Document:

exv10w1

Exhibit 10.1

Execution Copy

EMPLOYMENT AGREEMENT

     This agreement (“Agreement”) has been entered into as of the 15th day of September, 2008 by
and between Federal Signal Corporation, a Delaware corporation (the “Company”), and William H.
Osborne, an individual (the “Executive”).

RECITALS

     The Board of Directors of the Company has determined that it is in the best interests of the
Company and its stockholders to hire the Executive as its President and Chief Executive Officer.
To reinforce and encourage the continued attention and dedication of the Executive to the Company
as the Company’s President and Chief Executive Officer and to assure that the Company will have the
continued dedication of the Executive, notwithstanding the possibility or occurrence of a Change in
Control (as defined below), the Board desires to provide for the continued employment of the
Executive as its President and Chief Executive Officer on terms competitive with those of other
corporations.

     Additionally, the Board believes it is imperative to diminish the inevitable distraction of
the Executive by virtue of the personal uncertainties and risks created by a potential or pending
Change in Control and to encourage the Executive’s full attention and dedication to the Company
currently and in the event of any potential or pending Change in Control, and to provide the
Executive with compensation and benefits arrangements upon any termination after a Change in
Control and certain terminations of employment prior to a Change in Control which ensure that the
compensation and benefits expectations of the Executive will be satisfied.

     To accomplish these objectives, the Board has caused the Company to enter into this Agreement.
On behalf of the Company, the Board offers to employ the Executive in the capacity of its
President and Chief Executive Officer and the Executive accepts this offer on the terms and
conditions set forth in this Agreement.

IT IS AGREED AS FOLLOWS:

Section 1: Definitions and Construction.

     1.1 Definitions. For purposes of this Agreement, the following words and phrases, whether or
not capitalized, shall have the meanings specified below, unless the context plainly requires a
different meaning.

          1.1(a) “Accrued Obligations” has the meaning set forth in Section 4.1(a) of this Agreement.

          1.1(b) “Annual Base Salary” has the meaning set forth in Section 2.4(a) of this Agreement.

 

 

          1.1(c) Beneficial Owner” shall have the meaning ascribed to such term in Rule 13d-3 of the
General Rules and Regulations under the Securities and Exchange Act of 1934, as amended.

          1.1(d) “Board” means the Board of Directors of the Company.

          1.1(e) “Cause” has the meaning set forth in Section 3.3 of this Agreement.

          1.1(f) “Change in Control” means:

          (i) Any person (other than the Company, or any corporation owned, directly or indirectly, by
the stockholders of the Company in substantially the same proportions as their ownership of stock
of the Company, and any trustee or other fiduciary holding securities under an employee benefit
plan of the Company or such proportionately owned corporation), is or becomes the Beneficial Owner,
directly or indirectly, of securities of the Company representing forty percent (40%) or more of
the combined voting power of the Company’s then outstanding securities;

          (ii) During any period of not more than twenty-four (24) consecutive months, individuals who
at the beginning of such period constitute the Board, and any new director whose election by the
Board or nomination for election by the Company’s stockholders 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, cease for
any reason to constitute at least a majority thereof;

          (iii) The consummation of 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 sixty
percent (60%) 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 acquires more than forty percent (40%) of the combined voting power of the
Company’s then outstanding securities;

          (iv) The Company’s stockholders approve a plan or an agreement for the sale or disposition by
the Company of all or substantially all of the Company’s assets (or any transaction or series of
transactions having a similar effect); or

          (v) Any other transaction that the Board designates as being a Change in Control.

          1.1(g) “Change in Control Date” means the date that the Change in Control first occurs.

          1.1(h) “Company” has the meaning set forth in the first paragraph of this Agreement and, with
regard to successors, in Section 6.2 of this Agreement.

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          1.1(i) “Code” shall mean the Internal Revenue Code of 1986, as amended.

          1.1(j) “Date of Termination” has the meaning set forth in Section 3.7 of this Agreement. In
all cases, a “Date of Termination” shall only occur upon separation from service from the Company
and all of its affiliates, as defined in Treasury regulations under Section 409A of the Code
(generally, separation from the 50% controlled group that includes the Company).

          1.1(k) “Disability” shall be defined and determined consistent with the meaning and the
processes set forth in the Company’s then current applicable disability policy.

          1.1(l) “Disability Effective Date” has the meaning set forth in Section 3.2 of this Agreement.

          1.1(m) “Effective Date” means the first day of the Executive’s employment with the Company.

          1.1(n) “Employment Period” means the period beginning on the Effective Date and subject to
either party giving the other party written notice at least 120 days before the expiration of the
Term (as defined in Section 1.1(w) hereof) of such party’s intent not to renew this Agreement,
ending on the later of (i) December 31, 2010, or (ii) December 31 of any successive three (3) year
period.

          1.1(o) “Excise Tax” has the meaning set forth in Section 4.2(i)(i) of this Agreement.

          1.1(p) “Good Reason” has the meaning set forth in Section 3.4 of this Agreement.

          1.1(q) “Gross-Up Payment” has the meaning set forth in Section 4.2(i)(i) of this Agreement.

          1.1(r) “Initial Equity Grant” has the meaning set forth in Section 2.4(c) of this
Agreement.

          1.1(s) “Notice of Termination” has the meaning set forth in Section 3.6 of this Agreement.

          1.1(t) “Payment” has the meaning set forth in Section 4.2(i)(i) of this Agreement.

          1.1(u) “Prorated Target Bonus” has the meaning set forth in Section 4.2(a) of this Agreement.

          1.1(v) “Target Bonus” has the meaning set forth in Section 2.4(b) of this Agreement.

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          1.1(w) “Term” means the period that begins on the Effective Date and ends on the earlier of
(i) the Date of Termination (as defined in Section 3.7), or (ii) subject to either party giving the
other party written notice at least 120 days prior thereto, the close of business on the later of
December 31, 2010 or December 31 of any renewal term.

     1.2 Gender and Number. When appropriate, pronouns in this Agreement used in the masculine
gender include the feminine gender, words in the singular include the plural, and words in the
plural include the singular.

     1.3 Headings. All headings in this Agreement are included solely for ease of reference and do
not bear on the interpretation of the text. Accordingly, as used in this Agreement, the term
“Section” mean the text that accompanies the specified Section of the Agreement.

     1.4 Applicable Law. This Agreement shall be governed by and construed in accordance with the
internal laws of the State of Illinois, without reference to its conflict of law principles.

Section 2: Terms and Conditions of Employment.

          2.1 Period of Employment. The Company shall employ and the Executive shall remain in the
employ of the Company throughout the Term of this Agreement in accordance with the terms and
provisions of this Agreement. This Agreement will automatically renew for successive three-year
periods unless either party gives the other party written notice of such party’s intent not to
renew this Agreement at least 120 days before the expiration of the Term (as defined in Section
1.1(w) of this Agreement).

          2.2 Positions and Duties.

          2.2(a) Throughout the Term of this Agreement, the Executive shall serve as the President and
Chief Executive Officer of the Company subject to the reasonable directions of the Board. The
Executive shall have such authority and shall perform such duties as are specified by the By-laws
of the Company and the Board for the office of President and Chief Executive Officer, subject to
the control exercised by the Board from time to time.

          2.2(b) Throughout the Term of this Agreement (but excluding any periods of vacation and sick
leave to which the Executive is entitled), the Executive shall devote reasonable attention and time
during normal business hours to the business and affairs of the Company and shall use his
reasonable best efforts to perform faithfully and efficiently such responsibilities as are assigned
to him consistent with his position, under or in accordance with this Agreement; provided that, it
shall not be a violation of this Section 2.2(b) for the Executive to (i) serve on corporate, civic
or charitable boards or committees with or without compensation, (ii) deliver lectures or fulfill
speaking engagements, with or without compensation, or (iii) manage personal investments, so long
as such activities do not significantly interfere with the performance of the Executive’s
responsibilities as an employee of the Company in accordance with this Agreement,

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violate the terms of this Agreement or any other agreement between the Executive and the
Company, or violate the Company’s conflict of interest policy or any applicable law.

     2.3 Situs of Employment. Throughout the Term of this Agreement, the Executive’s services shall
be performed at and out of the Company’s executive offices located in the greater Chicago, Illinois
metropolitan area or such other office as shall be agreed to between the Executive and the Board.

     2.4 Compensation.

          2.4(a) Annual Base Salary. Beginning on the Effective Date, the Executive will be paid a base
salary (“Annual Base Salary”) at an annual rate of Six Hundred Fifty Thousand Dollars ($650,000),
which shall be paid in equal or substantially equal semi-monthly installments. During the Term of
this Agreement, the Annual Base Salary payable to the Executive shall be reviewed at least annually
after the end of the first calendar quarter (starting with calendar year 2009), and increased but
not decreased at the reasonable discretion of the Board or the Compensation and Benefits Committee
of the Board.

          2.4(b) Annual Incentive Bonus. Beginning on the Effective Date, in addition to the Annual
Base Salary, the Executive shall be awarded an opportunity to earn an incentive bonus on an annual
basis under any incentive compensation plan which is generally available to other peer executives
of the Company. The Board or the Compensation Committee shall establish at the beginning of each
calendar year a target incentive award equal to a designated percentage of the Executive’s Annual
Base Salary paid during that plan year (the “Target Bonus”). The Board and/or the Compensation
Committee may also establish minimum and maximum incentive bonus opportunities on an annual basis
in addition to the Target Bonus. The Board shall be exclusively responsible for decisions relating
to administration of the executive incentive plans. For the employment period ending December 31,
2008, the Executive’s Target Bonus has been set at 90% of Annual Base Salary (i.e., $585,000).
Any bonus payable to the Executive with respect to the employment period ending December 31, 2008
shall be pro-rated to reflect the Executive’s length of employment with the Company.

          2.4(c) Long-Term Incentive Plan Equity Grants. The Executive shall be entitled to receive
on the Effective Date a grant under the Company’s 2005 Executive Incentive Compensation Plan equal
to $1,100,000 in total value on the date of grant (as determined by the Company in accordance with
the valuation models used by it consistent with recent valuations by the Company) of time-vested
non-qualified stock options, time-vested restricted stock and performance-vested restricted stock
units (the “Initial Equity Grant”). The terms of the Initial Equity Grant, including the exact
number of shares subject to each type of award and the conditions of each type of award, will be as
follows:

               (i) Time-Vested Non-Qualified Stock Option. The value of the non-qualified stock
option to be initially granted on the first day of the Executive’s employment with the Company will
be approximately Three Hundred Sixty-Six Thousand Six Hundred Sixty-Seven Dollars ($366,667), or as
near as practicable, with the exact number of shares subject to such option determined as of the
Executive’s first day of employment with the Company in

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accordance with the valuation model consistent with recent valuations of similar recent equity
awards by the Company. The exercise price per share of the shares subject to the option will be
the closing price of the Company’s common stock as reported by the New York Stock Exchange on the
first day of the Executive’s employment with the Company. The option will vest and become
exercisable as to one-third of the shares subject thereto on each of the first three anniversaries
of the date of grant. All other terms and conditions of the option will be consistent with the
most recent option grants to the other executive officers of the Company.

               (ii) Time-Vested Restricted Stock. The value of the restricted stock award to be
initially granted on the first day of the Executive’s employment with the Company will be
approximately Three Hundred Sixty-Six Thousand Six Hundred Sixty-Seven Dollars ($366,667), or as
near as practicable, with the exact number of shares subject to such restricted stock grant
determined using the closing price of the Company’s common stock as reported by the New York Stock
Exchange on the first day of the Executive’s employment with the Company consistent with similar
recent equity awards by the Company. The restricted stock will fully vest on the third anniversary
of the date of grant. All other terms and conditions of the restricted stock award will be
consistent with the most recent restricted stock grants to other executive officers of the Company.

               (iii) Performance-Based Restricted Stock Units. The value of the restricted stock
unit award to be initially granted on the first day of the Executive’s employment with the Company
will be approximately Three Hundred Sixty-Six Thousand Six Hundred Sixty-Seven Dollars ($366,667),
or as near as practicable, with the exact number of restricted stock units granted to be determined
as of the Executive’s first day of employment with the Company in accordance with the valuation
model consistent with similar recent equity awards by the Company. The restricted stock units will
vest as to the number of shares of common stock of the Company upon the attainment of the levels of
performance of the Company relative to the Company’s designated peer group during the performance
period beginning on January 1, 2008 and ending on December 31, 2010, all as set forth in greater
detail in Exhibit A to the minutes to the meeting of the Compensation and Benefits Committee dated
February 21, 2008. All other terms and conditions of the restricted stock units award will be
consistent with the most recent restricted stock unit awards to other executive officers of the
Company.

          2.4(d) Credit of Amount to Savings Restoration Plan. On the Effective Date, the Executive
will be entitled to have an account established in his name in the Company’s Savings Restoration
Plan (or, in the event that the Savings Restoration Plan is terminated, a similar plan or program
established for the benefit of the Executive) and the Company shall credit to such account the
amount of Two Hundred Thousand Dollars ($200,000). The Executive will be entitled to designate the
initial notional investment account or accounts for the amount credited to his account as set forth
in the Savings Restoration Plan. The Company will also be obligated to credit in the Executive’s
account in the Savings Restoration Plan an additional amount equal to Two Hundred Thousand Dollars
($200,000) per year on the anniversary date of the Executive’s first day of employment with the
Company for the next nine years beginning in 2009 and ending in 2017, provided that the Executive
continues in the employment of the Company on such anniversary date. The initial and any
subsequent amounts credited to the Executive’s account will vest for the benefit of the Executive
over three years at the rate of one-

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third of the amount in each year as of the anniversary date of the Executive’s first day of
employment with the Company. All other terms and conditions of the amounts credited to the
Executive’s account in the Savings Restoration Plan will be consistent with the terms of such plan.

          2.4(e) Participation in Savings and Retirement Plan. Beginning on the Effective Date, the
Executive will be eligible to participate in all savings and retirement plans of the Company,
including the Company’s tax-qualified Retirement Savings Plan. Any excess amounts that the
Executive is entitled to contribute or the Company is required to match on behalf of the Executive
that cannot be contributed or matched in the tax-qualified plans due to limitations or restrictions
under the Code or the regulations thereunder, shall be credited and/or matched into an account for
the benefit of the Executive pursuant to the Company’s Savings Restoration Plan.

          2.4(f) Future Participation in Incentive Plans. Throughout the Term of the Agreement, the
Executive shall be entitled to participate in all annual and long-term equity and cash incentive
plans generally available to other peer executives of the Company. The terms and conditions,
including the amount or level and the nature of any actual or potential award and any performance
or other vesting criteria, shall be established by action of the Board or the Compensation and
Benefits Committee in its discretion. Nothing herein prevents the Board or the Compensation and
Benefits Committee, in its sole discretion from terminating or changing any annual or long-term
equity or cash incentive plans, either currently existing or subsequently adopted during the Term
of this Agreement, subject to the then-existing rights of the Executive as a participant under the
terms of the plan as to any incentive award which has already been earned or otherwise awarded.

          2.4(g) Reimbursement of Moving Costs and Temporary Living Expenses. In connection with the
Executive’s employment hereunder, upon presentation of an itemized account of expenses, the
Executive shall be entitled to receive reimbursement for all reasonable expenses actually incurred
by the Executive in connection with his and his family’s relocation from Melbourne, Australia to
the greater Chicago, Illinois metropolitan area and all reasonable temporary living expenses
actually incurred by the Executive in connection with such relocation. The Executive shall use his
reasonable best efforts to obtain permanent housing in the greater Chicago, Illinois metropolitan
area as soon as practicable after the date hereof.

          2.4(h) Signing Bonus/Housing Allowance. The Company recognizes that in connection with the
Executive’s relocation to the greater Chicago, Illinois metropolitan area, he intends to purchase a
primary residence. To encourage the Executive to relocate to the United States, and particularly
to the greater Chicago, Illinois metropolitan area, and to arrange for a permanent residence, ten
(10) days prior to the scheduled closing date of the purchase of his primary residence, the
Company, in connection with the Executive’s employment hereunder, will pay the Executive $500,000
as a combined signing bonus and housing allowance. The signing bonus/housing allowance will be
subject to repayment by the Executive to the extent that the Executive does not continue in the
employment of the Company for at least 24 months after the commencement of his employment.
Accordingly, if the Executive’s employment does not continue for at least 24 months from the
Effective Date, the Executive agrees to repay the

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Company a portion of the signing bonus/housing allowance in an amount equal to: (i)
1/24th of such amount (i.e., $20,833.33) times (ii) the number of months during such 24
month period that the Executive was not employed by the Company beginning with the month
immediately following the month in which the Executive’s last day of employment with the Company
occurred. If the Executive is discharged without Cause as defined in Section 3.3 or resigns for
Good Reason as defined in Section 3.4, the signing bonus/housing allowance will be deemed paid in
full and the Executive will be provided with a written acknowledgment by the Company to that
effect.

          2.4(i) Indemnification for Repayment of Retention Bonus. The Executive has received a
retention bonus in the amount of $263,000 from his former employer. In accepting the position with
the Company, his former employer may, and is likely to, seek reimbursement of that bonus for the
Executive’s failure to remain in employment through the end of 2009. The Company agrees that
should the Executive’s former employer seek repayment of the retention bonus, it will promptly
indemnify and reimburse the Executive for the amount he is required to return to his former
employer in an aggregate amount not to exceed $263,000.

          2.4(j) Car Allowance. The Executive will be provided with a payment of $13,800 per year,
payable at the rate of $1,150 per month, as a car allowance subject to increases as approved by
the Board.

          2.4(k) Financial/Tax Preparation Services. The Executive will be provided with the services
of a financial and estate planning advisor of his choice in the amount of $7,500. per year. This
amount will be paid to the Executive by January 31 of each year of employment. For the balance of
calendar year 2008, the reimbursement will be paid within thirty (30) days of the Effective Date.
In addition, the Company will provide the Executive at the Company’s expense with tax preparation
services for all U.S., Illinois and Australian taxes that may be assessed against the Executive
beginning with tax preparation services for taxes related to the tax year ending December 31, 2008.

          2.4(l) Welfare Benefit Plans. Throughout the Term of this Agreement (and thereafter, subject
to Section 4.1(d) or 4.2(d) hereof), the Executive and/or the Executive’s family, as the case may
be, shall be eligible for participation in and shall receive all benefits under welfare benefit
plans, practices, policies and programs provided by the Company (including, without limitation,
medical, prescription, dental, disability, salary continuance, employee group life, accidental
death and travel accident insurance plans and programs) to the extent generally available to other
peer executives of the Company in accordance with the then current applicable plans, practices,
policies and programs. Subject to the foregoing and the terms of the Company’s then current policy
(including any cap in the amount of life insurance available per person thereunder), the Company
shall provide the Executive with employee group life insurance on the Executive’s life providing
for life insurance in the amount of the Executive’s then current base salary, increasing as his
base salary increases, to a beneficiary designated by the Executive in accordance with the then
current applicable plan provisions.

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          2.4(m) Expenses. Throughout the Term of this Agreement, the Executive shall be entitled to
receive prompt reimbursement for all reasonable business expenses incurred by the Executive in
accordance with the policies, practices and procedures of the Company.

          2.4(n) Fringe Benefits. Throughout the Term of this Agreement, the Executive shall be
entitled to such fringe benefits as generally are provided to other peer executives of the Company.

          2.4(o) Office and Support Staff. Throughout the Term of this Agreement, the Executive shall
be entitled to an office or offices at the Company’s executive offices in the greater Chicago,
Illinois metropolitan area, of a size and with furnishings and other appointments appropriate to
the President and Chief Executive Officer of the Company.

          2.4(p) Vacation. Throughout the Term of this Agreement, the Executive shall be entitled to
four weeks paid vacation per annum. For the employment period ending December 31, 2008, the
Executive shall receive 6 days of paid vacation.

Section 3: Termination of Employment.

     3.1 Death. The Executive’s employment shall terminate automatically upon the Executive’s
death during the Employment Period.

     3.2 Disability. In the event of a determination of the Executive’s Disability (as defined and
determined in accordance with Section 1.1(k) hereof), the Company may give the Executive written
notice in accordance with Section 7.2 of its intention to terminate the Executive’s employment. In
such event, the Executive’s employment with the Company shall terminate effective on the
30th day after receipt of such notice by the Executive (the “Disability Effective
Date”), provided that, within the 30 days after such receipt, the Executive shall not have returned
to full-time performance of the Executive’s duties. The Executive will submit to such medical or
psychiatric examinations and tests as is necessary to make any such Disability determination.

     3.3 Termination for Cause or without Cause. The Company may terminate the Executive’s
employment during the Employment Period for “Cause,” which shall mean termination based upon: (i)
the Executive’s willful and continued failure to substantially perform his duties with the Company
(other than as a result of a Disability), after a written demand for substantial performance is
delivered to the Executive by the Company, which specifically identifies the manner in which the
Executive has not substantially performed his duties, (ii) the Executive’s being convicted of a
felony, or (iii) the Executive’s material breach of any provision of this Agreement. For purposes
of this Section, no act or failure to act on the Executive’s part shall be considered “willful”
unless done, or omitted to be done, without good faith and without reasonable belief that the act
or omission was in the best interest of the Company. Notwithstanding the foregoing, the Executive
shall not be deemed to have been terminated for Cause unless and until (i) he receives a Notice of
Termination from the Company, (ii) he is given the opportunity, with counsel, to be heard before
the Board, and (iii) the Board finds, in its good faith opinion and reasonable judgment, that the
Executive was guilty of the conduct set forth in

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the Notice of Termination. The Company also may terminate the Executive’s employment at any
time during the Employment Period without Cause.

     3.4 Termination by the Executive for Good Reason. The Executive may terminate his employment
with the Company during the Employment Period for “Good Reason,” which shall mean termination based
upon the occurrence of one or more of the following without the consent of the Executive: (i) a
material reduction in or the assignment of duties materially inconsistent with the Executive’s
authority, duties, responsibilities and status; (ii) a material reduction in the Executive’s
Annual Base Salary; (iii) the failure of the Company to continue in effect any of the Company’s
short-term and long-term incentive compensation plans, or employee benefit or retirement plans,
policies, practices or other compensation arrangements in which the Executive participates unless
such failure to continue the plan, policy, practice or arrangement pertains to all plan
participants generally; or the failure by the Company to continue the Executive’s participation
therein on substantially the same basis, both in terms of the amount of benefits provided and the
level of the Executive’s participation relative to other participants, as existed immediately prior
to the Change in Control of the Company; (iv) the failure of the Company to obtain an agreement on
terms reasonably satisfactory to both the Executive and the Company from any successor to the
Company to assume and agree to perform the Company’s obligations under this Agreement, as
contemplated in Section 6 hereof; (v) a material reduction in the budget over which the Executive
retains authority; (vi) a material change in the primary geographic location at which the Executive
performs his duties under this Agreement; and (vii) any other action or inaction that constitutes
a material breach by the Company of any provision of this Agreement. Any termination of the
Executive’s employment based upon a good faith determination of “Good Reason” made by the Executive
shall be subject to a delivery of a Notice of Termination by the Executive to the Company in the
manner prescribed in Section 3.6 within 15 days from the date the Executive knew or should have
known of the first occurrence of an event that would constitute Good Reason and subject further to
the ability of the Company to remedy within 30 days of receipt of such notice any action that may
otherwise constitute Good Reason under this Section 3.4.

     Notwithstanding the foregoing, any changes in the employment relationship between the
Executive and the Company as a result of the short-term disability of the Executive (e.g., a change
in the Executive’s authority, duties, responsibilities, or status, budgetary control, etc.) shall
not constitute “Good Reason” hereunder.

     3.5 Voluntary Termination by the Executive. The Executive may voluntarily terminate his
employment with the Company for any reason or for no reason at any time during the Employment
Period.

     3.6 Notice of Termination. Any termination by the Company for Cause, without Cause, or
Disability, or by the Executive for any reason or no reason shall be communicated by Notice of
Termination to the other party given in accordance with Section 7.2. For purposes of this
Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific
termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated, and (iii) if the Date of Termination

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(as defined in Section 3.7 hereof) is other than the date of receipt of such notice,
specifies the termination date (which date shall be not more than 15 days after the giving of such
notice).

     3.7 Date of Termination. “Date of Termination” means (i) if the Executive’s employment is
terminated by the Company for Cause, the Date of Termination shall be the date of receipt by the
Executive of the Notice of Termination or any later date specified therein, as the case may be;
(ii) if the Executive’s employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of the Executive or the Disability Effective Date, as the
case may be; (iii) if the Executive’s employment is voluntarily terminated by the Executive for any
reason or no reason, the Date of Termination shall be a date specified in the Notice of
Termination, provided that termination by the Executive for Good Reason shall not be effective
until 30 days following the date of the Notice of Termination; or (iv) if the Executive’s
employment is terminated by the Company other than for Cause, death, or Disability, the Date of
Termination shall be the date of receipt by the Executive of the Notice of Termination.

Section 4: Certain Benefits upon Termination.

     4.1 Termination without Cause or Termination for Good Reason prior to a Change in Control.
If, prior to a Change in Control during the Employment Period, the Company terminates the
Executive’s employment without Cause as defined in Section 3.3 or the Executive terminates his
employment with the Company for Good Reason as defined in Section 3.4 within 45 days of the first
occurrence of an event that would constitute Good Reason that has not been remedied by the Company
as described in Section 3.4, the Executive shall be entitled to the payment of the benefits
provided below; provided, however, that the Executive shall not be entitled to receive duplicative
severance or other benefits under any other Company related plans or programs if benefits are
triggered hereunder:

          4.1(a) Accrued Obligations. Within 30 days after the Date of Termination, the Company
shall pay to the Executive the sum of (i) (1) the Executive’s accrued and unpaid salary through the
Date of Termination plus (2) any accrued and unpaid days off plus (3) any unreimbursed business
expenses and all other items earned by and owed to the Executive through and including the Date of
the Termination (collectively, the “Accrued Obligations”) and (ii) the Prorated Target Bonus (as
defined in Section 4.2(a) hereof) . In addition, the Executive shall be entitled to the accrued
benefits payable to the Executive under any deferred compensation plan, program or arrangement in
which the Executive is a participant, which shall be payable in the time and manner provided under
the applicable plan, program or arrangement. Payment under any annual or long-term cash incentive
plan shall be determined and governed solely by the terms of the applicable plan provided that such
plan does not reduce the Accrued Obligations described herein.

          4.1(b) Annual Base Salary and Target Bonus Continuation.

          (i) If the Date of Termination of the Executive under this Section 4.1 occurs on or prior to
the second anniversary of the Effective Date, then, for a period of two years, beginning in the
month after the Date of Termination, the Company shall pay to the Executive on a monthly basis
one-twelfth of an amount equal to the Executive’s then-current Annual Base Salary for the

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year in which the Date of Termination occurs. Additionally, in this case, for a period of one
year, beginning in the month after the Date of Termination, the Company shall pay to the Executive
on a monthly basis one-twelfth of an amount equal to the Executive’s then-current Target Bonus for
the year in which the Date of Termination occurs. Payments under any long term cash incentive plan
are not part of or included in these calculations.

          (ii) If the Date of Termination of the Executive under this Section 4.1 occurs after the
second anniversary of the Effective Date, then, for a period of one year, beginning in the month
after the Date of Termination, the Company shall pay to the Executive on a monthly basis
one-twelfth of an amount equal to the Executive’s then-current Annual Base Salary and Target Bonus
for the year in which the Date of Termination occurs. Payments under any long term cash incentive
plan are not part of or included in this calculation.

          4.1(c) Stock-Based Awards. All stock-based awards held by the Executive will be
exercisable or vested, expire or terminate in accordance with the terms of their respective grant
agreements.

          4.1(d) Health Benefit Continuation. For eighteen (18) months following the Date of
Termination, the Company shall pay the COBRA premiums for the Executive and his spouse and other
eligible dependents for the medical, dental and prescription drug plan(s) maintained by the Company
in which the Executive and his spouse or other dependents were participating immediately prior to
the Date of Termination; provided, however, that if the Executive becomes reemployed and is
eligible to receive medical or health benefits under another employer-provided plan, the Company’s
COBRA premium payments described herein shall be immediately terminated upon the commencement of
coverage under the new employer’s plan. Such benefit shall be provided to the Executive at the
same coverage level and cost to the Executive as in effective immediately prior to the Executive’s
Date of Termination. In addition, to the extent that the COBRA premiums paid by the Company are
taxable to the Executive, the Company shall pay to the Executive a gross-up payment for applicable
taxes. Such payment shall be made monthly during the period the COBRA premiums are paid by the
Company.

          4.1(e) Outplacement. Following the Date of Termination, the Company shall provide to
the Executive executive-level outplacement services by a mutually agreeable outplacement firm in an
aggregate amount not to exceed $50,000.

     4.2 Benefits upon a Change in Control. If a Change in Control occurs during the Employment
Period and within two years after the Change in Control Date (a) the Company terminates the
Executive’s employment without Cause, or (b) the Executive terminates employment with the Company
for Good Reason, then the Executive shall become entitled to the payment of the benefits as
provided below; provided, however, that the Executive shall not be entitled to receive duplicative
severance or other benefits under any other Company related plans or programs if benefits are
triggered hereunder:

          4.2(a) Accrued Obligations. Within thirty (30) days after the Date of Termination,
the Company shall pay to the Executive the Accrued Obligations and the “Prorated Target Bonus.”
For purposes of this Agreement, the term “Prorated Target Bonus” means an

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amount determined by multiplying the actual percentage of the Executive’s annual base salary
that was to be paid to the Executive as his Target Bonus in the year in which the Date of
Termination occurs by the Executive’s then-current Annual Base Salary as of the Date of Termination
and prorating this amount by multiplying it by a fraction, the numerator of which is the number of
days during the then-current calendar year that the Executive was employed by the Company up to and
including the Date of Termination and the denominator of which is 365. Payment under any long term
cash incentive plan shall be determined and governed solely by the terms of such plan.

          4.2(b) Severance Amount. Within ten (10) days after the Date of Termination, the
Company shall pay to the Executive as severance pay in a lump sum, in cash, an amount equal to 2
times the sum of the Executive’s then-current Annual Base Salary plus the full annual Target Bonus
for the bonus plan year in which the Change in Control Date occurs. Payments under any long term
cash incentive plan are not part of or included in this calculation.

          4.2(c) Stock-Based Awards. All stock-based awards held by the Executive will become
immediately exercisable or vested and all restrictions on such stock-based awards shall immediately
lapse. This provision shall override any conflicting language contained in the Executive’s
respective award agreements.

          4.2(d) Health Benefit Continuation. For thirty six (36) months following the Date of
Termination, the Company shall pay the COBRA premiums for the Executive and his spouse and other
eligible dependents for the medical, dental, and prescription drug plan(s) maintained by the
Company in which the Executive and his spouse or other dependents were participating immediately
prior to the Date of Termination; provided, however, that if the Executive becomes
reemployed with another employer and is eligible to receive medical or health benefits under
another employer-provided plan, the Company’s COBRA premium payments benefits described herein
shall be immediately terminated upon the commencement of coverage under the new employer’s plan.
Such benefit shall be provided to the Executive at the same coverage level and cost to the
Executive as in effect immediately prior to the Executive’s Date of Termination. In addition, to
the extent that the COBRA premiums paid by the Company are taxable to the Executive, the Company
shall pay to the Executive a gross-up payment for applicable taxes. Such payment shall be made
monthly during the period the COBRA premiums are paid by the Company.

          4.2(e) Outplacement. Following the Date of Termination, the Company shall provide to
the Executive executive-level outplacement services by a mutually agreeable outplacement firm in an
amount not to exceed $50,000.

          4.2(f) Non-compete Covenant Consideration. A lump-sum amount equal to the sum of
the Executive’s then-current Annual Base Salary plus the full annual Target Bonus for the bonus
plan year in which the Change in Control Date occurs. Payments under any long term cash incentive
plan are not part of or included in this calculation. Such amount shall be in consideration for the
Executive entering into a noncompete agreement as described in Section 5 hereof.

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          4.2(g) Deferred Compensation Plan Payment. The Company shall, as soon as possible,
but in no event longer than thirty (30) days following the occurrence of a Change in Control, make
an irrevocable contribution to the then current trust in effect for purposes of holding assets to
assist the Company in satisfying its liabilities under the Savings Restoration Plan or successor
thereto in an amount that is sufficient (taking into account the trust assets, if any, resulting
from prior contributions) to fund the trust in an amount equal to no less than one hundred percent
(100%) of the amount necessary to pay the Executive the benefits to which he would be entitled
pursuant to the terms of such plan.

          4.2(h) Payment under Cash-Based Long-term Performance-Based Award Plans. The vesting
and cash-out of any and all outstanding cash-based long-term incentive awards held by the
Executive, as granted to the Executive by the Company as a component of the Executive’s
compensation. The cash-out shall be in a lump-sum amount equal to the target award level
established for each award, multiplied by a fraction the numerator of which is the full number of
completed days in the pre-established performance period as of the Date of Termination, and the
denominator of which is the full number of days in the entire performance period (e.g., typically
thirty-six (36) months). This payment will be in lieu of any other payment to be made to the
Executive under these cash-based long-term performance-based award plans.

          4.2 (i) Gross-up Payments.

               (i) Anything in this Section 4.2 to the contrary notwithstanding, in the event that it shall
be determined that any payment by the Company to or for the benefit of the Executive (whether paid
or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise but
determined without regard to any additional payments required under this Section 4.2(i)) (a
“Payment”) would be subject to the excise tax imposed by Section 4999 of the Code (or any successor
provision) or any interest or penalties are incurred by the Executive with respect to such excise
tax (such excise tax, together with any such interest and penalties, are hereinafter collectively
referred to as the “Excise Tax”), then the Executive shall be entitled to receive an additional
payment (a “Gross-Up Payment”) in an amount such that after payment by the Executive of all taxes
(including any interest or penalties imposed with respect to such taxes), including, without
limitation, any income taxes (and any interest or penalties imposed with respect thereto) and
Excise Tax imposed upon the Gross-Up Payment, the Executive retains an amount of the Gross-Up
Payment on an after-tax basis equal to the Excise Tax imposed upon the Payment. Any Gross-Up
Payment required under this Section 4.2(i) shall be made on the last day of the month in which the
Executive remits such taxes to the required taxing authority. In no event will any such Gross-Up
Payment be paid to the Executive later than the end of the Executive’s taxable year following the
Executive’s taxable year in which the related taxes are remitted to the required taxing authority.
The intent of the parties is that the Company shall be responsible in full for, and shall pay, any
and all Excise Tax on any Payments and Gross-up Payment(s) and any income and all excise and
employment taxes (including, without limitation, penalties and interest) imposed on any Gross-up
Payment(s) as well as any loss of deduction caused by or related to the Gross-up Payment(s).

               (ii) Subject to the provisions of Section 4.2(i)(iii), all determinations required to be made
under this Section 4.2(i), including whether and when a Gross-up Payment

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is required and the amount of such Gross-Up Payment and the assumptions to be utilized in
arriving at such determinations, shall be made by the outside accounting firm that then audits the
Company’s financial statements (the “Accounting Firm”), which Accounting Firm shall provide
detailed supporting calculations both to the Company and to the Executive within 15 business days
of receipt of notice from the Company or the Executive that there has been or will be a Payment.
In the event that the Accounting Firm is serving as the accountant or auditor for the Person
effecting the Change in Control, the Executive shall appoint another nationally recognized
accounting firm to make the determinations required hereunder (which accounting firm shall then be
referred to as the “Accounting Firm” hereunder). All fees and expenses of the Accounting Firm
shall be paid solely by the Company. If the Accounting Firm determines that no Excise Tax is
payable by the Executive, it shall furnish the Executive with a written opinion that failure to
report the Excise Tax on the Executive’s applicable federal income tax return would not result in
the imposition of a negligence or similar penalty. Any determination by the Accounting Firm shall
be binding upon the Company and the Executive in the absence of a material mathematical or legal
error. As a result of the uncertainty in the application of Section 4999 of the Code at the time
of the initial determination by the Accounting Firm hereunder, it is possible that the Gross-Up
Payments will not have been made by the Company that should have been made or that the Gross-Up
Payments will have been made that should not have been made, in each case consistent with the
calculations required to be made hereunder. In the event that the Company exhausts its remedies
pursuant to Section 4.2(i)(iii) below and a payment of any Excise Tax or any interest, penalty or
addition to tax related thereto is determined to be due, the Accounting Firm shall determine the
amount of the underpayment of Excise Taxes that has occurred and such underpayment and interest,
penalty or addition to tax shall be promptly paid by the Company to the Internal Revenue Service in
satisfaction of the Company’s original withholding obligations. In the event that the Accounting
Firm determines that an overpayment of Gross-Up Payment(s) has occurred, the Executive shall be
responsible for the immediate repayment to the Company of such overpayment with interest at the
applicable federal rate provided for in Section 7872(f)(2) of the Code; provided, however,
that the Executive shall have no duty or obligation whatsoever to repay such overpayment if
Executive’s receipt of the overpayment, or any portion thereof, is included in the Executive’s
income and the Executive’s repayment of the same is not deductible by the Executive for federal or
state income tax purposes.

               (iii) The Executive shall notify the Company in writing of any claim by the Internal Revenue
Service that, if successful, would require the payment of the Excise Tax. Such notification shall
be given as soon as practicable but no later than ten business days after the Executive is informed
in writing of such claim by the Internal Revenue Service and the notification shall apprise the
Company of the nature of the claim and the date on which such claim is required to be paid. The
Executive shall not pay such claim prior to the expiration of a 30-day period following the date on
which the Executive has given such notification to the Company (or such shorter period ending on
the date that any payment of taxes with respect to such claim is required). If the Company
notifies the Executive in writing prior to the expiration of such period that it desires to contest
such claim, the Executive shall:

                    (A) give the Company any information reasonably requested by the Company relating to such
claim;

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                    (B) take such action in connection with contesting such claim as the Company shall reasonably
request in writing from time to time, including without limitation, accepting legal representation
with respect to such claim by an attorney reasonably selected by the Company;

                    (C) cooperate with the Company in good faith in order to effectively contest such claim; and

                    (D) permit the Company to participate in any proceedings relating to such claim;

provided, however, that the Company shall bear and pay all costs and expenses (including
additional interest and penalties) incurred in connection with such contest, and shall indemnify
and hold the Executive harmless, on an after-tax basis to the Executive, for any Excise Tax or
income tax (including interest and penalties with respect thereto) imposed as a result of such
contest. Without limitation on the foregoing provisions of this Section 4.2(i), the Company shall
control all proceedings taken in connection with such contest and, at its sole option, may pursue
or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect of such claim and may, at its sole option, either direct the Executive to pay
the tax claimed and sue for a refund or contest the claim in any permissible manner, and the
Executive agrees to prosecute such contest to a determination before any administrative tribunal,
in a court of initial jurisdiction or in one or more appellate courts, as the Company shall
determine.

     4.3 Death. If the Executive’s employment is terminated by reason of the Executive’s death
during the Employment Period (either prior or subsequent to a Change in Control), this Agreement
shall terminate without further obligations to the Executive’s legal representatives under this
Agreement, other than for payment of Accrued Obligations (as defined in Section 4.1(a)) (which
shall be paid to the Executive’s estate or beneficiary, as applicable, in a lump sum in cash within
30 days of the Date of Termination) and any other benefits to which the Executive’s beneficiaries
are entitled under the terms of any of the Company’s benefit plans or programs, including death
benefits pursuant to the terms of any plan, policy, or arrangement of the Company. Payment under
any long term cash incentive plan or other incentive compensation plan shall be determined and
governed solely by the terms of the applicable plan.

