Document:

Exhibit 10.36

 

American
International Group, Inc.

Long
Term Incentive Plan

(as amended and restated February 16,
2021)

 

		1.	Purpose; Definitions

 

This American International
Group, Inc. Long Term Incentive Plan (this “Plan”) is designed to provide selected officers and key employees
of American International Group, Inc. (“AIG” and together with its consolidated subsidiaries, determined
in accordance with U.S. generally accepted accounting principles, the “Company”) with incentives to contribute
to the long-term performance of AIG in a manner that appropriately balances risk and rewards.

 

Awards under this Plan
are issued under the American International Group, Inc. 2013 Omnibus Incentive Plan (as amended from time to time or any successor
stock incentive plan, the “Omnibus Plan”), the terms of which are incorporated in this Plan. Capitalized
terms used in this Plan but not otherwise defined in this Plan or in the attached Glossary of Terms in Annex A have the
meaning ascribed to them in the Omnibus Plan.

 

		2.	Performance Period

 

Awards (as defined
below) will be earned over a three-year performance period (a “Performance Period”), unless the
Compensation and Management Resources Committee of the Board of Directors of AIG (including any successor, the “Committee”)
determines a different period is appropriate for some or all Participants as set forth in the applicable award agreement.

 

		3.	Awards and Participants

 

A.          
Awards. Awards issued under this Plan (“Awards”) may consist of performance share units (“PSUs”),
restricted stock units (“RSUs”), stock options (“Options”), or a combination
of PSUs, RSUs and Options, as the Committee may determine from time to time. PSUs provide holders with the opportunity to earn
shares of Common Stock (“Shares”) based on achievement of performance criteria during the Performance
Period. RSUs provide holders with the opportunity to earn Shares based on continued Employment throughout the Performance Period.
Options provide holders with the right to purchase Shares based on achievement of performance criteria during, or continued Employment
throughout, the Performance Period, or a combination thereof. PSUs, RSUs and Options will be subject to the terms and conditions
of the Omnibus Plan, this Plan and the applicable award agreement, and will be issued only to the extent permissible under relevant
laws, regulatory restrictions and agreements applicable to the Company. In addition to the preceding, the Committee may establish
another form of Award to the extent it determines appropriate for some or all Participants (as defined below).

 

B.          
Participants. The Committee will from time to time determine (1) the officers and key employees of the Company who will
receive Awards (the “Participants”) and (2) the number and type of Awards issued to each Participant.
No Award to a Participant shall in any way obligate the Committee to (or imply that the Committee will) provide a similar Award
(or any Award) to the Participant in the future.

 

     

     

    

 

C.          
Status of Awards. Each PSU and RSU constitutes an unfunded and unsecured promise of AIG to deliver (or cause to be delivered)
one (1) Share (or, at the election of AIG, cash equal to the Fair Market Value thereof) as provided in Section 5.B. Until such
delivery, a holder of PSUs or RSUs will have only the rights of a general unsecured creditor and no rights as a shareholder of
AIG. Each Option represents a right to purchase one (1) Share, subject to the terms and conditions set forth in the applicable
award agreement.

 

D.          
Award Agreements. Each Award granted under the Plan shall be evidenced by an award agreement that shall contain such
provisions and conditions as the Committee deems appropriate; provided that, except as otherwise expressly provided in an
award agreement, if there is any conflict between any provision of this Plan and an award agreement, the provisions of this Plan
shall govern. By accepting an Award pursuant to this Plan, a Participant thereby agrees that the Award shall be subject to all
of the terms and provisions of this Plan, the Omnibus Plan and the applicable award agreement. Awards shall be accepted by a Participant
signing the applicable award agreement, and returning it to the Company. Failure by a Participant to do so within ninety (90) days
from the date of the award agreement shall give the Company the right to rescind the Award.

 

		4.	Performance Measures for PSUs; Earned PSUs

 

A.          
Target PSUs. For an Award of PSUs, a Participant’s award agreement will set forth a target number of PSUs as determined
by the Committee (the “Target PSUs”).

 

B.          
Performance Measures. The number of PSUs earned for any Performance Period will be based on one or more performance
measures established by the Committee in its sole discretion with respect to such Performance Period (collectively, the “Performance
Measures”). For each Performance Measure with respect to a Performance Period, the Committee will establish a Threshold,
Target and Maximum achievement level and the weighting afforded to each such Performance Measure. The Committee may also establish
gating metrics that must be satisfied before Performance Measures are applied to assess the number of PSUs that are earned.

 

C.          
Performance Results.  At the end of the Performance Period, the Committee will assess performance against each Performance
Measure and determine the Earned Percentage (as detailed below) for each such Performance Measure as follows, subject to the terms
and conditions of this Plan and unless determined otherwise by the Committee:

 

	Performance	Earned Percentage
	Performance less than Threshold	0%
	Performance at Threshold	50%
	Performance at Target	100%
	Performance at or above Maximum	200%

 

The
Earned Percentage for performance between Threshold and Target and between Target and Maximum will be determined on a straight-line
basis, unless determined otherwise by the Committee.

 

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D.          
Earned PSUs. The number of PSUs earned for the Performance Period (the “Earned PSUs”) will
equal the sum of the PSUs earned for each Performance Measure, calculated as follows, unless determined otherwise by the Committee:

 

	PSUs earned for a Performance Measure	=	Target PSUs	x	Earned Percentage	x	Weighting of Performance Measure

 

For the avoidance
of doubt, the Committee retains discretion to reduce any Earned PSU Award to zero.

 

		5.	Vesting and Delivery

 

A.          
Vesting of Earned Awards.  Except as provided in Section 6, and subject to the other terms and conditions of this Plan
and the applicable award agreement, Earned PSUs, RSUs and Options will vest on the date(s) and/or event(s) specified in the applicable
award agreement (each, a “Scheduled Vesting Date”). Unless otherwise set forth in the applicable award
agreement, RSUs and Options will be earned based solely on the Participant’s continued Employment through the end of the
Performance Period.

 

B.          
Delivery of Earned PSUs and RSUs. Except as provided in Section 6, AIG will deliver (or cause to be delivered)
to the Participant Shares (or, at the election of AIG, cash equal to the Fair Market Value thereof) in respect of any Earned PSUs,
RSUs, or portion thereof, as promptly as administratively practicable following the applicable Scheduled Vesting Date. Subject
to Section 6, a Participant must be Employed on the applicable Scheduled Vesting Date in order to be entitled to receive a delivery
of any portion of the Earned PSUs and RSUs.

 

C.          
Dividend Equivalents for PSUs and RSUs. In respect of Awards of PSUs or RSUs, unless otherwise set forth in the applicable
award agreement, in the event that any cash dividend is declared on Shares with a record date that occurs during the Dividend Equivalent
Period (as defined below), the Participant will receive dividend equivalent rights in the form of additional PSUs or RSUs (or both
if the Participant’s Award consists of both PSUs and RSUs) (the “Dividend Equivalent Units”) at
the time such dividend is paid to AIG’s shareholders. The number of Dividend Equivalent Units that the Participant will receive
at any such time will be equal to (1) the cash dividend amount per Share times (2) the number of PSUs and RSUs covered by
the Participant’s Award (and, unless otherwise determined by AIG, any Dividend Equivalent Units previously credited under
the Participant’s Award) that have not been previously settled through the delivery of Shares (or cash) prior to, such date,
divided by the Fair Market Value of one Share on the applicable dividend record date. Each Dividend Equivalent Unit will constitute
an unfunded and unsecured promise of AIG to deliver (or cause to be delivered) one Share (or, at the election of AIG, cash equal
to the Fair Market Value thereof) in accordance with the Plan, and will vest and be settled or paid at the same time, and subject
to the same terms and conditions (including, for PSUs, increase or decrease based on achievement of performance criteria in accordance
with Section 4 above), as the PSUs and RSUs on which such Dividend Equivalent Unit was accrued. “Dividend Equivalent
Period” means the period commencing on the date on which PSUs or RSUs were awarded to the Participant and ending
on the last day on which Shares (or cash) are delivered to the Participant with respect to the Earned PSUs or RSUs.

 

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D.          
Exercise and Expiration of Options. Vested Options may be exercised in accordance with procedures set forth in Section
2.3.5 of the Omnibus Plan, including procedures established by the Company. Stock Options that are not vested may not be exercised.
Pursuant to Section 2.3.4 of the Omnibus Plan, in no event will any Option be exercisable after the expiration of ten (10) years
from the date on which the Option is granted (but the applicable award agreement may provide for an earlier expiration date).

 

		6.	Vesting and Payout Upon Termination of Employment and Corporate Events

 

Except as otherwise provided in the applicable
award agreement:

 

A.          
Termination Generally. Except as otherwise provided in this Section 6, if a Participant’s Employment is Terminated
for any reason, then (i) any unvested Awards, or parts thereof, shall immediately terminate and be forfeited, and (ii) any vested
Options will remain exercisable as set forth in the applicable award agreement (but in no case later than the expiration date for
such Options specified in the applicable award agreement), provided that in the case of a Participant’s Termination
for Cause, all Options (whether vested or unvested) will immediately terminate and be forfeited.

 

B.          
Involuntary Termination, Retirement or Disability. Subject to Section 6.F, in the case of a Participant’s involuntary
Termination without Cause, Retirement or Disability:

 

(1)          
the Participant’s outstanding PSUs and RSUs will immediately vest and the Shares (or cash) corresponding to the Earned
PSUs (based on the performance for the whole Performance Period) or RSUs, as applicable, will be delivered to the Participant on
the dates that the applicable Award would otherwise have been delivered if the Participant had continued to remain Employed; and

 

(2)          
(i) any vested Options will remain exercisable, (ii) any unvested time-vesting Options will be deemed to have attained
their respective time-vesting requirements, and (iii) any unvested performance-vesting Options will (a) be deemed to have
attained their respective time-vesting requirements, if any, and (b) to the extent any performance-vesting requirements have
not been achieved, continue to be eligible to vest in accordance with their respective performance-vesting terms. In the event
of an Involuntary Termination or Disability, the Options that are or become vested pursuant to this paragraph (2) shall remain
exercisable as set forth in the applicable award agreement, provided, however, in the event of a Retirement, all Options
that are or become vested pursuant to this paragraph (2) will remain exercisable for the remainder of the term of such Options
set forth in the applicable award agreement for such Options. No Options will remain exercisable beyond the expiration date for
such Options as specified in the applicable award agreement;

 

For the avoidance
of doubt, an involuntary Termination without Cause as provided in this Section 6.B shall not include a resignation that a Participant
may assert was a constructive discharge.

 

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C.          
Death.

 

(1)          
PSUs. For outstanding Awards of PSUs, (i) in the case of a Participant’s death during a Performance Period
or following a Performance Period but prior to the Committee’s adjudication of performance under Section 4.C, the Participant’s
PSU Award will immediately vest and the Shares (or cash) corresponding to the Target PSUs will be delivered to the Participant’s
estate as soon as practicable but in no event later than the end of the calendar year or, if later, within two (2) and one-half
(1/2) months following the date of death and (ii) in the case of a Participant’s death following the Committee’s adjudication
of performance for a Performance Period under Section 4.C, the Participant’s PSU Award will immediately vest and the Shares
(or cash) corresponding to the Earned PSUs (based on performance for the whole Performance Period) will be delivered to the Participant’s
estate as soon as practicable but in no event later than the end of the calendar year or, if later, within two (2) and one-half
(1/2) months following the date of death.

 

(2)          
RSUs. For outstanding Awards of RSUs, in the case of a Participant’s death, the Participant’s outstanding
unvested RSUs will immediately vest and the Shares (or cash) corresponding to the RSUs will be delivered to the Participant’s
estate as soon as practicable but in no event later than the end of the calendar year or, if later, within two (2) and one-half
(1/2) months following the date of death.

 

(3)          
Options. For outstanding Awards of Options, in the case of a Participant’s death, (i) any vested Options will
remain exercisable as set forth in the applicable award agreement, (ii) any unvested time-vesting Options will be deemed to
have attained their respective time-vesting requirements and remain exercisable as set forth in the applicable award agreement
and (iii) any unvested performance-vesting Options will (a) be deemed to have attained their respective time-vesting requirements,
if any, (b) to the extent any performance-vesting requirements have not been achieved, continue to be eligible to vest in accordance
with their respective performance-vesting terms and (c) be exercisable as set forth in the applicable award agreement; provided
that no Options will remain exercisable beyond the expiration date for such Options as specified in the applicable award agreement.

 

D.          
Change in Control.

 

(1)          PSUs.
For outstanding Awards of PSUs, in the case of a Change in Control during a Performance Period and the Participant’s involuntary
Termination without Cause or resignation for Good Reason within twenty-four (24) months following such Change in Control, the
Participant shall receive Shares (or cash) corresponding to the Target PSUs, unless the Committee determines to use actual performance
through the date of the Change in Control, and such Shares (or cash) will immediately vest. In the case of a Change in Control
following a Performance Period and the Participant’s involuntary Termination without Cause or resignation for Good Reason
within twenty-four (24) months following such Change in Control, the Participant shall receive Shares (or cash) corresponding
to the Earned PSUs (based on performance for the whole Performance Period), and such Shares (or cash) will immediately vest. Any
such amounts representing vested PSUs will be delivered by the end of the calendar year or, if later, within two (2) and one-half
(1/2) months following the Participant’s separation from service, provided that no delivery will be delayed as a
result of the Change in Control.

 

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(2)          RSUs.
For outstanding Awards of RSUs, in the case of a Change in Control and the Participant’s involuntary Termination without
Cause or resignation for Good Reason within twenty-four (24) months following such Change in Control, a Participant’s outstanding
unvested RSUs will immediately vest. Any such amounts representing vested RSUs will be delivered by the end of the calendar year
or, if later, within two and one-half months following the Participant’s separation from service, provided that no
delivery will be delayed as a result of the Change in Control.

 

(3)          Options.
For outstanding Awards of performance-vesting Options, (a) in the case of a Change in Control during the applicable Performance
Period and the Participant’s involuntary Termination without Cause or resignation for Good Reason within twenty-four (24)
months following such Change in Control, any unvested performance-vesting Options will immediately vest based on target performance,
unless the Committee determines to use actual performance through the date of the Change in Control, and (b) in the case of a
Change in Control following an applicable Performance Period and the Participant’s involuntary Termination without Cause
or resignation for Good Reason within twenty-four (24) months following such Change in Control, any performance-vesting Stock
Options will immediately vest based on actual performance for such period. For outstanding time-vesting Options, in the case of
a Change in Control and the Participant’s involuntary Termination without Cause or resignation for Good Reason within twenty-four
(24) months following such Change in Control, any unvested time-vesting Options will immediately vest. All Options that vest pursuant
to this paragraph will remain exercisable for the remainder of the term of such Options as set forth in the applicable award agreement
for such Options. No Options will remain exercisable beyond the expiration date for such Options as specified in the applicable
award agreement.

 

E.          
Election to Accelerate or Delay Delivery. The Committee may, in its sole discretion, determine to accelerate or defer
delivery of any Shares (or cash) underlying the Awards granted under the Plan or permit a Participant to elect to accelerate or
defer delivery of any such Shares (or cash), in each case in a manner that conforms to the requirements of Section 409A and is
consistent with the provisions of Section 8.E.

 

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F.           
Release of Claims. In the case of a Participant’s involuntary Termination without Cause, resignation for Good
Reason or Retirement, as a condition to (i) with respect to Options, the vesting of any Options pursuant to this Plan or the applicable
award agreement, and (ii) with respect to all other Awards, receiving delivery of any Shares (or cash) under such Awards, following
such event, the Company will require the Participant to execute a release substantially in the form attached as Annex B (the “Release”),
subject to any provisions that the Senior HR Attorney and the Senior Compensation Executive or their designee(s) may amend or add
to the release in order to impose restrictive covenants requiring (x) confidentiality of information, non-disparagement and non-solicitation
of Company employees for twelve (12) months following the Termination, and (y) in the case of an involuntary Termination without
Cause or resignation for Good Reason of any Participant who is eligible to participate in the American International Group, Inc.
2012 Executive Severance Plan (as may be amended from time to time, and together with any successor plan, the “ESP”),
or Retirement, non-competition for such periods as are generally specified herein. The Release for any Participant who is eligible
to participate in the ESP shall be in the form of the release required by the ESP at the time of the Termination (including any
non-competition covenants), modified to cover the vesting of any Options and payment of any Shares (or cash) under any other Awards
under this Plan as a result of the Participant’s involuntary Termination without Cause or resignation for Good Reason. Effective
for Retirements on or after December 1, 2015, the Release will require non-competition for no less than six (6) months following
the Retirement in order for the Participant to (i) with respect to Options, vest in any Options, and (ii), with respect to all
other Awards, receive any Shares (or cash) under such Awards. The Release or the ESP form of release must be executed by the Participant
and become irrevocable, in the case of a Participant’s involuntary Termination without Cause, resignation for Good Reason
or Retirement, prior to or during the calendar year of the date on which (i) with respect to Options, such Options vest, and (ii)
with respect to all other Awards, a delivery of Shares (or cash) with respect to the Award is scheduled to be delivered pursuant
to Section 5.B; provided that if the Release is executed after such time, (i) with respect to Options, any Options that
would have vested during such period will be forfeited, and (ii) with respect to all other Awards, the delivery of Shares (or cash)
with respect to such calendar year will be forfeited; provided, further, that if the local laws of a country or non-U.S.
jurisdiction in which Participant performs services render invalid or unenforceable all or a portion of the Release (subject to
additional provisions as described above), the Senior HR Attorney and the Senior Compensation Executive or their designee(s) shall
have the discretion to create a release that incorporates as much of the Release as possible while also complying with such local
laws.

 

		7.	Administration of this Plan

 

A.          
General. This Plan shall be administered by the Committee and the person or persons designated by the Committee to administer
the Plan from time to time. Actions of the Committee may be taken by the vote of a majority of its members. The Committee may allocate
among its members and delegate to any person who is not a member of the Committee any of its administrative responsibilities. The
Committee will have the power to interpret this Plan, to make regulations for carrying out its purposes and to make all other determinations
in connection with its administration (including, without limitation, whether a Participant has become subject to Disability),
all of which will, unless otherwise determined by the Committee, be final, binding and conclusive. The Committee may, in its sole
discretion, reinstate any Awards made under this Plan that have been terminated and forfeited because of a Participant’s
Termination, if the Participant complies with any covenants, agreements or conditions that the Committee may impose; provided,
however, that any delivery of Shares (or cash) under such reinstated Awards will not be made until the scheduled times set
forth in this Plan.

 

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B.          
Non-Uniform Determinations. The Committee’s determinations under this Plan need not be uniform and may be made
by it selectively with respect to persons who receive, or are eligible to receive, Awards (whether or not such persons are similarly
situated). Without limiting the generality of the foregoing, the Committee will be entitled, among other things, to make non-uniform
and selective determinations as to the persons to become Participants.

 

C.          
Determination of Employment. The Committee, with respect to any Participant under the purview of the Committee, and
the Senior Compensation Executive, with respect to any other Participant, will have the right to determine the commencement or
Termination date of a Participant’s Employment with the Company solely for purposes of this Plan, separate and apart from
any determination as may be made by the Company with respect to the Participants’ employment.

 

D.          
Amendments. The Committee will have the power to amend this Plan and any Performance Measures established pursuant to
Section 4.B in any manner and at any time, including in a manner adverse to the rights of the Participants; provided, however,
that in the event that a Plan amendment is adopted or effective on or within twenty-four (24) months following a Change in Control,
then such amendment shall be invalid and ineffective with respect to each Participant, in the absence of his or her written consent,
if the amendment is adverse to the Participant. The Committee shall also have the power, in its sole discretion, to reduce the
amount of any RSUs, Target PSUs, Earned PSUs or Options at any time including, for the avoidance of doubt, after the relevant Performance
Period has ended. Notwithstanding the foregoing, the Committee’s rights and powers to amend the Plan shall be delegated to
the Senior Compensation Executive who shall have the right to amend the Plan with respect to (1) amendments required by relevant
law, regulation or ruling, (2) amendments that are not expected to have a material financial impact on the Company, (3) amendments
that can reasonably be characterized as technical or ministerial in nature, or (4) amendments that have previously been approved
in concept by the Committee. Notwithstanding the foregoing delegation, the Senior Compensation Executive shall not have the power
to make an amendment to the Plan that could reasonably be expected to result in a termination of the Plan or a change in the structure
or the powers, duties or responsibilities of the Committee, unless such amendment is approved or ratified by the Committee.

 

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E.          
No Liability. No member of the Board of Directors of AIG (the “Board”) or any employee of
the Company performing services with respect to the Plan (each, a “Covered Person”) will have any liability
to any person (including any Participant) for any action taken or omitted to be taken or any determination made, in each case,
in good faith with respect to this Plan or any Participant’s participation in it. Each Covered Person will be indemnified
and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys’ fees) that
may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding to which
such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to
be taken under this Plan and against and from any and all amounts paid or Shares delivered by such Covered Person, with the Company’s
approval, in settlement thereof, or paid or delivered by such Covered Person in satisfaction of any judgment in any such action,
suit or proceeding against such Covered Person, provided that the Company will have the right, at its own expense, to assume
and defend any such action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company
will have sole control over such defense with counsel of the Company’s choice. To the extent any taxable expense reimbursement
under this paragraph is subject to Section 409A, (1) the amount thereof eligible in one taxable year shall not affect the amount
eligible in any other taxable year; (2) in no event shall any expenses be reimbursed after the last day of the taxable year following
the taxable year in which the Covered Person incurred such expenses; and (3) in no event shall any right to reimbursement be subject
to liquidation or exchange for another benefit. The foregoing right of indemnification will not be available to a Covered Person
to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case, not subject
to further appeal, determines that the acts or omissions of such Covered Person giving rise to the indemnification claim resulted
from such Covered Person’s bad faith, fraud or willful misconduct. The foregoing right of indemnification will not be exclusive
of any other rights of indemnification to which Covered Persons may be entitled under AIG’s Amended and Restated Certificate
of Incorporation or Bylaws, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such persons
or hold them harmless.

