Document:

Exhibit 10.49

 

DIME COMMUNITY BANK KSOP

As amended and restated effective July 1, 2017

 

DIME COMMUNITY BANK KSOP

 

TABLE OF CONTENTS

 

	  	 	
Page

	 	 	 
	
ARTICLE 1

	
INTRODUCTION

	
1

	  	 	 
	
ARTICLE 2

	
DEFINITIONS

	
4

	 	 	 	 
	
ARTICLE 3

	
PARTICIPATION

	
12

	 	 	 	 
	 	
Section 3.1

	
Eligibility Requirements.

	
12

	 	 	 	 
	
ARTICLE 4

	
CONTRIBUTIONS

	
13

	 	 	 	 
	 	
Section 4.1

	
Elective Deferrals (Pre-Tax and Roth).

	
13

	 	 	 	 
	 	
Section 4.2

	
Employer Safe Harbor Basic Contribution.

	
16

	 	 	 	 
	 	
Section 4.3

	
Employer Discretionary Contribution.

	
16

	 	 	 	 
	 	
Section 4.4

	
Employer Matching Contributions

	
17

	 	 	 	 
	 	
Section 4.5

	
Limitations on Contributions for Highly-Compensated Employees.

	
17

	 	 	 	 
	 	
Section 4.6

	
Return of Employer Contributions

	
22

	 	 	 	 
	 	
Section 4.7

	
Military Service

	
23

	 	 	 	 
	
ARTICLE 5

	
ROLLOVER CONTRIBUTIONS TO THE PLAN

	
24

	 	 	 	 
	 	
Section 5.1

	
Requirements for Rollover Contributions

	
24

	 	 	 	 
	 	
Section 5.2

	
Delivery of Rollover Contributions.

	
24

	 	 	 	 
	
ARTICLE 6

	
TRUST

	
25

	 	 	 	 
	
ARTICLE 7

	
INVESTMENT ELECTIONS, ALLOCATION OF TRUST INCOME AND CONTRIBUTIONS TO PARTICIPANTS’ ACCOUNTS

	
26

	 			 
	 	
Section 7.1

	
Separate Accounts.

	
26

	 	 	 	 
	 	
Section 7.2

	
Investment Funds, Elections and Company Stock Fund.

	
26

	 	 	 	 
	 	
Section 7.3

	
Allocation to Participants’ Accounts of Net Income of Trust and Fluctuation in Value of Trust Assets

	
33

	 	 	 	 
	 	
Section 7.4

	
Determination of Net Worth of an Investment Fund

	
34

	 	 	 	 
	 	
Section 7.5

	
Limitations on Allocations

	
34

	 	 	 	 
	 	
Section 7.6

	
Correction of Error.

	
35

	 	 	 	 
	
ARTICLE 8

	
VESTING

	
36

	 	 	 	 
	 	
Section 8.1

	
Vesting Schedules.

	
36

	 	 	 	 
	 	
Section 8.2

	
Forfeiture of Unvested Amounts

	
36

 

i

	
ARTICLE 9

	
DISTRIBUTIONS

	
38

	 	 	 	 
	 	
Section 9.1

	
Time and Form of Distribution upon Termination of Employment.

	
38

	 	 	 	 
	 	
Section 9.2

	
Designation of Beneficiary

	
40

	 	 	 	 
	 	
Section 9.3

	
Investment of Distributee Accounts

	
40

	 	 	 	 
	 	
Section 9.4

	
Distributions to Minor and Disabled Distributees

	
40

	 	 	 	 
	 	
Section 9.5

	
“Lost” Participants and Beneficiaries.

	
41

	 	 	 	 
	 	
Section 9.6

	
Withdrawals from Accounts During Employment.

	
41

	 	 	 	 
	 	
Section 9.7

	
Loans to Participants.

	
44

	 	 	 	 
	 	
Section 9.8

	
Direct Rollovers.

	
45

	 	 	 	 
	
ARTICLE 10

	
PARTICIPANTS’ STOCKHOLDER RIGHTS

	
47

	 	 	 	 
	 	
Section 10.1

	
Company Stock

	
47

	 	 	 	 
	 	
Section 10.2

	
Tender Offers.

	
47

	 	 	 	 
	
ARTICLE 11

	
ADMINISTRATION

	
49

	 	 	 	 
	 	
Section 11.1

	
The Plan Administrator.

	
49

	 	 	 	 
	 	
Section 11.2

	
Claims Procedure.

	
50

	 	 	 	 
	 	
Section 11.3

	
Procedures for Domestic Relations Orders

	
53

	 	 	 	 
	 	
Section 11.4

	
Notices to Participants, Etc.

	
53

	 	 	 	 
	 	
Section 11.5

	
Notices to Company, Employers or Plan Administrator

	
53

	 	 	 	 
	 	
Section 11.6

	
New Technologies

	
54

	 	 	 	 
	 	
Section 11.7

	
Records

	
54

	 	 	 	 
	 	
Section 11.8

	
Reports of Accounting to Participants

	
54

	 	 	 	 
	 	
Section 11.9

	
Limitations on Actions

	
54

	 	 	 	 
	 	
Section 11.10

	
Restriction of Venue

	
54

	 	 	 	 
	
ARTICLE 12

	
ADOPTION OF THIS PLAN

	
55

	 	 	 	 
	 	
Section 12.1

	
Adoption of Plan By Entity in Company’s Controlled Group

	
55

	 	 	 	 
	 	
Section 12.2

	
Withdrawal from Participation

	
55

	 	 	 	 
	 	
Section 12.3

	
Company and Plan Administrator as Agent for Employers

	
55

 

ii

	
ARTICLE 13

	
MISCELLANEOUS

	
56

	 	 	 	 
	 	
Section 13.1

	
Expenses

	
56

	 	 	 	 
	 	
Section 13.2

	
Non-Assignability.

	
56

	 	 	 	 
	 	
Section 13.3

	
Employment Non-Contractual

	
57

	 	 	 	 
	 	
Section 13.4

	
Limitation of Rights

	
57

	 	 	 	 
	 	
Section 13.5

	
Merger or Consolidation with Another Plan

	
57

	 	 	 	 
	 	
Section 13.6

	
Gender and Plurals

	
57

	 	 	 	 
	 	
Section 13.7

	
Applicable Law

	
57

	 	 	 	 
	 	
Section 13.8

	
Severability

	
58

	 	 	 	 
	
ARTICLE 14

	
TOP-HEAVY PLAN REQUIREMENTS

	
59

	 	 	 	 
	 	
Section 14.1

	
Top-Heavy Plan Determination

	
59

	 	 	 	 
	 	
Section 14.2

	
Definitions and Special Rules.

	
59

	 	 	 	 
	 	
Section 14.3

	
Minimum Contribution for Top-Heavy Years

	
60

	 	 	 	 
	
ARTICLE 15

	
AMENDMENT, ESTABLISHMENT OF SEPARATE PLAN AND TERMINATION

	
61

	 	 	 	 
	 	
Section 15.1

	
Amendment or Termination

	
61

	 	 	 	 
	 	
Section 15.2

	
Establishment of Separate Plan

	
61

	 	 	 	 
	 	
Section 15.3

	
Full Vesting upon Termination of Participation, Partial Plan Termination or Complete Discontinuance of Contributions

	
61

	 	 	 	 
	 	
Section 15.4

	
Distribution upon Termination of the Plan

	
61

	 	 	 	 
	 	
Section 15.5

	
Trust Fund to Be Applied Exclusively for Participants and Their Beneficiaries

	
62

	 	 	 	 
	SIGNATURE		
63

 

iii

DIME COMMUNITY BANK KSOP

 

ARTICLE 1

 

INTRODUCTION

 

The Dime Community Bank KSOP has been established to permit the eligible employees of Dime Community Bank to save for retirement by deferring receipt of a portion of their compensation on either a pre-tax or after-tax (Roth) basis as elected by the Participant, and also by providing for Company-paid contributions to the extent described herein.

 

The Plan is a single-employer defined contribution profit sharing plan that is intended to meet the requirements for qualification and tax-exemption under Code section 401(a).  The Plan is ERISA plan number 002.

 

The Plan includes a cash or deferred arrangement under Code section 401(k), a discretionary employer contribution feature for the 2017 Plan Year, and effective January 1, 2018, a matching contribution feature under 401(m).  In addition, the Plan is intended to qualify as a safe harbor plan under Code section 401(k)(12)(C) and provides for a qualified nonelective contributions as required therein.  The Plan is a participant-directed individual account plan and is intended to meet the requirements of ERISA section 404(c) (regarding participant control over Plan assets in the participant’s account).

 

The Plan also includes an employee stock ownership plan (“ESOP”) portion that is intended to qualify as both a stock bonus plan under Code section 401(a) and an employee stock ownership plan under Code section 4975(e)(7) and ERISA section 407(d)(6).  The ESOP portion of the Plan consists of the portion of the Plan which, as of any applicable date, is invested in the common stock of the Company.  Both the ESOP portion of the Plan and the non-ESOP portion of the Plan are intended to constitute a single plan under Treasury regulation § 1.414(l) 1(b)(1).  This Plan has never included an ESOP leveraged loan feature.  The Dime ESOP, which merged into this Plan on the KSOP Effective Date, included a leveraged loan feature.  All exempt loans under the Dime ESOP were repaid in full prior to the KSOP Effective Date.  The Company has structured Plan to include the ESOP portion so that the Company can qualify for the dividend deduction under Code section 404(k) and also so as to maintain the required ESOP features for the Participants with Dime ESOP accounts that merged into this Plan to the extent it is required to do so.

 

The Plan is called a “KSOP” because it includes both the elective deferral opportunity under Code section 401(k) and the ESOP feature.

 

The Plan allows its Participants to take withdrawals and loans from their account balances under certain limited circumstances while still actively employed, and allows its Participants to elect a distribution of their vested account balances upon termination of employment in the form of a lump sum or installments.

 

1

It is the Company’s intention that (i) the Plan shall at all times be qualified under Code sections 401(a), 401(k) and 401(m), (ii) the Trust Agreement shall be tax-exempt under Code section 501(a), and (iii) Employer contributions under the Plan shall be tax deductible under Code section 404.  The provisions of the Plan and the Trust Agreement shall be construed to effectuate these intentions.

 

This Restatement.  Except as otherwise noted herein, this amendment and restatement is effective as of July 1, 2017.  It governs the rights of Participants and Beneficiaries (and of those claiming through or on behalf of such individuals) from and after July 1, 2017.  The rights and benefits of any individual who ceases to be a Participant (and of anyone claiming through or on behalf of such individual) in this Plan shall be determined in accordance with the provisions of this Plan in effect not later than the date such individual ceases to be a Participant except to the extent otherwise specified in the Plan or required by law.

 

History of the Plan.  The Plan was originally established effective July 1, 1973 as the Dime Savings Bank of Williamsburgh Incentive Savings Plan by Dime Savings Bank of Williamsburgh and has been amended from time to time since that date.  The following are some of the key events that have occurred since the establishment of the Plan.

 

Effective as of July 1, 1991, the Plan was amended and restated in its entirety and the Plan was renamed The Dime Savings Bank of Williamsburgh 401(k) Savings Plan in RSI Retirement Trust

 

Effective as of February 8, 1996, the Plan: (a) added an investment fund consisting of common stock of the employer (b) established the plan as a “Plan of Partial Participation” as defined under the RSI Retirement Trust Agreement and Declaration of Trust, and (c) established a separate trust to hold company common stock and designated a separate agency to serve as trustee.

 

Effective as of May 31, 1996, matching contributions were discontinued.

 

Effective as of June 26, 1996, Dime Savings Bank of Williamsburgh acquired Pioneer Savings Bank, F.S.B. and its parent Conestoga Bancorp, Inc. and in connection with that acquisition, the Plan was amended to give credit to employees of specified “acquired companies” for purposes of vesting and eligibility to participate, and to permit immediate participation as of the date of such acquisition for eligible employees with respect to compensation for the full payroll period that includes the date of such acquisition.

 

Effective as of January 1, 1997, the Plan was amended and restated in its entirety.  New enrollments in the Plan and future before-tax contributions under the Plan were disallowed.

 

Effective March 1, 1997, the Pioneer Savings Bank, FSB Tax Deferral Savings Plan in RSI Retirement Trust merged into the Plan, and the accounts of employees of Pioneer Savings Bank, FSB and Conestoga Bancorp, Inc. were merged into the accounts maintained on behalf of each participant in the Plan.

 

Effective January 21, 1999, Dime Savings Bank of Williamsburgh acquired Financial Federal Savings Bank.  Effective April 15, 1999, Financial Federal Savings Bank Incentive Savings Plan in RSI Retirement Trust merged with and into the Plan and the accounts of employees of Financial Federal Savings Bank were merged into the accounts maintained on behalf of each participant in the Plan.