     4.4 Disability. If the Executive’s employment is terminated by reason of the Executive’s
Disability during the Employment Period (either prior or subsequent to a Change in Control), this
Agreement shall terminate without further obligations to the Executive, other than for (i) payment
of Accrued Obligations (as defined in Section 4.1(a)) (which shall be paid to the Executive in a
lump sum in cash within 30 days of the Date of Termination) and (ii) the timely payment or
provision of any other benefits to which the Executive is entitled under the terms of any of the
Company’s benefit plans or programs, including disability benefits pursuant to the terms of any
plan, policy or arrangement of the Company. Payment under any long term cash incentive plan or
other incentive compensation plan shall be determined and governed solely by the terms of the
applicable plan.

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     4.5 Termination by the Company for Cause or Voluntary Termination by the Executive. During
the Employment Period, if the Executive’s employment shall be terminated: (i) by the Company for
Cause, either prior or subsequent to a Change in Control, or (ii) voluntarily by the Executive for
any reason other than Good Reason, either prior to or subsequent to a Change in Control, then this
Agreement shall terminate without further obligations to the Executive, other than for (i) payment
of the Executive’s Accrued Obligations (as defined in Section 4.1(a)) (which shall be paid to the
Executive in a lump sum in cash within 30 days of the Date of Termination), and (ii) the timely
payment or provision of any other benefits to which the Executive is entitled under the terms of
any of the Company’s benefit plans or programs. Payment under any long term cash incentive plan or
other incentive compensation plan shall be determined and governed solely by the terms of the
applicable plan.

     4.6 Non-Exclusivity of Rights. Except as provided in Sections 4.1(d) and 4.1(e) or 4.2(d) and
4.2(e), nothing in this Agreement shall prevent or limit the Executive’s continuing or future
participation in any plan, program, policy or practice provided by the Company and for which the
Executive may qualify. Amounts which are vested benefits of which the Executive is otherwise
entitled to receive under any plan, policy, practice or program of, or any other contract or
agreement with, the Company at or subsequent to the Date of Termination, shall be payable in
accordance with such plan, policy, practice or program or contract or agreement.

     4.7 Full Settlement. The Company’s obligation to make the payments provided for in this
Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off,
counterclaim, recoupment, defense or other claim, right or action which the Company may have
against the Executive or others. In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable to the Executive
under any of the provisions of this Agreement and, except as provided in Sections 4.1(d) and
4.2(d), such amounts shall not be reduced whether or not the Executive obtains other employment.
The Company agrees to pay promptly as incurred, to the full extent permitted by law, all legal fees
and expenses which the Executive may reasonably incur as a result of any contest (regardless of the
outcome thereof) by the Company, the Executive or others of the validity or enforceability of, or
liability under, any provision of this Agreement or any guarantee of performance thereof (including
as a result of any contest by the Executive regarding the amount of any payment pursuant to this
Agreement), plus in each case interest on any delayed payment at the applicable Federal rate
provided for in Section 7872(f)(2)(A) of the Code. Any such payment shall be made not later than
the end of the calendar year following the calendar year in which the Executive incurred such
expense.

     4.8 Conditions to Payments. After the Date of Termination, to be eligible to receive (and
continue to receive) and retain the payments and benefits described in Sections 4.1(b) — (e) or
Sections 4.2(b) — (h), the Executive must comply with the terms of Section 5, and must execute and
deliver to the Company a mutually acceptable agreement, in form and substance reasonably
satisfactory to both the Executive and the Company, effectively releasing and giving up all claims
the Executive may have against the Company and its subsidiaries, shareholders, successors and
affiliates (and each of their respective employees, officers, plans and agents) arising out of or
based upon any facts or conduct occurring prior to that date with the exception of (i) all

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payments, vested stock, deferred compensation and other benefits provided under the terms of
this Agreement, (ii) the Executive’s right to continued indemnification to the fullest extent
provided under the Company By-laws by reason of any act or omission performed or omitted by the
Executive during his employment, and (iii) the Executive’s rights to enforce the terms of this
Agreement and sue for its breach. Such agreement will also require the Executive to reaffirm and
agree to comply with the terms of this Agreement and any other agreement signed by the Executive in
favor of the Company or any of its subsidiaries or affiliates that is still in effect. Such
agreement will also provide that the Company on its own behalf and on behalf of its subsidiaries,
and successors is effectively releasing and giving up all claims that they may have against the
Executive arising out of or based upon any facts or conduct occurring prior to the date of his
termination with the exception of fraudulent or willful misconduct by the Executive. Such
agreement will be prepared by the Company and provided to the Executive and his attorney at the
time the Executive’s employment is terminated or as soon as administratively practicable thereafter
and the Executive will be given ample time to review and modify such agreement to the extent
necessary to make it acceptable to both parties. Each of the Executive and the Company agree to
negotiate the terms of such agreement in good faith. Such agreement also will require the
Executive, among other things, subject to other demands on his time, to consult with Company
representatives at its reasonable request and at a mutually agreeable time and place, and unless
against the advice of his attorney, to voluntarily appear as a witness for trial or deposition (and
to prepare for any such testimony) in connection with, any claim which may be asserted by or
against the Company, or any business matter concerning the Company or any of its transactions or
operations. After the Date of Termination, the Company will have no obligations to make the
payments and/or provide the benefits specified in Sections 4.1(b) — (e) or Sections 4.2(b) — (h)
specified above, when applicable, unless and until the Executive signs and delivers such agreement,
as mutually agreed to between the parties, and as described in this Section 4.8 within 60 days of
the Date of Termination and all conditions to the effectiveness of the release and waiver
(including but not limited to the expiration of any applicable time to revoke acceptance without
any action being taken to revoke acceptance or otherwise invalidate the agreement) have been
satisfied.

Section 5: Restrictive Covenants.

     The provisions of this Section 5 and any related provisions shall survive termination of this
Agreement and/or the Executive’s employment with the Company and do not supersede, but are in
addition to and not in lieu of, any other agreements signed by the Executive concerning non
competition, confidentiality, solicitation of employees, or trade secrets (whether included in a
stock option agreement or otherwise), and are included in consideration for the Company entering
into this Agreement. The Executive’s right to receive and retain the benefits specified in Sections
4.1(b) — (e) or Sections 4.2(b) — (h) are conditioned upon the Executive’s compliance with the
terms of this Section 5:

     5.1 Non-Compete Agreement.

          5.1(a) During the Executive’s employment with the Company and during the period beginning on
the Date of Termination and ending eighteen (18) months thereafter, the Executive shall not,
without prior written approval of the Board, become an officer, employee, agent, partner, or
director of, or provide any services or advice to or for, any business enterprise in

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substantial direct competition (as defined in Section 5.1(b)) with the Company. The above
constraint shall not prevent the Executive from making passive investments, not to exceed 5%, in
any enterprise where the Executive’s services or advice is not required or provided.

          5.1(b) For purposes of Section 5.1, a business enterprise with which the Executive becomes
associated as an officer, employee, agent, partner, or director shall be considered in substantial
direct competition, if such entity competes with the Company in any business in which the Company
or any of its subsidiaries is engaged or provides services or products of a type which is marketed,
sold or provided by the Company or any of its subsidiaries or affiliates (including but not limited
to any product or service which the Company or any such other entity is developing) within any
State or country where the Company or any such affiliate or subsidiary then provides or markets (or
at the time of the Executive’s termination, has taken substantial steps towards providing or
marketing) any service or product as of the date the Executive’s Company employment terminates.

          5.1(c) During the Executive’s employment with the Company and during the period beginning on
the Date of Termination and ending eighteen (18) months thereafter, the Executive shall not,
without prior written approval of the Company’s Board, directly or indirectly solicit the
employment of, recruit, employ, hire, cause to be employed or hired, entice away, or establish a
business with, any then current officer, office manager, staffing coordinator or other employee or
agent of the Company or any of its subsidiaries or affiliates (other than non-supervisory or
non-managerial personnel who are employed in a clerical or maintenance position) or any other such
person who was employed by the Company or any of its subsidiaries or affiliates within the 12
months immediately prior to the date the Executive’s employment with the Company terminated; or
suggest to or discuss with any such employee the discontinuation of that person’s status or
employment with the Company or any of its subsidiaries and affiliates, or such person’s employment
or participation in any activity in competition with the Company or any of its subsidiaries or
affiliates.

     5.2 Confidential Information. The Executive will receive under a relationship of trust and
confidence, and shall hold in a fiduciary capacity for the benefit of the Company, all
“Confidential Information.” “Confidential Information” means confidential and/or confidential
proprietary information and trade secrets of or relating to the Company or any of its subsidiaries
and affiliates (and includes information the disclosure of which might be injurious to those
companies), including but not limited to confidential information concerning personnel of the
Company or any of its subsidiaries and affiliates, confidential financial information, customer or
customer prospect information, confidential information concerning temporary staffing candidates,
temporary employees, and personnel, temporary employee and customer lists and data, methods and
formulas for estimating costs and setting prices, research results (such as marketing surveys, or
trials), confidential software, programming, and programming architecture, enhancements and
developments, cost data (such as billing, equipment and programming cost projection models),
compensation information and models, business or marketing plans or strategies, new products or
marketing strategies, deal or business terms, budgets, vendor names, programming operations,
information on proposed acquisitions or dispositions, actual performance compared to budgeted
performance, long-range plans, results of internal analyses, computer programs and programming
information, techniques and designs,

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business and marketing plans, acquisition plans and strategies, divestiture plans and
strategies, internal valuations of Company assets, and trade secrets, but does not include
information generally known in the marketplace or in the industry or which becomes known in the
marketplace or in the industry other than by the Executive’s disclosure. In addition, Confidential
Information includes information of another company given to the Company with the understanding
that it will be kept confidential and secret or confidential information, knowledge or data
relating to the Company or any of its affiliated companies or direct or indirect subsidiaries, and
their respective businesses, which shall have been obtained by the Executive during the Executive’s
employment by the Company and which shall not be or become public knowledge (other than by acts by
the Executive or representatives of the Executive in violation of this Agreement). During the
Executive’s employment with the Company and after termination of the Executive’s employment with
the Company, the Executive shall never, without the prior written consent of the Company, or as may
otherwise be required by law or legal process, use (other than during the Executive’s employment
with the Company for the benefit of the Company), or communicate, reveal, or divulge any such
information, knowledge or data, to anyone other than the Company and those designated by it. In no
event shall an asserted violation of the provisions of this Section 5.2 constitute a basis for
deferring or withholding any amounts otherwise payable to the Executive under this Agreement. No
Confidential Information (as defined herein) is the property of the Executive.

     5.3 Non Disparagement. The Executive will never criticize, denigrate, disparage, or make any
derogatory statements about the Company or its respective business plans, policies and practices,
or about any of the Company’s officers, employees or former officers or employees, to customers,
competitors, suppliers, employees, former employees, members of the public, members of the media,
or any other person; nor shall the Executive harm or in any way adversely affect the reputation and
goodwill of the Company. Similarly, the Company, by and through its officers, former officers and
agents will never criticize, denigrate, disparage, or make any derogatory statement about the
Executive to customers, competitors, suppliers, employees, former employees, potential employers or
executive recruiters, members of the public, members of the media, or any other person nor shall
the Company harm or in any way adversely affect the personal and professional reputation of the
Executive. Nothing in this paragraph shall preclude or prevent the Executive or the Company from
giving truthful testimony or information to law enforcement entities, administrative agencies or
courts or in any other legal proceedings as required by law.

     5.4 Provisions Relating To Non Competition, Non Solicitation and Confidentiality. The
provisions of this Section 5 survive the termination of the Executive’s employment and this
Agreement and shall not be affected by any subsequent changes in employment terms, positions,
duties, responsibilities, authority, or employment termination, permitted or contemplated by this
Agreement. To the extent that any covenant set forth in this Section 5 of this Agreement shall be
determined to be invalid or unenforceable in any respect or to any extent, the covenant shall not
be void or rendered invalid, but instead shall be automatically amended for such lesser term, to
such lesser extent, or in such other lesser degree, as will grant the Company the maximum
protection and restrictions on the Executive’s activities permitted by applicable law in such
circumstances. In cases where there is a dispute as to the right to terminate the Executive’s
employment or the basis for such termination, the term of any

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covenant set forth in Section 5 shall commence as of the date specified in the Notice of
Termination and shall not be deemed to be tolled or delayed by reason of the provisions of this
Agreement. The Company shall have the right to request injunctive relief to restrain any breach or
threatened breach of any provisions in this Section 5 in addition to and not in lieu of any rights
to recover damages. The Company shall have the right, with prior notice to the Executive to advise
any prospective or then current employer of the Executive of the provisions of this Agreement
without liability so long as the communication is truthful, correct, reasonably necessary and in
compliance with the terms of this Agreement including the Section prohibiting non-disparagement.
The Company’s right to enforce the provisions of this Agreement shall not be affected by the
existence, or non-existence, of any other similar agreement for any other executive, or by the
Company’s failure to exercise any of its rights under this Agreement or any other similar agreement
or to have in effect a similar agreement for any other employee.

     5.5 Provision relating to Arbitration. Subject to the Parties’ rights to seek injunctive
relief, the Executive and the Company agree that any controversy or claim arising out of or
relating to this Agreement, the employment relationship between the Executive and the Company, or
the termination thereof, including the arbitrability of any controversy or claim, which cannot be
settled by mutual agreement will finally be settled by arbitration which shall be in accordance
with the Employment Dispute Arbitration Rules of the American Arbitration Association as such rules
shall be in effect on the date of delivery of demand for arbitration. The arbitration of such
issues, including the determination of the amount of any damages suffered by either party hereto by
reason of the acts or omissions of the other, shall be to the exclusion of any court of law. The
decision of the arbitrators or a majority of them shall be final and binding on both parties and
their respective heirs, executors, administrators, successors and assigns. Judgment upon the award
rendered by the arbitrators may be entered in any court having jurisdiction. There shall be three
arbitrators, one to be chosen directly by each party at will and the third arbitrator to be
selected by the two arbitrators so chosen. Each party shall pay the fees of the arbitrator selected
by him and of his own attorneys and the expenses connected with the presentation of his/its case.
All other costs of the arbitration, including the cost of the third arbitrator, the record or
transcripts thereof, if any, administrative fees, and all other fees and costs and costs shall be
born equally by the parties. Nonetheless, the arbitrators shall have the authority to award all or
any expenses, costs and attorneys’ fees to the party that substantially prevails.

Section 6: Successors.

     6.1 Successors of the Executive. This Agreement is personal to the Executive and, without the
prior written consent of the Company, the rights (but not the obligations) shall not be assignable
by the Executive otherwise than by will or the laws of descent and distribution. This Agreement
shall inure to the benefit of and be enforceable by the Executive’s legal representatives.

     6.2 Successors of Company. This Agreement is freely assignable by the Company and its
successors/assignees subject to its duty to require any successor (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company or the division in which the Executive is employed, as the case may be, to
assume expressly and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform it if no such succession had

- 21 -

 

taken place subject to the Executive’s rights in the case of a Change in Control as provided
in Section 4.2. Failure of the Company to obtain such agreement prior to the effectiveness of
any such succession shall be a breach of this Agreement and shall entitle the Executive to
terminate the Agreement at his option on or after the Change in Control Date for Good Reason in
accordance with Section 3.4 hereof.

Section 7: Miscellaneous.

     7.1 Other Agreements. This Agreement supersedes all prior dated agreements, letters and
understandings concerning the Executive’s employment or severance benefits payable to the
Executive, either before or after a Change in Control. The Board may, from time to time in the
future, provide other incentive programs and bonus arrangements to the Executive with respect to
the occurrence of a Change in Control that will be in addition to the benefits required to be paid
in the designated circumstances in connection with the occurrence of a Change in Control. Such
additional incentive programs and/or bonus arrangements will affect or abrogate the benefits to be
paid under this Agreement only in the manner and to the extent explicitly agreed to by the
Executive in any such subsequent program or arrangement. This Agreement does not supersede or
affect in any way the validity of any agreement signed by the Executive concerning confidentiality,
stock options, post-employment competition, non solicitation of business, accounts or employees, or
agreements of a similar type or nature; and any provisions of this Agreement shall be in addition
to and not in lieu of (or replace) any such other agreements.

     7.2 Notice. For purposes of this Agreement, notices and all other communications provided for
in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or
mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the
respective addresses as set forth below; provided that all notices to the Company shall be directed
to the attention of the Board of Directors with a copy to the General Counsel of the Company , or
to such other address as one party may have furnished to the other in writing in accordance
herewith, except that notice of change of address shall be effective only upon receipt.

     Notice to the Executive:

William H. Osborne

c/o Penny Nathan Kahan

Penny Nathan Kahan & Associates

150 North Wacker Drive, Suite 2236

Chicago, Illinois 60606

with a copy to:

Penny Nathan Kahan & Associates

150 North Wacker Drive, Suite 2236

Chicago, Illinois 60606

Attention: Penny Nathan Kahan

- 22 -

 

     Notice to the Company:

Federal Signal Corporation

1415 West 22nd Street

Oak Brook, IL 60502

Attention: Board of Directors

with a copy to:

Federal Signal Corporation

1415 West 22nd Street

Oak Brook, IL 60502

Attention: Jennifer L. Sherman, General Counsel

and an additional copy to:

Thompson Coburn

One US Bank Plaza

St. Louis, MO 63101

Attention: Robert M. LaRose, Esq.

     7.3 Validity. The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement.

     7.4 Withholding. The Company may withhold from any amounts payable under this Agreement such
federal, state or local taxes as shall be required to be withheld pursuant to any applicable law or
regulation.

     7.5 Waiver. The Executive’s or the Company’s failure to insist upon strict compliance with
any provision hereof or any other provision of this Agreement or the failure to assert any right
the Executive or the Company may have hereunder, shall not be deemed to be a waiver of such
provision or right or any other provision or right of this Agreement.

     7.6 Execution in Counterparts. This Agreement may be executed by the parties hereto in
counterparts, each of which shall be deemed to be an original, but all such counterparts shall
constitute one and the same instrument, and all signatures need not appear on any one counterpart.

[signature page follows]

- 23 -

 

     IN WITNESS WHEREOF, the Executive and the Company, pursuant to the authorization from its
Board, have caused this Agreement to be executed in its name on its behalf, all as of the day and
year first above written.

	 	 	 	 	 
	 	 	 
	 	 	William H. Osborne
	 
	 	 	 	 
	 
	 	 	 
	 	 	Federal Signal Corporation
	 
	 	 	 	 
	 

	 	By	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

- 24 -EX-4(A)

HUNTINGTON INVESTMENT

AND

TAX SAVINGS PLAN

Effective Date: January 1, 1997

 

 

HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	ARTICLE I — Introduction	 	 	1	 
	1.01
	 	Plan Established	 	 	1	 
	1.02
	 	Exclusive Benefit	 	 	1	 
	1.03
	 	Type of Plan	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE II — Definitions	 	 	2	 
	2.01
	 	Administrator	 	 	2	 
	2.02
	 	Account	 	 	2	 
	2.03
	 	Actual Contribution Percentage or ACP	 	 	2	 
	2.04
	 	Actual Deferral Percentage or ADP	 	 	2	 
	2.05
	 	Aggregate Limit	 	 	2	 
	2.06
	 	Annual Addition	 	 	2	 
	2.07
	 	Authorized Leave of Absence	 	 	3	 
	2.08
	 	Break in Service	 	 	3	 
	2.09
	 	Code	 	 	3	 
	2.10
	 	Committee	 	 	3	 
	2.11
	 	Common Stock	 	 	3	 
	2.12
	 	Company	 	 	3	 
	2.13
	 	Company Stock Fund	 	 	3	 
	2.14
	 	Compensation	 	 	3	 
	2.15
	 	Compensation	 	 	4	 
	2.16
	 	Compensation	 	 	5	 
	2.17
	 	Contribution Agreement	 	 	5	 
	2.18
	 	Contribution Percentage	 	 	5	 
	2.19
	 	Contribution Percentage Amounts	 	 	5	 
	2.20
	 	Determination Year	 	 	6	 
	2.21
	 	Disability	 	 	6	 
	2.22
	 	Effective Date	 	 	6	 
	2.23
	 	Elective Deferrals	 	 	6	 
	2.24
	 	Elective Deferral Account	 	 	6	 
	2.25
	 	Employee	 	 	6	 
	2.26
	 	Employee After-Tax Contribution	 	 	7	 
	2.27
	 	Employer	 	 	7	 
	2.28
	 	Entry Date, Initial Entry Date and Special Entry Date	 	 	7	 
	2.29
	 	ERISA	 	 	7	 
	2.30
	 	Excess Aggregate Contribution	 	 	7	 
	2.31
	 	Excess Contributions	 	 	8	 
	2.32
	 	Excess Elective Deferrals	 	 	8	 
	2.33
	 	HC Group	 	 	8	 
	2.34
	 	Highly Compensated Employee	 	 	8	 

i

 

	 	 	 	 	 	 	 
	2.35
	 	Hour of Service	 	 	9	 
	2.36
	 	Leased Employee	 	 	10	 
	2.37
	 	Limitation Year	 	 	11	 
	2.38
	 	Look-Back Year	 	 	11	 
	2.39
	 	Matching Contribution	 	 	11	 
	2.40
	 	Matching Contribution Account	 	 	11	 
	2.41
	 	Maximum Permissible Amount	 	 	11	 
	2.42
	 	NHC Group	 	 	11	 
	2.43
	 	Named Fiduciary	 	 	11	 
	2.44
	 	Nonhighly Compensated Employee	 	 	11	 
	2.45
	 	Normal Retirement Age	 	 	11	 
	2.46
	 	Participant	 	 	12	 
	2.47
	 	Plan	 	 	12	 
	2.48
	 	Prior Plan	 	 	12	 
	2.49
	 	Plan Year	 	 	12	 
	2.50
	 	Projected Annual Benefit	 	 	12	 
	2.51
	 	Qualified Domestic Relations Order	 	 	12	 
	2.52
	 	Qualified Employer Contribution	 	 	12	 
	2.53
	 	Qualified Employer Contribution Account	 	 	12	 
	2.54
	 	Required Beginning Date	 	 	12	 
	2.55
	 	Rollover Account	 	 	12	 
	2.56
	 	Service and Credited Service	 	 	12	 
	2.57
	 	Spouse	 	 	13	 
	2.58
	 	Stock Rights	 	 	13	 
	2.59
	 	Trust or Trust Fund	 	 	13	 
	2.60
	 	Trustee	 	 	13	 
	2.61
	 	Valuation Date	 	 	13	 
	2.62
	 	Year of Service	 	 	13	 
	 
	 	 	 	 	 	 
	ARTICLE III — Eligibility and Participation	 	 	14	 
	3.01
	 	Eligibility Requirements	 	 	14	 
	3.02
	 	Application for Participation	 	 	14	 
	3.03
	 	Reemployment Prior to Break in Service (Eligibility)	 	 	15	 
	3.04
	 	Reemployment After Break in Service	 	 	15	 
	3.05
	 	Month of Employment	 	 	15	 
	3.06
	 	Predecessor Employer	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE IV — Employer Contributions	 	 	17	 
	4.01
	 	Employer Contributions	 	 	17	 
	4.02
	 	Matching Contributions for Elective Deferrals	 	 	17	 
	4.03
	 	Limitations on Allocations	 	 	17	 
	4.04
	 	Return of Contributions	 	 	19	 

ii

 

	 	 	 	 	 	 	 
	ARTICLE V — Participant Contributions	 	 	20	 
	5.01
	 	Employee After-Tax Contributions	 	 	20	 
	5.02
	 	Elective Deferral Contributions	 	 	20	 
	5.03
	 	Annual Elective Deferral Limitation	 	 	21	 
	 
	 	 	 	 	 	 
	ARTICLE VI — Provisions Relating to the Nondiscrimination Provisions of Code Sections 401(k) and 401(m)	 	 	22	 
	6.01
	 	Section 401(k) Nondiscrimination Provisions	 	 	22	 
	6.02
	 	Section 401(m) Nondiscrimination Provisions	 	 	24	 
	6.03
	 	Alternative Method of Meeting Nondiscrimination Requirements	 	 	27	 
	 
	 	 	 	 	 	 
	ARTICLE VII — Participant Accounts	 	 	28	 
	7.01
	 	Accounts	 	 	28	 
	7.02
	 	Valuation of Trust Fund	 	 	28	 
	7.03
	 	Adjustment of Accounts	 	 	28	 
	7.04
	 	Participant Investment of Accounts	 	 	28	 
	 
	 	 	 	 	 	 
	ARTICLE VIII — Vesting	 	 	30	 
	8.01
	 	Fully Vested Accounts	 	 	30	 
	 
	 	 	 	 	 	 
	ARTICLE IX — Payment of Benefits	 	 	31	 
	9.01
	 	When Payable	 	 	31	 
	9.02
	 	Manner of Payment	 	 	31	 
	9.03
	 	Determination of Amount	 	 	31	 
	9.04
	 	Time of Payment	 	 	32	 
	9.05
	 	Hardship Distributions	 	 	32	 
	9.06
	 	In-Service Distributions	 	 	34	 
	9.07
	 	Beneficiary Designation	 	 	35	 
	9.08
	 	Mandatory Distributions	 	 	36	 
	9.09
	 	Notice of Rollover Treatment	 	 	36	 
	9.10
	 	Other Distributable Amounts	 	 	37	 
	 
	 	 	 	 	 	 
	ARTICLE X — Named Fiduciary Powers and Responsibilities	 	 	38	 
	10.01
	 	Allocation of Responsibility	 	 	38	 
	10.02
	 	Discretionary Authority	 	 	38	 
	 
	 	 	 	 	 	 
	ARTICLE XI — Trustee Powers and Responsibilities	 	 	39	 
	11.01
	 	Basic Responsibilities	 	 	39	 
	11.02
	 	Investment Powers and Duties	 	 	39	 
	11.03
	 	Direct Rollover of Eligible Rollover Distributions	 	 	40	 
	11.04
	 	Trustee to Trustee Transfers	 	 	40	 
	11.05
	 	Company Stock Fund	 	 	41	 
	11.06
	 	Tender Offers	 	 	42	 
	11.07
	 	Other Powers	 	 	43	 
	11.08
	 	Duties Regarding Contributions and Payments	 	 	44	 
	11.09
	 	Trustee’s Compensation and Expenses and Taxes	 	 	45	 

iii

 

	 	 	 	 	 	 	 
	11.10
	 	Records and Reports	 	 	45	 
	11.11
	 	Removal or Resignation of Trustee	 	 	45	 
	11.12
	 	Plan Expenses and Taxes	 	 	45	 
	 
	 	 	 	 	 	 
	ARTICLE XII — Administration	 	 	46	 
	12.01
	 	Company Responsibility	 	 	46	 
	12.02
	 	Powers and Duties of the Committee	 	 	46	 
	12.03
	 	Organization and Operation of the Committee	 	 	47	 
	12.04
	 	Statement of Participant’s Account	 	 	48	 
	12.05
	 	Delivery of Notices, Reports and Statements	 	 	48	 
	12.06
	 	Claims Procedure	 	 	48	 
	12.07
	 	Claims Review Procedure	 	 	48	 
	12.08
	 	No Contract of Employment	 	 	49	 
	12.09
	 	Indemnification	 	 	49	 
	 
	 	 	 	 	 	 
	ARTICLE XIII — Amendment, Termination, and Mergers	 	 	50	 
	13.01
	 	Amendment or Termination	 	 	50	 
	13.02
	 	Merger or Consolidation	 	 	50	 
	 
	 	 	 	 	 	 
	ARTICLE XIV — Top-Heavy Provisions	 	 	52	 
	14.01
	 	Application of Article	 	 	52	 
	14.02
	 	Definitions	 	 	52	 
	14.03
	 	Top Heavy Determination	 	 	52	 
	14.04
	 	Top Heavy Ratio	 	 	53	 
	14.05
	 	Compensation	 	 	54	 
	14.06
	 	Minimum Benefit	 	 	54	 
	14.07
	 	Limitation on Benefits and Contributions	 	 	54	 
	 
	 	 	 	 	 	 
	ARTICLE XV — Merger, Transfer and Special Accounts	 	 	56	 
	15.01
	 	Rollover Contributions	 	 	56	 
	15.02
	 	Merger/Direct Transfer	 	 	56	 
	 
	 	 	 	 	 	 
	ARTICLE XVI — Miscellaneous	 	 	58	 
	16.01
	 	Participant’s Rights	 	 	58	 
	16.02
	 	Alienation	 	 	58	 
	16.03
	 	Construction of Agreement	 	 	59	 
	16.04
	 	Gender and Number	 	 	59	 
	16.05
	 	Prohibition Against Diversion of Funds	 	 	59	 
	16.06
	 	Receipt and Release for Payments	 	 	59	 
	16.07
	 	Uniformity	 	 	59	 
	16.08
	 	Severability	 	 	59	 
	16.09
	 	Spendthrift Clause	 	 	59	 
	16.10
	 	Payment to Minor or Incompetent	 	 	60	 
	 
	 	 	 	 	 	 
	ARTICLE XVII The ESOP	 	 	61	 
	17.01
	 	ESOP Established	 	 	61	 

iv

 

	 	 	 	 	 	 	 
	17.02
	 	Eligibility	 	 	61	 
	17.03
	 	Investments in Company Stock	 	 	61	 
	17.04
	 	Payment of Dividends	 	 	62	 
	17.05
	 	Payment of Benefits	 	 	62	 
	17.06
	 	Withdrawal and Diversification	 	 	62	 
	17.07
	 	Special Provisions Concerning the ESOP and Non-ESOP Portions of the Plan	 	 	63	 
	 
	 	 	 	 	 	 
	MODIFICATION OF SCHEDULE A	 	 	A-1	 
	 
	 	 	 	 	 	 
	SCHEDULE A — SPECIAL PROVISIONS WITH RESPECT TO PLAN MERGERS	 	 	A-2	 
	 
	 	 	 	 	 	 
	SCHEDULE B — HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN	 	 	B-1	 
	 
	 	 	 	 	 	 
	SCHEDULE C — AMENDMENTS FOR THE ECONOMIC
GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001	 	 	C-1	 

v

 

HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

The Huntington Investment and Tax Savings Plan is hereby executed by and between Huntington
Bancshares Incorporated and The Huntington National Bank, Trustee.

ARTICLE I

Introduction

     1.01 Plan Established.

Huntington Bancshares Incorporated established a Qualified Employee Stock Purchase Plan and Trust,
effective January 1, 1978. This Plan and Trust has been amended and restated from time to time;
effective January 1, 1985, the Plan was renamed the Huntington Stock Purchase and Tax Savings Plan
and Trust (the “Plan”). The Plan was restated by a document signed December 7, 1992, generally
effective January 1, 1987, except as otherwise noted in that Plan document. The Plan as embodied
in the December 7, 1992 document was submitted to the Internal Revenue Service to obtain a
determination that the Plan satisfied Sections 401(a) and 501(a) of the Internal Revenue Code. A
favorable determination letter was issued July 12, 1993. The Plan was again amended and restated
effective January 1, 1987 (unless otherwise noted) and signed October 13, 1994. The document
signed October 13, 1994 was submitted to the Internal Revenue Service to obtain a determination
letter that the Plan satisfied 401(a) and 501(a) of the Internal Revenue Code. A favorable
determination letter was issued June 13, 1995. The Plan was amended and restated effective April
1, 1998 (unless another date was otherwise noted) and its name was changed to the Huntington
Investment and Tax Savings Plan. The Plan is hereby again amended and restated effective January
1, 1997 (unless another date is specifically noted herein). The Plan as amended and restated
herein is intended to comply with the provisions of the Small Business Job Protection Act of 1996,
the Uruguay Round Agreements Act, the Uniformed Services Employment and Reemployment Rights Act of
1994, the Taxpayer Relief Act of 1997, the Community Renewal Tax Relief Act of 2002, and other
applicable laws, regulations and administrative authority.

     1.02 Exclusive Benefit.

The Plan is for the exclusive benefit of the Employees of the Company and their beneficiaries and
of any corporation adopting the Plan and listed on Schedule B, as amended, attached hereto and made
a part hereof. No part of the trust corpus or income shall ever be used for or diverted to any
purpose other than for the exclusive benefit of the Participants or their beneficiaries.

     1.03 Type of Plan.

The Plan is designated as a 401(k) profit sharing plan; effective December 13, 2000 the Company
Stock Fund and Participants who elect or have elected to have all or a portion of their Account
invested in the Company Stock Fund, are designated an ESOP (Article XVII).

1

 

ARTICLE II

Definitions

As used herein, the following words shall have the meaning stated herein, unless otherwise
specifically provided:

     2.01 “Administrator” shall mean the Company.

     2.02 “Account” shall mean the combined value of all accounts maintained for a
Participant under this Plan.

     2.03 “Actual Contribution Percentage” or “ACP” shall mean the average of the
Contribution Percentages of the Eligible Participants in a group.

     2.04 “Actual Deferral Percentage” or “ADP” shall mean, for a specified group
of Participants for a Plan Year, the average of the ratios (calculated separately for each
Participant in such group) of (1) the amount of Employer contributions, as defined in this Section
2.04, actually paid over to the Trust Fund on behalf of such Participant for such Plan Year to (2)
the Participant’s compensation for such Plan Year as defined in Article VI. Employer contributions
on behalf of any Participant shall include: (1) any Elective Deferrals made pursuant to the
Participant’s deferral election, including Excess Elective Deferrals of Highly Compensated
Employees, but excluding (a) Excess Elective Deferrals of Non-Highly Compensated Employees that
arise solely from the Elective Deferrals made under this Plan or other plans of Employer and (b)
Elective Deferrals that are taken into account in the Contribution Percentage test (provided the
ADP test is satisfied both with and without exclusion of these Elective Deferrals); and (2) at the
election of the Employer, Employer contributions. For purposes of computing the Actual Deferral
Percentage, an Employee who would be a Participant but for the failure to make Elective Deferrals
shall be treated as a Participant on whose behalf no Elective Deferrals are made. This section is
effective January 1, 1997.

     2.05 “Aggregate Limit” shall mean the sum of (i) 125 percent of the greater of the ADP
of the Nonhighly Compensated Employees for the Plan Year or the ACP of Nonhighly Compensated
Employees under the Plan subject to Section 401(m) of the Code for the Plan Year beginning with or
within the Plan Year of the cash or deferred arrangement and (ii) the lesser of 200 percent or two
plus the lesser of such ADP or ACP. “Lesser” is substituted for “greater” in “(i),” above, and
“greater” is substituted for “lesser” after “two plus the” in “(ii)” if it would result in a larger
Aggregate Limit.

     2.06 “Annual Addition” shall mean the sum of the following amounts allocated on behalf
of a Participant for a Limitation Year: (a) all Employer contributions; (b) all forfeitures; and
(c) all Participant contributions. Except to the extent provided in Treasury regulations, Annual
Additions include excess contributions described in Section 401(k) of the Code, excess aggregate
contributions described in Section 401(m) of the Code, and excess deferrals described in Section 402(g) of the Code, irrespective of whether
the Plan distributes or forfeits such excess amounts.

2

 

Annual Additions also include Excess Amounts
reapplied to reduce Employer contributions under Section 4.03.

Amounts allocated after March 31, 1984, to an individual medical account (as defined in Section
415(l)(2) of the Code) included as part of a pension or annuity plan maintained by the Employer are
Annual Additions. Furthermore, Annual Additions include contributions paid or accrued after
December 31, 1985, for taxable years ending after December 31, 1985, attributable to
post-retirement medical benefits allocated to the separate account of a key employee (as defined in
Section 419A(d)(3) of the Code) under a welfare benefit fund (as defined in Section 419(e) of the
Code) maintained by the Employer, but only for purposes of the dollar limitation applicable to the
Maximum Permissible Amount.

     2.07 “Authorized Leave of Absence” shall mean any absence authorized by the Employer
under its standard personnel practices, including, but not limited to, service in the United States
Armed Forces on account of war or other emergency provided the Participant returns to employment
with the Employer prior to the expiration of such authorized absence or as provided by law.

     2.08 “Break in Service” shall mean a twelve (12) consecutive calendar month period
commencing on the first day of the month following an Employee’s termination of employment during
which such Employee does not perform an Hour of Service for the Employer.

     2.09 “Code” mean the Internal Revenue Code of 1986, as amended.

     2.10 “Committee” shall mean the committee established under Article XII.

     2.11 “Common Stock” shall mean the common shares of Huntington Bancshares
Incorporated.

     2.12 “Company” shall mean Huntington Bancshares Incorporated, a Maryland Corporation.

     2.13 “Company Stock Fund” shall mean the account described in Section 11.05.

     2.14 “Compensation” for purposes other than Section 4.03, Article VI and Article XIV,
shall mean with respect to each Employee of the Employer, an Employee’s actual base compensation,
excluding bonuses, commissions, overtime, and severance payments, but shall include sick pay,
payments under the Huntington’s short-term disability plan, and payments pursuant to the Huntington
Bancshares Transition Pay Plan. Compensation shall be determined prior to any reduction pursuant
to a cash or deferred arrangement as defined in Section 402(e)(3) or pursuant to a cafeteria plan
as described in Section 125 of the Code, or effective for Plan Years beginning on or after December 31, 2001 pursuant
to elective amounts (if any) that are not includible in gross income under Code Section 132(f)(4).

The measuring period for determining Compensation shall be the Plan Year.

3

 

In addition to other applicable limitations set forth in the Plan, and notwithstanding any other
provisions of the Plan to the contrary, the annual compensation of each Employee taken into account
under the Plan shall not exceed the OBRA ‘93 annual compensation limit. The OBRA ‘93 annual
compensation Limit is $150,000, as adjusted by the Commissioner for increases in the cost of living
in accordance with Section 401(a)(17)(B) of the Internal Revenue Code or as adjusted or modified by
legislation amending Section 401(a)(17) or any successor Section. The cost-of-living adjustment in
effect for a calendar year applies to any period, not exceeding 12 months, over which Compensation
is determined (determination period) beginning in such calendar year. If a determination period
consists of fewer than 12 months, the OBRA ‘93 annual compensation limit will be multiplied by a
fraction the numerator of which is the number of months in the determination period, and the
denominator of which is 12.

     2.15 “Compensation,” solely for purposes of Section 4.03, shall mean with respect to
each Participant, Section 415 safe-harbor compensation, including wages, salaries, and fees for
professional services and other amounts received (without regard to whether or not an amount is
paid in cash) for personal services actually rendered in the course of employment with an Employer
participating in the Plan to the extent that the amounts are includible in gross income (including,
but not limited to, commissions paid to sales persons, compensation for services on the basis of a
percentage of profits, commissions on insurance premiums, tips, bonuses, fringe benefits,
reimbursements, and expense allowances), and excluding the following:

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

(ii) amounts realized from the exercise of a non-qualified stock option, or when restricted stock
(or property) held by the Employee either becomes freely transferable or is no longer subject to a
substantial risk of forfeiture;

(iii) amounts realized from the sale, exchange or other disposition of stock acquired under a
qualified stock option; and

(iv) other amounts which received special tax benefits, or contributions made by an Employer
(whether or not under a salary reduction arrangement) towards the purchase of an annuity described
in Section 403(b) of the Code (whether or not the amounts are actually excludable from the gross
income of the Employee).