 

F.           
Clawback/Repayment. Notwithstanding anything to the contrary herein, Awards and any payments or deliveries under this
Plan will be subject to forfeiture and/or repayment to the extent provided in (1) the AIG Clawback Policy, as in effect from time
to time and (2) other agreements executed by a Participant.

 

		8.	General Rules

 

A.          
No Funding. The Company will be under no obligation to fund or set aside amounts to pay obligations under this Plan.
A Participant will have no rights to any Awards or other amounts under this Plan other than as a general unsecured creditor of
the Company.

 

B.          
Tax Withholding. The delivery of Shares (or cash) or exercise of any Awards under this Plan is conditioned on a Participant’s
satisfaction of any applicable withholding taxes in accordance with Section 4.2 of the Omnibus Plan, as amended from time to time,
or such similar provision of any successor stock incentive plan.

 

C.          
No Rights to Other Payments. The provisions of this Plan provide no right or eligibility to a Participant to any other
payouts from AIG or its subsidiaries under any other alternative plans, schemes, arrangements or contracts AIG may have with any
employee or group of employees of AIG or its subsidiaries.

 

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D.          
No Effect on Benefits. Grants or the exercise of any Awards and the delivery of Shares (or cash) under this Plan will
constitute a special discretionary incentive payment to the Participants and will not be required to be taken into account in computing
the amount of salary or compensation of the Participants for the purpose of determining any contributions to or any benefits under
any pension, retirement, profit-sharing, bonus, life insurance, severance or other benefit plan of AIG or any of its subsidiaries
or under any agreement with the Participant, unless AIG or the subsidiary with which the Participant is Employed specifically provides
otherwise.

 

E.          
Section 409A.

 

(1)          
Awards made under the Plan are intended to be “deferred compensation” subject to Section 409A, and this
Plan is intended to, and shall be interpreted, administered and construed to, comply with Section 409A. The Committee will
have full authority to give effect to the intent of this Section 8.E.

 

(2)          
If any payment or delivery to be made under any Award (or any other payment or delivery under this Plan) would be subject
to the limitations in Section 409A(a)(2)(b) of the Code, the payment or delivery will be delayed until six (6) months after the
Participant’s separation from service (or earlier death) in accordance with the requirements of Section 409A.

 

(3)          
Each payment or delivery in respect of any Award will be treated as a separate payment or delivery for purposes of Section
409A.

 

F.   
Severability. If any of the provisions of this Plan is finally held to be invalid, illegal or unenforceable (whether
in whole or in part), such provision will be deemed modified to the extent, but only to the extent, of such invalidity, illegality
or unenforceability) and the remaining provisions will not be affected thereby; provided that if any of such provisions
is finally held to be invalid, illegal or unenforceable because it exceeds the maximum scope determined to be acceptable to permit
such provision to be enforceable, such provision will be deemed to be modified to the minimum extent necessary to modify such scope
in order to make such provision enforceable hereunder.

 

G.  
Entire Agreement. This Plan contains the entire agreement of the parties with respect to the subject matter hereof and
supersedes all prior agreements, promises, covenants, arrangements, communications, representations and warranties between them,
whether written or oral with respect to the subject matter hereof.

 

H.  
Waiver of Claims. Each Participant recognizes and agrees that prior to being selected by the Committee to receive an
Award he or she has no right to any benefits under this Plan. Accordingly, in consideration of the Participant’s receipt
of any Award hereunder, he or she expressly waives any right to contest the amount of any Award, the terms of this Plan, any determination,
action or omission hereunder by the Committee or the Company or any amendment to this Plan.

 

I.    
No Third Party Beneficiaries. Except as expressly provided herein, this Plan will not confer on any person other than
the Company and the Participant any rights or remedies hereunder. The exculpation and indemnification provisions of Section 7.E
will inure to the benefit of a Covered Person’s estate and beneficiaries and legatees.

 

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J.   
Successor Entity; AIG’s Assigns. Unless otherwise provided in the applicable award agreement and except as otherwise
determined by the Committee, in the event of a merger, consolidation, mandatory share exchange or other similar business combination
of AIG with or into any other entity (“Successor Entity”) or any transaction in which another person
or entity acquires all of the issued and outstanding Common Stock of AIG, or all or substantially all of the assets of AIG, outstanding
Awards may be assumed or a substantially equivalent award may be substituted by such Successor Entity or a parent or subsidiary
of such Successor Entity. The terms of this Plan will be binding and inure to the benefit of AIG and its successors and assigns.

 

K.  
Nonassignability. No Award (or any rights and obligations thereunder) granted to any person under the Plan may be sold,
exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the
use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise, other than
by will or by the laws of descent and distribution, except as may be otherwise provided in the award agreement. Any sale, exchange,
transfer, assignment, pledge, hypothecation, or other disposition in violation of the provisions of this Section 8.K will
be null and void and any Award which is hedged in any manner will immediately be forfeited. All of the terms and conditions of
this Plan and the award agreements will be binding upon any permitted successors and assigns.

 

L.   
Right to Discharge. Nothing contained in this Plan or in any Award will confer on any Participant any right to be continued
in the employ of AIG or any of its subsidiaries or to participate in any future plans.

 

M. 
Consent. If the Committee at any time determines that any consent (as hereinafter defined) is necessary or desirable
as a condition of, or in connection with, the granting of any Award or the delivery of any Shares under this Plan, or the taking
of any other action thereunder (each such action, a “plan action”), then such plan action will not be
taken, in whole or in part, unless and until such consent will have been effected or obtained to the full satisfaction of the Committee;
provided that if such consent has not been so effected or obtained as of the latest date provided by this Plan for payment
of such amount or delivery and further delay is not permitted in accordance with the requirements of Section 409A, such amount
will be forfeited and terminate notwithstanding any prior earning or vesting.

 

The term “consent”
as used in this paragraph with respect to any plan action includes (1) any and all listings, registrations or qualifications
in respect thereof upon any securities exchange or under any federal, state, or local law, or law, rule or regulation of a jurisdiction
outside the United States, (2) any other matter, which the Committee may deem necessary or desirable to comply with the terms
of any such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification
or registration be made, (3) any and all other consents, clearances and approvals in respect of a plan action by any governmental
or other regulatory body or any stock exchange or self-regulatory agency and (4) any and all consents required by the Committee.

 

    11

     

    

 

 

N.  
Awards Subject to an AIG Section 162(m) Plan. With respect to any awards hereunder that were granted pursuant to written
binding agreements in effect on November 2, 2017 and that were granted during a period when this Plan functioned as a subplan of
a Section 162(m) compliant performance incentive award plan adopted by AIG (the “AIG Section 162(m) Plan”)
that was proposed and approved by AIG stockholders in accordance with Section 162(m)(4)(C) of the Code and related Treasury Regulations
as they existed prior to the adoption of the Tax Cuts and Jobs Act of 2017 (Public Law 115-97)
(the “Prior Rules”), this Plan will operate whereby the designated performance-based compensation
amounts (as defined under the Prior Rules) payable under such awards can be paid and deducted in full or in part in accordance
with the Prior Rules.

 

O.  
No Liability With Respect to Tax Qualification or Adverse Tax Treatment. Notwithstanding anything to the contrary contained
herein, in no event shall the Company be liable to a Participant on account of the failure of any Award or amount payable under
this Plan to (1) qualify for favorable United States or foreign tax treatment or (2) avoid adverse tax treatment under United
States or foreign law, including, without limitation, Section 409A.

 

		9.	Disputes

 

A.  
Governing Law. This Plan will be governed by and construed in accordance with the laws of the State of New York, without
regard to principles of conflict of laws. The Plan shall also be subject to all applicable non-U.S. laws as to Participants located
outside of the United States. In the event that any provision of this Plan is not permitted by the local laws of a country or jurisdiction
in which a Participant performs services, such local law shall supersede that provision of this Plan with respect to that Participant.
The benefits to which a Participant would otherwise be entitled under this Plan may be adjusted or limited to the extent that the
Senior HR Attorney and the Senior Compensation Executive or their designee(s) determine is necessary or appropriate in light of
applicable law or local practice.

 

B.  Arbitration.
Subject to the provisions of this Section 9, any dispute, controversy or claim between the Company and a Participant, arising out
of or relating to or concerning this Plan or any Award, will be finally settled by arbitration. Participants who are subject to
an Employment Dispute Resolution Program (“EDR Program”) maintained by AIG or any affiliated company of AIG, will resolve
such dispute, controversy or claim in accordance with the operative terms and conditions of such EDR Program, and to the extent
applicable, the employment arbitration rules of the American Arbitration Association (“AAA”). Participants who are
not subject to an EDR Program shall arbitrate their dispute, controversy or claim in New York City before, and in accordance with
the employment arbitration rules of the AAA, without reference to the operative terms and conditions of any EDR Program. 
Prior to arbitration, all claims maintained by a Participant must first be submitted to the Committee in accordance with claims
procedures determined by the Committee. Either the Company or a Participant may seek injunctive relief from the arbitrator. 
Notwithstanding any other provision in this Plan, the Company or a Participant may apply to a court with jurisdiction over them
for temporary, preliminary or emergency injunctive relief that, under the legal and equitable standards applicable to the granting
of such relief, is necessary to preserve the rights of that party pending the arbitrator’s modification of any such injunction
or determination of the merits of the dispute, controversy or claim.

 

C.  
 Jurisdiction. The Company and each Participant hereby irrevocably submit to the exclusive jurisdiction of a state
or federal court of appropriate jurisdiction located in the Borough of Manhattan, the City of New York over any suit, action or
proceeding arising out of or relating to or concerning this Plan or any Award that is not otherwise arbitrated or resolved according
to Section 9.B. The Company and each Participant acknowledge that the forum designated by this section has a reasonable relation
to this Plan and to such Participant’s relationship with the Company, that the agreement as to forum is independent of the
law that may be applied in the action, suit or proceeding and that such forum shall apply even if the forum may under applicable
law choose to apply non-forum law.

 

    12

     

    

 

D.   
Change in Control. On or following a Change in Control, any arbitration referred to in Section 9.B or any court action referred
to in Section 9.C by a Participant to enforce the Participant’s rights under the Plan shall be subject to a de novo standard
of review, and the Participant shall be reimbursed for reasonable attorneys’ fees and costs incurred in seeking to enforce
his or her rights under the Plan to the extent he or she prevails as to the material issues in such dispute. The reimbursement
of attorneys’ fees shall be made promptly following delivery of an invoice therefor.

 

E.   Waiver. The Company and each Participant waive, to the fullest extent permitted by applicable law, any objection which the
Company and such Participant now or hereafter may have to personal jurisdiction or to the laying of venue of any such suit, action
or proceeding in any court referred to in Section 9.C. The Company and each Participant undertake not to commence any action, suit
or proceeding arising out of or relating to or concerning this Plan or any Award in any forum other than a forum described in Section
9.C. Notwithstanding the foregoing, nothing herein shall preclude the Company from bringing any action, suit or proceeding in any
other court for the purpose of enforcing the provisions of this Section 9. The Company and each Participant agree that, to
the fullest extent permitted by applicable law, a final and non-appealable judgment in any such suit, action or proceeding in any
such court shall be conclusive and binding upon the Participant and the Company.

 

F.  
Service of Process. Each Participant irrevocably appoints the Secretary of AIG at 80 Pine Street, New York,
New York 10005, U.S.A., or effective as of May 1, 2021, 1271 Avenue of the Americas, 11th Floor, New York, NY 10020,
as his or her agent for service of process in connection with any action, suit or proceeding arising out of or relating to or concerning
this Plan or any Award that is not otherwise arbitrated or resolved according to Section 9.B. The Secretary will promptly
advise the Participant of any such service of process.

 

G.  
Confidentiality. Each Participant must keep confidential any information concerning any grant or Award made under this
Plan and any dispute, controversy or claim relating to this Plan, except that (i) a Participant may disclose information concerning
a dispute or claim to the court that is considering such dispute or to such Participant’s legal counsel (provided that
such counsel agrees not to disclose any such information other than as necessary to the prosecution or defense of the dispute)
or (ii) a Participant may disclose information regarding an Award to the Participant’s personal lawyer or tax accountant,
provided that such individuals agree to keep the information confidential. Nothing herein shall prevent the Participant
from making or publishing any truthful statement (1) when required by law, subpoena, court order, or at the request of an administrative
or regulatory agency or legislature, (2) in the course of any legal, arbitral, administrative, legislative or or regulatory proceeding,
(3) to any governmental authority, administrative or regulatory agency, legislative body, or self-regulatory organization, (4)
in connection with any investigation by the Company, or (5) where a prohibition or limitation on such communication is unlawful;
provided, however, that with respect to the subject matter of this Section 9(G), the terms of a Participant’s award agreement
shall govern.

 

    13

     

    

 

		10.	Term of Plan

 

The Plan was first
effective as of January 1, 2017 and will continue until suspended or terminated by the Committee in its sole discretion; provided,
however, that the existence of the Plan at any time or from time to time does not guarantee or imply the payment of any Awards
hereunder, or the establishment of any future plans or the continuation of this Plan. Any termination of this Plan will be done
in a manner that the Committee determines complies with Section 409A.

 

    14

     

    

 

Annex A

 

Glossary of Terms

 

“Cause”
means (1) a Participant’s conviction, whether following trial or by plea of guilty or nolo contendere (or similar
plea), in a criminal proceeding (A) on a misdemeanor charge involving fraud, false statements or misleading omissions, wrongful
taking, embezzlement, bribery, forgery, counterfeiting or extortion, or (B) on a felony charge or (C) on an equivalent
charge to those in clauses (A) and (B) in jurisdictions which do not use those designations; (2) a Participant’s
engagement in any conduct which constitutes an employment disqualification under applicable law (including statutory disqualification
as defined under the Securities Exchange Act of 1934); (3) a Participant’s violation of any securities or commodities
laws, any rules or regulations issued pursuant to such laws, or the rules and regulations of any securities or commodities exchange
or association of which the Company or any of its subsidiaries or affiliates is a member; or (4) a Participant’s material
violation of the Company’s codes or conduct or any other AIG policy as in effect from time to time. The determination as
to whether “Cause” has occurred shall be made by the Committee, with respect to any Participant under
the purview of the Committee, or the Senior Compensation Executive, with respect to any other Participant, in each case, in its
or his or her sole discretion. The Committee or Senior Compensation Executive, as applicable, shall also have the authority in
its sole discretion to waive the consequences of the existence or occurrence of any of the events, acts or omissions constituting
“Cause.”

 

“Change
in Control” means the occurrence of any of the following events:

 

(1) individuals who,
on February 16, 2021, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute
at least a majority of the Board, provided that any person becoming a director subsequent to February 16, 2021,
whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the
Board (either by a specific vote or by approval of AIG’s proxy statement in which such person is named as a nominee for director,
without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected
or nominated as a director of AIG as a result of an actual or threatened election contest with respect to directors or as a result
of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall
be deemed to be an Incumbent Director;

 

(2) Any “person”
(as such term is defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d)(3) and 14(d)(2) of the
Exchange Act), is or becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of AIG representing fifty percent (50%) or more of the combined voting power of AIG’s then outstanding
securities eligible to vote for the election of the Board (“AIG Voting Securities”); provided, however,
that the event described in this paragraph (2) shall not be deemed to be a Change in Control by virtue of an acquisition of
AIG Voting Securities:  (A) by AIG or any subsidiary of AIG (B) by any employee benefit plan (or related trust)
sponsored or maintained by AIG or any subsidiary of AIG or (C) by any underwriter temporarily holding securities pursuant to an
offering of such securities;

 

    A-1

     

    

 

(3) The consummation
of a merger, consolidation, statutory share exchange or similar form of corporate transaction involving AIG (a “Business
Combination”) that results in any person (other than the United States Department of Treasury) becoming the beneficial
owner, directly or indirectly, of fifty percent (50%) or more of the total voting power of the outstanding voting securities eligible
to elect directors of the entity resulting from such Business Combination;

 

(4) The consummation
of a sale or all or substantially all of AIG’s assets (other than to an affiliate of AIG); or

 

(5) AIG’s stockholders
approve a plan of complete liquidation or dissolution of AIG.

 

Notwithstanding the foregoing,
a Change in Control shall not be deemed to occur solely because (A) any person holds or acquires beneficial ownership of more than
fifty percent (50%) of the AIG Voting Securities as a result of an “AIG share repurchase program” or other acquisition
of AIG Voting Securities by AIG which reduces the total number of AIG Voting Securities outstanding; provided that if after
such acquisition by AIG such person becomes the beneficial owner of additional AIG Voting Securities that increases the percentage
of outstanding AIG Voting Securities beneficially owned by such person, a Change in Control shall then occur or (B) the consummation
of a sale of all or substantially all (or a subset) of the assets and/or operations of the Life and Retirement business (or any
similar transaction).

 

“Disability”
means that a Participant, who after receiving short term disability income replacement payments for six (6) months, (i) is determined
to be disabled in accordance with the Company’s long term disability plan in which employees of the Company are generally
able to participate, if one is in effect at such time, to the extent such disability complies with 26 C.F.R. § 1.409A-3(i)4(i)(B),
or (ii) to the extent such Participant is not participating in the Company’s long term disability plan, or no such long term
disability plan exists, is determined to have medically determinable physical or mental impairment that can be expected to result
in death or can be expected to last for a continuous period of not less than twelve (12) months as determined by, as applicable,
the Company’s long term disability insurer or the department or vendor directed by the Company to determine eligibility for
unpaid medical leave.

 

“Employed”
and “Employment” mean (a) actively performing services for the Company, (b) being on a Company-approved
leave of absence, whether paid or unpaid, or (c) receiving long term disability benefits, in each case while in good standing with
the Company.

 

“Retirement”
for a Participant means voluntary Termination initiated by the Participant (while such Participant is in good standing with the
Company) (i) on or after age sixty (60) with five (5) years of service or (ii) on or after age fifty-five (55) with ten (10) years
of service.

 

“Good Reason”
means, following a Change in Control, without a Participant’s written consent, (i) a reduction of more than twenty percent
(20%) in a Participant’s annual target direct compensation (including annual base salary, short-term incentive opportunity
and long-term incentive opportunity); provided that such reduction will not constitute Good Reason if it results from a
Board-approved program generally applicable to similarly-situated employees; (ii) a material diminution in the Participant’s
authority, duties or responsibilities; provided that a change in the Participant’s reporting relationship will not
constitute Good Reason unless it affects a Participant who the Company has classified as an executive vice president or above;
or (ii) a relocation of the office at which the Participant performs his or her services to a location that increases his or her
one-way commute by more than fifty (50) miles. Notwithstanding the foregoing, a termination for Good Reason shall not have occurred
unless (a) the Participant gives written notice to the Company of termination of employment within thirty (30) days after the Participant
first becomes aware of the occurrence of the circumstances constituting Good Reason, specifying in detail the circumstances constituting
Good Reason, (b) the Company has failed within thirty (30) days after receipt of such notice to cure the circumstances constituting
Good Reason, and (c) (A) in the case of any Participant who not is eligible to participate in the ESP, the Participant’s
“separation from service” (within the meaning of Code section 409A) occurs no later than thirty
(30) days after the end of the Company’s cure period, and (B) in the case of any Participant who is eligible to participate
in the ESP, the Participant’s “separation from service” (within the meaning of Code section 409A) occurs no later
than two (2) years following the initial existence of the circumstances giving rise to Good Reason or such other period specified
in the ESP for this purpose.

 

    A-2

     

    

 

“Senior
Compensation Executive” means the Company’s most senior executive whose responsibility it is to oversee the
Corporate Compensation Department. In the event that no individual holds such position, “Senior Compensation Executive”
will instead refer to the Company’s most senior executive whose responsibility it is to oversee the global Human Resources
Department.

 

“Senior
HR Attorney” means the Company’s most senior attorney whose responsibility it is to oversee Human Resource/employment
matters.

 

“Termination”
or “Terminate,” with respect to a Participant, means the termination of the Participant’s
Employment.

 

    A-3

     

    

 

Attachment I

 

Annex B

 

Form of Release Referred to in Section
6.F of the Plan.

 

NOT personalized to each Participant.

 

(1)          
[Employee Name] (“Employee”), for good and sufficient consideration, the receipt of which is hereby
acknowledged, hereby waives and forever releases and discharges any and all claims of any kind Employee may have against American
International Group, Inc., its affiliate or subsidiary companies (“AIG”), or any officer, director or
employee of, or any benefit plan sponsored by, any such company (collectively, the “Released Parties”)
which arise from Employee’s employment with any of the Released Parties or the termination of Employee’s employment
with any of the Released Parties. [Specifically, but without limiting that release, Employee hereby waives any rights or claims
Employee might have pursuant to the Age Discrimination in Employment Act of 1967, as amended (the “Act”)
and under the laws of any and all jurisdictions, including, without limitation, the United States. Employee recognizes that Employee
is not waiving any rights or claims under the Act that may arise after the date that Employee executes this Release.] Nothing herein
modifies or affects any vested rights that Employee may have under the [American International Group, Inc. Retirement Plan, or
the American International Group, Inc. Incentive Savings Plan] [and other plans applicable to Employee]; nor does this Release
confer any such rights, which are governed by the terms of the respective plans (and any agreements under such plans).