 

2

Effective as of July 1, 2000, the Dime Savings Bank of Williamsburgh 401(k) Savings Plan in RSI Retirement Trust was amended to (i) reinstate enrollments; (ii) reinstate Before Tax Contributions; and (iii) provide for a three percent (3%) Employer contribution meeting the requirements for a design-based “safe harbor” arrangement under Code section 401(k)(12).

 

Effective as of April 1, 2001, Dime Savings Bank of Williamsburgh 401(k) Savings Plan in RSI Retirement Trust was amended and restated in its entirety and the Plan was renamed The Dime Savings Bank of Williamsburgh 401(k) Savings Plan.

 

Effective as of January 1, 2009, the option of making Roth Contributions became available to Participants.

 

Effective as of January 1, 2010, Plan was amended and restated in its entirety.

 

Effective as of January 1, 2015, The Dime Savings Bank of Williamsburgh 401(k) Savings Plan was amended and restated in its entirety using the format of the Pentegra Services, Inc. Volume Submitter 401(k) Profit Sharing Plan #01-003.

 

Effective as of August 1, 2016, Dime Savings Bank of Williamsburgh changed its name to Dime Community Bank.

 

Effective as of July 1, 2017 (the KSOP Effective Date), the Dime ESOP merged into this Plan.

 

3

ARTICLE 2

 

DEFINITIONS

 

As used herein, the following words and phrases shall have the following respective meanings when capitalized:

 

(1)  Accounts.  The separate accounts established for each Participant under Section 7.1 and otherwise under the Plan.  For purposes of the Plan, “Account” and “Account balance” shall mean all Accounts and the aggregate value of all Accounts maintained for a Participant under the Plan.

 

(2)  Age 50 Catch-Up Contributions.  The Elective Deferrals described in Section 4.1(e).

 

(3)  Beneficiary.  The person or persons entitled under Article 9 to receive benefits in the event of the death of a Participant.

 

(4)  Cash ESOP Dividends.  Cash ESOP Dividends that are paid on or after the KSOP Effective Date by the Company with respect to Company Stock in the Company Stock Fund and that are eligible for the deduction for dividends paid pursuant to Code section 404(k).

 

(5)  Cash ESOP Dividend Payment Election.  A completed election made under Section 7.2(d) pursuant to which a Participant (or Beneficiary, as applicable) affirmatively elects to have Cash ESOP Dividends with respect to his or her Accounts distributed to the Participant (or Beneficiary, as applicable) in cash rather than reinvested in the Company Stock Fund.

 

(6)  Code.  The Internal Revenue Code of 1986, as amended.

 

(7)  Code Section 415 Compensation.  Compensation as defined under Treasury regulation § 1.415(c)-2(d)(4) (Form W-2 compensation with adjustments including the addition of amounts that would be included in wages but for a payroll deduction election under Code section 125(a), 132(f)(4), 402(e)(3), 402(h)(1)(B, 402(k) or 457(b)).

 

(a)  Code Section 415 Compensation shall not exceed the limits in Code section 401(a)(17)(B) (limitation on annual compensation):

 

	 	
Plan Year

	 	
Plan Year Limit

	 	
2018

	 	
For calendar years 2018 and later, $270,000 (or such higher amount as is permitted under the cost-of-living provisions of Code section 402(g)(4))

	 	
2017

	 	
$270,000

 

4

(b)  Code Section 415 Compensation shall include compensation paid by the later of 21⁄2 months after an Employee’s severance from employment with Company’s Controlled Group and the end of the Plan Year that includes such severance from employment date if (a) the payment is regular compensation for services during the employee’s regular working hours, or compensation for services outside the employee’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments, and, absent a severance from employment, the payments would have been paid to the employee while the employee continued in employment with the employer, (b) the payment is for unused accrued bona fide sick, vacation or other leave that the employee would have been able to use if employment had continued; or (c) the payment is received by the employee pursuant to a nonqualified unfunded deferred compensation plan and would have been paid at the same time if employment had continued, but only to the extent includible in gross income.  Any payments not described above shall not be considered compensation if paid after severance from employment, even if they are paid by the later of 2 1⁄2 months after the date of severance from employment or the end of the Plan Year that includes the date of severance from employment.

 

(c)  Back pay, within the meaning of Treasury regulation § 1.415(c)‐2(g)(8), shall be treated as compensation for the limitation year to which the back pay relates to the extent the back pay represents wages and compensation that would otherwise be included under this definition.

 

(8)  Company.  Dime Community Bank (which before August 1, 2016 was known as the Dime Savings Bank of Williamsburgh).

 

(9)  Company’s Controlled Group.  All organizations under common control with the Company, within the meaning of Code section 414(b), 414(c), 414(m) or 414(o) and the regulations issued thereunder.  An entity shall be considered a member of the Company’s Controlled Group only during the period it is one of the group of organizations described in the preceding sentence.

 

(10)  Company Stock.  Shares of common stock of Dime Community Bancshares, Inc.

 

(11)  Company Stock Fund.  The investment fund holding Company Stock that is established and maintained in accordance with Section 7.2.

 

(12)  Dependent.  An individual who qualifies as a dependent of a Participant under the applicable provisions of Code section 152.

 

(13)  Dime ESOP.  The Employee Stock Ownership Plan of Dime Community Bancshares, Inc. and Certain Affiliates (which merged into this Plan as of the KSOP Effective Date).

 

5

(14)  Distributee.  A person entitled to receive a distribution from the Trust under Article 9.

 

(15)  Elective Deferrals.  Contributions made pursuant to Section 4.1 of the Plan.

 

(16)  Eligible Employee.  Effective on the KSOP Effective Date, an Employee of an Employer, other than:

 

(a)  Student interns (as defined by the Company’s personnel policies),

 

(b)  Employees who are paid solely on the basis of commissions,

 

(c)  Employees included in a unit of Employees the terms of whose employment with an Employer are subject to the terms of a collective bargaining agreement between employee representatives of such unit and such Employer unless such agreement provides for such Employee to be eligible for participation in the Plan,

 

(d)  Leased Employees, and

 

(e)  Nonresident aliens.

 

An individual must be an Employee to be an Eligible Employee.  The Plan documents as in effect before the KSOP Effective Date sets forth the applicable definitions of Eligible Employee for prior periods.

 

(17)  Employee.  An individual whose relationship with an Employer is that of an employee under common law, as so classified by his Employer, and subject to the following:

 

(a)  The following individuals are not eligible to be Employees (or to participate in the Plan): Any individuals who are classified by their Employer as independent contractors or are otherwise not classified as employees under the personnel practices and rules of the Employer (including self-employed individuals, consultants, freelancers, agency employees, on-call workers, contingent workers, non-payroll workers, or other similar individuals), or who are not classified as employees for purposes of income tax withholding and employment taxes.

 

(b)  Leased Employees shall be treated as Employees only to the extent provided in the definition of Leased Employee in this Article I.

 

(c)  For purposes of this definition of “Employee”, it is expressly intended that individuals who are classified by an Employer as independent contractors, as well as any other individuals who are not classified as Employees under this definition, are not Employees (and therefore may not be Eligible Employees or Participants) until the Plan Administrator affirmatively changes their classification.  Therefore, an independent contractor or any other individual who is reclassified by a court, administrative agency, governmental unit, tribunal or other party as an employee (including a common law employee) will nevertheless not be considered an Employee or Eligible Employee hereunder for periods before the Plan Administrator implements the reclassification decision, even if the reclassification decision applies retroactively.

 

6

(18)  Employer.  The Company, and any member of the Company’s Controlled Group that with the consent of the Company elects to participate in the Plan in the manner described in Article 12.  If any such entity withdraws from participation in the Plan pursuant to Section 12.2 or leaves the Company’s Controlled Group, such entity shall thereupon cease to be an Employer.

 

(19)  Employer Discretionary Contributions.  The Employer contributions described in Section 4.3

 

(20)  Employer Matching Contributions.  Matching Contributions made pursuant to Section 4.4.

 

(21)  Employer Safe Harbor Basic Contributions.  The Employer contributions described in Section 4.2

 

(22)  Employment Commencement Date.  The date on which the Employee first performs an Hour of Service for which the Employee is paid or entitled to payment for the performance of duties for any entity within the Company’s Controlled Group.

 

(23)  ERISA.  The Employee Retirement Income Security Act of 1974, as amended.

 

(24)  ESOP.  An employee stock ownership plan.

 

(25)  Hour of Service.  An hour for which an Employee is entitled to receive compensation from an entity in the Company’s Controlled Group (including hours for any period during which he receives compensation without rendering services such as paid holidays, vacations, sick leave, disability leave, layoff, or jury duty (but in such cases not exceeding 501 hours for any one such period).  For purposes of determining the number of Hours of Service to be credited to an Employee, “compensation” shall mean the total earnings paid, directly or indirectly, to the Employee by an entity in the Company’s Controlled Group, including any back pay, irrespective of mitigation of damages, either awarded to the Employee or agreed to by an entity in the Company’s Controlled Group.  The computation of Hours of Service and the periods to which they are to be credited shall be determined under uniform rules applied by the Plan Administrator in accordance with Department of Labor regulation § 2530.200b-2(b), (c) and (f).  Each employee for whom Hours of Service are not determinable pursuant to the foregoing sentence shall be credited with 45 Hours of Service for each week of employment or such other number of Hours of Service determined by the Plan Administrator in accordance with Department of Labor regulation § 2530.200b-3(e).  This provision shall not be interpreted in a manner that would result in duplication of service crediting.

 

7

(26)  KSOP Effective Date.  July 1, 2017, the date the Dime ESOP merged into this Plan and this Plan was amended and restated in its entirety.

 

(27)  Leased Employee.  Any person who is not a common law employee of an Employer and who, pursuant to an agreement between the Employer and a leasing organization, has performed services for the Company’s Controlled Group on a substantially full-time basis for a period of at least one year, where such services are performed under the “primary direction or control” (within the meaning of Code section 414(n)(2)(C)) of the Company’s Controlled Group.  A Leased Employee is treated as an Employee unless both of the following occur (in which case such Leased Employee is not treated as an Employee): (i) Such Leased Employee is covered by a money purchase pension plan providing a nonintegrated employer contribution rate of at least 10% of Code Section 415 Compensation, immediate participation, and full and immediate vesting; and (ii) Leased Employees do not constitute more than 20% of the non-highly compensated employees (as defined in Code section 414(q)) of the Company’s Controlled Group.  For this purpose, contributions and benefits provided a Leased Employee by the leasing organization which are attributable to services performed for the Employer are treated as provided by the Employer.  In no event may a Leased Employee be treated as an Eligible Employee.

 

(28)  Military Service.  Qualified service in the uniformed services within the meaning of Code section 414(u)(5).

 

(29)  Participant.  An Eligible Employee who has become a Participant as set forth in Article 3.  A person shall cease to be a Participant when he or she no longer has an Account balance.

 

(30)  Participant Response System.  The participant response system established by the Company to permit Participants to manage their Account and communicate with the Plan Administrator, Trustee, recordkeeper and/or delegate thereof, including the ability to change their contribution elections and investment elections, to apply for a loan, to commence participation in the Plan, to apply for an in-service withdrawal, and to request a distribution.  As determined by the Plan Administrator, this system may take any form, and different forms and protocols may be used for different purposes or different groups of Participants (e.g., an interactive telephone voice response system, a paper document system, an internet site, an intranet site, or an e-mail protocol).  Unless the Participant uses a form or protocol that is specifically permitted by the Plan Administrator for the purpose in question, the Participant’s communication shall not be deemed to be made through the Participant Response System.

 

(31)  Period of Service.  The period commencing on the Employee’s Employment Commencement Date or Reemployment Commencement Date and ending on the next Period of Service Cutoff Date (subject to (a) and (b) below).  Periods of Service shall be measured in years and days.

 

8

(a)  If Employee Has a Break in Service.  If an Employee has a Period of Service Cutoff Date and the resulting Period of Severance lasts less than 12 months, the Period of Severance shall be counted as part of such Employee’s Period of Service.  In all other cases, the Employee’s Period of Severance shall be disregarded in determining such Employee’s Period of Service.

 

(b)  If an Employee has Period of Severance of at Least Five Years.  If an Employee is reemployed after a five-year Period of Severance, his or her Period of Service shall not include his or her Periods of Service from before the five-year Period of Severance unless the former Employee: (i) has a vested Account balance at the time of his or her rehire, or (ii) had a Period of Service that exceeded five years or if greater, his or her pre-break Period of Service.

 

(32)  Period of Service Cutoff Date.  The earlier of:

 

(a)  The Employee’s Separation from Service date, or

 

(b)  The first anniversary of the first date the Employee is absent from employment with the Company’s Controlled Group for any reason other than a Separation from Service, such as vacation, holiday, sickness, disability, leave of absence or layoff, except that in the case of an Employee who is absent from employment beyond the first anniversary of the first day of absence on account of (i) the Employee’s pregnancy, (ii) the birth of a child of the Employee, (iii) the placement of a child with the Employee in connection with the adoption of the child by the Employee, or (iv) an absence due to the need for caring for such child for a period beginning immediately following the birth or placement, the second anniversary of the first day of such absence.  The period after the first anniversary of the Employee’s absence shall neither be a Period of Service nor a period that is part of a Period of Severance.