Notwithstanding the above, effective January 1, 1998, Compensation shall include (i) any Elective
Deferrals as defined in 402(g)(3) of the Code, and (ii) any amount which is contributed or deferred
by the Employer at the election of the Employee and which is not includible in the gross income of
the Employee by reason of Code Section 125 or Code Section 457 and effective for Plan Years
beginning on or after December 31, 2001 elective amounts (if any) that are not includible in gross
income under Code Section 132(f).

4

 

The measuring period for determining Compensation shall be the Limitation Year. Compensation for a
Limitation Year is the Compensation actually paid or includible in gross income during such
Limitation Year.

The annual Compensation of each Employee taken into account under the Plan shall not exceed the
OBRA ‘93 annual compensation limit. The OBRA ‘93 annual Compensation limit is $150,000, as
adjusted by the Commissioner for increases in the cost of living in accordance with Section
401(a)(17)(B) of the Internal Revenue Code. The cost-of-living adjustment in effect for a calendar
year applies to any period, not exceeding 12 months, over which Compensation is determined
(determination period) beginning in such calendar year. If a determination period consists of
fewer than 12 months, the OBRA ‘93 annual Compensation limit will be multiplied by a fraction the
numerator of which is the number of months in the determination period, and the denominator of
which is 12.

     2.16 “Compensation,” solely for purposes of Article XIV shall mean Compensation as
defined in Section 415(c)(3) of the Code. The determination will be made without regard to Code
Sections 125, 402(e)(3) and 402(h)(1)(B) and in the case of Employer contributions made pursuant to
a salary reduction agreement, without regard to Section 402(b) of the Code. For Plan Years
beginning after December 31, 1997, the term Compensation for purposes of Article XIV shall mean
compensation within the meaning of Section 415(c)(3) of the Code.

The annual Compensation of each Employee taken into account under this Article shall not exceed the
OBRA ‘93 annual compensation limit. The OBRA ‘93 annual compensation limit is $150,000, as
adjusted by the Commissioner for increases in the cost of living in accordance with Section
401(a)(17)(B) of the Code. The cost-of-living adjustment in effect for a calendar year applies to
any period, not exceeding 12 months, over which Compensation is determined (determination period)
beginning in such calendar year. If a determination period consists of fewer than 12 months, the
OBRA ‘93 annual compensation limit will be multiplied by a fraction the numerator of which is the
number of months in the determination period, and the denominator of which is 12.

     2.17 “Contribution Agreement” shall mean an agreement by a Participant by which he
authorizes the Employer to deduct and withhold from such Participant’s Compensation a specified
amount and to contribute such amount to the Plan pursuant to the provisions of Section 5.02.

     2.18 “Contribution Percentage” shall mean the ratio (expressed as a percentage) of the
Participant’s Contribution Percentage Amounts to the Participant’s compensation for the Plan Year.

     2.19 “Contribution Percentage Amounts” shall mean the sum of the Matching
Contributions, and Qualified Matching Employer contributions (to the extent not taken into account
for purposes of the ADP test) made under the Plan on behalf of the Participant for the Plan Year.
Such Contribution Percentage Amounts shall include forfeitures of Excess Aggregate Contributions or
Matching Contributions allocated to the Participant’s Account which shall be taken into account in
the year in which such forfeiture is allocated. The Employer may elect to use Elective Deferrals
in the Contribution Percentage Amounts so long as the ADP test is met before

5

 

the Elective Deferrals are used in the ACP test and continues to be met following the exclusion of those Elective
Deferrals that are used to meet the ACP test. This section is effective January 1, 1997.

     2.20 “Determination Year” shall mean the current Plan Year.

     2.21 “Disability” shall mean the inability to engage in any substantial gainful
activity because of a medically determinable physical or mental impairment expected to result in
death or which has lasted, or can be expected to last, for a continuous period such that a
Participant is disabled, as defined under the Huntington Long Term Disability Plan. Disability
shall be determined by the Named Fiduciary in accordance with uniform principles consistently
applied, upon the basis of such information as the Named Fiduciary deems necessary or desirable and
provide that such Disability occurs while the Participant is an Employee of the Company.

     2.22 “Effective Date” shall mean January 1, 1997, except as otherwise stated
throughout the Plan.

     2.23 “Elective Deferrals” shall mean the Employer contributions made at the election
of the Participant, in lieu of cash compensation under Section 5.02. With respect to any taxable
year, a Participant’s Elective Deferral is the sum of all Employer contributions made on behalf of
such Participant pursuant to an election to defer under any qualified cash or deferred arrangement
as described in Section 401(k) of the Code, any simplified employee pension, cash or deferred
arrangement as described in Section 402(h)(1)(B) of the Code, any eligible deferred compensation
plan under Section 457 of the Code, any plan as described under Section 501(c)(18) of the Code, and
any Employer contributions made on the behalf of a Participant for the purchase of an annuity
contract under Section 403(b) of the Code pursuant to a salary reduction agreement.

     2.24 “Elective Deferral Account” shall mean an account established for a Participant
for the purpose of receiving contributions made to the Plan by the Employer on behalf of the
Participant pursuant to Section 5.02.

     2.25 “Employee” shall mean any person employed by the Employer or any other employer
required to be aggregated with such Employer under Sections 414(b), (c), (m) or (o) of the Code.

The term Employee shall include any Leased Employee deemed to be an Employee as provided in
Sections 414(n) or (o) of the Code of any Employer described in the preceding paragraph. Provided,
however, Leased Employees shall not be considered an Employee unless such participation is required
to meet the minimum coverage requirements under Section 410(b) of the Code.

The term Employee excludes any independent contractor or any individual classified by an Employer
as an independent contractor. In addition the term Employee excludes any person who is a member of
a union with which the Employer has a collective bargaining agreement directly or through an
employer’s association in which retirement benefits have been the subject of good faith

6

 

bargaining between the Employer and its employees who are covered by the collective bargaining contract.

Any individual whose is deemed by the Employer to be an independent contractor and/or is treated as
a Leased Employee and who is subsequently determined by a regulatory agency, judicial proceeding or
settlement to be an Employee, shall be deemed by the Employer excluded from eligibility under this
Plan from the effective date that the status of Employee is so determined by the regulatory agency,
judicial proceeding or settlement.

     2.26 “Employee After-Tax Contribution” shall mean a contribution, if any, made by or
on behalf of a Participant on an after-tax basis pursuant to Section 5.01.

     2.27 “Employer” shall mean the Company and the employer banks or corporations, and any
other bank or corporation that requests, with the consent of the Board of Directors of Huntington
Bancshares Incorporated, to become a participating Employer and which are listed on Schedule B, as
amended from time to time. When the context so requires, the term Employer shall be limited to the
Company.

     2.28 “Entry Date,” “Initial Entry Date” and “Special Entry Date” shall
mean the following: “Initial Entry Date” shall mean the first day of the first month coinciding
with or next following the date on which an Employee meets the eligibility requirements of Section
3.01. “Entry Date” shall mean the first day of any month and shall be the date on which an
Employee may again participate in the Plan following suspension of participation for any reason.

Notwithstanding the above, effective January 1, 2000, “Initial Entry Date” shall mean the first day
of the first month coinciding with or next following the date on which an Employee meets the
eligibility requirements of Section 3.01. “Entry Date” shall mean the first day of any month and
shall be the date on which an Employee may again participate in the Plan following suspension of
participation for any reason. “Special Entry Date” shall mean the date on which a former Employee
who was a Participant or eligible to participate in the Plan, is again employed by an Employer
after a period when such person was not an Employee.

     2.29 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as
amended.

     2.30 “Excess Aggregate Contribution” shall mean, with respect to any Plan Year, the
excess of:

(a) The aggregate Contribution Percentage Amounts taken into account in computing the numerator of
the Contribution Percentage actually made on behalf of a Highly Compensated Employee for such Plan
Year, over

(b) The maximum Contribution Percentage Amounts permitted by the ACP test (determined by reducing
contributions made on behalf of Highly Compensated Employees in order of their Matching
Contribution amount beginning with the highest dollar amount of such Matching Contribution).

7

 

Such determination shall be made after first determining Excess Elective Deferrals pursuant to
Section 5.03 and then determining Excess Contributions pursuant to Section 6.01.

     2.31 “Excess Contributions” shall mean, with respect to any Plan Year, the excess of:

(a) The aggregate amount of Employer contributions actually taken into account in computing the ADP
of Highly Compensated Employees for such Plan Year, over

(b) The maximum amount of such contributions permitted by the ADP test (determined by reducing
contributions made on behalf of Highly Compensated Employees in order of the Elective Deferral
Contribution beginning with the highest dollar amount of such Elective Deferral Contributions.

     2.32 “Excess Elective Deferrals” shall mean those Elective Deferrals that are
includible in a Participant’s gross income under Section 402(g) of the Code to the extent such
Participant’s Elective Deferrals for a taxable year exceed the dollar limitation under such Section
of the Code. Excess Elective Deferrals shall be treated as Annual Additions under the Plan.

     2.33 “HC Group” shall mean those Employees or Participants who meet the definition of
a Highly Compensated Employee, as defined in Section 414(q) of the Code and Section 2.34 of this
Plan document.

     2.34 “Highly Compensated Employee” shall include Highly Compensated active Employees
and Highly Compensated former Employees.

The effective date of this Section is as follows: All Plan Years beginning after December 31,
1996, except that, in determining whether an Employee is a Highly Compensated Employee in 1997, the
amendments are treated as having been in effect in 1996.

A Highly Compensated active Employee means any Employee who — (A) was a 5-percent owner (as defined
in Section 416(i)(1) of the Code) of the Employer at any time during the current or the preceding
year, or (B) for the preceding year — (i) had Compensation from the Employer in excess of $80,000
(as adjusted by the Secretary pursuant to Section 415(d) of the Code, except that the base period
shall be the calendar quarter ending September 30, 1996).

A former Employee shall be treated as a Highly Compensated Employee if: (A) such Employee was a
Highly Compensated Employee when such Employee separated from service, or (B) such Employee was a
Highly Compensated Employee at any time after attaining age 55. The determination of who is a
Highly Compensated former Employee is based on the rules applicable to determining Highly
Compensated Employee status as in effect for that Determination Year, in accordance with Section
1.414(q) — 1T, A-4 of the temporary Income Tax Regulations and Notice 97-45.

In determining who is a Highly Compensated Employee the Employer makes the top paid group election.
The effect of this election is that an Employee (who is not a 5-percent owner at any

8

 

time during the Determination Year or the Look-Back Year) with Compensation in excess of $80,000 (as adjusted)
for the Look-Back Year is a Highly Compensated Employee only if the Employee was in the top-paid
group for the Look-Back Year.

The determination of who is a Highly Compensated Employee, including the determinations of the
number and identity of Employees in the top-paid group, will be made in accordance with Section
414(q) of the Code and the regulations hereunder.

     2.35 “Hour of Service” shall mean:

(a) Each hour for which an Employee is paid, or shares in income, or is entitled to payment or to
share in income, for the performance of duties or services for the Employer. These hours shall be
credited to the Employee for the computation period or periods in which the duties are performed;
and

(b) Each hour for which an Employee is paid, or entitled to payment, by the Employer on account of
a period of time during which no duties are performed (irrespective of whether the employment
relationship has terminated) due to vacation, holiday, illness, incapacity (including Disability),
layoff, jury duty, military duty or leave of absence. No more than 501 hours of service shall be
credited under this paragraph for any single continuous period (whether or not such period occurs
in a single computation period). Hours under this paragraph shall be calculated and credited
pursuant to Section 2530.200b-2 of the Department of Labor Regulations which are incorporated
herein by this reference; and

(c) Each hour for which back pay, irrespective of mitigation of damages, is either awarded or
agreed to in writing by the Employer. The same hours of service shall not be credited both under
paragraph (a) or paragraph (b) above, as the case may be, and under this paragraph (c) These hours
shall be credited to the Employee for the Computation Period or periods to which the award or
agreement pertains rather than the computation period in which the award, agreement or payment is
made.

(d) Solely for purposes of determining whether a Break in Service for participation purposes has
occurred, an Employee who is on a maternity or paternity leave of absence shall be given credit for
each hour which otherwise would have been credited to such Employee but for such absence. In the
event it cannot be determined how many hours would have been credited to such Employee, credit
shall be given for eight (8) hours of service per normal workday of absence. No more than 501
Hours of Service shall be credited under this paragraph by reason of any such maternity or
paternity leave of absence. The hours credited under this paragraph shall be treated as Hours of
Service only in the year that the absence from work begins if such treatment would prevent a
Participant from incurring a Break in Service in that year. In any other case, hours credited
under this paragraph shall be treated as Hours of Service in the year following the year in which
the absence from work begins. “maternity or paternity leave of absence” shall mean absence from
work for any period by reason of the pregnancy of the Employee, the birth of a child of the
Employee, the placement of a child with the Employee in connection with the adoption of such child
by the Employee, or absence for the purpose of caring for a child during the period immediately
following such birth or placement.

9

 

Hours of service will be credited for employment with other members of an affiliated service group
(under Section 414(m) of the Code), a controlled group of corporations (under Section 414(b) of the
Code), or a group of trades or businesses under common control (under Section 414(c) of the Code)
of which the adopting Employer is a member, and any other entity required to be aggregated with the
Employer pursuant to Section 414(o) of the Code and the Regulations thereunder.

Hours of service will also be credited for any individual considered an Employee for purposes of
this Plan under Code Section 414(n) or Code Section 414(o) and the regulations thereunder.

Effective December 12, 1994, notwithstanding any provision of this Plan to the contrary,
contributions, benefits and service credit with respect to qualified military service will be
provided in accordance with Section 414(u) of the Code. Additionally, each Employee shall be
credited with Hours of Service in accordance with the Family and Medical Leave Act, but only for
the purposes of and to the extent required by the statute.

     2.36 “Leased Employee” shall mean any person (other than an employee of the recipient)
who pursuant to an agreement between the recipient Employer and any other person (“leasing
organization”) has performed services for the recipient Employer (or for the recipient Employer and
related persons determined in accordance with Section 414(n)(6) of the Code)) on a substantially
full time basis for a period of at least one year, and such services are of a type historically
performed by employees in the business field of the recipient Employer. Effective for Plan Years
beginning after December 31, 1996, the last requirement described in the preceding sentence shall
be if such services are under the primary direction or control of the Employer. Contributions or
benefits provided a Leased Employee by the leasing organization which are attributable to services
performed for the recipient employer shall be treated as provided by the recipient Employer.

A Leased Employee shall not be considered an Employee of the recipient Employer if the conditions
of (a) and (b) are satisfied.

(a) Such employee is covered by a money purchase pension plan maintained by the leasing
organization and which provides:

(i) A nonintegrated employer contribution rate of at least 10 percent (10%) of compensation, as
defined in Section 415(c)(3) of the Code, but including amounts contributed pursuant to a salary
reduction agreement which are excludable from the employee’s gross income under Section 125,
Section 402(e)(3), Section 402(h) or Section 403(b) of the Code;

(ii) Immediate participation; and

(iii) Full and immediate vesting.

(b) Leased Employees do not constitute more than 20 percent (20%) of the recipient Employers
nonhighly compensated workforce.

10

 

     2.37 “Limitation Year” shall mean the Plan Year.

     2.38 “Look-Back Year” shall mean the twelve (12) consecutive month period immediately
preceding the Determination Year.

     2.39 “Matching Contribution” shall mean an Employer contribution made to this Plan on
behalf of a Participant on account of a Participant’s Elective Deferrals under Section 5.02.

     2.40 “Matching Contribution Account” shall mean an account established for a
Participant for the purpose of receiving Matching Contributions made by the Employer to the Plan
pursuant to Section 4.02.

     2.41 “Maximum Permissible Amount” shall mean for the Limitation Year with respect to
any Participant contributions and other additions with respect to a Participant which exceed the
limitation of Code Section 415(c) if, when expressed as an Annual Addition (within the meaning of
Code Section 415(c)(2)) to the Participant’s account, such Annual Addition is greater than the
lesser of:

(a) $30,000 adjusted annually as provided in Code Section 415(d) pursuant to the Regulations.

(b) 25 percent of the Participant’s compensation (as defined in Code Section 415(c)(3)).

If there is a short Limitation Year because of a change in the Limitation Year, the Administrator
will multiply the $30,000 limitation (or larger limitation) by the following fraction: number of
months in the short Limitation Year divided by twelve (12).

The above definition of “Maximum Permissible Amount” is effective for Plan Years beginning after
December 31, 1994 in order to bring the Plan’s Code Section 415 provisions into compliance with the
requirements of the General Agreement on Tariffs and Trade.

For any short Limitation Year, the $30,000 limitation shall be reduced by a fraction, the numerator
of which is the number of full months in the short Limitation Year and the denominator of which is
twelve (12). This Section 2.41 is effective January 1, 1995.

     2.42 “NHC Group” shall mean those Employees or Participants who are not Highly
Compensated Employees.

     2.43 “Named Fiduciary” shall mean the Company.

     2.44 “Nonhighly Compensated Employee” shall mean an Employee of the Employer and/or a
Participant who is not a Highly Compensated Employee.

     2.45 “Normal Retirement Age” shall mean the date on which a Participant or a former
Participant attains age 65.

11

 

     2.46 “Participant” shall mean an Employee who has commenced participation in the Plan
after having met the eligibility requirements of Article III. Where the context requires,
Participant shall include a former or suspended Participant.

     2.47 “Plan” shall mean the Huntington Investment and Tax Savings Plan, as set forth
herein or as hereafter amended.

     2.48 “Prior Plan” shall mean a plan that merges with this Plan. Special provisions
with respect to merged plans are set forth at Schedule A.

     2.49 “Plan Year” shall mean the calendar year.

     2.50 “Projected Annual Benefit” shall mean a Participant’s annual benefit under any
defined benefit plans of the Employer that are provided by Employer contributions, based on the
assumptions that the Participant will continue employment until his Normal Retirement Age, that his
actual compensation will continue at the same rate as in effect for the Limitation Year under
consideration until his Normal Retirement Age and that all other relevant factors used to determine
benefits under the Plan will remain constant as of the current Limitation Year for all future
Limitation Years.

     2.51 “Qualified Domestic Relations Order” shall mean a domestic relations order as
defined in Section 414(p) of the Code and Section 206(d)(3)(B) of ERISA.

     2.52 “Qualified Employer Contribution” shall mean contributions made by the Employer
and elected under Section 6.01 to be treated as Qualified Employer Contributions.

     2.53 “Qualified Employer Contribution Account” shall mean an account established for a
Participant for the purpose of receiving Qualified Employer Contributions made by the Employer to
the Plan pursuant to Section 6.01.

     2.54 “Required Beginning Date” shall mean April 1 following the close of the calendar
year in which the Participant or former Participant attains age 701/2, except that a Participant who
is not a five percent (5%) owner may select one of the options set forth in Section 9.08. This
Section 2.54 is effective January 1, 1997.

     2.55 “Rollover Account” shall mean an account established for an Employee for the
purposes of receiving a rollover contribution made to the Plan in accordance with the terms of
Section 15.01 or an account established for the purpose of receiving a trustee to trustee transfer
made in accordance with the terms of Section 15.02.

     2.56 “Service and Credited Service” Service shall mean the period of Participant’s
employment considered for determining eligibility or vesting (the Plan does not have a vesting
schedule). Credited Service shall mean the period of Participant’s employment considered for
Elective Deferrals or Matching Contributions.

12

 

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

     2.58 “Stock Rights” shall mean any options, rights, warrants or other interests in
common stock which are granted issued or exchanged with respect to Common Stock pursuant to action
taken by the Board of Directors of the Company.

     2.59 “Trust or Trust Fund” shall mean the assets of the Plan and Trust as
shall exist from time to time.

     2.60 “Trustee” shall mean The Huntington National Bank or any successor hereunder.

     2.61 “Valuation Date” shall mean each business day of the Plan Year that the New York
Stock Exchange is open for trading or such other date or dates deemed necessary or appropriate by
the Administrator.

     2.62 “Year of Service” shall mean a period of twelve (12) months commencing on the
date an Employee first performs an Hour of Service, or any anniversary thereof, during which the
Employee performs at least one (1) Hour of Service.

13

 

ARTICLE III

Eligibility and Participation

     3.01 Eligibility Requirements.

An Employee, other than those Employees excluded under the provisions of this Section and Section
2.25 herein, shall become eligible to participate in the Plan on the Initial Entry Date; provided
the Employee is employed on such Date, following the date on which the Employee attains age 21 and
completes six (6) consecutive months of employment commencing on the date such Employee first
performs an Hour of Service. Ineligible Employees may participate in the Plan only if their
participation is required to meet the minimum coverage requirements under Section 410(b) of the
Code. An Employee otherwise eligible, who is in an ineligible class of Employees, shall be
eligible to participate in the Plan on the next Initial Entry Date after becoming a member of an
eligible class.

If an Employer shall acquire employees pursuant to a corporate merger, or the purchase of assets of
another company as a going concern or otherwise, the Company may, by action of its Board of
Directors, exclude from participation all or part of such employees by designating groups of
employees such as employees of an acquired corporation, employees of a division, business unit,
branch, facility or location as ineligible Employees. The Administrative Committee shall maintain
a record of the groups of employees excluded at Schedule B.

Notwithstanding the above, effective January 1, 2000, participation in the Plan is voluntary and
may be commenced by an Employee who has met the eligibility requirements of Section 3.01 as of any
Initial Entry Date, Special Entry Date or Entry Date. To participate, an eligible Employee must
make an enrollment election on a Contribution Agreement form, at the time, and in the manner as
prescribed by the Committee. A Contribution Agreement must be received prior to any Entry Date
(including Special or Initial Entry Dates) on which the Employee desires to begin participation in
the Plan. An Employee who has recommenced participation in the Plan as set forth in Sections 3.03
below, shall complete a Contribution Agreement as soon as administratively reasonable following his
reemployment.

     3.02 Application for Participation.

Participation in the Plan is voluntary and may be commenced or recommenced by an Employee who has
met the eligibility requirements of Section 3.01 as of any Initial Entry Date or Entry Date.

To participate, an eligible Employee must make an enrollment election on a Contribution Agreement
form, at the time, and in the manner as prescribed by the Committee. A Contribution Agreement must
be received prior to the Initial Entry Date or Entry Date on which the Employee desires to begin
participation in the Plan.

14

 

     3.03 Reemployment Prior to Break in Service (Eligibility).

If an Employee who has met the eligibility requirements of Section 3.01 terminates employment and
subsequently resumes employment prior to incurring a Break in Service, the rehired Employee shall
continue to be eligible to participate in the Plan as of the next following Entry Date. If an
Employee who has not met the eligibility requirements of Section 3.01 terminates employment and
subsequently resumes employment prior to incurring a Break in Service, the rehired Employee shall
be eligible to participate in the Plan on the Initial Entry Date, if employed on that date,
coincident with or immediately following the date, on which such Employee meets the eligibility
requirements of Sections 3.01 and 3.02 hereof, provided, however, the completion of six (6) months
of employment within any Year of Service will be treated as six (6) consecutive months of
employment for the purpose of satisfying the eligibility requirements of Section 3.01.

Notwithstanding the above, effective January 1, 2000, if an Employee who has met the eligibility
requirements of Section 3.01 terminates employment and subsequently resumes employment, the rehired
eligible Employee shall re-enter the Plan immediately on the Date of his reemployment (Special
Entry Date). If an Employee who has not met the eligibility requirements of Section 3.01
terminates employment and subsequently resumes employment prior to incurring a Break in Service,
the rehired Employee shall be eligible to participate in the Plan on the Initial Entry Date, if
employed on that date, coincident with or immediately following the date, on which such Employee
meets the eligibility requirements of Sections 3.01 and 3.02 hereof, provided, however, the
completion of six (6) months of employment within any Year of Service will be treated as six (6)
consecutive months of employment for the purpose of satisfying the eligibility requirements of
Section 3.01.

     3.04 Reemployment After Break in Service.

If an Employee who has met the eligibility requirements of Section 3.01 terminates his employment
and is reemployed after incurring a Break in Service, the rehired Employee shall again become
eligible to participate in the Plan as of the Entry Date immediately following the date on which he
again satisfies the eligibility requirements of Sections 3.01 and 3.02 hereof.

Effective January 1, 2000, Section 3.04 is deleted. This Section is designated “Reserved.”

     3.05 Month of Employment.

For purposes of this Article III, “month of employment” means a full calendar month in which an
Employee completes an Hour of Service.

     3.06 Predecessor Employer.

If an Employer shall acquire persons in its employ incident to a corporate merger, or the purchase
of assets of another company as a going concern or otherwise; and if such employees become Eligible
Employees hereunder by resolution of the Board of Directors of the Company and the
Employer, if necessary, the employees period of employment with their “predecessor” employer shall
be considered as employment for purposes of determining Service; or Credited Service

15

 

hereunder to the extent required by law unless the Boards provide otherwise. Such other provisions are noted on
Schedule B. Necessary supplemental data with respect to noted provisions will be maintained as a
part of the Plan records.

16

 

ARTICLE IV

Employer Contributions

     4.01 Employer Contributions.

The Employer shall not be required to make contributions to the Plan except for Elective Deferrals
made on behalf of Participants, as described in Section 5.02, Matching Contributions as described
in Section 4.02, or as required in the event the Plan is Top-Heavy pursuant to the provisions of
Article XIV, or as provided for in Article VI.

     4.02 Matching Contributions for Elective Deferrals.

The Employer shall make Matching Contributions to the Plan equal to one hundred percent (100%) of
the Elective Deferrals made by a Participant pursuant to Section 5.02. Provided, however, such
Matching Contribution shall not be made on Elective Deferrals which exceed three percent (3%) of
the Participant’s Compensation.

The Employer shall make additional Matching Contributions to the Plan equal to fifty percent (50%)
of the Elective Deferrals made by a Participant pursuant to Section 5.02 to the extent that such
Elective Deferrals exceed three percent (3%) but do not exceed five percent (5%) of the
Participant’s Compensation.

Such Matching Contributions shall be fully vested and nonforfeitable at all times.

Matching Contributions may be made by the Employer concurrently with payments to the Trustee of the
Elective Deferrals required under Section 5.02, provided, however, such Matching Contributions
shall be made no later than the time prescribed by law for filing the Employer’s Federal income tax
return (including extensions) for the taxable year with respect to which the Matching Contributions
are made. Matching Contributions may be made in the form of cash or Company Stock, or a
combination thereof.

     4.03 Limitations on Allocations.

(a) General Limitation. Notwithstanding any other provisions of this Plan, the aggregate
Annual Addition to a Participant’s Account under this Plan and all other defined contribution plans
(as defined in Section 414(i) of the Code) of the Employer covering such Participant shall not
exceed the Maximum Permissible Amount.

(b) Disposition of Excess Amount. The Employer shall not contribute an amount to the Plan
which would cause the Annual Addition to any Participant’s Account to exceed the Maximum
Permissible Amount. Excess Amount, for purposes of this section shall mean the excess of the
Participant’s Annual Additions for the Limitation Year over the Maximum Permissible Amount.

However, if the Annual Addition to any Participant’s Account exceeds the Maximum Permissible Amount
due to allocation of forfeitures, a reasonable error in estimating Compensation, a

17

 

reasonable error in determining the amount of Elective Deferrals (within the meaning of section
402(g)(3)) that may be made with respect to any individual under the limits of Code Section 415,
any contributions made by the Participant for the Plan Year, to the extent of the excess, shall be
returned to the Participant. If, after returning such contributions to the Participant, an excess
still exists, such excess shall be reallocated to all other eligible Participants in the same
manner that the initial allocation of the Employer contribution was made. If an excess cannot be
reallocated to any Participant’s Account without exceeding the Maximum Permissible Amount, any
amount that remains unallocated shall be held in a holding account and administered as described in
this Section 4.03.

The amount in such holding account shall be reallocated as an Employer contribution to the Accounts
of Participants in the next Limitation Year and, if necessary, in succeeding Limitation Years. No
profits or losses attributable to the assets of the Trust shall be allocated to such holding
account. The Employer shall not make any contributions to the Plan and the Plan shall not accept
any Participant contributions that would constitute Annual Additions until all amounts held in such
holding account are allocated to Participants’ Accounts in succeeding Limitation Years.
Notwithstanding the foregoing, the otherwise permissible Annual Addition for any Participant under
this Plan may be further reduced to the extent necessary, as determined by the Administrator, to
prevent disqualification of the Plan under Section 415 of the Code, which imposes additional
limitations on the benefits payable to Participants who also may be participating in another tax
qualified pension, profit sharing, savings or stock bonus plan of the Employer. The Administrator
shall advise affected Participants of any such additional limitation on their Annual Additions.

(c) More than One Defined Contribution Plan.

This Section applies if, in addition to this Plan, the Participant is covered under another
qualified defined contribution plan maintained by the Employer, a welfare benefit fund, as defined
in Section 419(e) of the Code maintained by the Employer, or an individual medical account, as
defined in Section 415(1)(2) of the Code, maintained by the Employer, which provides an Annual
Addition during any Limitation Year. If the Annual Additions with respect to the Participant under
other defined contribution plans and welfare benefit funds maintained by the Employer are less than
the Maximum Permissible Amount and the Employer contribution that would otherwise be contributed or
allocated to the Participant’s Account under this Plan would cause the Annual Additions for the
Limitation Year to exceed this limitation, the amount contributed or allocated will be reduced so
that the Annual Additions under all such plans and funds for the Limitation Year will equal the
Maximum Permissible Amount. If the Annual Additions with respect to the Participant under such
other defined contribution plans and welfare benefit funds in the aggregate are equal to or greater
than the Maximum Permissible Amount, no amount will be contributed or allocated to the
Participant’s Account under this Plan for the Limitation Year. If as a result of the allocation, a
Participant’s Annual Additions under this Plan and such other plans would result in an excess
amount for a Limitation Year, the excess amount will be deemed to consist of the Annual Additions
last allocated, except that Annual Additions attributable to a welfare benefit fund or individual
medical account will be deemed to have been allocated first regardless of the actual allocation
date. If an Excess Amount was allocated to a Participant on an allocation date of this Plan, which
coincides with an allocation date of another plan, the Excess Amount will be attributed as of such
date to this Plan.

18

 

(d) Defined Benefit/Defined Contribution Limitation.

Effective for Plan years prior to the Plan year beginning January 1, 2000, the contributions to
this Plan for any Participant who is also a member of the Huntington Bancshares Retirement Plan (or
any other defined benefit plan of the Employer) shall be limited to the extent necessary to prevent
the sum of Fractions A and B below, computed as of the end of the Plan Year, from exceeding 1.0.
In the event the sum of the Fractions exceeds 1.0, a Participant’s benefit under the Huntington
Bancshares Retirement Plan (or any other defined benefit plan of the Employer) will be reduced to
the extent necessary to prevent the sum of the Fractions from exceeding 1.0.

	Fraction A 	 	Projected annual benefit from Retirement Plan over the lesser of:

(a) the maximum dollar limit for such year times 1.25; or

(b) the percentage of total Compensation limit for such year times 1.4.

	Fraction B 	 	Sum of all Annual Additions for Participant under this Plan over the sum
for all years of an Employee’s service of the lesser for each such year:

(a) the maximum dollar limit for each such year times 1.25; or

(b) the amount determined under the percentage of total Compensation limit for such year times 1.4.

“Compensation,” solely for purposes of this Section 4.03 shall mean Compensation as defined
in Section 2.15.

     4.04 Return of Contributions.

All contributions made by the Employer are made for the exclusive benefit of the Participants and
their beneficiaries. Notwithstanding the foregoing, amounts contributed to the Trust by the
Employer pursuant to this Article IV shall be returned to the Employer under the circumstances and
subject to the limitations set forth herein:

(a) Disallowance of Deduction. To the extent that a Federal income tax deduction is
disallowed for any contribution made by the Employer, the Trustee shall refund to the Employer the
amount of such contribution disallowed within one (1) year of the date of such disallowance upon
presentation of evidence of disallowance.

(b) Mistake of Fact. Any contribution made by the Employer because of a mistake shall be
returned to the Employer within one (1) year of the contribution.

19

 

ARTICLE V

Participant Contributions

     5.01 Employee After-Tax Contributions.

Employee After-Tax Contributions to the Plan are not permitted effective April 1, 1998. An
Employee After-Tax Contribution Account, however, will be maintained for Employee After-Tax
Contributions (matched and non-matched) made to the Plan prior to April 1, 1998.

     5.02 Elective Deferral Contributions.

(a) Amount. Each Participant may, but shall not be required to, authorize the Employer to
deduct and withhold from such Participant’s Compensation an amount, in any integral percentage, not
to exceed fifteen (15) percent (15%) of such Employee’s Compensation and to contribute such amount
to the Trust Fund on a before-tax basis, subject to the limitation of Section 5.03. Such Elective
Deferral Contribution shall be held in the Participant’s Elective Deferral Account and shall be
fully vested and non-forfeitable at all times.

In no event, however, will a Participant be permitted to make a contribution for any year to the
extent that the portion of his contribution which counts (for ceiling purposes) as an Annual
Addition to all of his accounts in all individual account plans with the Employer, when added to
the Employer contributions, Matching Contributions, and forfeitures credited to his Account, causes
the Annual Additions to his Account to exceed the Maximum Permissible Amount.

(b) Deposits. Amounts withheld shall be contributed to the Trustee within a reasonable
period of time after the amount was withheld.

(c) Contribution Agreement. An initial Contribution Agreement shall be effective as soon
as practicable after the date the Employee is first eligible to participate.

(i) A Contribution Agreement may be modified at any time during each calendar month, provided that
modifications received by the Administrator on or before the last day of each calendar month shall
be effective on the first day of the month next following the date the modification is filed.
Where the Administrator has received more than one such modification, the modification received
last will be the one followed by the Administrator.

(ii) A Participant may suspend his contributions to the Plan at any time. A Participant who has
suspended his Elective Contributions shall be entitled to recommence his Elective Contributions as
of the first day of any subsequent month and in accordance with subparagraph (i) above. A
Participant who wishes to suspend his Elective Contributions must make an election of such
suspension with the Committee prior to the first pay period with respect to which such suspension
is to be effective.

20

 

(iii) The Employer may amend or terminate any Contribution Agreement on written notice to the
Participant.

(d) Tax Treatment. In accordance with Section 401(k) of the Code, all amounts withheld
from a Participant’s Compensation and contributed to such Participant’s Elective Deferral Account
shall not be included in the gross income of the Participant for Federal income tax purposes and
shall be deemed for tax purposes to be an Employer contribution to the Plan.

     5.03 Annual Elective Deferral Limitation.

In no event may the sum of the Employee Elective Deferrals withheld under the Contribution
Agreement plus any supplemental withholding on behalf of any Participant to the Plan (or to any
other plan maintained by the Employer) exceed the dollar limitation contained in Section 402(g) of
the Code (“Section 402(g) Limit”) for any taxable year of the Participant. If the Employer
determines that the Elective Deferrals of any Employee for a calendar year would exceed the Section
402(g) Limit for the calendar year, the Employer shall not make any additional Elective Deferrals
with respect to that Employee for the remainder of such calendar year, shall pay in cash to the
Employee any amounts which would cause the Elective Deferrals to exceed the Section 402(g) Limit,
and the Trustee shall distribute the amount in excess of the Section 402(g) Limit (the “Excess
Elective Deferrals”), as adjusted for allocable income or loss, no later than April 15 of the
following year. The Employer or the Trustee shall determine the amount of income or loss allocable
to the Employee’s Excess Elective Deferrals. The Committee may use any reasonable method for
computing the income allocable to Excess Elective Deferrals, provided that the method does not
violate Section 401(a)(4) of the Code, is used consistently for all Participants and for all
corrective distributions under the Plan for the Plan Year, and is used by the Plan for allocating
income to Participants Accounts, provided, however, that no income or loss attributable to such
excess for the period from the end of the Plan Year to the date of return need be calculated for a
distribution adjustment. If the Trustee distributes the Excess Elective Deferrals by the
appropriate April 15, it may make the distribution irrespective of any other provision under this
Plan or the Code.

If an Employee participates in another plan under which he makes elective deferrals pursuant to
Section 401(k) of the Code, elective deferrals under a simplified employee pension, or salary
reduction contributions to a tax sheltered annuity, irrespective of whether the Employee maintains
the other plan, the Employee may assign to this Plan any Excess Elective Deferrals made during a
taxable year of the Participant by providing the Employer a written claim for excess deferrals made
for a calendar year. The eligible Employee must submit the claim no later than the March 1
following the close of the individual’s taxable year and the claim shall specify the amount of the
Employee’s Elective Deferrals under this Plan which are excess deferrals. If the Employer receives
a timely claim, it shall direct the Trustee to distribute to the Employee the excess deferral, as
adjusted for allocable income or loss, which the Employee has assigned to this Plan in accordance
with the distribution procedure described in the immediately preceding paragraph.

21

 

ARTICLE VI

Provisions Relating to the Nondiscrimination

Provisions of Code Sections 401(k) and 401(m)

     6.01 Section 401(k) Nondiscrimination Provisions.

(a) It is intended that the Plan be qualified under Sections 401(a) and 401(k) of the Code. In
order to effect this purpose of the Plan, the Committee shall, from time to time, during each Plan
Year compute the Actual Deferral Percentage, as defined in Section 2.04, for all eligible Employees
who are in the HC Group and for all other eligible Employees in the NHC Group based upon
contributions to the Plan for the Plan Year to date. Based upon such computations, the Committee
shall determine whether the Plan can be expected to satisfy the nondiscrimination requirements set
forth in Section 6.01(b) below. In the event that the Committee, in its sole discretion,
determines that such contributions will not, or do not, satisfy such requirements, the Committee
shall, in order to assure qualification of the Plan, take one or more of the following actions:

(i) Restriction on Elective Contributions. Refuse to accept on an equitable basis part or
all of the Elective Contributions from Participants included in the HC Group for part or all of the
remainder of the Plan Year. In taking such action, the Committee shall reduce the Elective
Contributions of participants in the HC Group on an equitable basis in an amount necessary to
satisfy the nondiscrimination requirements.

(ii) The Plan does not allow After Tax Contributions subsequent to March 31, 1998 and therefore
this Part (ii) is only effective with respect to contributions made before April 1, 1998. The
Committee also shall be authorized to refund or recharacterize as Employee After-Tax Contributions
(to the extent allowed by law) Elective Contributions made by Participants in the HC Group in an
amount which the Committee deems necessary to satisfy the nondiscrimination requirements.
Recharacterized amounts will remain nonforfeitable and subject to the same distribution
requirements as Elective Contributions. Amounts may not be recharacterized by a Highly Compensated
Employee to the extent that such amount in combination with other Employee After-Tax Contributions
made by that Employee, if any, would exceed any stated limit under the Plan on Employee After-Tax
Contributions.

Recharacterization must occur no later than two and one-half months after the last day of the Plan
Year in which such Excess Contributions arose and is deemed to occur not earlier than the date the
last Highly Compensated Employee is informed in writing of the amount recharacterized and the
consequences thereof. Recharacterized amounts will be taxable to the Participant for the
Participant’s tax year in which the Participant would have received them in cash.