 

(2)          
Employee acknowledges and agrees that Employee has complied with and will continue to comply with the non-disparagement,
non-solicitation and confidentiality provisions set forth in the Employee’s award agreement pursuant to Section 3.D of the
Plan, [a copy of which is attached hereto as Exhibit A], [for Retirements; and further agrees that during the period
commencing on the date of the Employee’s [Retirement] and ending on the [for Retirements, 6-month] anniversary of
such date, the Employee shall not, directly or indirectly:

 

(a)          
Engage in any “Competitive Business” (defined below) for the Employee’s own account;

 

(b)          
Enter the employ of, or render any services to, any person engaged in any Competitive Business;

 

(c)          Acquire
a financial interest in, or otherwise become actively involved with, any person engaged in any Competitive Business, directly
or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or

 

(d)          
Interfere with business relationships between AIG and customers or suppliers of, or consultants to AIG.

 

(e)          
For purposes of this Section 2, a “Competitive Business” means, as of any date, including during the Restricted
Period, any person or entity (including any joint venture, partnership, firm, corporation or limited liability company) that engages
in or proposes to engage in the following activities in any geographical area in which AIG does such business:

 

    B-1

     

    

 

(i)            The
property and casualty insurance business, including commercial insurance, business insurance, personal insurance and specialty
insurance;

 

(ii)          
The life and accident and health insurance business;

 

(iii)        
The underwriting, reinsurance, marketing or sale of (y) any form of insurance of any kind that AIG as of such date does,
or proposes to, underwrite, reinsure, market or sell (any such form of insurance, an “AIG Insurance Product”), or (z)
any other form of insurance that is marketed or sold in competition with any AIG Insurance Product;

 

(iv)         
The investment and financial services business, including retirement services and mutual fund or brokerage services; or

 

(v)          
Any other business that as of such date is a direct and material competitor of one of AIG’s businesses.

 

(3)          
Employee further agrees that AIG’s remedies at law for a breach or threatened breach of any of the non-disparagement,
non-solicitation and confidentiality provisions in the Employee’s award agreement [and for the non-competition covenant set
forth above] would be inadequate. In recognition of this fact, the Employee agrees that, in the event of such a breach or threatened
breach, in addition to any remedies at law, AIG, without posting any bond, shall be entitled to obtain equitable relief from a
court of competent jurisdiction in the form of specific performance, temporary restraining order, temporary or permanent injunction
or any other equitable remedy which may then be available;

 

(4)          
[Employee acknowledges and understands that Employee is hereby being advised to consult with an attorney prior to executing
this Release. Employee also acknowledges and understands that Employee has [twenty-one (21)] days to consider the terms of this
Release before signing it. However, in no event may Employee sign this Release before Employee’s termination date.]

 

(5)          
[Upon the signing of this Release by Employee, Employee understands that Employee shall have a period of seven (7) days
following Employee’s signing of this Release in which Employee may revoke this Release. Employee understands that this Release
shall not become effective or enforceable until this seven (7) day revocation period has expired, and that neither the Released
Parties nor any other person has any obligation [pursuant to the American International Group, Inc. 2013 Long Term Incentive Plan]
until eight (8) days have passed since Employee’s signing of this Release without Employee having revoked this Release. If
Employee revokes this Release, Employee will be deemed not to have accepted the terms of this Release.]

 

    B-2

     

    

 

(6)          
Any dispute arising under this Release shall be governed by the law of the State of New York, without reference to the choice
of law rules that would cause the application of the law of any other jurisdiction.

 

	 	 	 
	DATE	 	[Employee]

 

 

    B-3Exhibit 10.37

  

AMERICAN
INTERNATIONAL GROUP, INC.

 

NON-QUALIFIED RETIREMENT INCOME PLAN

 

(Amended and Restated effective February
16, 2021)

 

     

     

    

  

TABLE OF CONTENTS

 

Page

 

	ARTICLE 1	DEFINITIONS	2
	ARTICLE 2	PARTICIPATION	7
	ARTICLE 3	 RETIREMENT AND OTHER BENEFITS	8
	ARTICLE 4	EXCESS RETIREMENT INCOME	11
	ARTICLE 5	VESTING	17
	ARTICLE 6	MODES OF BENEFIT PAYMENT	17
	ARTICLE 7	DEATH BENEFITS	19
	ARTICLE 8	LIABILITY OF THE COMPANY	21
	ARTICLE 9	ADMINISTRATION OF THE PLAN	21
	ARTICLE 10	AMENDMENT OR TERMINATION OF THE PLAN	24
	ARTICLE 11	GENERAL PROVISIONS	25
	ARTICLE 12	CHANGE IN CONTROL	27
	SCHEDULE A	31
	APPENDIX A	RESTORATION OF RETIREMENT INCOME PLAN FOR CERTAIN EMPLOYEES PARTICIPATING IN THE RESTATED AMERICAN GENERAL RETIREMENT PLAN	A-1
	APPENDIX B	THE HARTFORD STEAM BOILER EXCESS RETIREMENT BENEFIT PLAN	B-1
	APPENDIX C	20TH CENTURY INDUSTRIES SUPPLEMENTAL PENSION PLAN (RESTATEMENT NO. 1)	C-1
	APPENDIX D	TREATMENT OF EMPLOYEES TRANSFERRING WITH THE SALE OF UNITED GUARANTY CORPORATION	D-1
	APPENDIX E	TREATMENT OF EMPLOYEES TRANFERRING WITH THE SALE OF FORTITUDE GROUP HOLDINGS, INC.	E-1

 

     

     

    

 

PREAMBLE

 

The American International Group, Inc. Non-Qualified
Retirement Income Plan (hereinafter referred to as the “Plan”) became effective on April 1, 2012 and shall constitute
an amendment, restatement and continuation of the “American International Group, Inc. Excess Retirement Income Plan”,
as amended and in effect on March 31, 2012.

 

The purpose of the Plan is to permit certain
Employees of the Employer to receive additional retirement income benefits from the Employer when benefits cannot be paid from
the American International Group, Inc. Retirement Plan due to the limitations of Sections 401(a)(17) and, prior to April 1, 2012,
415 of the Internal Revenue Code.

 

The Plan is intended to comply with Section
409A of the Internal Revenue Code. Effective as of the end of the business day on December 31, 2015, the Plan is frozen and no
benefits shall increase thereafter, except for amounts related to Interest Credits (as defined in the American International Group,
Inc. Retirement Plan) that are reflected under the American International Group, Inc. Retirement Plan or this Plan. Service will
be recognized after that date only for purposes of vesting and eligibility for early retirement benefits.

 

    1

     

    

 

Article 1

 

Definitions

 

The following words and phrases as used
herein shall have the following meanings, and the masculine, feminine and neuter gender shall be deemed to include the others and
the singular shall include the plural, and vice versa, when appropriate, unless a different meaning is plainly required by the
context:

 

1.1             
“Account” means the Account as defined in the Qualified Plan for a Cash Balance Participant as defined thereunder.

 

1.2             
“Affiliated Employer” means any member of the same controlled group of corporations as the Company or an Employer
as determined under Section 414(b) or (c) of the Code.

 

1.3             
“AG Offset” means the monthly amount payable at Normal, Early, Postponed, or Disability Retirement Date, as
applicable, in the form of a single life annuity under the Restoration Income Plan for Certain Employees Participating in the Restated
American General Retirement Plan which was cashed out to the Participant from the American General Corporation Supplemental Executive
Retirement Plan (sometimes referred to as the “AG SERP”) or a Supplemental Executive Retirement Agreement (sometimes
referred to as an “AG SERA”).

 

1.4             
“Average Final Compensation” means the amount determined by dividing (i) the average annual Compensation of
the Participant during the three consecutive years in the last ten years of his Credited Service (as defined under the Qualified
Plan) affording the highest such average, or during all the years of his Credited Service if less than three years, by (ii) twelve
(12). For purposes of determining Average Final Compensation for a Participant listed on Schedule A, the Freeze Period as
defined in Section 4.6 shall be disregarded for purposes of determining whether years are consecutive Average Final Compensation
shall not increase after December 31, 2015. Effective December 31, 2015, Average Final Compensation means the amount determined
by dividing (i) the average annual Compensation of the Participant during the three consecutive years during the ten year period
of his or her Credited Service (as defined in the Qualified Plan) prior to December 31, 2015, or during all the years of his Credited
Service prior to December 31, 2015 if less than three years, by (ii) twelve (12).

 

1.5             
“Code” means the Internal Revenue Code of 1986, as amended from time to time.

 

1.6             
“Committee” means the Compensation and Management Resources Committee of the Board of Directors of American
International Group, Inc. or any successor thereto.

 

1.7             
“Company” means American International Group, Inc. or any successor thereto.

 

1.8             
“Compensation” means, for amounts other than amounts determined under Section 1.15, the Participant’s
Compensation as determined under the Qualified Plan, excluding any sales commissions payable to an Employee for services rendered
to the Company. Effective as of April 1, 2012, Compensation for purposes of determining the amount under Section 1.15 means
the Participant’s Compensation as determined under the Qualified Plan for purposes of determining Pay Credits (as defined
in the Qualified Plan), provided that Compensation for any Plan Year shall be limited to $1,000,000 (one million dollars), adjusted
annually in the same manner that the limitation under Section 401(a)(17) of the Code is adjusted to reflect cost-of-living increases,
pursuant to rules established by the Plan Administrator in its sole discretion. Compensation for any purpose under the Plan, including
for periods prior to April 1, 2012, shall not include severance payments and other amounts paid after a Participant’s
Separation from Service. No Compensation paid after December 31, 2015 shall be taken into account under the Plan for any purpose.

 

    2

     

    

 

1.9             
“Designated Beneficiary” means the beneficiary designated by the Participant pursuant to rules established by
the Plan Administrator. In the event that a Participant fails to designate a beneficiary under the Plan, such Participant’s
Designated Beneficiary shall be deemed to be the beneficiary with respect to such Participant’s Qualified Plan pre-retirement
death benefit.

 

1.10         
“Disability” means the Participant is, by reason of any medically determinable physical or mental impairment
that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving
income replacement benefits for a period of not less than three months under an accident and health plan covering employees of
the Company or an Employer, including the Company’s short-term disability program.

 

1.11         
“Early Retirement Date” means the date as of which benefits commence for a Participant eligible for a benefit
under Section 3.2.

 

1.12         
“Effective Date” of this Plan means April 1, 2012. The original effective date of the Plan is July 1,
1986.

 

1.13         
“Employee” means a person who is classified as an employee on the payroll records of an Employer. Individuals
not classified as employees on the payroll records of an Employer for a particular period shall not be considered Employees for
such period even if a court of administrative agency subsequently determines that such individuals were common law employees of
the Employer during such period.

 

1.14         
“Employer” means the Company and any other company as defined in Sections 2.06 and 8.01 of the American International
Group, Inc. Retirement Plan.

 

1.15         
“Excess Account” means the difference between (a) and (b) as stated below:

 

		(a)	the Account to which the Participant would have been entitled under the Qualified Plan, if such benefit were calculated under
the Qualified Plan without giving effect to the limitations imposed by the application of Code Sections 401(a)(17) and if such
Account were calculated using Compensation as defined herein including, where provided for a Participant pursuant to a written
agreement with the Company, compensation paid after Separation from Service;

  

		(b)	the Account payable to the Participant under the Qualified Plan and any predecessor thereof after the limitations imposed by
the application of Code Sections 401(a)(17) disregarding, except as provided otherwise for a Participant pursuant to a written
agreement with the Company, compensation (as defined in the Qualified Plan) paid after the Participant’s Separation from
Service.

 

Effective December 31, 2015, the Excess
Account is frozen and shall not increase thereafter, nor shall there be any increase in the offset amounts that are applied in
determining the Excess Account, other than any increase related to Interest Credits (as defined in the Qualified Plan).

 

    3

     

    

 

1.16         
“Excess Normal Retirement Income” means the amount determined under Section 4.1.

 

1.17         
“Excess Opening Account Balance” means the difference between (i) the Opening Account Balance (as defined
in the Qualified Plan), increased by Interest Credits applicable as of the determination date, to which the Participant would have
been entitled under the Qualified Plan, if such Opening Balance, increased by Interest Credits applicable as of the determination
date, were calculated under the Qualified Plan without giving effect to the limitations imposed by the application of Code Sections
401(a)(17) and 415 and if such Opening Balance, increased by Interest Credits applicable as of the determination date, were calculated
using Average Final Compensation as defined herein, and (ii) the Opening Balance (as defined in the Qualified Plan), increased
by Interest Credits applicable as of the determination date, to which the Participant is entitled, taking into account the limitations
imposed by the application of Code Sections 401(a)(17) and 415.

 

1.18         
“Executive” means any person, including an officer, employed on a regular, full-time, salaried basis by an Employer.

 

1.19         
“Frozen Accrued Benefit” means a Participant’s accrued benefit under the Plan as of March 31, 2012,
determined as provided under Section 4.1

 

1.20         
“Grandfathered Accrued Benefit” means the accrued benefit that would be determined under Section 4.1, taking
into account all Credited Service (as defined in the Qualified Plan), Compensation (as defined in the Qualified Plan, but excluding
amounts paid after Separation from Service), and Covered Compensation until a Participant’s Separation from Service or death,
applying the benefit formula that applied under the Qualified Plan on March 31, 2012. Effective December 31, 2015, the Grandfathered
Accrued Benefit is frozen. After that date, Credited Service, Compensation (as defined in the prior sentence), and Covered Compensation
shall not increase, nor shall there be any increase in the offset amounts that are applied in determining the amount of the Grandfathered
Accrued Benefit.

 

1.21         
“Grandfathered Transition Benefit” means the benefit provided in Section 4.2(c) for a Participant who is a Grandfathered
Transition Participant as defined in the Qualified Plan. Effective December 31, 2015, the Grandfathered Transition Benefit is frozen
and shall not increase thereafter, nor shall there be any increase in the offset amounts that are applied in determining the amount
of the Grandfathered Transition Benefit, other than any increase related to Interest Credits (as defined in the Qualified Plan).

 

    4

     

    

 

1.22         
“Non-Grandfathered Transition Benefit” means the benefit provided in Section 4.2(b) for a Participant who is
a Non-Grandfathered Transition Participant as defined in the Qualified Plan. Effective December 31, 2015, the Non-Grandfathered
Transition Benefit is frozen and shall not increase thereafter, nor shall there be any increase in the offset amounts that are
applied in determining the amount of the Non-Grandfathered Transition Benefit, other than any increase related to Interest Credits
(as defined in the Qualified Plan).

 

1.23         
“Normal Form” means a single life annuity payable for the life of the Participant and ending with the last monthly
payment made prior to the Participant’s death.

 

1.24         
“Normal Retirement Date” means the Participant’s Normal Retirement Date as determined under the terms
of the Qualified Plan.

 

1.25         
“Participant” means an Employee who has become a Participant pursuant to Article 2 of the Plan.

 

1.26         
“Plan” means the American International Group, Inc. Non-Qualified Retirement Income Plan, as herein set forth,
and as it may hereafter be amended from time to time.

 

1.27         
“Postponed Retirement Date” means the date as of which the Participant commences his Postponed Retirement Benefit
after his Normal Retirement Date as determined under the terms of the Qualified Plan.

 

1.28         
“Qualified Plan” means the American International Group, Inc. Retirement Plan, as amended from time to time.

 

1.29         
“Qualified Plan Pre-Retirement Survivor Annuity” means the benefit paid to a Participant’s beneficiary
under the Qualified Plan upon the Participant’s death prior to his annuity commencement date.

 

1.30         
“Qualified Plan Retirement Income” means the benefit paid to a Participant under the Qualified Plan and includes
retirement income payable upon Normal Retirement, Early Retirement or Postponed Retirement, by reason of disability or to an Employee
who terminates employment with a vested interest in his Qualified Plan retirement income.

 

1.31         
“Retirement Board” has the meaning provided under the Qualified Plan.

 

1.32         
“Retirement Income” means the retirement benefits provided to Participants and their joint or contingent annuitants
in accordance with the applicable provisions of this Plan and shall include the Excess Retirement Income payable pursuant to Article 4.
Effective December 31, 2015, Retirement Income is frozen and shall not increase thereafter, nor shall there be any increase in
the offset amounts that are applied in determining the amount of the Retirement Income, other than any increase related to Interest
Credits (as defined in the Qualified Plan).

 

    5

     

    

 

1.33         
“Separation from Service” means the Participant has terminated employment (other than by death or Disability)
with the Company and each Affiliated Employer, subject to the following:

 

(a)              
For this purpose, the employment relationship is treated as continuing intact while the individual is on military leave,
sick leave, or other bona fide leave of absence (such as temporary employment by the government) if the period of such leave does
not exceed six (6) months or, if longer, so long as the individual’s right to reemployment with the Company or an Affiliated
Employer is provided either by statute or by contract. If the period of leave exceeds six (6) months and the individual’s
right to reemployment is not provided either by statute or by contract, the employment relationship is deemed to terminate on the
first date immediately following such six-month period.

 

(b)              
The determination of whether a Participant has terminated employment shall be determined based on the facts and circumstances
in accordance with the rules set forth in Code Section 409A and the regulations thereunder.

 

1.34         
“Specified Employee” means a Participant who, as of the date of the Participant’s Separation from Service,
is a key employee of the Company or an Employer. For purposes of this Plan, a Participant is a key employee if the Participant
meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii) applied in accordance with the regulations thereunder and
disregarding section 416(i)(5)) at any time during the 12-month period ending on the December 31st of a Plan Year.
If a Participant is a key employee as of such December 31st, the Participant is treated as a key employee for purposes
of this Plan for the entire 12-month period beginning on the next following April 1st.

 

1.35         
“Surviving Spouse” means a spouse to whom the Participant is lawfully married on the date of the Participant’s
death, for purposes of determining the individual entitled to a benefit under Article 7 with respect to a death occurring
prior to April 1, 2012.

 

1.36         
 “Years of Service or Fraction Thereof” means a continuous 12-month period or fraction thereof for each full
day of active employment commencing on the Participant’s date of hire or on the anniversary thereof. After December 31, 2015,
additional Years of Service or Fraction Thereof are taken into account only for purposes of determining a Participant’s Early
Retirement Date (if any) and to determine the applicable reduction factors for a benefit commencing prior to Normal Retirement
Date.

 

    6

     

    

 

Article 2

 

Participation

 

Effective as of April 1, 2012, Employees
who are members of the Qualified Plan and whose benefits under the Qualified Plan are limited by reason of the application of the
limitations imposed by Section 401(a)(17) of the Code shall become “Participants” in this Plan. Prior to April 1,
2012, Employees who are members of the Qualified Plan and whose benefits under the Qualified Plan are limited by reason of the
application of the limitations imposed by Section 401(a)(17) of the Code or Section 415 of the Code shall become Participants in
this Plan. A Participant who, prior to April 1, 2012, became a Participant in the Plan solely by reason of the application
of the limitations imposed by Section 415 of the Code and who, on and after April 1, 2012, no longer meets the eligibility
requirements of the Plan, shall not accrue a benefit under the Plan on and after April 1, 2012 until such time (if ever) that
he again meets the eligibility requirements under the Plan.

 

Unless otherwise specified in an applicable
stock or asset purchase or sales agreement between the Company and another entity, the accruals for any Participant who is an Employee
or former Employee of an entity divested by or sold by the Company or any of its subsidiaries shall cease, and such individual
shall not accrue additional benefits, or additional service for determining eligibility for any normal or early retirement benefit
under Article 4, thereafter, unless he shall later become eligible upon rehire to participate in the Plan.

 

For clarity, effective April 1, 2012, an individual employed
by VALIC as a Field Sales Employee, Regional Manager (including Assistant Regional Manager, Associate Regional Manager, District
Manager, Branch Manager, and Unit Manager) or Client Services Specialist became eligible to participate in the Qualified Plan and
therefore became eligible to participate in the Plan, subject to the additional participation requirements of this Article 2 and
the Plan.

 

No individual shall become a Participant after December 31,
2015.

 

    7

     

    

  

Article 3

 

Retirement and Other Benefits

 

3.1          Normal
Retirement, Postponed Retirement and Disability Retirement. A Participant who has a Separation from Service on his Normal or
Postponed Retirement Date shall be entitled to receive the Excess Normal or Postponed Retirement Income, as applicable, as
described in Article 4. If a Participant incurs a Disability, the Participant shall be entitled to receive the Excess
Disability Retirement Income described in Section 4.5.

