 
 (c) (1)
Notwithstanding the foregoing, with respect to distributions under the Plan made on or after December 31, 2001 for calendar years beginning on or after January 1, 2001, the Plan will apply the minimum distribution requirements of Code
Section 401(a)(9) in accordance with the regulations under Section 401(a)(9) that were proposed on January 17, 2001 (the “2001 Proposed Regulations”). If the total amount of required minimum distributions made to a
participant for 2001 prior to December 31, 2001 are equal to or greater than the amount of required minimum distributions determined under the 2001 Proposed Regulations, then no additional distributions are required for such participant for
2001 on or after such date. If the total amount of required minimum distributions made to a participant for 2001 prior to December 31, 2001 are less than the amount determined under the 2001 Proposed Regulations, then the amount of required
minimum distributions for 2001 on or after such date will be determined so that the total amount of required minimum distributions for 2001 is the amount determined under the 2001 Proposed Regulations. This paragraph shall continue in effect until
the last calendar year beginning before the effective date of the final regulations under Code Section 401(a)(9) or such other date as may be published by the Internal Revenue Service. 

(2) Notwithstanding Section 9.5(c)(1) or any other provision of the Plan to the contrary but subject to Section 9.5(d), below, the
following provisions shall apply with respect to determining minimum distributions for calendar years beginning with the 2003 calendar year: 

(i) The Participant’s entire interest will be distributed, or begin to be distributed, to the Participant no later than
the Participant’s required beginning date. 

  
 30 

 (ii) If the Participant dies before distributions begin, the
Participant’s entire interest will be distributed, or begin to be distributed, no later than as follows: 
 (A) If the
Participant’s surviving spouse is the participant’s sole designated beneficiary, distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Participant
died, or by December 31 of the calendar year in which the Participant would have attained age 70 1/2, if later. 
 (B)
If the Participant’s surviving spouse is not the Participant’s sole designated beneficiary, distributions to the designated beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which
the Participant died. 
 (C) If there is no designated beneficiary as of September 30 of the year following the year of
the Participant’s death, the Participant’s entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Participant’s death. 

(D) If the Participant’s surviving spouse is the Participant’s sole designated beneficiary and the surviving spouse
dies after the Participant but before distributions to the surviving spouse begin, this provision shall apply as if the surviving spouse were the Participant. 

For purposes of this Section 9.5(c)(2), distributions are considered to begin on the Participant’s required beginning date (or, if
Section 9.5(c)(2)(ii)(D) applies, the date distributions are required to begin to the surviving spouse). If annuity payments irrevocably commence to the Participant before the Participant’s required beginning date (or to the
Participant’s surviving spouse before the date distributions are required to begin to the surviving spouse under Section 9.5(c)(2)(ii)(D)), the date distributions are considered to begin is the date distributions actually commence. 

(iii) Unless the Participant’s interest is distributed in the form of an annuity purchased from an insurance company or in
a single sum on or before the required beginning date, as of the first distribution calendar year distributions will be made in accordance herewith. If the Participant’s interest is distributed in the form of an annuity purchased from an
insurance company, distributions thereunder will be made in accordance with the requirements of Code Section 401(a)(9) and the Treasury regulations. 

(iv) If the Participant’s interest is paid in the form of annuity distributions under the Plan, payments under the annuity
will satisfy the following requirements: 
 (A) The annuity distributions will be paid in periodic payments made at intervals
not longer than one year; 

  
 31 

 (B) The distribution period will be over a life (or lives) or over a period
certain not longer than the period described in Section 9.5(c)(2)(ii); 
 (C) Once payments have begun over a period
certain, the period certain will not be changed even if the period certain is shorter than the maximum permitted; 
 (D)
Payments will either be non-increasing or increase only as follows: 
 (1) By an
annual percentage increase that does not exceed the annual percentage increase in a cost-of-living index that is based on prices of all items and issued by the Bureau of
Labor Statistics; 
 (2) To the extent of the reduction in the amount of the Participant’s payments to provide for a
survivor benefit upon death, but only if the beneficiary whose life was being used to determine the distribution period described above dies or is no longer the Participant’s beneficiary pursuant to a qualified domestic relations order within
the meaning of Code Section 414(p); 
 (3) To provide cash refunds of employee contributions upon the
participant’s death; or 
 (4) To pay increased benefits that result from a plan amendment. 

(v) The amount that must be distributed on or before the Participant’s required beginning date (or, if the Participant
dies before distributions begin, the date distributions are required to begin above) is the payment that is required for one payment interval. The second payment need not be made until the end of the next payment interval even if that payment
interval ends in the next calendar year. Payment intervals are the periods for which payments are received. All of the Participant’s benefit accruals as of the last day of the first distribution calendar year will be included in the calculation
of the amount of the annuity payments for payment intervals ending on or after the Participant’s required beginning date. 

(vi) Any additional benefits accruing to the Participant in a calendar year after the first distribution calendar year will be
distributed beginning with the first payment interval ending in the calendar year immediately following the calendar year in which such amount accrues. 

(vii) If the Participant’s interest is being distributed in the form of a joint and survivor annuity for the joint lives
of the Participant and a non-spouse beneficiary, annuity payments to be made on or after the Participant’s required beginning date to the designated beneficiary after the Participant’s death must not
at any time exceed the applicable percentage of the annuity payment for such period that would have 

  
 32 

 
been payable to the participant using the table set forth in Q&A-2 of section 1.401(a)(9)-6T of the Treasury
regulations. If the form of distribution combines a joint and survivor annuity for the joint lives of the Participant and a non-spouse beneficiary and a period certain annuity, the requirement in the preceding
sentence will apply to annuity payments to be made to the designated beneficiary after the expiration of the period certain. 

(viii) Unless the Participant’s spouse is the sole designated beneficiary and the form of distribution is a period certain
and no life annuity, the period certain for an annuity distribution commencing during the Participant’s lifetime may not exceed the applicable distribution period for the participant under the Uniform Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury regulations for the calendar year that contains the Annuity Starting Date. If the Annuity Starting Date precedes the year in which the Participant reaches age 70, the applicable
distribution period for the Participant is the distribution period for age 70 under the Uniform Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury regulations plus the excess of 70 over the age
of the Participant as of the Participant’s birthday in the year that contains the Annuity Starting Date. If the Participant’s spouse is the Participant’s sole designated beneficiary and the form of distribution is a period certain and
no life annuity, the period certain may not exceed the longer of the Participant’s applicable distribution period, as determined under this Section, or the joint life and last survivor expectancy of the Participant and the Participant’s
spouse as determined under the Joint and Last Survivor Table set forth in section 1.401(a)(9)-9 of the Treasury regulations, using the Participant’s and spouse’s attained ages as of the
Participant’s and spouse’s birthdays in the calendar year that contains the Annuity Starting Date. 
 (ix) If the
Participant dies before the date distribution of his or her interest begins and there is a designated beneficiary, the Participant’s entire interest will be distributed, beginning no later than the time described herein, over the life of the
designated beneficiary or over a period certain not exceeding: 
 (A) Unless the annuity starting date is before the first
distribution calendar year, the life expectancy of the designated beneficiary determined using the beneficiary’s age as of the beneficiary’s birthday in the calendar year immediately following the calendar year of the Participant’s
death; or 
 (B) If the annuity starting date is before the first distribution calendar year, the life expectancy of the
designated beneficiary determined using the beneficiary’s age as of the beneficiary’s birthday in the calendar year that contains the annuity starting date. 

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

  
 33 

 (xi) If the Participant dies before the date distribution of his or her
interest begins, the Participant’s surviving spouse is the participant’s sole designated beneficiary, and the surviving spouse dies before distributions to the surviving spouse begin, this Section 9.5(c)(2) will apply as if the
surviving spouse were the Participant, except that the time by which distributions must begin will be determined without regard to Section 9.5(c)(2)(ii)(D). 

(xii) For purposes of this Section 9.5(c)(2), the following terms have the following meanings: 

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

(B) “Distribution calendar year” means a calendar year for which a minimum distribution is required. For
distributions beginning before the Participant’s death, the first distribution calendar year is the calendar year immediately preceding the calendar year which contains the Participant’s required beginning date. For distributions beginning
after the Participant’s death, the first distribution calendar year is the calendar year in which distributions are required to begin pursuant to this Section 9.5(c)(2). 

(C) “Life expectancy” means life expectancy as computed by use of the Single Life Table in section 1.401(a)(9)-9 of the Treasury Regulations. 
 (D) “Required beginning date” means
April 1 of the calendar year following the calendar year in which the Participant (i) attains age 701⁄2 or (ii) retires, whichever is later; except
that, in the case of a Participant who is a five percent owner (as defined in Code Section 416) of the Company with respect to the calendar year in which he attains age 701⁄2, required beginning date means April 1 following the calendar year in which the Participant attains age 701⁄2. 

(d) With respect to the portion of a Participant’s Capital Accumulation consisting of Company Stock allocated to his ESOP account, where
such stock was acquired by the Plan after December 31, 1986 (“Post-1986 Amounts”), the following rules shall apply: 
 (1)
If the Participant so elects, Post-1986 Amounts shall commence to be distributed to the Participant not later than 1 year after the close of the Plan Year- 

(i) in which the Participant terminates employment with the Company by reason of attainment of Normal Retirement age, permanent
disability (as determined under Section 11.2), or death, or 
 (ii) which is the 5th Plan Year following the Plan Year
in which the Participant otherwise separates from service, except that this clause shall not apply if the Participant is reemployed by the Company before distribution is required to begin under this clause. 

  
 34 

 (2) For the purposes of this paragraph (d), the Post-1986 Amounts allocated to a
Participant’s ESOP Account shall not include any Company Stock acquired with the proceeds of an Exempt Loan until the close of the Plan Year in which such loan is repaid in full. 

(3) Unless the Participant elects a less rapid distribution period, the distribution upon a Participant’s Post-1986 Amounts shall be in
substantially equal periodic payments (not less frequently than annually) over a period not longer than the greater of: 

(i) 5 years, or 

(ii) in the case of a Participant with Post-1986 Amounts in excess of $500,000, 5 years plus 1 additional year (but not more
than 5 additional years) for each $100,000 or fraction thereof by which such amount exceeds $500,000. 
 (4) The dollar amounts specified
in subparagraph (3) above shall be adjusted at the same time and in the same manner by the Secretary of the Treasury as under Code Section 415(d). 

(5) This paragraph (d) is intended to accelerate the date of distribution of Post-1986 Amounts pursuant to Code Section 409(o).
Therefore, if such amounts should be distributed sooner under any other provision of this Plan, such provision overrides this paragraph (d). 

(e) If it is not administratively practical to calculate and commence payments by the latest date specified in the rules of Paragraphs (a),
(b), (c) and (d) above because the amount of the Participant’s benefit cannot be calculated, or because the Committee is unable to locate the Participant after making reasonable efforts to do so, the payment shall be made as soon as is
administratively possible (but not more than 60 days) after the Participant can be located and the amount of the distributable benefit can be ascertained. 

(f) If any payee under the Plan is a minor or if the Committee reasonably believes that any payee is legally incapable of giving a valid
receipt and discharge for any payment due him, the Committee may have such payment, or any part thereof, made to the person (or persons or institution) whom it reasonably believes is caring for or supporting such payee, or, if applicable, to any
duly appointed guardian or committee or other authorized representative of such payee. Any such payment shall be a payment for the account of such payee and shall, to the extent thereof, be a complete discharge of any liability under the Plan to
such payee. 
 (g) Notwithstanding anything in this Section 9.5 to the contrary, unless the Participant subject to the required minimum
distribution rules of this Section 9.5 elects to receive such distributions, effective as of January 1, 2009, the Code Section 401(a)(9) requirements of Section 9.5 will not apply for the 2009 calendar year, and furthermore, the
five-year period described in Code Section 401(a)(9)(B)(ii) will be determined without regard to calendar year 2009. 

  
 35 

 9.6 Application for Determination of Benefits. 

(a) The Committee may require any person claiming benefits under the Plan or any authorized representative of such a person, to submit an
application therefor, together with such documents and information as the Committee or its delegate may require. 
 (b) Within 90 days
following receipt of a properly completed application, the Committee or its delegate reviewing the claim shall furnish the claimant with written notice of the decision rendered with respect to the application. If the Committee or its delegate
determines that an extension of up to an additional 90 days for processing the application is required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial
90-day period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Committee or its delegate expects to render a determination. In the case of
a denial of the claimant’s application, the written notice shall set forth: 
 (1) The specific reasons for the denial, with reference
to the Plan provisions upon which the denial is based; 
 (2) A description of any additional information or material necessary for
perfection of the application (together with an explanation why the material or information is necessary); and 
 (3) An explanation of the
Plan’s claim review procedure and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under section 502(a) of ERISA following an adverse benefit determination on review. A
claimant who does not agree with the decision rendered under Section 9.6(b) hereof with respect to his application may appeal the decision to the Committee. The appeal shall be made in writing within 65 days after the date of notice of the
decision with respect to the application. If the application has neither been approved nor denied within the 90-day period provided in Section 9.6(b) hereof, then the appeal shall be made within 65 days
after the expiration of the 90-day period. In making his appeal, the claimant may request that his application be given full and fair review by the Committee. The claimant may review, upon request and free of
charge, all documents, records, and other information relevant to the claimant’s claim for benefits, and may submit issues , documents, records and comments in writing and all such information will be taken into account by the Committee. The
decision of the Committee shall be made promptly, and not later than 60 days after the Committee’s receipt of a request for review, unless special circumstances require an extension of time for processing, in which case a decision shall be
rendered as soon as possible, but not later than 120 days after receipt of a request for review and written notice of the extension shall be provided to the claimant prior to expiration of the initial 60-day
period indicating the special circumstances requiring an extension of time and the date by which the Committee expects to render the determination on review. The decision on review shall be in writing and shall include specific reasons for the
decision, written in a manner calculated to be understood by the claimant with specific references to the pertinent Plan provisions upon which the decision is based, and 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. 

  
 36 

 (d) Notwithstanding the foregoing, with regard to a claim that involves a determination of a
permanent disability, the Committee or its delegate reviewing the claim shall furnish the claimant with written notice of the decision rendered with respect to the application within 45 days following receipt of an application. If the Committee or
its delegate determines that an extension of up to an additional 30 days for processing such an application is required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial 45-day period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Committee or its delegate expects to render a determination. If prior to the end
of a the first 30-day extension period, the Committee or its delegate determines that a decision cannot be rendered within that extension period, the period for making the determination may be extended for up
to an additional 30 days, provide that the Committee or its delegate notifies the claimant prior to the expiration of the first 30-day extension period that indicates the special circumstances requiring an
extension of time and the date by which the Committee or its delegate expects to render a determination. Any notice of extension shall specifically explain the standards on which entitlement to a benefit is based, the unresolved issues that prevent
a decision on the claim, and the additional information needed to resolve those issues, and the claimant shall be afforded at least 45 days within which to provide the specified information. With regard to a claim that involves a determination of a
permanent disability, any written notice of denial shall contain the following, in addition to the items set forth in Section 9.6(c): 

(1) A discussion of the decision, including an explanation of the basis for disagreeing with or not following: (A) the
views presented by the claimant to the Plan of health care professionals treating the claimant and vocational professionals who evaluated the claimant; (B) the views of medical or vocational experts whose advice was obtained on behalf of the
Plan in connection with a claimant’ s adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination; and (C) a disability determination regarding the claimant presented by the
claimant to the Plan made by the Social Security Administration; 
 (2) If the adverse benefit determination is based on a
medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the plan to the claimant’s medical circumstances, or a
statement that such explanation will be provided free of charge upon request; 

  
 37 

 (3) Either the specific internal rules, guidelines, protocols, standards or
other similar criteria of the Plan relied upon in making the adverse determination or, alternatively, a statement that such rules, guidelines, protocols, standards or other similar criteria of the Plan do not exist; and 

(4) 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. 
 (e) Notwithstanding the
foregoing, with regard to an appeal of a benefit determination that involves a determination of a permanent disability, before the Committee can issue an adverse benefit determination on review, the Committee shall also provide the claimant, free of
charge, with (1) any new or additional evidence considered, relied upon, or generated by Committee in connection with the claim; and (2) any new or additional rationale on which an adverse benefit determination is to be made. In addition,
the Committee’s decision shall be made within a reasonable period of time, but not later than 45 days (rather than 60 days) after the Committee’s receipt of a request for review. In addition to the information set forth in
Section 9.6(c), any notice of adverse determination on review of a claim involves a determination of a permanent disability shall also include the information set forth in Section 9.6(d)(l) through 9.6(d)(3). 