 

In the case of an Employee whose Period of Service Cutoff Date would otherwise occur during an absence required by the Family Medical Leave Act, the Employee’s Period of Service Cutoff Date shall be delayed just to the extent required so that it does not occur during the absence required by the Family Medical Leave Act.  The period after the first anniversary of the Employee’s absence shall neither be a Period of Service nor a period that is part of a Period of Severance.

 

(33)  Period of Severance.  The period commencing on the Participant’s Period of Service Cutoff Date and ending on the Participant’s Reemployment Commencement Date, except that a Period of Severance shall not include any period of time when an individual is not an Employee solely because he or she is serving in the uniformed services of the United States provided the individual seeks reinstatement as an Employee while his or her reemployment rights are protected by law.

 

(34)  Plan.  The Dime Community Bank KSOP.  Prior to July 1, 2017, the Plan was referred to as the “Dime Savings Bank of Williamsburgh 401(k) Savings Plan.”

 

9

(35)  Plan Administrator.  The administrator described in Section 11.1.  The Plan Administrator shall have authority to administer the Plan as provided in Article 11.

 

(36)  Plan Compensation.  Code Section 415 Compensation (i.e., W-2 box 1 compensation with some adjustments including the addition of certain enumerated salary reduction amounts), reduced as follows.

 

(a)  For purposes of Elective Deferrals (Pre-Tax and Roth) described in Section 4.1, Plan Compensation shall not include bonuses, reimbursements or other expense allowance, fringe benefits (cash or non-cash), moving expenses, deferred compensation (other than Elective Deferrals) or welfare benefits.

 

(b)  For purposes of Employer Safe Harbor Basic Contributions described in Section 4.2, Employer Discretionary Contributions described in Section 4.3 and Employer Matching Contributions described in Section 4.4, Plan Compensation shall not include amounts that are attributable to (i) the exercise of stock options or a disqualifying disposition of incentive stock options by the Employee, (ii) the vesting of, or other recognition of income with respect to, restricted stock awards, or (iii) cash awards under any long-term incentive plan of any organization in the Company’s Controlled Group.

 

(37)  Plan Year.  Each 12-consecutive-month period beginning on each January 1 and ending on the next December 31.

 

(38)  Reemployment Commencement Date.  The date on which an Employee first performs an Hour of Service for which the Employee is paid or entitled to payment for the performance of duties for the Employer or any other employer within the Company’s Controlled Group, following a Period of Severance.

 

(39)  Rollover Contributions.  Contributions made pursuant to Section 5.1 of the Plan.

 

(40)  Roth Elective Deferrals.  A Participant’s Elective Deferrals that are includible in the Participant’s gross income at the time deferred and have been irrevocably designated as Roth Elective Deferrals by the Participant in his or her deferral election, and that are described in Section 4.1(f).

 

(41)  Separation from Service.  The termination of the Employee’s employment relationship with the Company’s Controlled Group, including by quit, resignation, discharge, retirement, disability, or layoff (but not an authorized leave of absence).

 

(42)  Spouse.  A person who is considered lawfully married to another individual under applicable Federal tax law.

 

(43)  Total Disability.  Effective on the KSOP Effective Date, a total disability that has lasted at least 6 months and that is evidenced by either:

 

10

(a)  Receipt of disability payments under the Employer’s long-term disability program, or

 

(b)  If the Employee is not covered by the Employer’s long-term disability program, receipt of a Social Security disability award (however, the receipt of such disability award shall not be deemed to occur prior to the time the Plan Administrator has received written notice from the Participant that he or she is receiving such a disability award).

 

(44)  Trust.  The trust fund (or funds) which holds the assets of the Plan and are established by the trust agreement or agreements entered into on behalf of the Plan with an individual or corporate trustee to provide for holding the Plan assets.

 

(45)  Trust Fund.  All money and property of every kind held by the Trustee under the Trust agreement.

 

(46)  Trustee.  The Trustee provided for in Article 6 or any successor Trustee or, if there shall be more than one Trustee acting at any time, all of such Trustees collectively.

 

(47)  Valuation Date.  Each day that the New York Stock Exchange is open, and any other day as the Plan Administrator may determine.

 

11

ARTICLE 3

 

PARTICIPATION

 

Section 3.1            Eligibility Requirements.

 

(a)  Service Requirement .  An Eligible Employee shall be eligible to participate in the Plan as follows.

 

(1)  General Rule.  An Eligible Employee shall be eligible to become a Participant as of the pay date for the first pay period that begins on or after the Employee completes a one month Period of Service, and such date shall be the Eligible Employee’s entry date.

 

(2)  Historical Provisions.  The rule in paragraph (1) is effective on the KSOP Effective Date.  See the prior plan documents for the applicable rules for earlier periods.  Notwithstanding paragraph (1) above:  (i) all Participants in this Plan as of immediately prior to the KSOP Effective Date shall continue to be Participants as of the KSOP Effective Date and shall participate thereafter in accordance with the terms of this Plan, and (ii) all participants in the Dime ESOP as of immediately prior to the KSOP Effective Date who are not Participants in this Plan as of immediately before the KSOP Effective Date shall become Participants in this Plan as of the KSOP Effective Date, such date shall be their entry date, and they shall participate thereafter in accordance with the terms of this Plan.

 

An individual must be an Eligible Employee and must have satisfied the service and entry date requirements set out above to participate actively in this Plan.

 

(b)  Participation.  An Eligible Employee who satisfies the Plan’s service and entry date requirements in subsection (a) above may make an election pursuant to Section 4.1 to make Elective Deferrals to the Plan.  Such Eligible Employee will become a Participant in this Plan on the first date that Elective Deferrals are withheld from his or her Plan Compensation or, if earlier, that any Employer contribution (such as the Employer Basic Safe Harbor Contribution) is made to his or her Account.  An Eligible Employee who makes a Rollover Contribution in accordance with Section 5.1 before becoming a Participant pursuant to the preceding sentence also shall be treated as a Participant, but only to the limited extent described in Section 5.1 (that is, he or she shall not be eligible to make Elective Deferrals or receive Employer contributions) until such time as he or she becomes eligible to make Elective Deferrals pursuant to the first sentence of this Section 3.1(b).

 

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ARTICLE 4

 

CONTRIBUTIONS

 

Section 4.1             Elective Deferrals (Pre-Tax and Roth).

 

(a)  Employee Elections.  Each Employer shall make a contribution (“Elective Deferral”) to the Trust for each payroll period on behalf of each Eligible Employee of such Employer who has satisfied the service and entry date requirements in Section 3.1 and who elects to make an elective deferral from his or her Plan Compensation for such payroll period (or is deemed to do so pursuant to subsection (b) below).  Except as provided in subsection (f) below (Roth Elective Deferrals), Elective Deferrals shall be made on a pre-tax basis.  Any election (or deemed election pursuant to subsection (b) below) to commence Elective Deferrals is effective only with respect to Plan Compensation that has not yet been paid to the Eligible Employee as of the effective date of such election and not yet “currently available” to the Eligible Employee (within the meaning of Treasury regulation § 1.401(k)-1(a)(3)).  Such election is effective only while the election remains in effect.  The Elective Deferral election must be in an amount equal to a whole percentage of from 1% to 100% of the Participant’s Plan Compensation paid by such Employer for the payroll period.  If a Participant makes an Elective Deferral for a pay period, the Participant’s remuneration paid through the Employer’s regular payroll that would otherwise be payable directly to the Participant for that payroll period shall be reduced by the amount of such Elective Deferral (but only to the extent the Participant’s paycheck is sufficient to fund such Elective Deferral after satisfying the Participant’s tax withholding obligations and health and welfare deductions).

 

(b)  Automatic Contribution Arrangement:  The Plan has adopted an automatic contribution arrangement, effective for Employees hired on or after January 1, 2017.  Pursuant to this arrangement, an Eligible Employee who has satisfied the service and entry date requirements in Section 3.1(a) shall be deemed to elect to become a Participant and to have pre-tax Elective Deferrals made on his or her behalf at a rate equal to 3% of his or her Plan Compensation each pay period.

 

(1)  Election Out Before Auto-Enrollment Begins.  The automatic enrollment described in the preceding sentence shall not apply if the Eligible Employee affirmatively elects to participate in the Plan or not to participate in the Plan in sufficient time before the automatic enrollment is scheduled to become effective that it can be canceled before it becomes effective.

 

(2)  Election Out After Auto-Enrollment Begins.  A Participant who has made a deemed election pursuant to the automatic contribution arrangement described in this Section 4.1(b) may elect not to participate in the Plan or may elect to change the applicable contribution rate as provided in subsection (c) of this Section, in which case the Participant shall thereafter cease to be covered by the automatic contribution arrangement.

 

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(c)  Change, Suspension or Resumption of Elective Deferrals.  A Participant may change the rate of Elective Deferrals at any time, may suspend Elective Deferrals at any time and may resume Elective Deferrals at any time, and may change the type of Elective Deferrals (pre-tax Elective Deferrals or Roth Elective Deferrals), in each case by giving directions to the Plan Administrator in accordance with rules and procedures prescribed by the Plan Administrator.  Any such suspension shall be effective as soon as administratively practicable.  Any such change or resumption in the rate of Elective Deferrals shall be subject to the rules described in subsection (a) of this Section, and shall be effective as soon as administratively practicable.

 

(d)  Annual limit on Elective Deferrals.

 

(1)  The Annual Limit.  An Employee’s Elective Deferrals plus any elective deferrals made under any other cash or deferred arrangement sponsored by the Company’s Controlled Group for a calendar year shall be limited as follows:

 

	 	
Plan Year

	 	
Plan Year Limit

	 	
2018

	 	
For calendar years 2018 and later $18,000 (or such higher amount as is permitted under the cost-of-living provisions of Code section 402(g)(4))

	 	
2017

	 	
$18,000

These limits do not apply to Age 50 Catch-Up Contributions, which are addressed in subsection (e) below.

 

(2)  Distribution of Excess Elective Deferrals Resulting From Employment With Another Employer.  If for any calendar year during which a Participant also participates in a plan or arrangement described in Code section 401(k), 408(k) or 403(b) maintained by another employer, the aggregate for the Participant of the (i) Elective Deferrals to the Plan excluding any Age 50 Catch-Up Contributions and (ii) amounts contributed under all other such plans and arrangements will exceed the above limit for the calendar year in which such contributions are made (“excess Elective Deferrals”), such Participant shall, pursuant to such rules and at such time following such calendar year as determined by the Plan Administrator but no later than the March 31 of the calendar year following the calendar year in which such excess Elective Deferrals were made, be allowed to submit a written request that the excess Elective Deferrals plus any income allocable thereto be distributed to him.  Such request shall be accompanied by the Participant’s written statement that if such excess Elective Deferrals are not distributed such excess Elective Deferrals, when added to amounts contributed under other plans and arrangements described in Code sections 401(k), 408(k) or 403(b) will exceed the limit described in the first sentence of this paragraph.  The distribution of excess Elective Deferrals shall consist of a Participant's pre-tax Elective Deferrals, Roth Elective Deferrals or a combination of both.  A distribution of such excess Elective Deferrals as well as of any other amounts that the Plan Administrator determines were contributed on behalf of Participants in excess of the annual limitations set forth in Code section 402(g) limitation, plus allocable income, shall be made no later than the April 15 of the calendar year following the calendar year in which such excess Elective Deferrals were made.  The amount of excess Elective Deferrals to be so distributed shall be reduced by any contributions previously distributed pursuant to Section 4.5 with respect to such calendar year.  The amount of any income allocable to such excess Elective Deferrals shall be determined by the Plan Administrator pursuant to applicable Treasury regulations.  The Plan shall not distribute the allocable gain or loss for the period between the end of the Plan Year and the date of distribution (the “gap period”).  Notwithstanding the provisions of this paragraph, any excess Elective Deferrals shall be treated as “annual additions” for purposes of Section 7.5 except to the extent such excess Elective Deferrals are distributed in accordance with Treasury regulation § 1.402(g)-1(e)(2) or (3).  Excess Elective Deferrals shall be excluded for purposes of the tests described in Section 4.5(a) to the extent required by applicable Treasury regulations.  Any corresponding “Employer Matching Contributions” (described in Section 4.2) related to excess Elective Deferrals so distributed, plus any income allocable to such Employer Matching Contributions shall be forfeited.

 

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(e)  Age 50 Catch-Up Contributions.  Each Participant whose 50th birthday is on or before the close of the Participant’s taxable year shall be eligible to elect to have Age 50 Catch-Up Contributions made in any payroll period provided the Participant cannot make any other regular Elective Deferrals to the Plan for such payroll period by reason of the limitations contained in this Article 4, Section 7.5 or any comparable limitation or any restriction contained in the terms of the Plan or the Code.  Employer Matching Contributions shall not be made with respect to Age 50 Catch-Up Contributions.