 

3.2         
Early Retirement. For a Separation from Service occurring on or after April 1, 2012, if a Participant has a Separation
from Service prior to Normal Retirement (other than by death or by incurring a Disability) on or after age 60 and with 5 Years
of Service or Fraction Thereof or on or after age 55 with 10 or more Years of Service or Fraction Thereof (in each case referred
to as “Early Retirement”), an Excess Retirement Income will be payable in accordance with Section 4.3. For a Separation
from Service occurring prior to April 1, 2012, (i) if a Participant has a Separation from Service prior to Normal Retirement
(other than by death or by incurring a Disability) on or after age 60 and with 5 Years of Service or Fraction Thereof, an
Excess Early Retirement Income will be payable in accordance with Section 4.3, and (ii) if a Participant has a Separation
from Service prior to Normal Retirement (other than by death or incurring a Disability), on or after age 55 with 10 or more years
of Credited Service (as defined in the Qualified Plan), an Excess Retirement Income will be payable in accordance with Section
4.3 unless, in its sole discretion, the Committee determines that a benefit shall not be payable to the Participant. In determining
the number of years of Credited Service (as defined in the Qualified Plan) and the number of Years of Service or Fraction Thereof
for a Participant listed in Schedule A, for purposes of this Section 3.2, the number of years of Credited Service (as defined
in the Qualified Plan) and the number of Years of Service or Fraction Thereof occurring during the Freeze Period as defined in
Section 4.6 shall be included. With respect to a Separation from Service occurring on or after July 14, 2015, in determining the
number of Years of Service or Fraction Thereof for a Participant, who is not covered by the American International Group, Inc.
2012 Executive Severance Plan (the “ESP”), solely for purposes of this Section 3.2 and Section 5, the period of time,
if any, during which a Participant is to receive severance in the form of salary continuation (not to exceed one year) shall be
included. With respect to Participants who are covered under the ESP, solely for purposes of this Section 3.2 and Section 5, Years
of Service or Fraction Thereof shall include the period of time of that the ESP specifies shall be included.

 

3.3         
Death. If such a Participant dies prior to the commencement of benefits such that a death benefit is payable under the terms
of the Qualified Plan, a death benefit shall be payable in accordance with Section 7.1; provided, however, that, except as hereinafter
provided, no death benefit is payable if the Participant dies after termination of employment prior to his Early, Normal, Postponed
or Disability Retirement Date. Notwithstanding the foregoing, in the case of an individual who (i) is a Participant in the
Plan by reason of the merger of The Hartford Steam Boiler Excess Retirement Benefit Plan (the “HSB Excess Plan”), the
Restoration of Retirement Income Plan for Certain Employees Participating in the Restated American General Retirement Plan (the
“AG Restoration Plan”) or the 20th Century Industries Supplemental Pension Plan (the “20th Century
Supplemental Plan”) into this Plan, (ii) terminates employment with a vested interest in his or her accrued benefit
under the HSB Excess Plan, the AG Restoration Plan or the 20th Century Supplemental Plan, as applicable, prior
to eligibility for Early, Normal, Postponed or Disability Retirement under this Plan, and (iii) dies prior to the commencement
of Excess Retirement Income, a death benefit shall be payable to the Participant’s surviving spouse to the extent provided
in the HSB Excess Plan as set forth in Appendix B, the AG Restoration Plan as set forth in Appendix A or the 20th Century
Supplemental Plan as set forth in Appendix C, to the extent applicable to a Participant, with such benefit to commence within
90 days of the later of the date the Participant would have attained age 55 or the Participant’s date of death.

 

    8

     

    

 

3.4         
Merger of the AG Restoration Plan. Effective as of July 1, 2005, the AG Restoration Plan was merged into this Plan.
Any benefit a Participant had accrued as of the date of such merger under the AG Restoration Plan shall be payable in accordance
with the terms of the Plan as set forth herein.

 

The AG Restoration Plan is attached as Appendix A
to the Plan. Appendix A is only operational to the extent referenced in the Plan (exclusive of Appendix A) or incorporated
by reference in the Plan (exclusive of Appendix A).

 

Notwithstanding the foregoing or Article 5,
a Participant shall be vested in his benefit accrued under the AG Restoration Plan to the extent provided in the AG Restoration
Plan as set forth in Appendix A.

 

3.5         
Merger of the HSB Excess Plan. Effective as of January 1, 2005, the HSB Excess Plan was merged into this Plan. Any
benefit a Participant had accrued as of the date of such merger under the HSB Excess Plan shall be payable in accordance with the
terms of the Plan as set forth herein.

 

The HSB Excess Plan is attached as Appendix B
to the Plan. Appendix B is only operational to the extent referenced in the Plan (exclusive of Appendix B) or incorporated
by reference in the Plan (exclusive of Appendix B).

 

Notwithstanding the foregoing or Article 5,
a Participant shall be vested in his benefit accrued under the HSB Excess Plan to the extent provided in the HSB Excess Plan as
set forth in Appendix B.

 

3.6         
Merger of the 20th Century Supplemental Plan. Effective as of January 1, 2008, the 20th Century
Supplemental Plan was merged into this Plan. Any benefit a Participant had accrued as of the date of such merger under the 20th Century
Supplemental Plan shall be payable in accordance with the terms of the Plan as set forth herein.

 

The 20th Century Supplemental
Plan is attached as Appendix C to the Plan. Appendix C is only operational to the extent referenced in the Plan (exclusive
of Appendix C) or incorporated by reference in the Plan (exclusive of Appendix C).

 

Notwithstanding the foregoing or Article 5,
a Participant shall be vested in his benefit accrued under the 20th Century Supplemental Plan to the extent provided
in the 20th Century Supplemental Plan as set forth in Appendix C.

 

    9

     

    

 

3.7         
Frozen Accrued Benefits for Certain Employees employed by ALICO Holdings LLC and its subsidiaries (“ALICO”).
The accrued benefit (including eligibility for any early retirement subsidy) of each Participant who is an employee of ALICO as
of November 1, 2010, the date the transactions described in the Stock Purchase Agreement entered into among the Company, ALICO
Holdings LLC and MetLife, Inc. dated as of March 7, 2010 closed (the “Closing Date”), other than a Participant
who is absent from work on such date due to a long-term disability or an unpaid medical leave of absence or leave due to a workplace
injury covered by a workers’ compensation policy or program incurred more than six months prior to the sale (“ALICO
Employee”), shall be frozen as of the Closing Date. The liability for the frozen accrued benefit of each ALICO Employee shall
be transferred to a similar nonqualified deferred compensation plan maintained by MetLife, Inc. or one of its subsidiaries, effective
as of the Closing Date.

 

    10

     

    

 

Article 4

Excess Retirement Income

 

4.1         
For a Participant who incurs a Separation from Service prior to April 1, 2012, subject to Section 6.3 , the Excess
Normal Retirement Income payable to an eligible Participant in the Normal Form shall, commencing as of his Normal Retirement Date,
be equal to the difference between (a) and (b) as stated below:

 

(a)              
the monthly amount of the Qualified Plan Retirement Income payable upon his Normal Retirement Date to which the Participant
would have been entitled under the Qualified Plan, if such benefit were calculated under the Qualified Plan without giving effect
to the limitations imposed by the application of Code Sections 401(a)(l7) and 415 and if such Qualified Plan Retirement Income
were calculated using Average Final Compensation as defined herein;

 

(b)              
the sum of (i) the monthly amount of Qualified Plan Retirement Income payable upon his Normal Retirement Date to the
Participant under the Qualified Plan and any predecessor thereof after the limitations imposed by the application of Code Sections
401(a)(17) and 415 (whether or not such benefits are actually paid at such date) and (ii) the AG Offset, if any.

 

4.2         
Effective April 1, 2012, subject to Section 6.3, the Excess Normal Retirement Income payable to an eligible Participant
in the form provided under Article 6 shall, commencing as of his Normal Retirement Date, be equal to the amount determined
in (a), (b), or (c) below, as applicable. Effective December 31, 2015, the Plan is frozen; consequently, such amount shall not
increase after December 31, 2015, nor shall there be any increase in the offset amounts that are applied in determining such amount,
other than any increase related to Interest Credits (as defined in the Qualified Plan).

 

(a)              
The Excess Normal Retirement Income payable to an eligible Participant (other than a Participant eligible for a Non-Grandfathered
Transition Benefit or a Grandfathered Transition Benefit) shall be equal to the Participant’s Excess Account.

 

(b)              
The Excess Normal Retirement Income payable to a Participant eligible for a Non-Grandfathered Transition Benefit shall be
equal to the greater of (A) or (B), where:

 

(A)            
equals the Excess Account, reduced by the AG Offset, if any, and

 

(B)             
the sum of the Excess Account, disregarding the Excess Opening Balance, and the Frozen Accrued Benefit,

 

(c)              
The Excess Normal Retirement Income payable to a Participant eligible for a Grandfathered Transition Benefit shall be equal
to the greatest of (A), (B), or (C), where:

 

(A)            
equals the Excess Account, reduced by the AG Offset, if any, and

 

(B)             
equals the sum of the Excess Account, disregarding the Excess Opening Balance, and the Frozen Accrued Benefit, and

 

(C)             
equals the Grandfathered Accrued Benefit.

 

    11

     

    

 

4.3         
A Participant who is eligible for Early Retirement under Section 3.2 shall be entitled to the benefit determined in this
Section 4.3. Effective December 31, 2015, the Plan is frozen; consequently, such benefit shall not increase after December 31,
2015, nor shall there be any increase in the offset amounts that are applied in determining such benefit, other than any increase
related to Interest Credits (as defined in the Qualified Plan).

 

(a)              
For a Separation from Service prior to April 1, 2012, subject to Section 6.3, if a Participant who is eligible for
Early Retirement under Section 3.2 incurs a Separation from Service prior to Normal Retirement Date (other than by death or Disability),
an amount shall be payable under this Plan commencing as of such Early Retirement Date (the “Excess Early Retirement Income”).
Such Excess Early Retirement Income payable in the Normal Form shall be equal to the difference between (i) and (ii) as stated
below:

 

(i)                
the monthly amount of the Qualified Plan Retirement Income payable upon his Early Retirement Date to which the Participant
would have been entitled under the Qualified Plan, if such benefit were calculated under the Qualified Plan without giving effect
to the limitations imposed by the application of Code Sections 401(a)(17) and 415 and if such Qualified Plan Retirement Income
were calculated using Average Final Compensation as defined herein;

 

(ii)             
the sum of (A) the monthly amount of Qualified Plan Retirement Income payable upon his Early Retirement Date to the
Participant under the Qualified Plan and any predecessor thereof after the limitations imposed by the application of Code Sections
401(a)(17) and 415 (whether or not such benefits are actually paid at such date) and (B) the AG Offset.

 

If the Participant is not eligible for Early
Retirement under the Qualified Plan, the amounts computed under (i) and (ii) shall be the amounts that would be payable at Normal
Retirement Date under those sections, but reduced by 6-2/3% for each year (and a fraction thereof for each full month) that retirement
precedes age 65.

 

(b)              
Effective April 1, 2012, the Excess Early Retirement Income payable to an eligible Participant (other than a Participant
Eligible for a Non-Grandfathered Transition Benefit or a Grandfathered Transition Benefit) in the form provided under Article 6
shall be equal to the Excess Account.

 

(c)              
Effective April 1, 2012, the Excess Early Retirement Income payable to a Participant eligible for a Non-Grandfathered
Transition Benefit shall be equal to the greater of (A) or (B), where:

 

(A)            
equals the Excess Account reduced by the AG Offset, if any, and

 

(B)             
equals the sum of the Excess Account, disregarding the Excess Opening Balance, and the Frozen Accrued Benefit.

 

    12

     

    

 

(d)              
Effective April 1, 2012, the Excess Early Retirement Income payable to a Participant eligible for a Grandfathered Transition
Benefit shall be equal to the greatest of (A), (B), or (C), where:

 

(A)            
equals the Excess Account, reduced by the AG Offset, if any, and

 

(B)             
equals the sum of the Excess Account, disregarding the Excess Opening Balance, and the Frozen Accrued Benefit, and

 

(C)             
equals the Grandfathered Accrued Benefit.

 

(e)              
The Frozen Accrued Benefit and the Grandfathered Accrued Benefit shall be reduced to reflect early commencement by applying
the early retirement factors set forth in the Qualified Plan.

 

(f)               
If the Participant is not eligible for Early Retirement under the Qualified Plan, the Frozen Accrued Benefit and the Grandfathered
Accrued Benefit shall be the amounts that would be payable at Normal Retirement Date, but reduced by 6-2/3% for each of the first
5 years (and a fraction thereof for each full month) that retirement precedes age 65 and 3-1/3% for each year (and a fraction
thereof for each full month) that retirement precedes age 60.

 

(g)              
For a Participant listed on Schedule A whose benefit is determined under Section 4.6(a), for purposes of determining
what reduction factors apply under this Section 4.3, the number of years of Credited Service (as defined in the Qualified Plan)
occurring during the Freeze Period shall be disregarded.

 

4.4         
A Participant who is eligible for a benefit commencing on his Postponed Retirement Date under Section 3.1 shall be entitled
to the benefit determined in this Section 4.4. Effective December 31, 2015, the Plan is frozen; consequently, such benefit shall
not increase after December 31, 2015, nor shall there be any increase in the offset amounts that are applied in determining such
benefit, other than any increase related to Interest Credits (as defined in the Qualified Plan).

 

(a)              
For a Participant who incurs a Separation from Service prior to April 1, 2012, subject to Section 6.3, the amount payable
to an eligible Participant in the Normal Form, commencing as of his Postponed Retirement Date (the “Excess Postponed Retirement
Income”), shall be equal to the difference between (i) and (ii) as stated below:

 

(i)                
the monthly amount of the Qualified Plan Retirement Income payable upon his Postponed Retirement Date to which the Participant
would have been entitled under the Qualified Plan, if such benefit were calculated under the Qualified Plan without giving effect
to the limitations imposed by the application of Code Sections 401(a)(17) and 415 and if such Qualified Plan Retirement Income
were calculated using Average Final Compensation as defined herein;

 

(ii)             
the sum of (A) the monthly amount of Qualified Plan Retirement Income payable upon his Postponed Retirement Date to
the Participant under the Qualified Plan and any predecessor thereof after the limitations imposed by the application of Code Sections
401(a)(17) and 415 (whether or not such benefits are actually paid at such date) and (B) the AG Offset.

 

    13

     

    

 

(b)              
Effective April 1, 2012, the Excess Postponed Retirement Income payable to an eligible Participant (other than a Participant
eligible for a Non-Grandfathered Transition Benefit or a Grandfathered Transition Benefit) in the form provided under Article 6
shall be equal to the Excess Account, subject to Section 4.4(f).

 

(c)              
Effective April 1, 2012, the Excess Postponed Retirement Income payable to a Participant eligible for a Non-Grandfathered
Transition Benefit shall be equal to the greater of (A) or (B), subject to Section 4.4(f), where:

 

(A)            
equals the Excess Account reduced by the AG Offset, and

 

(B)             
equals the sum of the Excess Account, disregarding the Excess Opening Balance, and the Frozen Accrued Benefit.

 

(d)              
Effective April 1, 2012, the Excess Postponed Retirement Income payable to a Participant eligible for a Grandfathered
Transition Benefit shall be equal to the greatest of (A), (B), or (C), subject to Section 4.4(f), where:

 

(A)            
equals the Excess Account reduced by the AG Offset, and

 

(B)             
equals the sum of the Excess Account, disregarding the Excess Opening Balance, and the Frozen Accrued Benefit, and

 

(C)             
equals the Grandfathered Accrued Benefit.

 

(e)              
For clarity, if the late retirement factors set forth in the Qualified Plan apply in determining the monthly amount of the
Qualified Plan Retirement Income payable upon a Participant’s Postponed Retirement referred to in Sections 4.4(a)(i) and
(ii), 4.4(c)(B), and 4.4(d)(B) and (C), such late retirement factors shall apply in determining the amount of the Excess Postponed
Retirement Income payable hereunder for a Participant listed on Schedule A whose benefit is determined under Section 4.6(a)
or 4.6(b).

 

(f)               
The Excess Accounts for purposes of determining the amounts in Sections 4.4(b), 4.4(c), and 4.4(d) shall be increased by
the excess (if any) of (i) the Excess Account at Normal Retirement Date increased by the late retirement factors set forth
in the Qualified Plan in Section 2.14(b)(iii) over (ii) the Excess Account at the Postponed Retirement Date. The Grandfathered
Accrued Benefit and the Frozen Accrued Benefit shall be increased after Normal Retirement Date by applying the late retirement
factors set forth in Appendix C of the Qualified Plan.

 

    14

     

    

 

4.5         
A Participant who is eligible for Disability Retirement under Section 3.1 shall be entitled to the benefit determined in this
Section 4.5. Effective December 31, 2015, the Retirement Income for a Participant who is eligible for Disability Retirement shall
not increase after December 31, 2015, nor shall there be any increase in the offset amounts that are applied in determining the
amount of the Disability Retirement benefit, except for amounts related to Interest Credits (as defined in the Qualified Plan).
For clarity, a Participant who incurs a Disability, regardless of the date of Disability, shall cease receiving further accruals
as of December 31, 2015, and any Participant who incurs a Disability after that date shall be entitled only to his frozen accrued
benefit as of December 31, 2015 (increased, if applicable, by any amount attributable to Interest Credits, as defined in the Qualified
Plan).

 

(a)              
For a Participant who is determined to have incurred a Disability prior to April 1, 2012 and prior to his Normal Retirement
Date (including a Participant who is determined to have incurred a Disability prior to his Early Retirement Date), subject to Section
6.3, an amount shall be payable in accordance with the terms of this Plan on such Participant’s Normal Retirement Date (the
“Excess Disability Retirement Income”). The Excess Disability Retirement Income payable in the Normal Form shall be
equal to the difference between (i) and (ii) as stated below:

 

(i)                
the monthly amount of the Qualified Plan Retirement Income payable by reason of disability to which the Participant would
have been entitled under the Qualified Plan, if such benefit were calculated under the Qualified Plan without giving effect to
the limitations imposed by the application of Code Sections 401(a)(17) and 415 and if such Qualified Plan Retirement Income were
calculated using Average Final Compensation as defined herein;

 

(ii)             
the sum of (X) the monthly amount of Qualified Plan Retirement Income payable by reason of disability to the Participant
under the Qualified Plan and any predecessor thereof as of such Participant’s Normal Retirement Date after the limitations
imposed by the application of Code Sections 401(a)(17) and 415 (whether or not such benefits are actually paid at such date) and
(Y) the AG Offset.

 

(b)              
The Excess Disability Retirement Income payable to an eligible Participant incurring a Disability on or after April 1,
2012 (other than a Participant Eligible for a Non-Grandfathered Transition Benefit or a Grandfathered Transition Benefit) shall
be equal to the Excess Account.

 

(c)              
The Excess Disability Retirement Income payable to a Participant incurring a Disability on or after April 1, 2012 eligible
for a Non-Grandfathered Transition Benefit shall be equal to the greater of (A) or (B), where:

 

(A)            
equals the Excess Account reduced by the AG Offset, and

 

(B)             
equals the sum of the Excess Account, disregarding the Excess Opening Balance and the Frozen Accrued Benefit.

 

    15

     

    

 

(d)              
The Excess Disability Retirement Income payable to a Participant incurring a Disability on or after April 1, 2012 eligible
for a Grandfathered Transition Benefit shall be equal to the greatest of (A), (B), or (C), where:

 

(A)            
equals the Excess Account reduced by the AG Offset, and

 

(B)             
equals the sum of the Excess Account, disregarding the Excess Opening Balance, and the Frozen Accrued Benefit, and

 

(C)             
equals the Grandfathered Accrued Benefit.

 

4.6         
Restriction on Benefit Accruals for Certain Participants.

 

(a)              
Notwithstanding anything in the Plan to the contrary, pursuant to rules established by the U.S. Treasury Department’s
special pay master (“Special Pay Master”), the benefit accruals of Participants listed in Schedule A shall freeze
effective as of the date provided therein, and no benefit shall accrue under the Plan with respect to such Participants during
the period set forth in Schedule A (“Freeze Period”) as may be amended from time to time pursuant to rules established
by the Special Pay Master. For purposes of determining the amounts described under Sections 4.1(a), 4.3(a), 4.4(a), and 4.5(a)
for a Participant listed in Schedule A, the Freeze Period shall be disregarded in determining Credited Service as defined
in the Qualified Plan and Average Final Compensation as defined herein. For purposes of determining the amounts described under
Sections 4.1(b), 4.3(b), 4.4(b), and 4.5(b) for a Participant listed in Schedule A, the Freeze Period shall be disregarded
in determining Credited Service and Average Final Compensation, each as defined in the Qualified Plan.

 

(b)              
Notwithstanding the foregoing paragraph, the benefit payable to a Participant listed on Schedule A shall be the lesser
of the amount determined under Section 4.6(a) or the amount determined without regard to Section 4.6(a).

 

4.7         
Actuarial equivalence. For purposes of determining the benefit payable under Sections 4.2(b) and (c), 4.3(c) and (d), 4.4(c)
and (d), and 4.5(c) and (d), amounts payable as an annuity shall be converted to a lump-sum applying the factors that apply under
the Qualified Plan for such purpose with respect to the Qualified Plan benefit.

 

    16

     

    

 

 

Article 5

 

Vesting

 

A Participant shall have a nonforfeitable
right to Excess Retirement Income under this Plan at such time that he attains his Normal Retirement Date. In addition, a Participant
shall have a nonforfeitable right to Excess Retirement Income if he is eligible for Early Retirement pursuant to Section 3.2. Credited
Service (as defined in the Qualified Plan), Years of Service or Fraction Thereof, and participation occurring during the Freeze
Period as defined in Section 4.6 for a Participant listed on Schedule A shall be included in determining whether a Participant
is vested, pursuant to this Article 5. Years of Service or Fraction Thereof occurring after December 31, 2015 shall also be included
for determining whether a Participant is vested pursuant to this Article 5. Years of Service or Fraction Thereof with respect to
the period of time, if any, during which a Participant who is not covered by the ESP is to receive severance in the form of salary
continuation or during which the ESP specifies a Participant who is covered by the ESP must receive credit under this Article 5
shall be included in determining whether a Participant is vested pursuant to this Article 5.