(iii) Distribution. Notwithstanding any other provision of this Plan, Excess
Contributions, plus any income and minus any loss allocable thereto, shall be distributed no later
than the last day of each Plan Year to Participants to whose accounts such Excess Contributions
were allocated for the preceding Plan Year. Excess Contributions are allocated to the Highly
Compensated Employees with the largest amounts of contributions taken into account in calculating
the ADP test for the

22

 

year in which the excess arose, beginning with the Highly Compensated Employee with the largest
amount of such contributions and continuing in descending order until all the Excess Contributions
have been allocated. For purposes of the preceding sentence, the “largest amount” is determined
after distribution of any Excess Contributions. If such excess amounts are distributed more than
two and one-half (2-1/2) months after the last day of the Plan Year in which such excess amounts
arose, a ten percent (10%) excise tax will be imposed on the Employer maintaining the plan with
respect to such amounts. Such distributions shall be made to Highly Compensated Employees on the
basis of the respective portions of the Excess Contributions attributable to each of such
Employees.

(iv) Accounting. Excess Contributions shall be distributed from the Participant’s Elective
Deferral Account and Qualified Employer Contribution Account (if applicable) in proportion to the
Participant’s Elective Deferrals and Qualified Employer Contributions (to the extent used in the
ADP test) for the Plan Year. Excess Contributions shall be treated as Annual Additions under the
Plan.

(v) Determination of Income or Loss. Excess Contributions shall be adjusted for any income
or loss up to the date of distribution; provided, however, that no income or loss attributable to
such excess for the period form the end of the Plan Year to the date of return need be calculated
for a distribution adjustment. The Plan will use a reasonable method for computing the income or
loss applicable to Excess Contributions, provided that the method used will be consistent for all
Participants and for all corrective distributions under the Plan for the Plan Year.

(vi) In lieu of distributing Excess Contributions as provided above, the Employer, in its
discretion, may make Qualified Employer Contributions on behalf of the NHC Group that are
sufficient to satisfy either of the Actual Deferral Percentage tests under Section 6.01(b) below.
Allocations of Qualified employer Contributions to each Nonhighly Compensated Employee’s Account
shall be made in the ratio in which each Nonhighly Compensated Employee’s Compensation bears to the
total compensation of all Nonhighly Compensated Employees.

(b) Actual Deferral Percentage Test. The Actual Deferral Percentage for Participants who
are Highly Compensated Employees for each Plan Year and the Actual Deferral Percentage for
Participants who are Nonhighly Compensated Employees for the same Plan Year must satisfy one of the
following tests:

(i) The Actual Deferral Percentage for the HC Group for the Plan Year does not exceed the Actual
Deferral Percentage for the NCH Group for the same Plan Year multiplied by 1.25; or

(ii) The Actual Deferral Percentage for the HC Group for the Play Year does not exceed the Actual
Deferral Percentage for the NHC Group for the same Plan Year multiplied by 2.0, provided that the
Actual Deferral Percentage for the HC Group does not exceed the Actual Deferral Percentage for the
NHC Group by more then two (2) percentage points.

23

 

(c) Special Definitions and Additional Requirements

(i) The term “Actual Deferral Percentage” or “ADP” shall mean a percentage which is
calculated separately with respect to the HC Group and the NHC Group for each Play Year as set
forth in Section 2.04.

The arithmetic average of all of the percentages determined under Section 2.04 for each Employee in
the respective group shall be the Actual Deferral Percentage for the group.

When performing the “ADP” test the Committee must use a definition of compensation that satisfies
Section 414(s) of the Code.

(ii) The term “Excess Contribution” shall have the meaning, set forth in Section 2.31.

(iii) The ADP for any Participant in the HC Group for the Plan Year who is eligible to have
Elective Deferrals (and Qualified Employer Contributions treated as Elective Deferral Contributions
for purposes of the ADP test) allocated to his accounts under two or more arrangements described in
Section 401(k) of the Code, that are maintained by the Employer, shall be determined as if such
Elective Deferrals (and, if applicable, such Qualified Employer Contributions) were made under a
single arrangement. If a Highly Compensated Employee participates in two or more cash or deferred
arrangements that have different Plan Years, all cash or deferred arrangements ending with or
within the same calendar year shall be treated as a single arrangement.

(iv) In the event that this Plan satisfies the requirements of Sections 401(k), 401(a)(4), or
410(b) of the Code only if aggregated with one or more other plans, or if one or more other plans
satisfy the requirements of such sections of the Code only if aggregated with this Plan, then this
section shall be applied by determining the ADP of Participants as if all such plans were a single
plan. Plans may be aggregated in order to satisfy Section 401(k) of the Code only if they have the
same Plan Year.

(v) The Employer elects to use current Plan Year data for the NHC Group and HC Group to satisfy the
nondiscrimination requirements of Code Section 401(k).

(vi) The determination and treatment of the ADP amounts of any Participant shall satisfy such other
requirements as may be prescribed by the Secretary of the Treasury.

     6.02 Section 401(m) Nondiscrimination Provisions.

(a) It is intended that the Plan be qualified under Section 401(a) and 401(m) of the Code. In
order to effect this purpose of the Plan, the Committee shall from time to time during each Plan
Year compute the Actual Contribution Percentage, as defined below, for all eligible Employees who
are in the HC Group and for all other eligible Employees in the Nonhighly Group based upon
contributions to the Plan for the Plan Year to date. Based on such computations, the Committee
shall determine whether the Plan can be expected to satisfy the nondiscrimination requirements set
forth in Section 6.02(b) below. In the event that the Committee, in its sole discretion,
determines

24

 

that such contributions will not, or do not, satisfy such requirement, the Committee shall, in
order to assure qualification of the Plan take one or more of the following actions:

(i) Restriction on Matching Contributions. The Committee shall be authorized to reallocate
or forfeit (to the extent allowed by law) Matching Contributions made on behalf of Participants in
the HC Group in an amount which the Committee deems necessary to satisfy the nondiscrimination
requirements.

(ii) Distributions. Notwithstanding any other provision of this Plan, Excess Aggregate
Contributions, plus any income and minus any loss allocable thereto, which relate to Excess
Deferrals, Excess Contributions or Excess Aggregate Contributions shall be forfeited. Forfeitures
of Excess Aggregate Contributions shall be applied to reduce Employer Contributions. Excess
Aggregate Contributions are allocate to the Highly Compensated Employees with the largest
Contribution Percentage Amounts taken into account in calculating the ACP test for the year in
which the excess arose, beginning with the Highly Compensated Employee with the largest amount of
such Contribution Percentage Amounts and continuing in descending order until all the Excess
Aggregate Contributions have been allocated. For purposes of the preceding sentence, the “largest
amount” is determined after distribution of any Excess Aggregate Contributions.

(iii) Determination of Income or Loss. Excess Aggregate Contributions shall be adjusted
for any income or loss up to the date of forfeiture; provided, however, that no income or loss
attributable to such excess for the period from the end of the Plan Year to the date of forfeiture
need be calculated. The Plan will use a reasonable method for computing the income or loss
applicable to Excess Aggregate Contributions, provided that the method used will be consistent for
all Participants and for all corrective distributions under the Plan for the Plan Year.

(iv) In lieu of distributing excess Matching Contributions as provided above, the Employer may make
Qualified Employer Contributions on behalf of the NHC Group that are sufficient to satisfy either
of the Actual Contribution Percentage tests under Section 6.02(b). For this part, Qualified
Employer Contributions shall have the meaning as set forth in Section 2.52. Allocations of
Qualified Employer Contributions to each Nonhighly Compensated Employee’s Account shall be made in
the ratio in which each Nonhighly Compensated Employee’s Compensation bears to the total
Compensation of all Nonhighly Compensated Employees.

(b) Actual Contribution Percentage. The Actual Contribution Percentage for Participants
who are Highly Compensated Employees for each Plan Year and the Actual Contribution Percentage for
Participants who are Nonhighly Compensated Employees for the same Plan Year must satisfy one of the
following tests:

(i) The Actual Contribution Percentage for the HC Group for the Plan Year shall not exceed the
Actual Contribution Percentage for the NHC Group for the same Plan year multiplied by 1.25; or

(ii) The Actual Contribution Percentage for the HC Group for the Plan year is not more than the
lesser of the Actual Contribution Percentage for the NHC Group plus two percentage points, or the
Actual Contribution Percentage for the NHC Group for the same Plan Year multiplied by 2.0.

25

 

Multiple Use. To prevent the multiple use of the alternative method described in the
foregoing paragraph (ii) and Code Section 401(m)(9)(A), any Highly Compensated Employee eligible to
make Elective Deferrals under this Plan or to make elective deferrals pursuant to any other plan
maintained by the Employer or a related employer (within the meaning of sections 414(b), (c), (m),
or (o) of the Code) or to receive matching Contributions under this Plan or to receive matching
contributions under any plan maintained by the Employer or a related employer shall have his Actual
Deferral Percentage or his Actual Contribution Percentage reduced pursuant to Regulation
§1.401(m)-2, (proposed or final) Internal Revenue Code Notice 88-127 and Internal Revenue Procedure
89-65.

(c) Special Definitions and Additional Requirements. For purposes of the foregoing tests
the following shall apply:

(i) The term “Actual Contribution Percentage” or “ACP” shall mean a percentage
which is calculated separately with respect to the HC Group and the NHC Group for each Plan Year as
set forth in Section 2.18.

The arithmetic average of all of the percentages determined under Section 2.18 for each Employee in
the respective group shall be the Actual Contribution Percentage for the group.

When performing the “ACP” test the Committee must use a definition of compensation that satisfies
Section 414(s) of the Code.

(ii) The term “Excess Aggregate Contributions” shall have the meaning set forth in Section
2.30.

(iii) For purposes of this section, the Contribution Percentage for any Participant who is a Highly
Compensated Employee and who is eligible to have Contribution Percentage Amounts allocated to his
or her account under two or more plans described in Section 401(a) of the Code, or arrangements
described in Section 401(k) of the Code that are maintained by the Employer, shall be determined as
if the total of such Contribution Percentage Amounts was made under each plan.

(iv) In the event that this Plan satisfies the requirements of Sections 401(m), 401(a)(4), or
410(b) of the Code only if aggregated with one or more other plans, or if one or more plans satisfy
the requirements of such sections of the Code only if aggregated with this Plan, then this section
shall be applied by determining the Contribution Percentage of Employees as if all such plans were
a single plan. Plans may be aggregated in order to satisfy Section 401(m) of the Code only if they
have the same Plan Year.

(v) The Employer elects to use current Plan Year data for the NHC Group and the HC Group to satisfy
the nondiscrimination requirement of Code Section 401(m).

(vi) The determination and treatment of the ACP amounts of any Participant shall satisfy such other
requirements as may be prescribed by the Secretary of the Treasury.

26

 

     6.03 Alternative Method of Meeting Nondiscrimination Requirements. Effective January
1, 1999, the Plan will fulfill the nondiscrimination requirements of Code Sections 401(k) and (m)
by satisfying the safe harbor requirements of Code Section 401(k)(12). Effective January 1, 1999,
the provisions of this Article VI inconsistent with safe harbor compliance pursuant to Code Section
401(k)(12) are suspended. The Committee shall arrange for notice to Employees and take such action
as it considers appropriate to implement Section 401(k)(12). In addition, amounts allocated to
Participants Matching Contribution Account for periods after April 1, 1998, will be subject to the
same withdrawal limitations as apply to Participants Elective Deferral Accounts (Code Section
401(k)(2)(B)).

27

 

ARTICLE VII

Participant Accounts

     7.01 Accounts.

The Administrator will establish and maintain (or cause the Trustee to establish and maintain) for
each Participant, such Accounts as are necessary to carry out the purposes of this Plan.

     7.02 Valuation of Trust Fund.

The Trustee, as of the Valuation Date, shall determine the net worth of the assets of the Trust
Fund, and shall report such values to the Administrator in writing. In determining such net worth,
the Trustee shall value the assets of the Trust Fund at their fair market values as of such
Valuation Date, and shall adjust the net worth of the assets for accrued expenses that are the
Plan’s responsibility.

     7.03 Adjustment of Accounts.

As of each Valuation Date, each Account will be adjusted to reflect the fair market value of the
assets allocated to the Account. In so doing,

(a) each Account balance will be increased by the amount of contributions, income and gain
allocable to such Account since the prior Valuation Date; and

(b) each Account balance will be decreased by the amount of distributions from the Account and
expenses and losses allocable to the Account since the prior Valuation Date.

     7.04 Participant Investment of Accounts.

(a) ERISA Section 404(c).

Subject to the effective dates set forth in this Section 7.04, all Accounts under the Plan shall be
invested in one or more investment options made available from time to time by the Committee for
this purpose. Among the options shall be the Company Stock Fund described at Section 11.05. The
Plan is intended to be an “ERISA §404(c) plan” within the meaning of regulations issued pursuant to
such section. Participants shall have the opportunity to give investment instructions to the
Administrator (with an opportunity to obtain written confirmation of such instructions) as to the
investment of contributions made on his or her behalf among the investment options. The
Administrator shall be obligated to comply with such instructions except as otherwise provided in
the ERISA §404(c) regulations. The Administrator shall prescribe the form and manner in which such
directions shall be made, as well as the frequency with which such directions may be made or
changes, and the dates as of which they shall be effective, in a manner consistent with the
foregoing. In addition, the Administrator may establish procedures to implement investment
direction by Participants and compliance with ERISA §404(c). The Administrator shall be the

28

 

fiduciary identified to furnish the information contemplated by ERISA §404(c), but may designate
on its behalf another person or entity to provide such information or to perform any of the
obligations of the Administrator under this Section 7.04. Notwithstanding the above, a
Participant’s right to direct the investment of his Account may be suspended during
administratively reasonable periods as determined by the Committee.

Notwithstanding the above, the first sentence of this Section 7.04 is amended in its entirety to
read as follows effective January 17, 2001: Subject to the effective dates set forth in this
Section 7.04, all Accounts under the Plan shall be invested in one or more investment options made
available from time to time by the Committee or the Company for this purposes.

Notwithstanding the above paragraph, effective April 19, 2001, the first sentence of this Section
7.04 is amended to read as follows: All Accounts under the Plan shall be invested in one or more
investment options made available from time to time by the Company for this purpose.

(b) Administration.

Participants may give the Administrator investment instructions from time to time on a daily basis
(effective on days that the New York Stock Exchange is open). Instructions shall be carried out as
soon as administratively feasible. Instructions may be made by direct written or telephonic
communication between the Participant and the Administrator or between the Administrator and
persons designated by the Administrator. Allocations among investment options must be expressed in
multiples of ten percent (10%).

If a Participant fails to direct the investment of this Account, or a portion thereof, the Trustee,
shall have the right to direct the investment of the Account, or portion thereof, until such time
as the Participant elects to direct the investment of his Account, or portion thereof.

Reasonable charges and fees (including fees described at Section 11.12) which are related to an
individual Participant’s investment activities, may be charged to the Participant’s Account. The
Administrator shall determined the manner in which fees are allocated and paid.

(c) Effective Dates.

This Section 7.04 shall be effective April 1, 1998 with respect to amounts contributed to the Plan
as Elective Deferrals and Matching Contributions for periods beginning April 2, 1998.

Effective April 1, 1998 Participant Accounts (other than amounts contributed beginning April 2,
1998) will be divided into ten equal parts. One part will become available for Participant
direction April 1, 1998, thereafter an additional part shall become available for Participant
direction on the first day of May through December 1998 and January 1, 1999. This phase-in is
cumulative and Participant investment elections shall apply to all parts available for Participant
direction.

29

 

ARTICLE VIII

Vesting

     8.01 Fully Vested Accounts.

A Participant’s interest in his total Account shall be fully vested and nonforfeitable at all
times.

30

 

ARTICLE IX

Payment of Benefits

     9.01 When Payable.

A Participant’s entire vested Account shall be distributed to him, or in the event of his death to
his beneficiary, upon the first to occur of his termination of employment by reason of his
separation from service, death, Disability or retirement at or after attaining Normal Retirement
Age. Effective January 1, 1998, in the event the value of the Participant’s account exceeds $5,000
(or at the time of any prior distributions exceeded $5,000) no such distribution shall be made
prior to a Participant’s death or attainment of age 65, without the Participant’s consent. For
distributions made after March 22, 1999, the Company is not required to look back to determine if
the Account balance ever exceeded $5,000.

A Participant’s Account shall be payable to an alternate payee at such times as may be specified in
a Qualified Domestic Relations Order as both of such terms are defined in Section 414 of the Code.

In no event may any distribution of a Participant’s Elective Deferral Account or Qualified Employer
Contribution Account or Matching Contribution Account be distributed to such Participant before his
death, retirement, disability, termination of employment, (separation from service) or attainment
of age 591/2 except as provided in Sections 9.05, 9.06 and 9.10 hereof.

All distributions required under this Article, if any, shall be determined and made in accordance
with Section 401(a)(9).

     9.02 Manner of Payment.

(a) The Participant’s Accounts shall be payable in one lump sum payment in cash unless
Participant’s Accounts are invested in the Company Stock Fund. Payments from the Company Stock
Fund shall be made pursuant to paragraph (b) of this Article.

(b) Unless a Participant or his beneficiary (as applicable) elects otherwise, distributions from
the Company Stock Fund will be made in cash equal to the value of a Participant’s Account
attributable to shares of Common Stock, or a fractional interest in Stock Rights. Notwithstanding
the above, a Participant or his beneficiary may elect distributions from the Company Stock Fund in
whole shares of Common Stock or Stock Rights attributed to the Participant’s Account.

     9.03 Determination of Amount.

For purposes of this Article IX, the value of the Participant’s Accounts shall be determined as set
forth below:

31

 

The value of distributions or withdrawals made pursuant to requests received by the Administrator
between the first day of any month and the 15th day of any month shall be determined on the
Valuation Date occurring as soon as administratively practicable following the date on which the
request is received. The value of distributions or withdrawals made pursuant to requests received
by the Administrator between the 16th day of any month and the last day of any month shall be
determined on the Valuation Date occurring as soon as administratively practicable following the
date on which the request was received.

     9.04 Time of Payment.

Any distribution provided under Section 9.01 shall be made as soon as administratively reasonable
after the earlier of the Participant’s termination of employment (or the filing of a written
consent to such distribution, if applicable), death, Disability or retirement at or after attaining
Normal Retirement Age.

Notwithstanding the above, unless the Participant or Spouse elects otherwise, distribution of
benefits will begin no later than the sixtieth (60th) day after the latest of the close of the Plan
Year in which:

(1) the Participant attains age 65 (or Normal Retirement Age, if earlier);

(2) occurs the 10th anniversary of the year in which the Participant commenced participation in the
Plan; or

(3) the Participant terminates service with the Employer.

If a distribution is one to which Sections 401(a)(11) and 417 of the Internal Revenue Code do not
apply, such distribution may commence less than 30 days after the notice required under Section
1.411(a)-11(c) of the Income Tax Regulations is given, provided that:

(1) the Administrator clearly informs the Participant that the Participant has a right to a period
of at least 30 days after receiving the notice to consider the decision of whether or not to elect
a distribution (and, if applicable, a particular distribution option) and,

(2) the Participant, after receiving the notice, affirmatively elects a distribution.

If Code Sections 401(a)(11) and 417 apply (as a result of plan mergers), a distribution may
commence less than 30 days after the notice required under Section 417 of the Code if the Plan
complies with the special notice provisions of regulations issued under Section 417 of the Code.

     9.05 Hardship Distributions.

Distribution of Elective Deferrals may be made to a Participant in the event of hardship. The
Committee, in its sole discretion may also distribute from the Matching Contribution Account,
matching contributions (but not earnings thereon) made on or after April 1, 1998, in the event a
Participant requests such a distribution on account of hardship. For the purposes of this section,

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hardship is defined as an “immediate and heavy” financial need of the Employee where such
distribution is “necessary” because the Employee lacks other available resources. The portion of
the Matching Contribution Account available for distribution as a hardship is Matching
Contributions allocated to a Participant’s Matching Contribution Account with respect to periods
after April 1, 1998. Earnings credited to a Participant’s Matching Contribution Account are not
available for hardship distribution. The Committee’s decision to permit a hardship distribution
shall be applied to all Participants in a uniform nondiscriminatory basis.

Hardship shall be determined based on the following rules:

(a) The following are the only financial needs considered “immediate and heavy:” deductible
medical expenses (within the meaning of Section 213(d) of the Code) of the Employee, the Employee’s
Spouse, children, or dependents; the purchase (excluding mortgage payments) of a principal
residence for the Employee; payment of tuition for the next twelve (12) months of post-secondary
education for the Employee, the Employee’s Spouse, children or dependents; or the need to prevent
the eviction of the Employee from, or a foreclosure on the mortgage of, the Employee’s principal
residence.

(b) A distribution will be considered as “necessary” to satisfy an immediate and heavy financial
need of the Employee only if:

(i) The Employee has obtained all distributions, other than hardship distributions, and all
nontaxable loans under all plans maintained by the Employer;

(ii) All plans maintained by the Employer provide that the Employee’s Elective Deferrals will be
suspended for twelve (12) months after the hardship distribution is processed and distributed from
the Plan;

(iii) The distribution is not in excess of the amount of an immediate and heavy financial need
including the amount needed to pay taxes and penalties thereon, if requested; and

(iv) The distribution amount may include any amounts necessary to pay federal, state or local taxes
or penalties reasonably anticipated to result from the distribution.

(v) In making a determination as to whether a distribution is necessary to satisfy a financial
need, the Committee may reasonably rely upon the representation of a Participant that the need
cannot be relieved (a) through reimbursement or compensation by insurance or otherwise; (b) by
reasonable liquidation of personal assets, to the extent such action does not give rise to a
financial hardship; (c) by cessation of Elective Deferrals under the Plan; and (d) by other
available distributions, withdrawals or loans from plans maintained by the Employer or from other
commercial entities on reasonable commercial terms. Among other things, funds to meet all or a
portion of such needs shall be deemed to be available in the event a Participant may request a
distribution from his other Accounts in the Plan pursuant to Section 9.06.

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(c) A hardship distribution under this Section shall be withdrawn from the Participant’s Accounts
in the following order: from the Matching Contribution Account as allocated to the Participant for
periods after April 1, 1998 and then from the Elective Deferral Account.

Further, the Administrator may make a hardship distribution of an amount allocated to the
Participant’s Matching Contribution Account only to the extent that the amount represents
contributions allocated to the Account for more than twenty-four months immediately preceding the
year of the distribution.

(d) Withdrawals made pursuant to this Section 9.05 will be made according to the policies and rules
prescribed by the Committee with respect to self directed Accounts. Any distributions provided for
under this Section 9.05 shall be made as soon as administratively reasonable.

     9.06 In-Service Distributions.

(a) At the election of the Participant or a former Participant, the Administrator, may distribute
up to one hundred percent (100%) of the Participant’s Employee After-Tax Contribution Account.

(b) At the election of the Participant, the Administrator may distribute an amount then credited to
the Participant’s Matching Contribution Account, minus the amount represented by Matching
Contributions made in the twenty-four months immediately preceding the year of the distribution.
Provided, however, all amounts allocated to the Participant’s Matching Contribution Account for
periods after April 1, 1998, will not be subject to the distribution provisions of this Section.

(c) In the event that the Administrator makes a distribution as described above in subsection (a)
or (b), the Participant shall continue to be eligible to participate in the Plan on the same basis
as any other Employee. Any distribution made pursuant to this section shall be made in a manner
consistent with this Article IX, including, but not limited to, all notice and consent requirements
of Sections 411(a)(11) and 417 of the Code and the Regulations thereunder, if applicable.

(d) Withdrawals made pursuant to this Section 9.06 will be made according to the policies and rules
proscribed by the Committee with respect to self-directed Accounts.

(e) A Participant, by giving prior written notice to the Committee, may withdraw all or any part of
his Rollover Account attributable to rollover contributions. The Trustee in accordance with the
direction of the Committee, will distribute that part of the Participant’s Rollover Account
attributable to rollover contributions in accordance with the request of the Participant.

Effective April 1, 1998, Section 9.06 as set forth above is amended in its entirety to read as set
forth below:

(a) At the election of the Participant or a former Participant, the
Administrator may distribute up to one hundred percent (100%) to the
Participant’s Employee After-Tax Contribution Account.

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(b) At the election of the Participant, the Administrator may
distribute an amount then credited to the Participant’s Matching
Contribution Account, minus the amount represented by Matching
Contributions made in the twenty-four months immediately preceding
the year of the distribution. Provided, however, all amounts
allocated to the Participant’s Matching Contribution Account for
periods after April 1, 1998, will not be subject to the distribution
provisions of this Section.

(c) In the event a Participant has attained the age of 59 1/2, the
Participant has a continuing election to receive all or any portion
of his Account in the Plan.

(d) In the event that the Administrator makes a distribution as
described above in subsection (a), (b) or (c), the Participant shall
continue to be eligible to participate in the Plan on the same basis
as any other Employee. Any distribution made pursuant to this
section shall be made in a manner consistent with this Article IX,
including, but not limited to, all notice and consent requirements
of Sections 411(a)(11) and 417 of the Code and the Regulations
thereunder, if applicable.

(e) Withdrawals made pursuant to this Section 9.06 will be made
according to the policies and rules proscribed by the Committee with
respect to self-directed Accounts.

(f) A Participant, by giving prior written notice to the Committee,
may withdraw all or any part of his Rollover Account attributable to
rollover contributions. The Trustee, in accordance with the
direction of the Committee, will distribute that part of the
Participant’s Rollover Account attributable to rollover
contributions in accordance with the request of the Participant.

(g) Any distributions provided for under this Section 9.06 shall be
made as soon as administratively reasonable.

(f) Any distributions provided for under this Section 9.06 shall be made as soon as
administratively reasonable.

     9.07 Beneficiary Designation.

Upon the death of a Participant, his Account shall be paid to the beneficiary or beneficiaries
designated by him. The designated beneficiary of a married Participant automatically shall be his
spouse unless such spouse consents to the designation of another beneficiary or the Participant
establishes to the satisfaction of the Committee that he has no spouse or that his spouse cannot be
located. Spousal consent shall be given in writing, shall be witnessed by a Plan representative or
a

35

 

notary public, and shall be filed with the Committee. If there is no designated beneficiary
surviving at a Participant’s death, payment of the Participant’s account shall be made to his
estate. A Participant may designate a new beneficiary or beneficiaries at any time by filing with
the Committee a written request for such change on a form prescribed by it. Neither the Trustee,
the Committee nor the Employer shall be liable by reason of any payment of the Participant’s
Account made before receipt of such form designating a new beneficiary or beneficiaries.

     9.08 Mandatory Distributions.

Effective January 1, 1997, notwithstanding any other provision of this Article, the Required
Beginning Date for a Participant who is a five percent (5%) owner as described in Section 416(i) of
the Code is April 1 of the calendar year following the calendar year in which the Participant
attains age 701/2 . The entire interest of a 5% owner Participant shall be distributed to him not
later than the Required Beginning Date as described above.

A Participant who is not a five percent (5%) owner may select one of the following options:

(a) The Required Beginning Date is April 1 of the calendar year following the calendar year in
which the Participant attains age 701/2, or

(b) the Required Beginning Date is April 1 of the calendar year following the calendar year in
which the Participant retires.

The election described in the preceding paragraph will be offered to any Participant attaining age
701/2 in years after 1995 by April 1 of the calendar year following the year in which the Participant
attained age 701/2, (or by December 31, 1997 in the case of a Participant attaining age 701/2 in 1996).
If no such election is made the Participant will begin receiving distributions by the April 1 of
the calendar year following the year in which the Participant attained age 701/2 (or by December 31,
1997 in the case of a participant attaining age 701/2 in 1996).

Any Participant attaining age 701/2 in years prior to 1997 may elect to stop distributions and
recommence by the April 1 of the calendar year following the year in which the Participant retires.
There is no new Annuity Starting Date upon recommencement.

     9.09 Notice of Rollover Treatment.

When a distribution is made to a Participant or beneficiary, such Participant or beneficiary shall
be furnished with written information that includes a general description of the tax treatment
available for such distribution if the distribution qualifies for either rollover treatment or
taxation as a lump sum distribution under Section 402(e) of the Code.

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     9.10 Other Distributable Amounts.

A Participant’s Elective Deferral Account, Qualified Employer Contribution Account or amount
allocated to a Participant’s Matching Contribution Account for the period on or after April 1,
1998, may be distributed upon the occurrence of any of the following events:

(a) Termination of the Plan without the establishment of another defined contribution plan other
than an employee stock ownership plan (as defined in Code Section 4975(e)(7)), simplified employee
pension plan (as defined in Code Section 408(k) or a SIMPLE IRA Plan (as defined in Code Section
408(p).

(b) The disposition by the Employer to an unrelated corporation of substantially all of the assets
(within the meaning of Section 409(d)(2) of the Code) used in a trade or business of the Employer
if the Employer continues to maintain this Plan after the disposition, but only with respect to
Employees who continue employment with the corporation acquiring such assets.

(c) The disposition by the Employer to an unrelated entity of the Employer’s interest in a
subsidiary (within the meaning of Section 409(d)(3) of the Code) if the Employer continues to
maintain this Plan, but only with respect to Employees who continue Employment with such
subsidiary.

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ARTICLE X

Named Fiduciary Powers and Responsibilities

     10.01 Allocation of Responsibility.

The Named Fiduciary shall have only those specific powers, duties, responsibilities, and
obligations as are specifically given it under the Plan.

(a) The Company shall have the sole responsibility for making the contributions provided for
hereunder and shall have the sole authority to appoint and remove the Trustee and the
Administrator; to formulate the Plan’s “funding policy and method;” to amend or terminate, in whole
or in-part, the Plan; and, effective April 19, 2001, to select the investment options available
under the Plan.

(b) The Administrator shall have the responsibility for the administration of the Plan, which
responsibility is specifically described in the Plan including the responsibility to construe any
question of Plan interpretation, subject to the provisions of Section 10.02.

(c) The Trustee shall have the sole responsibility of management of the assets held under the
Trust, all as specifically provided in the Plan and subject to Participant direction of investment
in Section 7.04.

     10.02 Discretionary Authority.

In accordance with Section 503 of Title I of ERISA, the Named Fiduciary under the Plan has complete
authority to make final determinations regarding eligibility and to review all denied claims for
benefits under the Plan. In exercising its fiduciary responsibilities, the Named Fiduciary shall
have absolute discretionary authority to determine whether and to what extent participants and
beneficiaries are eligible to participate or are entitled to benefits, and to construe disputed or
doubtful Plan terms. The Named Fiduciary shall be deemed to have properly exercised such authority
unless it has abused its discretion hereunder by acting arbitrarily and capriciously. Unless
specifically reserved by the Named Fiduciary, the Committee shall, as agent for the Named
Fiduciary, exercise the discretionary authority granted by this paragraph.

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ARTICLE XI

Trustee Powers and Responsibilities

     11.01 Basic Responsibilities.

The Trustee shall have the following categories of responsibilities:

(a) Consistent with the “funding policy and method” determined by the Company, to invest, manage,
and control the Plan assets.

(b) At the direction of the Administrator, to pay benefits required under the Plan to be paid to
Participants, or, in the event of their death, to their beneficiaries;

(c) To maintain records of receipts and disbursements and furnish to the Employer and/or
Administrator for each Fiscal Year a written annual report pursuant to Section 11.10.

     11.02 Investment Powers and Duties.

Subject to Participant direction of investments as set forth in Section 7.04, the Trustee shall
invest and reinvest the Trust Fund to keep the Trust Fund invested without distinction between
principal and income and in such securities or property, real or personal, wherever situated, as
the Trustee shall deem advisable, including, but not limited to, stocks, common or preferred, bonds
and mortgages, mutual funds, common trust funds including common trust funds and collective funds
of the Trustee and/or any of its affiliates or other fiduciary and/or any of its affiliates,
collective investment funds, and group annuity or deposit administration contracts and other
evidences of indebtedness or ownership, and real estate or any interest therein. The Trustee shall
at all times in making investments of the Trust Fund consider, among other factors, the short and
long-term financial needs of the Plan on the basis of information furnished by the Employer. In
making such investments, the Trustee shall not be restricted to securities or other property of the
character expressly authorized by the applicable law for trust investments; however, the Trustee
shall give due regard to any limitations imposed by the Code or ERISA so that at all times the Plan
may qualify as a qualified 401(k) profit sharing plan and trust.

By way of illustration but not limitation, the Trustee may invest the funds of the Trust in such
securities and properties as it may determine and shall not be restricted by any applicable laws
prescribing forms of property which may be held or acquired by a Trustee.

The Trustee may purchase Qualifying Employer Securities or Qualifying Employer Real Property from
the Employer or from any other source. All such purchases must be made at fair market values.

39

 

     11.03 Direct Rollover of Eligible Rollover Distributions.

Notwithstanding any provisions of the Plan to the contrary that would otherwise limit a
distributee’s election under this Section, a distributee may elect, at the time and in the manner
prescribed by the Administrator, to have any portion of an eligible rollover distribution paid
directly to an eligible retirement plan specified by the distributee in a direct rollover.

Definitions.

Eligible rollover distribution: An eligible rollover distribution is any distribution of
all or any portion of the balance to the credit of the distributee, except that an eligible
rollover distribution does not include: any distribution that is one of a series of substantially
equal periodic payments (not less frequently than annually) made for the life (or life expectancy)
of the distributee or the joint lives (or joint life expectancies) of the distributee and the
distributee’s designated beneficiary, or for a specified period of ten years or more; any
distribution to the extent such distribution is required under section 401(a)(9) of the Code; and
the portion of any distribution that is not includible in gross income (determined without regard
to the exclusion for net unrealized appreciation with respect to employer securities) and hardship
distributions made after December 31, 1998 as described in Code Section 401(k)(E)(B)(I)(IV).

Eligible retirement plan: An eligible retirement plan is an individual retirement account
described in section 408(a) of the Code, an individual retirement annuity described in section
408(b) of the Code, an annuity plan described in section 403(a) of the Code, or a qualified trust
described in section 401(a) of the Code, that accepts the distributee’s eligible rollover
distribution. However, in the case of an eligible rollover distribution to the surviving Spouse,
an eligible retirement plan is an individual retirement account or individual retirement annuity.

Distributee: A distributee includes an Employee or former Employee. In addition, the
Employee’s or former Employee’s surviving Spouse and the Employee’s or former Employee’s Spouse or
former Spouse who is the alternate payee under a qualified domestic relations order, as defined in
section 414(p) of the Code, are distributees with regard to the interest of the Spouse or former
Spouse.

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

     11.04 Trustee to Trustee Transfers.

The Administrator may accept and receive assets in the form of cash or property transferred
directly to the Plan by a trustee of another employee benefit plan qualified under Sections 401(a),
403(b) and 401(d) of the Code. The Administrator shall determine whether a proposed transfer to
the Plan meets with the above requirements. Amounts so transferred to the Plan shall be credited
to a Rollover Account which shall be fully vested and nonforfeitable at all times.

The Trustee shall accept and receive assets only with respect to Employees, including Employees who
have not met the eligibility requirements of Section 3.01.

40

 

Provided, however, the Administrator shall not accept assets from the trustee of another employee
benefit plan which is required to provide benefits in the form of a Qualified Joint and Survivor
Annuity or a Qualified Pre-Retirement Survivor Annuity pursuant to Section 401(a)(11) of the Code.

The Administrator may direct the Trustee to transfer the vested balance of a Participant’s Account
directly to a trustee of another employee benefit plan qualified under Section 401(a) of the Code
or an IRA qualified under Section 408 of the Code.

     11.05 Company Stock Fund.

(a) The Trustee shall maintain as an investment option a Company Stock Fund. This fund shall be
primarily invested in Common Stock of Huntington Bancshares Incorporated. Cash dividends received
on Common Stock shall also be invested by the Trustee in Common Stock.

(b) In the event Huntington Bancshares Incorporated or any Participant is, or will be, prohibited
from trading in Common Stock under applicable state or federal security laws, the Trustee, at the
direction of the Administrator, may (i) keep amounts contributed to the Plan and cash dividends in
the form of cash under the same terms as set forth in Section 11.05(d), or (ii) appoint an
independent agent for the Plan to purchase shares of Common Stock on behalf of the Plan during such
periods, to the extent permitted under applicable state or federal laws.

Notwithstanding the above Sections 11.05(a) and (b), effective December 13, 2000, (a) and (b) above
are amended in their entirety as follows:

(a) The Trustee shall maintain, as an investment option, a Company
Stock fund. Cash dividends received on Common Stock shall be
distributed pursuant to Section 17.04.

(b) In the event Huntington Bancshares Incorporated or any
Participant is, or will be prohibited from trading in Common Stock
under applicable state or federal security laws, the Trustee, at
the direction of the Administrator, may (i) keep amounts
contributed to the Plan in the form of cash under the same terms as
set forth in Section 11.05(d), or (ii) appoint an independent agent
for the Plan to purchase shares of Common Stock on behalf of the
Plan during such periods, to the extent permitted under applicable
state or federal laws.

(c) The assets of the Common Stock Fund shall be held by the Trustee in the name of the Trust in a
commingled fund. The Trustee shall implement a unit system of accounting and may report
Participants’ interests in the fund in units. Stock Rights, if any, and any Common Stock received
with respect to Common Stock, shall be allocated to the Accounts of Participants in proportion to
the shares of Common Stock allocated to each Account.

41

 

(d) Notwithstanding the foregoing provisions of this Section 11.05, the Trustee may, in its sole
discretion, maintain in cash from the contributions by and for the Participants such amount as it
deems necessary for the operation and administration of the Trust, to provide for payment of
fractional shares of Participants, to provide for distributions, and such other purposes as may be
necessary or appropriate.

(e) Participants shall have the right to instruct the Trustee as to how shares of Common Stock
attributed to their Accounts shall be voted. The Committee shall establish procedures to be
followed by the Trustee implementing the voting rights of the Participants, including informing
them of the issues to be voted upon and the manner in which their instructions shall be
communicated to the Trustee. In the absence of Participant direction, the Trustee shall vote
shares of Common Stock as directed by the Committee.

Effective April 19, 2001, notwithstanding the above paragraph, Participants have the right to
instruct the Trustee as to how shares of Common Stock attributed to their Accounts shall be voted.
The Administrator shall establish procedures to be followed by the Trustee implementing the voting
rights of the Participants, including informing them of the issues to be voted upon and the manner
in which their instructions shall be communicated to the Trustee. In the absence of Participant
direction, the Trustee shall vote shares of Common Stock as directed by the Committee.

(f) The Administrator shall establish procedures designed to safeguard the confidentiality of
information relating to the purchase, holding and sale of Company Stock and the exercise of voting
tender and similar rights by Participants and beneficiaries. The Committee is designated as the
fiduciary responsible for insuring that the confidentiality procedures required by ERISA §404(c)
are sufficient. If the Committee determines that there exists a potential for undue Employer
influence upon Participants and beneficiaries with regard to the direct or indirect exercise of
shareholder rights the Committee shall appoint an independent fiduciary to carry out activities
necessary to avoid such potential undue influence.

Effective April 19, 2001, the Administrator and the Trustee shall establish procedures designed to
safeguard the confidentiality of information relating to the purchase, holding and sale of Company
Stock and the exercise of voting tender and similar rights by Participants and beneficiaries. The
Trustee is designated as the fiduciary responsible for insuring that the confidentiality procedures
required by ERISA §404(c) are sufficient. If the Trustee determines that there exists a potential
for undue Employer influence upon Participants and beneficiaries with regard to the direct or
indirect exercise of shareholder rights the Trustee shall appoint an independent fiduciary to carry
out activities necessary to avoid such potential undue influence.