9.7 Forfeiture on Failure to Locate Participant or Beneficiary. In the event that a Participant or Beneficiary or other recipient of
benefits cannot be located with reasonable efforts within five (5) years of the date when benefits are first eligible to be paid under the Plan, the amount representing the benefits which such person would otherwise have been entitled to
receive shall be forfeited and re-allocated to the Plan Accounts of all remaining Participants in the manner provided in Section 8.5. Notwithstanding the foregoing or anything to the contrary in this
Plan, if any Participant, Beneficiary or other recipient of benefits shall make an appropriate claim for benefits subsequent to the forfeiture referred to in the preceding sentence, then such person shall he entitled to payment of such amount which
was forfeited. 
 9.8 Special Rule For Money Purchase Plans. Notwithstanding any other provision
of this Plan, if the Capital Accumulation in a Participant’s Retirement Account and Employee Contribution Account has an aggregate value in excess of $5,000 and is attributable to a Predecessor Plan that, prior to its consolidation with the
Plan, was a money purchase pension plan, such Capital Accumulation shall be distributable in accordance with this Section 9.8. 

  
 38 

 (a) Unless a form of benefit prescribed by Section 9.2 hereof is selected pursuant to a
Qualified Election within the 180-day period ending on the Participant’s Benefit Commencement Date, a Participant’s Capital Accumulation subject to this Section 9.8 will be paid in the form of a
Qualified Joint and Survivor Annuity. 
 (b) For purposes of this Section 9.8, “Qualified Joint and Survivor Annuity” shall
mean an annuity for the life of the Participant with a survivor annuity for the life of the Spouse which is not less than 50 percent and not more than 100 percent of the amount of the annuity which is payable during the joint lives of the
Participant and the Spouse and which is the amount of benefit which can be purchased with the participant’s Capital Accumulation subject to this Section 9.8. 

(c) For purposes of this Section 9.8, “Qualified Election” shall mean a waiver of a Qualified Joint and Survivor Annuity. The
waiver must be in writing, must designate that benefits will be paid in an optional form or designate a beneficiary in addition to or other than the Participant’s Spouse which may not be changed without spousal consent (unless the original
consent (i) acknowledges the right to limit consent to a specific Beneficiary, and (ii) expressly permits designations by the Participant without the requirement of any further consent by the Spouse, and must be consented to by the
Participant’s Spouse. The Spouse’s consent to a waiver must be witnessed by a Plan representative or notary public. Notwithstanding this consent requirement, if the Participant establishes to the satisfaction of a Plan representative that
such written consent may not be obtained because there is no Spouse or the Spouse cannot be located, a waiver will be deemed a Qualified Election. Any consent necessary under this provision will be valid only with respect to the Spouse who signs the
consent, or in the event of a deemed Qualified Election, the designated Spouse. Additionally, a revocation of a prior waiver may be made by a Participant without the consent of the Spouse at any time before the commencement of benefits. The number
of revocations shall not be limited. 
 (d) For purpose of this Section 9.8, “Spouse” or “Surviving Spouse” shall
mean the spouse or surviving spouse of the Participant, provided that a former spouse will be treated as the Spouse or Surviving Spouse to the extent provided under a qualified domestic relations order as described in Section 4l4(p) of the
Code. 
 (e) The Committee shall provide each Participant within 30 days of such Participant’s Benefit Commencement Date, a written
explanation of: (i) the terms and conditions of a Qualified Joint and Survivor Annuity; (ii) the Participant’s right to make and the effect of an election to waive the Qualified Joint and Survivor Annuity form of benefit;
(iii) the rights of a Participant’s Spouse; (iv) the right to make and the effect of a revocation of a previous election to waive the Qualified Joint and Survivor Annuity; provided, however, that a Participant may waive (with
applicable spousal consent) the requirement that the written explanation be provided within 30 days of the Participant’s Benefit Commencement Date, if the Participant’s distribution commences more than 7 days after such explanation is
provided. 
 (f) For the purpose of this Section 9.8, “Benefit Commencement Date” shall mean (i) the first day of the
first period for which an amount is payable as an annuity, however, the first day of the first period for which a benefit is to be received by reason of a disability shall be treated as the Benefit Commencement Date only if such benefit is not an
auxiliary benefit within the meaning of Code Section 417(f)(2)(B); or (ii) in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred which entitle the Participant to such benefit. 

  
 39 

 9.9 Direct Transfers 

(a) This Section applies to distributions made on or after January 1, 1993. Notwithstanding any provisions of the Plan to the contrary
that would otherwise limit a distributee’s election under this Section, a distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an eligible rollover distribution paid directly to an
eligible retirement plan specified by the distributee in a direct rollover. 
 (b) Definitions. 

(1) Eligible Rollover Distributions. An eligible rollover distribution is any distribution of all or any portion of the balance to the
credit of the distributee, except that an eligible rollover distribution does not include: 
 (i) any distribution that is
one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee’s
designated beneficiary, or for a specified period of ten years or more; 
 (ii) any distribution to the extent such
distribution is required under Code Section 401(a)(9); and 
 (iii) and the portion of any distribution that is not
includable in gross income (determined without regard to the exclusion for net realized appreciation with respect to employer securities and any amount that is distributed on account of hardship). 

If all or any portion of a Plan distribution during the 2009 calendar year would have been treated as a required minimum distribution under Code
Section 401(a)(9), but for the application of Plan Section 9.5(g), then such distribution shall not be treated as an eligible rollover distribution for purposes of this Section 9.9. 

(2) Eligible Retirement Plan: An eligible retirement plan must accept the distributee’s eligible rollover distribution and must
be an individual retirement account described in Code Section 408(a), an individual retirement annuity described in Code Section 408(b), an annuity plan described in Code Section 403(a), an annuity contract described in Code
Section 403(b), an eligible plan under Code Section 457(b) that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately
account for amounts transferred into such plan from this Plan, a qualified trust described in Code Section 401(a) or a Roth IRA described in Section 408A(b) of the Code. However, in the case of an eligible rollover distribution to either
the surviving spouse or a non-spouse beneficiary, an eligible retirement plan is an individual retirement account or individual retirement annuity. 

  
 40 

 (3) Distributee: A distributee includes an employee or former employee. In addition,
the employee’s or former employee’s Surviving Spouse, non-spouse beneficiary, and the employee’s or former employee’s Spouse or former Spouse who is the alternate payee under a Qualified
Domestic Relations Order, as defined in Code Section 414(p), are distributees with regard to interests of the Spouse or former Spouse. 

(4) Direct Rollover: A direct rollover is a payment by the Plan to the eligible retirement plan specified by the distributee. 

(c) For purposes of the direct rollover provisions in this Section 9.9 of the Plan, a portion of a distribution shall not fail to be an
eligible rollover distribution merely because the portion consists of after-tax employee contributions which are not included in gross income. However, such portion may be transferred only to an individual
retirement account or annuity described in Section 408(a) or 408(b) of the Code, or to a qualified defined contribution plan described in section 401(a) or 403(a) of the Code that agrees to separately account for amounts so transferred,
including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible. 

ARTICLE X 
 DEATH
BENEFITS 
 10.1 Methods of Distribution. Upon the death of a Participant prior to his termination of employment with all
Companies, the entire interest of the decedent in the Trust Fund shall be distributed as soon as practicable after the decedent’s death, but in no event later than five years after the date of such death. The amount distributed shall be based
on the value of the decedent’s interest on the valuation date coinciding with or immediately preceding the date of distribution. If the beneficiary is a spouse and such spouse dies before payments begin, subsequent distributions shall be made
as if the spouse had been the Participant. Notwithstanding the foregoing provisions of this Section 10.1, a Surviving Spouse (as defined in Section 10.7) shall be entitled to receive the death benefit to which that spouse is entitled
pursuant to a survivor annuity described in Section 10.7 hereof or pursuant to a Qualified Joint and Survivor Annuity described in Section 9.8 hereof. Such survivor annuity shall commence as soon as possible following the
Participant’s death but not later than one year after the Participant’s death, or the date on which the Participant would have attained age 70-1/2, whichever is later. 

10.2 Death After Termination of Employment. Upon the death of a Participant after retirement, permanent disability
retirement or other severance, but prior to the distribution of his entire Capital Accumulation, the Committee shall direct the Trustees to make distribution of any vested balance remaining in the decedent’s Accounts as soon as practicable
after the decedent’s death but in no event later than 5 years after the date of such death. The amount distributed shall be based on the value of the decedent’s interest on the Valuation Date coinciding with or immediately preceding the
date of distribution. If distribution has commenced prior to the date of the Participant’s death, the remaining balance of the Participant’s Capital Accumulation shall be distributed at least as rapidly as under the method of distribution
in effect as of the date of the Participant’s death. If the Beneficiary is a Spouse and such Spouse dies before payments begin, 

  
 41 

 
subsequent distribution shall be made as if the Spouse had been the Participant. Notwithstanding the foregoing provisions of this Section 10.2, a Surviving Spouse (as defined in
Section 10.7 hereof) shall be entitled to receive the death benefit to which that Spouse is entitled pursuant to the survivor annuity described in Section 10.7 hereof or pursuant to a qualified Joint and Survivor Annuity described in
Section 9.8 hereof. Such Survivor Annuity shall commence as soon as possible following the Participant’s death but not later than 1 year after the Participant’s death, or the date on which the Participant would have attained age 70-1/2, whichever is later. 
 10.3 Designation of Beneficiary. At any time, and from time to time,
each Participant shall have the unrestricted right to designate the Beneficiary or Beneficiaries to receive the portion of his death benefit or to revoke any such designation. Each such designation shall be evidenced by a written instrument filed
with the Committee, signed by the Participant. If the deceased Participant shall have failed to designate a Beneficiary, or if the Committee shall be unable to locate the designated Beneficiary after reasonable efforts have been made, or if such
Beneficiary shall be deceased, distribution shall be made by payment of the deceased Participant’s entire interest in the Trust Fund to his personal representative in a lump sum within one (1) year after his death. In the event the
deceased Participant is not a resident of California at the date of his death, the Committee, in its discretion, may require the establishment of ancillary administration in California. If the Committee cannot locate a qualified personal
representative of the deceased Participant, or if administration of the deceased Participant’s estate is not otherwise required, the Committee, in its discretion, may pay the deceased Participant’s interest in the Trust Fund to his heirs
at law (determined in accordance with the laws of the State of California as they existed at the date of the Participant’s death). 

10.4 Incapacity of Participant or Beneficiary. If any payee under the Plan is a minor, or if the Committee reasonably believes that any
payee is legally incapable of giving a valid receipt and discharge for any payment due him, the Committee may have such payment, or any part thereof, made to the person (or persons or institution) whom it reasonably believes is caring for or
supporting such payee, unless it has received due notice of claim therefor from a duly appointed guardian or committee of such payee. Any such payment shall be a payment for the account of such payee and shall, to the extent thereof, be a complete
discharge of any liability under the Plan to such payee. 
 10.5 Additional Documents. The Committee or Trustees, or both, may
require the execution and delivery of such documents, papers and receipts as the Committee or Trustees may determine necessary or appropriate in order to establish the fact of death of the deceased Participant and of the right and identity of any
Beneficiary or other person or persons claiming any benefits under this Plan. 
 10.6 Special Rule. With respect to
Participants who performed one or more Hours of Service on or after August 23, 1984 and die after such date, any designation of a Beneficiary other than the surviving spouse at the date of the Participant’s death for payment of the
Participant’s death benefit under the Plan shall not be valid unless such surviving spouse has consented to the payment of such death benefit to such Beneficiary in form and manner satisfactory to the Plan Administrator and in compliance with
the requirements of Section 417 of the Code. 

  
 42 

 10.7 Special Rule for Money Purchase Plans. Notwithstanding any other provisions of
this Plan, in the event of a Participant’s death prior to his Benefit Commencement Date (as defined in Section 9.8(f)) with respect to his Capital Accumulation in his Retirement Account and Employee Contribution Account the aggregate value
of which exceeds $5,000 and is attributable to a Predecessor Plan that, prior to its consolidation with this Plan, was a money purchase pension plan, such Capital Accumulation Account shall be distributable in accordance with this Section 10.7.

 (a) The Participant’s Capital Accumulation shall be paid to the Participant’s Surviving Spouse in the form of an annuity for
the life of the Surviving Spouse (“QPSA”), unless the Surviving Spouse selects a payment form prescribed in Section 9.2 hereof or the Participant within the Election Period waives the QPSA and designates another Beneficiary, pursuant
to a Qualified Election, to receive his Capital Accumulation subject to this Section 10.7, as provided in Section 10.1 hereof. The Surviving Spouse shall be entitled to direct the commencement of payments under the QPSA within a reasonable
time after the Participant’s death but shall not be required to commence such payments prior to the date the Participant would have attained Normal Retirement Date. 

(b) For purposes of this Section 10.7, “Election Period” shall mean the period which begins on the first day of the Plan Year
in which the Participant attains age 35 and ends on the date of the Participant s death. If a Participant separates from service prior to the first day of the Plan Year in which age 35 is attained, the election period shall begin on the date of
separation. 
 (c) For purposes of this Section 10.7, “Qualified Election” shall mean the Participant’s waiver of the
QPSA and the designation of a Beneficiary other than a Spouse (including any class of Beneficiaries or contingent Beneficiaries). The designation must be in writing, must designate a Beneficiary other than the Participant’s Spouse which may not
be changed (unless back to the QPSA) without Spousal consent (unless the original consent of the Spouse (i) acknowledges the right to limit consent to a specific Beneficiary and (ii) expressly permits designations by the Participant
without the requirement of any further consent by the Spouse), and must be consented to by the Spouse. The Spouse’s consent must acknowledge the effect of the election and be witnessed by a Plan representative or notary public. A Qualified
Election shall be valid only if made after the Participant has received a written explanation of the QPSA during the applicable period in accordance with Section 417(a)(3) of the Code and the regulations thereunder. Notwithstanding this consent
requirement, if the Participant establishes to the satisfaction of a Plan representative that such written consent may not be obtained because there is no Spouse or the Spouse cannot be located, a selection shall be deemed a Qualified Election. Any
consent necessary under this Section 10.7 will be valid only with respect to the Spouse who signs the consent, or in the event of a deemed Qualified Election, the designated Spouse. Additionally, a revocation of a prior waiver of the QPSA may
be made by a Participant without the consent of the Spouse at any time before the Participant’s death. The number of revocations shall not be limited. 

(d) For purposes of this Section 10.7, “Spouse” or “Surviving Spouse” shall mean the spouse or surviving spouse of
the Participant, provided that a former spouse will be treated as the Spouse or Surviving Spouse to the extent provided under a Qualified Domestic Relations Order described in Section 414(p) of the Code. 

  
 43 

 ARTICLE XI 

DISABILITY BENEFITS 

11.1 Method of Distribution. In the event a Member Company shall determine that a Participant has suffered a permanent disability while
an Employee or on an Approved Absence, the Committee shall direct the Trustee to make a distribution of such Participant’s Capital Accumulation as soon as practicable after the Committee’s determination of such disability in the manner
prescribed in Section 9.2 as though such Participant had attained his Normal or Early Retirement Date. The amount distributed shall be based on the value of the Participant’s Accounts on the Valuation Date coinciding with or immediately
preceding the date of distribution. 
 11.2 Determination of Disability. A permanent disability, for purposes of this Plan,
shall mean the Participant has been determined by the Social Security Administration as eligible for Social Security disability benefits. 

11.3 Disability After Termination of Employment. In the event that a Member Company shall determine that a Participant
has suffered a permanent disability after termination of employment, but prior to the distribution of his entire Capital Accumulation, the Committee shall direct the Trustees to make distribution of his Capital Accumulation as though the Participant
had attained his Normal or Early Retirement Date as provided in Section 9.2; except that the Participant’s vested interest in his accounts shall not increase by reason of such disability. The amount distributed shall be based on the value
of the Participant’s accounts on the Valuation Date coinciding with or immediately preceding the date of distribution. The provisions of Section 9.8 shall apply to any distribution made pursuant to this Section 11.3. 

ARTICLE XII  

LIMITATION ON ALLOCATIONS 

12.1 General Rule. 
 (a)
The provisions of this Section 12.1(a) shall be effective for periods prior to January 1, 1990. 
 (1) Subject to Sections
12.1(a)(2) and 12.3 through 12.6 hereof, the total Annual Additions under this Plan to a Participant’s Accounts for any Limitation Year shall not exceed the lesser of: 

(A) Thirty Thousand Dollars ($30,000), or if greater, one-fourth of the defined benefit
dollar limitation set forth in Section 4l5(b)(1) of the Code) as in effect for the Limitation Year; or 

  
 44 

 (B) Twenty-five percent (25%) of the Participant’s Compensation, as
defined in Section 12.8, from the Companies for the Limitation Year. For purposes of this Article XII, the “Limitation Year” shall mean the Plan Year and “Compensation” shall mean Compensation as defined in
Section 12.8. 
 (2) (A) Subject to Sections 12.3 through 12.6 hereof, in the event that no more than
one-third of the Member Company contributions to the ESOP and PAYSOP Funds for a Limitation Year are allocated to the group of Highly Compensated Employees then the amount of Annual Additions under this Plan
to a Participant’s Accounts for any Limitation Year shall not exceed the lesser of either the amount determined under Section 12.1(a)(1) hereof or the amount determined under Section 12.1(a)(1)(B). 