 

A Participant who terminates employment
prior to attaining his Early or Normal Retirement Date, other than by reason of Disability (as provided for in Section 4.5), shall
have no rights or claims to Retirement Income under this Plan as of his date of termination. In the case of death, a Participant’s
Designated Beneficiary may have a claim for benefits in accordance with Article 3 and Article 7.

 

Article 6

Modes of Benefit Payment

 

6.1             
Except as provided in Section 6.2, any Excess Retirement Income payable under this Plan accrued prior to April 1, 2012
shall be paid in the Normal Form, and any Excess Retirement Income payable under the Plan accrued on and after April 1, 2012
shall be paid in a lump sum. If a Participant dies prior to the commencement of benefits under the Plan, no benefits will be payable
under the Plan except as specified in Article 7.

 

6.2             
Only with respect to amounts accrued prior to April 1, 2012, in lieu of the Normal Form, a Participant may elect payment
in an optional form of payment to the extent provided herein. The optional forms of benefits under the Plan shall include any of
the annuity optional forms of benefits available under the Qualified Plan except for the Social Security Adjustment Option. Optional
forms of benefit shall be actuarially equivalent to the Normal Form of benefit determined in accordance with the actuarial equivalent
factors in effect under the Qualified Plan as of the date payment is to be made.

 

A Participant may elect an optional form
of payment on a form provided by the Committee for such purpose. A Participant who has elected an annuity form of payment (or for
whom the Normal Form of payment is in effect) may, at any time prior to Separation from Service or, in the case of Disability,
prior to Normal Retirement Date, elect another form of annuity payment available under the Qualified Plan provided that such other
form of payment is actuarially equivalent based on the actuarial equivalent factors in effect under the Qualified Plan as of the
date payment is to be made. In the absence of any such an election, payment shall be made in the Normal Form.

 

6.3             
Except as hereinafter provided or as provided in Section 6.4, payment of Excess Retirement Income under this Plan shall
commence (or, for amounts accrued on and after April 1, 2012, shall be paid) within 90 days after the Participant incurs
a Separation from Service with the Employer and each Affiliated Employer by reason of Normal, Early or Postponed Retirement. If
the Participant terminates employment by reason of Disability Retirement, payment of Excess Retirement Income shall commence at
the Participant’s Normal Retirement Date. Provided further that if the Participant is a Specified Employee when such Participant
incurs a Separation from Service, such Participant’s Excess Retirement Income (except in the case of Disability Retirement)
shall commence to be paid six months after the Participant separates from service. To the extent that monthly payments are delayed
by reason of the foregoing six-month delay, such delayed monthly payments shall be paid to the Participant in a lump sum amount
when his Excess Retirement Income commences adjusted with interest at an annual rate of 5%. To the extent that a lump sum payment
is delayed by reason of the foregoing six month delay, such delayed payment shall be adjusted with interest at an annual rate of 5%.

 

    17

     

    

 

6.4             
Special Commencement Date Rules for Certain Participants. This Section 6.4 provides special rules for determining the commencement
date of Excess Retirement Income benefits for certain participants, as follows:

 

(a)              
 Except as described in (b), (c) or (d) below, in the case of a Participant who terminated employment with a vested right
to Excess Retirement Income prior to January 1, 2008 (other than by reason of Disability Retirement) and who has not commenced
receiving such Excess Retirement Income benefit by January 1, 2009, such Participant shall commence his or her Excess Retirement
Income as of March 1, 2009.

 

(b)              
In the case of an individual who (i) is a Participant in the Plan by reason of the merger of the HSB Excess Plan into
this Plan; (ii) has a vested interest in his or her accrued benefit under the HSB Excess Plan and (iii) terminates employment
prior to eligibility for Early, Normal, Postponed or Disability Retirement under this Plan, such Participant shall commence payment
of such HSB Excess Retirement Plan benefit within 90 days after the attainment of age 60 if such Participant terminated
employment prior to age 55 or within 90 days after Separation from Service (but not earlier than six months after Separation
from Service if the Participant is a Specified Employee) if such Participant terminates employment at or after age 55. To
the extent that monthly payments are delayed by reason of the foregoing six-month delay, such delayed monthly payments shall be
paid to the Participant in a lump sum amount when his Excess Retirement Income commences adjusted with interest at an annual rate
of 5%.

 

If a Participant is described in (i) or (ii)
above, but has, however, terminated employment after qualifying for Early, Normal, Postponed or Disability Retirement, such Participant’s
Excess Retirement Income shall be paid as specified in Section 6.3, subject to Section 6.4(e).

 

(c)              
In the case of an individual who (i) is a Participant in the Plan by reason of the merger of the AG Restoration
Plan into this Plan; (ii) has a vested interest in his or her accrued benefit under the AG Restoration Plan and (iii) terminates
employment prior to eligibility for Early, Normal, Postponed or Disability Retirement under this Plan, such Participant shall commence
payment of such AG Restoration Plan benefit within 90 days after the attainment of age 55 if such Participant had
earned 10 or more Years of Credited Service or within 90 days after the attainment of age 60 if such Participant had
earned less than 10 Years of Credited Service (but not earlier than six months after Separation from Service if the Participant
is a Specified Employee). To the extent that monthly payments are delayed by reason of the foregoing six-month delay, such delayed
monthly payments shall be paid to the Participant in a lump sum amount when his Excess Retirement Income commences, adjusted with
interest at an annual rate of 5%.

 

If a Participant is described in (i) or (ii)
above, but has, however, terminated employment after qualifying for Early, Normal, Postponed or Disability Retirement, such Participant’s
Excess Retirement Income shall be paid as specified in Section 6.3, subject to Section 6.4(e).

 

(d)               In
the case of an individual who (i) is a Participant in the Plan by reason of the merger of the
20th Century Supplemental Plan into this Plan; (ii) has a vested interest in his or her accrued benefit
under the 20th Century Supplemental Plan and (iii) terminates employment prior to eligibility for Early,
Normal, Postponed or Disability Retirement under this Plan, such Participant shall commence payment of such
20th Century Supplemental Plan benefit within 90 days of the attainment of age 55 if such
Participant had earned 10 or more Years of Credited Service or within 90 days of the attainment of age 60 if such
Participant had earned less than 10 Years of Credited Service (but not earlier than six months after Separation from
Service if the Participant is a Specified Employee). To the extent that monthly payments are delayed by reason of the
foregoing six-month delay, such delayed monthly payments shall be paid to the Participant in a lump sum amount when his
Excess Retirement Income commences, adjusted with interest at an annual rate of 5%.

 

    18

     

    

 

If a Participant is described in (i) or (ii)
above, but has, however, terminated employment after qualifying for Early, Normal, Postponed or Disability Retirement, such Participant’s
Excess Retirement Income shall be paid as specified in Section 6.3, subject to Section 6.4(e).

 

(e)              
Notwithstanding any other provision to the contrary, this Amendment shall not have the effect of accelerating payment of
a benefit into the 2008 calendar year which, in the absence of this Amendment, would be paid after December 31, 2008. Any
benefit which would be paid in 2008 (or earlier) as the result of this Amendment shall be paid instead as of March 1, 2009.
This Amendment shall not have the effect of deferring payment of a benefit beyond 2008 if, in the absence of this Amendment, such
benefit would be paid in 2008.

 

Article 7

 

Death Benefits

7.                       
 

7.1             
Effective December 31, 2015, the Plan is frozen; subsequently, the death benefits described in this Article 7 shall not
increase after December 31, 2015, nor shall there be any increase in the offset amounts that are applied in determining the amount
of the death benefits, other than any increase related to Interest Credits (as defined in the Qualified Plan). Upon the death of
(i) a Participant who has not terminated from employment prior to his Normal, Early, or Postponed Retirement Date, or (ii) a Participant
who terminates employment on a Normal, Early, or Postponed Retirement Date and dies prior to the date benefits commence under the
Plan, if a Qualified Plan Pre-Retirement Survivor Annuity is payable under the Qualified Plan to the Surviving Spouse or, for deaths
occurring on or after April 1, 2012, to the Participant’s beneficiary under the Qualified Plan, an amount (the “Excess
Pre-Retirement Survivor Annuity”) shall be payable to the Surviving Spouse or, for deaths occurring on or after April 1,
2012, the Designated Beneficiary under this Plan.

 

(a)              
For deaths occurring prior to April 1, 2012, the monthly amount of the Excess Pre-Retirement Survivor Annuity payable
to a Surviving Spouse shall be equal to (i) less (ii) less (iii) as stated below:

 

(i)                
the monthly amount of the Qualified Plan Pre-Retirement Survivor Annuity to which the Surviving Spouse would have been entitled
under the Qualified Plan and any predecessor thereof as of the date of death or, if later, as of the first day of the calendar
month coincident with or next following the date the Participant would have attained age 55, if such benefit were calculated
under the Qualified Plan without giving effect to the limitations imposed by the application of Code Sections 401(a)(17) and 415
and if such Qualified Plan Pre-Retirement Survivor Annuity were calculated using Average Final Compensation as defined herein;
less

 

(ii)             
the monthly amount of the Qualified Plan Pre-Retirement Survivor Annuity payable to the Surviving Spouse under the Qualified
Plan and any predecessor thereof as of the date of death, or, if later, as of the first day of the calendar month coincident with
or next following the date the Participant would have attained age 55 after the limitations imposed by the application of
Code Sections 401(a)(17) and 415 (whether or not such benefits are actually paid as of such date); less

 

(iii)           
the AG Offset, if any.

 

For purposes of (ii) and (iii) above, if the
Participant is not eligible for Early Retirement under the Qualified Plan, the amounts computed under (ii) and (iii) shall be the
amounts that would be payable at Normal Retirement Date under those sections, but reduced by 6-2/3% for each of the first 5 years
(and a fraction thereof for each full month) that payment precedes age 65 and 3-1/3% for each year (and a fraction thereof
for each full month) that payment precedes age 60.

 

For a Participant listed on
Schedule A whose benefit is determined under Section 7.4(a), for purposes of determining what reduction factors apply
for purposes of this Section 7.1, the number of years of Credited Service (as defined in the Qualified Plan) occurring during
the Freeze Period shall be disregarded.

 

    19

     

    

 

(b)              
For a death occurring on or after April 1, 2012, an Excess Pre-Retirement Survivor Annuity shall be payable to an eligible
Participant’s Designated Beneficiary.

 

(i)                
For the Designated Beneficiary of an eligible Participant (other than a Participant eligible for a Non-Grandfathered Transition
Benefit or a Grandfathered Transition Benefit), the amount of the Excess Pre-Retirement Survivor Annuity shall be equal to the
Excess Account.

 

(ii)             
For the Designated Beneficiary of an eligible Participant who is eligible for a Non-Grandfathered Transition Benefit, the
amount of the Excess Pre-Retirement Survivor Annuity shall be equal to the Excess Account, reduced by the AG Offset.

 

(iii)           
For the Designated Beneficiary of an eligible Participant who is eligible for a Grandfathered Transition Benefit, the amount
of the Excess Pre-Retirement Survivor Annuity shall be equal to the greater of (X) the Excess Account, reduced by the AG Offset,
or (Y) the Grandfathered Accrued Benefit reduced to reflect early commencement, if applicable, by applying the early retirement
factors set forth in the Qualified Plan, reduced by the AG Offset. If the Participant is not eligible for Early Retirement under
the Qualified Plan, the Grandfathered Accrued Benefit shall be the amounts that would be payable at Normal Retirement Date, but
reduced by 6-2/3% for each of the first 5 years (and a fraction thereof for each full month) that payment preceded age 65
and 3-1/3% for each year (and a fraction thereof for each full month) that payment preceded age 60. For a Participant
listed on Schedule A whose benefit is determined under Section 7.4(a), for purposes of determining what reduction factors
apply for purposes of this Section 7.1, the number of years of Credited Service (as defined in the Qualified Plan) occurring during
the Freeze Period shall be disregarded.

 

(c)              
Actuarial equivalence. For purposes of determining the benefit payable under Section 7.1(b)(iii), amounts payable as an
annuity shall be converted to a lump-sum applying the factors that apply under the Qualified Plan for such purpose with respect
to the Qualified Plan benefit at the time such benefit commences.

 

7.2              For
a death occurring prior to April 1, 2012, any Excess Pre-Retirement Survivor Annuity shall be payable over the lifetime
of the Surviving Spouse in monthly installments commencing after the Participant’s date of death or, if later, within
90 days after the date the Participant would have attained age 55 and ceasing with the last monthly payment made prior to the
Surviving Spouse’s death. For a Participant other than a Participant eligible for a Non-Grandfathered Transition
Benefit or a Grandfathered Transition Benefit, for a death occurring on and after April 1, 2012, any Excess
Pre-Retirement Survivor Annuity shall be payable in a single lump sum to the Designated Beneficiary within 90 days after
the death of the Participant. For a Participant eligible for a Non-Grandfathered Transition Benefit, for a death occurring on
or after April 1, 2012, (i) the Excess Opening Account Balance shall be payable over the lifetime of the Designated
Beneficiary in monthly installments commencing after the Participant’s date of death or, if later, within 90 days after
the date the Participant would have attained age 55 and ceasing with the last monthly payment made prior to the Designated
Beneficiary’s death, and (ii) benefits accrued on or after April 1, 2012 shall be payable in a single lump
sum to the Designated Beneficiary within 90 days after the death of the Participant. For a Participant eligible for a
Grandfathered Transition Benefit, for a death occurring on or after April 1, 2012, (i) the Frozen Accrued Benefit
shall be payable over the lifetime of the Designated Beneficiary in monthly installments commencing after the
Participant’s date of death or, if later, within 90 days after the date the Participant would have attained age 55 and
ceasing with the last monthly payment made prior to the Designated Beneficiary’s death, and (ii) benefits accrued
on or after April 1, 2012 shall be payable in a single lump sum to the Designated Beneficiary within 90 days after the
death of the Participant.

 

7.3             
Except as provided in Section 3.3, upon the death of a Participant who terminated from employment prior to his Normal, Early,
Postponed or Disability Retirement Date, no Excess Pre-Retirement Survivor Annuity shall be payable to such Participant’s
Surviving Spouse or Designated Beneficiary under this Plan. Except as provided in Article 6, with respect to a Participant
who has retired and commenced receiving a benefit in a form that provides for continuation after the Participant’s death,
no other death benefits shall be payable from the Plan.

 

7.4             
Restriction for Certain Participants.

 

(a)              
Notwithstanding anything in the Plan to the contrary, for purposes of determining the amount payable under Section 7.1 with
respect to a Participant listed on Schedule A, the Freeze Period as defined in Section 4.6 shall be disregarded in determining
(i) Credited Service as defined in the Qualified Plan and Average Final Compensation as defined herein, for purposes of determining
the amount under Section 7.1(a), and (ii) Credited Service and Average Final Compensation, each as defined in the Qualified
Plan, for purposes of determining the amount under Section 7.1(b).

 

(b)              
Notwithstanding the foregoing paragraph, the benefit payable to the Surviving Spouse or Designated Beneficiary of a Participant
listed on Schedule A shall be the lesser of the amount determined under Section 7.4(a) or the amount determined under the
Plan without regard to Section 7.4(a).

 

    20

     

    

 

Article 8

Liability of the Company

8.                       
 

8.1             
The benefits of this Plan shall be paid by the Employer and shall not be funded prior to the time paid to the Participant,
Designated Beneficiary, Surviving Spouse or joint or contingent annuitant designated by the Participant, unless and except as expressly
provided otherwise by the Company. For clarity, the Company may, in its sole discretion, establish a grantor trust, escrow agreement
or similar arrangement, subject to the claims of general creditors, to provide a source of funds to assist it in meeting its liabilities
under the Plan.

 

8.2             
A Participant who is vested in a benefit under this Plan shall be an unsecured creditor of the Employer as to the payment
of any benefit under this Plan.

 

Article 9

 

Administration of the Plan

9.                       
 

9.1             
Except for the functions reserved to the Company, the Retirement Board, or the Employee Benefits Department of the Company,
the administration of the Plan shall be the responsibility of the Committee.

 

9.2             
In its role as Plan Administrator, the Committee shall have the power and the duty to take all actions and to make all decisions
necessary or proper to carry out the Plan. The determination of the Committee as to any question involving the general administration
and interpretation of the Plan shall be final, conclusive and binding. Any discretionary actions to be taken under the Plan by
the Committee shall be uniform in their nature and applicable to all persons similarly situated. Without limiting the generality
of the foregoing, the Committee, in its role as Plan Administrator, shall have the following powers and duties:

 

(a)              
To furnish to all Participants, upon request, copies of the Plan; and to require any person to furnish such information
as it may request for the purpose of the proper administration of the Plan as a condition to receiving any benefits under the Plan;

 

(b)              
To make and enforce such rules and regulations and prescribe the use of such forms as it shall deem necessary for the efficient
administration of the Plan;

 

(c)              
To interpret the Plan, and to resolve ambiguities, inconsistencies and omissions, which findings shall be binding, final
and conclusive;

 

(d)              
To decide on questions concerning the Plan in accordance with the provisions of the Plan;

 

(e)              
The power to delegate its role as Plan Administrator to a person who may or may not be a member of the Committee for the
purpose of ERISA; if the Committee does not so designate an Administrator, the Committee shall be the Plan Administrator;

 

(f)               
To allocate any such powers and duties to or among individual members of the Committee; and

 

(g)              
To designate persons other than Committee members to carry out any duty or power which would otherwise be a responsibility
of the Committee or Administrator, under the terms of the Plan.

 

9.3              To
the extent permitted by law, the Committee and any person to whom it may delegate any duty or power in connection with
administering the Plan, the Employer, and the officers and directors thereof, shall be entitled to rely conclusively upon,
and shall be fully protected in any action taken or suffered by them in good faith in the reliance upon, any actuary, counsel
, accountant, other specialist, or other person selected by the Committee, or in reliance upon any tables, valuations,
certificates, opinions or reports which shall be furnished by any of them. Further, to the extent permitted by law, no member
of the Committee, nor the Employer, nor the officers or directors thereof, shall be liable for any neglect, omission or
wrongdoing of any other members of the Committee, agent, officer or employee of an Employer. Any person claiming under the
Plan shall look solely to the Employer for redress.

 

9.4             
All expenses incurred prior to the termination of the Plan that shall arise in connection with the administration of the
Plan, including, but not limited to administrative expenses, proper charges and disbursements, compensation and other expenses
and charges of any actuary, counsel, accountant, specialist, or other person who shall be employed by the Committee in connection
with the administration thereof, shall be paid by the Employer.

 

    21

     

    

 

9.5             
Claims Procedure.

 

(a)              
In General

 

(i)                
Application. The claims procedures in Section 9.5(b) of the Plan apply to all claims for benefits of any kind other than
claims related to disability benefits that are governed by the claims procedures in Section 9.5(c) of the Plan.

 

(ii)             
Filing of a Claim. A Participant, beneficiary, or other individual must file a claim for benefits under the Plan by filing
a written claim, identified as a claim for benefits, with the Retirement Board (Employee Benefits Department in the case of a claim
governed by Section 9.5(c)(i) of the Plan). In addition, the Retirement Board (Employee Benefits Department in the case of a claim
governed by Section 9.5(c)(i) of the Plan) may treat any other written communication received by it as a claim for benefits, even
if the writing or communication is not identified as a claim for benefits. In addition, a Participant, beneficiary, or other individuals
alleging a violation of or seeking a remedy under any provision of the Act, other applicable law, the terms or the Plan, or asserting
any other claims that arise under or in connection with the Plan shall also be subject to and must file any and all such claims
under the claims procedure described in this Section 9.5 of the Plan.

 

(iii)           
Approval of a Claim. A claim is considered approved only if its approval is communicated in writing to a claimant. If a
claimant does not receive a response to a claim for benefits within the applicable time period, the claimant may proceed with an
appeal under the procedures described in Section 9.5(b) and (c), as applicable.

 

(iv)            
Claims Procedures Mandatory in All Cases. A claimant must follow the claims procedures (including both the initial determination
and review processes) set forth in this Section 9.5 of the Plan before taking action in any other forum regarding a claim of any
kind under or related to the Plan. Any such suit or action shall be filed within one year of the time the claim arises or it shall
be deemed waived and abandoned. Also, any suit or action will be subject to such limitation period as applies under the Act or
other applicable law, measured from the date a claim arises.

 

(v)               Discretionary
Acts. Benefits under this Plan will be paid only if the Retirement Board (Employee Benefits Department in the case of a claim
governed by Section 9.5(c)(i) of the Plan) decides in its discretion that the applicant is entitled to them. In exercising
its discretionary powers under the Plan, the Retirement Board (Employee Benefits Department in the case of a claim governed
by Section 9.5(c)(i) of the Plan) will have the broadest discretion permissible under the Act and any other applicable laws
and its decisions will be final and binding upon all persons affected thereby.

 

(vi)            
Delegation of Authority. The Retirement Board (Employee Benefits Department in the case of a claim governed by Section 9.5(c)(i)
of the Plan) may, in its sole discretion, delegate any and all authority under this Section 9.5 of the Plan, in any manner. Any
delegation of some or all of the Retirement Board’s (Employee Benefits Department’s in the case of a claim governed
by Section 9.5(c)(i) of the Plan) authority under this Section 9.5 of the Plan shall, unless otherwise provided in the Retirement
Board’s ((Employee Benefits Department’s in the case of a claim governed by Section 9.5(c)(i) of the Plan) delegation,
be empowered with the same discretion and authority as granted to the Retirement Board (Employee Benefits Department in the case
of a claim governed by Section 9.5(c)(i) of the Plan) under this Section 9.5 of the Plan.