     11.06 Tender Offers.

The following provisions shall apply in the event any tender or exchange offer (an “Offer”) is made
for the Common Stock:

(a) As soon as practical after the commencement of an Offer for shares of Common Stock, the
Committee shall use its best efforts to timely distribute, or cause to be distributed, to each

42

 

Participant such information as is distributed to shareholders of Huntington Bancshares
Incorporated in connection with such Offer. The Committee shall provide each Participant with
forms which the Participant may use to instruct the Trustee whether or not to tender shares of
Common Stock allocated to his accounts, to the extent permitted under the terms of such Offer. The
Trustee also shall provide each Participant with forms which the Participant may use to revoke any
prior instruction at any time prior to the withdrawal deadline of the Offer.

(b) Each Participant shall have the right to instruct the Trustee as to the manner in which the
Trustee is to respond to the Offer for any or all of the Common Stock allocated to his accounts.
The Trustee shall follow the directions of each Participant, but the Trustee shall not tender
shares of Common Stock for which no instructions are received. The number of shares with respect
to which a Participant may provide instructions shall be the total amount of shares credited to his
accounts as of the close of business on the day preceding the date on which the Offer is commenced,
or such earlier date as shall be designated by the Committee.

(c) Any securities received by the Trustee as a result of a tender of shares of Common Stock shall
be held, and any cash so received shall be invested in short-term investments, for the account of
the Participant with respect to whom shares of Common Stock were tendered. The Trustee may, as it
deems appropriate, elect to reinvest any securities received as a result of a tender of shares of
Common Stock in short-term investments.

     11.07 Other Powers.

The Trustee, in addition to all powers and authorities under common law, statutory authority,
including ERISA, and other provisions of the Plan, including but not limited to, the funding policy
and method determined by the Company, and subject to the powers of the Administrator and any
Participant shall have the following powers and authorities, to be exercised in the Trustee’s sole
discretion:

(a) To purchase, or subscribe for, any securities or other property and to retain the same. In
conjunction with the purchase of securities, margin accounts may be opened and utilized;

(b) To sell, exchange, convey, transfer, grant options to purchase, or otherwise dispose of any
securities or other property held by the Trustee, by private contract or at public auction. No
person dealing with the Trustee shall be bound to see to the application of the purchase money or
to inquire into the validity, expediency, or propriety of any such sale or other disposition, with
or without advertisement;

(c) To vote upon any stocks, bonds, or other securities; to give general or special proxies or
powers of attorney with or without power of substitution; to exercise any conversion privileges,
subscription rights or other options, and to make any payments incidental thereto; to oppose, or to
consent to, or otherwise participate in, corporate reorganizations or other changes affecting
corporate securities, and to delegate discretionary powers, and to pay any assessments or charges
in connection therewith; and generally to exercise any of the powers of an owner with respect to
stocks, bonds, securities, or other property;

43

 

(d) To keep such portion of the Trust Fund in cash or cash balances as the Trustee may, from time
to time, deem to be in the best interests of the Plan, without liability for interest thereon;

(e) To make, execute, acknowledge, and deliver any and all documents of transfer and conveyance and
any and all other instruments that may be necessary or appropriate to carry out the powers herein
granted;

(f) To settle, compromise, or submit to arbitration any claims, debts, or damages due or owing to
or from the Plan, to commence or defend suits or legal or administrative proceedings, and to
represent the Plan in all suits and legal and administrative proceedings;

(g) To employ suitable agents and counsel and to pay their reasonable expenses and compensation,
and such agent or counsel may or may not be agent or counsel for the Employer;

(h) To cause any securities or other property held a part of the Trust Fund to be registered in the
Trustee’s own name or in the name of one or more of its nominees, and to hold any investments in
bearer form, but the books and records of the Trustee shall at all times show that all such
investments are part of the Trust Fund;

(i) To invest funds of the Trust in time deposits or savings accounts bearing a reasonable rate of
interest in the Trustee’s bank;

(j) To invest in Treasury Bills and other forms of United States government obligations;

(k) To sell, purchase and acquire put or call options if the options are traded on and purchased
through a national securities exchange registered under the Securities Act of 1934, as amended, or,
if the options are not traded on a national securities exchange, are guaranteed by a member firm of
the New York Stock Exchange.

(l) To deposit monies in federally insured savings accounts or certificates of deposit in banks or
savings and loan associations;

(m) To pool all or any of the Trust Fund, from time to time, with assets belonging to any other
qualified employee pension benefit trust created by the Employer or an affiliated company of the
Employer, and to commingle such assets and make joint or common investments and carry joint
accounts on behalf of this Plan and such other trust or trusts, allocating undivided shares or
interests in such investments or accounts or any pooled assets of the two or more trusts in
accordance with their respective interests; and

(n) To do all such acts and exercise all such rights and privileges, although not specifically
mentioned herein, as the Trustee may deem necessary to carry out the purposes of the Plan.

     11.08 Duties Regarding Contributions and Payments.

At the direction of the Administrator or Committee, as applicable, the Trustee shall, from time to
time, in accordance with the terms of the Plan: (a) accept contributions to Plan, including but
not

44

 

limited to, contributions by the Employer; the Trustee is not obligated to collect any
contributions from the Employer or to see that such funds are deposited according to the provisions
of the Plan or to see that the contributions received comply with the provisions of the Plan; and
(b) make payments out of the Trust Fund.

     11.09 Trustee’s Compensation and Expenses and Taxes.

The Trustee shall be paid such reasonable compensation as shall from time to time be agreed upon in
writing by the Company and the Trustee. In addition, the Trustee shall be reimbursed for any
reasonable expenses, including reasonable counsel fees incurred by it as Trustee. Such
compensation and expenses shall be paid from the Trust Fund unless paid or advanced by the
Employer. All taxes of any kind and all kinds whatsoever that may be levied or assessed under
existing or future laws upon, or in respect of, the Trust Fund or the income thereof, shall be paid
from the Trust Fund.

     11.10 Records and Reports. The Trustee shall keep accurate and detailed accounts of
all investments receipts and disbursements and other transactions hereunder and all its accounts,
books and records relating to the Trust shall be open to inspection and audit by any person
designated by the Company at all reasonable times.

     11.11 Removal or Resignation of Trustee.

The Trustee may be removed at any time by Huntington Bancshares Incorporated upon sixty (60) days
notice in writing to the Trustee. The Trustee may resign at any time upon ten (10) days notice in
writing to Huntington Bancshares Incorporated. In the event of a vacancy in the office of Trustee,
Huntington Bancshares Incorporated shall appoint a successor trustee or trustees who, upon
acceptance of such appointment, shall have all the powers and duties of the predecessor trustee.
The title to all funds and properties constituting the Trust Fund shall vest in those who shall
from time to time be the successor trustee, or trustees hereunder.

     11.12 Plan Expenses and Taxes.

The Trustee is authorized and directed to pay from the Trust Fund all taxes, and all reasonable
fees, expenses and charges connected with and incurred by it or by the Plan in the administration
of the Trust which are not otherwise paid by the Company or an Employer. The Administrator shall
advise the Trustee from time to time as to which such fees, expenses and charges shall be paid from
the Trust.

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ARTICLE XII

Administration

     12.01 Company Responsibility.

The Company shall be responsible for and shall control and manage the operation and administration
of the Plan. It shall be the “Administrator” and “Named Fiduciary” for purposes of ERISA and shall
be subject to service of process on behalf of the Plan. The Board of Directors of Huntington
Bancshares Incorporated shall appoint a Committee consisting of not less than three members to be
known as the Huntington Investment and Tax Savings Plan Administrative Committee (the “Committee”).

Any member of the Committee may resign by delivering his written resignation to Huntington
Bancshares Incorporated, and such resignation shall become effective at delivery or at any later
date specified therein. Any member of the Committee may be removed at any time by the Board of
Directors of Huntington Bancshares Incorporated in the same manner. No member of the Committee
shall receive any remuneration for his services in that capacity. If otherwise eligible, the fact
that a Participant is a member of the Committee shall not preclude his participating in the Plan.
No member of the Committee shall act or participate in any action of the Committee directly
affecting his own Account under the Plan that is not of general application to all Participants.

     12.02 Powers and Duties of the Committee.

(a) The Committee shall operate and administer the Plan (unless the Plan specifically gives
administrative functions to the Administrator or Named Fiduciary) and, in its sole discretion,
resolve all questions of interpretation, administration and application arising under or in
connection therewith including but not limited to, eligibility, vesting and distribution, except as
may be reserved under the Plan to the Employer. The Committee may, from time to time, prescribe
and amend regulations for such administration. Whenever directions, designations, applications,
requests or other notices are to be given by a Participant under the Plan, they shall be on forms
prescribed by the Committee and shall be filed in such manner as shall be specified by the
Committee.

(b) The Committee shall have power (i) to change or waive any requirements of the Plan to conform
with law or to meet special circumstances not anticipated or covered in the Plan; (ii) to appoint
such committees with such powers as it shall determine, including an executive committee to
exercise all powers of the Committee between meetings of the Committee; (iii) to determine the
times and places for holding meetings of the Committee and the notice to be given of such meetings;
(iv) to employ such agents and assistants, such counsel (who may be of counsel to the Employer) and
such clerical and other services as the Committee may require in carrying out the provisions of the
Plan; and (v) to authorize one or more of their number or any agent to execute or deliver any
instrument on behalf of the Committee.

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Effective April 19, 2001, notwithstanding Section (a) and (b) above, the powers and duties of the
Committee are described below:

(a) Pursuant to authority given the Committee by the Plan or otherwise specifically delegated to
the Committee by the Administrator, the Committee shall operate and administer the Plan (subject to
administrative functions reserved or retained by the Administrator or Named Fiduciary) and, in its
sole discretion, the Committee shall resolve all questions of interpretation, administration and
application arising under or in connection therewith including but not limited to, eligibility,
vesting and distribution, except as may be reserved under the Plan to the Employer. The Committee
may, from time to time, prescribe and amend regulations for such administration. Whenever
directions, designations, applications, requests or other notices are to be given by a Participant
under the Plan, they shall be on forms prescribed by the Committee and shall be filed in such
manner as shall be specified by the Committee.

(b) The Committee shall have power (i) to change or waive any requirements of the Plan to conform
with law or to meet special circumstances not anticipated or covered in the Plan; (ii) to appoint
such committees with such powers as it shall determine, including an executive committee to
exercise all powers of the Committee between meetings of the Committee; (iii) to determine the
times and places for holding meetings of the Committee and the notice to be given of such meetings;
and (iv) to authorize one or more of their number or any agent to execute or deliver any instrument
on behalf of the Committee.

(c) The Committee shall have the power to employ such agents and assistants, such counsel (who may
be counsel to the Employer) and such clerical and other services as the Committee may require to
carry out its duties. The Company reserves authority to employ service providers for the Plan.

     12.03 Organization and Operation of the Committee.

(a) The Committee shall act by a majority vote of its members at the time in office, and such
action may be taken either by a vote at a meeting or in writing without a meeting. The signature
of a majority of the members will be sufficient to authorize Committee action. Routine
administration of the Plan may be delegated by the Committee to any member or members thereof or to
such agent or agents as it may select.

(b) The members of the Committee, the Administrator and the Company and its officers and directors
shall be entitled to rely upon all valuations, certificates and reports furnished by the Trustee,
upon all certificates and reports made by an accountant and upon all opinions given by any legal
counsel selected or approved by the Committee, and the members of the Committee and the Employer
and its officers and directors shall, except as otherwise provided by law, be fully protected in
respect of any action taken or suffered by them in good faith in reliance upon any such valuations,
certificates, reports, opinions or other advice of the Trustee or any such accountant or counsel.

Effective April 19, 2001, notwithstanding the above first paragraph of this Section 12.03(b), the
members of the Committee the Administrator and the Company and its officers and directors

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shall be entitled to rely upon all valuations, certificates and reports furnished by the Trustee, upon all
certificates and reports made by an accountant, upon all opinions given by any legal counsel
selected or approved by the Committee, and upon all reports and information provided to the
Committee by the service providers selected by the Company. Members of the Committee and the
Employer and its officers and directors shall, except as otherwise provided by law, be fully
protected in respect to any action taken or suffered by them in good faith in reliance upon any
such valuations, certificates, reports, opinions or other advice of the Trustee or any such
accountant, service providers or counsel.

     12.04 Statement of Participant’s Account.

The Trustee, the Committee or one or more of the Employers under delegation from the Trustee, shall
mail or deliver to each Participant a statement setting forth the Account of such participant not
less than once each Plan Year. Such statement shall be deemed to have been accepted as correct
unless written notice to the contrary is received by the Trustee or the Committee within thirty
(30) days after the mailing of such statement to the Participant.

     12.05 Delivery of Notices, Reports and Statements.

All notices, reports and statements given, made, delivered or transmitted to a Participant or
beneficiary shall be deemed duly given, made, delivered or transmitted when either mailed, by such
class as the sender may deem appropriate, with postage prepaid and addressed to the Participant or
beneficiary at the address last appearing on the records of his Employer or actually delivered by
the Employer to the Participant or beneficiary. All notices, directions or other communications
given, made, delivered or transmitted by a Participant to the Committee shall not be deemed to have
been duly given, made delivered, transmitted or received unless and until actually received by the
Committee.

     12.06 Claims Procedure.

Claims for benefits under the Plan shall be filed, on forms supplied by the Committee, with its
Secretary. Written notice of the disposition of a claim shall be furnished the claimant within
thirty (30) days after the application therefor is filed. In the event the claim is denied, the
reasons for the denial shall be specifically set forth, pertinent provisions of the Plan shall be
cited and, where appropriate, an explanation as to how the claimant can perfect the claim will be
provided.

     12.07 Claims Review Procedure.

Any Participant, former Participant, or beneficiary who has been denied a benefit, or feels
aggrieved by any other action of the Committee, his Employer, or the Trustee, shall be entitled to
request and receive from the Secretary of the Committee, a written notice of such action, together
with a full and clear statement of the reasons for the action. If the claimant wishes further
consideration of his position, he may make a written request for a hearing. The request shall
state the claimant’s position and shall be filed with the Secretary no later than ninety (90) days
after receipt of the written notification provided for above or in Section 12.04. The Committee
shall schedule an opportunity for a full and fair hearing of the issue within the next thirty (30)
days. Its

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decision following such hearing shall be made within thirty (30) days and shall be
communicated in writing to the claimant. Under special circumstances, such determination may be
delayed for an additional period not to exceed sixty (60) days, in which case the claimant shall be
notified of the delay prior to the close of the initial sixty (60) day period. The Committee’s
final decision shall set forth the reasons and the references to the Plan provisions on which it is
based. The Committee shall have discretion in interpreting the terms of the Plan and in making
claim determinations. Final determinations shall be made by the Committee and such determinations
shall be conclusive and binding on all persons.

     12.08 No Contract of Employment.

Nothing in the Plan shall be deemed or construed to impair or affect in any manner whatsoever, the
right of the Employers, in their discretion, to hire Employees and with or without cause, to
discharge or terminate the service of Employees or Participants.

     12.09 Indemnification.

The Company shall indemnify any person who is or was a member of the Committee and any person who
is or was an Employee of the Employer and who performs or performed services with respect to the
Plan, against all liabilities and all reasonable expenses (including, without limitation, counsel
fees and amounts paid in settlement other than to the Employer) incurred or paid in connection with
any threatened or pending action, suit or proceeding to which he (or his executor, administrator or
other legal representative) may be made a party, or in which he may otherwise be involved, by
reason of the fact that he serves or has served as a member of the Committee or otherwise performs
or has performed services with respect to the Plan; provided, however that (a) if such action, suit
or proceeding shall be prosecuted against such person (or his executor, administrator or other
legal representative) to final determination on the merits or otherwise, it shall be finally
adjudged in such action, suit or proceeding that such person is liable for gross negligence or
willful misconduct in the performance of his duty to the Employer or the Plan in relation to the
matter or matter in respect of which indemnification is claimed, or (b) if such action, suit or
proceeding shall be settled or otherwise terminated as against such person (or his executor,
administer or other legal representative) without a final determination, it shall be determined
that such person was not guilty of gross negligence or willful misconduct in the performance of his
duty to the Employer or the Plan in relation to the matter or matters in respect of which
indemnification is claimed, such determination to be made by a majority of the members of the Board
of Directors of the Employer or by independent counsel to whom the question may be referred by the
Board of Directors.

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ARTICLE XIII

Amendment, Termination, and Mergers

     13.01 Amendment or Termination.

Huntington Bancshares Incorporated reserves the right at any time to amend or terminate this Plan
and each Employer reserves the right to terminate its participation therein; provided that no such
amendment or termination shall have the effect of giving any Employer any right or interest in, or
of revoking or diminishing the rights and interest of any Employee in, the funds then held by the
Trustee. In the event of complete or partial termination of the Plan, all accounts shall be fully
vested. In the event of complete discontinuance of contributions or a suspension of contributions
by the Employers for a period of five years without termination of the Plan, all active Participant
Accounts attributable to contributions of such Employer shall be fully vested.

Authority to amend or terminate the Plan or to discontinue or suspend contributions rests with the
Board of Directors of Huntington Bancshares Incorporated. The foregoing authority may be delegated
to the Committee, to appropriate officers of Huntington Bancshares Incorporated, or to appropriate
officers of a corporation which is a member of the Huntington Bancshares Incorporated controlled
group of corporations. Any such action to amend, terminate, discontinue or suspend contributions
shall be evidenced by a resolution of the Board of Huntington Bancshares Incorporated. Delegation
of the foregoing authority shall also be evidenced by a resolution of the Board of Huntington
Bancshares Incorporated. Authority to withdraw as a participating Employer rests with the Board of
Directors of each participating Employer and shall be exercised and evidenced by a resolution of
the Board of Directors of a withdrawing Employer.

An amendment (including the adoption of this Plan as a restatement of an existing plan) may not
decrease a Participant’s accrued benefit and may not reduce or eliminate Code Section 411(d)(6)
protected benefits determined immediately prior to the effective date of the restatement or the
effective date of any provision or amendment. An amendment reduces or eliminates protected
benefits under Section 411(d)(6) of the Code if the amendment has the effect of either (i)
eliminating or reducing an early retirement benefit or a retirement-type subsidy (as defined in
Treasury Regulations), or (ii) except as provided by Treasury Regulations, eliminating an optional
form of benefit.

No such amendment which affects the rights, duties or responsibilities of the Trustee may be made
without the Trustee’s written consent. The Trustee shall not be required to execute any such
amendment unless the amendment affects the duties of the Trustee.

     13.02 Merger or Consolidation.

In the event of any merger or consolidation with, or transfer of assets or liability to any other
plan, as defined in Section 3(3) of ERISA, the benefit which would be received by a Participant
immediately after the merger, consolidation or transfer (if the Plan then terminated), equals the

50

 

benefits the Participant was entitled to immediately prior to such merger, consolidation or
transfer (if the Plan had then terminated).

Authority to merge, consolidate or transfer assets rest with the Board of Directors of Huntington
Bancshares Incorporated and with the Board of Directors of the corporation (or its successor as
plan sponsor) of the plan that is merging, consolidating or transferring assets to this Plan. The
foregoing authority may be delegated to the Committee, appropriate officers of Huntington
Bancshares Incorporated, a plan sponsor or such other individuals or entities as each Board may
determine. Action to merge, consolidate or transfer shall be evidence by a resolution of the Board
of Directors of Huntington Bancshares Incorporated and a resolution of the Sponsor of the merging
plan. Any delegation of authority shall be evidenced by resolution of the delegating Board of
Directors.

In order to carry a merger into effect, special provisions applicable only to account’s of the
merging plan may be necessary. Special provisions may be set forth at Schedule A.

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ARTICLE XIV

Top-Heavy Provisions

     14.01 Application of Article.

The provisions of this Article shall be effective for any Plan Year in which the Plan is determined
to be Top Heavy.

     14.02 Definitions.

For purposes of this Article, the following words shall have the meanings stated after them unless
otherwise specifically provided:

(a) “Key Employee” shall mean those Employees who are described in Section 416(i) of the
Code and the regulations thereunder.

(b) “Non-Key Employee” shall mean those Employees who are not Key Employees.

(c) “Required Aggregation Group” shall mean (1) each qualified plan of the Employer in
which at least one Key Employee participates, and (2) any other qualified plan of the Employer
(including any plan that has been terminated within the five year period ending on the
Determination Date) which enables a plan described in (1) to meet the requirements of Sections
401(a)(4) or 410 of the Code.

(d) “Permissive Aggregation Group” shall mean the Required Aggregation Group plus any other
plan or plans of the Employer which, when considered as a group with the Required Aggregation
Group, would continue to satisfy the requirements of Sections 401(a)(4) or 410 of the Code.

(e) For purposes of this Article, annual Compensation means Compensation as defined at Section
2.16.

(f) “Determination Date” shall mean with respect to any Plan Year, the last day of the
preceding Plan Year.

     14.03 Top Heavy Determination.

The Plan shall be considered a Top Heavy Plan for the Plan Year if, as of the Determination Date:

(a) The Top Heavy Ratio for this Plan exceeds sixty percent (60%) or

(b) The Plan is part of a Required Aggregation Group and the Top Heavy Ratio for such Group exceeds
sixty percent (60%).

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However, and notwithstanding (a) and (b) above, the Plan shall not be considered a Top Heavy Plan
for any Plan Year in which the Plan is a part of a Required or Permissive Aggregation Group and the
Top Heavy Ratio for such Group is sixty percent (60%) or less.

     14.04 Top Heavy Ratio.

(a) If this is the only plan maintained by the Employer or if only defined contribution plans are
aggregated with this Plan in making the Top Heavy determination, the Top Heavy Ratio for this Plan
or for the Required or Permissive Aggregation Group shall be a fraction, the numerator of which is
the sum of the Accounts of all Key Employees as of the Determination Date (including any part of
any Account distributed during the five-year period ending on the Determination Date), and the
denominator of which is the sum of the Accounts of all Participants as of the Determination Date
(including any part of any Account distributed during the five-year period ending on the
Determination Date). Both the numerator and the denominator of the Top Heavy Ratio shall be
adjusted to reflect any contribution which is required to be taken into account under Section 416
of the Code and the regulations thereunder.

(b) If the Employer maintains a defined benefit plan or plans that are aggregated with this Plan in
making the Top Heavy Determination, the Top Heavy Ratio for the Required or Permissive Aggregation
Group shall be a fraction, the numerator of which is the sum of Accounts under the aggregated
defined contribution plan or plans for all Key Employees, determined in accordance with (a) above,
plus the present value of accrued benefits under the aggregated defined benefit plan or plans for
all Key Employees as of the Determination Date, and the denominator of which is the sum of the
Accounts under the aggregated defined contribution plan or plans for all Participants, determined
in accordance with (a) above, plus the present value of accrued benefits under the aggregated
defined benefit plan or plans for all Participants as of the Determination Date. The accrued
benefits under a defined benefit plan in both the numerator and the denominator of the Top Heavy
Ratio shall be adjusted for any distribution of an accrued benefit made during the five-year period
ending on the Determination Date. The present value of any accrued benefit shall be determined
based on the actuarial assumptions contained in the aggregated defined benefit plan.

(c) For purposes of (a) and (b) above, the value of the Accounts and the present value of accrued
benefits shall be calculated as of the Determination Date and the account balances and accrued
benefits of any Participant (i) who is not a Key Employee but who was a Key Employee in a prior
year, or (ii) who has not performed any service for any Employer maintaining the Plan at any time
during the five-year period ending on the Determination Date shall be disregarded. The calculation
of the Top Heavy Ratio, and the extent to which distributions, rollovers and transfers are taken
into account shall be made in accordance with Section 416 of the Code and the regulations
thereunder. When aggregating plans, the value of the Accounts and accrued benefits shall be
calculated with reference to the Determination Dates that fall within the same calendar year. The
accrued benefit of a Participant other than a Key Employee shall be determined under either (i) the
method, if any, that uniformly applies for accrual purposes under all defined benefit plans
maintained by the Employer or (ii) if there is no such method, as of such benefit accrued not more
rapidly than the slowest accrual rate permitted under the fractional rule of Code Section
411(b)(1)(C).

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     14.05 Compensation.

If the provisions of this Article apply to Plan Years beginning prior to January 1, 1989, the term
“compensation” shall be limited as described in Section 416(d) of the Code.

     14.06 Minimum Benefit.

If the provisions of this Article apply for any Plan Year, the contributions and forfeitures
allocated to the Account of any Non-Key Employee who is employed by the Employer on the last day of
the Plan Year shall equal at least three percent (3%) of the Compensation of such Non-Key Employee.
However, in the event that the largest percentage of Compensation provided on behalf of any Key
Employee for the Plan Year is less than three percent (3%) of such Key Employee’s Compensation, the
minimum percentage of Compensation that must be provided for any Non-Key Employee for the Plan Year
under this Section 14.06 is the largest percentage of Compensation provided on behalf of any Key
Employee for that Plan Year. For purposes of this Section 14.06, the term Non-Key Employee
includes any Employee otherwise eligible to participate in this Plan but who is not a Participant
because of his failure to make elective deferrals under a Code Section 401(k) arrangement or
because of his failure to make mandatory employee contributions. Neither Elective Deferral
Contributions nor Matching Contributions may be taken into account for the purpose of determining
the contributions allocated to the Account of any Non-Key Employee under this Section 14.06.

In determining if the percentage of Compensation provided on behalf of a Key Employee for a Plan
Year is less than 3%, Elective Deferral Contributions made on behalf of Key Employees shall be
taken into account in determining the minimum required contribution under Code Section 416(c)(2).

For any Plan Year in which the Plan is Top-Heavy, each Non-Key Participant will receive a minimum
contribution if the Participant is employed on the last day of the Plan Year, regardless of the
number of hours worked during the Plan Year and regardless of the Non-Key Participant’s level of
Compensation. Further, for any Plan Year in which the Plan is top-heavy, each Non-Key Participant
will receive a minimum contribution regardless of whether the Non-Key Participant has made
mandatory contributions. Further, a Non-Key Participant will not forfeit his account balance
attributable to required minimum contributions merely because the Non-Key Participant withdraws
mandatory contributions.

This Article shall not apply to any Participant to the extent the Participant is covered under any
other plan or plans of the Employer and such plan or plans provide that the minimum allocation or
benefit requirement applicable to Top Heavy plans will be made.

     14.07 Limitation on Benefits and Contributions.

If the provisions of this Article apply for any Plan Year, the overall limitation on benefits and
contributions contained in Section 4.03 of the Plan shall be computed by substituting 1.0 for 1.25
in the denominators of the fractions contained in that Section.

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Effective for Limitation Years beginning on or after January 1, 2000, this Section 14.07 is
deleted.

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ARTICLE XV

Merger, Transfer and Special Accounts

     15.01 Rollover Contributions.

     Any Participant, with the Committee’s written consent and after filing with the Committee the
forms prescribed by the Committee, may contribute cash or Common Stock, if the Common Stock was
received as an Eligible Rollover Distribution from another qualified plan, to the Trust other than
as a voluntary contribution if the contribution is an “Eligible Rollover Distribution” which the
Code permits an employee to transfer either directly or indirectly from one qualified plan to
another qualified plan or from a conduit individual retirement arrangement. Before accepting a
rollover contribution, the Committee may require an Employee to furnish satisfactory evidence that
the proposed transfer is in fact an Eligible Rollover Distribution which the Code permits an
Employee to make to a qualified plan. A rollover contribution is not an Annual Addition for
purposes of Article IV. In addition the Committee will refuse any proposed rollover contribution
which in its judgment may jeopardize the tax exempt status of the Plan or Trust or create adverse
tax consequences for the Employer.

The Trustee will credit rollover contributions to a “Transfer/Rollover Account” for the benefit of
the Employee. The Trustee shall invest the entire amounts transferred to Transfer/Rollover
Accounts in Common Stock, however, effective June 1, 1998, a Participant may direct the investment
of his Rollover Account. Rollover contributions shall be fully vested and nonforfeitable at all
times.

An eligible Employee, prior to satisfying the Plan’s eligibility conditions, may make a rollover
contribution to the Trust to the same extent and in the same manner as a Participant. If an
Employee makes a rollover contribution to the Trust prior to satisfying the Plan’s eligibility
conditions, the Committee and Trustee must treat the Employee as a Participant for all purposes of
the Plan except the Employee is not a Participant for purposes of sharing in Employer
contributions, Matching Contributions or Participant forfeitures under the Plan or making Employee
contributions or Elective Deferrals until he actually becomes a Participant in the Plan. If the
Employee terminates his service prior to becoming a Participant, the Trustee will distribute his
Rollover Account to him.

     15.02 Merger/Direct Transfer.

(a) The Trustee may not consent to, or be a party to, any merger or consolidation with another
plan, or to a transfer of assets or liabilities to another plan, unless immediately after the
merger, consolidation or transfer, the surviving Plan provides each Participant a benefit equal to
or greater than the benefit each Participant would have received had the Plan terminated
immediately before the merger or consolidation or transfer. The Trustee possesses the specific
authority to enter into merger agreements or direct transfer of assets agreements with the trustees
of other retirement
plans described in Code Section 401(a), including an elective transfer, and to accept the direct
transfer of plan assets, or to transfer plan assets, as a party to any such agreement.

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In order to carry a merger into effect, special provisions applicable only to accounts of the
merging plan may be necessary. Special provisions may be set forth at Schedule A.

The Trustee may accept a direct transfer of plan assets on behalf of an Employee prior to the date
the Employee satisfies the Plan’s eligibility conditions. If the Trustee accepts a direct transfer
of plan assets, the Committee and Trustee must treat the Employee as a Participant for all purposes
of the Plan except the Employee is not a Participant for purposes of sharing in Employer
contributions, or Participant forfeitures under the Plan or making Employee contributions until he
actually becomes a Participant in the Plan.

(b) Elective transfers. The Trustee may not consent to, or be a party to a merger,
consolidation or transfer of assets with a defined benefit plan. The Trustee will hold, administer
and distribute transferred assets as a part of the Trust and the Trustee must maintain separate
“Rollover Account(s)” for the benefit of the Employee on whose behalf the Trustee accepted the
transfer in order to reflect the value of the transferred assets. Unless a transfer of assets to
this Plan is an elective transfer, the Plan will preserve all Code Section 411(d)(6) protected
benefits with respect to those transferred assets. A transfer is an elective transfer if: (1) the
transfer satisfied the first paragraph of this Section 15.02; (2) the transfer is voluntary, under
a fully informed election by the Participant; (3) the Participant has an alternative that retains
his Code Section 411(d)(6) protected benefits (including an option to leave his benefit in the
transferor plan, if that plan is not terminating); (4) the transfer satisfies the applicable
spousal consent requirements of the Code; (5) the transferor plan satisfies the joint and survivor
notice requirements of the Code, if the Participant’s transferred benefit is subject to those
requirements; (6) the Participant has a right to immediate distribution from the transferor plan,
in lieu of the elective transfer; (7) the transferred benefit is at least equal to the single sum
distribution provided by the transferor plan for which the Participant is eligible; (8) the
Participant has a one hundred percent (100%) nonforfeitable interest in the transferred benefit;
and (9) the transfer otherwise satisfies applicable Treasury regulations.

(c) The Committee shall develop such procedures, and may require such information from Employees
who have an interest transferred pursuant to the trustee-to-trustee transfer, as it deems necessary
to assure that the proposed transfer will meet the requirements of this section and the
requirements of any applicable tax or securities laws and regulations.

(d) Distribution restrictions under Code Section 401(k). If the plan receives a direct
transfer (by merger or otherwise) of elective contributions (or amounts treated as elective
contributions) under a plan with a Code Section 401(k) arrangement, the distribution restrictions
of Code Sections 401(k)(2) and (10) continue to apply to those transferred elective contributions.

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ARTICLE XVI

Miscellaneous

     16.01 Participant’s Rights.

This Plan shall not be deemed to constitute a contract between the Employer and any Participant or
to be a consideration or an inducement for the employment of any Participant or Employee. Nothing
contained in this Plan shall be deemed to give any Participant or Employee the right to be retained
in the service of the Employer or to interfere with the right of the Employer to discharge any
Participant or Employee at any time regardless of the effect which such discharge shall have upon
him as a Participant of this Plan.

     16.02 Alienation.

(a) Subject to the exceptions provided below, no benefit which shall be payable out of the Trust
Fund to any person (including a Participant or his beneficiary) shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any
attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge the same shall
be void; and no such benefit shall in any manner be liable for, or subject to, the debts,
contracts, liabilities, engagements, or torts of any such person, nor shall it be subject to
attachment or legal process for or against such person, and the same shall not be recognized by the
Trustee, except to such extent as may be required by law.

(b) Nothing contained in this Plan prevents the Trustee, in accordance with the direction of the
Committee or Employer, from complying with the provisions of a qualified domestic relations order
(as defined in Code §414(p)). This Plan specifically permits distribution to an alternate payee
under a qualified domestic relations order at any time, irrespective of whether the Participant has
attained his earliest retirement age (as defined under Code §414(p)) under the Plan. A
distribution to an alternate payee prior to the Participant’s attainment of earliest retirement age
is available only if: (1) the order specifies distribution at that time or permits an agreement
between the Plan and the alternate payee to authorize an earlier distribution; and (2) if the
present value of the alternate payee’s benefits under the Plan exceeds $5,000, effective as of
January 1, 1998, and the order requires, alternate payee consent to any distribution occurring
prior to the Participant’s attainment of earliest retirement age. Nothing in this paragraph gives
a Participant a right to receive distribution at a time otherwise not permitted under the Plan nor
does it permit the alternate payee to receive a form of payment not otherwise permitted under the
Plan.

The Committee must establish reasonable procedures to determine the qualified status of a domestic
relations order. Upon receiving a domestic relations order, the Committee or the Employer promptly
will notify the Participant and any alternate payee named in the order, in writing, of the receipt
of the order and the Plan’s procedures for determining the qualified status of the order. Within a
reasonable period of time after receiving the domestic relations order, the Committee must
determine the qualified status of the order and must notify the Participant and each alternate
payee, in writing, of its determination.

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     16.03 Construction of Agreement.

This Plan and Trust shall be construed and enforced according to ERISA and the Code and the laws of
the State of Ohio, and other than its laws respecting choice of law, to the extent not preempted by
ERISA.

     16.04 Gender and Number.

Wherever any words are used herein in the masculine, feminine or neuter gender, they shall be
construed as though they were also used in another gender in all cases where they would so apply,
and whenever any words are used herein in the singular or plural form, they shall be construed as
though they were also used in the other form in all cases where they would so apply.

     16.05 Prohibition Against Diversion of Funds.

Except as provided below and otherwise specifically permitted by law, it shall be impossible by
operation of the Plan or of the Trust, by termination of either, by power of revocation or
amendment, by the happening of any contingency, by collateral arrangement or by any other means,
for any part of the corpus or income of any trust fund maintained pursuant to the Plan or any funds
contributed thereto to be used for, or diverted to, purposes other than the exclusive benefit of
Participants or their beneficiaries.

     16.06 Receipt and Release for Payments.

Any payment to any Participant, his legal representative, beneficiary, or to any guardian or
committee appointed for such Participant or beneficiary in accordance with the provisions of the
Plan, shall, to the extent thereof, be in full satisfaction of all claims hereunder against the
Trustee and the Employer and the Committee, either of whom may require such Participant, legal
representative, beneficiary, guardian or committee, as a condition precedent to such payment, to
execute a receipt and release thereof in such form as shall be determined by the Trustee or the
Committee or the Employer.

     16.07 Uniformity.

All provisions of this Plan shall be interpreted and applied in a uniform, nondiscriminatory
manner.

     16.08 Severability.

If any provision of this Plan shall be for any reason invalid or unenforceable, the remaining
provisions shall nevertheless be carried into effect.

     16.09 Spendthrift Clause.

The right of any Participant or beneficiary to any benefit or to any payment hereunder or to any
separate account shall not be subject to alienation or assignment. If any Participant shall,
except as

59

 

hereby permitted, attempt to assign, transfer or dispose of such right, or should such
right be subjected to attachment, execution, garnishment, sequestration or other legal, equitable
or other process, it shall ipso facto pass to such one or more persons as may be appointed by the
Administrator from among the beneficiaries, if any, therefore designated by such Participant and
the Spouse and blood relatives of the Participant. However, the Administrator, in his sole
discretion, may reappoint the Participant to receive any payment thereafter becoming due either in
whole or in part. Any appointment made by the Administrator hereunder may be revoked by the
Administrator at any time, and further appointment made by him.

All provisions in this instrument for the vesting and payment of any sum or interest are subject to
the provisions that such sum and interest shall not be anticipated, alienated or in any other
manner assigned by the Participant and shall not be subject to be reached or applied either by any
creditor, Spouse or divorced Spouse of any Participant, nor by or under any agreement or decree of
separation or divorce, voluntary or involuntary, of any Participant, but shall be for the benefit
of the beneficiary chosen by the Participant or Administrator pursuant to this section, except as
provided pursuant to a Qualified Domestic Relations Order.

     16.10 Payment to Minor or Incompetent.

In the event that any amount is payable to a minor or other legally incompetent persons, such
payment shall be made for the benefit of such minor or other incompetent person in any of the
following ways as the Committee, in its sole discretion, shall determine: (a) to the legal
representative or custodian of such minor or other incompetent person, as defined in the Ohio Rev.
Code Section 1339.34; (b) to some near relative of such minor or other incompetent person, to be
used for the latter’s benefit. The Committee shall not be required to see to the proper
application of any such payment made to any person pursuant to the provisions of this Section
16.10.

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ARTICLE XVII

The ESOP

     17.01 ESOP Established.

     This Article is effective December 13, 2000 (the “Effective Date”). The Company Stock Fund
and Participants who elect or have elected to have all or a portion of their Account invested in
the Company Stock Fund, are designated an ESOP (Code Regulation Section 54.4975-11(a)(2)). The
term “ESOP” refers to the Participants and Company Stock Fund described in this Section. The
Company intends that the ESOP shall form a portion of the Plan (Code Regulation Section
54.4975-11(a)(5)) and that the Plan and the ESOP together shall constitute a single plan. Thus
provisions set forth in other Articles shall apply to the ESOP in the same manner as these
provisions apply to the Plan, except to the extent that such provisions are inapplicable to an
ESOP, or are inconsistent with specific provisions of this Article XVII. Unless otherwise provided
by this Article, the ESOP shall not affect any beneficiary designations or any other agreements,
election, or consents that Participants, spouses, or beneficiaries validly executed under the terms
of the Plan without regard to the ESOP; such designations, agreements, elections, and consents
shall apply under the ESOP in the same manner as they apply under the Plan.

     The ESOP is intended to satisfy the requirements of an employee stock ownership plan, as
defined in the Section 4975(e)(7) of the Code and Section 407(d)(6) of ERISA. The ESOP is designed
to invest primarily in Common Stock.

     17.02 Eligibility.

     Each Plan Participant who, on the Effective Date, has elected to have all or a portion of his
Account invested in the Company Stock Fund, shall, without further action, become a Participant in
the ESOP. Any other Employee shall become a Participant in the ESOP as of the date on which the
Employee becomes a Participant in the Plan and elects to invest part or all of his Account in the
Company Stock Fund; if an Employee is already a Participant, but has not elected to have his
Account invested in the Company Stock Fund, the Employee shall become a Participant in the ESOP on
the day part or all of his Account is invested in the Company Stock Fund.