(B) The amount determined under this Section 12.1(a)(1)(B) is the sum of: 

(1) The amount specified in Section 12.1(a)(1)(A) hereof, plus 

(2) The lesser of: 

(i) The amount specified in Section 12.1(a)(1)(A) hereof, or 

(ii) The amount of Company Stock contributed, or purchased with cash contributed, to the ESOP and PAYSOP Funds on behalf of
such Participant including Company Stock released from the ESOP Suspense Subfund. 
 (b) The provisions of this Section 12.1(b) are
effective for periods beginning on and after January 1, 1995. Subject to Sections 12.3 through 12.6 hereof, the total Annual Additions under this Plan to a Participant’s Accounts for any Limitation Year shall not exceed the lesser of: 

(1) Thirty Thousand Dollars ($30,000), as that amount may be adjusted for cost of living increases in accordance with Code
Section 415(d); or 
 (2) Twenty-five percent (25%) of the Participant’s Compensation, from the Companies for the Limitation
Year. For purposes of this Article XII, the “Limitation Year” shall mean the Plan Year and “Compensation” shall mean Compensation as defined in Section 12.8. 

(c) The provisions of this Section 12.1(c) are effective for Limitation Years beginning after December 31, 2001. Subject to Sections
12.3 through 12.6 hereof and Section 414(v) of the Code, if applicable, the total Annual Additions that may be contributed or allocated to a Participant’s accounts under this Plan for any Limitation Year shall not exceed the lesser of:

 (1) Forty Thousand Dollars ($40,000), as that amount may be adjusted for cost of living increases in accordance with Code
Section 415(d); or 

  
 45 

 (2) One hundred percent (100%) of the Participant’s Compensation, within the meaning
of Section 415(c)(3) of the Code, for the Limitation Year. For purposes of this Section 12.1(c)(2), the Participant’s Compensation limit shall not apply to any contribution for medical benefits after separation from service (within
the meaning of Code Section 401(h) or Code Section 419A(f)(2)) which is otherwise treated as an Annual Addition. 
 12.2 Annual
Additions. For purposes of Section 12.1, the term “Annual Additions” shall mean with respect to a Participant, for any Limitation Year with respect to this Plan and each other defined contribution plan, within the meaning of Code
Section 415(k), maintained by a Company (“Defined Contribution Plan”), the sum of the amounts determined under Sections 12.2(a), (b), (c) and (d) hereof: 

(a) All amounts contributed or deemed contributed by a Member Company, except that the Annual Addition shall exclude the portion of the Member
Company contribution (attributable to the Member Company employing such Participant) representing interest on an Exempt Loan (provided that no more than one-third of the Member Company contributions to the
ESOP Fund deductible under Section 404(a)(9) of the Code for a Limitation Year are allocated to Highly Compensated Employees). Notwithstanding any provision in the Plan, in the case of shares of Company Stock released from the ESOP Suspense
Subfund and allocated to the ESOP Account of a Participant for a particular Plan Year, the Company shall determine for such year that an Annual Addition will be calculated on the basis of the fair market value of shares of Company Stock so released
and allocated if the Annual Addition as so calculated is lower than the Annual Addition calculated on the basis of Member Company contributions. 

(b) All amounts contributed by the Participant. 

(c) Forfeitures allocated to such Participant. For purposes of this Section 12.2, forfeitures shall not include Forfeitures of Company
Stock acquired through the ESOP Fund with the proceeds of an Exempt Loan, provided that no more than one-third of the Member Company contributions to the ESOP Fund deductible under Section 404(a)(9) of
the Code for a Limitation Year are allocated to Highly Compensated Employees (as that term is defined in Section 414(q) of the Code). 

(d) All amounts described in Sections 415(1) and 419A(d)(2) of the Code. 

(e) The provisions of this Section 12.2(e) shall be effective for periods beginning on and after July 1, 1985. Amounts contributed
under Section 4.1(a) representing amounts transferred from terminated defined benefit plans and allocated under Section 6.6 hereof in any year; provided that the annual addition attributable to each such allocation based on allocations
from the suspense fund established under Section 6.6 hereof shall not exceed the value of such shares of Company Stock as of the time such shares were credited to such suspense fund. 

12.3 Other Defined Contribution Plans. If any Company maintains any other Defined Contribution Plan then each Participant’s Annual
Additions under this Plan shall be aggregated with the Participant’s Annual Additions under this Plan for the purposes of applying the limitations of Section 12.1. 

  
 46 

 12.4 Defined Benefit Plans. For Plan Years commencing prior to January 1, 2000,
if a Participant in this Plan has also been a participant in a defined benefit plan (as defined in Section 415(k) of the Code) maintained by any Company (“Defined Benefit Plan”), then in addition to the limitation contained in
Section 2.1 hereof, the sum of the “Defined Benefit Fraction,” as defined in Section 12.4(a) hereof, and the “Defined Contribution Fraction,” as defined in Section 12.4(b) hereof, for any Limitation Year shall not
exceed 1.0. 
 (a) “Defined Benefit Fraction” shall mean a fraction, the numerator of which is the total projected benefit of a
Participant under all Defined Benefit Plans expressed as either an annual straight life annuity or a qualified joint and survivor annuity providing the maximum permissible survivor benefit (determined as of the close of the Limitation Year), and the
denominator of which is the lesser of (1) the maximum dollar amount otherwise allowable for such Limitation Year under Section 415(b)(1)(A) of the Code times 1.25 or (2) the percentage of compensation limit under
Section 415(b)(1)(B) of the Code for such Limitation Year times 1.4. 
 (b) “Defined Contribution Fraction” shall mean a
fraction, the numerator of which is the sum of the Participant’s Annual Additions to this Plan and all other Defined Contribution Plans as of the end of a Limitation Year, and the denominator of which is the sum, determined for such Limitation
Year and each prior Limitation Year of the Participant’s service with a Company of the lesser of (1) the maximum dollar Annual Addition under Section 415(c)(1)(A) (determined without regard to Section 415(c)(6) of the Code) of
the Code which could have been made for the Limitation Year times 1.25 or (2) the amount determined under the percentage of compensation limit for such Limitation Year under Section 415(c)(1)(B) of the Code times 1.4. In computing the
Defined Contribution Fraction under this Section 12.4(b) with respect to any Limitation Year ending after December 31, 1982, the special transition rule provided in Section 415(e)(6) of the Code shall be applicable. 

12.5 Adjustments for Excess Annual Additions. To the extent that the Annual Additions on behalf of any Participant in a Limitation Year
to this Plan and all other Defined Contribution Plans exceed the limitations set forth in Sections 12.1 through 12.3 hereof, then excess Annual Additions shall be eliminated in the following sequence: 

(a) The Participant’s voluntary contributions, if any, to this Plan, and all other Defined Contribution Plans, including any earnings
thereon, shall be returned to the Participant to the extent of any excess Annual Additions. 
 (b) If excess Annual Additions remain after
the application of Section 12.5(a) hereof, then there shall be reduced, to the extent of such remaining excess Annual Additions, Company Contributions allocated to the Participant’s Accounts under Article VI hereof, including any earnings
thereon. 
 (c) If excess Annual Additions remain after the application of Section 12.5(b) hereof, the amounts allocated to a
Participant’s PAYSOP Account under Section 7.2 shall be reduced to the extent of such remaining excess Annual Additions. If after the application of this Section 12.5(c), Company Stock remains unallocated for a Plan Year, such Company
Stock must be held in a special suspense account under the PAYSOP Fund. Such Company Stock shall be allocated to PAYSOP Accounts in subsequent Plan Years in accordance with applicable Treasury Regulations. 

  
 47 

 (d) The amount by which an allocation is reduced under Section 12.5(b) shall be treated
as a Forfeiture under Section 8.5 hereof and reallocated proportionately to the appropriate Accounts of other Participants receiving allocations for the Limitation Year up to the limits set forth in Sections 12.1 through 12.3 hereof on Annual
Additions to such other Participant’s Accounts. To the extent a contribution cannot be allocated to other Participant’s Accounts, it may not be made. 

12.6 Adjustment for Excessive Combined Plan Fraction. For Plan Years commencing prior to January 1, 2000, if the Annual Additions
on behalf of a Participant in a Limitation Year to the Plan and all other Defined Contribution Plans would cause the sum of the Defined Contribution Fraction and Defined Benefit Fraction to exceed 1.0 as determined under Section 12.4 hereof,
then, Section 12.5 hereof shall be applied to reduce Annual Additions. If application of Section 12.5 is insufficient to reduce the Fraction to 1.0, then each Participant’s benefit accruals under the Defined Benefit Plans during the
Limitation Year shall, if possible, be reduced to the extent necessary to reduce the sum of the Fractions to 1.0.  
 12.7
Affiliated Company. Notwithstanding any other provision of the Plan, for purposes of Article XII the status of a Company as an Affiliated Company shall be determined in accordance with the special rules set forth in Section 415(h) of
the Code. 
 12.8 Compensation. For the limited purpose of applying the provisions of this Article XII, “Compensation”
means all wages, salaries, and fees for professional services and other amounts received for personal services actually rendered in the course of employment with the Company or an Affiliated Company (including, but not limited to commissions paid
salesmen, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips and bonuses). Effective for Plan Years commencing on and after January 1, 1998, “Compensation” for purposes of this
Article XII shall include any elective deferral (as defined in Code Section 402(g)(3)) and any amount which is contributed or deferred by the Member Company at the election of the Employee and which is not includible in the gross income of the
Employee by reason of Sections 125 or 457 of the Code or is a qualified transportation fringe benefit described in Code Section 132(f)(4), but shall exclude the following: 

(a) Contributions to a plan of deferred compensation which are not includible in the Employee’s gross income for the taxable year in which
contributed, or contributions under a simplified employee pension plan to the extent such contributions are deductible by the Employee, or any distributions from a plan of deferred compensation; 

(b) Amounts realized from the exercise of a non-qualified stock option, or when restricted stock (or
property) held by the Employee either becomes freely transferable or is no longer subject to a substantial risk of forfeiture; 
 (c)
Amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option; 

  
 48 

 (d) Other amounts which received special tax benefits, or contributions made by an Affiliate
(whether or not under a salary reduction agreement) towards the purchase of an annuity described in Code Section 403(b) (whether or not the amounts are actually excludable from the gross income of the Employee); 

(e) Any contribution for medical benefits (within the meaning of Section 419(f)(2) of the Code) after termination of employment which is
otherwise treated as an Annual Addition; and 
 (f) Any amount otherwise treated as an Annual Addition under Section 415(1) of the
Code. 
 ARTICLE XIII 

ADMINISTRATION 

13.1 Named Fiduciary. For purposes of Section 402(a) of ERISA, the Named Fiduciaries of this Plan shall be the members of the
Policy Committee. 
 13.2 Reserved. 

13.3 Policy Committee. 

(a) This Plan shall be administered by a Policy Committee (the “Committee”) consisting of four (4) or more individuals who
shall be appointed by the Chief Executive Officer of the Sponsor. In appointing Members of the Committee, the Chief Executive Officer of the Sponsor shall give due consideration to the appointee’s knowledge and experience in matters materially
bearing on the administration of the Plan in such fields as finance, human relations or employee benefits. Members of the Committee shall be subject only to such residual supervision and control as may be required by law to be exercised by the Board
of Directors, and shall have full discretionary authority to control and manage the operation and administration of the Plan pursuant to its terms, including, without limitation, any discretionary authority more specifically set forth hereafter.
Each Committee member shall continue as such until he resigns in the manner hereafter provided or is removed by the Board of Directors or the Chief Executive Officer of the Sponsor. Any one or all of the members of the Committee may also serve as a
Trustee of the Plan. 
 (b) The members of the Committee may select at least two of its members who shall serve as an Executive Subcommittee
of the Committee to act when the Committee is not in session and upon recommendations received from the Operating Committees relating to claims. 

(c) When they deem such action appropriate to the most efficient administration of the Plan, the Committee members, upon their unanimous vote
duly reflected in the minutes of the Committee and noticed to the Board of Directors within five (5) business days thereafter, may allocate their fiduciary responsibilities (other than trustee responsibilities and those delegated to the
Executive Subcommittee) between or among themselves and may designate other persons to carry out such aspects of the administration of the Plan (not involving trustee responsibilities) as they may specify. As used herein the term “trustee
responsibilities” shall have the meaning set forth in Section 405(c)(3) of ERISA. 

  
 49 

 (d) The Committee shall consult with the Board of Directors and the management of each
Member Company to ensure that all payments into the Plan are made strictly in accordance with the terms of the Plan, all applicable resolutions of the Board of Directors related to the funding of the Plan, and any minimum funding requirements
imposed by law, and not less frequently than once with respect to each taxable year, but, in any event, not later than the date in which the Company files its federal income tax return for such taxable year. 

(e) No provisions elsewhere in this Plan shall be deemed to restrict, otherwise than as expressly contemplated by this Section 13.3, the
discretionary authority of the Committee to control and manage the operation and administration of the Plan or to carry out its duties as herein set forth. 

13.4 Committee Procedure. The Board of Directors shall designate a Chairman of the Committee from among its members, and, if such
designation has not been made, the members of the Committee shall elect such Chairman from among their number. The members of the Committee may also appoint a Secretary who need not be a member of the Committee. The Committee shall hold meetings
upon such notice, at such time and at such place as it may determine. Notice of meeting shall not be required if waived in writing. A majority of the members of the Committee at the time in office shall constitute a quorum for the transaction of
business. All resolutions or other actions taken by the Committee shall be by vote of a majority of those present at a meeting, or in writing by all of the members at the time in office, if they act without a meeting. 

13.5 Notices. All notices to be served upon the Committee pursuant to this Plan shall be deemed to have been served upon the
Committee when delivered in writing to a member of the Committee in person or at the office of a Company or at such other place as may be designated by the Committee. 

13.6 Reliance on Information. Subsection (a) shall apply before September 17, 1985 and subsection (b) shall apply after
September 16, 1985: 
 (a) The Committee, the Trustees, the Member Companies and their respective officers, directors, Employees and
delegates shall be free of any liability, except as expressly imposed by law, for the directions, actions or omissions of any agent, legal or other counsel, accountant or any other expert retained in connection with the administration of the Plan.
The Committee, the Trustees, the Member Companies and their respective officers, directors, Employees and delegates shall be entitled to rely upon all certificates, reports and opinions furnished by such experts and shall be fully protected with
respect to any action taken or suffered by them in good faith reliance upon any such certificates, reports and opinions; and all actions so taken or suffered shall be conclusive upon all persons having or claiming any interest in or under the Plan.

  
 50 

 (b) The Committee, the Operating Committees, the Trustees, the Member Companies and their
respective officers, directors, Employees, subcommittees and delegates shall be free of any liability, except as expressly imposed by law, for the directions, actions or omissions any agent, legal or other counsel, accountant or any other expert
retained in connection with the administration of the Plan. The Committee, the Operating Committees, the Trustees, the Member Companies and their respective officers, directors, Employees and delegates shall be entitled to rely upon all
certificates, reports and opinions furnished by such experts and shall be fully protected with respect to any action taken or suffered by them in good faith reliance upon any such certificates, reports and opinions; and all actions so taken or
suffered shall be conclusive upon all persons having or claiming any interest in or under the Plan. 
 13.7 Authority. The Committee
shall have all discretionary authority necessary or appropriate to the administration or operation of the Plan, including, but not by way of limitation, the discretionary authority: 

(a) to interpret the provisions of the Plan and to determine any questions arising under the Plan or in connection with the administration or
operation hereof; 
 (b) to determine all questions affecting the eligibility of any person to be or become a Participant in the Plan; 

(c) to determine the Years of Cumulative Service of any Participant, or the vested percentage of any Participant, to determine the
Compensation of any Employee, and to compute the value of any Participant’s Account or any other sum payable under the Plan to any person; 

(d) to establish rules and policies for the administration of the Plan, including rules and policies for determining the date of birth, Years
of Cumulative Service and other matters concerning Participants and Beneficiaries; 
 (e) to authorize and direct all disbursements of sums
under and in accordance with the provisions of the Plan; 
 (f) to make or cause to be made valuations and appraisals of Plan assets and to
engage appropriate experts for such purpose; 
 (g) to perform any other duties contemplated by the Trust Agreement to be performed by the
Committee; 
 (h) to direct the Trustees respecting investment of Plan assets; and 

(i) to appoint one or more investment managers (within the meaning of Section 3(38) of ERISA) to manage all or any part of the Plan
assets other than Company Stock, and to retain the services of such other advisers, including legal counsel, as the Committee may deem appropriate. 