 

(b)              
Non-Disability Claims

 

(i)                
Initial Claims. The Retirement Board will decide a claim within 90 days of the date on which the claim is received by the
Retirement Board, unless special circumstances require a longer period for adjudication and the claimant is notified in writing,
prior to the expiration of the 90-day period, of the reasons for an extension of time and the expected decision date. If the Retirement
Board fails to notify the claimant of its decision to grant or deny such claim within the time specified by this paragraph, the
claimant may request the review of his or her claim pursuant to the claims review procedures set forth in Section 9.5(b)(ii) of
the Plan. If a claim is denied, in whole or in part, the claimant must receive a written notice containing:

 

(A)            
the specific reason(s) for the adverse determination;

 

(B)             
a reference to the specific Plan provision(s) on which the adverse determination is based;

 

(C)             
a description of additional information necessary for the claimant to perfect his or her claim and an explanation of why
such material is necessary; and

 

(D)            
an explanation of the procedure for review of the denied or partially denied claim set forth below, including the claimant’s
right to bring a civil action under Section 502(a) of the Act following an adverse benefit determination on review.

 

    22

     

    

 

(ii)              Review
of Denied Claims. The claimant will have 60 days to request in writing a review of the denial of his or her claim by the
Retirement Board (or, if the claimant has not received a response to the initial claim, within 150 days of the filing of the
initial claim). The claimant or his duly authorized representative will have, 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.
If the claimant files a request for review, his request must include a description of the issues and evidence he deems
relevant. Failure to raise issues or present evidence on review will preclude those issues or evidence from being presented
in any subsequent proceeding or judicial review of the claim. The review will take into account all available information,
regardless of whether such information was submitted or considered in the initial benefit determination.

 

The Retirement Board must render
its decision on the review of the claim no more than 60 days after the Retirement Board’s receipt of the request for review,
except that this period may be extended for an additional 60 days if the Retirement Board determines that special circumstances
(including, but not limited to, a hearing) require such extension. If an extension of time is required, written notice of the expected
decision date and the reasons for the extension will be furnished to the claimant before the end of the initial 60-day period.
If a review of a claim is denied, in whole or in part, the claim must receive a written notice containing:

 

(A)            
the specific reason(s) for the adverse determination;

 

(B)             
a reference to specific Plan provision(s) on which the adverse determination is based;

 

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

 

(D)            
a statement of the claimant’s right to bring a civil action under Section 502(a) of the Act.

 

(c)              
Disability Claims.

 

(i)                 Initial
Claims. The Employee Benefits Department will decide a claim within 45 days of the date on which the claim is received by the
Employee Benefits Department. If the Employee Benefits Department determines that an extension is necessary for reasons
beyond its control, the Employee Benefits Department may extend this period for an additional 30 days by notifying the
claimant of the reasons for the extension and the date when the claimant can expect to receive a decision The Employee
Benefits Department may also extend this period for a second 30-day period by again complying with the requirements
applicable to the initial 30-day extension. If an extension is provided in order to allow the claimant time to provide
additional information necessary to review the claim, the response deadlines applicable to the Employee Benefits Department
will be tolled until the earlier of the date 45 days after the date of the request for additional information or the date the
Employee Benefits Department receives the additional information. If the Employee Benefits Department fails to notify the
claimant of its decision to grant or deny such claim within the time specified by this paragraph, the claimant may request
the review of his or her claim pursuant to the claims review procedures set forth in Section 9.5(c)(ii) of the Plan. If a
claim is denied, in whole or in part, the claimant must receive a written notice containing:

 

(A)            
the specific reason(s) for the adverse determination;

 

(B)             
a reference to the specific Plan provision(s) on which the adverse determination is based;

 

(C)             
a description of additional information necessary for the claimant to perfect his or her claim and an explanation of why
such material is necessary;

 

(D)            
an explanation of the procedure for review of the denied or partially denied claim set forth below, including the claimant’s
right to bring a civil action under Section 502(a) of the Act following an adverse benefit determination on review;

 

    23

     

    

 

(E)             
if applicable, any internal rule, guideline, protocol, or other similar criterion relied on in making the adverse benefit
determination (or a statement that such information is available free of charge upon request); and

 

(F)             
if the adverse benefit determination is based on a scientific or clinical exclusion or limit, an explanation of the scientific
or clinical judgment for the determination, applying the terms of the Plan to the claimant’s circumstances (or a statement
that such explanation is available free of charge upon request).

 

(ii)             
Review of Denied Claims. The claimant will have 180 days to request in writing a review of the denial of his or her claim
by the Retirement Board. The claimant or his duly authorized representative will have, 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. If
the claimant files a request for review, his request must include a description of the issues and evidence he deems relevant. Failure
to raise issues or present evidence on review will preclude those issues or evidence from being presented in any subsequent proceeding
or judicial review of the claim. The review will take into account all available information, regardless of whether such information
was submitted or considered in the initial benefit determination and will not afford deference to the initial disability determination.

 

In no event will the review be
conducted by the person who made the initial determination or by a subordinate of such person. If the initial adverse benefit
determination was based in whole or in part on a medical judgment, including determinations with regard to whether a
particular treatment, drug, or other item is experimental, investigational, or not medically necessary or appropriate, the
Retirement Board shall consult with a health care professional who has appropriate training and experience in the field of
medicine involved in the medical judgment and who neither was consulted nor is the subordinate of an individual who was
consulted in connection with the adverse benefit determination that is the subject of the claimant’s request for
review. In addition, the reviewer shall provide for the identification 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.

 

The Retirement Board must render
its decision on the review of the claim no more than 45 days after the Retirement Board’s receipt of the request for review,
except that this period may be extended for an additional 45 days if the Retirement Board determines that special circumstances
(including, but not limited to, a hearing) require such extension. If an extension of time is required, written notice of the expected
decision date and the reasons for the extension will be furnished to the claimant before the end of the initial 45-day period.
If an extension is provided in order to allow the claimant time to provide additional information necessary to review the claim,
the response deadlines applicable to the Retirement Board will be tolled until the earlier of the date 45 days after the date of
the request for additional information or the date the Retirement Board receives the additional information. If a review of a claim
is denied, in whole or in part, the claim must receive a written notice containing:

 

(A)            
the specific reason(s) for the adverse determination;

 

(B)             
a reference to specific Plan provision(s) on which the adverse determination is based;

 

(C)             
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;

 

(D)            
a statement describing any voluntary appeal procedures offered by the Plan and the claimant’s right to obtain the
information about such procedures and a statement of the claimant’s right to bring a civil action under Section 502(a) of
the Act.

 

(E)             
if applicable, any internal rule, guideline, protocol, or other similar criterion relied upon in making the adverse benefit
determination (or a statement that such information will be provided free of charge upon request); and

 

(F)             
if the adverse benefit determination is based on medical necessity or an experimental care exclusion or similar exclusion
or limit, 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 is available free of charge upon request).

 

Article 10

Amendment or Termination of the Plan

10.                      
 

10.1         
The Committee shall have the power to suspend or terminate this Plan in whole or in part at any time, and from time to time
to extend, modify, amend, revise, or terminate this Plan in such respects as the Committee by resolution may deem advisable; provided
that no such extension, modification, amendment, revision, or termination shall deprive a Participant or any beneficiary designated
by a Participant of the vested portion of any benefit under this Plan.

 

    24

     

    

 

Article 11

General Provisions

 

11.1        
This Plan shall not be deemed to constitute a contract between the Employer and any Employee or other person whether or
not in the employ of the Employer, nor shall anything herein contained be deemed to give any Employee or other person whether
or not in the employ of the Employer any right to be retained in the employ of the Employer, or to interfere with the right of
the Employer to discharge any Employee at any time and to treat him without any regard to the effect which such treatment might
have upon him as a Participant of the Plan.

 

11.2         
Except as may otherwise be required by law, no distribution or payment under the Plan to any Participant, beneficiary, or
joint or contingent annuitant, shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance or charge, whether voluntary or involuntary, and any attempt to so anticipate, alienate, sell, transfer, assign, pledge,
encumber or charge the same shall be void; nor shall any such distribution or payment be in any way liable for or subject to the
debts, contracts, liabilities, engagements or torts of any person entitled to such distribution or payment. If any Participant,
beneficiary, or joint or contingent annuitant is adjudicated bankrupt or purports to anticipate, alienate, sell, transfer, assign,
pledge, encumber or charge any such distribution or payment, voluntarily or involuntarily, the Committee, in its discretion, may
cancel such distribution or payment or may hold or cause to be held or applied such distribution or payment or any part thereof
to or for the benefit of such Participant, beneficiary, or joint or contingent annuitant in such manner as the Committee shall
direct.

 

11.3         
If the Employer determines that any person entitled to payments under the Plan is an infant or incompetent by reason of
physical or mental disability, it may cause all payments thereafter becoming due to such person to be made to any other person
for his benefit, without responsibility to follow application of amounts so paid. Payments made pursuant to this provision shall
completely discharge the Plan, the Employer and the Committee.

 

11.4         
The Employer shall be the sole source of benefits under this Plan, and each Employee, Participant, joint or contingent annuitant,
beneficiary, or any other person who shall claim the right to any payment or benefit under this Plan shall be entitled to look
only to the Employer for payment of benefits.

 

11.5         
If the Employer is unable to make payment to any Participant or other person to whom a payment is due under the Plan because
it cannot ascertain the identity or whereabouts of such Participant or other person after reasonable efforts have been made to
identify or locate such person (including a notice of the payment so due mailed to the last known address of such Participant or
other person shown on the records of the Employer), such payment and all subsequent payments otherwise due to such Participant
or other person shall be forfeited twenty-four (24) months after the date such payment first became due; provided, however, that
such payment and any subsequent payments shall be reinstated retroactively, no later than sixty (60) days after the date on which
the Participant or person is identified or located.

 

    25

     

    

 

11.6         
The Employer shall have the right to deduct from each payment made under the Plan any amount required to satisfy its obligation
to withhold federal, state and local taxes, if any.

 

11.7         
The provisions of the Plan shall be construed, administered and governed under applicable Federal laws and the laws of
the State of New York. 

 

    26

     

    

 

ARTICLE 12

 

CHANGE IN CONTROL

 

12.1       Upon
a Change in Control, notwithstanding any provisions in the Plan to the contrary, the following provisions of this Section 12.1
shall take effect.  For purposes of this Section 12.1 “Change in Control” shall mean the occurrence of any of
the following events:

 

(a) the individuals who constitute the Board of Directors
of the Company (the “Board”) on the effective date of the Change in Control (or subsequent directors whose election
or nomination was approved by a vote of at least two-thirds of such directors, including by approval of the proxy statement in
which such person is named as a nominee for director) cease for any reason to constitute at least a majority of the Board (except
no director will be treated as an incumbent director if such director was nominated or elected in an actual or threatened election
contest or proxy solicitation (other than by the Board));

 

(b) any “person” (as defined in Section
3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and as used in Sections 13(d)(3) and
14(d)(2) of the Exchange Act) is or becomes a beneficial owner, directly or indirectly, of fifty percent (50%) or more of the Company’s
voting securities;

 

(c) the consummation of a merger, consolidation,
mandatory share exchange or similar form of corporate transaction involving the Company (a “Business Combination”)
that results in any person becoming the beneficial owner, directly or indirectly, of fifty percent (50%) or more of the total voting
power of the outstanding voting securities eligible to elect directors of the entity resulting from such Business Combination;

 

(d) the consummation of a sale of all or substantially
all of the Company’s assets (other than to an affiliate of the Company); or

 

(e) the approval by the Company’s stockholders
of a plan of complete liquidation or dissolution of the Company.

 

Notwithstanding the foregoing, a Change in Control shall not
be deemed to occur solely because (A) any person holds or acquires beneficial ownership of more than fifty percent (50%) of the
Company voting securities as a result of a “Company share repurchase program” or other acquisition of Company voting
securities by the Company which reduces the total number of Company voting securities outstanding; provided that if after
such acquisition by the Company such person becomes the beneficial owner of additional Company Voting Securities that increase
the percentage of outstanding Company voting securities beneficially owned by such person, a Change in Control shall then occur
or (B) the consummation of a sale of all or substantially all (or a subset) of the assets and/or operations of the Life and Retirement
business (or any similar transaction).

 

    27

     

    

 

12.2       Vesting

 

Upon the occurrence of a Change in Control,
notwithstanding the first two sentences of Article 5 of the Plan, the Excess Retirement Income of all Participants shall become
non-forfeitable, and the first sentence of the second paragraph of Article 5 shall not apply.

 

12.3       Entitlement
to Benefits

 

(a) Upon the occurrence of a Change in Control,
Section 3.1 of the Plan shall read as is set forth below:

 

3.1 Early, Normal, Postponed and Disability Retirement.
A Participant who has a Separation from Service shall be entitled to receive the Excess Retirement Income described in Article
4 of the Plan. If a Participant incurs a Disability, the Participant shall be entitled to receive the Excess Disability Retirement
Income described in Section 4.5.

 

(b) Upon the occurrence of a Change in Control,
the first sentence of Section 3.2 shall not apply and shall be replaced with the following sentence:

 

3.2 A Participant who has a Separation from Service
prior to Normal Retirement Date (other than by death or by incurring a Disability) shall be entitled to an Early Excess Retirement
Income in accordance with Section 4.3.

 

12.4       Benefits

 

Upon the occurrence of a Change in Control,
Section 4.3(f) shall read as is set forth below:

 

4.3(f) If the Participant is not eligible for Early
Retirement under the Qualified Plan, the Frozen Accrued Benefit and the Grandfathered Accrued Benefit shall be the amounts that
would be payable at Normal Retirement Date, but reduced by 6-2/3% for each of the first 5 years (and a fraction thereof for each
full month) that retirement precedes age 65 and 3-1/3% for each of the next 5 years (and a fraction thereof for each full month)
that retirement precedes age 60 and by an actuarial equivalent amount for retirement ages below age 55. With respect to retirement
ages prior to age 55, the reduction will be based on an actuarial equivalent of the benefit payable at age 55. Actuarial equivalence
will be based on the rate of interest determined under Code section 417(e)(3) as modified in other applicable guidance (including
without limitation Revenue Ruling 2007-67) for the third calendar month prior to the calendar year in which benefits are scheduled
to commence and the mortality table under Code section 417(e) in effect on the date benefits are scheduled to commence.

 

12.5       Death

 

Upon the occurrence of a Change in Control,
in Section 7.2, the following phrase that appears in the first, ultimate and penultimate sentences in that Section is eliminated:

 

“or, if later, within 90 days after the Participant
would have attained age 55”.

 

    28

     

    

 

12.6       Grantor
Trust

 

Immediately prior to a Change of Control,
the value of all benefits payable under the Plan and the administrative costs relating to the Plan shall be fully funded pursuant
to an irrevocable grantor trust described in Internal Revenue Service Revenue Procedure 92-64 that has been or will be established
for this purpose (the “Non-Qualified Plan Trust”). The assets of the Non-Qualified Plan Trust shall be held separate
and apart from other funds of the Company and shall be used exclusively to enable the Company to meet its liabilities under the
Plan and for the purposes set forth in the Plan and the applicable trust agreement, subject to the following conditions:

 

		(a)	the creation of the Non-Qualified Plan Trust shall not cause the Plan to be other than “unfunded” for purposes
of the Employee Retirement Security Act of 1974, as amended;
	 	 	 
		(b)	the Company shall be treated as the “grantor” of the Non-Qualified Plan Trust for purposes of Sections 671 and
677 of the Code;
	 	 	 
		(c)	the trust agreement of the Non-Qualified Plan Trust shall provide that the trust fund assets may be used to satisfy claims
of the Company’s general creditors;
	 	 	 
		(d)	any assets held in the Non-Qualified Plan Trust shall be subject to the investment authority of the individuals or committee
appointed by the Company as in effect prior to the Change in Control, or the successors appointed by such committee or individuals
for such purpose, who may, at such group’s sole discretion, retain the trustee of the Non-Qualified Plan Trust, investment
managers, or other experts to assist with or to delegate the execution of the group’s investment responsibilities. Such assets
shall generally be invested in capital preservation and/or liability hedging investments, as appropriate. All income received by
the Non-Qualified Plan Trust, net of expenses and taxes, shall be accumulated and reinvested in the Non-Qualified Plan Trust;
	 	 	 
	 	(e)	Plan participants and their beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets
of the Non-Qualified Plan Trust; and
	 	 	 
	 	(f)	for purposes of determining the value of benefits payable under the Plan, the following assumptions will be used:  

 

	 	(i)	a discount rate based on the methodology used by the Plan actuary for GAAP purposes as of the last day of the month prior to the
effective date of the Change in Control;
	 	 
	 	(ii)	Code Section 417(e) interest rates in effect as of the most recent available date prior to the effective date of the Change in
Control for the purpose of determining non-cash balance-related lump sums;
	 	 
	 	(iii)	cash balances as of the effective date of the Change in Control;

 

    29

     

    

 

	 	(iv)	a retirement age equal to age 62, or current age if older;
	 	 
	 	(v)	post-retirement mortality only based on the assumption used for the Plan for GAAP purposes as of the end of the fiscal year prior
to the effective date of the Change in Control;
	 	 
		(vi)	no pre-retirement turnover; and
	 	 
	 	(vii)	to the extent necessary, the most recently published 30-year Treasury rate in effect prior to the effective date of the Change
in Control.

 

Following a Change in Control, any amounts due to Participants
under the Plan shall first be satisfied by the Non-Qualified Plan Trust, and the remaining obligations, if any, shall be satisfied
by the Company, in accordance with the terms of the Plan.

 

    30

     

    

 

Schedule A

 

    31

     

    

 

Appendix A

 

Restoration of Retirement Income Plan

For Certain Employees Participating

in the

Restated American General Retirement
Plan

 

December 31, 1998 Restatement

 

(Incorporation November, 1991 Plan and Amendments
thereof)

 

    A-1

     

    

 

RESTORATION OF RETIREMENT INCOME PLAN

 

FOR CERTAIN EMPLOYEES PARTICIPATING IN THE

 

RESTATED AMERICAN GENERAL RETIREMENT PLAN

 

The RESTORATION OF RETIREMENT INCOME PLAN
FOR CERTAIN EMPLOYEES PARTICIPATING IN THE RESTATED AMERICAN GENERAL RETIREMENT PLAN (hereinafter referred to as the “Restoration
Plan”) is hereby restated effective as of December 31, 1998 by AMERICAN GENERAL CORPORATION and its subsidiaries (hereinafter
referred to as the “Employer,” jointly and severally). The Restoration Plan has been established to provide for the
payment of certain pension and pension-related benefits to certain employees who are participants in the AMERICAN GENERAL RETIREMENT
PLAN (hereinafter referred to as the “Basic Plan”). The Employer intends and desires to recognize the value to the
Employer of the past and present services of employees covered by the Restoration Plan and to encourage and assure their continued
service to the Employer by making more adequate provision for their future retirement security. All terms used in this Restoration
Plan shall have the meanings assigned to them under the provisions of the Basic Plan unless otherwise qualified by the context.

 

		1.	Incorporation of the Basic Plan

 

The Basic Plan, with any amendments thereto,
shall be attached hereto as Exhibit I and is hereby incorporated by reference into and shall form a part of this Restoration Plan
as fully as if set forth herein verbatim. Any amendment made to the Basic Plan by the Employer shall also be incorporated by reference
into and form a part of this Restoration Plan, effective as of the effective date of such amendment. The Basic Plan, whenever referred
to in this Restoration Plan, shall mean the Basic Plan, as amended, as it exists as of the date any determination is made of benefits
payable under this Restoration Plan.

 

		2.	Administration

 

This Restoration Plan shall be administered
by the administrative committee (hereinafter referred to as the “Committee”) under the Basic Plan which shall administer
it in a manner consistent with the administration of the Basic Plan, as from time to time amended and in effect, except that this
Restoration Plan shall be administered as an unfunded plan that is not intended to meet the qualification requirements of section
401 of the Internal Revenue Code of 1986, as amended (the “Code”). The Committee shall have full power and authority
to interpret, construe and administer this Restoration Plan. No member of the Committee shall be liable to any person for any action
taken or omitted in connection with the interpretation and administration of this Restoration Plan unless attributable to his own
willful misconduct or lack of good faith. Members of the Committee shall not participate in any action or determination regarding
their own benefits hereunder.

 

    A-2

     

    

 

		3.	Eligibility

 

Employees, excluding Career Agents, who
are Highly Compensated Participants who are participating in the Basic Plan, and either (1) whose pension or pension-related benefits
under the Basic Plan are limited pursuant to section 401(a)(17) or section 415 of the Code or (2) who are eligible to participate
in the American General Corporation Deferred Compensation Plan, shall be eligible for benefits under this Restoration Plan. In
no event shall an employee who is not eligible for benefits under the Basic Plan be eligible for a benefit under this Restoration
Plan.

 

		4.	Amount of Benefit

 

The benefit payable to an eligible employee
or his beneficiary under this Restoration Plan shall be the Actuarial Equivalent of the excess, if any, of (a) over (b):

 

(a)       the
benefit that would have been payable to such employee or on his behalf under the Basic Plan if such benefit were determined without
regard to the maximum amount of benefit limitations of section 415 of the Code, without regard to the considered compensation limitations
of section 401(a)(17) of the Code, as if the definition of Compensation under the Basic Plan as in effect on March 21, 1985 were
applicable for the period January 1, 1985 through March 20, 1985 and as if the definition of Compensation included executive deferred
compensation;

 

(b)       the
benefit which is in fact payable to such employee or on his behalf under the Basic Plan, as in effect from time to time.