 

(1)  Dollar Limits.  The amount of the Age 50 Catch-Up Contributions a Participant may make to the Plan for a calendar year may not exceed, when combined with any catch-up contributions made under Code section 414(v) to any other plan or arrangement of the Employer, the following:

 

	 	
Plan Year

	 	
Plan Year Limit

	 	
2018

	 	
For calendar years 2018 and later $6,000 (or such higher amount as is permitted under the cost-of-living provisions of Code section 414(v)(2)(C))

	 	
2017

	 	
$6,000

(2)  Age 50 Catch-Up Contributions made pursuant to this subsection shall be treated as Elective Deferrals under the Plan except as otherwise provided below.

 

(i)  Age 50 Catch-Up Contributions shall not be taken into account for purposes of the annual dollar limitations in Section 3.1(d) (Code section 402(g) provisions) and Section 7.5 (Code section 415 provisions), and as otherwise provided in Code section 414(v).

 

(ii)  The Plan shall not be treated as failing to satisfy the provisions of Section 4.5 (ADP nondiscrimination test), Article 14 (top heavy provisions), Code section 401(a)(4) (nondiscrimination in contributions), Code section 401(a)(17) (limit on compensation taken into account), Code section 401(k)(12) (safe harbor provisions) or  Code section 410(b) (nondiscrimination in coverage) by reason of such Age 50 Catch-Up Contributions.

 

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At the end of the Plan Year the Plan Administrator will determine if any Age 50 Catch-Up Contributions must be recharacterized as regular Elective Deferrals to meet the requirements of this subsection (e), and to what extent any Age 50 Catch-Up Contributions recharacterized as regular Elective Deferrals are eligible for an Employer Matching Contribution under Section 4.2, and will adjust the Participant’s Account accordingly.

 

(f)  Roth Elective Deferrals.  Participants shall be permitted to designate some or all of their Elective Deferrals as Roth Elective Deferrals, in which case the contributions will be includible in the Participant’s gross income at the time deferred.  Roth Elective Deferrals are a Participant's Elective Deferrals that are includible in the Participant's gross income at the time deferred and have been irrevocably designated as Roth Elective Deferrals by the Participant in his or her deferral election. Except in the case of an in-plan Roth rollover (a rollover to a participant’s Roth Elective Deferral account from another account of the Participant in this Plan), Elective Deferrals contributed to the Plan as one type, either Roth or pre-tax, may not later be reclassified as the other type.  A Participant’s Roth Elective Deferrals shall be deposited in the Participant’s Roth Elective Deferral account in the Plan.  No contributions other than Roth Elective Deferrals, in-plan Roth rollovers and properly attributable earnings will be credited to each Participant’s Roth Elective Deferral account, and gains, losses and other credits or charges will be allocated on a reasonable and consistent basis to such account.  The Plan shall maintain a record of the amount of Roth Elective Deferrals in each Participant’s Roth Elective Deferral account.

 

Section 4.2             Employer Safe Harbor Basic Contribution. The Employer shall make an Employer Safe Harbor Basic Contribution to the Account of each Eligible Employee who has satisfied the service and entry date requirements in Section 3.1 by the end of the Plan Year, without regard to whether the individual is an Eligible Employee on the last day of the Plan Year.  Such contribution shall be equal to 3% of the Participant’s Plan Compensation for the Plan Year.  The Employer shall contribute such contribution to the Trust no later than the Employer’s tax filing deadline for the Plan Year.  The Employer Safe Harbor Basic Contribution is intended to meet the requirements of Code section 401(k)(12)(C).

 

Section 4.3            Employer Discretionary Contribution.  The Employer may at its discretion make an annual Employer Discretionary Contribution to the Account of each Eligible Employee who has satisfied the service and entry date requirements in Section 3.1 by the end of the Plan Year and who is employed on the last day of the Plan Year as an Eligible Employee.  The Employer Discretionary Contribution shall be equal to a uniform percentage of the Eligible Employee’s Plan Compensation for the Plan Year (for example, 3% of Plan Compensation), with such percentage to be determined at the Employer’s discretion.  The Employer shall contribute the Employer Discretionary Contribution to the Eligible Employee’s Account no later than the Company’s tax filing deadline for the Plan Year.  The Employer does not intend to make Employer Discretionary Contributions with respect to Plan Years after the 2017 Plan Year, but retains the right to do so.

 

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Section 4.4             Employer Matching Contributions.  Effective for pay periods that begin on or after January 1, 2018, the Employer shall contribute to the Account of each Participant each pay period an Employer Matching Contribution equal to 100% of such Participant’s Elective Deferral for the pay period, capped at 3% of such Participant’s Plan Compensation for the pay period.  No Employer Matching Contributions shall be made for the 2017 Plan Year.

 

Section 4.5             Limitations on Contributions for Highly-Compensated Employees.  For purposes of this Section 4.5, “Eligible Employee” means an Eligible Employee who has satisfied the service and entry date requirements of Section 3.1(a).

 

(a)  Limits imposed by Code section 401(k)(3) (ADP Test).  The Plan intends to meet the requirements of Code section 401(k)(3) (the “actual deferral percentage” or “ADP” test) automatically by qualifying for the safe harbor under Code section 401(k)(12)(C).  Accordingly, the requirements of this Section 4.5(a) shall apply only in the unlikely event the Plan should fail to meet the safe harbor requirements of Code section 401(k)(12)(C) for any Plan Year, and in that case, if the Elective Deferrals made for a Plan Year fail to satisfy either of the tests set forth in subparagraphs (1) and (2) of this paragraph, the adjustments prescribed in Section 4.5(c)(1) shall be made.

 

(1)  The average deferral percentage for the group consisting of all highly compensated Eligible Employees for the Plan Year does not exceed the product of the average deferral percentage for the group consisting of all non-highly compensated Eligible Employees for such Plan Year and 1.25.

 

(2)  The average deferral percentage for the group consisting of all highly compensated Eligible Employees for the Plan Year (i) does not exceed the average deferral percentage of the group consisting of all non-highly compensated Eligible Employees for such Plan Year by more than 2 percentage points, and (ii) does not exceed the product of the average deferral percentage of the group consisting of all non-highly compensated Eligible Employees for such Plan Year and 2.0.

 

Any additional Elective Deferrals which are Age 50 Catch-Up Contributions or which are permitted for periods of Military Service as described in Section 4.7 shall not be considered as Elective Deferrals for purposes of determining whether the tests set forth in such paragraphs (1) and (2) of this subsection are satisfied or for purposes of making any adjustments prescribed by Section 4.5(e)(1).

 

(b)  Limits imposed by Code section 401(m) (ACP Test).  Notwithstanding the provisions of Section 4.4, if the Employer Matching Contributions made for a Plan Year fail to satisfy both of the tests set forth in subparagraphs (1) and (2) of this paragraph, the adjustments prescribed in Section 4.5(e)(2) shall be made.  Any additional Employer Matching Contributions made pursuant to Section 4.7 (Military Service) shall not be considered Employer Matching Contributions for purposes of determining whether the tests set forth in such paragraphs (1) and (2) of this subsection are satisfied or for purposes of making any adjustments prescribed by Section 4.5(e)(2).

 

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(1)  The average contribution percentage for the group consisting of all highly compensated Eligible Employees for the Plan Year does not exceed the product of the average contribution percentage for the group consisting of all non-highly compensated Eligible Employees for such Plan Year and 1.25.

 

(2)  The average contribution percentage for the group consisting of all highly compensated Eligible Employees for the Plan Year (i) does not exceed the average contribution percentage of the group consisting of all non-highly compensated Eligible Employees for such Plan Year by more than 2 percentage points, and (ii) does not exceed the product of the average contribution percentage of the group consisting of all non-highly compensated Eligible Employees for such Plan Year and 2.0.

 

(c)  Definitions and Special Rules.  For purposes of this Section:

 

(1)  The “average deferral percentage” for

 

(i)  The group of highly compensated Eligible Employees for a Plan Year shall be the average of the ratios, calculated separately for each Eligible Employee in such group to the nearest one-hundredth of one percent, of the Elective Deferrals made for the benefit of such Eligible Employee for such Plan Year to the total Code section 415 Compensation for such Plan Year paid to such Eligible Employee, and

 

(ii)  The group of non-highly compensated Eligible Employees for a Plan Year shall be the average of the ratios, calculated separately for each Eligible Employee in such group to the nearest one-hundredth of one percent, of the pre-tax compensation contributions made for the benefit of such Eligible Employee for such Plan Year to the total Code section 415 Compensation for such Plan Year paid to such Eligible Employee.

 

(2)  The “average contribution percentage” for

 

(i)  The group of highly compensated Eligible Employees for a Plan Year shall be the average of the ratios, calculated separately for each Eligible Employee in such group to the nearest one-hundredth of one percent, of the Employer Matching Contributions made during such Plan Year for the benefit of such Eligible Employee to such Eligible Employee’s Code section 415 Compensation for such Plan Year, and

 

(ii)  The group of non-highly compensated Eligible Employees for a Plan Year shall be the average of the ratios, calculated separately for each Eligible Employee in such group to the nearest one-hundredth of one percent, of the Employer Matching Contributions made during such Plan Year for the benefit of such Eligible Employee to such Eligible Employee’s Code section 415 Compensation for the Plan Year.

 

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(3)  “highly compensated Eligible Employee” shall mean any Eligible Employee who has satisfied the service requirement in Section 3.1(a), who performs services in the determination year, and who is in one or more of the following groups:  (i) Employees who were five percent owners as determined in Code section 416(i)(1)(A)(iii) at any time during the determination year or the look-back year, or (ii) Employees with Code section 415 Compensation greater than $120,000 (for 2017, and adjusted for changes in the cost of living as set forth in Code section 415(d)) during the look-back year.  Any former Employee who had a separation year prior to the determination year and was a highly compensated Eligible Employee as described in any of in the first sentence above for either (A) his separation year or (B) any determination year ending on or after this attainment of age 55 shall be considered a “highly compensated Eligible Employee”.  For purposes of determining whether a person is a highly compensated Eligible Employee of an Employer with respect to a Plan Year, the term “determination year” means the Plan Year for which the determination is being made; the term “look-back year” means the twelve-month period immediately preceding the determination year; the term “top-paid group” means the top 20% of employees of the Employer ranked on the basis of Code Section 415 Compensation received during the year (provided, however, that when determining the number of employees in such group, employees described in Code section 414(q)(8) and Q&A 9(b) of Treasury regulation § 1.414(q)-1T are excluded); the Company’s Controlled Group is treated as a single Employer; and “separation year” means the determination year the Employee separates from service with the Employer.

 

(4)  “non-highly compensated Eligible Employee” shall mean any Eligible Employee who has satisfied the service requirement in Section 3.1(a), who performs services in the determination year (as defined in subparagraph (3) of this paragraph), and who is not a highly compensated Eligible Employee.

 

(5)  Any Eligible Employee who is not a highly compensated Eligible Employee and who has either (i) not attained the age of 21 or (ii) or completed a one-year Period of Service may be excluded from consideration for purposes of the average deferral percentage test and the average contribution percentage test, provided however, that such excluded Eligible Employees separately satisfy the minimum coverage test of Code section 410(b).

 

(6)  The Plan incorporates the provisions of Code sections 401(k)(3) and 401(m)(2), and the Treasury regulations thereunder, by reference.  In the event that this Plan satisfies the requirements of Code section 401(k), 401(a)(4), or 410(b) only if aggregated with one or more other plans, or if one or more other plans satisfy the requirements of such Code sections only if aggregated with this Plan, then the ADP and ACP tests in Sections 4.5(a) and 4.5(b) shall be determined as if all such plans were a single plan.  Plans may be aggregated in order to satisfy Code sections 401(k) and 401(m), respectively, only if they have the same Plan Year and use the same ADP and ACP testing method, as the case may be.

 

(7)  If a highly compensated Eligible Employee participates in the Plan and one or more other plans in his Company’s Controlled Group to which any such contributions are made, all such contributions shall be aggregated for purposes of this Section.

 

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(d)  Adjustments to comply with limits.

 

(1)  Adjustments to comply with Code section 401(k)(3).  The Plan Administrator may cause to be made such periodic computations as it shall deem necessary or appropriate to determine whether either of the tests set forth in Section 4.5(a)(1) or 4.5(a)(2) shall be satisfied during a Plan Year and, if it appears to the Plan Administrator that neither of such tests will be satisfied, the Plan Administrator may take such steps as it deems necessary or appropriate to adjust the Elective Deferrals made for all or a portion of the remainder of such Plan Year on behalf of each Participant who is a highly compensated Eligible Employee to the extent necessary in order for one of such tests to be satisfied.  If after the end of a Plan Year it is determined that regardless of any such steps taken neither of the tests set forth in Section 4.5(a)(1) or 4.5(a)(2) shall be satisfied with respect to such Plan Year, the Plan Administrator shall calculate the “excess contribution amount.”  The excess contribution amount shall be, with respect to any Plan Year, the excess of:

 

(i)  The aggregate amount of Elective Deferrals actually made on behalf of highly compensated Eligible Employees for such Plan Year, over

 

(ii)  The maximum amount of such contributions permitted by the limitations of the actual deferral percentage test set forth in Section 4.5(a) (determined by hypothetically reducing contributions made on behalf of highly compensated Eligible Employees in order of actual deferral percentages, beginning with the highest of such percentages).