  
 51 

 13.8 Expenses and Fees. 

(a) All costs and expenses incurred in the administration of the Plan, including the Trustee’s, Operating Committees and Committee’s
expenses, shall be borne by the Plan unless the Member Companies shall determine to pay such costs and expenses. Brokerage fees, commissions, stock transfer taxes and other similar charges and expenses incurred in connection with transactions
relating to the acquisition or disposition of Plan assets or distributions from the Plan shall be borne by the Plan. Subject to Sections 13.7(b) and (c) hereof, the Committee shall allocate all costs and expenses on a fair and equitable basis
among the Retirement, ESOP and PAYSOP Funds and any other funds forming part of the Trust Fund. 
 (b) As reimbursement for the expenses of
administering the PAYSOP Fund, the Member Companies may withhold from amounts due the PAYSOP Fund under Section 4.2 hereof (or the Plan may pay) so much of the amounts paid or incurred by such Companies during their fiscal year as expenses of
administering the PAYSOP Fund as does not exceed the lesser of: 
 (1) The sum of 10% of the first $100,000 of dividends paid to the Plan
with respect to the Company Stock in the PAYSOP Fund during the Plan Year ending with or within the Member Companies fiscal year plus 5 % of the amount of dividends in excess of $100,000; or 

(2) $100,000. 
 13.9
Resignation. Any member of the Committee or an Operating Committee may resign at any time by giving written notice to the President of the Sponsor. No bond or other security shall be required of any member of the Committee or an Operating
Committee except as provided by law. No compensation shall be paid by the Plan to any member of the Committee or an Operating Committee for serving as such. 

13.10 Liability of Committee. The members of the Committee, and the Operating Committees and each of them, shall be free from
all liability, joint or several, for their acts, omissions and conduct, and for the acts, omissions and conduct of their duly constituted counsel and agents, excepting, in each case, willful misconduct in the administration of this Trust and Plan,
and the Sponsor shall indemnify and save them, and each of them, harmless from the effects and consequences of their acts, omissions, and conduct in their official capacity, except to the extent that such effects and consequences shall result from
their willful misconduct. In no event may any legal or equitable action for benefits under the Plan be brought in a court of law or equity with respect to any claim for benefits more than one (1) year after the final denial (or deemed denial)
of the claim. 
 13.11 Voting Rights of Company Stock. All voting rights of Company Stock held by the Trust fund, shall be exercised
by the Trustees as directed by the Committee in accordance with the following provisions of this Section 13.11: 
 (a) All Company Stock
held in the ESOP Suspense Subfund and any other Company Stock not yet allocated to Participants’ respective Accounts, shall be voted as the Committee directs in its absolute discretion. 

  
 52 

 (b) (1) With respect to any corporate matter which involves the voting of Company Stock
regarding the approval or disapproval of any corporate merger or consolidation, recapitalization, reclassification, liquidation, dissolution, sale of substantially all assets of a trade or business, or such similar transaction as the Secretary of
Treasury may prescribe in regulations, Company Stock allocated and credited to the respective Accounts of Participants shall be voted in accordance with the respective written directions of Participants as given to the Trustees pursuant to such
reasonable rules and procedures as the Trustees may prescribe. 
 (2) With respect to the matters described below in this
Section 13.11(b)(2) that are promptly submitted for a stockholder vote at an annual or special meeting duly convened and held in accordance with the Certificate of Incorporation and Bylaws of the Sponsor, Company Stock that is Parsons Stock
allocated and credited to the respective Accounts of Participants shall be voted in accordance with the respective written directions of Participants as given to the Trustees pursuant to such reasonable rules and procedures as the Trustees may
prescribe. The matters described in this Section 13.11(b)(2) shall include only the election of directors of the Sponsor, and matters referenced in Articles Sixth (dealing with the alteration of bylaws by stockholders), Eighth (dealing with the
classified board), Twelfth (dealing with the cumulative voting), Fourteenth (dealing with the 66-2/3 % vote of stockholders required for certain mergers), and Fifteenth (dealing with appraisal rights of
stockholders) of the Sponsor’s Certificate of Incorporation. 
 (3) With respect to election of directors that are promptly submitted
for stockholder vote at an annual or special meeting duly convened and held in accordance with the Certificate of Incorporation and Bylaws of Parsons E&C Corporation, Company Stock that is Parsons E&C Stock allocated and credited to the
respective Accounts of Participants shall be voted in accordance with the respective written directions of Participants as given to the Trustees pursuant to such reasonable rules as the Trustees may prescribe. 

(4) The foregoing provisions of this Section 13.11(b) shall apply with the same force and effect to fractional shares (or fractional
interests in shares) of Company Stock now or hereafter allocated to Participants’ respective Accounts as to whole shares of Company Stock so allocated, provided, however, that the Trustees may, to the extent practicable, aggregate voting
directions received from individual Participants with respect to fractional shares (or fractional interests in shares) of Company Stock allocated to their respective Accounts and treat them as a single combined voting instruction reflecting such
aggregate voting directions. 
 (c) All Participants entitled to direct the voting under Section 13.11(b) hereof shall be notified by
the Trustees or the Sponsor of each occasion for the exercise of such voting rights within a reasonable time before such rights are to be exercised. Such notification shall include all information that must be distributed to stockholders by the
Sponsor regarding the exercise of such rights. To the extent that a Participant shall fail to direct the Trustees as to the exercise of voting rights arising under any Company Stock credited to his Accounts, such voting rights shall be exercised as
directed by the Trustees in their discretion; except that, with respect to matters described in Section 13.11(b)(1) hereof, in the case of shares allocated after December 31, 1979 with respect to which a Participant is entitled to, but
fails to, provide the Trustees with voting directions, such failure shall be treated by the Trustees as a direction to abstain from voting as to such shares. 

  
 53 

 (d) With respect to Accounts of deceased Participants, Beneficiaries of such Participants
shall be entitled to direct the voting of Company Stock allocated and credited to the accounts of such Participants under the rules provided in Section 13.11(b) and the provisions of Section 13.11(c) relating to notification of voting
rights and failure to vote such rights shall apply to such Beneficiaries. 
 ARTICLE XIV 

AMENDMENT OR MERGER OF THE PLAN 

14.1 Right to Amend. The Sponsor by resolution of its Board of Directors shall have the right to amend the Plan and the Trust Agreement
at any time and from time to time and in such manner and to such extent as it may deem advisable, subject to the following provisions: 
 (a)
No amendment shall have the effect of reducing any Participant’s vested interest in the Trust Fund. 
 (b) No amendment, except to the
extent and under the circumstances permitted from time to time by the law governing the requirements applicable to qualified plans within the meaning of Section 401 of the Code (or any successor statute), shall have the effect of diverting any
part of the Plan assets for any purpose other than the exclusive benefit of Participants or their Beneficiaries and defraying reasonable expenses of administering the Plan. 

(c) No amendment shall have the effect of substantially increasing the duties, responsibilities or liabilities of the Trustees unless the
Trustees’ written consent thereto shall first have been obtained. 
 (d) No amendment to this Plan shall decrease a Participant’s
Accounts or eliminate an optional form of distribution except to the extent otherwise permitted by applicable statutes, regulations, or administrative pronouncements. 

14.2 Merger and Consolidation. Notwithstanding any other provision herein, the Plan shall not in whole or in part merge or consolidate
with, or transfer its assets or liabilities to any other Plan unless each affected Participant in the Plan would (if the Plan then terminated) receive a benefit immediately after the merger, consolidation, or transfer which is equal to or greater
than the benefit he would have been entitled to receive immediately before the merger, consolidation, or transfer (if the Plan had then terminated). When the Plan transfers assets and liabilities of a Participant it may, but need not, transfer all
of a Participant’s Account. 
 ARTICLE XV  

TERMINATION OF THE PLAN 

15.1 Right to Terminate Plan. Each Member Company has established or adopted this Plan with the intention and expectation that it will
be continued indefinitely and that such Company will continue to make its contributions as herein provided. However, continuance of the Plan is not assumed as a contractual obligation, and each such Company reserves the right to suspend or
discontinue contributions to the Plan or to terminate its participation in the Plan at any time. 

  
 54 

 15.2 Termination. To the extent required by the applicable provisions of the Code,
upon termination or partial termination of the Plan, or upon the complete discontinuance of contributions to the Plan by all Companies, the interest of each affected Participant in his Accounts, to the extent then funded, shall be fully vested.

 ARTICLE XVI  

TOP-HEAVY PROVISIONS 

16.1 Application of Top-Heavy Rules. Notwithstanding anything in this Plan to the contrary, if
the Plan is classified as a “Top-Heavy Plan” under Section 416(g) of the Code for any Plan Year beginning after December 31, 1983, then the Plan shall meet the following requirements of
this Article XVI. 
 16.2 Minimum Contribution Requirement. 

(a) The Plan shall provide a minimum contribution allocation for each Employee who is not classified as a “Key Employee” and who is
an Employee on the last day of the Plan Year without regard to the amount of service performed by the Employee during such Plan Year. Such minimum contribution allocation for such Plan Year for each Employee who is not a Key Employee shall be an
amount equal to at least three percent (3%) of such Employee’s Compensation for such Plan Year (excluding amounts deferred under a cash or deferred arrangement under Section 401(k) of the Code and any employer contributions taken into
account under Section 401(k)(3) or 401(m) of the Code). The Employee’s minimum contribution allocation under this Section 16.2 shall be calculated without regard to any Social Security benefits payable to the Employee. 

(b) Notwithstanding the foregoing, if the contribution allocation for each Employee who is a Key Employee for the Plan Year is less than three
percent (3%) of Compensation (including amounts deferred under a cash or deferred arrangement under Section 401(k) of the Code and any employer contributions taken into account under Section 401(k)(3) or 401(m) of the Code), the maximum
contribution allocation for each Employee who is not a Key Employee shall be limited to not more than the highest contribution allocation for any Employee who is a Key Employee. The foregoing contribution allocation shall be determined by dividing
the highest amount contributed for an Employee who is a Key Employee by his Compensation, not in excess of the dollar limitation in effect for the year under Section 401(a)(17) of the Code. 

16.3 Minimum Vesting Requirement. An Employee shall be fully vested in his Accounts, within the meaning of Section 411 of the Code and
Section 203 of ERISA, upon his completion of three Years of Cumulative Service. In the event the Plan is a top-heavy plan for any Plan Year, then for subsequent Plan Years in which the Plan is not a top-heavy plan the preceding sentence shall not
apply and the vesting schedule under Section 8.3 shall apply. The non-forfeitable percentage of any Employee as of the effective date of a change in vesting 

  
 55 

 
schedule, however, may not be less than the non-forfeitable percentage of such Employee immediately prior to such date and any Employee with three or more
Years of Cumulative Service must be permitted to elect to have his non-forfeitable percentage computed under the vesting schedule in effect prior to such change. The election may be made during a period which
begins no later than the effective date of the change and ends no earlier than 60 days after the later of the changes effective date or the date Employees are issued written notice of the change. No opportunity to make an election need be afforded
to any Employee whose non-forfeitable percentage, under the vesting schedule as changed, cannot at any time be less than such non-forfeitable percentage without regard
to such change. 
 16.4 Reserved. 

16.5 Impact on Maximum Allocations. For any Plan Year in which the Plan is a Top-Heavy
Plan, Section 12.4 shall be applied by substituting the number 1.0 for the number “1.25” wherever it appears therein, unless the requirements of both Sections 16.5(a) and 16.5(b) are satisfied. 

(a) The requirements of this Section 16.5(a) are satisfied if the Plan would not be a Top-Heavy
Plan when Sections 16.6(a)(1) and 16.6(d) are applied by substituting “ninety percent (90%)” for “sixty percent (60%)” each place such term appears therein. 

(b) The requirements of this Section 16.5(b) are satisfied when Section 16.2 is applied by substituting “four percent
(4%)” for “three percent (3%)” each place such term appears therein. 
 16.6 Definitions. 

(a) Top-Heavy Plan. The Plan shall be a “Top-Heavy
Plan” for a Plan Year if, as of the Valuation Date last preceding or coinciding with the Determination Date: 
 (1) Except as provided
in Section 16.6(a)(2), the aggregate value of the Account balances under the Plan for all Employees who are Key Employees exceeds sixty percent (60%) of the aggregate value of the Account balances under the Plan for all Employees; or 

(2) The Plan is part of an “Aggregation Group” and such group is a “Top-Heavy
Group.” If the Plan is part of an Aggregation Group and such group is not a “Top-Heavy Group” then the Group shall not be considered top-heavy.
Notwithstanding the foregoing, the Plan shall not be considered top-heavy if it would not be considered top-heavy under Section 416 of the Code. 

(3) For purposes of this Paragraph (a), the following definitions shall apply. The term “Determination Date” shall mean, with
respect to any Plan Year, the last day of the preceding Plan Year, or in the case of the first Plan Year, the first day of such year. The term “Valuation Date” shall mean the date on which assets are valued for the purpose of determining
Account balances. 

  
 56 

 (b) Key Employee. A “Key Employee” is any Employee (including a beneficiary
of such Employee) who, subject to Section 416(i) of the Code or the Regulations thereunder, at any time during the Plan Year or any of the four preceding Plan Years is: 

(1) An officer of a Company earning more than 50 percent times the dollar limitation in effect under Section 4l5(b)(1)(A) of the
Code (but in no event shall more than 50 Employees or, if less, the greater of three or ten Percent of all Employees be taken into account under this Section 16.6(b)(1) as Key Employees); 

(2) One of the ten (10) Employees earning more than the dollar limitation in effect under Section 415(c)(1)(A) of the Code and
owning (or considered as owning within the meaning of Section 318 of the Code) the largest interests in a Member Company; provided, that, if two employees have the same interest in a Member Company, the Employee having greater Compensation will
be deemed to have the greater interest; 
 (3) A person owning (or considered as owning within the meaning of Section 318 of the Code)
more than five percent (5%) of the outstanding stock of a Member Company or stock possessing more than five percent (5%) of the total combined voting power of all stock of a Member Company; or 

(4) A person who has an annual compensation from a Company of more than one hundred fifty thousand dollars ($150,000) and who would be
described in Section 16.6(b)(3) hereof if one percent (1%) were substituted for five percent (5%). 
 (5) Notwithstanding the
foregoing, for Plan Years beginning after December 31, 2001, a Key Employee means any Employee or former Employee (including any deceased Employee) who at any time during the Plan Year that includes the determination date was an officer of the
employer having annual Compensation greater than $130,000 (as adjusted under section 416(i)(1) of the Code for Plan Years beginning after December 31, 2002), a five percent (5%) owner of the Company, or a one percent (1%) owner of the Company
having annual Compensation of more than $150,000. For this purpose, annual Compensation means Compensation within the meaning of Section 415(c)(3) of the Code. The determination of who is a Key Employee will be made in accordance with
Section 416(i)(1) of the Code and the applicable regulations and other guidance of general applicability issued thereunder. 
 (c)
Aggregation Group. “Aggregation Group” means a group of plans maintained by one or more Companies determined according to the following rules: 

(1) The Aggregation Group shall include all such plans which are required to be included in the Aggregation Group as follows: 

(i) Each plan of a Company in which a Key Employee is a Participant; and 

(ii) Each other plan of a Company which enables any Plan described in (i), above, to meet the requirements of
Section 401(a)(4) or 410 of the Code. 

  
 57 

 (2) If the Committee or its delegate elects, the Aggregation Group may include any other
plan maintained by one or more Companies, provided the Aggregation Group satisfies the requirements of Sections 401(a)(4) and 410 of the Code. 

(d) Top-Heavy Group. The Aggregation Group shall be a
“Top-Heavy Group” for a Plan Year if, as of the last day of the preceding Plan Year, the sum of (1) the present value of the cumulative accrued benefits for Key Employees under any defined
benefits plans included in the Aggregation Group, and (2) the Account balances of Key Employees under any defined contribution plans included in the Aggregation Group exceeds sixty percent (60%) of the sum of the total cumulative accrued
benefits and Account balances for all participants under all the plans in the Aggregation Group. If the Aggregation Group is a Top-Heavy Group, each plan required to be included in the Aggregation Group is a Top-Heavy Plan. However, no plan included in the Aggregation Group at the election of the Committee shall be subject to the top-heavy rules of this Article XVI solely on
account of such election. 
 (e) Compensation. For purposes of this Article XVI, the term Compensation has the meaning given such
term by Code Section 415(c)(3). 
 (f) Non-Key Employee. A “Non-Key Employee” is any Employee (including a former Employee) who is not a Key Employee. 

16.7 Special Rules. 
 (a)
For purposes of determining the present value of the cumulative accrued benefit of any Employee, or the amount of the Account balance of any Employee, such present value or amount shall be increased for distributions made to the Participant during
the one (1) year period ending on the Determination Date. However, if a distribution is made for a reason other than severance from service, death or disability, a five (5) year look back period shall be exchanged for the one (1) year
period in the preceding sentence. The rules above shall also apply to distributions under a terminated plan that, if it had not been terminated, would have been required to be included in a Aggregation Group. Also, any rollover contribution or
similar transfer initiated by the Employee and made after December 31, 1983 to a plan shall be taken into account with respect to the transferee plan for purposes of determining whether such plan is a
Top-Heavy Plan (or whether any Aggregation Group which includes such plan is a Top-Heavy Group) in accordance with Code Section 416(g)(4)(A). 