 

		5.	Payment of Benefits

 

The benefit payable under this Restoration
Plan on account of an eligible employee’s death shall be paid to the same beneficiary or beneficiaries and in the same form
and at the same time or times as the limited benefits are payable to the employee’s beneficiary under the Basic Plan. The
benefit payable under this Restoration Plan for any reason other than on account of an eligible employee’s death shall be
payable in the form of a benefit for the life of the employee, beginning at his age sixty-five or, if later, his termination of
employment with the Employer. Notwithstanding the foregoing, however, the Committee may, in its sole discretion, direct that the
benefit payable under this Restoration Plan shall be paid in the same form as, and coincident with, the payment of the limited
benefit payments made to the eligible employee or on his behalf to his beneficiary or beneficiaries under the Basic Plan. Further,
notwithstanding any of the foregoing provisions of this Section 5, if an eligible employee becomes entitled to a lump sum payment
under Section 2.6 (or a successor section) of the American General Corporation Supplemental Executive Retirement Plan, the employee
shall receive the benefit payable under this Restoration Plan in the form of a lump sum amount, in cash, equal to the actuarial
equivalent of such benefit. Such lump sum amount shall be paid within the five (5) business days immediately following termination
of the employee’s employment.

 

		6.	Employee’s Rights

 

Except as otherwise specifically provided,
an employee’s rights under this Restoration Plan, including his rights to vested benefits, shall be the same as his rights
under the Basic Plan. Benefits payable under this Restoration Plan shall be a general, unsecured obligation of the Employer to
be paid by the Employer from its own funds, and such payments shall not (i) impose any obligation upon the Trust Fund under said
Basic Plan; (ii) be paid from the Trust Fund under said Basic Plan; or (iii) have any effect whatsoever upon the Basic Plan or
the payment of benefits from the Trust Fund under said Basic Plan. No employee or his beneficiary or beneficiaries shall have any
title to or beneficial ownership in any assets which the Employer may earmark to pay benefits hereunder.

 

    A-3

     

    

 

		7.	Amendment and Discontinuance

 

This Restoration Plan may be amended from
time to time, or terminated and discontinued at any time, in each case at the discretion of the Board of Directors of American
General Corporation. Notwithstanding the foregoing, no amendment shall be made, nor shall this Restoration Plan be terminated in
a manner which would reduce the benefits or rights to benefits of any employee accrued under the Restoration Plan (determined on
the basis of each employee’s presumed termination of employment as of the date of such amendment or termination) prior to
the later of the adoption or the effective date of such amendment or termination.

 

		8.	Restrictions on Assignment

 

The interest of an employee or his beneficiary
or beneficiaries may not be sold, transferred, assigned, or encumbered in any manner, either voluntarily or involuntarily, and
any attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge the same shall be null and void; neither
shall the benefits hereunder be liable for or subject to the debts, contracts, liabilities, engagements, or torts of any person
to whom such benefits or funds are payable, nor shall they be subject to garnishments, attachment, or other legal or equitable
process nor shall they be an asset in bankruptcy.

 

		9.	Nature of Agreement

 

This Restoration Plan is intended to constitute
an unfunded “excess benefit plan” within the meaning of sections 3(36) and 4(b)(5) of the Employee Retirement Income
Security Act of 1974, as amended, with respect to a part of the Restoration Plan and an unfunded “deferred compensation plan”
for a select group of management or highly-compensated employees within the meaning of sections 201(2), 301(a)(3) and 401(a)(1)
of the Employee Retirement Income Security Act of 1974, as amended, with respect to the remainder of the Restoration Plan. The
adoption of this Restoration Plan and any setting aside of amounts by the Employer with which to discharge its obligations hereunder
shall not be deemed to create a trust; legal and equitable title to any funds so set aside shall remain in the Employer, and any
recipient of benefits hereunder shall have no security or other interest in such funds. Any and all funds so set aside shall remain
subject to the claims of the general creditors of the Employer, present and future. This provision shall not require the Employer
to set aside any funds, but the Employer may set aside such funds if it chooses to do so. Notwithstanding the provisions of Sections
6 and 11 hereof and the foregoing provisions of this Section 9, American General Corporation may, in its discretion, establish
a trust to pay amounts becoming payable pursuant to this Restoration Plan, which trust shall be subject to the claims of the general
creditors of American General Corporation in the event of its bankruptcy or insolvency. Notwithstanding any establishment of such
a trust, the Employer shall remain responsible for the payment of any amounts so payable which are not so paid by such trust.

 

    A-4

     

    

 

		10.	Continued Employment

 

Nothing contained herein shall be construed
as conferring upon any employee the right to continue in the employ of the Employer in any capacity.

 

		11.	Binding on Employer, Employees and Their Successors

 

This Restoration Plan shall be binding upon
and inure to the benefit of the Employer, its successors and assigns and the employee and his heirs, executors, administrators
and legal representatives. The provisions of this Restoration Plan shall be applicable with respect to each Employer separately,
and amounts payable hereunder shall be paid by the Employer of the particular employee.

 

		12.	Employment with More Than One Employer

 

If any employee shall be entitled to benefits
under the Basic Plan on account of service with more than one Employer, the obligations under this Restoration Plan shall be apportioned
among such Employers on the basis of time of service with each, except that an Employer from whose employ such employee was transferred
prior to his retirement, death or disability shall be obligated with respect to employment prior to such transfer only to the extent
of an amount based on assumed pay increases in accordance with the scale used for computing the actuarial cost under the Basic
Plan for the year of the transfer. If obligations are so limited, the remaining obligations shall be borne by the last Employer.

 

		13.	Laws Governing

 

This Restoration Plan shall be construed
in accordance with and governed by the laws of the State of Texas.

 

EXECUTED as of the 31st day of December,
1998.

 

	 	AMERICAN GENERAL CORPORATION
	 	 
	 	By:	 
	 	 	Mark S. Berg
	 	 	Executive Vice President and General Counsel

 

    A-5

     

    

 

Appendix B

 

THE HARTFORD STEAM BOILER

Excess Retirement Benefit Plan

 

As Amended and Restated October 23, 1989

 

    B-1 

     

    

 

TABLE OF CONTENTS

  

	ARTICLE I PURPOSE	B-3
	ARTICLE II ELIGIBILITY	B-3
	ARTICLE III AMOUNT AND PAYMENT OF BENEFIT	B-3
	ARTICLE IV UNFUNDED OBLIGATIONS, TRUST AGREEMENT	B-4
	ARTICLE V TERMINATION AND MODIFICATION	B-4
	ARTICLE VI EFFECTIVE DATE	B-4
	ARTICLE VII CHANGE IN CONTROL	B-4
	ARTICLE VIII ASSIGNMENT AND ALIENATION	B-5

 

    B-2 

     

    

  

ARTICLE I

 

PURPOSE

 

The purpose of the Plan is to provide benefits
that would have been provided under The Hartford Steam Boiler Inspection and Insurance Company Retirement Plan (hereinafter the
“Retirement Plan”) but for the provisions of Section 415 of the Internal Revenue Code as referenced in Article IX
of the Retirement Plan.

 

ARTICLE II

 

ELIGIBILITY

 

Eligibility to participate in this Plan
shall be determined in accordance with the participation requirements contained in the Retirement Plan.

 

ARTICLE III

 

AMOUNT AND PAYMENT OF BENEFIT

 

The provisions of Articles I, II, III and
VI of the Retirement Plan and any future amendments thereto are incorporated herein by reference and apply to the benefit provided
herein insofar as they are not in conflict with the specific provisions contained under this Plan.

 

If a participant, except a Vested Terminated
Participant (as defined under Section 1.36 of the Retirement Plan), has a spouse at the time benefit payments hereunder are scheduled
to commence, benefits shall be paid to him in accordance with the Employee/Spouse Income Option described under Section 4.02(a)
of the Retirement Plan.

 

If a Vested Terminated Participant has a
spouse at the time benefit payments are scheduled to commence, benefits shall be paid to him in accordance with the Qualified Joint
and Survivor Annuity described under Section 4.02(b) of the Retirement Plan.

 

If a participant, including a Vested Terminated
Participant, does not have a spouse at the time benefit payments are scheduled to commence, benefits shall be paid to him in accordance
with the Employee Only Income Option described under Section 4.03 of the Retirement Plan.

 

This Plan will provide a retirement benefit
in an amount equal to the amount by which the retirement income, calculated in accordance with Article III of the Retirement Plan
without regard to Article IX of the Retirement Plan, is reduced after applying the limitations of Article IX.

 

For a participant, other than a Vested Terminated
Participant or a Disabled Participant, benefits shall commence on the first day of the month following participant’s actual
retirement date. For a Vested Terminated Participant or a Disabled Participant benefits shall commence on the first day of the
month following such participant’s Normal Retirement Date (as defined in the Plan).

 

    B-3 

     

    

 

ARTICLE IV

 

UNFUNDED OBLIGATIONS, TRUST AGREEMENT

 

The Company will pay from its general assets
all payments to be made hereunder. However, the Company may in its discretion establish a trust, escrow agreement or similar arrangement
in order to aid the Company in meeting its obligations hereunder.

 

Any assets transferred by the Company into
any such arrangement shall remain at all times assets of the Company and subject to the claims of the Company’s general creditors
in the event of bankruptcy or insolvency of the Company. No security interest in such assets shall be created in a participant’s
favor and a participant’s rights under this Plan and under any such arrangement shall be those of a general unsecured creditor
of the Company.

 

ARTICLE V

 

TERMINATION AND MODIFICATION

 

The Board of Directors of the Company may
at any time terminate or from time to time modify or suspend, and if suspended, may reinstate any or all of the provisions of this
Plan except that no modification or termination of this Plan may reduce any benefit that has accrued under this Plan as of the
date of modification or termination.

 

ARTICLE VI

 

EFFECTIVE DATE

The effective date of this Plan shall be
January 1, 1984.

 

ARTICLE VII

 

CHANGE IN CONTROL

 

In the event of a Change in Control of the
Company this Plan shall continue to be binding upon the Company, any successor in interest to the Company and all persons in control
of the Company or any successor thereto and no transaction or series of transactions shall have the effect of reducing or eliminating
the benefits payable to a participant that have not been distributed unless consented to in writing by such affected participant.
A “Change in Control” as referred to under this Section shall be deemed to have occurred if:

 

		(a)	any “person” (as defined in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company, is or becomes
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
the Company representing twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding
securities;

 

    B-4 

     

    

 

		(b)	during any period within two (2) consecutive years there shall cease to be a majority of the Board of Directors comprised as
follows: individuals who at the beginning of such period constitute the Board of Directors and any new director(s) whose election
by the Board of Directors or nomination for election by the Company’s shareholders was approved by a vote of at least two-thirds
(2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination
for election was previously so approved; or

 

		(c)	the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than (i)
a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing
to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than eighty
percent (80%) of the combined voting power of the voting securities of the Company (or such surviving entity) outstanding immediately
after such merger or consolidation or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no “person” (as hereinabove defined) acquires more than 25% of the combined voting power
of the Company’s then outstanding securities; or

 

		(d)	the shareholders of the Company approve (i) a plan of complete liquidation of the Company or (ii) the sale or other disposition
of all or substantially all the Company assets.

 

ARTICLE VIII

 

ASSIGNMENT AND ALIENATION

 

Benefits under this Plan may not be anticipated,
assigned (either at law or in equity), alienated, or subjected to attachment, garnishment, levy, execution or other legal or equitable
process. If any participant or beneficiary under this Plan becomes bankrupt or attempts to anticipate, alienate, sell, transfer,
assign, pledge, encumber or charge any benefit under this Plan, such benefit shall, in the discretion of the Committee, cease and
terminate, in which event the Committee may hold or apply the same or any part thereof for the benefit of such participant, his
beneficiary, his spouse, children, other dependents or any of such individuals, in such manner and in such proportion as the Committee
may deem proper.

 

    B-5 

     

    

 

Appendix
C

 

20TH CENTURY
INDUSTRIES

Supplemental
Pension Plan

(RESTATEMENT
NO. 1)

 

    C-1 

     

    

 

TABLE
OF CONTENTS

 

	ARTICLE I PURPOSE	C-3
	ARTICLE II DEFINITIONS	C-3
	2.1   "Committee"	C-3
	2.2   "Company"	C-3
	2.3   "Compensation"	C-3
	2.4   "Early Retirement Date"	C-4
	2.5   "Effective Date"	C-4
	2.6   "Eligible Employee"	C-4
	2.7   "Normal Retirement Date"	C-4
	2.8   "Participant"	C-4
	2.9   "Plan"	C-4
	2.10   "Plan Administrator"	C-4
	2.11   "Plan Year"	C-4
	2.12   "Qualified Pension Plan"	C-4
	2.13   "Separation from Service"	C-4
	ARTICLE III ELIGIBILITY AND PARTICIPATION	C-5
	3.1   Eligibility to Participate	C-5
	3.2   Certain Enrollment Procedures	C-5
	ARTICLE IV CALCULATION OF BENEFITS	C-5
	4.1   Benefits under this Plan	C-5
	4.2   Benefit Formula	C-5
	4.3   Offset of Benefit under the 20th Century Industries Supplemental Executive Retirement Plan	C-6
	4.4   Benefit Commencement at Early Retirement Date	C-6
	ARTICLE V VESTING OF BENEFITS	C-6
	ARTICLE VI PAYMENT OF BENEFITS	C-6
	6.1   Date of Payment	C-6
	6.2   Form of Payment	C-7
	ARTICLE VII DEATH AND DISABILITY BENEFITS	C-7
	7.1   Death Benefit	C-7
	7.2   Disability Benefit	C-8
	ARTICLE VIII RIGHT TO TERMINATE OR MODIFY PLAN	C-8
	ARTICLE IX NO ASSIGNMENT, ETC.	C-8
	ARTICLE X THE COMMITTEE	C-9
	ARTICLE XI RELEASE	C-9
	ARTICLE XII NO CONTRACT OF EMPLOYMENT	C-10
	ARTICLE XIII COMPANY'S OBLIGATION TO PAY BENEFITS	C-10
	ARTICLE XIV CLAIM REVIEW PROCEDURE	C-10
	ARTICLE XV ARBITRATION	C-11
	ARTICLE XVI MISCELLANEOUS	C-12
	16.1   Successor and Assigns	C-12
	16.2   Notices	C-12
	16.3   Limitations on Liability	C-12
	16.4   Certain Small Benefits	C-12
	16.5   Governing Law	C-12

 

    C-2 

     

    

 

ARTICLE
I

 

PURPOSE

 

The purpose of the 20th Century Industries Supplemental
Pension Plan (the “Plan”) is to attract and retain valuable executive employees by making available certain benefits
that otherwise would be unavailable under the Company's Qualified Pension Plan.

 

This Plan is designed to qualify as an unfunded plan of deferred
compensation for a select group of management or highly compensated employees described in 29 CFR § 2520.104-23
and Sections 201(a), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
Further, this Plan is a plan described in 4 U.S.C. Section 114 and Section 3121(v)(2)(C) of the Internal Revenue Code (“Code”),
established to pay retirement income after termination of employment, and maintained solely for the purpose of providing retirement
benefits for employees in excess of the limitations imposed by one or more of Sections 401(a)(17), 401(k), 401(m), 402(g), 403(b),
408(k), or 415 of such Code or any other limitation on contributions or benefits in such Code on plans to which any of such Sections
apply.

 

This instrument amends and restates the provisions of this Plan,
this amendment and restatement to be effective as of January 1, 1996.

 

ARTICLE
II

 

DEFINITIONS

 

The following terms shall have the meanings set forth below
in this Article II, when capitalized:

 

		2.1	"Committee"

 

means the committee appointed to
administer the Plan in accordance with Article X.

 

		2.2	"Company"

 

means 20th Century Industries,
and shall include any corporation that is affiliated with 20th Century Industries, and which, by designation by the Chief
Executive Officer of 20th Century Industries, is included within the meaning of the term "Company," with the result
that otherwise eligible executives of such entity may participate herein.

 

		2.3	"Compensation"

 

means compensation as defined in
the Qualified Pension Plan determined, however, without regard to the limitations of Section 401(a)(17) and prior to any reduction
for compensation deferrals under the 20th Century Industries 401(k) Supplemental Plan, the 20th Century Industries Savings
and Security Plan and any salary reduction pursuant to Code Section 125 or 129.

 

    C-3 

     

    

 

		2.4	"Early Retirement Date"

 

means Early Retirement Date as defined
in the Qualified Pension Plan.

 

		2.5	"Effective Date"

 

means January 1, 1996.

 

		2.6	"Eligible Employee"

 

means an employee of the Company
who on or after the Effective Date has Compensation for a Plan Year in excess of the applicable limit under Section 401(a)(17)
of the Internal Revenue Code, except as provided in Section 3.2.

 

		2.7	"Normal Retirement Date"

 

means Normal Retirement Date as
defined in the Qualified Pension Plan.

 

		2.8	"Participant"

 

means each Eligible Employee who
has commenced to participate in this Plan in accordance with Article III.

 

		2.9	"Plan"

 

means the 20th Century Industries
Supplemental Pension Plan, as set forth herein.

 

		2.10	"Plan Administrator"

 

means 20th Century Industries.
For purposes of Section 3(16)(A) of ERISA, 20th Century Industries shall be the "plan administrator" and shall be
responsible for compliance with any applicable reporting and disclosure requirements imposed by ERISA.

 

		2.11	"Plan Year"

 

means the fiscal period commencing
each January 1 and ending the following December 31.

 

		2.12	"Qualified Pension Plan"

 

means the 20th Century Industries
Pension Plan, as in effect from time to time.

 

		2.13	"Separation from Service"

 

means any separation from service
of the Company for any reason. In the case of a Participant on disability, Separation from Service shall be deemed to occur when
long term disability coverage commences, unless otherwise determined by the Committee.

 

    C-4 

     

    

 

ARTICLE
III

 

ELIGIBILITY AND PARTICIPATION

 

		3.1	Eligibility to Participate

 

Subject to the provisions of Section
3.2 below, each Eligible Employee shall become a Participant as of the later of the Effective Date or the date on which the person
becomes an Eligible Employee.

 

		3.2	Certain Enrollment Procedures

 

As a condition of participation
or continued participation in this Plan the Committee may require an Eligible Employee to deliver to the Committee such properly
completed enrollment forms and agreements as the Committee may require. Such forms or agreements may permit an Eligible employee
to designate a form of payment applicable to all benefits payable hereunder. Such designation shall be irrevocable, unless the
Committee, in its sole discretion, permits an Eligible Employee to change his or her election of payment method to a method providing
payments over a longer period of time than originally elected by the Eligible Employee and which will not reasonably result in
any increase in the amount otherwise payable in any taxable year of the Participant during which payment would have been made under
the method of payment previously elected. No payment option shall be selected by a Participant which is not among a list of payment
options generally made available to all Participants by the Committee at the time of such selection. No assurance regarding the
tax effects of making such change is provided to a participant who elects to change a form of payment.

 

Commencement or recommencement of
active participation or status as an Eligible Employee following any Separation from Service or other interruption of employment
shall be on such terms and under such conditions as the Committee may, in its discretion, provide.

 

ARTICLE
IV

 

CALCULATION OF BENEFITS

 

		4.1	Benefits under this Plan

 

A Participant's benefits under this
Plan shall be calculated as provided in this Article IV, provided, however, that a Participant's eligibility to receive a benefit
hereunder shall be subject to succeeding provisions of this Plan.

 

		4.2	Benefit Formula

 

A Participant's benefit payable
under this Plan, expressed in the form of an annual benefit payable commencing at the Participant's Normal Retirement Age and payable
for the lifetime of the Participant, shall be equal to (a) minus (b) below where:

 

		(a)	equals the benefit payable on the Participant's Normal Retirement Date determined in accordance with the terms of the Qualified
Pension Plan (except that for purposes of this Subsection 4.2(a), the Participant's Compensation shall be determined under this
Plan), and

 

		(b)	equals the benefit payable on the Participant's Normal Retirement Date determined in accordance with the terms of the Qualified
Pension Plan.

 

    C-5 

     

    

 

		4.3	Offset of Benefit under the 20th Century Industries Supplemental Executive Retirement Plan

 

If a Participant under this Plan
is entitled to receive benefits under the 20th Century Industries Supplemental Executive Retirement Plan (the "SERP"),
such Participant's benefit under this Plan shall be offset, but not below zero (0) by an amount equal to the actuarial equivalent
of the SERP benefit.

 

		4.4	Benefit Commencement at Early Retirement Date

 

If a Participant's benefit under
this Plan commences to be paid on a Participant's Early Retirement Date, the benefit calculated as provided in Section 4.2 shall
be reduced to reflect the longer anticipated period of time that such benefit is to be paid, and such reduction shall be determined
in the same manner as a reduction is computed under the Qualified Pension Plan in the case of a Participant who retires under such
Qualified Pension Plan at an Early Retirement Date.

 

ARTICLE
V

 

VESTING OF BENEFITS

 

A Participant's interest in his benefit under this Plan shall
become vested and nonforfeitable in accordance with the provisions of the Qualified Pension Plan (including provisions of the Qualified
Pension Plan relating to vesting upon termination, partial termination or other vesting event under such plan). Notwithstanding
the preceding provisions of this Article V, in the event of a Participant's Separation of Service following a “Change
in Control” as such term is defined from time to time in the 20th Century Industries Supplemental Executive Retirement
Plan, a Participant's interest in his or her benefits under the Plan shall become fully vested and nonforfeitable.