 

The amount to be returned to each Participant who is a highly compensated Eligible Employee shall be determined by first reducing the Elective Deferrals made under the Plan on behalf of each Participant whose actual dollar amount of Elective Deferrals for such Plan Year is the highest until such reduced dollar amount equals the next highest actual dollar amount of Elective Deferrals made for such Plan Year on behalf of any highly compensated Participant or until the total reduction equals the excess contributions amount.  If further reductions are necessary, then such contributions made under the Plan on behalf of each Participant who is a highly compensated Eligible Employee and whose actual dollar amount of Elective Deferrals made for such Plan Year is the highest (determined after the reduction described in the previous sentence) shall be reduced in accordance with the previous sentence.  Such reductions shall continue to be made to the extent necessary so that the total reduction equals the excess contributions amount.  The Plan Administrator shall distribute to each such Participant no later than the last day of the subsequent Plan Year for which such adjustment is made the amount of such reductions made with respect to such Participant plus any income allocable thereto, and any corresponding Employer Matching Contributions related thereto, plus any income allocable thereto shall be forfeited.  The distribution of Elective Deferrals that are excess contributions shall be made from the Participant's pre-tax Elective Deferral account before the Participant's Roth Elective Deferral account, to the extent pre-tax Elective Deferrals were made for the year, unless the Participant specifies otherwise.  The amount of Elective Deferrals distributed shall be reduced by any Elective Deferrals previously distributed to such Participant pursuant to Section 4.1(d)(2) for such Plan Year.  The amount of any income allocable to any such reductions to be so distributed or forfeited shall be determined pursuant to applicable Treasury regulations.  The Plan shall not distribute the allocable gain or loss for the period between the end of the Plan Year and the date of distribution (the “gap period”).  The unadjusted amount of any reductions distributed shall be treated as “annual additions” for purposes of Section 7.6.

 

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(2)  Adjustments to comply with Code section 401(m).  The provisions of this Section shall apply separately to each collective bargaining unit whose collective bargaining agreement provides for participation in the Plan.  The Plan Administrator may cause to be made such periodic computations as it shall deem necessary or appropriate to determine whether either of the tests set forth in Sections 4.5(b)(1) or 4.5(b)(2) shall be satisfied during a Plan Year with respect to the Plan, and if it appears to the Plan Administrator that neither of such tests will be satisfied, the Plan Administrator may take such steps as it deems necessary or appropriate to adjust the Employer Matching Contributions made for all or a portion of the remainder of such Plan Year on behalf of each Participant who is a highly compensated Eligible Employees to the extent necessary in order for one of such tests to be satisfied.  If after the end of a Plan Year it is determined that regardless of any steps taken neither of the tests set forth in Section 4.5(b)(1) or 4.5(b)(2) shall be satisfied with respect to such Plan Year, the Plan Administrator shall calculate the “excess aggregate contribution amount.”  The excess aggregate contribution amount shall be, with respect to any Plan Year, the excess of:

 

(i)  The aggregate Employer Matching Contributions actually made on behalf of highly compensated Eligible Employees for such Plan Year, over

 

(ii)  The maximum amount of such contributions permitted by the limitations of the actual contribution percentage test set forth in Section 4.4(b) (determined by hypothetically reducing contributions made on behalf of highly compensated Eligible Employees in order of their contribution percentages, beginning with the highest of such percentages).

 

Such determination shall be made after first determining excess Elective Deferrals pursuant to Section 4.1(d) and then determining the excess contribution amount pursuant to Section 4.5(d)(1).  The Plan Administrator shall reduce the Employer Matching Contributions made under the Plan on behalf of each Participant who is a highly compensated Eligible Employee and whose actual dollar amount of Employer Matching Contributions for such Plan Year is the highest in the same manner described in paragraph (1) above until such reductions in the aggregate equal the excess aggregate contribution amount.  The reduction described in the foregoing sentence shall be made with respect to a Participant’s Employer Matching Contributions.  The Plan Administrator shall distribute no later than the last day of the subsequent Plan Year to each such Participant the amount of such reductions made with respect to Employer Matching Contributions plus any income allocable thereto to which such Participant would be entitled under Section 8.1 or Section 8.2 if such Participant had terminated service on the last day of the Plan Year for which such contributions are made (or earlier if such Participant actually terminates service at any earlier date), and any remaining amount of such reductions plus any income allocable thereto shall be forfeited.  The distribution of Elective Deferrals that are excess aggregate contributions shall be made from the Participant's pre-tax Elective Deferral account before the Participant's Roth Elective Deferral account, to the extent pre-tax Elective Deferrals were made for the year, unless the Participant specifies otherwise.  The amount of any such income allocable to any such reductions to be so distributed or forfeited shall be determined pursuant to applicable Treasury regulations.  The Plan shall not distribute the allocable gain or loss for the period between the end of the Plan Year and the date of distribution (the “gap period”).

 

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(e)  Designation of Qualified Nonelective Contributions and Qualified Matching Contributions.  Each Plan Year, the Company may require some or all of the Employers to make, to the extent permitted by the Secretary of the U.S.  Department of Treasury, a “qualified nonelective contribution,” as defined below, or a “qualified matching contribution,” as defined below, or both, to the Plan for purposes of applying the tests set forth in subsection (a) or (b) of this Section (each such contribution may be applied either for purposes of the test set forth in subsection (a) of this Section or for purposes of the test set forth in subsection (b) of this Section, but not both such tests).  Any qualified nonelective contribution or qualified matching contribution to the Plan shall be allocated in the manner prescribed by the Company and consistent with applicable regulations to the Accounts of some or all of those Participants who are non-highly compensated Eligible Employees (as defined in subsection (d) of this Section) for the Plan Year with respect to which such qualified nonelective contribution or qualified matching contribution is made.  Any such qualified nonelective contributions or qualified matching contributions shall be accounted for separately and shall be distributable pursuant to the provisions of the Plan concerning Employer Matching Contributions.

 

For purposes of this Section, the term “qualified matching contribution” shall mean Employer Matching Contributions which are subject to the distribution and nonforfeitability requirements under Code section 401(k) when made, and the term “qualified nonelective contribution” shall mean contributions (other than Employer Matching Contributions or qualified matching contributions) made by an Employer and allocated to Participants’ Accounts that the Participants may not elect to receive in cash until distributed from the Plan; that are nonforfeitable when made; and that are distributable only in accordance with the distribution provisions that are applicable to Elective Deferrals and qualified matching contributions.

 

Section 4.6             Return of Employer Contributions.  Upon written demand by the Employer, the Trustee shall return any Elective Deferrals to this Plan under any one of the circumstances described in (a) or (b) , subject to the special rules of (c):

 

(a)  If a contribution was made due to a mistake of fact, the contribution may be returned, adjusted for losses but not earnings, within one year after it was contributed.

 

(b)  If a contribution is determined not to be deductible under Code section 404, the portion of the contribution that was disallowed may be returned to the Employer, adjusted for losses but not earnings, within one year after the disallowance.

 

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(c)  If Elective Deferrals are returned to the Employer in accordance with subsections (a) or (b), Participants’ Elective Deferral elections with respect to such returned contributions shall be adjusted retroactively to the beginning of the period for which such contributions were made.  As a result, amounts returned in accordance with subsections (a) or (b) shall not be counted in determining the limitations in Section 4.4.  The Elective Deferrals so returned shall be distributed in cash to those Participants for whom such contributions were made.

 

Section 4.7            Military Service.  Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service credit with respect to Military Service will be provided in accordance with Code section 414(u) (e.g., covered Participants will be given an opportunity to make make-up Elective Deferrals and receive make-up Employer Matching Contributions (but without make-up earnings) after their return to active employment to the extent required by section 414(u)(2), subject to the applicable limit under Code section 415 for the year to which the contributions relate and to other limits as set forth in Code section 414(u)(2)).  An Employee shall be deemed to be employed during any period during which the Employee is in Military Service, provided that the Employee returns to the employ of an Employer as an Eligible Employee within the period prescribed by laws relating to the reemployment rights of persons in Military Service.  The Plan Administrator may require certification from an Eligible Employee that during the Employee’s absence, the Employee was in Military Service.  Participants on military leave will be treated like other Employee on an approved leave of absence, and as such will be able to make Elective Deferrals (including out of any Company-paid differential pay), request in-service distributions and take loans but will not be treated as having a Separation from Service.  If a Participant who is performing qualified military service dies while he or she has a right to reemployment with the Employer under the Uniformed Services Employment and Reemployment Rights Act (USERRA), such Participant’s survivors any additional benefits (other than contributions relating to the period of qualified military service, but including vesting service credit for such period and any other survivor benefits) that would have been provided under the plan had the participant resumed employment on the day preceding the participant’s death and then terminated employment on account of death.

 

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ARTICLE 5

 

ROLLOVER CONTRIBUTIONS TO THE PLAN

 

Section 5.1             Requirements for Rollover Contributions.  If an Eligible Employee receives, either before or after becoming a Participant, a distribution or distributions from an employees’ trust described in Code section 401(a) which is exempt from tax under Code section 501(a) or from a qualified annuity plan described in Code section 403(a) or 403(b) (or elects to directly transfer to the Plan such distribution) and such distribution or distributions were eligible rollover distributions as defined in Code section 402(c)(4) and do not include after-tax contributions (and any earnings thereon), then such Employee may contribute to the Plan an amount which does not exceed the amount of such distribution or distributions (including the proceeds from the sale of any property received as a part of such distribution or distributions) less the amount considered contributed to such trust or annuity plan by the Employee (determined by applying Code section 402(d)(4)(D)(i)) (a “rollover contribution”).  A rollover contribution may also be a distribution from an individual retirement account or individual retirement annuity (within the meaning of Code section 408); provided that (i) no amount in such account or no value of such annuity is attributable to a source other than an eligible rollover distribution (within the meaning of Code section 402(c)(4)) from an employees’ trust described in Code section 401(a) which is exempt from tax under Code section 501(a) or a qualified annuity plan described in Code section 403(a) at the time contributions were made on his behalf under such trust or annuity plan (and any earnings on such a rollover distribution), (ii) the contribution does not include after-tax contributions (or earnings thereon) and (iii) the entire amount received is paid (for the benefit of such individual) into the Trust no later than the 60th day following the day on which the individual receives the distribution.  If a rollover contribution is made by an Eligible Employee prior to his becoming a Participant, such Eligible Employee shall until such time as he becomes a Participant be deemed to be a Participant and his Rollover Account shall be deemed to be an Account of a Participant for all purposes of the Plan except for the purpose of being eligible for contributions made by his Employer and for the purpose of making Elective Deferrals.

 

Section 5.2            Delivery of Rollover Contributions.  Any rollover contribution made pursuant to Section 5.1 shall be delivered by the Eligible Employee to the Plan Administrator and by the Plan Administrator to the Trustee on or before the 60th day after the day on which the Employee receives the distribution or on or before such later date as may be prescribed by law.  Any such contribution must be accompanied by (i) a statement of the Employee that to the best of his knowledge the contribution meets the conditions specified in Section 5.1 and (ii) a copy of such documents as may have been received by the Employee advising him of the amount of and the character of such distribution.  Notwithstanding the foregoing, the Plan Administrator shall not accept a rollover contribution if in its judgment accepting such contribution would cause the Plan to violate any provision of ERISA, the Code or any regulations thereunder, and the Plan Administrator shall not be required to accept such a contribution to the extent it consists of property other than cash.

 

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ARTICLE 6

 

TRUST

 

A Trust was created between the Company and the Trustee in connection with the implementation of the Plan in July 1973 and has been amended from time to time since that date.  The assets of the Plan are held in the Trust by the Trustee pursuant to the terms of the Plan and the Trust Agreement.  All contributions under the Plan shall be paid to the Trustee.  The Trustee shall hold all monies and other property received by it and invest and reinvest the same, together with the income therefrom, on behalf of the Participants collectively in accordance with the provisions of the Trust agreement, except to the extent that such monies and other property are invested as provided for in Article 7.  The Trustee shall make distributions from the Trust Fund at such time or times to such person or persons and in such amounts as the Plan Administrator shall direct in accordance with the Plan.

 

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ARTICLE 7

 

INVESTMENT ELECTIONS, ALLOCATION OF TRUST INCOME

AND CONTRIBUTIONS TO PARTICIPANTS’ ACCOUNTS

 

Section 7.1             Separate Accounts.