     17.03 Investments in Company Stock.

     Pursuant to Section 7.04 of the Plan, Participants may elect to have a portion of their
Account invested by the Trustee in the Company Stock Fund. It is intended that the ESOP be
considered an “eligible individual account plan” which explicitly provides for the acquisition and
holding of “qualifying employer securities” (as those terms are defined in Sections 407(d)(3) and
407(d)(5) of ERISA) and that the Trustee may invest up to one hundred percent (100%) of the
Trust Fund held by it in Company Stock, to the extent elected by Participants. All provisions of
Article XI of the Plan continue to apply to the ESOP.

61

 

     17.04 Payment of Dividends.

     Any cash dividend paid with respect to Common Stock which is held in Participant Accounts will
be paid directly in cash to such Participants or will be paid in cash to the Trustee and, within
ninety (90) days following the close of the Plan Year, shall be distributed to such Participants.
At the direction of the Committee (effective April 19, 2001, the Company), the Trustee shall retain
a dividend disbursing agent. Notwithstanding the above, if directed by the Committee (effective
April 19, 2001, the Company), the Trustee shall provide that the dividend payments be made (a) by
the dividend disbursing agent directly to Participants, (b) by the dividend disbursing agent to the
Corporation’s payroll department which shall serve, for this purpose, as agent for the
Participants, or (c) by the dividend disbursing agent to the Trustee who is hereby authorized to
pay any dividend directly to Participants or to appoint the Corporation’s payroll department as
disbursing agent for the Trustee. Notwithstanding the above, a cash dividend will not be paid to a
Participant if as of the applicable record date such Participant’s Accounts hold less than one
share of the Company Stock, rather such dividend will be retained in the Accounts as it was prior
to the Effective Date of the ESOP. Effective April 19, 2001, the term Company shall be substituted
for the term Committee in this Section 17.04.

     17.05 Payment of Benefits.

     Upon distribution of a Participant’s Account under Article IX, the Participant (or, if
applicable, the Participant’s beneficiary) shall be entitled to receive a distribution of Common
Stock then credited to the Participant’s Account under the ESOP at the same time and in the same
manner as the Participant receives a distribution of the other parts of Participant’s Account
balances in accordance with Article IX of the Plan. A Participant shall not be entitled to elect a
time or method of distribution, or to designate a beneficiary, with respect to Common Stock that is
different from the time and method of distribution and beneficiary that are applicable to other
parts of the Participant’s Account.

     For purposes of determining, pursuant to Section 9.01, whether a Participant’s Account
balances exceed $5,000 (or such other maximum amount as may be permitted by the Code for
involuntary payments), the Participant’s ESOP interest shall not be considered separately, but
shall be included with the other parts of the Participant’s Account.

     Distribution of Common Stock will be made in accordance with Section 9.02.

     17.06 Withdrawal and Diversification.

     A Participant may make withdrawals from the Participant’s Account invested in the ESOP subject
to the same rules as apply to withdrawals from Participant’s Account under Article IX of the Plan.
A Participant may elect to receive any withdrawal described in this paragraph in the form of Common
Stock.

     It is the intent of the Employer that the Participant’s withdrawal rights described in Article
IX, and the Participant’s right in accordance with Section 7.04 of the Plan to direct how

62

 

the Participant’s Account balances shall be invested, shall satisfy the diversification requirements of
Section 401(a)(28) of the Code. Accordingly, a Participant shall not be entitled to have
Participant’s interest in the ESOP invested in any manner other than the ESOP, except as provided
by Section 7.04 of the Plan.

     17.07 Special Provisions Concerning the ESOP and Non-ESOP Portions of the Plan.

     The ESOP and Non-ESOP components of the Plan shall be tested separately for purposes of
compliance with the coverage (Code Section 410(b)) and nondiscrimination rules (Code Sections
401(a)(4), 401(k) and 401(m)). For testing purposes, contributions to the Plan shall be deemed
allocated to the ESOP or Non-ESOP part of the Plan as of the date of their contribution to the
Plan. Effective January 1, 1999, the Plan intends to fulfill the nondiscrimination requirements of
Code Section 401(k) and (m) by applying the safe harbor requirement of Code Section 401(k)(12).
The Plan intends to continue to satisfy the safe harbor requirements by applying the safe harbor
rules separately to the ESOP and Non-ESOP parts of the Plan or, if permitted by applicable law,
regulation or other guidance, to satisfy the safe harbor requirements on an aggregated basis. If
the committee determines that safe harbor testing is not available for any testing year, the ESOP
and Non-ESOP parts of the Plan shall be separately tested pursuant to Sections 6.01 and 6.02 of the
Plan.

63

 

EXECUTED,
this 28 day of February, 2002 by Huntington Bancshares Incorporated and The
Huntington National Bank, Trustee.

	 	 	 	 	 
	 	HUNTINGTON BANCSHARES INCORPORATED

 	 
	 	By:  	/s/
Sarah L. Hall
 	 
	 	 	Title: 	 Senior
Vice President
	 	 	 	 
	 
	 	THE HUNTINGTON NATIONAL BANK,

TRUSTEE

 	 
	 	By:  	/s/
Kathleen A. Chapin
 	 
	 	 	Title: 	 Vice
President
	 	 	 	 
	 

64

 

MODIFICATION OF SCHEDULE A

May 1, 2002

     Any Schedule A protected installment payment available to a participant or beneficiary upon
retirement, death, disability or other distributable event as well as the ability of a participant
to elect a qualified joint and survivor annuity or preretirement joint and survivor annuity is
eliminated effective August 1, 2002, as to any participant or beneficiary not receiving installment
payments (including payments pursuant to a qualified joint and survivor election) on July 31, 2002.
The elimination of installment and qualified joint and survivor forms of benefit shall in all
respects comply with the provisions of final Section 1.411(d)-4 regulations effective September 6,
2000. The regulations permit defined contribution plans to adopt amendments eliminating some
alternative forms of benefit.

A-1

 

HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

SCHEDULE A — SPECIAL PROVISIONS WITH

RESPECT TO PLAN MERGERS

Preamble

     The purpose of Schedule A is to record special provisions applicable to plans that merge into
the Huntington Investment and Tax Savings Plan (the “Huntington Plan”). The special provisions
provide administrative guidance with respect to the treatment of merged accounts as well as
guidance concerning compliance with Code Section 411(d)(6) and other Sections of the Code. No
benefit, provided by a merged plan and protected by Section 411(d)(6), shall be eliminated or
modified except in a manner that complies with Section 411(d)(6) and Regulations thereunder. In
addition, Schedule A entries are intended to satisfy the special testing rules of Code Regulation
Sections 1.401(a)(4)-4(b) and (d). The Prior Plan continues in an amended and restated form as the
Huntington Plan. Thus, unless protected by Code Section 411(d)(6) or specifically noted to the
contrary, provisions of the Prior Plan (not protected, or noted) are eliminated or superseded by
reason of merger.

Plan Mergers

(1) Huntington Bank Kenton County, Inc. Employees Retirement Savings Plan — From and after
January 1, 1989, accounts of former participants in the Huntington Bank of Kenton County, Inc.,
Employees Retirement Plan (“Prior Plan”) shall be administered as follows. Kenton Plan accounts
designated for accounting purposes as Regular Accounts A become Pre-Tax Matched Contribution
Accounts; Kenton Plan accounts designated for accounting purposes as Regular Accounts B become
Matching Contribution Accounts. Provided, however, no In-Service Withdrawal pursuant to Section
9.06 shall be permitted with respect to any former B Account prior to January 1, 1991.

Former Kenton Plan participants may make a one-time irrevocable election to have their Kenton
account balances, invested in the Alternate Investment Fund. Section 9.02 shall not apply to
Benefits paid from the Alternate Investment Fund; distributions attributable to the alternate
investment fund shall be paid in cash.

Notwithstanding any provision to the contrary, a Participant’s accrued benefit and any early
retirement benefits, retirement type subsidies or optional forms of benefit under the Kenton Plan
shall not be reduced in a manner which violates Code Section 411(d)(6) and the Regulations
thereunder.

(2) First Macomb Corporation Capital Accumulation Plan — From and after January 1, 1991,
accounts of former participants in the First Macomb Corporation Capital Accumulation Plan (“Prior
Plan”) shall be subject to the following special provisions:

Prior Plan accounts designated for accounting purposes as Elective Contribution Accounts become
Pre-Tax Matched Contribution Accounts. If the Prior Plan Trustee exercised its option

A-2

 

to segregate
participants rollover contributions or trustee to trustee transfers, such contributions shall
become Transfer/Rollover Accounts. The Prior Plan provided for Discretionary Company Contributions
Accounts; however, no discretionary contributions were made.

All prior service with First Macomb Bank and First Macomb Mortgage Company, Inc. shall be
recognized under this Plan for purposes of eligibility and vesting. Any employee who was a
participant in the Prior Plan as of June 30, 1990 shall become a Participant in this Plan as of
July 1, 1990 if otherwise employed by a participating employer in this Plan as of July 1, 1990.
Prior service with First Macomb Bank and First Macomb Mortgage Company, Inc. shall not be
recognized for purposes of receiving an allocation of any Employer contribution (benefit accrual)
under this Plan for any period prior to July 1, 1990. This paragraph is effective July 1, 1990.

Former participants in the Prior Plan may make a one-time irrevocable election to have their Prior
Plan account balances, invested in the Alternate Investment Fund. Section 9.02 shall not apply to
benefits paid from the Alternate Investment Fund; distributions attributable to the Alternate
Investment Fund shall be paid in cash.

Any provisions in the Prior Plan regarding self-direction of accounts by Prior Plan participants
are not continued under this Plan.

Notwithstanding any provision to the contrary, a Participant’s accrued benefit and any early
retirement benefits, retirement type subsidies or optional forms of benefit under the Prior Plan
shall not be reduced in a manner which violates Code Section 411(d)(6) and the Regulations
thereunder.

(3) Charter Oak Financial Corp. Employees’ Savings and Retirement Plan — From and after
July 1, 1993, accounts of former participants in the Charter Oak Financial Corp. Employees’ Savings
and Retirement Plan (“Prior Plan”) shall be subject to the following special provisions.

General Administration

Prior Plan accounts designated for accounting purposes as Elective Accounts become Pre-Tax Matched
Contribution Accounts and Rollover Accounts become Transfer/Rollover Accounts.

All prior service with either Charter Oak Financial Corp. or any participating employer in the
Prior Plan shall be recognized under this Plan for eligibility and vesting service purposes. Any
employee who was a participant in the Prior Plan as of June 30, 1993 shall become a Participant in
this Plan as of July 1, 1993 if otherwise employed by a participating employer in this Plan as of
July 1, 1993. Prior service with Charter Oak Financial Corp. or any participating employer in the
Prior Plan shall not be recognized for purposes of receiving an allocation of any Employer
contribution (benefit accrual) under this Plan.

Former participants in the Prior Plan may make a one-time irrevocable election to have their Prior
Plan account balances, invested in the Alternate Investment Fund. Section 9.02 shall not
apply to benefits paid from the alternate investment fund; distributions attributable to the
alternate investment fund shall be paid in cash.

A-3

 

The loan provisions in Section 7.04 of the Prior Plan are not continued under this Plan, except
that any loans outstanding to former participants in the Prior Plan as of July 1, 1993 shall
continue to be administered pursuant to the provisions of the Prior Plan until such loans are
repaid in full or otherwise collected by the Plan.

Any provisions in the Prior Plan regarding self-direction of accounts by Prior Plan participants
are not continued under this Plan.

Code §§411(d)(6), 401(a)(4)-4 Compliance

Notwithstanding any provision to the contrary, a Participant’s accrued benefit and any early
retirement benefits, retirement type subsidies or optional forms of benefit under the Prior Plan
shall not be reduced in a manner which violate Code Section 411(d)(6) and the Regulations
thereunder. The Administrative Committee intends to comply with the special testing rules of
regulation §§1.401(a)(4)-4(b)(3) and/or 1.401(a)(4)-4(d). When provisions of the Prior Plan
conflict with this Plan, or this Plan does not provide a benefit, right or feature on substantially
the same terms as the Prior Plan, the benefit, right or feature of the Prior Plan is eliminated
prospectively effective on the plan merger date. The protection provided by Code Sections
411(d)(6) and 401(a)(4) is applied to prior accrued benefits as of the merger date including
subsequent income, expenses, gains and losses with respect to the prior accrued benefit. Any
protected benefit, right or feature shall be available on the same terms as under the Prior Plan;
however, the benefit right or feature is limited to participants in the Prior Plan as of the merger
date (July 1, 1993). The paragraphs that follow identify Code Section 411(d)(6) protected
benefits; however, the paragraphs are not exclusive; additional protected benefits may be
identified by reason of additional regulatory guidance or otherwise.

Pursuant to Section 6.5 of the Prior Plan, a participant or his beneficiary could upon retirement,
death or disability elect payments over a period certain in monthly, quarterly, semi-annual, or
annual cash installments. The optional forms of benefit provided by Section 6.5 are continued
under this Plan with respect to a Participant’s Prior Plan accrued benefit as of June 30, 1993.
The protected optional forms of benefit shall be subject to all restrictions of the Prior Plan and
the Committee may exercise the powers of the Prior Administrator.

If any participant in the Prior Plan, who was not 100% vested, separated from service on or before
June 30, 1993 and is reemployed by an Employer before five (5) consecutive 1-Year Breaks in
Service, and such Prior Plan participant had received, or was deemed to have received, a
distribution of his entire vested interest prior to his reemployment, his forfeited account shall
be reinstated only if he repays the full amount distributed to him before the earlier of five (5)
years after the first date on which the participant is subsequently reemployed by an Employer or
the close of the first period of five (5) consecutive 1-year Breaks in Service commencing after the
distribution, or in the event of a deemed distribution, upon the reemployment of such former
participant. In the event the former participant does repay the full amount distributed to him, or
in the event of a deemed distribution, the undistributed portion of the participant’s Prior Plan
account must be restored in full, unadjusted by and gains or losses occurring subsequent to the
valuation date coinciding with or preceding his termination. The source for such reinstatement

A-4

 

shall be an employer contribution in an amount which is sufficient to restore any such forfeited
accounts.

(4) National Banc of Commerce Co. 401(k) Plan — From and after October 1, 1994 accounts of
former participants in the National Banc of Commerce Co. 401(k) Plan (“Prior Plan”) shall be
subject to the following special provisions:

General Administration

Prior Plan accounts designated for accounting purposes as Elective Deferral or Qualified
Non-Elective Contribution accounts become Pre-Tax Matched Contribution Accounts, Prior Plan
accounts designated as Matching Contributions, Qualified Matching Contributions or Discretionary
Contributions become Matching Contribution Accounts, and Prior Plan accounts designated as Rollover
or Transfer Contributions become Transfer/Rollover Accounts.

All prior service with Commerce Bank, Charleston, N.A., Commerce Bank, Huntington, N.A., and
Commerce Bank, Parkersburg, Inc. or a predecessor corporation of any of them shall be recognized
under this Plan for purposes of eligibility and vesting; however, such prior service shall not be
recognized for purposes of receiving an allocation of any Employer contribution (benefit accrual)
under this Plan for any period prior to January 1, 1994. This paragraph is effective January 1,
1994.

Participants in the Prior Plan, who have directed investment in the balanced, money market,
intermediate government bond, or equity funds, may make a one-time irrevocable election to have
their Prior Plan account balances, invested in the Alternate Investment Fund. Funds invested in
the Prior Plan’s Company stock fund are not subject to this election. Section 9.02 shall not apply
to benefits paid from the Alternate Investment Fund; distributions attributable to the Alternate
Investment Fund shall be paid in cash.

The accounts of all Participants in the Prior Plan as of January 1, 1994 shall be fully vested as
of that date.

The participant loan provisions of the Prior Plan are not continued under this Plan except that any
loans outstanding to former participants in the Prior Plan as of October 1, 1994 shall continue to
be administered pursuant to the provisions of the Prior Plan until such loans are repaid in full or
otherwise collected by the Plan.

Provisions of the Prior Plan regarding self-direction of accounts by Prior Plan participants are
not continued under this Plan.

Code §§411(d)(6), 401(a)(4)-4 Compliance

Notwithstanding any provision to the contrary, a Participant’s accrued benefit and any early
retirement benefits, retirement type subsidies or optional forms of benefit under the Prior Plan
shall not be reduced in a manner which violates Code Section 411(d)(6) and the Regulations
thereunder. The Administrative Committee intends to comply with the special testing rules of

A-5

 

regulation §§1.401(a)(4)-4(b)(3) and/or 1.401(a)(4)-4(d). When provisions of the Prior Plan
conflict with this Plan, or this Plan does not provide a benefit, right or feature on substantially
the same terms as the Prior Plan, the benefit, right or feature of the Prior Plan is eliminated
prospectively effective on the plan merger date. The protection provided by Code Sections
411(d)(6) and 401(a)(4) is applied to prior accrued benefits as of the merger date including
subsequent income, expenses, gains and losses with respect to the prior accrued benefit. Any
protected benefit, right or feature shall be available on the same terms as under the Prior Plan;
however, the benefit right or feature is limited to participants in the Prior Plan as of the merger
date (October 1, 1994). The paragraphs that follow identify Code Section 411(d)(6) protected
benefits; however, the paragraphs are not exclusive. Additional protected benefits may be
identified by reason of additional regulatory guidance or otherwise.

Pursuant to paragraph 21(b) of the Prior Plan Adoption Agreement, a participant or his beneficiary
could upon termination, retirement, death or disability elect distribution in a lump sum,
installment payments, life annuity or 50% Qualified Joint and Survivor Annuity. The provisions of
the Adoption Agreement are implemented by Articles VII and VIII of the Basic Plan Document. The
optional forms of benefit allowed by paragraph 21 are continued under this Plan with respect to a
Participant’s Prior Plan accrued benefit as of September 30, 1994. The protected optional forms of
benefit are subject to the restrictions of the Prior Plan. The Administrative Committee of this
Plan will adopt such procedures and policies as necessary to insure that protected benefits
continue to satisfy Sections 401(a)(11), 417, 401(a)(9) and other applicable sections of the Code
and the Regulations thereunder, including amendments and modifications effective after September
30, 1994.

If any participant in the Prior Plan, who was not 100% vested, separated from service on or before
September 30, 1994 and received or is deemed to have received a distribution pursuant to Article
6.3 of the Prior Plan, resumes employment covered under this Plan, such participant shall have the
right to repay to the Plan the full amount of the distribution attributable to Employer
contributions on or before the earlier of the date that the participant incurs 5 consecutive 1-year
Breaks in Service following the date of distribution or five years after the first date on which
the participant is subsequently reemployed. In such event, participant’s account shall be restored
to the value thereof at the time the distribution was made.

(5) Employer Stock Purchase Plan of CB&T Financial Corp. — From and after October 1, 1994
accounts of former participants in the Employee Stock Purchase Plan of CB&T Financial Corp. (“Prior
Plan”) shall be subject to the following special provisions:

A-6

 

General Administration

Prior Plan accounts designated for accounting purposes as Elective Deferral or Qualified
Non-Elective Contribution accounts become Pre-Tax Matched Contribution Accounts, Prior Plan
accounts designated as Matching Contributions, Qualified Matching Contributions or Discretionary
Contributions become Matching Contribution Accounts, and Prior Plan accounts designated as Rollover
or Transfer Contributions become Transfer/Rollover Accounts. Employer contributions made pursuant to the ESOP provisions of the Prior Plan shall become part of
the former participants Matching Contributions Account.

All prior service with CB&T Financial Corp. or any of its wholly owned subsidiaries or a
predecessor corporation of any of them shall be recognized under this Plan for purposes of
eligibility and vesting; however, such prior service shall not be recognized for purposes of
receiving an allocation of any Employer contribution (benefit accrual) under this Plan for any
period prior to January 1, 1994. The accounts of all Participants in the Prior Plan on January 1,
1994 shall be fully vested as of that date. This paragraph is effective January 1, 1994.

The participant loan provisions of the Prior are not continued under this Plan except that any
loans outstanding to former participants in the Prior Plan as of October 1, 1994 shall continue to
be administered pursuant to the provisions of the Prior Plan until such loans are repaid in full or
otherwise collected by the Plan.

Code §§411(d)(6), 401(a)(4)-4 Compliance

Notwithstanding any provision to the contrary, a Participant’s accrued benefit and any early
retirement benefits, retirement type subsidies or optional forms of benefit under the Prior Plan
shall not be reduced in a manner which violates Code Section 411(d)(6) and the Regulations
thereunder. The Committee intends to comply with the special testing rules of regulation
§§1.401(a)(4)-4(b)(3) and/or 1.401(a)(4)-4(d). When provisions of the Prior Plan conflict with
this Plan, or this Plan does not provide a benefit, right or feature on substantially the same
terms as the Prior Plan, the benefit, right or feature of the Prior Plan is eliminated
prospectively effective on the plan merger date. The protection provided by Code Sections
411(d)(6) and 401(a)(4) is applied to prior accrued benefits as of the merger date including
subsequent income, expenses, gains and losses with respect to the prior accrued benefit. Any
protected benefit, right or feature shall be available on the same terms as under the Prior Plan;
however, the benefit right or feature is limited to participants in the Prior Plan as of the merger
date (October 1, 1994). The paragraphs that follow identify Code Section 411(d)(6) protected
benefits; however, the paragraphs are not exclusive. Additional protected benefits may be
identified by reason of additional regulatory guidance or otherwise.

Pursuant to Section 11.02 of the Prior Plan, a Participant or his beneficiary could upon
termination, retirement, death or disability elect distribution in a lump sum, installments or any
combination of permitted forms. The optional forms of benefit permitted by Section 11.02 and the
special provisions of Sections 11.02 and 11.03 are continued under this Plan with respect to a
Participant’s Prior Plan accrued benefit as of September 30, 1994. The protected optional forms of
benefit are subject to the restrictions of the Prior Plan. The Committee will adopt such

A-7

 

procedures and policies as necessary to insure that protected benefits continue to satisfy Section
401(a)(9) and other applicable sections of the Code and Regulations thereunder, including
amendments and modifications effective after September 30, 1994.

The Prior Plan held shares of CB&T Corp. that constituted employer stock subject to the
diversification rule of Code Section 401(a)(28). This Code requirement was implemented by Section
11.08 of the Prior Plan. The diversification requirements of Section 401(a)(28) are
continued under this Plan with respect to a Participant’s Prior Plan accrued benefit as of
September 30, 1994; provided, however, that the sole form of compliance shall be a distribution
from this Plan to a qualified participant. If a prior participant exercises his election,
distribution shall be made in Common Stock, in an amount necessary to satisfy Code Section
401(a)(28); provided however, a Participant may elect to receive a cash distribution pursuant to
Section 9.02 of the Plan. Distribution shall be made from the Participant’s Matching Contribution
Account in a manner similar to that prescribed for an In-Service-Withdrawal pursuant to Section
7.05(c) of this Plan as it was executed October 13, 1994, except the Participant shall not be
suspended from the Plan. The Committee will adopt such procedures and policies as necessary to
insure that the requirements of Code Section 401(a)(28) are satisfied.

(6) The Employer Investment Plan of the First National Bank of Morgantown — From and after October
1, 1994 accounts of former participants in the Employer Investment Plan of the First National Bank
of Morgantown (“Prior Plan”) shall be subject to the following special provisions:

General Administration

Prior Plan accounts designated for accounting purposes as Elective Deferral Accounts become Pre-Tax
Matched Contribution Accounts; Prior Plan accounts designated as Employer Accounts become Matching
Contribution Accounts; Prior Plan accounts designated as Participant Accounts become After-Tax
Non-Matched Contribution Accounts; and, Prior Plan accounts designated as Rollover Accounts become
Transfer/Rollover Accounts.

All prior service with: The Huntington National Bank of West Virginia, Huntington Bank of
Martinsburg, N.A., Huntington National Bank of Pennsylvania, The First National Bank of Morgantown,
The Peoples National Bank of Martinsburg, First Bank, N.A., Gallatin National Bank; and, First
National Bank and Trust of Washington, Pennsylvania; or a predecessor corporation of any of them,
shall be recognized under this Plan for purposes of eligibility and vesting; however, such prior
service shall not be recognized for purposes of receiving an allocation of any Employer
contribution (benefit accrual) under this Plan for any period prior to January 1, 1994. The
accounts of all Participants in the Prior Plan on January 1, 1994 shall be fully vested as of that
date. This paragraph is effective January 1, 1994.

Participants in the Prior Plan, who have directed investments, may make a one-time irrevocable
election to have their Prior Plan directed account balances invested in the Alternate Investment
Fund. Funds invested in Common Stock are not subject to this election. The election (if
available) applies to all former Prior Plan accounts. An account or accounts may not be
apportioned between this Plan’s Common Stock investment and the Alternate Fund. Section

A-8

 

9.02 shall
not apply to benefits paid from the Alternate Investment Fund; distributions attributable to the
Alternate Investment Fund shall be paid in cash.

Provisions of the Prior Plan regarding self-direction of accounts by Prior Plan participants are
not continued under this Plan.

Code §§411(d)(6), 401(a)(4)-4 Compliance

Notwithstanding any provision to the contrary, a Participant’s accrued benefit and any early
retirement benefits, retirement type subsidies or optional forms of benefit under the Prior Plan
shall not be reduced in a manner which violates Code Section 411(d)(6) and the Regulations
thereunder. The Committee intends to comply with the special testing rules of regulation
§§1.401(a)(4)-4(b)(3) and/or 1.401(a)(4)-4(d). When provisions of the Prior Plan conflict with
this Plan, or this Plan does not provide a benefit, right or feature on substantially the same
terms as the Prior Plan, the benefit, right or feature of the Prior Plan is eliminated
prospectively effective on the plan merger date. The protection provided by Code Sections
411(d)(6) and 401(a)(4) is applied to prior accrued benefits as of the merger date including
subsequent income, expenses, gains and losses with respect to the prior accrued benefit. Any
protected benefit, right or feature shall be available on the same terms as under the Prior Plan;
however, the benefit right or feature is limited to participants in the Prior Plan as of the merger
date (October 1, 1994). The paragraphs that follow identify Code Section 411(d)(6) protected
benefits; however, the paragraphs are not exclusive. Additional protected benefits may be
identified by reason of additional regulatory guidance or otherwise.

If any Participant in the Prior Plan, who was not 100% vested, separated from service on or before
December 31, 1993 and is reemployed by an Employer before five (5) consecutive 1-Year Breaks in
Service, and such Prior Plan Participant has received, or was deemed to have received, a
distribution of his entire vested interest prior to his reemployment, his forfeited account shall
be reinstated only if he repays the full amount distributed to him before the earlier of five (5)
years after the first date on which the Participant is subsequently reemployed by an Employer or
the close of the first period of five (5) consecutive 1-year Breaks in Service commencing after the
distribution, or in the event of a deemed distribution, upon the reemployment of such former
participant. In the event the former participant does repay the full amount distributed to him, or
in the event of a deemed distribution, the undistributed portion of the Participant’s Prior Plan
account must be restored in full, unadjusted by and gains or losses occurring subsequent to the
valuation date coinciding with or preceding his termination. The source for such reinstatement
shall be an employer contribution in an amount which is sufficient to restore any such forfeited
accounts.

(7) The First Federal Bank for Savings of Northern Kentucky 401(k) Profit Sharing Plan -
From and after January 1, 1995 accounts of former participants in the First Federal Bank for
Savings of Northern Kentucky 401(k) Profit Sharing Plan (“Prior Plan”) shall be subject to the
following special provisions:

General Administration

A-9

 

Prior Plan accounts designated for accounting purposes as Elective Deferral Accounts become Pre-Tax
Matched Contribution Accounts; Prior Plan accounts designated as Discretionary Contribution
Accounts become Matching Contribution Accounts; and Prior Plan accounts designated as Matching
Contribution Accounts become Matching Contribution Accounts.

All prior service with: Firstfed Northern Kentucky Bancorp, Inc. or First Federal Bank for Savings
of Northern Kentucky, or a predecessor corporation, shall be recognized under this Plan
for purposes of eligibility and vesting; however, such prior service shall not be recognized for
purposes of receiving an allocation of any Employer contribution (benefit accrual) under this Plan
for any period prior to January 1, 1995. The accounts of all Participants in the Prior Plan on
December 31, 1994 shall be fully vested as of that date. This paragraph is effective January 1,
1995.

Participants in the Prior Plan, who have directed investments, may make a one-time irrevocable
election to have their Prior Plan directed account balances invested in the Alternate Investment
Fund. Funds invested in Common Stock are not subject to this election. The election (if
available) applies to all former Prior Plan accounts. An account or accounts may not be
apportioned between this Plan’s Common Stock investment and the Alternate Fund.

Provisions of the Prior Plan regarding self-direction of accounts by Prior Plan participants are
not continued under this Plan.

Code §§411(d)(6), 401(a)(4)-4 Compliance

Notwithstanding any provision to the contrary, a Participant’s accrued benefit and any early
retirement benefits, retirement type subsidies or optional forms of benefit under the Prior Plan
shall not be reduced in a manner which violates Code Section 411(d)(6) and the Regulations
thereunder. The Committee intends to comply with the special testing rules of regulation
§§1.401(a)(4)-4(b)(3) and/or 1.401(a)(4)-4(d). When provisions of the Prior Plan conflict with
this Plan, or this Plan does not provide a benefit, right or feature on substantially the same
terms as the Prior Plan, the benefit, right or feature of the Prior Plan is eliminated
prospectively effective on the plan merger date. The protection provided by Code Sections
411(d)(6) and 401(a)(4) is applied to prior accrued benefits as of the merger date including
subsequent income, expenses, gains and losses with respect to the prior accrued benefit. Any
protected benefit, right or feature shall be available on the same terms as under the Prior Plan;
however, the benefit right or feature is limited to participants in the Prior Plan as of the merger
date (January 1, 1995). The paragraphs that follow identify Code Section 411(d)(6) protected
benefits; however, the paragraphs are not exclusive. Additional protected benefits may be
identified by reason of additional regulatory guidance or otherwise.

If any Participant in the Prior Plan, who was not 100% vested, separated from service on or before
December 31, 1994 and is reemployed by an Employer before five (5) consecutive 1-Year Breaks in
Service, and such Prior Plan Participant has received, or was deemed to have received, a
distribution of his entire vested interest prior to his reemployment, his forfeited account shall
be reinstated only if he repays the full amount distributed to him before the earlier of five (5)
years after the first date on which the Participant is subsequently reemployed by an Employer or

A-10

 

the close of the first period of five (5) consecutive 1-year Breaks in Service commencing after the
distribution, or in the event of a deemed distribution, upon the reemployment of such former
participant. In the event the former participant does repay the full amount distributed to him, or
in the event of a deemed distribution, the undistributed portion of the Participant’s Prior Plan
account must be restored in full, unadjusted by and gains or losses occurring subsequent to the
valuation date coinciding with or preceding his termination. The source for such reinstatement
shall be an employer contribution in an amount which is sufficient to restore any such forfeited
accounts.

Pursuant to paragraph 21 of the Prior Plan’s adoption agreement, a Participant could in cases of
death, Disability or retirement elect installment payments of their benefit. The optional form of
benefit permitted by paragraph 21 is continued under this Plan with respect to the provisions of
paragraph 21 with respect to a Participant’s Prior Plan accrued benefits as of December 31, 1994.
The protected optional form of benefit is subject to the restriction of the Prior Plan. The
Committee will adopt such procedures and policies as necessary to ensure that protected benefits
continue to satisfy Section 401(a)(9) and other applicable sections of the Code and Regulations
thereunder, including amendments and modifications effective after December 31, 1995.

(8) The Security National Bank 401(k) Plan — From and after May 1, 1995, accounts of former
participants in the Security National Bank 401(k) Plan shall be subject to the following special
provisions:

General Administration

Prior Plan accounts shall be consolidated with the corresponding accounts of this Plan.

All prior service with Security National Corporation or Security National Bank shall be recognized
under this Plan for purposes of eligibility and vesting; however, such prior service shall not be
recognized for purposes of receiving an allocation of any Employer contribution (benefit accrual)
under this Plan for any period prior to May 1, 1995. The accounts of all Participants in the Prior
Plan on April 30, 1995 shall be fully vested as of that date. This paragraph is effective May 1,
1995.

Participants in the Prior Plan may make a one-time irrevocable election to have their Prior Plan
account balances invested in the Alternate Investment Fund. The election applies to all former
Prior Plan accounts. An account or accounts may not be apportioned between this Plan’s Common
Stock investment and the Alternate Fund.

Code §§411(d)(6), 401(a)(4)-4 Compliance

Notwithstanding any provision to the contrary, a Participant’s accrued benefit and any early
retirement benefits, retirement type subsidies or optional forms of benefit under the Prior Plan
shall not be reduced in a manner which violates Code Section 411(d)(6) and the Regulations
thereunder. The Committee intends to comply with the special testing rules of regulation
§§1.401(a)(4)-4(b)(3) and/or 1.401(a)(4)-4(d). When provisions of the Prior Plan conflict with
this Plan, or this Plan does not provide a benefit, right or feature on substantially the same
terms

A-11

 

as the Prior Plan, the benefit, right or feature of the Prior Plan is eliminated
prospectively effective on the plan merger date. The protection provided by Code Sections
411(d)(6) and 401(a)(4) is applied to prior accrued benefits as of the merger date including
subsequent income, expenses, gains and losses with respect to the prior accrued benefit. Any
protected benefit, right or feature shall be available on the same
terms as under the Prior Plan;
however, the benefit right
or feature is limited to participants in the Prior Plan as of the merger date (May 1, 1995). There
appear to be no benefits that require protection except the right to repay forfeiture.

If any Participant in the Prior Plan, who was not 100% vested, separated from service on or before
April 30, 1995 and is reemployed by an Employer before five (5) consecutive 1-Year Breaks in
Service, and such Prior Plan Participant has received, or was deemed to have received, a
distribution of his entire vested interest prior to his reemployment, his forfeited account shall
be reinstated only if he repays the full amount distributed to him before the earlier of five (5)
years after the first date on which the Participant is subsequently reemployed by an Employer or
the close of the first period of five (5) consecutive 1-year Breaks in Service commencing after the
distribution, or in the event of a deemed distribution, upon the reemployment of such former
participant. In the event the former participant does repay the full amount distributed to him, or
in the event of a deemed distribution, the undistributed portion of the Participant’s Prior Plan
account must be restored in full, unadjusted by and gains or losses occurring subsequent to the
valuation date coinciding with or preceding his termination. The source for such reinstatement
shall be an employer contribution in an amount which is sufficient to restore any such forfeited
accounts.

(9) The Reliance Bank of Florida Savings and Retirement Plan — From and after June 1, 1995,
accounts of former participants in the Reliance Bank of Florida Savings and Retirement Plan shall
be subject to the following special provisions:

General Administration

Prior Plan accounts shall be consolidated with the corresponding accounts of this Plan.

All prior service with Reliance Bank of Florida shall be recognized under this Plan for purposes of
eligibility and vesting; however, such prior service shall not be recognized for purposes of
receiving an allocation of any Employer contribution (benefit accrual) under this Plan for any
period prior to June 1, 1995. The accounts of all Participants in the Prior Plan on May 31, 1995
shall be fully vested as of that date. This paragraph is effective June 1, 1995.

Participants in the Prior Plan may make a one-time irrevocable election to have their Prior Plan
account balances invested in the Alternate Investment Fund. The election applies to all former
Prior Plan accounts. An account or accounts may not be apportioned between this Plan’s Common
Stock investment and the Alternate Fund.

Code §§411(d)(6), 401(a)(4)-4 Compliance

Notwithstanding any provision to the contrary, a Participant’s accrued benefit and any early
retirement benefits, retirement type subsidies or optional forms of benefit under the Prior Plan
shall

A-12

 

not be reduced in a manner which violates Code Section 411(d)(6) and the Regulations
thereunder. The Committee intends to comply with the special testing rules of regulation
§§1.401(a)(4)-4(b)(3) and/or 1.401(a)(4)-4(d). When provisions of the Prior Plan conflict with
this Plan, or this Plan does not provide a benefit, right or feature on substantially the same
terms as the Prior Plan, the benefit, right or feature of the Prior Plan is eliminated
prospectively effective on the plan merger
date. The protection provided by Code Sections 411(d)(6) and 401(a)(4) is applied to prior accrued
benefits as of the merger date including subsequent income, expenses, gains and losses with respect
to the prior accrued benefit. Any protected benefit, right or feature shall be available on the
same terms as under the Prior Plan; however, the benefit right or feature is limited to
participants in the Prior Plan as of the merger date (June 1, 1995). The paragraphs that follow
identify Code Section 411(d)(6) protected benefits; however, the paragraphs are not exclusive.
Additional protected benefits may be identified by reason of additional regulatory guidance or
otherwise.

If any Participant in the Prior Plan, who was not 100% vested, separated from service on or before
December 31, 1995 and is reemployed by an Employer before five (5) consecutive 1-Year Breaks in
Service, and such Prior Plan Participant has received, or was deemed to have received, a
distribution of his entire vested interest prior to his reemployment, his forfeited account shall
be reinstated only if he repays the full amount distributed to him before the earlier of five (5)
years after the first date on which the Participant is subsequently reemployed by an Employer or
the close of the first period of five (5) consecutive 1-year Breaks in Service commencing after the
distribution, or in the event of a deemed distribution, upon the reemployment of such former
participant. In the event the former participant does repay the full amount distributed to him, or
in the event of a deemed distribution, the undistributed portion of the Participant’s Prior Plan
account must be restored in full, unadjusted by and gains or losses occurring subsequent to the
valuation date coinciding with or preceding his termination. The source for such reinstatement
shall be an employer contribution in an amount which is sufficient to restore any such forfeited
accounts.

The Prior Plan’s adoption agreement allowed a Participant in cases of death, Disability or
retirement to elect installment payments of their benefit. This optional form of benefit is
continued under this Plan with respect to a Participant’s Prior Plan accrued benefits as of May 31,
1995. The protected optional form of benefit is subject to the restrictions of the Prior Plan.
The Committee will adopt such procedures and policies as necessary to ensure that protected
benefits continue to satisfy Section 401(a)(9) and other applicable sections of the Code and
Regulations thereunder, including amendments and modifications effective after May 31, 1995.

(10) The Bank of Winter Park 401(k) Retirement Plan — From and after November 1, 1997,
accounts of former participants in the Bank of Winter Park 401(k) Retirement Plan (“Prior Plan”)
shall be subject to the following special provisions:

General Administration

Prior Plan accounts shall be consolidated with the corresponding accounts of this Plan.

All prior service with The Bank of Winter Park shall be recognized under this Plan for purposes of
eligibility and vesting; however, such prior service shall not be recognized for purposes of

A-13

 

receiving an allocation of any Employer contribution (benefit accrual) under this Plan for any
period prior to November 1, 1997. The accounts of all Participants in the Prior Plan on October
31, 1997 shall be fully vested as of that date. This paragraph is effective November 1, 1997.

Participants in the Prior Plan may make a one-time irrevocable election to have their Prior Plan
account balances invested in the Alternate Investment Fund. The election applies to all former
Prior Plan accounts. An account or accounts may not be apportioned between this Plan’s Common
Stock investment and the Alternate Fund.

Provisions of the Prior Plan regarding self-direction of accounts by Prior Plan participants are
not continued under this Plan.