(b) If any individual is a Non-Key Employee with respect to any plan for any plan year, but the
individual was a Key Employee with respect to the plan for any prior plan year, any accrued benefit for the individual (and the Account balance of the individual) shall not be taken into account for purposes of this Article XVI. 

(c) If any individual has not performed services for the Company or an Affiliated Company (other than benefits under the Plan) at any time
during the one (1) year period ending on the Determination Date, any accrued benefit for such individual (and the account balance of the individual) shall not be taken into account for purposes of this Article XVI. 

  
 58 

 (d) In applying the foregoing provision of this Section, the accrued benefit of a Non-Key Employee shall be determined (i) under the method, if any, which is used for accrual purposes under all plans of the Company and any Affiliated Company, or (ii) if there is no such uniform method,
as if such benefit accrued not more rapidly than the slowest accrual rate permitted under Code Section 414(b)(1)(C). 
 ARTICLE XVII

 MISCELLANEOUS 

17.1 Dividends. Cash dividends on shares of Company Stock allocated to Participants’ Accounts may be paid currently to
Participants, as determined by the Committee, in its sole discretion. Such dividends shall be paid in cash directly by a Company, or may be distributed by the Trustees after receipt from the Company within 180 days after the end of the Plan Year of
receipt by the Trustees. Dividends on shares of unallocated stock, including shares of stock acquired with the proceeds of an Exempt Loan and held in the ESOP Suspense Fund shall either be applied to payment of the Exempt Loan or held in the ESOP
Suspense Fund. 
 17.2 Annual Statement. As soon as possible after each Anniversary Date each Participant will receive a
written statement showing: 
 (a) the balance in each of his Accounts as of the preceding Anniversary Date; 

(b) the amount of Company contributions (and Forfeitures) allocated to his Accounts for that Plan Year; 

(c) the adjustments to his Accounts to reflect his share of dividends and the net income (or loss) of the Trust for that Plan Year; and 

(d) the new balances in each of his Accounts, including the number of shares of Company Stock, as of that Anniversary Date. 

17.3 No Right to Employment Hereunder. The adoption and maintenance of this Plan shall not be deemed to constitute a contract of
employment or otherwise between any Company and any Employee or Participant, or to be consideration for, or an inducement or condition of, any such employment. Nothing contained herein shall be deemed to give to any person the right to be retained
in the service of any Member Company or to interfere with the right of the Member Company to discharge, with or without cause, any Employee or Participant at any time. 

17.4 Limitation on Company Liability. Any benefits payable under this Plan shall be paid or provided for solely from the Trust fund and
no Company assumes any liability or responsibility therefor. The Companies obligations hereunder are limited solely to the making of contributions to the Trust Fund as provided for in this Plan. No Company shall be responsible for any decision, act
or omission of the Trustees or the Committee or an Operating Committee, or shall be responsible for the application of any monies or other property paid or delivered to the Trustees. 

  
 59 

 17.5 Exclusive Benefit. Except to the extent and under the circumstances permitted
from time to time by the law governing the requirements applicable to qualified plans within the meaning of Section 401 of the Code (or any successor provision), none of the assets held by the Trustees under this Plan shall ever revert to any
Company or otherwise be diverted to purposes other than the exclusive benefit of the Plan Participants or their Beneficiaries and defraying reasonable expenses of administering the Plan. Notwithstanding the foregoing: 

(a) Any contribution made by a Company by a mistake of fact may be returned to such Company within one year after such contribution is made.

 (b) If a contribution by a Company is conditioned on qualification of the Plan under Section 401 of the Code, and the Plan does not
qualify, then such contributions may be returned to such Company within one year after the denial of qualification. 
 (c) If a contribution
by a Company is conditioned upon its deductibility under Section 404 of the Code, then, to the extent the deduction is disallowed, such contribution may be returned to such Company within one year after the disallowance of the deduction. 

17.6 No Alienation. Subject to the exceptions set forth pursuant to Code Section 401(a)(13), no economic interest, expectancy,
benefit, payment, claim or right of any Participant or Beneficiary hereunder shall be subject to any claims of any creditor of any Participant or Beneficiary nor to attachment, garnishment or other legal process initiated by, or to the lien of any
bankruptcy trustee or receiver appointed for the estate of any such Participant or Beneficiary, nor shall any such Participant or Beneficiary have any right to alienate, commute, pledge, encumber or assign any such economic interest, expectancy,
benefit, payment, claim or right, contingent or otherwise. In the event any person attempts to take any action contrary to this Section 17.6, such action shall be null and void and of no effect, and each Company, the Committee, the Operating
Committee, and the Trustees shall disregard such action and shall not in any manner be bound thereby and shall suffer no liability on account of their disregard thereof. 

The preceding provisions of this Section 17.6 shall also apply to the creation, assignment, or recognition of a right to any benefit
payable with respect to a Participant pursuant to a domestic relations order, unless such order is determined to be a domestic relations order, as defined in Section 414(p) of the Code, or any domestic relations order entered before
January 1, 1986 if payments pursuant to such order commenced as of such date. 
 17.7 PAYSOP Account Assets Not Subject To Company
Withdrawal. If any amount of the employee stock ownership credit allowed under Section 41 of the Code resulting from Company contributions to this Plan is redetermined in accordance with the provisions of the Code, the amounts transferred
to the PAYSOP Fund shall remain in such Fund or in PAYSOP Accounts, as the case may be, and shall continue to be allocated and held in accordance with the Plan. 

17.8 Rights Pursuant to USERRA. To the extent required by applicable federal law, including the Uniformed Services Employment and
Reemployment Rights Act of 1994, if a uniformed services Employee returns to employment after cumulative military service of up to 5 

  
 60 

 
years and qualifies for reemployment under such applicable federal law, then the returning Employee (to the extent he would otherwise qualify for participation hereunder) shall have the right to
receive Company Contributions, set forth in Article IV, that the Employee would have otherwise received absent this military service. The Company must make these Company Contributions within the later of either: 

(i) 90 days of the Employee’s return to employment, or 

(ii) when such contributions are normally made for the Plan Year in which the Employee performs the military service. 

Contributions will be based on the Compensation the Employee would have earned if he or she had not entered the military, or, if that determination is not
reasonably certain, the Compensation earned during the 12-month period prior to entering the military. Upon re-employment, the Plan will credit a uniformed services
Employee with the Hours of Service he or she missed while on that leave (for up to five years, as set forth above). The Employee may not share in any forfeiture allocations occurring during his or her period of military service. 

17.9 Redetermination of Tax Credits. If the amount of any employee stock ownership credit claimed by the Member Companies under Code
Section 41 for a prior fiscal year is reduced because of a determination that becomes final during the current fiscal year, and such Companies transferred amounts to the Trust Fund that were taken into account for purposes of the employee stock
ownership credit under Code Section 41 for that prior fiscal year, then the Member Companies may at their election do either of the following: 

(a) Reduce the amount they are required to transfer to the PAYSOP Fund for the current fiscal year or any succeeding fiscal year by an amount
equal to such reduction in the credit or increase in tax which is attributable to Company contributions to the Plan; or 
 (b) Deduct such
portion subject to the limitations of Code Section 404(i)(2) of the Code. 
 17.10 Addresses. Each Participant not actively
employed by a Company and each Beneficiary entitled to receive benefits under the Plan must file with the Committee, in writing, his current post office address. Any communication, statement or notice addressed to such a person at his latest post
office address as filed with the Committee will, on deposit in United States mail with postage prepaid, be binding upon such person for all purposes, and neither the trustees nor the Committee nor any Operating Committee nor any Company shall be
obliged to search for or ascertain the whereabouts of any such person. 
 17.11 Data. Each person entitled to benefits under
the Plan must furnish to the Committee or any Operating Committee such documents, evidence, or information as it considers necessary or desirable for the purpose of administering the Plan, or to protect the Companies or the trustees; and it shall be
a condition of the Plan that each person must furnish such information promptly and sign such documents before any benefits become payable under the Plan. 

  
 61 

 17.12 Gender and Number. Masculine gender shall include the feminine, and the
singular shall include the plural unless the context clearly indicates otherwise. 
 17.13 Headings. Article and Section
headings are for convenient reference only and shall not be a part of the substance of this instrument or in any way enlarge or limit the contents of any Article. 

17.14 Counterpart. For purposes of the parties hereto, this document may be executed in any number of identical counterparts, each of
which shall be a complete original in itself and may be introduced in evidence or used for any other purpose without the production of any other counterparts. 

17.15 Governing Law. This Plan and Trust shall be construed, administered and governed in all respects under applicable federal law
and, to the extent that federal law is inapplicable, in accordance with the laws of the State of California. All contributions made hereunder shall be deemed to have been made in that State. 

IN WITNESS WHEREOF, the Parsons Corporation has caused this instrument to be executed on
this             day of                     , 2012 by the undersigned
officer duly authorized thereunto. 
  

			
	 PARSONS CORPORATION

		
	 By:
	 	 
		
	 Title:
	 	 

  
 62EX-10.3

 Exhibit 10.3 

PARSONS CORPORATION 

EMPLOYEE STOCK OWNERSHIP 

TRUST AGREEMENT 

 TABLE OF CONTENTS 

 

									
		 		 		  			
	ARTICLE 1 DEFINITIONS	  	 	1	 
				
	        	 	1.1	 	Administrative Committee	  	 	1	 
		 	1.2	 	Affiliate	  	 	1	 
		 	1.3	 	Board of Directors	  	 	1	 
		 	1.4	 	Code	  	 	1	 
		 	1.5	 	Company	  	 	2	 
		 	1.6	 	Employer	  	 	2	 
		 	1.7	 	Company Stock or Employer Stock	  	 	2	 
		 	1.8	 	ERISA	  	 	2	 
		 	1.9	 	Named Fiduciary	  	 	2	 
		 	1.10	 	Employee Stock Ownership Plan	  	 	2	 
		 	1.11	 	Participant	  	 	2	 
		 	1.12	 	Plan	  	 	2	 
		 	1.13	 	Plan Year	  	 	2	 
		 	1.14	 	Qualified Domestic Relations Order	  	 	2	 
		 	1.15	 	Trust	  	 	2	 
		 	1.16	 	Trustee	  	 	3	 
		 	1.17	 	Trust Fund	  	 	3	 
		 	1.18	 	Valuation Date	  	 	3	 
		
	ARTICLE 2 ESTABLISHMENT OF TRUST AND CERTAIN PRIMARY CONDITIONS OF ITS OPERATION	  	 	3	 
				
		 	2.1	 	Establishment of Trust	  	 	3	 
		 	2.2	 	Trust Fund	  	 	3	 
		 	2.3	 	Exclusive Benefit Rule	  	 	3	 
		 	2.4	 	Reversion Prohibited	  	 	3	 
		 	2.5	 	Claims against the Trust Fund	  	 	3	 
		 	2.6	 	Employer Contributions	  	 	4	 
		 	2.7	 	Distributions	  	 	4	 
		 	2.8	 	Securities Depositories and Custodians	  	 	4	 
		 	2.9	 	Administration	  	 	4	 
		
	ARTICLE 3 INVESTMENT OF THE TRUST FUND	  	 	4	 
				
		 	3.1	 	General Responsibility and Authority for Investment of Trust Fund	  	 	4	 
		 	3.2	 	Authority to Discontinue Investment in Employer Stock	  	 	5	 
		 	3.3	 	Scope of Powers	  	 	6	 
		 	3.4	 	Powers Exercised by the Trustee In Its Sole Discretion	  	 	6	 
		 	3.5	 	Powers Exercisable by the Trustee Only upon the Direction of the Administrative Committee	  	 	7	 
		 	3.6	 	Documents, Instruments and Facilities	  	 	7	 

  
 i 

									
		
	ARTICLE 4 DUTIES AND OBLIGATIONS OF THE TRUSTEE	  	 	7	 
				
		 	4.1	 	Scope of Duties and Obligations	  	 	7	 
		 	4.2	 	General Duties and Obligations	  	 	8	 
		 	4.3	 	Voting of Employer Stock	  	 	8	 
		 	4.4	 	Tender of Employer Stock	  	 	10	 
		 	4.5	 	Valuation	  	 	11	 
		 	4.6	 	Records	  	 	11	 
		 	4.7	 	Reports	  	 	12	 
		
	ARTICLE 5 COMPENSATION, RIGHTS AND INDEMNITIES OF THE TRUSTEE	  	 	12	 
				
		 	5.1	 	Compensation and Reimbursement	  	 	12	 
		 	5.2	 	Rights of the Trustee	  	 	13	 
		 	5.3	 	Indemnification	  	 	13	 
		 	5.4	 	Limitation of Liability of Trustee	  	 	15	 
		 	5.5	 	Court Proceedings and Necessary Parties to Legal Actions	  	 	16	 
		 	5.6	 	Bonding of Trustee	  	 	16	 
		 	5.7	 	Third Party	  	 	16	 
		 	5.8	 	Tax and Information Returns	  	 	16	 
		
	ARTICLE 6 RESIGNATION OR REMOVAL OF THE TRUSTEE	  	 	16	 
				
		 	6.1	 	Resignation	  	 	16	 
		 	6.2	 	Removal	  	 	16	 
		 	6.3	 	Successor Trustee	  	 	16	 
		 	6.4	 	Settlement	  	 	17	 
		 	6.5	 	Transfer to Successor Trustee	  	 	17	 
		 	6.6	 	Duties of the Trustee Prior to Transfer to Successor Trustee	  	 	17	 
		 	6.7	 	Powers, Duties and Rights of the Successor Trustee	  	 	17	 
		 	6.8	 	Merger or Consolidation Involving Corporate Trustee	  	 	17	 
		
	ARTICLE 7 AMENDMENT OF THE TRUST AGREEMENT OR TERMINATION OF A PLAN	  	 	18	 
				
		 	7.1	 	Amendment of the Trust Agreement	  	 	18	 
		 	7.2	 	Termination of the Plan	  	 	18	 
		
	ARTICLE 8 COMMUNICATIONS	  	 	19	 
				
		 	8.1	 	To the Company and the Administrative Committee	  	 	19	 
		 	8.2	 	To the Trustee	  	 	19	 
		 	8.3	 	Binding Upon Receipt	  	 	19	 
		 	8.4	 	Communication in Writing	  	 	20	 
		
	ARTICLE 9 MISCELLANEOUS	  	 	20	 
				
		 	9.1	 	Gender, Tense and Headings	  	 	20	 

  
 ii 

									
		 	9.2	 	Governing Law	  	 	20	 
		 	9.3	 	Mistake of Fact	  	 	20	 
		 	9.4	 	Deductibility of Contributions	  	 	20	 
		 	9.5	 	Alienation	  	 	20	 
		 	9.6	 	Entire Agreement; Parties Bound	  	 	21	 
		 	9.7	 	Severability	  	 	21	 
		 	9.8	 	Executed Counterparts	  	 	21	 

  
 iii 

 This Trust Agreement, entered into by and between Parsons Corporation (the
“Company” or “Sponsor”) and U.S. Trust Company, National Association (the “Trustee”), as successor trustee, is effective as of December 31, 2005. 

WITNESSETH: 
 WHEREAS,
this trust was originally created by the Company and John Mewha, James R. Sessions and Larry N. Fincannon, as trustees, effective September 11, 1984. The Company created this Trust as part of the Parsons Employee Stock Ownership Plan (the
“Plan”) which the Company adopted and is maintaining, as amended from time to time, for the exclusive benefit of the Plan’s participants and beneficiaries; 

WHEREAS, pursuant to the Plan, the Company has the authority to appoint trustees of the trust maintained with respect to the Plan; and 

WHEREAS, the Company has appointed the Trustee as the successor trustee of the Parsons Employee Stock Ownership Trust (the “Trust”),
and the Trustee has accepted such appointment and is willing, commencing as of the effective date of this restated Trust Agreement, to serve as trustee of the Trust in accordance with the provisions of this Trust Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants contained in this Trust Agreement, the parties, intending to be legally bound, agree
and declare as follows: 
 Title. This Trust Agreement shall be known as the Parsons Employee Stock Ownership Trust Agreement. 

Incorporation of Plan Definitions. Definitions set forth in the Plan shall have the same meaning wherever used in the Trust Agreement,
unless the context clearly indicates otherwise. 
 ARTICLE 1 

DEFINITIONS 

1.1    Administrative Committee means the committee responsible under the Plan for the administration and
management of the Plan’s affairs. 
 1.2    Affiliate means any corporation which is a member of the
controlled group of corporations (as defined in Code Section 414(b)) which includes an Employer; any trade or business (whether or not incorporated) which is under common control (as defined in Code Section 414(c)) with an Employer; an
organization (whether or not incorporated) which is a member of a related company service group (as defined in Code Section 414(m)) which includes an Employer and any other entity required to be aggregated with an Employer pursuant to
regulations under Code Section 414(o). 
 1.3    Board of Directors means the board of directors of the
Company. 
 1.4    Code means the Internal Revenue Code of 1986, as amended from time to time. 