 

(a)  In General.  The Plan Administrator shall maintain or cause to be maintained separate Accounts for each Participant.  The Accounts maintained for a Participant shall include, but not be limited to: (i) a Pre-Tax Account, to which shall be credited all Elective Deferrals made on behalf of the Participant other than Roth Elective Deferrals, (ii) an Employer Safe Harbor Basic Contribution Account, to which shall be credited all Employer Safe Harbor Basic Contribution made on behalf of the Participant pursuant to Section 4.2, (iii) an Employer Discretionary Contribution Account, to which shall be credited all Employer Safe Harbor Contributions made on behalf of the Participant pursuant to Section 4.3, (iv) an Employer Matching Contribution Account, to which shall be credited all Employer Matching Contributions made on behalf of the Participant pursuant to Section 4.4, (v) a Roth Elective Deferral Account, to which shall be credited any Roth Elective Deferrals made on behalf of the Participant pursuant to Section 4.1(f), and (vi) a Rollover Account, to which shall be credited all rollover contributions made by the Participant.  In addition, other Accounts may be established by the Plan Administrator for other purposes, including with respect to plans that are merged into or otherwise transferred to the Plan.  Each such Account shall be divided and invested as the Participant elects in accordance with Section 7.2(b) among such separate investment funds as are maintained pursuant to Section 7.2(a).  Unless the context otherwise requires, a Participant’s “Account” and “Account balance” shall mean all Accounts and the aggregate value of all accounts maintained for such Participant pursuant to the Plan.  Such Accounts shall be maintained solely for accounting purposes and there shall be no segregation of assets of the Trust Fund or of any separate investment fund among separate Accounts.  The books of Accounts, forms and accounting methods used in the administration of Participants’ Accounts shall be the responsibility of, and shall be subject to the supervision and control of, the Plan Administrator.

 

Section 7.2             Investment Funds, Elections and Company Stock Fund.

 

(a)  Investment Funds.  As directed by the Plan Administrator, several separate investment funds have been established and maintained or made available with respect to the Plan.  From time to time, in accordance with the investment policies and objectives established by the Plan Administrator, the Plan Administrator may add, cease offering or make changes in the operation and management of any investment fund at any time, and shall have the authority to specify rules and procedures as to how Participant investment elections shall be adjusted to reflect the addition, deletion or change in the investment funds offered under the Plan, subject to paragraph (1) below (regarding the Company Stock Fund).  The investment funds may include, but are not limited to, investments in securities of open-end or closed-end investment companies and investments in any suitable collective investment fund maintained by any bank or trust company.  Pending allocation to the investment funds, contributions to the Plan may be held uninvested or may, on an interim basis, be invested, in whole or in part, in cash or cash equivalents.  Except as otherwise provided herein (or in rules adopted from time to time), dividends, interest, and other distributions received on the assets held by the Trustee in respect of any investment fund shall be reinvested in the respective investment fund.

 

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(1)  Diversified Investment Options.  The Plan shall at all times offer at least three diversified investment options, in addition to the Company Stock Fund (for which see paragraph (2) below and subsection 7.2(e) below), to which a Participant or Beneficiary may direct his or her investments, each of which shall be selected by the Plan Administrator or its delegate and each of which shall have materially different risk and return characteristics.

 

(2)  Company Stock Fund.  An investment fund called the “Company Stock Fund” shall be established and maintained and shall be invested primarily in Company Stock.  The rules regarding the Company Stock Fund are set forth in Section 7.2(e) below.

 

(b)  Investment Elections.  Each Participant shall have the right to direct the Trustee with respect to the investment and reinvestment of the assets and future contributions comprising the Participant’s Account among the investment funds that the Plan makes available.  To do so, the Participant must file an investment election with the Plan that specifies the percentage of the Participant’s existing Account balance and future contributions (in multiples established by the Plan Administrator from time to time) that are to be invested in each of such investment funds.  The Plan’s record keeper shall establish the procedures for filing investment elections.  The Participant’s most recent valid and timely-filed investment direction will be honored, subject to the default investment provisions in paragraph (3) below.  After a Participant’s death, the Participant’s Beneficiary shall have the right to direct the Trustee with respect to the investment or reinvestment of the assets comprising the Participant’s Account to the same extent that the Participant had during his life.

 

(1)  Timing of Investment Elections.  A Participant may make or change his or her investment election at any time.  A Participant’s initial or changed investment election shall be effective as soon as administratively practicable on or following the date the Plan receives the Participant’s investment election (usually by no later than the following business day).

 

(2)  Participant-Directed Investments and Section 404(c) Compliance.  Each Participant is solely responsible for the investment of his or her Plan contributions, his or her selection of investment funds, and for his transfers among the available investment funds, and no Plan fiduciary or other person shall have any liability for any loss or diminution in value resulting from the Participant’s exercise of such investment responsibility.  Because each Participant controls the investment of his or her Participant Accounts, the Plan is intended to be covered to the maximum extent possible by ERISA section 404(c) and Department of Labor regulations thereunder which provide that Plan fiduciaries may be relieved of liability for any losses that are the result of investment instructions given by a Participant or Beneficiary.

 

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(3)  Default Investment Fund.  Whenever amounts in a Participant’s Account or future contributions to that Account cannot be invested pursuant to the Participant’s direction (for example, if the Participant has not made a valid investment election) or pursuant to a mapping procedure established by the Plan Administrator for this purpose (see paragraph (4) below), the Trustee shall direct the investment of such amounts into the Plan’s default investment fund (or funds) as designated by the Plan Administrator, which shall be a “qualified default investment alternative” within the meaning of ERISA section 404(c)(5).

 

(4)  Mapping of Investment Elections When Funds Change.  The Plan’s investment funds will change from time to time.  When they do, the Plan intends to use the protocol in ERISA section 404(c)(4) for a qualified change in investment options to map the funds that will no longer be offered in the Plan to the appropriate new or existing investment funds.

 

(5)  Notification to Participants.  The Plan Administrator intends to notify Participants of the investment funds that are available under the Plan pursuant to Section 7.2 and to explain related fees and costs to the extent required by the regulations promulgated by the Department of Labor pursuant to ERISA section 404.  The Plan Administrator also intends to provide any notifications necessary to maintain compliance with ERISA sections 404(c) (participant-directed account), 404(c)(4) (qualified change in investment options) and 404(c)(5) (qualified default investment arrangements).

 

(6)  No Investment Recommendations.  The Trustee, the Plan Administrator, the Company, the Employer, the officers or supervisors of the Employer and the Company and the Plan’s fiduciaries are not empowered or authorized to advise a Participant regarding the Participant’s investment election.  The fact that an investment fund is offered under the Plan shall not be construed as a recommendation that Participants invest in such investment fund.

 

(7)  Investment of Amounts That are not Allocated to Participant Accounts.  Any portion of the Trust Fund which from time to time is not allocated to Participants’ Accounts shall be invested in such manner as the Plan Administrator shall determine.  The Plan Administrator shall be a “named fiduciary” (within the meaning of such term as used in ERISA) for this purpose.

 

(8)  Rule 16b-3(f) Compliance.  To the extent necessary to ensure compliance with Rule 16b-3(f) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company may arrange for tracking of any transaction defined in Rule 16b‐3(b)(1) of the Exchange Act involving the Company Stock Fund and the Company may bar any such transaction to the extent it would not be exempt under Rule 16b-3(f) of the Exchange Act.  To the extent the Company exercises its authority to bar a transaction under this subsection, the provisions of this subsection shall apply notwithstanding Section 7.2(b)(2) of the Plan (ERISA section 404(c) compliance).

 

(9)  Blackout Periods.  The Plan will comply with section 306 of the Sarbanes-Oxley Act of 2002.  Section 306 in part requires the Plan to give advance notice of “blackout periods” (as defined in Department of Labor regulation section 2520.101‐3(d)(1)) to affected Participants and Beneficiaries (i.e., to Participants and Beneficiaries whose rights under the Plan to direct or diversify assets credited to their Accounts, to obtain loans from the Plan, or to obtain distributions from the Plan are suspended, limited or restricted by the blackout period).

 

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(i)  The Company is authorized to impose blackout periods whenever the Company determines that circumstances warrant.

 

(ii)  The Company may impose “regularly scheduled” blackout periods within the meaning of Department of Labor regulation section 2520.101-3(d)(1)(ii)(B) in the following circumstances:

 

(A)  The Company imposes quarterly blackout periods on insider trading in the Company Stock Fund as needed (as determined by the Company), timed to coincide with the release of the Company’s quarterly earnings reports.  The commencement and termination of these blackout periods in each quarter, the parties to which they apply and the activities they restrict shall be as set forth in the official insider trading policy promulgated by the Company from time to time.

 

(B)  The Company may impose blackout periods to the extent necessary under the liquidity provisions of paragraph (10) below.

 

(10)  Maintaining Liquidity.  The Trustee may direct the investment of a portion of certain investment Funds such as the Company Stock Fund in cash or short-term securities to the extent necessary to maintain a level of liquidity in such Funds that is reasonably expected to permit trades into and out of such Funds, as determined by the Trustee in its sole discretion.  If the liquid assets held by these Funds are insufficient to satisfy the immediate demand for liquidity under the Plan, the Trustee may temporarily limit or suspend transfers of any type (including withdrawals and distributions) to or from any affected investment fund.  During this period, contributions to any affected Fund may be redirected to a Fund chosen by the Trustee and instructions and transfers may be pended.

 

(c)  ESOP Portion and Non-ESOP Portions.  The Plan is divided into two portions: An ESOP Portion and a Non-ESOP Portion.  Together the ESOP Portion and the Non-ESOP Portion constitute the entire Plan and are intended to be a single plan under Treasury regulation section 1.414(l)-1(b)(1).

 

(1)  ESOP Portion.  As of any time, the portion of the Plan assets that is invested in the Company Stock Fund shall be a stock bonus plan under Code section 401(a) and is intended to qualify as an employee stock ownership plan under Code section 4975(e)(7) (the “ESOP Portion”).

 

(i)  Separate Portion.  The ESOP Portion is maintained as a portion of the Plan as authorized by Treasury regulation § 54.4975-11(a)(5).

 

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(ii)  Diversification.  In general, the ESOP Portion meets the diversification requirements of Code section 401(a)(28), to the extent applicable, by Plan design, since a Participant may self-direct the investment of 100% of the Participant’s Account.

 

(iii)  Valuations.  Valuations of shares of distributed Company Stock which are not readily tradable on an established securities market shall be made by an independent appraiser (within the meaning of Code section 401(a)(28)(C)).

 

(iv)  Suspense Account Not Required.  The ESOP Portion is not required to provide for the establishment and maintenance of a suspense account pursuant to Treasury regulation section 54.4975‐11(c), because for periods after the KSOP Effective Date, any assets acquired with an exempt loan have already been released from suspense, nor for the protections and rights described in Treasury regulation § 54.4975-11(a)(3)(i) (e.g., put options) that are required for assets acquired with the proceeds of an exempt loan, because the assets distributed under the Plan are publicly traded when distributed.

 

(v)  Distribution in Employer Securities.  The distribution provisions of Code section 409(h) (requiring a Participant to be given the opportunity to have his Account distributed in the form of employer securities) are met by Plan design because a Participant can take a distribution from the Plan in the form of shares of Company Stock.

 

(vi)  Merger of Dime ESOP.  Effective as of the KSOP Effective Date, the Dime ESOP merged into this Plan, and all of the accounts of the participants in the Dime ESOP as of immediately before the KSOP Effective Date were thereupon invested in the Company Stock Fund.  The Trustee shall account separately for these accounts, including any earnings thereon (“Dime ESOP Accounts”).  The Dime ESOP Accounts are closed to new investments.  A Participant may elect to reinvest all or any portion of his or her investment in the Company Stock Fund that is in his or her Dime ESOP Account into any other investment fund offered by the Plan, and by doing so, such amounts shall no longer be considered part of such Participant’s Dime ESOP Account.  Further, if any Participant invests or reinvests in the Company Stock Fund on or after the KSOP Effective Date, such investment or reinvestment shall not be included in the Participant’s Dime ESOP Account.

 

(2)  Non-ESOP Portion.  The remaining part of the Plan is intended to be a profit sharing plan under Code section 401(a) and to meet the requirements for qualification under Code section 401(a) (the “non-ESOP Portion”).

 

(d)  Election to Receive Dividends on ESOP Portion (Company Stock Fund).  The Plan Administrator shall prescribe rules and procedures that allow each Participant (or Beneficiary, as applicable) with an interest in the Company Stock Fund to elect to have any Cash ESOP Dividends that are allocated to the Participant’s Accounts distributed in cash directly to him or her as soon as administratively practical after the dividend is paid to the Plan without being first reinvested in the Company Stock Fund (a Cash ESOP Dividend Payment Election).