 

ARTICLE
VI

 

PAYMENT OF BENEFITS

 

		6.1	Date of Payment

 

Except as otherwise provided in
Article VII and subject to the provisions of Article V, a Participant's benefit hereunder, payable on account of a Separation from
Service, shall commence to be paid as soon as practicable following the later of (a) the date of such Separation from Service or
(b) the earlier of (i) the date on which the Participant attains (or would have attained if the Participant then were in active
employment) Early Retirement Date, or (ii) the Participant's Normal Retirement Date.

 

    C-6 

     

    

 

		6.2	Form of Payment

 

		(a)	Single Life Annuity. The normal form of payment under the Plan for a Participant who is not married on the date of commencement
of his or her benefits hereunder shall be a single life annuity providing monthly payments for the life of the Participant, and
under which all benefit payments cease as of the date of death of the Participant.

 

		(b)	Joint and Survivor Annuity. The normal form of benefit payable to a Participant who is lawfully married to a spouse
on the date of commencement of his or her benefits hereunder shall be an actuarially equivalent fifty percent (50%) joint and survivor
annuity, providing reduced monthly payments during such Participant's life, and providing continued monthly payments after the
Participant's death to the spouse to whom the participant is married on the date of his or her commencement of benefits hereunder.
Each such continued monthly payments payable to the surviving spouse shall be fifty percent (50%) of the monthly payment amount
payable during the Participant's lifetime. The reduction in the Participant's monthly benefits shall be determined by application
of the same reduction factors as are applied for purposes of determining such reduction under the Qualified Pension Plan. Continuing
payments to a surviving spouse shall continue during the life of the surviving spouse and shall cease on the date of death of such
surviving spouse.

 

		(c)	Whenever, under this Plan it becomes necessary to determine the actuarial equivalence of one or more forms of benefits, such
determination shall be made by application of such actuarial factors and rates as would then be applied for such purpose under
the Qualified Pension Plan.

 

ARTICLE
VII

 

DEATH AND DISABILITY BENEFITS

 

		7.1	Death Benefit

 

In the event of the death of a Participant
prior to commencement of benefit payments hereunder, a death benefit shall be payable to the spouse to whom such Participant is
lawfully married on the date of the Participant's death. Such benefit shall consist of monthly payments, each of which is equal
to the monthly amount that would have been paid to such spouse (a) had the Participant's Separation from Service occurred on the
later of (i) the Participant's date of death, or (ii) the earlier of the Participant's Early Retirement Date or Normal Retirement
Date, (b) had the Participant's benefit commenced to be paid as the joint and survivor annuity described in Section 6.2, and (c)
had the Participant's death occurred immediately after such commencement of benefits. Such death benefit shall begin to be paid
as soon as practicable after the latest of (a) the Participant's date of death, (b) the earlier of the Participant's Early Retirement
Date or Normal Retirement Date, and (c) the date on which such benefit applications, releases, and other documents as the Committee
may require to be given are received by the Committee in form and manner satisfactory to the Committee. Death benefit payments
shall cease as of the date of death of the spouse receiving such payments. No benefit shall be payable to any person other than
a spouse described in the first sentence of this Section 7.1. This Plan shall not be required to give effect to disclaimers, whether
made under state or federal law. This Section 7.1 shall not apply in the case of the death of a Participant after payments have
commenced to be made with respect to such Participant.

 

    C-7 

     

    

 

		7.2	Disability Benefit

 

If a Participant incurs a Total
and Permanent Disability, as such term is defined from time to time under Qualified Pension Plan, prior to commencement of benefits
hereunder and such Participant at the date of the occurrence of such Total and Permanent Disability is an Eligible Employee, such
Participant shall continue to accrue benefits under this Plan in the same manner as provided in the Qualified Plan during the continuation
of such Total and Permanent Disability, but not beyond the date determined under the Qualified Pension Plan. Such Participant shall
be entitled to receive his/her benefit under this Plan upon attaining his/her Normal Retirement Date.

 

ARTICLE
VIII

 

RIGHT TO TERMINATE OR MODIFY PLAN

 

By action of its Board of Directors, 20th Century Industries
may modify or terminate this Plan without further liability to any Eligible Employee or former employee or any other person. Notwithstanding
the preceding provisions of this Article VIII, except as expressly required by law, this Plan may not be modified or terminated
as to any Participant in a manner that adversely affects the payment of benefits theretofore accrued by such Participant to the
extent such benefits have become vested, except that in the event of the termination of the Plan as to all Participants, this Plan
may in the sole discretion of the Board of Directors be modified to accelerate payment of benefits to Participants.

 

ARTICLE
IX

 

NO ASSIGNMENT, ETC.

 

Benefits under this Plan may not be assigned or alienated and
shall not be subject to the claims of any creditor. A Participant shall not be permitted to borrow under the Plan, nor shall a
Participant be permitted to pledge or otherwise use his benefits hereunder as security for any loan or other obligation. No payments
shall be made to any person or persons other than expressly provided herein, or on any date or dates other than as expressly provided
herein.

 

It is each Participant's sole responsibility to obtain such
consents, and to take such other actions as may be necessary or appropriate in connection with participation in this Plan, including
but not limited to obtaining spousal or other consents, as may be necessary or appropriate to reflect marital property, support,
or other obligations arising under contract, order or by operation of law.

 

    C-8 

     

    

 

ARTICLE
X

 

THE COMMITTEE

 

		(a)	The appointment, removal and resignation of members of the Committee shall be governed by the Board of Directors of 20th Century
Industries. Subject to change by the said Board, the membership of the Committee shall be the same as the membership of the Committee
of the Qualified Pension Plan.

 

		(b)	The Committee shall have authority to oversee the management and administration of the Plan, and in connection therewith is
authorized in its sole discretion to make, amend and rescind such rules as it deems necessary for the proper administration of
the Plan, to make all other determinations necessary or advisable for the administration of the Plan and to correct any defect
or supply any omission or reconcile any inconsistency in the Plan in the manner and to the extent that the Committee deems desirable
to carry the Plan into effect. The powers and duties of the Committee shall include without limitation, the following:

 

		(i)	Resolving all questions relating to the eligibility of select management and highly compensated employees to become Participants;
and

 

		(ii)	Resolving all questions regarding payment of benefits under the Plan and other questions regarding plan participation.

 

Any action taken or determination
made by the Committee shall be conclusive on all parties. The exercise of or failure to exercise any discretion reserved to the
Committee to grant or deny any benefit to a Participant or other person under the Plan shall in no way require the Committee or
any person acting on behalf thereof, to similarly exercise or fail to exercise such discretion with respect to any other Participant.

 

ARTICLE
XI

 

RELEASE

 

As a condition to making any payment under the Plan, or to giving
effect to any election or other action under the Plan by any Participant or any other person, the Plan Administrator may require
such consents or releases as it determines to be appropriate, and further may require any such designation, election or other action
to be in writing, in a prescribed form and to be filed with the Committee in a manner prescribed by the Committee. In the event
the Committee determines, in its discretion, that multiple conflicting claims may be made as to all or a part of a benefit accrued
hereunder by a Participant, the Committee may delay the making of any payment until such conflict or multiplicity of claims is
resolved.

 

    C-9 

     

    

 

ARTICLE
XII

 

NO CONTRACT OF EMPLOYMENT

 

This Plan shall not be deemed to give any employee the right
to be retained in the employ of the Company or to interfere with the right of the Company to discharge or retire any employee at
any time, nor shall this Plan interfere with the right of the Company to establish the terms and conditions of employment of any
employee.

 

ARTICLE
XIII

 

COMPANY'S OBLIGATION TO PAY BENEFITS

 

Nothing contained in this Plan and no action taken pursuant
to the provisions of this Plan shall create or be construed to create a trust of any kind, or a fiduciary relationship between
the Company, and any Employee, an Employee's spouse or former spouse or any other person. Funds to provide benefits under the provisions
of this Plan shall continue for all purposes to be a part of the general funds of the Company. To the extent that any person acquires
a right to receive payments from the Company under this Plan such right shall be no greater than the right of any unsecured general
creditor of the Company. Notwithstanding the preceding provisions of this Article XIII, assets may be transferred by the Company
to a trust constituting a "rabbi trust," for the purpose of providing benefits described herein.

 

ARTICLE
XIV

 

CLAIM REVIEW PROCEDURE

 

		(a)	A person who believes that he or she has not received all payments to which he or she is entitled under the terms of this Plan
may submit a claim therefor. Within ninety (90) days following receipt of a claim for benefits under this Plan, and all necessary
documents and information, the Committee or its authorized delegate reviewing the claim shall, if the claim is not approved, furnish
the claimant with written notice of the decision rendered with respect to the application.

 

		(b)	The written notice contemplated in (a) above shall set forth:

 

		(i)	the specific reasons for the denial, with reference to the Plan provisions upon which the denial is based;

 

		(ii)	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

 

		(iii)	an explanation of the Plan's claim review procedure.

 

    C-10 

     

    

 

		(c)	A claimant who wishes to contest the denial of his claim for benefits or to contest the amount of benefits payable to him shall
follow the procedures for an appeal of benefits as set forth below, and shall exhaust such administrative procedures prior to seeking
any other form of relief.

 

		(d)	A claimant who does not agree with the decision rendered as provided above in this Article XIV with respect to his application
may appeal the decision to the Committee. The appeal shall be made, in writing, within sixty (60) days after the date of notice
of such decision with respect to the application. If the application has neither been approved nor denied within the ninety-day
(90) period provided in (a) above, then the appeal shall be made within sixty (60) days after the expiration of the ninety-day
(90) period.

 

		(e)	The claimant may request that his application be given full and fair review by the Committee. The claimant may review all pertinent
documents and submit issues and comments in writing in connection with the appeal. The decision of the Committee shall be made
promptly, and not later than sixty (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
one hundred twenty (120) days after receipt of a request for review. The decision by the Committee 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
reference to the pertinent Plan provisions upon which the decision is based.

 

ARTICLE
XV

 

ARBITRATION

 

A claimant may contest the Committee's denial of his or her
appeal only by submitting the matter to arbitration. In such event, the claimant and the Committee shall select an arbitrator from
a list of names supplied by the American Arbitration Association in accordance with such Association's procedures for selection
of arbitrators, and the arbitration shall be conducted in accordance with the rules of such Association. The arbitrator's authority
shall be limited to the affirmance or reversal of the Committee's denial of the appeal, and the arbitrator shall have no power
to alter, add to or subtract from any provision of this Plan. Except as otherwise required by the Employee Retirement Income Security
Act of 1974, the arbitrator's decision shall be final and binding on all parties, if warranted on the record and reasonably based
on applicable law and the provisions of this Plan.

 

    C-11 

     

    

 

ARTICLE
XVI

 

MISCELLANEOUS

 

		16.1	Successor and Assigns

 

The Plan shall be binding upon and
shall inure to the benefit of the Company, its successors and assigns, and all Participants.

 

		16.2	Notices

 

Any notice or other communication
required or permitted under the Plan shall be in writing, and if directed to the Company shall be sent to the Committee or its
authorized delegate, and if directed to a Participant shall be sent to such Participant at his last known address as it appears
on the records of the Company.

 

		16.3	Limitations on Liability

 

		(a)	The Company does not warrant any tax benefit nor any financial benefit under the Plan. Without limitation to the foregoing,
the Company and its officers, employees and agents shall be held harmless by the Participant or Beneficiary from, and shall not
be subject to any liability on account of, the federal or state or local income tax consequences, or any other consequences of
any deferrals or credits with respect to Participants under the Plan.

 

		(b)	The Company, its officers, employees, and agents shall be held harmless by the Participant from, and shall not be subject to
any liability hereunder for, all acts performed in good faith.

 

		16.4	Certain Small Benefits

 

Notwithstanding any other provision
of this Plan to the contrary, in the case of a Participant whose annual benefit hereunder is not in excess of $2,000, the Committee
may, in its sole discretion, distribute an amount equal to the actuarial equivalent value of future anticipated benefits, determined
in accordance with such actuarial factors and interest rate assumptions utilized from time to time under the Qualified Pension
Plan for purposes of making lump sum payments thereunder.

 

		16.5	Governing Law

 

This Plan is subject to the laws
of the State of California, to the extent not preempted by ERISA.

 

    C-12 

     

    

 

IN WITNESS WHEREOF, 20th Century
Industries has caused this instrument to be executed by its duly authorized officers, effective as of the Effective Date set forth
hereinabove.

 

	 	20TH CENTURY INDUSTRIES
	 	 
	 	By:	 
	 	 
	 	By:	 

 

    C-13 

     

    

 

Appendix
D

 

Treatment of Employees Transferring with
the Sale of United Guaranty Corporation

 

With respect to each Participant who is an Active Employee
of United Guaranty Corporation and its Subsidiaries (collectively, “UGC”) as of December 31, 2016 (the
“Closing Date”), the date that the sale described in the Stock Purchase Agreement dated August 15, 2016 between
the Company and Arch Capital Group, Ltd. (“Arch”) (the “Purchase Agreement”) closes (a
“Departing UGC Participant”), the terms and conditions set forth in this Appendix D shall apply solely with
respect to Departing UGC Participants, effective as of December 31, 2016:

 

		1.	Appendix D Definitions

 

a.       
Solely for purposes of this Appendix D, an “Active Employee” means each person who as of the Closing Date (a)
is an actively employed Employee performing services for UGC and (b) each person who is an Employee of UGC as of the Closing
Date who is absent from employment due to illness, vacation, injury, military service or other authorized absence (including each
Employee who is “disabled” under the short-term disability program currently in place for UGC, who is on approved leave
under the Family and Medical Leave Act or who is on leave due to a workplace injury covered by a workers’ compensation policy
or program incurred within the six (6) months prior to the Closing Date) other than Employees on long-term disability or other
unpaid medical leave and Employees who are on leave due to a workplace injury covered by a workers’ compensation policy or
program incurred more than six (6) months prior to the Closing Date.

 

b.      
Solely for purposes of this Appendix D, “Subsidiaries” means those subsidiaries of United Guaranty Corporation
that are sold to Arch pursuant to the Purchase Agreement.

 

		2.	Definition of Disability

 

For purposes of Section 1.10, the definition of the
term “Disability,” for a Departing UGC Participant the word “Company” shall include both UGC and Arch.

 

    D-1 

     

    

 

		3.	Definition of Separation from Service

 

With respect to Departing UGC Participants, the definition
of “Separation from Service” in Section 1.33 of the Plan means the Departing UGC Participant has terminated employment
(other than by death or Disability) with Arch and its subsidiaries (including UGC).

 

		4.	Vesting

 

Notwithstanding the first two sentences of Article
5 of the Plan, effective as of December 31, 2016, the Excess Retirement Income of a Departing UGC Participant shall become non-forfeitable,
and the first sentence of the second paragraph of Article 5 shall not apply to a Departing UGC Participant.

 

		5.	Entitlement to Benefits

 

For a Departing UGC Participant, Section 3.1 of the
Plan shall read as is set forth below:

 

3.1    Early, Normal, Postponed and Disability Retirement.
A Departing UGC Participant in the Plan who has a Separation from Service on or after December 31, 2016 shall be entitled to the
Excess Retirement Income described in Article 4 of the Plan. If a Departing UGC Participant incurs a Disability, the Departing
UGC Participant shall be entitled to receive the Excess Disability Retirement Income described in Section 4.5.

 

For a Departing UGC Participant, the first sentence
of Section 3.2 shall not apply and shall be replaced with the following sentence:

 

3.2    A Departing UGC Participant who has a Separation
from Service prior to Normal Retirement Date (other than by death or by incurring a Disability) shall be entitled to an Early Excess
Retirement Income in accordance with Section 4.3.

 

    D-2 

     

    

 

		6.	Benefit

 

For a Departing UGC Participant, Section 4.3(f) shall
read as is set forth below:

 

4.3(f)  If the Departing UGC Participant is not eligible
for Early Retirement under the Qualified Plan, the Frozen Accrued Benefit and the Grandfathered Accrued Benefit shall be the amounts
that would be payable at Normal Retirement Date, but reduced by 6-2/3% for each of the first 5 years (and a fraction thereof for
each full month) that retirement precedes age 65 and 3-1/3% for each of the next 5 years (and a fraction thereof for each full
month) that retirement precedes age 60 and by an actuarial equivalent amount for retirement ages below age 55. With respect to
retirement ages prior to age 55, the reduction will be based on an actuarial equivalent of the benefit payable at age 55. Actuarial
equivalence will be based on the rate of interest determined under Code section 417(e)(3) as modified in other applicable guidance
(including without limitation Revenue Ruling 2007-67) for the third calendar month prior to the calendar year in which benefits
are scheduled to commence and the mortality table under Code section 417(e) in effect on the date benefits are scheduled to commence.

 

		7.	Death.

 

In Section 7.2, the following phrase that appears
in both the ultimate and penultimate sentences in that Section is eliminated with respect to Departing UGC Participants:

 

“or , if later, within 90
days after the Participant would have attained age 55”

 

    D-3 

     

    

 

Appendix
E

 

Treatment of Employees Transferring with
the Sale of Fortitude Group Holdings, LLC

 

With respect to each Participant who is an Active Employee of
Fortitude Group Holdings, Inc. and its Subsidiaries (collectively, “Fortitude”) as of June 2, 2020 (the “Closing
Date”), the date that the sale described in the Stock Purchase Agreement dated November 25, 2019 between the Company and
Carlyle FRL, L.P. and T&D Capital Co., Ltd. (the “Fortitude Buyers”) (the “Purchase Agreement”) closes
(a “Departing Fortitude Participant”), the terms and conditions set forth in this Appendix E shall apply solely with
respect to Departing Fortitude Participants, effective as of June 2, 2020:

 

		1.	Appendix E Definitions

 

a.    Solely for purposes of this Appendix E, an “Active
Employee” means each person who as of the Closing Date (a) is an actively employed Employee performing services for Fortitude
and (b) each person who is an Employee of Fortitude as of the Closing Date who is absent from employment due to illness, vacation,
injury, military service or other authorized absence (including each Employee who is “disabled” under the short-term
disability program currently in place for Fortitude, who is on approved leave under the Family and Medical Leave Act or who is
on leave due to a workplace injury covered by a workers’ compensation policy or program incurred within the six (6) months
prior to the Closing Date) other than Employees on long-term disability or other unpaid medical leave and Employees who are on
leave due to a workplace injury covered by a workers’ compensation policy or program incurred more than six (6) months prior
to the Closing Date.

 

b.    Solely for purposes of this Appendix E, “Subsidiaries”
means those subsidiaries of Fortitude Group Holdings, Inc. that are sold to the Fortitude Buyers pursuant to the Purchase Agreement.

  

		2.	Definition of Disability

 

For purposes of Section 1.10, the definition of the
term “Disability,” for a Departing Fortitude Participant the word “Company” shall include both Fortitude
and the Fortitude Buyers.

 

    E-1 

     

    

 

		3.	Definition of Separation from Service

 

With respect to Departing Fortitude Participants,
the definition of “Separation from Service” in Section 1.33 of the Plan means the Departing Fortitude Participant has
terminated employment (other than by death or Disability) with the Fortitude Buyers and its Subsidiaries (including Fortitude).

 

		4.	Vesting

 

Notwithstanding the first two sentences of Article
5 of the Plan, effective as of June 2, 2020, the Excess Retirement Income of a Departing Fortitude Participant shall become non-forfeitable,
and the first sentence of the second paragraph of Article 5 shall not apply to a Departing Fortitude Participant.

 

		5.	Entitlement to Benefits

 

For a Departing Fortitude Participant, Section 3.1
of the Plan shall read as is set forth below:

 

3.1    Early, Normal, Postponed and Disability Retirement.
A Departing Fortitude Participant in the Plan who has a Separation from Service on or after June 2, 2020 shall be entitled to the
Excess Retirement Income described in Article 4 of the Plan. If a Departing Fortitude Participant incurs a Disability, the Departing
Fortitude Participant shall be entitled to receive the Excess Disability Retirement Income described in Section 4.5.

 

For a Departing Fortitude Participant, the first sentence
of Section 3.2 shall not apply and shall be replaced with the following sentence:

 

3.2    A Departing Fortitude Participant who has a Separation
from Service prior to Normal Retirement Date (other than by death or by incurring a Disability) shall be entitled to an Early Excess
Retirement Income in accordance with Section 4.3.

 

    E-2 

     

    

 

		6.	Benefit

 

For a Departing Fortitude Participant, Section 4.3(f)
shall read as is set forth below:

 

4.3(f)   If the Departing Fortitude Participant is not
eligible for Early Retirement under the Qualified Plan, the Frozen Accrued Benefit and the Grandfathered Accrued Benefit shall
be the amounts that would be payable at Normal Retirement Date, but reduced by 6-2/3% for each of the first 5 years (and a fraction
thereof for each full month) that retirement precedes age 65 and 3-1/3% for each of the next 5 years (and a fraction thereof for
each full month) that retirement precedes age 60 and by an actuarial equivalent amount for retirement ages below age 55. With respect
to retirement ages prior to age 55, the reduction will be based on an actuarial equivalent of the benefit payable at age 55. Actuarial
equivalence will be based on the rate of interest determined under Code section 417(e)(3) as modified in other applicable guidance
(including without limitation Revenue Ruling 2007-67) for the third calendar month prior to the calendar year in which benefits
are scheduled to commence and the mortality table under Code section 417(e) in effect on the date benefits are scheduled to commence.

 

		7.	Death.

 

In Section 7.2, the following phrase that appears
in both the ultimate and penultimate sentences in that Section is eliminated with respect to Departing Fortitude Participants:

 

“or , if later, within 90
days after the Participant would have attained age 55”

 

    E-3

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