 1.5    Company or Sponsor shall mean Parsons Corporation, a
corporation of the State of Delaware, or any corporation which succeeds to its business. 
 1.6    Employer means
the Company and any Affiliate that has become a party to the Plan. 
 1.7    Company Stock or Employer Stock
means common stock or preferred stock issued by the Company that constitutes a qualifying employer security under Code Section 4975(e)(8). 

1.8    ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

1.9    Named Fiduciary. The Trustee and the members of the Committee, as appointed under the terms of the Plan by
the Sponsor’s Board of Directors, shall be the named fiduciaries of the Plan and Trust for purposes of Section 402 of the Employee Retirement Income Security Act of 1974 (“ERISA”), except that each Participant shall be a named
fiduciary for such purposes with respect to the exercise of voting rights associated with the shares of Company Stock allocated to his or her Account under the Plan. The Committee shall, upon request of the Trustee, furnish the Trustee with such
reasonable information as is necessary for the Trustee to carry out its fiduciary responsibilities under ERISA. 

1.10    Employee Stock Ownership Plan. The Plan is a stock bonus/money purchase plan, qualified under
Section 401(a) of the Internal Revenue Code of 1954 (the “Code”), consisting of two separate and distinct programs which are designed to complement each other. The first program is an employee stock ownership plan, as defined by
Section 4975(e)(7) of the Code, designed to invest primarily in Company Stock. The second program is a tax credit employee stock ownership plan, as defined by sections 411 and 409 of the Code, designed to invest primarily in Company Stock. The
Plan is intended to qualify as an eligible individual account plan within the meaning of Section 407(d)(3) of ERISA. 

1.11    Participant means an employee of an Employer participating in the Plan and includes the beneficiary of a
deceased employee of an Employer who was participating in the Plan at the time of his or her death. 

1.12    Plan means the Parsons Employee Stock Ownership Plan, as amended from time to time. 

1.13    Plan Year means a 12-consecutive-month period commencing on each
January 1. 
 1.14    Qualified Domestic Relations Order means a court order determined by the Administrative
Committee to satisfy the requirements of a qualified domestic relations order under the applicable provisions of the Code and ERISA. 

1.15    Trust means the trust established under this Trust Agreement to fund a portion of the benefits under the
Plan. 

  
 2 

 1.16    Trustee means U.S. Trust Company, National Association,
as successor trustee to LaSalle Bank, N.A. LaSalle Bank, N.A. was trustee from October 22, 2002 until December 31, 2005. 

1.17    Trust Fund means the Employer Stock and other assets held by the Trustee under this Trust Agreement, plus
all income and gains and minus all losses, expenses, and distributions chargeable thereto. 
 1.18    Valuation
Date means the last business day of each Plan Year and such other date specified by the Plan. 
 ARTICLE 2 

ESTABLISHMENT OF TRUST AND CERTAIN 

PRIMARY CONDITIONS OF ITS OPERATION 

2.1    Establishment of Trust. This Trust Agreement establishes the Trust, which will be known as the “Parsons
Employee Stock Ownership Trust.” The Trustee will hold the assets of the Trust Fund in trust and will manage, administer, invest and distribute the Trust Fund for the benefit of Participants under the terms and conditions of this Trust
Agreement. 
 2.2    Trust Fund. The Trust Fund will consist of the assets of the Trust transferred to the
Trustee by the prior trustee of the Trust, together with such Employer and Participant contributions that are paid to the Trustee from time to time in accordance with the Plan, plus the earnings and less the losses thereupon, without distinction
between principal and income, less the payments and distributions which at the time of reference have been made by the Trustee as authorized herein. The Trustee need not inquire into the source of any money or property transferred to it nor into the
authority or right to transfer such money or property to the Trustee. Assets of the Trust shall be held in separate funds corresponding to each of the programs of the Plan and to any other funds established under the Trust. Notwithstanding the
foregoing, the Trust shall constitute a single trust for purposes of investment and administration. 

2.3    Exclusive Benefit Rule. The Trust is expressly declared to be irrevocable. It will be impossible, at any
time prior to the satisfaction of all liabilities with respect to Participants, for any part of the principal or income of the Trust Fund to be used for, or diverted to, any purpose which is not for the exclusive benefit of Participants. The
preceding sentence will not be construed in such a way as to prohibit the use of assets of the Trust Fund to pay fees and other expenses and obligations incurred in the maintenance administration and investment of the Trust Fund in accordance with
the provisions of this Trust Agreement. 
 2.4    Reversion Prohibited. Except as permitted in the Plan, by ERISA
and the tax qualification requirements of the Code, it will be impossible for any part of the Trust Fund to revert to the Company or any Affiliate. 

2.5    Claims against the Trust Fund. The existence, nonexistence, nature and amount of the rights and interests of
all persons in or to the Trust Fund will be determined under the Plan and communicated to the Trustee by the Administrative Committee from time to time. The Trustee will have no duty to question or to examine any determination made or direction
given by the Administrative Committee to the Trustee in respect of such matters. 

  
 3 

 2.6    Employer Contributions. Employer contributions to the
Trust Fund will consist only of cash, Employer Stock or other property reasonably acceptable to the Trustee. The Trustee will have no duty to determine that the contributions received from the Company comply with the provisions of the Plan or to
determine that the assets of the Trust are adequate to provide any benefit payable pursuant to the Plan. The Trustee will not be obligated to collect any contributions from the Employers and will not be obligated to see that funds deposited with it
are deposited according to the provisions of the Plan. 
 2.7    Distributions. Notwithstanding any provision
herein to the contrary, payments will be made from the Trust Fund at the direction of the Administrative Committee to such persons, in such manner, at such times, and in such amounts as the Administrative Committee will from time to time direct in
writing. The Trustee will not be liable for any distribution made in reliance upon a written direction of the Administrative Committee. Shares of Company Stock distributed by the Trustee may include such legend restrictions on transferability as the
Company may reasonably require to comply with the Plan and with applicable Federal or state securities laws. 

2.8    Securities Depositories and Custodians. Notwithstanding anything herein to the contrary, the Trustee in its
discretion or at the direction of the Administrative Committee is authorized to use securities depositories or custodians. Any assets to be transferred to the Trustee, and any contributions, money or other property to be paid to the Trustee,
pursuant to this Trust Agreement will, upon the direction of the Trustee, be transferred to the Trustee’s depository or custodian. Securities held by a depository or custodian may be registered in the name of the depository or its nominee or in
the name of the custodian or its nominee, but the books and records of the Trustee shall at all times show that such investments are part of the Trust. 

2.9    Administration. The Trustee shall not be responsible for the administration of the Plan, maintaining any
records of Participants’ accounts under the Plan or the computation of or collection of company contributions. 
 ARTICLE 3 

INVESTMENT OF THE TRUST FUND 

3.1    General Responsibility and Authority for Investment of Trust Fund. 

(a)    The purpose of the Trust Fund is to invest in Employer Stock to the fullest extent permitted by ERISA without
regard to (i) the diversification of Trust Fund assets, (ii) the speculative character of Trust Fund investments, (iii) the lack or inadequacy of income provided by Trust Fund assets, or (iv) the fluctuation in the fair market
value of Trust Fund assets. Subject to the provisions of Section 3.2, the Trustee will invest and reinvest the assets of the Trust Fund exclusively in Employer Stock, except for cash or cash equivalent investments held (A) for the purpose
of making distributions to Participants, (B) pending the investment of contributions or other cash receipts in Employer Stock, (C) for purposes of paying, under the terms described in this Trust Agreement, fees and expenses incurred with
respect to the Trust that are not paid by the Company, or (D) in the form of de minimis cash balances. Any assets not invested in Employer Stock may be invested by the Trustee in short-term cash-equivalent investments, such

  
 4 

 
as Treasury Notes, Treasury Bills or other similar short-term obligations of the United States Government or any instrumentality thereof, savings accounts, bankers’ acceptances, certificates
of deposit, commercial paper or other interest bearing bank accounts (including those of the Trustee). 
 (b)    The
Trustee’s duties and responsibilities with respect to the Trust Fund will be determined solely under the terms of this Trust Agreement, and the Trustee will have no responsibility for any matter arising under any Plan document other than this
Trust Agreement. The Company will promptly notify the Trustee of (i) any amendment to the Plan that affects the right of Participants with respect to Employer Stock and (ii) any amendment to the Plan that affects the frequency with which
Participants may make transfers into or out of Employer Stock under the Plan. 
 (c)    The Trustee may communicate with
Participants concerning their investment in Employer Stock at such times as the Trustee reasonably determines to be necessary or desirable in the discharge of the Trustee’s duties and responsibilities wider this Trust Agreement, and the
Administrative Committee will cooperate with the Trustee in effecting such communications. The Company agrees that it will not, and that it will not permit the Administrative Committee to, communicate with Participants concerning Employer Stock or
their investment in the Employer Stock other than pursuant to a prospectus furnished by the Company pursuant to federal securities laws, a summary plan description or any other communication or disclosure with respect to the Plan as a whole. The
Administrative Committee agrees to provide the Trustee with updated copies of such prospectuses and summary plan descriptions and with any notices of blackout periods furnished pursuant to ERISA Section 101(i) as such documents are distributed
to Participants. 
 3.2    Authority to Discontinue Investment in Employer Stock 

(a)    The Trustee is the sole fiduciary with authority and control over the Employer Stock. In exercising such authority
and control, the Trustee may take the action set forth in this Section 3.2, but only to the extent the Trustee determines that, notwithstanding the purpose of the Trust Fund to invest exclusively in Employer Stock, except for the limited
purposes of making distributions to participants, or paying Plan expenses, or pending investment in Employee Stock, such action is required by ERISA. The Trustee will consult with the Company prior to taking any action to restrict or discontinue
investment in Employer Stock pursuant to this Section 3.2. 
 (b)    The Trustee may impose any restrictions or
limitations on the holding of Employer Stock, or on the investment of Participant accounts in Employer Stock, that the Trustee determines to be required by its fiduciary obligations under ERISA. The authority of the Trustee will include without
limitation the authority to suspend purchases of Employer Stock and to sell Employer Stock. 
 (c)    The Trustee will
be solely responsible for the manner and timing of any liquidation of Employer Stock and the designation of an alternate investment fund for the investment of the proceeds from the liquidation of the Employer Stock. The Trustee will exercise its
authority under this Section 3.1 solely in the interest of Participants and without regard to any adverse effect liquidation of the Employer Stock may have on any Employer. 

  
 5 

 (d)    In the event the Trustee shall invest any Trust assets in any
securities issued or guaranteed by the Sponsor or any subsidiary or affiliate of the Sponsor, and the Trustee thereafter disposes of such investment, or any part thereof, under circumstances which require registration of the securities under the
Securities Act of 1933 and/or qualification of the securities under the Blue Sky laws of any state, then the Sponsor, at its own expense, will take or cause to be taken any and all such action as may be necessary or appropriate to effect such
registration and/or qualification. 
 POWERS OF THE TRUSTEE 

3.3    Scope of Powers. The Trustee has whatever powers are required to discharge its obligations and exercise its
rights under this Trust Agreement, without being limited by any state statute or rule of law regarding investments by trustees, including the powers specified in the following sections of this Article, and the powers and authority granted to the
Trustee under other provisions of this Trust Agreement. The enumeration of any power herein will not be by way of limitation, but will be cumulative and construed as full and complete power in favor of the Trustee. 

3.4    Powers Exercised by the Trustee In Its Sole Discretion. The Trustee is authorized and empowered to exercise
the following powers in its sole discretion: 
 (a)    To exercise the authority set forth in Section 3.2 and,
subject to Section 4.4, otherwise to sell, exchange, convey or transfer assets of the Trust. 
 (b)    To register
any investment held in the Trust Fund in its own name or in the name of a nominee, with or without the addition of words indicating that such securities are held in a fiduciary capacity, and to hold any investment in bearer form, and to deposit any
investment in a depositary or clearing corporation, but the books and records of the Trustee will show that all such investments are part of the Trust Fund. 

(c)    Subject to Section 4.3, to vote upon any stocks (including Employer Stock), bonds, or other securities in the
Trust Fund and to give general or special proxies or powers of attorney with or without power of substitution, to exercise any conversion privileges, subscription rights or other options and to make any payments incidental thereto, to consent to or
otherwise participate in corporate reorganizations or other changes affecting corporate securities in the Trust Fund and to exercise rights of appraisal and similar rights and make decisions with respect to choice of consideration relating thereto.

 (d)    To employ suitable agents (who may be agents or employees of the Company), including such public accountants,
brokers, custodians, ancillary trustees, and appraisers as will be necessary and appropriate, and to employ counsel (which may be counsel for the Company), whose reasonable expenses arid compensation will be paid by the Company, and if the Company
fails to pay, by the Trust Fund. The Trustee will advise the Company prior to employing any agent pursuant to this Section 3.3(d). 

  
 6 

 (e)    To determine the market value of any securities or other property
held by the Trustee in the Trust and, where any securities or other property are determined by the Trustee not to be publicly traded, to determine their value in accordance with sound practice and standards for evaluating such property; subject,
however, in the case of Employer Stock held in the Trust that is not publicly traded within the meaning of Code Section 401(a)(28), to any valuation of such Employer Stock provided by an independent appraiser selected solely by the Trustee.

 3.5    Powers Exercisable by the Trustee Only upon the Direction of the Administrative Committee. The Trustee
is authorized and empowered (i) to accept, compromise or otherwise settle any obligations or liability due to or from it as Trustee hereunder, including any claim that may be asserted for taxes under present or future laws, or to enforce or
contest the same by appropriate legal proceedings, but only upon the direction of the Administrative Committee; and (ii) to make distributions to Participants, and alternate payees under Qualified Domestic Relations Orders, but only upon the
direction of the Administrative Committee. 
 To the extent that the Administrative Committee directs the Trustee to take any actions
pursuant to its directions, the Trustee will be protected in relying on such directions (other than directions to the Trustee to act in its own discretion) and will not be liable in any way for following such direction. Moreover, if the
Administrative Committee does not direct the Trustee pursuant to this Section 3.4 and does not authorize the Trustee in writing to exercise its independent powers with respect to such matters without need for Administrative Committee direction,
then with respect to matters for which Administrative Committee direction is called for hereunder, the Trustee will not be liable, and will be indemnified and held harmless by the Company, for any failure to act hereunder, to the extent permitted by
ERISA. 
 3.6    Documents, Instruments and Facilities. 

(a)    In order to effectuate the specific powers and authority granted to the Trustee, the Trustee may make, execute,
acknowledge and deliver any and all documents of transfer and conveyance and any and all other instruments that may be necessary or appropriate. 

(b)    The Trustee may use its own facilities in effecting any transaction involving assets of the Trust Fund, upon prior
notice to the Administrative Committee, unless such use is prohibited by ERISA Section 406. 
 ARTICLE 4 

DUTIES AND OBLIGATIONS OF THE TRUSTEE 

4.1    Scope of Duties and Obligations. The Trustee agrees to perform the duties and obligations imposed by this
Trust Agreement. No duties or obligations will be imposed upon the Trustee with respect to the Trust Fund unless undertaken by the Trustee under the express terms of this Trust Agreement or unless imposed upon the Trustee by statute or at common
law. The Trustee will have no duty or obligation to advise Participants as to the effect of federal or state securities laws on the Plan, the Trust Fund or any distributions therefrom. 

  
 7 

 4.2    General Duties and Obligations. 

(a)    Subject to Section 2.8, the Trustee has the duty to hold all property received by it and any income and gains
thereupon, to manage, invest and reinvest the Trust Fund, to collect the income therefrom, and to make payments as provided in this Trust Agreement. 

(b)    The Trustee is responsible only for money or assets that it actually receives. The Trustee has no duty to compute
amounts to be paid to it by the Company or to enforce collection of any contribution due from the Company. The Trustee will not be responsible for the correctness of the computation of the amount of any contribution made or to be made by the
Company. 
 (c)    The Trustee will make payments and disbursements from the Trust Fund to or on the order of the
Administrative Committee. Orders of the Administrative Committee with respect to disbursements from the Trust Fund will specify the application to be made of such funds, and the Trustee may rely on the Administrative Committee’s instructions
regarding disbursements from the Trust Fund. 
 (d)    Subject to the provisions of Section 7.2(b), the Trustee has
the duty to comply with any directive issued by the Administrative Committee to withdraw and transfer all or any part of the Trust Fund to another trustee or another successor funding agent. 