 

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(1)  Dividend Deduction Under Code Section 404(k).  Such rules and procedures shall be in accordance with the terms of the Plan or, to the extent not specified in the Plan, with the requirements that must be satisfied in order for a federal income tax deduction to be allowed under Code section 404(k) with respect to the Cash ESOP Dividends (including the requirement that the election to receive Cash ESOP Dividends be irrevocable for the period to which it applies).  The Plan Administrator may provide for procedures for a Participant to make a Cash ESOP Dividend Payment Election by contacting the Participant Response System.

 

(2)  Processing Fee.  The Plan Administrator shall be allowed to prescribe a processing fee for processing and paying Cash ESOP Dividends to electing Participants, the amount of which shall be subject to change; provided, however, that any increase in such fee shall not cause it to exceed the level that would permit the Company to deduct such dividends.

 

(3)  If Participant Does Not Make a Dividend Election.  In the event a Participant, as of the record date for a Cash ESOP Dividend, either:

 

(i)  Does not have a completed Cash ESOP Dividend Payment Election on file with the Plan Administrator, or

 

(ii)  Completes a Cash ESOP Dividend Payment Election but the Participant cannot be located (for example, because his address on file is invalid), the Participant’s Cash ESOP Dividends shall be paid to the Plan, allocated to the Company Stock Fund and reinvested in Company Stock.  Cash ESOP Dividends that are either paid or reinvested pursuant to Code section 404(k)(2)(A)(iii) and the provisions of this Section shall not be considered to be Annual Additions for purposes of Code section 415(c), Elective Deferrals for purposes of Code section 402(g), elective contributions for purposes of Code section 401(k), or employee (or matching) contributions for purposes of Code section 401(m).

 

(4)  Timing.  A Cash ESOP Dividend Payment Election must be completed by the Participant (or Beneficiary, as applicable) within the time prescribed for such purpose and pursuant to the rules and procedures adopted by the Plan Administrator from time to time.  Any Cash ESOP Dividend Payment Election that is not completed in the format required by the Plan Administrator shall be considered null and void.  The Plan Administrator shall give Participants (or Beneficiaries, as applicable) a reasonable opportunity before each dividend record date in which to make a Cash ESOP Dividend Payment.  The Plan Administrator shall honor each Cash ESOP Dividend Payment Election as in effect on the dividend record date, and each Cash ESOP Dividend Payment Election shall become irrevocable on such record date unless the Committee has timely established and communicated a different irrevocability date.  Each Cash ESOP Dividend Payment Election shall remain in effect until the Participant (or Beneficiary, as applicable) affirmatively elects to revoke it.  A Participant (or Beneficiary, as applicable) may submit a Cash ESOP Dividend Payment Election at any time, and may revoke an existing Cash ESOP Dividend Payment Election at any time, with any submission or revocation to be effective for dividend record dates that occur after such submission or revocation.

 

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(e)  Company Stock Fund.  The Company Stock Fund shall be governed by the following paragraphs, unless otherwise noted:

 

(1)  Share Accounting.  Effective July 1, 2017, investments in the Company Stock Fund shall be record-kept using “share accounting” so that a Participant’s Account will hold shares as opposed to units.

 

(2)  Employee Benefit Committee is Plan Administrator for Company Stock Fund.  The Company’s Employee Benefit Committee is the Plan Administrator and “named fiduciary” (within the meaning of such term as it is used in ERISA) for investment decisions relating to the Company Stock Fund.  The Company’s Employee Benefit Committee shall be solely responsible for all investment decisions relating to the Company Stock Fund, except to the extent it delegates that responsibility to another ERISA fiduciary.  Subject to an override by the Company’s Employee Benefit Committee or other applicable fiduciary that such fiduciary determines to be required to comply with ERISA, the Company Stock Fund is required to be available to Participants as an investment fund pursuant to the terms of the Plan.  Except as provided in the preceding sentence, no provision of the Plan is to be construed to confer discretion on or authority in the Trustee or any fiduciary to remove the Company Stock Fund as an investment fund under the Plan or to limit Participants’ access to such fund.

 

(3)  Diversification Not Required for Company Stock Fund.  In accordance with ERISA section 404(a)(2), the Trustee is expressly excused from the requirements of diversification as to the investment of the Trust in the Company Stock Fund or other qualifying employer security.

 

(4)  Qualifying Employer Securities.  Shares of Company Stock in the Company Stock Fund are “qualifying employer securities” within the meaning of Code section 409(1) which defines “qualifying employer securities in relevant part as “common stock issued by the employer (or by a corporation which is a member of the same controlled group) which is readily tradable on an established securities market”, and ERISA section 407(d)(3).  In accordance with ERISA section 407(b)(1), the Trustee is authorized to invest and hold up to 100% of the assets of the Trust in the Company Stock Fund as directed from time to time by the Participants.  Accordingly, the Plan is an “eligible individual account plan” as defined in ERISA section 407(d)(3).

 

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(5)  Trading in Company Stock.  The Trustee may purchase Company Stock or other qualifying employer security from the Company or any other source, and such Company Stock or other qualifying employer security purchased by the Trustee may be outstanding, newly issued, or treasury shares, provided that such shares are registered.  Notwithstanding the foregoing, any purchase by the Trustee of any shares of Company Stock or other qualifying employer security from any “party in interest” as defined in ERISA section 3(14), or from any “disqualified person” as defined in Code section 4975(e)(2), shall not be made at a price that exceeds “adequate consideration” as defined in ERISA section 3(18) and no commissions shall be paid with Plan assets on such purchase.  Shares of Company Stock will be purchased or sold for the Company Stock Fund in the open market or in privately negotiated transactions.  In the unusual event that the Company Stock Fund is acquiring or liquidating a block of Company Stock that is so large that its purchase or sale, in the ordinary course, is expected to disrupt an orderly market in Company Stock, the Trustee (or its designated agent) may limit the daily volume of purchases and sales of Company Stock by the Company Stock Fund to the extent necessary to preserve an orderly market.

 

(6)  Valuation.  Ongoing investment of Trust funds into Company Stock shall be permitted only if such Company Stock is traded on an exchange permitting a readily ascertained value, or the Plan Administrator has obtained a current valuation by a qualified independent appraiser.  The Trust shall be invested in the Stock Fund to the extent necessary to comply with valid Participant investment directions made pursuant to this Article.

 

(7)  Right to Divest.  Participants investing in the Company Stock Fund may divest their interests at any time.

 

(8)  Dividends and Stock Splits.  All dividends on shares of Company Stock in the Company Stock Fund are paid to the Company Stock Fund, treated as earnings and used to purchase additional shares of Company Stock in the Company Stock Fund (other than Cash ESOP Dividends that a Participant elects to have paid directly to him or her pursuant to Section 7.2(d)).  Any Company Stock received by the Trustee as a stock split or dividend, or as a result of a reorganization or other recapitalization with respect to the Company Stock in the Company Stock Fund, will be added to the Company Stock Fund.  Any other property (other than shares of Company Stock) received by the Trustee with respect to the Company Stock in the Company Stock Fund may be sold by the Trustee and the proceeds added to the Company Stock Fund.  In the event of a significant distribution of such other property, the Plan Administrator may implement special arrangements for the holding or disposition of such other property by the Plan.  Any rights to subscribe to additional shares of Company Stock shall be sold by the Trustee and the proceeds credited to the Company Stock Fund.

 

(9)  Voting.  See Article 10 below.

 

(10)  Liquidity.  See Section 7.2(b)(10) above.

 

Section 7.3            Allocation to Participants’ Accounts of Net Income of Trust and Fluctuation in Value of Trust Assets.  The net worth of each investment fund shall be determined as of each Valuation Date pursuant to Section 7.4, and the market value of each Participant’s Account shall be recalculated to reflect the net earnings and losses of each such investment fund since the preceding Valuation Date in accordance with procedures established by the Plan Administrator.

 

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Section 7.4             Determination of Net Worth of an Investment Fund.  The net worth of an investment fund as of any Valuation Date shall be the fair market value of all assets (including any uninvested cash) held by such investment fund, as determined by the Trustee on the basis of such evidence and information as it may deem pertinent and reliable, reduced by any liabilities of the investment fund other than Participants’ Accounts and reduced by contributions made to the Trust Fund and invested in the investment fund subsequent to the preceding Valuation Date.

 

Section 7.5             Limitations on Allocations.  Notwithstanding any other provision of the Plan, the amounts allocated pursuant to Section 7.5 to a Participant’s Accounts under the Plan for each Plan Year shall be limited so that the aggregate annual additions to the Participant’s Accounts under the Plan and under all other defined contribution plans maintained by an Employer shall not exceed the lesser of (i) $54,000 in 2017 (as adjusted for cost-of-living increases in accordance with Code section 415(d)), and (ii) 100% of the Participant’s Code Section 415 Compensation for such Plan Year.  For purposes of this Section, the provisions of Code section 415 and the regulations issued thereunder are incorporated by reference as permitted under Treasury regulation § 1.415(a)-1(d)(3).  If the amount to be allocated to a Participant’s Accounts pursuant to Section 7.5 for a Plan Year would exceed the limitation set forth in this Section, such excess amount shall be corrected in accordance with the Employee Plans Compliance Resolution System (see, e.g., Revenue Procedure 2016-51).  If the amount to be allocated to a Participant’s Accounts pursuant to this Section for a Plan Year would exceed any of the limitations set forth in this Section, such excess amounts shall be corrected in accordance with the Employee Plan Compliance Resolution System of the Internal Revenue Service.  Such excess amounts shall be deemed Elective Deferrals and special Employer contributions, in that order.  For purposes of this Section, the “annual additions” for a Plan Year to a Participant’s Accounts in the Plan and his accounts in any other defined contribution plans is the sum during such Plan Year of:

 

(a)  the amount of Elective Deferrals, Employer Matching Contributions, special Employer contributions and after-tax contributions (but excluding any rollover contributions (within the meaning of Code sections 401(a)(31), 402(c)(1), 403(a)(4), 403(b)(8), 408(d)(3) and 457(e)(16)) or any direct transfers made to such plan) allocated to such Participant’s accounts,

 

(b)  the amount of forfeitures allocated to such Participant’s accounts, and

 

(c)  contributions allocated on behalf of the Participant to any individual medical benefit account as defined in Code section 415(1), the additional reserve for post-retirement medical and life insurance benefits (as defined in Code section 419A(d)(2)) maintained on behalf of the Participant and mandatory employee contributions (as defined in Code section 411(c)(2)(C)) to a defined benefit plan, regardless of whether such plan is subject to the requirements of Code section 411.

 

For purposes of this Section, the term “defined contribution plan” shall have the meaning set forth in Code section 415 and the Treasury regulations thereunder, and the term “Employer” shall mean the Company’s Controlled Group except that in defining the Company’s Controlled Group, “more than 50%” shall be substituted for “at least 80 percent” where required by Code section 415(g).

 

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Section 7.6           Correction of Error.  If it comes to the attention of the Plan Administrator that an error has been made in any of the allocations prescribed by this Article 7, appropriate adjustment shall be made to the Accounts of all Participants and designated Beneficiaries which are affected by such error, in accordance with the Employee Plans Compliance Resolution System (see, e.g., Revenue Procedure 2016-51).

 

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ARTICLE 8

 

VESTING

 

Section 8.1             Vesting Schedules.

 

(a)  100% Vesting.  A Participant shall be at all times 100% vested in his or her Elective Deferrals, Rollover Contributions and Employer Safe Harbor Basic Contributions, and earnings thereon.  A Participant shall be at all times 100% vested in any dividends paid with respect to his or her investments in the Company Stock Fund for which the Participant was given the opportunity to make a Cash ESOP Dividend Payment Election pursuant to Section 7.2(d) and Code section 404(k).  A Participant shall become 100% vested in the entire balance of the Participant’s Accounts if the Participant, while still an Employee, attains age 65, dies, or suffers a Total Disability.

 

(b)  Two to Six Year Graded Vesting.  A Participant shall vest in his Employer Discretionary Contributions and Employer Matching Contributions as set forth in the following schedule.

 

	 	
Participant’s Period of Service 

(Measured in Completed Years)

	 	
Vested Percentage

	 	
Less than 2

	 	
0%

	 	
Less than 3 but more than 2

	 	
20%

	 	
Less than 4 but more than 3

	 	
40%

	 	
Less than 5 but more than 4

	 	
60%

	 	
Less than 6 but more than 5

	 	
80%

	 	
6 or more

	 	
100%

(c)  Vesting in Amounts in Plans That Merged Into This Plan.  A Participant who was a participant in the Dime ESOP shall be at all times 100% vested in amounts attributable to his or her balance therein as of the KSOP Effective Date, and earnings thereon.  A Participant who was a participant in any other plan that merged into this Plan (for example, the Pioneer Savings Bank, FSB Tax Deferral Savings Plan in RSI Retirement Trust which merged into this Plan effective March 1, 1997) shall be vested in amounts attributable to his or her balance in such plan pursuant to the terms of the documents supporting such plan and/or merger resolutions as applicable.