Code §§411(d)(6), 401(a)(4)-4 Compliance

Notwithstanding any provision to the contrary, a Participant’s accrued benefit and any early
retirement benefits, retirement type subsidies or optional forms of benefit under the Prior Plan
shall not be reduced in a manner which violates Code Section 411(d)(6) and the Regulations
thereunder. The Committee intends to comply with the special testing rules of regulation
§§1.401(a)(4)-4(b)(3) and/or 1.401(a)(4)-4(d). When provisions of the Prior Plan conflict with
this Plan, or this Plan does not provide a benefit, right or feature on substantially the same
terms as the Prior Plan, the benefit, right or feature of the Prior Plan is eliminated
prospectively effective on the plan merger date. The protection provided by Code Sections
411(d)(6) and 401(a)(4) is applied to prior accrued benefits as of the merger date including
subsequent income, expenses, gains and losses with respect to the prior accrued benefit. Any
protected benefit, right or feature shall be available on the same terms as under the Prior Plan;
however, the benefit right or feature is limited to participants in the Prior Plan as of the merger
date (November 1, 1997). The paragraphs that follow identify Code Section 411(d)(6) protected
benefits; however, the paragraphs are not exclusive. Additional protected benefits may be
identified by reason of additional regulatory guidance or otherwise.

If any Participant in the Prior Plan, who was not 100% vested, separated from service on or before
December 31, 1997 and is reemployed by an Employer before five (5) consecutive 1-Year Breaks in
Service, and such Prior Plan Participant has received, or was deemed to have received, a
distribution of his entire vested interest prior to his reemployment, his forfeited account shall
be reinstated only if he repays the full amount distributed to him before the earlier of five (5)
years after the first date on which the Participant is subsequently reemployed by an Employer or
the close of the first period of five (5) consecutive 1-year Breaks in Service commencing after the
distribution, or in the event of a deemed distribution, upon the reemployment of such former
participant. In the event the former participant does repay the full amount distributed to him, or
in the event of a deemed distribution, the undistributed portion of the Participant’s Prior Plan
account must be restored in full, unadjusted by and gains or losses occurring subsequent to the
valuation date coinciding with or preceding his termination. The source for such reinstatement
shall be an employer contribution in an amount which is sufficient to restore any such forfeited
accounts.

The Prior Plan allowed a Participant in cases of death, Disability or retirement to elect
installment payments of their benefit. This optional form of benefit is continued under this Plan
with respect

A-14

 

to a Participant’s Prior Plan accrued benefits as of October 31, 1997. The protected
optional form of benefit is subject to the restrictions of the Prior Plan. The Committee will
adopt such procedures and policies as necessary to ensure that protected benefits continue to
satisfy Section
401(a)(9) and other applicable sections of the Code and Regulations thereunder, including
amendments and modifications effective after October 31, 1997.

(11) The First Michigan Bank Corporation 401(k) Cash Option Plan — From and after April 1,
1998, accounts of former participants in the First Michigan Bank Corporation 401(k) Cash Option
Plan (“Prior Plan”) shall be subject to the following special provisions:

General Administration

Prior Plan accounts shall be consolidated with the corresponding accounts of this Plan.

All prior service with First Michigan Bank Corporation (“First Michigan”) or its subsidiaries shall
be recognized under this Plan for purposes of eligibility and vesting; however, such prior service
shall not be recognized for purposes of receiving an allocation of any Employer contribution
(benefit accrual) under this Plan for any period prior to January 1, 1998. Former employees of
First Michigan or its subsidiaries, who were employed on January 1, 1998, become eligible to
participate in the Huntington Plan, January 1, 1998. This paragraph is effective January 1, 1998.
Prior to January 1, 1998, former employees of First Michigan or its subsidiaries are not eligible
to participate in the Huntington Plan

Participants in the Prior Plan may make a one-time irrevocable election to have their Prior Plan
account balances invested in the Alternate Investment Fund. The election applies to all former
Prior Plan accounts. An account or accounts may not be apportioned between this Plan’s Common
Stock investment and the Alternate Fund.

Provisions of the Prior Plan regarding self-direction of accounts by Prior Plan participants are
not continued under this Plan.

Code §§411(d)(6), 401(a)(4)-4 Compliance

Notwithstanding any provision to the contrary, a Participant’s accrued benefit and any early
retirement benefits, retirement type subsidies or optional forms of benefit under the Prior Plan
shall not be reduced in a manner which violates Code Section 411(d)(6) and the Regulations
thereunder. The Committee intends to comply with the special testing rules of regulation
§§1.401(a)(4)-4(b)(3) and/or 1.401(a)(4)-4(d). When provisions of the Prior Plan conflict with
this Plan, or this Plan does not provide a benefit, right or feature on substantially the same
terms as the Prior Plan, the benefit, right or feature of the Prior Plan is eliminated
prospectively effective on the plan merger date. The protection provided by Code Sections
411(d)(6) and 401(a)(4) is applied to prior accrued benefits as of the merger date including
subsequent income, expenses, gains and losses with respect to the prior accrued benefit. Any
protected benefit, right or feature shall be available on the same terms as under the Prior Plan;
however, the benefit right or feature is limited to participants in the Prior Plan as of the merger
date (April 1, 1998). The paragraphs that follow identify Code Section 411(d)(6) protected
benefits; however, the paragraphs are not exclusive.

A-15

 

Additional protected benefits may be
identified by reason of additional regulatory guidance or otherwise.

The Prior Plan allowed a Participant in cases of death, Disability or retirement to elect
installment payments of his or her benefit. This optional form of benefit is continued under this
Plan with respect to a Participant’s Prior Plan accrued benefits as of March 31, 1998. The
protected optional form of benefit is subject to the restrictions of the Prior Plan. The Committee
will adopt such procedures and policies as necessary to ensure that protected benefits continue to
satisfy Section 401(a)(9) and other applicable sections of the Code and Regulations thereunder,
including amendments and modifications effective after March 31, 1998.

A participant in the Northwestern State Bank Salaried Savings Plan on June 1, 1991 whose accounts
was transferred to the First Michigan Plan may have the amount in that account used by the trustee
to purchase a single premium “annuity” contract. If a married participant elects this annuity
option the annuity will be paid in the form of a joint and 50% survivor annuity with the
participants spouse unless the participant’s spouse consents to the election of another form of
annuity.

(12) Empire National Bank Savings Investment and Retirement Plan — From and after July 1,
2000, all prior service for eligibility and vesting purposes under the Empire National Bank Savings
Investment and Retirement Plan (the “Prior Plan”) shall be recognized under this Huntington
Investment and Tax Savings Plan.

The accounts of all Participants in the Prior Plan as of June 23, 2000, shall be fully vested as of
that date.

Notwithstanding any provision to the contrary, a Participant’s accrued benefit and any early
retirement benefits, retirement type subsidies or optional forms of benefit under the Prior Plan
shall not be reduced in a manner which violates Code Section 411(d)(6) and the Regulations
thereunder. The Administrative Committee intends to comply with the special testing rules of
regulation §§1.401(a)(4)-4(b)(3) and/or 1.401(a)(4)-4(d). When provisions of the Prior Plan
conflict with this Plan, or this Plan does not provide a benefit, right or feature on substantially
the same terms as the Prior Plan, the benefit, right or feature of the Prior Plan is eliminated
prospectively effective on the plan merger date. The protection provided by Code Sections
411(d)(6) and 401(a)(4) is applied to prior accrued benefits as of the merger date including
subsequent income, expenses, gains and losses with respect to the prior accrued benefit. Any
protected benefit, right or feature shall be available on the same terms as under the Prior Plan;
however, the benefit right or feature is limited to participants in the Prior Plan as of the merger
date (July 1, 2000). The paragraphs that follow identify Code Section 411(d)(6) protected
benefits; however, the paragraphs are not exclusive; additional protected benefits may be
identified by reason of additional regulatory guidance or otherwise.

Notwithstanding any provision to the contrary in the Plan, Participants in the Prior Plan shall
have hardship distributions as described in Section 18(b) of the Prior Plan, continued under the
provisions of this Plan with regard to “related educational fees” as a reason for hardships with
respect to the Participant’s accrued benefit under the Prior Plan.

A-16

 

The loan provisions of the Prior Plan as set forth in Section 18(c) are not continued under this
Plan, except that any loans outstanding to former participants in the Prior Plan as of July 1, 2000
shall continue to be administered pursuant to the provisions of the Prior Plan until such loans are
repaid in full or otherwise collected by the Plan.

If any participant in the Prior Plan, who was not 100% vested, separated from service on or before
July 1, 2000 and is reemployed by an Employer before five (5) consecutive 1-Year Breaks in Service,
and such Prior Plan participant had received, or was deemed to have received, a distribution of his
entire vested interest prior to his reemployment, his forfeited account shall be reinstated only if
he repays the full amount distributed to him before the earlier of five (5) years after the first
date on which the participant is subsequently reemployed by an Employer or the close of the first
period of five (5) consecutive 1-year Breaks in Service commencing after the distribution, or in
the event of a deemed distribution, upon the reemployment of such former participant. In the event
the former participant does repay the full amount distributed to him, or in the event of a deemed
distribution, the undistributed portion of the participant’s Prior Plan account must be restored in
full, unadjusted by and gains or losses occurring subsequent to the valuation date coinciding with
or preceding his termination. The source for such reinstatement shall be an employer contribution
in an amount which is sufficient to restore any such forfeited accounts.

(13) J. Rolfe Davis Insurance Agency, Inc. Employees Profit Sharing Plan — From and
after January 1, 2001, all prior service for eligibility and vesting purposes, under the J. Rolfe
Davis Insurance Agency, Inc. Employees Profit sharing Plan (the “Prior Plan”) shall be recognized
under this Huntington Investment and Tax Savings Plan. Benefit accrual service with J. Rolfe Davis
Insurance Agency, Inc. shall not be recognized with respect to any period prior to January 1, 2001.

The loan provisions of the Prior Plan as set forth in Section 5.06 and Section T of the Prior Plan
are not continued under this Plan, except that any loans outstanding to former participants in the
Prior Plan as of January 1, 2001 shall continue to be administered pursuant to the provisions of
the Prior Plan until such loans are repaid in full or otherwise collected by the Plan.

Notwithstanding any provision to the contrary, a Participant’s accrued benefit and any early
retirement benefits, retirement type subsidies or optional forms of benefit under the Prior Plan
shall not be reduced in a manner which violates Code Section 411(d)(6) and the Regulations
thereunder. The Administrative Committee intends to comply with the special testing rules of
regulation §§1.401(a)(4)-4(b)(3) and/or 1.401(a)(4)-4(d). When provisions of the Prior Plan
conflict with this Plan, or this Plan does not provide a benefit, right or feature on substantially
the same terms as the Prior Plan, the benefit, right or feature of the Prior Plan is eliminated
prospectively effective on the plan merger date. The protection provided by Code Sections
411(d)(6) and 401(a)(4) is applied to prior accrued benefits as of the merger date including
subsequent income, expenses, gains and losses with respect to the prior accrued benefit. Any
protected benefit, right or feature shall be available on the same terms as under the Prior Plan;
however, the benefit right or feature is limited to participants in the Prior Plan as of the merger
date (January 1, 2001). The paragraphs that follow identify Code Section 411(d)(6) protected

A-17

 

benefits; however, the paragraphs are not exclusive; additional protected benefits may be
identified by reason of additional regulatory guidance or otherwise.

Pursuant to Section 6.01 of the Prior Plan, a participant or his beneficiary could upon retirement,
death, disability or other termination elect payments in the following forms: a straight life
annuity; a single life annuity with certain periods of five, ten, fifteen years; a single life
annuity with installment refunds; survivorship life annuities with installment refunds; and
survivor percentages of fifty, sixty-six and two-thirds, or one hundred percent fixed period
annuities under concessions set forth in the Plan; and a series of installments chosen by the
Participant with a minimum payment each year beginning with the year the member turned age 701/2 and
as further set out under the terms of the Prior Plan at Section 6.02; and a single sum payment.
The optional forms of benefit provided by Section 6.01 through Section 6.02 of the Prior Plan are
continued under this Plan with respect to a Participant’s Prior Plan accrued benefit as of December
31, 2000. The protected optional forms of benefit shall be subject to all restrictions of the
Prior Plan and the Committee may exercise the powers of the Prior Administrator.

If any participant in the Prior Plan, who was not 100% vested, separated from service on or before
December 31, 2000 and is reemployed by an Employer before five (5) consecutive 1-Year Breaks in
Service, and such Prior Plan participant had received, or was deemed to have received, a
distribution of his entire vested interest prior to his reemployment, his forfeited account shall
be reinstated only if he repays the full amount distributed to him before the earlier of five (5)
years after the first date on which the participant is subsequently reemployed by an Employer or
the close of the first period of five (5) consecutive 1-year Breaks in Service commencing after the
distribution, or in the event of a deemed distribution, upon the reemployment of such former
participant. In the event the former participant does repay the full amount distributed to him, or
in the event of a deemed distribution, the undistributed portion of the participant’s Prior Plan
account must be restored in full, unadjusted by and gains or losses occurring subsequent to the
valuation date coinciding with or preceding his termination. The source for such reinstatement
shall be an employer contribution in an amount which is sufficient to restore any such forfeited
accounts.

Notwithstanding any provision to the contrary in the Plan, Participants in the Prior Plan shall
have hardship distributions as described in Section 5.05 of the Prior Plan and Section W of the
Prior Plan, continued under the provisions of this Plan with regard to “related educational fees”
as a reason for hardships with respect to the Participant’s accrued benefit under the Prior Plan.

A-18

 

HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

SCHEDULE B

Preamble

     Effective July 1, 1997, Company’s controlled group of corporations was restructured with the
merger of separately chartered banks into The Huntington National Bank.

     Part One of this Schedule lists Participating Employers as of September 30, 1994. Part Two
lists additions and withdrawals from October 1, 1994 through September 30, 1997. Part Three lists
Participating Employers as of October 1, 1997. Part Four lists Participating Employers as of
December 31, 1998. Part Five lists special provisions for former employees of Barnett Banks
Banking Centers. Part Six lists Participating Employers as of January 1, 2001. Subsequent
additions and withdrawals will be maintained as part of Plan records and noted on this Schedule by
the Committee from time to time.

Part One

Participating Employers

(9-30-94)

Huntington Bancshares Incorporated

The Huntington National Bank

The Huntington Leasing Company

The Huntington State Bank

Huntington Bancshares Indiana, Inc.

The Huntington National Bank of Indiana

Huntington Bancshares Michigan, Inc. (1-1-89)

The Huntington Acceptance Company (7-1-88)

The Huntington Service Company (7-1-88)

Huntington Bancshares Kentucky, Inc. (1-1-89)

The Huntington Bank, Inc.

The Huntington Mortgage Company

The Huntington Financial Services Company (1-1-90)

The Huntington Trust Company, N.A. (1-1-88)

The Huntington Trust Company of Florida, N.A. (1-1-90)

The Huntington Asset Management Company

Huntington Banks of Michigan

B-1

 

The Huntington Investment Company

Huntington Bancshares West Virginia, Inc.

Huntington National Bank of Pennsylvania

First Trust Savings Bank*

Huntington Capital Corp., formerly The Huntington Company

Huntington Federal Savings Bank of Illinois

Huntington Federal Savings Bank

Huntington National Bank West Virginia

Huntington Bank Martinsburg National Association

 

			
	*	 	does not participate in Huntington Bancshares Retirement Plan

Part Two

Additions (October 1, 1994 through September 30, 1997)

     For Employers joining by Plan merger, restrictions on Service and Credited Service are noted
at Schedule A. For Employers adopting the Plan without a plan merger, restrictions on Service and
Credited Service are noted at this Part Two.

First Federal Bank for Savings of Northern Kentucky (plan merger January 1, 1995)

First Seminole Bank (joinder July 1, 1995). Service and Credited Service are not
recognized prior to July 1, 1995.

Security National Bank (plan merger May 1, 1995)

Reliance Bank of Florida (plan merger June 1, 1995)

Huntington Insurance Agency Services, Inc. (joinder January 1, 1996). Former
employees of the Tice Agency who become employees of Huntington Insurance Agency or, any
affiliate or subsidiary of the Company as a result of a transaction between Huntington Life
Insurance Agency and Tice and Associates Agency, Inc. shall have their Service and Credited
Service determined in accordance with the following rule.

For purposes of eligibility and vesting, all Service with the Tice Agency will be
recognized. Employment with the Tice Agency is not recognized for purposes of Credited
Service.

Peoples Bank of Lakeland (joinder February 1, 1996). All Service with Peoples Bank
shall be recognized. Credited Service shall not be recognized with respect to any period
prior to February 1, 1996.

Citi-Bancshares, Inc.

B-2

 

Citizens National Bank of Leesburg (joinder March 1, 1997). All Service with Citi
Bancshares or Citizens Bank or a predecessor corporation shall be recognized. Credited
Service shall not be recognized with respect to any period prior to March 1, 1997.

Withdrawals (October 1, 1994 through September 30, 1997)

First Trust Savings Bank, F.S.B. (March 31, 1995)

Huntington Federal Savings Bank of Illinois (June 14, 1995)

Huntington National Bank of Pennsylvania (December 16, 1995)

Part Three

Participating Employers (October 1, 1997)

Huntington Bancshares Incorporated

The Huntington National Bank

The Huntington State Bank

The Huntington Capital Corp.

Huntington Bancshares Ohio, Inc.

The Huntington Service Company

Huntington Insurance Agency Services, Inc.

The Huntington Leasing Company

Huntington Bancshares Florida, Inc.

Huntington Mortgage Company

Huntington Investment Company

Huntington Acceptance Company

Part Four

Participating Employers (December 31, 1998)

Huntington Bancshares Incorporated

The Huntington National Bank

The Huntington Capital Corp.

Huntington Bancshares Ohio, Inc.

Huntington Insurance Agency Services, Inc.

Huntington Bancshares Florida, Inc.

Huntington Mortgage Company

Huntington Investment Company

The Huntington Leasing Company

Huntington Life Insurance Agency, Inc.

B-3

 

Part Five

     Special provisions for former employees of Barnett Banks Banking Centers acquired from Nations
Bank, who became employees of the Huntington National Bank May 31, 1998 (the Effective Time).
Former employees of Barnett Banks Banking Centers described herein are referred to as Former
Barnett Banks Employees.

     Former Barnett Banks Employees who satisfy the age and service requirements of this Plan
(Huntington Investment and Tax Savings Plan) are eligible to participate in this Plan effective
August 1, 1998. All service (eligibility and vesting) with Barnett Banks or Nations Bank shall not
be recognized with respect to any period prior to August 1, 1998.

Part Six

Participating Employers (January 1, 2002)

Huntington Bancshares Incorporated

The Huntington National Bank

The Huntington Capital Corp.

Huntington Insurance Agency Services, Inc.

Huntington Mortgage Company

Huntington Investment Company

The Huntington Kentucky LLC

Part Seven

     Additions

     Participating Employers or Employee Groups participating after January 1, 2002.

     Haberer Investment Advisors, Inc. (joinder April 1, 2002). Haberer Investment
Advisors, Inc. (“Haberer”) employees who satisfy the age and service requirements of the
Plan are eligible to participate in the Plan effective April 1, 2002. All service
(eligibility and vesting) with Haberer is recognized. Benefit accrual service with Haberer
is not recognized with respect to any period prior to April 1, 2002.

     LeaseNet Group, Inc. (joinder September 20, 2002). LeaseNet employees employed on
the date of its acquisition by Company (Huntington Bancshares Incorporated) shall have
service determined as follows: LeaseNet employees who satisfy the age and service
requirements of the Plan are eligible to participate effective November 1, 2002. All
service (eligibility and vesting) with LeaseNet is recognized. Benefit accrual service with
LeaseNet shall not be recognized with respect to any period prior to November 1, 2002.

B-4

 

	EXHIBIT B 	 	Exhibit to Huntington Bancshares Incorporated Board of Directors Resolution of October
16, 2002 amending the Huntington Investment and Tax Savings Plan

FIRST AMENDMENT TO THE

HUNTINGTON INVESTMENT

AND TAX SAVINGS PLAN

     Pursuant to reserved authority at Section 13.01, the Huntington Investment and Tax Savings
Plan (the “Plan”) is amended as follows:

Part I Amendment of the Plan for EGTRRA

PREAMBLE

Adoption and effective date of amendment. This amendment of the Huntington Bancshares
Investment and Tax Savings Plan is adopted to reflect certain provisions of the Economic Growth and
Tax Relief Reconciliation Act of 2001 (“EGTRRA”). This amendment is intended as good faith
compliance with the requirements of EGTRRA and is to be construed in accordance with EGTRRA and
guidance issued thereunder. Except as otherwise provided, this amendment shall be effective as of
the first day of the first Plan Year beginning after December 31, 2001.

This amendment shall supersede the provisions of the Plan to the extent those provisions are
inconsistent with the provisions of this amendment.

     1. Section 2.14 of the Plan is amended by the addition of the paragraph below to the end of
Section 2.14:

“The annual Compensation of each Employee taken into account in
determining allocations for any Plan Year beginning after December
31, 2001, shall not exceed $200,000, as adjusted for
cost-of-living increases in accordance with Section 401(a)(17)(B)
of the Code. Annual Compensation means Compensation during the
Plan Year or such other consecutive 12-month period over which
Compensation is otherwise determined under the Plan (the
determination period). The cost-of-living adjustment in effect
for a calendar year applies to annual Compensation for the
determination period that begins with or within such calendar
year.”

     2. Section 2.15 of the Plan is amended by the addition of the paragraph below to the end of
Section 2.15:

 

 

“The annual Compensation of each Employee taken into account under
Article VI of this Plan for any Plan Year beginning after December
31, 2001, shall not exceed $200,000, as adjusted for
cost-of-living increases in accordance with Section 401(a)(17)(B)
of the Code. Annual Compensation means Compensation during the
Plan Year or such other consecutive 12-month period over which
Compensation is otherwise determined under the Plan (the
determination period). The cost-of-living adjustment in effect
for a calendar year applies to annual Compensation for the
determination period that begins with or within such calendar
year.”

     3. Section 2.16 of the Plan is amended by the addition of the paragraph below to the end of
Section 2.16:

“The annual Compensation of each Employee taken into account under
Article VI of this Plan for any Plan Year beginning after December
31, 2001, shall not exceed $200,000, as adjusted for
cost-of-living increases in accordance with Section 401(a)(17)(B)
of the Code. Annual Compensation means Compensation during the
Plan Year or such other consecutive 12-month period over which
Compensation is otherwise determined under the Plan (the
determination period). The cost-of-living adjustment in effect
for a calendar year applies to annual Compensation for the
determination period that begins with or within such calendar
year.”

     4. Section 6.02(b) is amended and revised by the addition of the following paragraph to the
end of 6.02(b):

“The multiple use test described in Treasury Regulation Section
1.401(m)-2 and this Section 6.04(b) of the Plan shall not apply
for Plan Years beginning after December 31, 2001.”

     5. Section 2.41 is amended by the addition of the below paragraphs to the end of Section 2.41.

     “The preceding paragraphs in this Section 2.51 are effective
for Limitation Years beginning before December 31, 2001.
Effective for Limitation Years beginning after December 31, 2001,
except to the extent permitted under Section 414(v) of the Code
(if applicable), the annual

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addition that may be contributed or allocated to a Participant’s
Account under the Plan for any Limitation Year shall not exceed
the lesser of:

     (a) $40,000, as adjusted for increases in the cost-of-living
under Section 415(d) of the Code, or

     (b) 100 percent of the Participant’s compensation, within the
meaning of Section 415(c)(3) of the Code, for the Limitation Year.

The foregoing limit is referred to as the “415(c) Limit.” The
415(c) Limit with respect to any Participant for a Limitation
Year, plus the amount of any additional elective deferral
permitted to be made by a Participant under Section 414(v) of the
Code with respect to such Limitation Year, is referred to as the
“Maximum Permissible Amount.” The compensation limit referred to
in (b) shall not apply to any contribution for medical benefits
after separation from service (within the meaning of Section
401(h) or Section 419A(f)(2) of the Code) which is otherwise
treated as an annual addition.”

     If there is a short Limitation Year because of a change in
the Limitation Year, the Administrator will multiply the $40,000
limitation (or larger limitation) by the following fraction:
number of months in the short Limitation Year divided by twelve
(12).”

     6. Section 5.03 of the Plan is amended and revised by the addition of the following sentence
to the end of the first paragraph of Section 5.03:

“No Participant shall be permitted to have Elective Deferrals made
under this Plan, or any other qualified plan maintained by the
Employer during any taxable year, in excess of the dollar
limitation contained in Section 402(g) of the Code in effect for
such taxable year, except to the extent permitted by this Section
5.03 and Section 414(v) of the Code, if applicable.”

     7. Section 5.03 is amended and revised by the addition of the following paragraph to the end
of the Section:

“Effective January 1, 2003, all Employees who are eligible to make
Elective Deferrals under this Plan and who have attained age 50
before the close of the Plan Year shall be

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eligible to make catch-up contributions in accordance with, and
subject to the limitations of, Section 414(v) of the Code. Such
catch-up contributions shall not be taken into account for
purposes of the provisions of the Plan implementing the required
limitations of Sections 402(g) and 415 of the Code. The Plan
shall not be treated as failing to satisfy the provisions of the
Plan implementing the requirements of Section 401(k)(3),
401(k)(l1), 401(k)(l2), 410(b), or 416 of the Code, as applicable,
by reason of the making of such catch-up contributions.”

     8. Section 4.02 of the Plan is amended by the revision to the first paragraph of Section 4.02
as set forth below:

“The Employer shall make Matching Contributions to the Plan equal
to one hundred percent (100%) of the Elective Deferrals made by a
Participant pursuant to Section 5.02 and, effective January 1,
2003, the catch-up contributions as provided for in Section 5.03.
Provided, however, such Matching Contribution shall not be made on
Elective Deferrals and catch-up contributions which exceed three
percent (3%) of the Participant’s Compensation.”

Added language underlined.

     9. Section 4.02 of the Plan is amended by the revision to the second paragraph of Section 4.02
as set forth below:

“The Employer shall make additional Matching Contributions to the
Plan equal to fifty percent (50%) of the Elective Deferrals made
by a Participant pursuant to Section 5.02 and, effective January
1, 2003, the catch-up contributions as provided for in Section
5.03 to the extent that such Elective Deferrals and
catch-up contributions exceed three percent (3%) but do
not exceed five percent (5%) of the Participant’s Compensation.”

     10. Section 9.05(b)(ii) is amended by the addition of the following to the end of Section
9.05(b)(ii):

“provided, however, that notwithstanding the preceding portion of
this clause (b)(ii), a Participant who receives a distribution of
Elective Deferrals after December 31, 2001, on account of hardship
shall be prohibited from making Elective Deferrals and Employee
After-Tax Contributions

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under this and all other plans of the Employer for 6 months after
receipt of the distribution. A Participant who receives a
distribution of Elective Deferrals in calendar year 2001 on
account of hardship shall be prohibited from making Elective
Deferrals and Employee contributions under this and all other
plans of the Employer for 12 months after receipt of the
distribution.”

     11. Section 11.03 is amended by the addition of the following paragraphs to the end of the
Section:

“Effective date. This Section shall apply to
distributions made after December 31, 2001.

Modification of definition of Eligible Retirement Plan.
For purposes of the direct rollover provisions in this Section
11.05, an Eligible Retirement Plan shall also mean an annuity
contract described in Section 403(b) of the Code and an eligible
Plan under Section 457(b) of the Code which is maintained by a
state, political subdivision of a state, or any agency or
instrumentality of a state or political subdivision of a state and
which agrees to separately account for amounts transferred into
such plan from this Plan. The definition of Eligible Retirement
Plan shall also apply in the case of a distribution to a surviving
Spouse, or to a Spouse or former Spouse who is the alternate payee
under a Qualified Domestic Relation Order, as defined in Section
414(p) of the Code.

Modification of definition of Eligible Rollover Distribution
to exclude hardship distributions. For purposes of the direct
rollover provisions in this Section 11.03, any amount that is
distributed on account of hardship shall not be an Eligible
Rollover Distribution and the Distributee may not elect to have
any portion of such a distribution paid directly to an Eligible
Retirement Plan.

Modification of definition of Eligible Rollover Distribution
to include After-Tax Employee Contributions. For purposes of
the direct rollover provisions in this Section 11.03, a portion of
a distribution shall not fail to be an Eligible Rollover
Distribution merely because the portion consists of After-Tax
Employee Contributions which are not includible in gross income.
However, such portion may be transferred only to an individual
retirement account or annuity described in Section 408(a) or (b)
of the Code, or to

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a qualified defined contribution Plan described in Section 401(a)
or 403(a) of the Code that agrees to separately account for
amounts so transferred, including separately accounting for the
portion of such distribution which is includible in gross income
and the portion of such distribution which is not so includible.”

     12. The following text is added at the end of Section 15.01

“Rollovers Into the Plan. Effective January 1, 2002, the
Plan will accept Participant rollover contributions and/or direct
rollovers of distributions made after December 31, 2001, from the
types of plans specified below.

Direct Rollovers:

The Plan will accept a direct rollover of an Eligible Rollover
Distribution from:

þ a qualified plan described in Section 401(a) or
403(a) of the Code.

þ an annuity contract described in Section 403(b)
of the Code.

þ an eligible plan under Section 457(b) of the Code
which is maintained by a state, political subdivision of a state,
or any agency or instrumentality of a state or political
subdivision of a state.

Participant Rollover Contributions from Other Plans:

The Plan will accept a Participant contribution of an Eligible
Rollover Distribution from:

þ a qualified plan described in Section 401(a) or
403(a) of the Code.

þ an annuity contract described in Section 403(b)
of the Code.

þ an eligible Plan under Section 457(b) of the Code
which is maintained by a state, political subdivision of a state,
or any agency or instrumentality of a state or political
subdivision of a state.

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Participant Rollover Contributions from IRAs:

The Plan will accept a rollover contribution from a conduit
individual retirement account that has no assets other than assets
which (1) were previously distributed to the Employee by another
qualified plan as a lump-sum distribution, (2) were eligible for
tax-free rollover to a qualified plan and (3) were deposited in
such conduit individual retirement account within sixty (60) days
of receipt thereof and other than earnings on said assets.

The Plan does not accept other Participant rollover contribution
from an individual retirement account or annuity.”

Notwithstanding any of the foregoing, the Plan will not accept any
portion of a rollover contribution or a direct rollover that
includes after-tax employee contributions.

     13. Section 14.08 is added to the Plan as set forth below:

“Section 14.08. Modification of Top-Heavy Rules.

(a) Effective date. Notwithstanding any other provisions
of this Article XIV, this Section 14.08 shall apply for purposes
of determining whether the Plan is a Top Heavy Plan under Section
416(g) of the Code for Plan Years beginning after December 31,
2001, and whether the Plan satisfies the minimum benefits
requirements of Section 416(c) of the Code for such years.

(b) Determination of Top-Heavy status.

     (i) Key Employee. Key Employee means any Employee or
former Employee (including any deceased Employee) who at any time
during the Plan Year that includes the Determination Date was an
officer of the Employer having annual compensation greater than
$130,000 (as adjusted under Section 416(i)(1) of the Code for Plan
Years beginning after December 31, 2002), a 5-percent owner of the
Employer, or a 1-percent owner of the Employer having annual
compensation of more than $150,000. For this purpose, annual
compensation means compensation within the meaning of Section
415(c)(3) of the Code. The determination of who is a Key Employee
will be made in accordance with Section 416(i)(1) of the

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Code and the applicable regulations and other guidance of general
applicability issued thereunder.

     (ii) Determination of present values and amounts.
This Section 14.08(b)(ii) shall apply for purposes of determining
the present values of accrued benefits and the amounts of Account
balances of Employees as of the Determination Date.

For distributions during a year ending on the Determination Date,
the present values of accrued benefits and the amounts of Account
balances of an Employee as of the Determination Date shall be
increased by the distributions made with respect to the Employee
under the Plan and any plan aggregated with the Plan under Section
416(g)(2) of the Code during the 1-year period ending on the
Determination Date. The preceding sentence shall also apply to
distributions under a terminated plan which, had it not been
terminated, would have been aggregated with the Plan under Section
416(g)(2)(A)(i) of the Code. In the case of a distribution made
for a reason other than separation from service, death, or
disability, this provision shall be applied by substituting
“5-year period” for “1-year period.”

For Employees not performing services during a year ending on the
Determination Date, the accrued benefits and Accounts of any
individual who has not performed services for the Employer during
the 1-year period ending on the Determination Date shall not be
taken into account.

(c) Minimum benefits.

     (i) Matching contributions. Employer Matching
Contributions shall be taken into account for purposes of
satisfying the minimum contribution requirements of Section
416(c)(2) of the Code and the Plan. The preceding sentence shall
apply with respect to Matching Contributions under the Plan or, if
the Plan provides that the minimum contribution requirement shall
be met in another plan, such other plan. Employer Matching
Contributions that are used to satisfy the minimum contribution
requirements shall be treated as Matching Contributions for
purposes of the Actual Contribution Percentage test and other
requirements of Section 401(m) of the Code.

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     (ii) Contributions under other plans. The Employer
may provide in this Plan that the minimum benefit requirement
shall be met in another plan (including another plan that consists
solely of a cash or deferred arrangement which meets the
requirements of Section 401(k)(12) of the Code and Matching
Contributions with respect to which the requirements of Section
401(m)(11) of the Code are met).

The minimum benefit for Employees also covered under another plan
of the Employer shall be met in the other plan.

(d) The Top-Heavy requirements of Section 416 of the Code and
Article XIV of the Plan shall not apply in any year beginning
after December 31, 2001, if the Plan consists solely of a cash or
deferred arrangement which meets the requirements of Section
401(k)(12) of the Code and Matching Contributions with respect to
which the requirements of Section 401(m)(11) of the Code are met.”

     14. Section 9.10 of the Plan is amended by the addition of the following paragraph to the end
of Section 9.10:

“Notwithstanding any other provision of this Plan, effective for
distributions made after December 31, 2001, a Participant’s
Elective Deferrals, Qualified Employer Contributions (if any), and
earnings attributable to these contributions shall be distributed
on account of the Participant’s severance from employment.
However, such a distribution shall be subject to the other
provisions of the Plan regarding distributions, other than
provisions that require a separation from service before such
amounts may be distributed.” Distributions upon severance from
employment shall apply regardless of when the severance from
employment occurred.”

Part II Minimum Distribution Requirements

     The Huntington Investment and Tax Savings Plan is hereby amended as set forth herein by the
addition of Section 9.11 to the Plan. The amendment is effective January 1, 2003:

Article 9.11. MINIMUM DISTRIBUTION REQUIREMENTS

Section 1. General Rules.

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1.1. Purpose and Effective Date. The provisions of this Article
will apply for purposes of determining required minimum
distributions for calendar years beginning with the 2003 calendar
year.

Except for certain grandfathered benefit elections (made prior to
July 1, 2002) the Plan does not provide for installment or annuity
distributions. This Article 9.11 is intended to satisfy Code
Section 1.401(a)(9) regulations published April 17, 2002. Article
9.11 is a “verbatim” version of the defined contribution model
amendment of Rev. Proc. 2002-29. The Adoption Agreement parts of
the model amendment are omitted because they do not apply to the
Plan.

1.2. Coordination with Minimum Distribution Requirements
Previously in Effect. If this Article 9.11 specifies an effective
date that is earlier than calendar years beginning with the 2003
calendar year, required minimum distributions for 2002 under this
Article 9.11 will be determined as follows. If the total amount
of the 2002 required minimum distributions under the Plan made to
the distributee prior to the effective date of this Article 9.11
equals or exceeds the required minimum distributions determined
under this Article 9.11, then no additional distributions will be
required to be made for 2002 on or after such date to the
distributee. If the total amount of 2002 required minimum
distributions under the Plan made to the distributee prior to the
effective date of this Article 9.11 is less than the amount
determined under this Article, then required minimum distributions
for 2002 on and after such date will be determined so that the
total amount of required minimum distributions for 2002 made to
the distributee will be the amount determined under this Article
9.11.

1.3. Precedence. The requirements of this Article will take
precedence over any inconsistent provisions of the Plan.

1.4. Requirements of Treasury Regulations Incorporated. All
distributions required under this Article will be determined and
made in accordance with the Treasury regulations under Section
401(a)(9) of the Internal Revenue Code.

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1.5. TEFRA Section 242(b)(2) Elections. Notwithstanding the
other provisions of this Article, distributions may be made under
a designation made before January 1, 1984, in accordance with
Section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act
(TEFRA) and the provisions of the Plan that relate to Section
242(b)(2) of TEFRA.

Section 2. Time and Manner of Distribution.

2.1. Required Beginning Date. The Participant’s entire interest
will be distributed, or begin to be distributed, to the
Participant no later than the Participant’s Required Beginning
Date.

2.2. Death of Participant Before Distributions Begin. If the
Participant dies before distributions begin, the Participant’s
entire interest will be distributed, or begin to be distributed,
no later than as follows:

(a) If the Participant’s surviving Spouse is the Participant’s
sole designated beneficiary, then distributions to the surviving
Spouse will begin by December 31 of the calendar year immediately
following the calendar year in which the Participant died, or by
December 31 of the calendar year in which the Participant would
have attained age 70-1/2, if later.

(b) If the Participant’s surviving Spouse is not the
Participant’s sole designated beneficiary, then distributions to
the designated beneficiary will begin by December 31 of the
calendar year immediately following the calendar year in which the
Participant died.

(c) If there is no designated beneficiary as of September 30 of
the year following the year of the Participant’s death, the
Participant’s entire interest will be distributed by December 31
of the calendar year containing the fifth anniversary of the
Participant’s death.

(d) If the Participant’s surviving Spouse is the Participant’s
sole designated beneficiary and the surviving Spouse dies after
the Participant but before distributions to the surviving Spouse
begin, this Section 2.2, other than section 2.2(a), will apply as
if the surviving Spouse were the Participant.

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For purposes of this Section 2.2 and Section 4, unless Section
2.2(d) applies, distributions are considered to begin on the
Participant’s Required Beginning Date. If Section 2.2(d) applies,
distributions are considered to begin on the date distributions
are required to begin to the surviving Spouse under Section
2.2(a). If distributions under an annuity purchased from an
insurance company irrevocably commence to the Participant before
the Participant’s Required Beginning Date (or to the Participant’s
surviving Spouse before the date distributions are required to
begin to the surviving Spouse under Section 2.2(a)), the date
distributions are considered to begin is the date distributions
actually commence.

2.3. Forms of Distribution. Unless the Participant’s interest is
distributed in the form of an annuity purchased from an insurance
company or in a single sum on or before the Required Beginning
Date, as of the first distribution calendar year distributions
will be made in accordance with sections 3 and 4 of this Article.
If the Participant’s interest is distributed in the form of an
annuity purchased from an insurance company, distributions
thereunder will be made in accordance with the requirements of
Section 401(a)(9) of the Code and the Treasury regulations.

Section 3. Required Minimum Distributions During Participant’s
Lifetime.

3.1. Amount of Required Minimum Distribution For Each
Distribution Calendar Year. During the Participant’s lifetime,
the minimum amount that will be distributed for each distribution
calendar year is the lesser of:

     (a) the quotient obtained by dividing the Participant’s
Account balance by the distribution period in the Uniform Lifetime
Table set forth in Section 1.401(a)(9)-9 of the Treasury
regulations, using the Participant’s age as of the Participant’s
birthday in the distribution calendar year; or

     (b) if the Participant’s sole designated beneficiary for the
distribution calendar year is the Participant’s Spouse, the
quotient obtained by dividing the Participant’s account balance by
the number in the Joint and Last Survivor Table set forth in
Section 1.401(a)(9)-9 of the Treasury regulations, using the
Participant’s and Spouse’s

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attained ages as of the Participant’s and Spouse’s birthdays in
the distribution calendar year.