(e)    With respect to all Employer Stock held in the Trust Fund, the Trustee has the duty to (i) vote such shares on
any matter presented to stockholders for a vote in accordance with the provisions of Section 4.3; (ii) decide whether to give general or special proxies or powers of attorney with or without power of substitution with respect to such shares;
(iii) decide whether to exercise any conversion privileges, subscription rights or other options and to make any payments incidental thereto; (iv) decide whether to consent to or otherwise participate in corporate reorganizations or other
changes affecting such shares that are not presented to stockholders for a vote; (v) decide whether to exercise rights of appraisal and similar rights and make decisions with respect to choice of consideration relating thereto and to pay any
assessments or charges in connection therewith; (vi) decide whether to tender such shares in the event of a tender offer in accordance with the provisions of Section 4.4; and (vii) maintain the confidentiality of information with
respect to the exercise by Participants of voting, tender and similar rights with respect to the Employer Stock pursuant to procedures that comply with 29 C.F.R. § 2550.404c-l(d)(4)(vii). 

(f)    The Trustee, after consultation with the Administrative Committee, will prepare the necessary documents associated
with the voting and tendering of Employer Stock. The Company will pay for all printing, mailing, tabulation and other costs associated with the voting and tendering of Employer Stock. 

4.3    Voting of Employer Stock. The provisions of this Section 4.3 will govern the voting of Employer Stock.

 (a)    When the Company prepares for any annual or special meeting of stockholders, the Administrative Committee will
notify the Trustee in a timely manner and in 

  
 8 

 
advance of the intended record date for such meeting and will cause a copy of all proxy solicitation materials to be sent to the Trustee. Based on these materials, the Trustee will prepare a
voting instruction form and will cause a copy of all proxy solicitation materials to be sent to each Participant with an interest in Employer Stock held in the Trust, together with the voting instruction form to be returned to the Trustee or its
designee. The voting instruction form will show the number of full and fractional shares of Employer Stock credited to the Participant’s accounts (both vested and unvested). 

(b)    Except as provided in ERISA Section 404(c), a Participant will be a “named fiduciary” of the Plan
under ERISA to the extent of the Participant’s authority to direct the voting of Employer Stock allocated to his or her account. All voting rights of Company Stock held by the Trust fund shall be exercised by the Trustees as directed by the
Committee in accordance with the following provisions of this Section 5.3. 
 (c)    All Company Stock held in the
ESOP Suspense Subfund and any other Company Stock not yet allocated to Participants’ respective Accounts shall be voted as the Committee directs in its absolute discretion. 

(d)    With respect to any corporate matter which involves the voting of Company Stock regarding the approval or
disapproval of any corporate merger or consolidation, recapitalization, reclassification, liquidation, dissolution, sale of substantially all assets of a trade or business, or such similar transaction as the Secretary of Treasury may prescribe in
regulations, Employee Stock allocated and credited to the respective Accounts of Participants shall be voted in accordance with the respective written directions of Participants as given to the Trustee pursuant to such reasonable rules and
procedures as the Trustee may prescribe. 
 (e)    With respect to the matters described below in this Section 5.3
that are promptly submitted for a stockholder vote at an annual or special meeting duly convened and held in accordance with the Certificate of Incorporation and Bylaws of the Sponsor, Employer Stock allocated and credited to the respective Accounts
of Participants shall be voted in accordance with the respective written directions of Participants as given to the Trustee pursuant to such reasonable procedures as the Trustee may prescribe. Each Participant with an interest in Employer Stock held
in the Trust will have the right to direct the Trustee as to the manner in which the Trustee is to vote that number of shares of Employer Stock credited to the Participant’s accounts (both vested and unvested). Directions from a Participant to
the Trustee concerning the voting of Employer Stock will be communicated in writing, or other means acceptable to the Trustee. These directions will be held in confidence by the Trustee and, except as required by applicable law, will not be divulged
to the Company or any Affiliate, or to any officer or employee of the Company or any Affiliate, or to any other person. The matters described in this Section 5.3(e) shall include only the election of directors of the Sponsor, and matters
dealing with the alteration of bylaws by stockholders, matters dealing with the classified board, matters dealing with the cumulative voting, matters dealing with the 66-2/3 % vote of stockholders
required for certain mergers, and matters dealing with appraisal rights of stockholders of the Sponsor’s Certificate of Incorporation. 

(f)    The foregoing provisions of this Section 5.3 shall apply with the same force and effect to fractional shares
(or fractional interests in shares) of Company Stock now or 

  
 9 

 
hereafter allocated to Participants’ respective Accounts as to whole shares of Company Stock so allocated, provided, however, that the Trustees may, to the extent practicable, aggregate
voting directions received from individual Participants with respect to fractional shares (or fractional interests in shares) of Company Stock allocated to their respective Accounts and treat them as a single combined voting instruction reflecting
such aggregate voting directions. 
 (g)    All Participants entitled to direct the voting under Section 5.3 hereof
shall be notified by the Trustees or the Sponsor of each occasion for the exercise of such voting rights within a reasonable time before such rights are to be exercised. Such notification shall include all information that must be distributed to
stockholders by the Sponsor regarding the exercise of such rights. To the extent that a Participant shall fail to direct the Trustees as to the exercise of voting rights arising under any Company Stock credited to his Accounts, such voting rights
shall be exercised as directed by the Trustee in its discretion; except that, with respect to matters described in Section 5.3(d) hereof, in the case of shares allocated after December 31, 1979 with respect to which a Participant is
entitled to, but fails to, provide the Trustees with voting directions, such failure shall be treated by the Trustees as a direction to abstain from voting as to such shares. 

4.4    Tender of Employer Stock. The provisions of this Section 4.4 will govern the tender of Employer Stock.

 (a)    Upon commencement of a tender offer for Employer Stock held in the Trust, the Trustee will prepare a tender
instruction form and will cause a copy of all tender materials to be sent to each plan Participant with an interest in such Employer Stock together with the tender instruction form to be returned to the Trustee or its designee. The tender
instruction form will show the number of full and fractional shares of Employer Stock credited to the Participant’s accounts (both vested and unvested). 

(b)    Each Participant will have the right to direct the Trustee to tender or not to tender some or all of the shares of
Employer Stock credited to the Participant’s accounts (both vested and unvested). Directions from a Participant to the Trustee concerning the tender of Employer Stock will be communicated in writing, or such other means acceptable to the
Trustee. These directions will be held in confidence by the Trustee and, except as required by applicable law, will not be divulged to the Company or any Affiliate, or to any officer or employee of the Company or any Affiliate, or to any other
person. Except as otherwise required by applicable law, the Trustee will tender or not tender shares of Employer Stock credited to a Participant’s account as directed by the Participant, and the Trustee will not tender shares of Employer Stock
credited to a Participant’s accounts for which it has received no directions from the Participant. Except as provided in ERISA Section 404(c), a Participant will be a “named fiduciary” of the Plan under ERISA to the extent of the
Participant’s authority to direct the tender of Employer Stock allocated to his or her account. 
 (c)    A
Participant who has directed the Trustee to tender some or all of the shares of Employer Stock credited to the Participant’s accounts may, at any time prior to the tender offer withdrawal date, direct the Trustee to withdraw some or all of the
tendered shares, and the Trustee will withdraw the directed number of shares from the tender offer prior to the tender offer withdrawal deadline. Prior to the withdrawal deadline, if any shares of Employer

  
 10 

 
Stock not credited to Participants’ accounts have been tendered, the Trustee will redetermine the number of shares of Employer Stock that would be tendered if the date of the foregoing
withdrawal were the date of determination, and withdraw from the tender offer the number of shares of Employer Stock not credited to Participants’ accounts necessary to reduce the amount of tendered Employer Stock not credited to
Participants’ accounts to the amount so redetermined. A Participant will not be limited as to the number of directions to tender or withdraw that the Participant may give to the Trustee. 

(d)    A direction by a Participant to the Trustee to tender shares of Employer Stock credited to the Participant’s
accounts will not be considered a written election under the Plan by the Participant to withdraw, or have distributed, any or all of his or her withdrawable shares. The Trustee will advise the Administrative Committee to credit to each account of
the Participant from which the tendered shares were taken, the proceeds received by the Trustee in exchange for the shares of Employer Stock tendered from that account. Pending receipt of directions from the Participant as to the investment of the
tender proceeds, the Trustee will cause the proceeds to be invested in an interest income fund established under the Plan. 

(e)    The Trustee will tender that number of shares of Employer Stock not credited to Participants’ accounts which
is determined by multiplying the total number of shares of Employer Stock not credited to Participants’ accounts by a fraction of which the numerator is the number of shares of Employer Stock credited to Participants’ accounts for which
the Trustee has received instructions from Participants to tender (and such instructions have not been withdrawn as of the date of determination) and the denominator is the total number of shares of Employer Stock credited to Participants’
accounts. 
 4.5    Valuation. 

(a)    The Trustee will determine, and report to the Company, the fair market value of the assets and liabilities of the
Trust Fund as of each Valuation Date. 
 (b)    In valuing the assets of the Trust Fund, the Trustee may rely on the
determination of an independent appraiser and will not be liable for an inaccurate valuation based in good faith on such information. Notwithstanding the foregoing, the fair market value of shares of Employer Stock will be (i) if the Employer
Stock is readily tradable on an established securities market, the fair market value of the Employer Stock on such market on the Valuation Date or (ii) if the Employer Stock is not readily tradable on an established securities market, the fair
market value determined in good faith by the Trustee in accordance with the requirements of ERISA. 
 (c)    Reasonable
costs incurred in valuing the Trust Fund will be a charge against the Trust Fund, to the extent not paid by the Company. 

4.6    Records. The Trustee will keep or have access to complete accounts of all investments, receipts and
disbursements, and other transactions with respect to the Trust Fund, and gains and losses resulting from same. Such accounts will be sufficiently detailed to meet the Trustee’s duties of reporting and disclosure required under applicable law.
All accounts, books, contracts and records relating to the Trust Fund will be open to inspection and audit at all reasonable times by any person designated by the Company. The Trustee shall not be required to perform ministerial acts other than
those set forth in this Agreement. 

  
 11 

 4.7    Reports. 

(a)    On a quarterly basis, and within 90 days following the Trustee’s resignation or removal under Article 6 of
this Trust Agreement, and at such other times as agreed to by the Trustee and the Company, the Trustee will furnish the Company with a written report setting forth the transactions effected by the Trustee during the period since it last furnished
such a report and any gains or losses resulting from same, any payments or disbursements made by the Trustee during such period, the assets of the Trust Fund as of the last day of such period (at cost and at fair market value as of the most recent
Valuation Date), and any other information about the Trust Fund that the Company may reasonably request. The Trustee will certify the accuracy of the report if such certification is requested by the Company or is required by applicable law. For
purposes of this Section 5.7, the Trustee may rely on a determination, if any, by an independent appraiser of the fair market value of any Trust assets. 

(b)    The Company may approve any report furnished by the Trustee under Section 4.7(a) by written statement of
approval furnished to the Trustee or will be deemed to have approved of any such report by failure to file a written objection to the report with the Trustee within 90 days of the date on which the Administrative Committee receives such report. 

(c)    Notwithstanding anything in this Section 4.7 to the contrary, nothing in this Section 4.7 will be
construed to limit Trustee’s liability to any party for the Trustee’s own negligence or willful misconduct. 
 ARTICLE 5

 COMPENSATION, RIGHTS AND INDEMNITIES OF THE TRUSTEE 

5.1    Compensation and Reimbursement. 

(a)    The Trustee will receive for its services reasonable compensation as agreed upon in writing from time to time
between the Company and the Trustee. 
 (b)    The Trustee will be reimbursed within 60 days of billing for all
reasonable out-of-pocket expenses it incurs in the performance of its duties under this Trust Agreement. In this regard, reasonable expenses include (but are not limited
to) accounting, consulting, appraisal, brokerage, custodial, actuarial and legal fees for professional services related to the establishment and administration of this Trust Agreement and reasonable and out-of-pocket expenses incurred by officers or employees of the Trustee, such as charges for travel and lodging, and charges for private express mail deliveries. 

(c)    Compensation and expenses payable under this Section 5.1 will be paid by the Trust Fund (and may be charged,
if applicable, to an appropriate subaccount or subtrust) to the extent not paid by the Company. The Company may reimburse the Trust Fund for any such compensation and expenses paid from the Trust Fund. If there is not sufficient cash in the Trust to
pay the amounts due to the Trustee and to reimburse the Trustee for its reasonable expenses, the Trustee shall have the right to offset the amount due to it against the assets of the Trust, and the Trustee shall be authorized to sell assets of the
Trust to the extent necessary to obtain sufficient cash to pay the amounts due to the Trustee. 

  
 12 

 (d)    Normal brokerage charges, commissions, taxes and other costs
incident to the purchase and sale of securities which are included in the cost of securities purchased, or charged against the proceeds in the case of sales, shall be charged to and paid out of Trust assets. 

5.2    Rights of the Trustee. 

(a)    The Trustee may consult with legal counsel (who may be counsel for the Company) with respect to the construction of
this Trust Agreement or its duties thereunder, or with respect to any legal proceeding or any question of law, and will be fully protected to the extent permitted by ERISA with respect to any action it takes or omits in good faith upon the advice of
such counsel. 
 (b)    Until advised to the contrary by the Company, the Trustee will assume that the Trust is exempt
from all federal, state, and local income taxes, and may act in accordance with that assumption. If the whole or any part of the Trust Fund, or the proceeds thereof, becomes liable for the payment of any estate, inheritance, income or other tax,
charge or assessment which the Trustee is required to pay, the Trustee will have full power and authority to pay such tax, charge or assessment out of any money or other property in its hand for the account of the person whose interests hereunder
are so liable, but at least 10 days prior to the making of any such payment the Trustee must mail notice to the Company of its intention to make such payment. Prior to making any transfers or distributions of any of the proceeds of the Trust Fund,
the Trustee may require such releases or other documents from any lawful taxing authority and may require such indemnity from any payee or distributee, as it deems necessary. 

5.3    Indemnification. 

(a)    The Company, to the extent permitted by applicable law, will indemnify the Trustee and hold it and each of its
officers, directors, principals, shareholders, employees, and attorneys (individually an “Indemnified Party”) harmless against any and all losses, claims, damages or liabilities, including reasonable legal fees and expenses, to which any
Indemnified Party may become subject arising in any manner out of or in connection with the performance of the services of the Trustee under this Trust Agreement or in any other fiduciary capacity with respect to the Plan, except that such
Indemnified Party will not be so indemnified if such losses, claims, damages or liabilities are finally adjudged by a court of competent jurisdiction, or are determined by any other proceeding mutually agreeable to the Company and the Indemnified
Parties, to have resulted from the negligence or willful misconduct of such Indemnified Party. For purposes of this Trust Agreement, any act or omission of an Indemnified Party will be negligent only if such act or omission represents a material
departure from standards of ordinary care. Except as provided below, the Company will, upon notice, advance or pay promptly to or on behalf of any Indemnified Party, all reasonable attorneys’ fees and other expenses and disbursements as they
are incurred; provided, however, that the Trustee will promptly reimburse to the Company all amounts paid to an Indemnified Party pursuant to this Section 5.3 in the event that the Indemnified Party is finally adjudged to have acted with
negligence or willful misconduct with respect to the services performed pursuant to this Trust Agreement. 

  
 13 

 (b)    If the Company is financially unable to satisfy the foregoing
indemnification obligation, the Company will take whatever steps are necessary to cause such obligation to be paid from the assets of the Plan, to the extent such obligation may be paid from Plan assets under applicable law. 

(c)    For purposes of the foregoing indemnification, the Company acknowledges that, until the Trustee is notified by the
Company that the Plan does not satisfy the requirements of ERISA Section 404(c) and the regulations thereunder, the Trustee will be performing services and discharging its duties under this Trust Agreement with the understanding that the Plan
satisfies such requirements. The Company agrees that in the event the Trustee incurs any loss, claim, damage or liability solely as a result of acting in reliance on such understanding, such loss, claim, damage or liability will not be considered to
have resulted from the negligence or willful misconduct of any Indemnified Party for purposes of applying the provisions of the foregoing indemnification. 

(d)    If for any reason the foregoing indemnification is determined to be unavailable to any Indemnified Party or
insufficient to fully indemnify an Indemnified Party, the Company will contribute to the amount paid or payable by such Indemnified Party as a result of any such losses, claims, damages or liabilities in such proportion as is appropriate to reflect
(i) the relationship between the Trustee’s fee, on the one hand, and the highest aggregate value of the assets held in the Employer Stock Fund at any time, on the other hand, or (ii) if the allocation provided by clause (i) is
not permitted by applicable law, not only such relative benefit but also the relative fault of any other participants in the matter that results in such losses, claims, damages or liabilities, on the one hand, and of the Trustee and the Indemnified
Parties, on the other hand, and any other relevant equitable considerations in connection with the maters as to which such losses, claims, damages or liabilities relate. 

(e)    If any Indemnified Party receives notice of the assertion of any claim or of the commencement of any action or
proceeding involving the Indemnified Party, in any capacity, that arises in any manner out of or in connection with the performance of the services of the Trustee under this Trust Agreement (a “Claim”), the Indemnified Party will give the
Company reasonably prompt written notice thereof, although failure to do so will not relieve the Company from any liability hereunder or otherwise unless such failure materially prejudices the Company’s rights. The Company may, at its expense,
defend any Claim by counsel of its choice reasonably satisfactory to the Indemnified Party, and if the Company elects to do so, it will not be liable to such Indemnified Party for any expense incurred by the Indemnified Party in defense of the Claim
after the Company notifies the Indemnified Party of its election and, if the Indemnified Party has appointed counsel, after a reasonable time required to substitute counsel. The Indemnified Party may monitor any defense assumed by the Company at the
Indemnified Party’s expense. Notwithstanding the foregoing, an Indemnified Party will have the right to employ separate counsel in the defense of a Claim, and the Company will bear the reasonable fees, costs and expenses of such separate
counsel, if (i) the use of counsel chosen by the Company to represent the Indemnified Party would present such counsel with a conflict of interest; (ii) the defendants in, or targets of, any such Claim include both the Indemnified Party
and another party or parties (including without limitation the Company, its officers, directors or employees), and the Indemnified Party has concluded, not unreasonably, that representation of both the Indemnified Party and such other party or
parties by the same counsel would be 

  
 14 

 
inappropriate due to actual or potential differing interests between the Indemnified Party and such other party or parties; or (iii) the Company has not employed counsel satisfactory to the
Indemnified Party in the exercise of the Indemnified Party’s reasonable judgment to represent the Indemnified Party, within a reasonable period of time after notice of the institution of the Claim. 

(f)    Without the prior written consent of the Company, an Indemnified Party will not enter into any settlement relating
to any Claim which would lead to liability or create any financial or other obligation on the part of the Company under this Trust Agreement. Without the prior written consent of the Indemnified Party, the Company will not enter into any settlement
relating to any Claim which would lead to liability or create any financial or other obligation on the part of the Indemnified Party. 

(g)    If during the period of, or subsequent to the termination of this Trust Agreement, any Indemnified Party is
required to participate in any legal or other proceeding (other than as a named party to such proceeding) in connection with any matter relating to the services of the Trustee under this Trust Agreement, the Company will compensate the Indemnified
Party for such services or time required at the Indemnified Party’s hourly rates then in effect, plus any reasonable legal fees and out-of-pocket expenses incurred
to the same extent and in the same manner as specified in this Section 5.3. 
 (h)    It is understood by the
parties that the foregoing indemnification agreement will survive the termination of this Trust Agreement and the termination, for any reason, of the services of the Trustee under this Trust Agreement. 

5.4    Limitation of Liability of Trustee. 

(a)    The Trustee will not be liable for any action taken or omitted upon direction of the Administrative Committee
pursuant to Section 3.4 or of a Participant pursuant to Section 4.3 or Section 4.4. If at any given time the Administrative Committee should fail to give directions or instructions to the Trustee as provided in this Trust Agreement,
the Trustee will act or refrain from acting without such directions or instructions and may exercise its own discretion and judgment as seems appropriate and advisable under the circumstances in carrying out the purposes of this Trust Agreement.

 (b)    The Trustee will not be liable to any person for any distribution made at the direction of the Administrative
Committee. 
 (c)    The Trustee will not be responsible for determining the adequacy of the Trust Fund to meet
liabilities under the Plan. 
 (d)    The Trustee will not be liable for the acts or omissions of any other fiduciary or
person with respect to the Plan or the Trust Fund. In addition the Trustee will have no duty or responsibility to investigate the acts or omissions of any predecessor trustee or fiduciary with respect to the assets of the Trust Fund to determine
whether any such acts or omissions violated any provision of ERISA or other applicable law. 

  
 15 

 (e)    The Trustee will not be responsible for maintaining any records
of Participants’ benefits under the Plan or for any other matter affecting the administration of the Plan by the Administrative Committee or any other person or persons to whom responsibility for administration of the Plan is delegated pursuant
to the terms of the Plan. 
 5.5    Court Proceedings and Necessary Parties to Legal Actions. The Trustee may
institute, maintain or defend any litigation necessary to protect the rights of the Trust Fund, provided that the Trustee will be under no duty or obligation to do so unless it will have been indemnified to its satisfaction against all expenses and
liabilities which it may sustain or reasonably anticipate by reason thereof. All costs and expenses of litigation for which the Trustee would be liable will be paid by the Trust Fund to the extent not paid by the Company. Except as required by ERISA
Section 502(h), only the Company, the Administrative Committee and the Trustee will be considered necessary parties in any legal action or proceeding with respect to the Trust Fund, and no Participant or other person having an interest in the
Trust Fund will be entitled to notice. Any judgment entered on any such action or proceeding will be binding on the Company, the Administrative Committee, the Trustee and all persons claiming under the Trust. Nothing in this Section 5.5 is
intended to preclude a Participant from enforcing his or her legal rights. 
 5.6    Bonding of Trustee. The
Trustee will not be required to furnish any bond or security for the performance of its powers and duties under this Trust Agreement, unless required to do so by applicable law. 

5.7    Third Party. No person dealing with the Trustee will be obligated to see to the proper application of any
money paid or property delivered to the Trustee, or to inquire whether the Trustee has acted pursuant to any of the terms of the Trust Agreement. Each person dealing with the Trustee may act upon any notice, request, or representation in writing by
the Trustee, or by the Trustee’s duly authorized agent, and will not be liable to any person in so doing. The certificate of the Trustee that it is acting in accordance with the Trust Agreement will be conclusive in favor of any person relying
on the certificate. 
 5.8    Tax and Information Returns. The Administrative Committee will be responsible for
timely filing all tax and information returns, as well as all required descriptions, reports, and disclosures, relating to the Trust. 

ARTICLE 6 
 RESIGNATION
OR REMOVAL OF THE TRUSTEE 
 6.1    Resignation. The Trustee may resign at any time by delivering to the
Company a written notice of resignation, to take effect not less than 30 days after delivery, unless such notice is waived by the Company. 

6.2    Removal. The Company may remove the Trustee at any time by delivering to the Trustee, not less than 30 days
before it is to take effect, a written notice of removal, unless such notice is waived by the Trustee. 

6.3    Successor Trustee. Upon the resignation or removal of the Trustee, the Company will appoint a successor
trustee, which may accept such appointment by adoption of 

  
 16 

 
this Trust Agreement. In the event that no successor trustee is appointed, the Trustee will continue to act as trustee until a successor trustee is appointed. If, within 60 days after notice of
resignation or removal has been given a successor trustee has not been appointed, the Trustee or the Company may apply to a court of competent jurisdiction for the appointment of a successor trustee. 

6.4    Settlement. The Trustee will have the right to have a final settlement of the accounts of the Trust by
judicial settlement in an action instituted by the Trustee in a court of competent jurisdiction. 
 6.5    Transfer
to Successor Trustee. 
 (a)    Upon settlement of the Trustee’s account, the Trustee will transfer to the
successor trustee the Trust Fund as it is then constituted and true copies of its records relating to the Trust Fund. Upon the completion of this transfer, the Trustee’s responsibilities under this Trust Agreement will cease, and the Trustee
will be discharged from further accountability for all matters embraced in its settlement; provided, however, that the Trustee executes and delivers all documents and written instruments which are necessary to transfer and convey the right, title
and interest in the Trust Fund assets, and all rights and privileges with respect to such assets, to the successor trustee. 

(b)    Notwithstanding the foregoing provisions, the Trustee is authorized to reserve such amount as it may deem advisable
for payment of its fees and expenses in connection with the settlement of its account, to the extent not previously paid by the Company. Any balance of such reserve remaining after the payment of such fees and expenses will be paid over promptly to
the successor trustee. Notwithstanding any provision of this Trust Agreement to the contrary, the Trustee may invest and reinvest such reserves in any investment or investment vehicle appropriate for the temporary investment of cash reserves of the
Trust. 
 (c)    The successor trustee will neither be liable nor responsible for any act or omission to act with
respect to the operation or administration of the Trust Fund under this Trust Agreement prior to such date, nor be under any duty or obligation to audit or otherwise inquire into or take any action concerning the acts or omissions of the Trustee or
any predecessor trustee. 
 6.6    Duties of the Trustee Prior to Transfer to Successor Trustee. The
Trustee’s powers, duties, rights and responsibilities under this Trust Agreement will continue until the date on which the transfer of the Trust Fund assets and delivery of the related documents to the successor trustee under Section 6.5
is completed. Nothing contained herein will relieve the Trustee of its duties under Section 4.7. 

6.7    Powers, Duties and Rights of the Successor Trustee. Upon its receipt of all the assets of the Trust Fund and
all of the documents related thereto, the successor trustee will become vested with all the estate, powers, duties, rights and discretion of the Trustee under this Trust Agreement with the same effect as though the successor trustee were originally
named as Trustee hereunder. 
 6.8    Merger or Consolidation Involving Corporate Trustee. Any corporation into
which a corporation acting as Trustee hereunder may be merged or with which it may be 

  
 17 

 
consolidated, or any corporation resulting from any merger, reorganization or consolidation to which such Trustee may be a party, will be the successor of the Trustee hereunder without the
necessity of any appointment or other action, provided it does not resign and is not removed. 
 ARTICLE 7 

AMENDMENT OF THE TRUST AGREEMENT OR TERMINATION OF A PLAN 

7.1    Amendment of the Trust Agreement. 

(a)    The Company reserves the right to amend this Trust Agreement in the manner set forth in Section 7.1(b) at any
time and to any extent that it may deem advisable or appropriate, provided, however, that: 
 (i)    no
amendment may increase the duties, rights, responsibilities or liabilities of the Trustee without its written consent; 

(ii)    no amendment may have the effect of vesting in the Company any interest in or control over any
property subject to the terms of this Trust Agreement, except as permitted by law; 
 (iii)    no
amendment may be made to Section 3.1 or Section 3.2 without the prior written consent of the Trustee; 

(iv)    the Company may amend Section 5.3, by a written instrument executed by a person or group of
persons authorized to take such action, only with the prior written consent of the Trustee; and 

(v)    no amendment may contravene the provisions of Section 2.3. 

(b)    Any amendment to this Trust Agreement, except as provided in Section 7.1(a)(iii) will be made only pursuant to
action of the Company. A certified copy of the resolution adopting any amendment and a copy of the adopted amendment as executed by the Company will be delivered to the Trustee. Upon such action by the Company, the Trust Agreement will be deemed
amended as of the date specified as the effective date by such action or in the instrument of the amendment. The effective date of any amendment may be before, on or after the date of such action. 

7.2    Termination of the Plan. 

(a)    In the event that the Plan is terminated, the Administrative Committee will notify the Trustee as to whether the
Trust Fund is to be distributed or is to be maintained by the Trustee in accordance with the provisions of this Trust Agreement. If the Administrative Committee directs that the Trust Fund is to be distributed, the Trustee will establish the fair
market value of the Trust Fund as of the Valuation Date designated by the Administrative Committee and will distribute all or a part of the assets of the Trust Fund (converting such assets into cash, as necessary) in accordance with the written
directions of the Administrative Committee. 

  
 18 

 (b)    Notwithstanding the provisions of Section 7.2(a): 

(i)    to the extent permitted by ERISA, the Trustee may pay, from the assets of the Trust Fund, the
reasonable expenses involved in the termination of the Trust Fund prior to distributing the assets of the Trust Fund; 

(ii)    the Trustee will not comply with any instruction to transfer assets of the Trust Fund to the
funding agent of any other employee benefit plan unless the Trustee determines that such transfer of assets will comply with the requirements of the Code; and 

(iii)    the Trustee may condition the delivery, transfer or distribution of any or all assets of the Trust
Fund upon its receipt of assurance satisfactory to it that there has been proper compliance with all notices and other procedures required by applicable law. 

ARTICLE 8 

COMMUNICATIONS 

8.1    To the Company and the Administrative Committee. 

 

	 	(a)	 Communications to the Company will be addressed to: 

Parsons Corporation 
 100 West
Walnut Street 
 Pasadena, CA 91124 

Attention: Susan Cole 

Facsimile: (626) 440-2923 
  

	 	(b)	 Communications to the Administrative Committee will be addressed to: 

Parsons Corporation 
 100 West
Walnut Street 
 Pasadena, CA 91124 

Attention: Susan Cole 

Facsimile: (626) 440-2923 

8.2    To the Trustee. Communications to the Trustee will be addressed to: 

U.S. Trust Company, N.A. 
 515
South Flower Street 
 Suite 2700 

Los Angeles, CA 90071 

Attention: Charles E. Wert 

Facsimile: (213) 488-1366 

8.3    Binding Upon Receipt. No communication will be binding on the Trustee, the Company or the Administrative
Committee until it is received by such party. 

  
 19 

 8.4    Communication in Writing. All communications required
hereunder from the Administrative Committee to the Trustee will be in writing signed by a member of the Administrative Committee, as applicable, authorized to sign on its behalf. The Administrative Committee may authorize one or more of its members
to sign on its behalf all communications to the Trustee. The Administrative Committee will keep the Trustee advised of the names and specimen signatures of all individuals authorized to sign on its behalf. In the absence of any notification of
changes, the Trustee may, absent actual knowledge to the contrary, assume that the members of the Administrative Committee are the same as last reported by the Administrative Committee to the Trustee. The Trustee may accept communications by
facsimile as a delivery of such communications in writing until notified in writing by the Administrative Committee that the use of such devices is no longer authorized. 

ARTICLE 9 
 MISCELLANEOUS

 9.1    Gender, Tense and Headings. 

(a)    Whenever any words are used herein in the masculine gender, they will be construed as though they were also used in
the feminine gender in all cases where they would so apply. Whenever any words used herein are in the singular form, they will be construed as though they were also used in the plural form in all cases where they would so apply. 

(b)    Headings of Articles and Sections as used herein are inserted solely for convenience and reference and constitute
no part of this Trust Agreement. 
 9.2    Governing Law. This Trust Agreement will be construed and governed in
all respects in accordance with applicable federal law, and, to the extent not preempted by such federal law, in accordance with the laws of the State of California without giving effect to the choice of laws principles of such State. 

9.3    Mistake of Fact. Notwithstanding any other provisions herein contained, if any contribution is made due to a
mistake of fact, such contribution will, upon the direction of the Administrative Committee, be returned to the Company or the party who made it, as directed by the Administrative Committee, without liability to any person (including, but not
limited to, Participants). 
 9.4    Deductibility of Contributions. Notwithstanding any other provisions herein
contained, all contributions made under the Plan are hereby expressly conditioned upon their deductibility under Code Section 404, as amended from time to time, and, if the deduction for any contribution is disallowed in whole or in part, then
such contribution (to the extent the deduction is disallowed) will, upon the direction of the Administrative Committee, be returned to the Company or the party who made it without liability to any person. 

9.5    Alienation. Except in the case of a Qualified Domestic Relations Order, or as otherwise required by federal
law, (a) the benefits, proceeds, payments, or claims of any Participant payable from the Trust assets will not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment,
execution, or levy of any kind, either voluntary or involuntary including any such liability which is for 

  
 20 

 
alimony or other payments for support of a spouse or former spouse, (b) any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, garnish, levy or otherwise dispose of
or execute upon any right or benefit payable hereunder will be void, and (c) the Trust assets will not in any manner be liable for or subject to the debts, contracts, liabilities, engagements, or torts of any Participant entitled to benefits
hereunder and such benefits will not be considered an asset of the Participant in the event of his or her insolvency or bankruptcy. 

9.6    Entire Agreement; Parties Bound. The Trust Agreement contains the entire agreement and understanding of the
Company and the Trustee with respect to the subject matter hereof and supersede all prior agreements and understandings related to such subject matter. This Trust Agreement will be binding upon the parties to this Trust Agreement and their
successors and assigns. 
 9.7    Severability. In the event any provisions of this Agreement shall be held
invalid for any reason, the invalidity shall not affect the remaining provisions of this Agreement, but shall be fully severable and the Agreement shall be construed and enforced as if the invalid provision had never been inserted herein. 

9.8    Executed Counterparts. The Trust Agreement may be executed in any number of counterparts, each of which will
be deemed to be the original although the others will not be produced. 
 IN WITNESS WHEREOF, the Company and the Trustee have executed this
Trust Agreement as of the date first written above. 
  

			
	PARSONS CORPORATION

 
			
		
	By:	 	/s/ ROBERT W. JONES

 
			
	Name:	 	Robert W. Jones
	Title:	 	Vice President
	
	U.S. TRUST COMPANY, NATIONAL ASSOCIATION

 
			
		
	By:	 	/s/ CHARLES E. WERT

 
			
	Name:	 	Charles E. Wert
	Title:	 	Executive Vice President

  
 21

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00294-of-00352.parquet"}]]