3.2. Lifetime Required Minimum Distributions Continue Through
Year of Participant’s Death. Required minimum distributions will
be determined under this Section 3 beginning with the first
distribution calendar year and up to and including the
distribution calendar year that includes the Participant’s date of
death

Section 4. Required Minimum Distributions After Participant’s
Death.

4.1. Death On or After Date Distributions Begin.

(a) Participant Survived by Designated Beneficiary. If the
Participant dies on or after the date distributions begin and
there is a designated beneficiary, the minimum amount that will be
distributed for each distribution calendar year after the year of
the Participant’s death is the quotient obtained by dividing the
Participant’s Account balance by the longer of the remaining life
expectancy of the Participant or the remaining life expectancy of
the Participant’s designated beneficiary, determined as follows:

(1) The Participant’s remaining life expectancy is calculated
using the age of the Participant in the year of death, reduced by
one for each subsequent year.

(2) If the Participant’s surviving Spouse is the Participant’s
sole designated beneficiary, the remaining life expectancy of the
surviving Spouse is calculated for each distribution calendar year
after the year of the Participant’s death using the surviving
Spouse’s age as of the Spouse’s death, the remaining life
expectancy of the surviving Spouse is calculated using the age of
the surviving Spouse as of the Spouse’s birthday in the calendar
year of the Spouse’s death, reduced by one for each subsequent
calendar year.

(3) If the Participant’s surviving Spouse is not the
Participant’s sole designated beneficiary, the designated
beneficiary’s remaining life expectancy is calculated using the
age of the beneficiary in the year following the year of the
Participant’s death, reduced by one for each subsequent year.

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(b) No Designated Beneficiary. If the Participant dies on or
after the date distributions begin and there is no designated
beneficiary as of September 30 of the year after the year of the
Participant’s death, the minimum amount that will be distributed
for each distribution calendar year after the year of the
Participant’s death is the quotient obtained by dividing the
Participant’s Account balance by the Participant’s remaining life
expectancy calculated using the age of the Participant in the year
of death, reduced by one for each subsequent year.

4.2. Death Before Date Distributions Begin.

(a) Participant Survived by Designated Beneficiary. If the
Participant dies before the date distributions begin and there is
a designated beneficiary, the minimum amount that will be
distributed for each distribution calendar year after the year of
the Participant’s death is the quotient obtained by dividing the
Participant’s Account balance by the remaining life expectancy of
the Participant’s designated beneficiary, determined as provided
in Section 4.1.

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

(c) Death of Surviving Spouse Before Distributions to Surviving
Spouse Are Required to Begin. If the Participant dies before the
date distributions begin, the Participant’s surviving Spouse is
the Participant’s sole designated beneficiary, and the surviving
Spouse dies before distributions are required to begin to the
surviving Spouse under Section 2.2(a), this Section 4.2 will apply
as if the surviving Spouse were the Participant.

Section 5. Definitions.

5.1. Designated beneficiary. The individual who is designated as
the beneficiary under Section 9.07 of the Plan and is the
designated beneficiary under Section 401(a)(9) of the Internal
Revenue Code and Section 1.401(a)(9)-1, Q&A-4, of the Treasury
regulations.

-14-

 

5.2. Distribution calendar year. A calendar year for which a
minimum distribution is required. For distributions beginning
before the Participant’s death, the first distribution calendar
year is the calendar year immediately preceding the calendar year
which contains the Participant’s Required Beginning Date. For
distributions beginning after the Participant’s death, the first
distribution calendar year is the calendar year in which
distributions are required to begin under Section 2.2. The
required minimum distribution for the Participant’s first
distribution calendar year will be made on or before the
Participant’s required beginning date. The required minimum
distribution for other distribution calendar years, including the
required minimum distribution for the distribution calendar year
in which the Participant’s required beginning date occurs, will be
made on or before December 31 of that distribution calendar year.

5.3. Life expectancy. Life expectancy as computed by use of the
Single Life Table in Section 1.401(a)(9)-9 of the Treasury
regulations.

5.4. Participant’s Account balance. The Account balance as of
the last Valuation Date in the calendar year immediately preceding
the distribution calendar year (valuation calendar year) increased
by the amount of any contributions made and allocated or
forfeitures allocated to the Account balance as of dates in the
valuation calendar year after the Valuation Date and decreased by
distributions made in the valuation calendar year after the
Valuation Date. The Account balance for the valuation calendar
year includes any amounts rolled over or transferred to the Plan
either in the valuation calendar year or in the distribution
calendar year if distributed or transferred in the valuation
calendar year.

5.5. Required Beginning Date. The date specified in Section 2.54
and Section 9.08 of the Plan.

Part III ESOP Dividends

     Effective September 1, 2002, Section 17.04, “Payment of Dividends,” is amended and restated
as follows:

-15-

 

17.04 Payment of Dividends. (effective September 1, 2002).

     Any cash dividend (“dividend”) paid with respect to Common Stock held in Participant Accounts
is subject to the following election. A Participant may elect: (a) to have dividends paid to the
Trustee and thereafter distributed to the Participant in cash; or (b) to have dividends paid to the
Trustee and thereafter reinvested in Common Stock. Dividend distributions to Participants shall be
made as soon as administratively feasible but in no event later than ninety (90) days following the
close of the Plan Year in which the dividend is paid.

     The initial Participant election pursuant to this Section 17.04 is available with respect to
the dividend payable October 1, 2002. Effective with the October 1, 2002 dividend a Participant
must affirmatively elect to receive dividends in cash. The default election is an election to
reinvest dividends in Common Stock. An election may be changed at any time and from time to time
by Participant notifying the Administrator pursuant to procedures prescribed by the Administrator;
provided however, with respect to each quarterly dividend payment a Participant’s election becomes
irrevocable at 3:00 p.m. on the date the dividend is paid to the Trustee. If a Participant’s
Accounts become subject to an Order, (such as a Domestic Relations Order or restraining order)
which restricts distributions from the Plan to the Participant, the Participant will be deemed to
have elected reinvestment of dividends in Company Stock with respect to any dividend otherwise
payable to Participant during the time the order is in effect.

     At the direction of the Company, the Trustee shall retain a dividend disbursing agent.
Moreover, if directed by the Company, the Trustee shall provide that dividend distribution payments
be made (a) by the dividend disbursing agent directly to Participants, (b) by the dividend
disbursing agent to the Corporation’s payroll department which shall serve, for this purpose, as
agent for the Participants, or (c) by the dividend disbursing agent to the Trustee who is hereby
authorized to pay any dividend directly to Participants or to appoint the Corporation’s payroll
department as disbursing agent for the Trustee.

     Effective September 1, 2002, Section 9.05(b)(i) with respect to Hardship Distributions is
amended to read as follows:

***

     (b) A distribution will be considered as “necessary” to satisfy an immediate and heavy
financial need of the Employee only if:

(i) The Employee has obtained all distributions, other than hardship
distributions, all nontaxable loans under all Plans maintained by the
Employer and if eligible to receive distribution

-16-

 

of dividends on Common Stock pursuant to Section 17.04 has elected to
have dividends distributed.

***

Part IV Other Amendments

     1. Section 2.14 is amended and restated in its entirety effective January 1, 1997, (or at such
dates as provided in Section 2.14) as set forth below:

     2.14 “Compensation” for purposes other than Section 4.03, Article VI and Article XIV,
shall mean with respect to each Employee of the Employer, an Employee’s actual base compensation,
excluding bonuses, commissions, overtime, and severance payments, but shall include sick pay,
payments under the Huntington’s short-term disability plan, and payments pursuant to the Huntington
Bancshares Transition Pay Plan. Compensation shall be determined prior to any reduction pursuant
to a cash or deferred arrangement as defined in Section 402(e)(3) or pursuant to a cafeteria plan
as described in Section 125 of the Code, or effective for Plan Years beginning on or after January
1, 2001 pursuant to elective amounts (if any) that are not included in gross income under Code
Section 132(f)(4).

The measuring period for determining Compensation shall be the Plan Year.

In addition to other applicable limitations set forth in the Plan, and notwithstanding any other
provisions of the Plan to the contrary, the annual compensation of each Employee taken into account
under the Plan shall not exceed the OBRA ‘93 annual compensation limit. The OBRA ‘93 annual
compensation Limit is $150,000, as adjusted by the Commissioner for increases in the cost of living
in accordance with Section 401(a)(17)(B) of the Internal Revenue Code or as adjusted or modified by
legislation amending Section 401(a)(17) or any successor Section. The cost-of-living adjustment in
effect for a calendar year applies to any period, not exceeding 12 months, over which Compensation
is determined (determination period) beginning in such calendar year. If a determination period
consists of fewer than 12 months, the OBRA ‘93 annual compensation limit will be multiplied by a
fraction the numerator of which is the number of months in the determination period, and the
denominator of which is 12.

This paragraph shall apply to Plan Years and Limitation Years beginning on and after January 1,
1998. For purposes of the definition of Compensation under this section 2.14, amounts under Code
Section 125 include any amounts not available to a Participant in cash in lieu of group health
coverage because the Participant is unable to certify that he or she has other health coverage. An
amount will be treated as an amount under Code Section 125 for the purposes of this paragraph only
if the Employer does not request or collect information regarding the Participant’s other health
coverage as part of the enrollment process for the health plan.

-17-

 

2. Section 2.15 is amended and restated in its entirety effective January 1, 1997 (or at such other
dates as provided in Section 2.15) as set forth below:

     2.15 “Compensation.” solely for purposes of Section 4.03, shall mean with respect to
each Participant, Section 415 safe-harbor compensation, including wages, salaries, and fees for
professional services and other amounts received (without regard to whether or not an amount is
paid in cash) for personal services actually rendered in the course of employment with an Employer
participating in the Plan to the extent that the amounts are includible in gross income (including,
but not limited to, commissions paid to sales persons, compensation for services on the basis of a
percentage of profits, commissions on insurance premiums, tips, bonuses, fringe benefits,
reimbursements, and expense allowances), and excluding the following:

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

(ii) amounts realized from the exercise of a non-qualified stock option, or when restricted stock
(or property) held by the Employee either becomes freely transferable or is no longer subject to a
substantial risk of forfeiture;

(iii) amounts realized from the sale, exchange or other disposition of stock acquired under a
qualified stock option; and

(iv) other amounts which received special tax benefits, or contributions made by an Employer
(whether or not under a salary reduction arrangement) towards the purchase of an annuity described
in Section 403(b) of the Code (whether or not the amounts are actually excludable from the gross
income of the Employee).

Notwithstanding the above, effective January 1, 1998, Compensation shall include (i) any Elective
Deferrals as defined in 402(g)(3) of the Code, and (ii) any amount which is contributed or deferred
by the Employer at the election of the Employee and which is not includible in the gross income of
the Employee by reason of Code Section 125 or Code Section 457 and effective for Plan Years
beginning on or after January 1, 2001 elective amounts (if any) that are not includible in gross
income under Code Section 132(f)(4).

The measuring period for determining Compensation shall be the Limitation Year. Compensation for a
Limitation Year is the Compensation actually paid or includible in gross income during such
Limitation Year.

The annual Compensation of each Employee taken into account under the Plan shall not exceed the
OBRA ‘93 annual compensation limit. The OBRA ‘93 annual Compensation limit is $150,000, as
adjusted by the Commissioner for increases in the cost of living in accordance with Section
401(a)(17)(B) of the Internal Revenue Code. The cost-of-living adjustment in effect for a calendar
year applies to any period, not exceeding 12 months,

-18-

 

over which Compensation is determined (determination period) beginning in such calendar year. If a
determination period consists of fewer than 12 months, the OBRA ‘93 annual Compensation limit will
be multiplied by a fraction the numerator of which is the number of months in the determination
period, and the denominator of which is 12.

This paragraph shall apply to Plan Years and Limitation Years beginning on and after January 1,
1998. For purposes of the definition of Compensation under this section 2.15, amounts under Code
Section 125 include any amounts not available to a Participant in cash in lieu of group health
coverage because the Participant is unable to certify that he or she has other health coverage. An
amount will be treated as an amount under Code Section 125 for purposes of this paragraph only if
the Employer does not request or collect information regarding the Participant’s other health
coverage as part of the enrollment process for the health plan.

3. Section 2.16 is amended and restated in its entirety effective January 1, 1997 (or at such other
dates as provided in Section 2.16) as set forth below:

     2.16 “Compensation,” solely for purposes of Article XIV shall mean Compensation as
defined in Section 415(c)(3) of the Code. The determination will be made without regard to Code
Sections 125, 402(e)(3) and 402(h)(1)(B) and in the case of Employer contributions made pursuant to
a salary reduction agreement, without regard to Section 402(b) of the Code. For Plan Years
beginning after December 31, 1997, the term Compensation for purposes of Article XIV shall mean
compensation within the meaning of Section 415(c)(3) of the Code and effective for Plan Years
beginning on or after January 1, 2001, compensation under this Section 2.16 shall include elective
amounts (if any) that are not includible in gross income under Code Section 132(f)(4).

The annual Compensation of each Employee taken into account under this Article shall not exceed the
OBRA ‘93 annual compensation limit. The OBRA ‘93 annual compensation limit is $150,000, as
adjusted by the Commissioner for increases in the cost of living in accordance with Section
401(a)(17)(B) of the Code. The cost-of-living adjustment in effect for a calendar year applies to
any period, not exceeding 12 months, over which Compensation is determined (determination period)
beginning in such calendar year. If a determination period consists of fewer than 12 months, the
OBRA ‘93 annual compensation limit will be multiplied by a fraction the numerator of which is the
number of months in the determination period, and the denominator of which is 12.

This paragraph shall apply to Plan Years and Limitation Years beginning on and after January 1,
1998. For purposes of the definition of Compensation under this section 2.16, amounts under Code
Section 125 include any amounts not available to a Participant in cash in lieu of group health
coverage because the Participant is unable to certify that he or she has other health coverage. An
amount will be treated as an amount under Code Section 125 for the purposes of this paragraph only
if the Employer does not request or collect information regarding the Participant’s other health
coverage as part of the enrollment process for the health plan.

-19-

 

4. Effective August 1, 2002, Section 5.02(a), “Elective Deferral Contributions,” is amended and
restated to read as follows:

     5.02 Elective Deferral Contributions.

(a) Amount. Each Participant may, but shall not be required to, authorize the Employer to
deduct and withhold from such Participant’s Compensation an amount, in any integral percentage, not
to exceed twenty-five percent (25%) of such Employee’s Compensation and to contribute such amount
to the Trust Fund on a before-tax basis, subject to the limitation of Section 5.03 as modified by
Plan provisions authorizing “catch-up” contributions pursuant to Code Section 414(v). In addition,
an Elective Deferral Contribution may not impair a Participant’s obligation for payroll taxes
(FICA, Medicare), qualified transportation reimbursements and cafeteria plan deferrals. Such
Elective Deferral Contribution shall be held in the Participant’s Elective Deferral Account and
shall be fully vested and non-forfeitable at all times.

In no event, however, will a Participant be permitted to make a contribution for any year to the
extent that the portion of his contribution which counts (for ceiling purposes) as an Annual
Addition to all of his accounts in all individual account plans with the Employer, when added to
the Employer contributions, Matching Contributions, and forfeitures credited to his Account, causes
the Annual Additions to his Account to exceed the Maximum Permissible Amount.

* * *

The remaining parts of Section 5.02 shall remain in full force and effect.

5. Effective June 1, 2002, Section 9.01 is amended and restated as follows:

     9.01 When Payable

A Participant’s entire vested Account shall be distributed to him, or in the event of his death to
his beneficiary, upon the first to occur of his termination of employment by reason of his
separation from service, death, Disability or retirement at or after attaining Normal Retirement
Age. In the event the value of the Participant’s account exceeds $5,000 no such distribution shall
be made prior to a Participant’s death or attainment of age 70, without the Participant’s consent.
For distributions made after March 22, 1999, the Company is not required to look back to determine
if the Account balance ever exceeded $5,000.

A participant’s Account shall be payable to an alternate payee at such times as may be specified in
a Qualified Domestic Relations Order as both of such terms are defined in Section 414 of the Code.
In addition to its general power and authority, the Administrator is authorized to adopt
reasonable rules and procedures relating to Qualified Domestic Relations Orders including a rule or
rules restricting available Valuation Dates.

-20-

 

In no event may any distribution of a Participant’s Elective Deferral Account or Qualified Employer
Contribution Account or Matching Contribution Account be distributed to such Participant before his
death, retirement, disability, termination of employment, (separation from service) or attainment
of age 591/2 except as provided in Sections 9.05, 9.06 and 9.10 hereof.

All distributions required under this Article, if any, shall be determined and made in accordance
with Section 401(a)(9).

6. Section 9.03 is amended and revised in its entirety to read as follows, effective January 1,
2002:

     9.03 Determination of Amount

For purposes of this Article IX, the value of the Participant’s Accounts shall be determined as set
forth below:

The value of distributions or withdrawals made pursuant to requests received by the Administrator
shall be determined on the Valuation Date occurring as soon as administratively practicable
following the date on which the request is received.

7. Section 12.07 is amended and revised in its entirety effective January 1, 2002, to read as
follows:

     12.07 Statutory Claims Procedure

(a) General Procedure. The Committee shall have discretion regarding benefit
determinations. Unless waived by the Committee, any person entitled to benefits hereunder must
file a claim with the Secretary of the Committee upon forms furnished by the Committee.
Notwithstanding any other provision of this Plan, payment of benefits need not be made until
receipt of the claim and the expiration of the time periods specified in this Section 12.07 for
rendering a decision on the claim. In the event a claim is denied, benefits need not be made or
commence until a final decision is reached by the Committee, subject to the provisions of Section
10.02.

(b) Notice and Appeal Procedure for Claims Filed Before January 1, 2002. This subsection
(b) shall apply to claims filed before January 1, 2002. The Secretary of the Committee shall notify
the claimant of its decision within ninety (90) days after receipt of the claim. However, if
special circumstances require, the Committee may defer action on a claim for benefits for an
additional period not to exceed ninety (90) days, and in that case it shall notify the claimant of
the special circumstances involved and the time by which it expects to render a decision.

If the Committee determines that any benefits claimed should be denied, it shall give notice to the
claimant setting forth the specific reason or reasons for the denial and provide a specific
reference to the Plan provisions on which the denial is based. The

-21-

 

Committee shall also describe any additional information necessary for the Participant to perfect
the claim and explain why the information is necessary.

The claimant shall be entitled to full and fair review by the Committee of the denial. The
claimant shall have sixty (60) days after receipt of the denial in which to file a notice of appeal
with the Secretary of the Committee. A final determination by the Committee shall be rendered
within sixty (60) days after receipt of the claimant’s notice of appeal. Under special
circumstances such determination may be delayed for an additional period not to exceed sixty (60)
days, in which case the claimant shall be notified of the delay prior to the close of the initial
sixty (60) day period. The Committee’s final decision shall set forth the reasons and the
references to the Plan provisions on which it is based.

(c) Notice and Appeal Procedure for Claims Filed On or After January 1, 2002. This
subsection (c) shall apply to claims filed on or after January 1, 2002.

(i) Claims not involving a determination of disability. For claims not involving a
determination of disability, the Secretary of the Committee shall notify the claimant of
its decision within a reasonable period of time, not exceeding ninety (90) days, after
receipt of the claim. However, if special circumstances require, the Committee may defer
action on a claim for benefits for an additional period not to exceed ninety (90) days, and
in that case it shall notify the claimant prior to the close of the initial ninety (90) day
period of the special circumstances involved and the time by which it expects to render a
decision.

If the Committee determines that any benefits claimed should be denied, it shall give
notice to the claimant setting forth the specific reason or reasons for the denial,
providing a specific reference to the Plan provisions on which the denial is based,
describing any additional material or information necessary for the claimant to perfect the
claim and an explanation of why such material or information is necessary, and describing
the Plan’s review procedures and the time limits applicable to such procedures. Such
claimant shall be entitled to full and fair review by the Committee of the denial. The
claimant shall have sixty (60) days after receipt of the denial in which to file a notice
of appeal with the Secretary of the Committee. A final determination by the Committee
shall be rendered within a reasonable period of time, not exceeding sixty (60) days, after
receipt of the claimant’s notice of appeal. Under special circumstances, such
determination may be delayed for an additional period not to exceed sixty (60) days, in
which case the claimant shall be notified of the delay prior to the close of the initial
sixty (60) day period. The Committee’s final decision shall set forth the reasons and the
references to the Plan provisions on which it is based, shall advise 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 claim for benefits, and shall
advise the claimant of the right to bring an action under Section 502(a) of ERISA.

-22-

 

(ii) Claims involving a determination of disability. For claims involving a
determination of disability, the Secretary of the Committee shall notify the claimant of
its decision within a reasonable period of time, not exceeding forty-five (45) days, after
receipt of the claim. However, if it determines that there exist matters beyond the
control of the Plan, the Committee may defer action on a claim for benefits for two
additional periods, each not to exceed thirty (30) days, and in that case it shall notify
the claimant prior to the close of the initial forty-five (45) day period (or the initial
thirty (30) day extension) of the special circumstances involved and the time by which it
expects to render a decision. Such notice of extension shall specifically explain the
standards on which entitlement to a benefit is based, the unresolved issues that prevent a
decision on the claim, and the additional information needed to resolve those issues. The
claimant shall be given at least forty-five (45) days within which to provide the specified
information. If a claimant provides insufficient information or files an incomplete claim,
the time for making a decision is tolled (suspended) from the date the Committee provides
notice of an extension until the date it receives the claimant’s response.

If the Committee determines that any benefits claimed should be denied, it shall give
notice to the claimant setting forth the specific reason or reasons for the denial,
providing a specific reference to the Plan provisions on which the denial is based,
describing any additional material or information necessary for the claimant to perfect the
claim and an explanation of why such material or information is necessary, and describing
the Plan’s review procedures and the time limits applicable to such procedures. In
addition, if an internal rule, guideline, protocol, or other similar criterion was relied
upon in making the adverse determination, the Committee shall provide either the specific
rule, guideline, protocol or other similar criterion, or a statement that any such item was
relied upon in making the adverse determination and that a copy of such item will be
provided free of charge to the claimant upon request. Furthermore, if the adverse
determination is based upon a medical necessity or experimental treatment or similar
exclusion or limit, the Committee shall provide either an explanation of the scientific or
clinical judgment for the determination, or a statement that such explanation will be
provided free of charge upon request.

The claimant shall be entitled to full and fair review by the Committee of the denial. The
claimant shall have one hundred eighty (180) days after receipt of the denial in which to
file a written notice of appeal with the Secretary of the Committee. A final determination
by the Committee shall be rendered within a reasonable period of time, not exceeding
forty-five (45) days, after receipt of the claimant’s notice of appeal. Under special
circumstances, such determination may be delayed for an additional period not to exceed
forty-five (45) days, in which case the claimant shall be notified of the delay prior to
the close of the initial forty-five (45) day period. The Committee’s final decision shall
set forth the reasons and the references to the Plan provisions on which it is based, shall
advise that the claimant is entitled to receive, upon request and free of charge,

-23-

 

reasonable access to, and copies of, all documents, records, and other information relevant
to the claim for benefits, and shall advise the claimant of the right to bring an action
under Section 502(a) of ERISA.

(d) Committee’s Discretion; Final Determination by Named Fiduciary. The Committee shall
have discretion in interpreting the terms of the Plan and in making claim determinations. In
accordance with Section 10.02, final determinations shall be made by the Named Fiduciary and such
determinations shall be conclusive and binding on all persons.

This First
Amendment is executed this 16 day of October, 2002 by Huntington Bancshares Incorporated
and The Huntington national Bank, Trustee.

	 	 	 	 	 
	 	HUNTINGTON BANCSHARES INCORPORATED

 	 
	Date: October 16, 2003	By:  	 /s/
Sarah Hall	 
	 	 	Title: 	 Senior Vice
President	 
	 	 	 	 
	 
	 	THE HUNTINGTON NATIONAL BANK

TRUSTEE

 	 
	Date:  October 23, 2003	By:  	 /s/
Kathleen A. Chapin	 
	 	 	Title: 	 Vice President	 
	 	 	 	 
	 

-24-

 

Exhibit B to Huntington Bancshares Incorporated Resolution of April 27, 2005.

SECOND AMENDMENT TO THE

HUNTINGTON INVESTMENT AND

TAX SAVINGS PLAN

Pursuant to reserved authority at Section 13.01 of the Huntington Investment and Tax Savings Plan
(the “Plan”), the Plan is amended as follows:

Effective March 28, 2005, Section 9.01 is amended and restated as follows:

      9.01 When Payable

A Participant’s entire vested Account shall be distributed to him, or in the event of his
death to his beneficiary, upon the first to occur of his termination of employment by reason
of his separation from service, death, Disability or retirement at or after attaining Normal
Retirement Age. In the event the value of the Participant’s Account exceeds $1,000 no such
distribution shall be made prior to a Participant’s death or attainment of age 70, without
the Participant’s consent; provided however, if a Participant’s Account, has a value of
$1,000 or less at the time a distributable event occurs, it may be distributed without
consent. When determining the value of a Participant’s Account the value of any rollover
contributions (and earnings thereon) will be included. This restated paragraph is effective
for distributions made on or after March 28, 2005.

A Participant’s Account shall be payable to an alternate payee at such times as may be
specified in a Qualified Domestic Relations Order as both of such terms are defined in
Section 414 of the Code. In addition to its general power and authority, the Administrator
is authorized to adopt reasonable rules and procedures relating to Qualified Domestic
Relations Orders including a rule or rules restricting available Valuation Dates. In no
event may any distribution of a Participant’s Elective Deferral Account or Qualified
Employer Contribution Account or Matching Contribution Account be distributed to such
Participant before his death, retirement, disability, termination of employment, (separation
from service) or attainment of age 591/2 except as provided in Section 9.05, 9.06, and 9.10
hereof.

All distributions required under this Article, if any, shall be determined and made in
accordance with Section 401(a)(9).

 

 

In all other respects, the Plan shall remain in full force and effect.

      IN WITNESS WHEREOF, the Company has caused this Amendment to be signed on this 27th day of
April 2005.

	 	 	 	 	 
	 	 	HUNTINGTON BANCSHARES
	 

	 	INCORPORATED

	 
	 	 	 	 
	 

	 	By:	 	/s/ Jeff Long
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Its:	 	SVP, Compensation and Benefits
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	THE HUNTINGTON NATIONAL BANK
	 
	 	 	 	 
	 

	 	By:	 	/s/ Kathleen A. Chapin
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Its:	 	Vice President 
	 

	 	 	 	 
	 

	 	 	 	Trustee

 

 

THIRD AMENDMENT TO THE

HUNTINGTON INVESTMENT AND TAX SAVINGS PLAN

     Pursuant to reserved authority at Section 13.01 of the Huntington Investment and Tax Savings
Plan (the “Plan”), the Plan is amended as follows:

     1. Section 9.05 is amended, effective January 1, 2006, by the addition of the following part
after the first paragraph:

“Effective January 1, 2006, for purposes of this paragraph an immediate and heavy
financial need generally may be treated as not capable of being relieved from other
resources that are reasonably available to the Employee, if the Employer relies upon
the Employee’s representation (made in writing, or such other form as may be
prescribed by the Commissioner of the Internal Revenue Service), unless the Employer
has actual knowledge to the contrary that the need cannot reasonably be relieved
through the following resources:

	 	(1)	 	Through reimbursement or compensation by insurance or otherwise;
	 
	 	(2)	 	By liquidation of the Employee’s assets;
	 
	 	(3)	 	By cessation of Elective Deferrals under the Plan;
	 
	 	(4)	 	By other currently available distributions (including distribution of
ESOP dividends under Code Section 404(k)) and nontaxable (at the time of the
loan) loans, under plans maintained by the Employer or by any other employer;
or
	 
	 	(5)	 	By borrowing from commercial sources on reasonable commercial terms in
an amount sufficient to satisfy the need.”

     2. Section 9.05, the second paragraph, subsection (a), is amended, effective January 1, 2006,
in its entirety, to read as follows:

“(a) The following are the only financial needs considered immediate and heavy:
expenses incurred or necessary for medical care, described in Code Section 213(d),
of the Employee, the Employee’s Spouse or dependents; the purchase (excluding
mortgage payments) of a principal residence for the Employee; payment of tuition and
education for the Employee, the Employee’s Spouse, children or dependents; payments
necessary to prevent the eviction of the Employee from, or a foreclosure on the
mortgage of, the Employee’s principal residence; payments for funeral or burial
expenses for the Employee’s deceased parent, Spouse, child or dependent; and
expenses to repair damage to the Employee’s principal residence that would qualify
for a casualty loss deduction under Code Section 165 (determined without regard to
whether the loss exceeds 10 percent of adjusted gross income).”

 

 

     3. Section 9.05(b)(v) is amended effective January 1, 2006 by deleting subparagraph (v).

     4. Section 17.07 of the Plan is amended, effective January 1, 2006, in its entirety, to read
as follows:

“17.07 Special Provisions Concerning the ESOP and Non-ESOP Portions of the Plan.

     The ESOP and Non-ESOP components of the Plan shall be tested separately for
purposes of compliance with the coverage rules at Code Section 410(b) and the
nondiscrimination rules at Code Section 401(a)(4). For testing purposes,
contributions to the Plan shall be deemed allocated to the ESOP or Non-ESOP part of
the Plan as of the date of their contribution to the Plan. Effective January 1,
1999, the Plan intends to fulfill the nondiscrimination requirements of Code Section
401(k) and (m) by applying the safe harbor requirement of Code Section 401(k)(12).
The Plan intends to fulfill the nondiscrimination requirements of Code Sections
401(k) and (m) by applying the safe harbor rules of Code Section 401(k)(12) on an
aggregated basis and will not disaggregate the ESOP and non-ESOP components of the
Plan.”

     5. Effective January 1, 2006, Section 5.02(a), “Elective Deferral Contributions” is amended
and restated to read as follows:

     5.02 Elective Deferral Contributions.

(a) Amount. Each Participant may, but shall not be required to, authorize
the Employer to deduct and withhold from such Participant’s Compensation an amount,
in any integral percentage, not to exceed seventy-five percent (75%) of such
Employee’s Compensation and to contribute such amount to the Trust Fund on a
before-tax basis, subject to the limitation of Section 5.03 as modified by Plan
provisions authorizing “catch-up” contributions pursuant to Code Section 414(v). In
addition, an Elective Deferral Contribution may not impair a Participant’s
obligation for payroll taxes (FICA, Medicare), qualified transportation
reimbursements and cafeteria plan deferrals. Such Elective Deferral Contribution
shall be held in the Participant’s Elective Deferral Account and shall be fully
vested and non-forfeitable at all times.

In no event, however, will a Participant be permitted to make a contribution for any
year to the extent that the portion of his contribution which counts (for ceiling
purposes) as an Annual Addition to all of his accounts in all individual account
plans with the Employer, when added to the Employer contributions, Matching
Contributions, and forfeitures credited to his Account, causes the Annual Additions
to his Account to exceed the Maximum Permissible Amount.

     6. The remainder of said Plan shall remain unchanged.

 

 

     This Third Amendment is executed this 7th day of November, 2005 by Huntington
Bancshares Incorporated and The Huntington National Bank, Trustee.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	HUNTINGTON BANCSHARES INCORPORATED
	 
	 	 	 	 	 	 	 	 
	Date:

	 	11/7/05 	 	 	 	By:	 	/s/ Melinda S. Ackerman 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:	 	EVP, Director of HR 
	 

	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	THE HUNTINGTON NATIONAL BANK
	 
	 	 	 	 	 	 	 	 
	Date:

	 	11/7/05 	 	 	 	By:	 	/s/ Kathleen A. Chapin 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Title:	 	Vice President 
	 

	 	 	 	 	 	 	 	 

 

 

	 	 	 
	EXHIBIT A

	 	Exhibit to Huntington Bancshares Incorporated Board of Directors Resolution of
October 17, 2006 amending the Huntington Investment and Tax Savings Plan.

FOURTH AMENDMENT TO THE

HUNTINGTON INVESTMENT

AND TAX SAVINGS PLAN

     Pursuant to reserved authority at Section 13.01, the Huntington Investment and Tax Savings
Plan (the “Plan”) is amended as follows:

     (1) Effective June 15, 2006 the first paragraph of Section 2.14 is amended to delete a
reference to Huntington Bancshares Transition Pay Plan and to substitute “paid time off” for “sick
pay.” This first paragraph is restated as set forth below:

     2.14 “Compensation” for purposes other than Section 4.03, Article VI and Article XIV,
shall mean with respect to each Employee of the Employer, an Employee’s actual base compensation,
excluding bonuses, commissions, overtime, and severance payments, but shall include paid time off
pursuant to Huntington’s Paid Time Off Policy and payments under the Huntington’s short-term
disability plan. Compensation shall be determined prior to any reduction pursuant to a cash or
deferred arrangement as defined in Section 402(e)(3) or pursuant to a cafeteria plan as described
in Section 125 of the Code, or effective for Plan Years beginning on or after January 1, 2001
pursuant to elective amounts (if any) that are not included in gross income under Code Section
132(f)(4).

     (2) Effective January 1, 2007, a new paragraph is inserted after the first paragraph of
Section 2.14. This paragraph is as set forth below:

     Effective January 1, 2007, payments made within 2-1/2 months after severance from employment
(within the meaning of § 401(k)(2)(B)(i)(I)) are Compensation only if: (a) payments are
Compensation as described in the immediately preceding paragraph and (b) they are payments that,
absent a severance from employment, would have been paid to the Employee while the Employee
continued in employment with the Employer and are regular compensation for services during the
Employee’s regular working hours, or are payments for accrued bona fide paid time off days,
vacation or other leave, but only if the Employee would have been able to use the leave if
employment had continued. Any payments not described above are not Compensation if paid after
severance from employment, even if they are paid within 2-1/2 months following severance from
employment, except for payments to an individual who does not currently perform services for the
Employer by reason of qualified military service (within the meaning of § 414(u)(1)) to the extent
these payments do not exceed the amounts the individual would have received if the individual had
continued to perform services for the employer rather than entering qualified military service.

     The measuring period for determining Compensation shall be the Plan Year.

***

The remaining paragraphs of Section 2.14 are unchanged.

 

 

     (3) Effective January 1, 2006, Section 17.04, the first paragraph, is amended by the addition
of the underlined provisions as set forth below:

     17.04 Payment of Dividends.

     Any cash dividend (“dividend”) paid with respect to Common Stock held in Participant Accounts
is subject to the following election. A Participant may elect: (a) to have dividends paid to the
Trustee and thereafter distributed to the Participant in cash; or (b) to have dividends paid to the
Trustee and thereafter reinvested in Common Stock. Dividend distributions to Participants shall be
made as soon as administratively feasible but in no event later than ninety (90) days following the
close of the Plan Year in which the dividend is paid. Notwithstanding the preceding sentence,
a Participant may not elect to reinvest dividends in Common Stock if the Participant has a hardship
distribution pending under the Plan.”

     (4) Effective January 1, 2005, Section 9.05, the second paragraph, subsection (a), is amended
by the addition of the underlined provisions as set forth below:

     (a) The following are the only financial needs considered immediate and heavy: expenses
incurred or necessary for medical care, described in Code Section 213(d), of the Employee, the
Employee’s Spouse or dependents; the purchase (excluding mortgage payments) of a principal
residence for the Employee; payment of tuition and education for the Employee, the Employee’s
Spouse, children or dependents; payments necessary to prevent the eviction of the Employee from, or
a foreclosure on the mortgage of, the Employee’s principal residence; payments for funeral or
burial expenses for the Employee’s deceased parent, Spouse, child or dependent; and expenses to
repair damage to the Employee’s principal residence that would qualify for a casualty loss
deduction under Code Section 165 (determined without regard to whether the loss exceeds 10 percent
of adjusted gross income). The definition of dependent for all purposes under this Plan is
defined in Code Section 152, and, for taxable years beginning on or after January 1, 2005, without
regard to Code Sections 152(b)(1), (b)(2) and (d)(1)(B).

     In all other respects, the Plan shall remain in full force and effect.

     IN WITNESS WHEREOF, the Company has caused this Fourth Amendment to be signed on this 18th
day of October 2006.

	 	 	 	 	 
	 	 	HUNTINGTON BANCSHARES
	 

	 	INCORPORATED

	 
	 	 	 	 
	 

	 	By:	 	/s/ Sarah Hall 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Its:	 	Benefits Director, SVP 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	THE HUNTINGTON NATIONAL BANK
	 
	 	 	 	 
	 

	 	By:	 	/s/ Kathleen A. Chapin 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Its:	 	Vice President 
	 

	 	 	 	 
	 

	 	 	 	Trustee

2

 

	 	 	 
	Exhibit A:

	 	Exhibit to Huntington Bancshares Incorporated Resolution of October 16, 2007 amending
the Huntington Investment and Tax Savings Plan.

FIFTH AMENDMENT TO THE HUNTINGTON

INVESTMENT AND TAX SAVINGS PLAN

Pursuant to the authority granted under Section 13.01 of the Huntington Investment and Tax Savings
Plan (the “Plan”), the Plan is hereby amended and revised as follows:

1. Section 16.11 is added to the Plan as set forth below:

“16.11. Acceptance of a Loan Note Transfer or Roll-in.

The Plan Trustee may, from time to time, accept a transfer or roll-in of an Employee’s
loan note into the Plan where the note evidencing the existence of the loan originated
from a defined contribution tax qualified retirement plan trust under Code Section
401(a) whose plan sponsor (or members of the plan sponsor’s control group of
corporations or trades or businesses) is involved in a merger, acquisition or other
restructuring with the Employer. The Plan may refuse to accept a transfer of any such
loan note if the Plan Trustee reasonably concludes that the loan note transfer may not
be in the best interests of the Plan, including, but not limited to, situations where:
(a) the loan note transfer could create adverse tax consequences for the Plan or the
Employer; (b) there has been a violation of any of the provisions of the loan note
including a failure to make timely loan repayments as required by the loan note; or (c)
the loan note transfer could jeopardize the tax exempt status of the Plan. Further,
the Plan Administrator may require the Employee to provide satisfactory evidence
establishing that the loan note transfer meets the requirements of this Section 16.11
prior to accepting the loan note transfer into the Plan. By agreeing to transfer the
loan note to the Plan, the Employee is deemed to have given the authority to the Plan
Trustee and to the Administrator to perform all acts necessary to meet the requirements
of this Section 16.11 and the loan note including, but not limited to, specific
authorization to withhold compensation from the Employee as is necessary to meet the
payment terms of the loan.” The Loan Note provisions for any loan notes transferred to
the Plan shall continue in force and the loan shall be administered pursuant to the
provisions of the loan note and any other plan documentation evidencing such note until
such time as the loan is repaid in full or otherwise collected by the Plan.”

 

 

The remainder of the Plan shall be unchanged.

IN WITNESS WHEREOF, Huntington Bancshares Incorporated has caused this Amendment to be signed this
18 day of October 2007.

	 	 	 	 	 	 	 
	 	 	HUNTINGTON BANCSHARES INCORPORATED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/
Sarah Hall 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Its:	 	 Director of Benefits	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	HUNTINGTON NATIONAL BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 /s/
Kathleen Chapin	 	 
	 

	 	 	 	 

	 	 
	 

	 	Its:	 	 Vice President

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