 

Section 8.2            Forfeiture of Unvested Amounts.  A Participant who terminates employment with the Company’s Controlled Group before vesting in all of his or her Accounts established under the Plan (as applicable) pursuant to Section 8.1 shall not be entitled to a distribution of any unvested amounts.  These unvested amounts shall be forfeited from the Participant’s Accounts as soon as administratively practicable following the earlier of: (i) the date the Participant’s entire vested Account balance is distributed from the Plan, and (ii) the date the Participant incurs a five-year Period of Severance.  For purposes of this Section 8.2, a Participant who terminates employment at a time when he or she has no vested interested in any Account shall be deemed to have received a distribution of his or her entire vested Account balance.

 

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(a)  Use of Forfeitures.  Any amount forfeited under this Section 8.2 shall be used to pay any administrative expenses of the Plan (including the cost of restoring any forfeitures) or to fund Employer Discretionary Contributions or Employer Matching Contributions.  Except to the extent of any required restorations of forfeited amounts, a Participant shall not be entitled to an allocation of a forfeiture of any portion of his or her Account, or to an allocation of a forfeiture made from any portion of any other Participant’s Account.

 

(b)  Reinstatement of Forfeited Amounts.  A Participant who received a distribution from the Plan of the vested portion of his or her Account and whose unvested portion was forfeited as a result, and who has a Reemployment Commencement Date before incurring a five-year Period of Severance, may repay the full amount of the distribution (excluding amounts attributable to the Rollover Contributions Account) in a cash lump sum to the Trustee within five years following the Participant’s Reemployment Commencement Date.  If the Participant does so, the Plan shall restore the forfeited amount, without earnings.

 

(c)  Vested Status Following a Break.  In the case of a Participant who has a Period of Severance that lasts at least five years, such Participant’s Period of Service that was completed before the Period of Severance shall be considered in determining the Participant’s vested interest in the portion of the Participant’s Account balance that the Participant earns after the break only if either: (i) such Participant has any remaining nonforfeitable interest in the Account balance attributable to Employer contributions that were earned before the Period of Service Cutoff Date; or (ii) upon returning to service the length of the Participant’s Period of Severance is less than the Participants Period of Service, measured in completed years.  Separate accounts will be maintained for the Participant’s pre-break and post-break Employer-derived account balance.  Both accounts will share in the earnings and losses of the Trust.

 

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ARTICLE 9

 

DISTRIBUTIONS

 

Section 9.1             Time and Form of Distribution upon Termination of Employment.

 

(a)  Form of distribution.  Any distribution to which a Participant or Beneficiary becomes entitled pursuant to subsection (b) below shall be distributed by the Trustee in a single lump sum payment or in substantially equal installments, as elected by the Participant or Beneficiary.  Any distribution from the Plan shall be made in the form of cash; provided, however, that a Participant may elect to receive the value of his Account that is invested in the Company Stock Fund in full shares of Company Stock and in cash for any fractional shares.

 

(b)  Time of Distributions.  A Participant shall be entitled to a distribution of the Participant’s vested Account balance as soon as administratively practicable after the date of the Participant’s severance from employment with the Employer, or, subject to the remaining provisions of this Section, may defer distribution to a later date; provided, however, that:

 

(1)  Consent.  The Participant’s Account shall not be distributed prior to the Participant’s 65th birthday unless the Participant has consented in writing to such distribution.  Such consent shall be obtained in writing within the 180 day period ending on the first day of the first period for which an amount is paid.  The Plan Administrator shall notify the Participant of the right to defer any distribution until the Participant’s 65th birthday and of the consequences of failing to defer any distribution.  Such notification shall include a general description of the material features of the optional forms of benefit available under the Plan and a description of the Participant’s right to defer receipt of the distribution (where applicable), and shall be provided no less than 30 days and no more than 180 days prior to the first day of the first period for which an amount is paid.  However, distribution may commence less than 30 days after the notice described in the preceding sentence is given, provided the Plan 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 the Participant, after receiving the notice, affirmatively elects a distribution.  The Participant’s consent shall be in writing or, if authorized by the Plan Administrator, provided through an electronic medium that meets the requirements of Treasury regulation § 1.411(a)-11(f).  The Participant’s consent shall not be required to the extent that a distribution is required to satisfy Code section 401(a)(9) or 415.

 

(2)  Code Section 401(a)(14).  Pursuant to Code section 401(a)(14), payment of benefits under the Plan shall begin no later than 60 days after the end of the Plan Year which contains the later of (i) the date of the Participant’s termination of employment, (ii) the tenth anniversary of the date the Participant commenced participation in the Plan and (iii) the Participant’s 65th birthday; provided, however, that the Plan Administrator shall require such a Participant to file a claim for benefits before such payment of benefits shall commence.  If the Participant fails to file a claim for benefits prior to the later to occur of the events listed above, the Participant shall be deemed to have elected to defer such distribution until a date no later than April 1 of the calendar year following the calendar year in which the Participant attains age 701⁄2.

 

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(3)  Code Section 401(a)(9).  Distribution to a Participant shall be made no later than the April 1 of the calendar year following the later of the calendar year in which the Participant attains age 701⁄2 or the calendar year in which the Participant terminates employment, except that distribution to a Participant who is a “five percent owner” (as defined in Code section 416(i)) at any time during the Plan Year ending in the calendar year in which the Participant attains age 701⁄2 shall be made no later than April 1 of the calendar year following the calendar year in which the Participant attains age 701⁄2.  A Participant’s benefit will be distributed, beginning not later than the date required in this paragraph, over the life of the Participant, or over the lives of such Participant and a Beneficiary, or over a period not extending beyond the life expectancy of such Participant or the joint life expectancy of such Participant and a Beneficiary.

 

(4)  Small Dollar Cashouts.  Notwithstanding any provision in this Section to the contrary, if the vested Account balance of a terminated Participant does not exceed $1,000, such account shall be distributed in one lump sum payment in accordance with procedures established by the Plan Administrator.

 

(c)  Time of Distribution to Beneficiary.  If prior to the Participant’s death the distribution of his vested Account balance had not been made, then distribution of his vested Account balance shall be made to his Beneficiary as soon as administratively practicable after the first Valuation Date coinciding with or following his death; provided, however, that if the Participant’s Beneficiary is the Participant’s Spouse, distribution may be deferred, at the Beneficiary’s election, until as late as the date on which the Participant would have attained age 701⁄2 had the Participant survived.  The Participant’s Account shall not be forfeited on account of his or her death.

 

(d)  Code Section 401(a)(9) Requirements.  Notwithstanding anything to the contrary contained in this Article 9, all distributions under this Plan shall be made in accordance with Code section 401(a)(9) and the Treasury regulations thereunder.  Provisions of the Plan regarding payment of distributions shall be interpreted and applied in accordance with Code section 401(a)(9) and the Treasury regulations thereunder.

 

(e)  Incidental Death Benefit.  If payment of a Participant’s benefit under this Plan is by a distribution directly to the Participant from such Participant’s Account, the minimum amount which must be distributed each calendar year shall be the amount determined by dividing the balance in the Participant’s Account by the “applicable divisor.”  The “applicable divisor” shall be determined under regulations issued by the Secretary of the Treasury under the incidental death benefit requirements of Code section 401(a)(9).

 

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Section 9.2            Designation of Beneficiary.  Each Participant shall have the right to designate a Beneficiary or Beneficiaries (who may be designated contingently or successively and which may be an entity other than a natural person) to receive any distribution to be made upon the death of such Participant or, in the case of a Participant who dies subsequent to termination of his employment but prior to the distribution of the entire amount to which he is entitled, any undistributed balance to which such Participant was entitled; provided, however, that no such designation shall be effective if the Participant was married through the one-year period ending on the date of the Participant’s death unless such designation was consented to at the time of such designation by the person who was the Participant’s Spouse during such period, in writing, acknowledging the effect of such consent and witnessed by a notary public or a Plan representative, or it is established to the satisfaction of the Plan Administrator that such consent could not be obtained because the Participant’s Spouse cannot be located or such other circumstances as may be prescribed in applicable Treasury regulations.  A Participant may from time to time, without the consent of any designated Beneficiary, cancel any such designation.  Such designation and each cancellation thereof shall be made in the form prescribed by the Plan Administrator and shall be filed with the Plan Administrator.  If no Beneficiary has been designated by a deceased Participant, any such designation is not effective pursuant to the proviso contained in the first sentence of this Section, or the designated Beneficiary has predeceased the Participant, any undistributed vested balance of the deceased Participant shall be distributed at the direction of the Plan Administrator (a) to the surviving Spouse of such deceased Participant, if any, or (b) if there is no surviving Spouse, to the surviving children of such deceased Participant, if any, in equal shares, or (c) if there is no surviving Spouse or surviving children, to the surviving parents of the deceased Participant, if any, in equal shares, or (d) if there is no surviving parent, to the surviving siblings of the deceased Participant, if any, in equal shares, or (e) if there is no surviving sibling, to the executor or administrator of the estate of such deceased Participant, or (f) if no executor or administrator has been appointed for the estate of such deceased Participant within six months following the date of the Participant’s death, in equal shares to the person or persons who would be entitled under the intestate succession laws of the state of the Participant’s domicile to receive the Participant’s personal estate.  The marriage of a Participant shall be deemed to revoke any prior designation of a Beneficiary made by him and a divorce shall be deemed to revoke any prior designation of the Participant’s divorced Spouse if written evidence of such marriage or divorce shall be received by the Plan Administrator before distribution has been made in accordance with such designation.  For purposes of this Section, “marriage” shall mean a legal union between two people under applicable Federal law.

 

Section 9.3             Investment of Distributee Accounts.  If distribution of the amount to which a Distributee becomes entitled is made later than the first Valuation Date coincident with or following the Participant’s termination of employment, the undistributed balance of such amount shall be credited as of such Valuation Date to an account established and maintained in the name of the Distributee entitled to receive the same (“Distributee Account”).  For purposes of investment elections that can be made pursuant to Section 7.2, the allocations prescribed in Section 7.3, and any distribution of assets pursuant to Section 15.4 upon termination of the Plan, a Distributee for whom a Distributee Account is established shall be deemed to be a Participant and such Account shall be deemed to be a Participant’s Account.

 

Section 9.4             Distributions to Minor and Disabled Distributees.  Any distribution under this Article which is payable to a Distributee who is a minor or to a Distributee who, in the opinion of the Plan Administrator, is unable to manage his affairs by reason of illness or mental incompetency may be made to or for the benefit of any such Distributee at such time consistent with the provisions of this Article and in such of the following ways as the legal representative of such Distributee shall direct:  (a) directly to any such minor Distributee if, in the opinion of such legal representative, he is able to manage his affairs, (b) to such legal representative, (c) to a custodian under a Uniform Gifts to Minors Act for any such minor Distributee, or (d) to some near relative of any such Distributee to be used for the latter’s benefit.  The Plan Administrator shall be required to see to the application by any third party other than the legal representative of a Distributee of any distribution made to or for the benefit of such Distributee pursuant to this Section.

 

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Section 9.5            “Lost” Participants and Beneficiaries.  If within a reasonable period following the death or other termination of employment of any Participant the Plan Administrator in the exercise of reasonable diligence has been unable to locate the person or persons entitled to benefits under this Article, the rights of such “lost” Participant or “lost” Beneficiary, as the case may be, shall be forfeited; provided, however, that the Plan shall reinstate and pay to such “lost” Participant or “lost” Beneficiary, as the case may be, the amount of the benefits so forfeited upon a claim for such benefits made by such person.  To reinstate this amount, the Employer of such “lost” Participant shall contribute to the Plan an amount equal to the amount to be so reinstated.  Any such contribution shall be made without regard to whether or not the limitations set forth in Section 7.5 will be exceeded by such contribution.

 

Section 9.6             Withdrawals from Accounts During Employment.

 

(a)  Withdrawals upon incurring financial hardship.  A Participant whom the Plan Administrator determines has incurred a “financial hardship” may elect to withdraw vested amounts in cash from his Plan Accounts in cash.  The amount of withdrawal on account of hardship shall not exceed the amount the Plan Administrator determines is necessary to satisfy such hardship.  A Participant may apply for a hardship withdrawal pursuant to this subsection (a) in accordance with the rules and procedures established by the Plan Administrator.  The Plan Administrator may assess Participants a fee for processing hardship withdrawal applications.

 

(1)  Limit of Two a Year.  No more than two hardship withdrawals may be made to a Participant during a Plan Year.

 

(2)  Eligible Amounts.  In no event may hardship withdrawals be taken from amounts invested in the Company Stock Fund.  Hardship withdrawals may be made only from the following types of contributions:

 

(i)  Elective Deferrals. but not including earnings thereon (except that earnings on Roth Elective Deferrals and earnings allocated to Elective Deferrals before 1989 are available for hardship withdrawal), and

 

(ii)  Rollover Account and earnings thereon.

 

No other amounts are eligible for withdrawal on account of hardship, including Employer Safe Harbor Basic Contributions and earnings thereon, qualified nonelective contributions or qualified matching contributions (see, for example, Section 4.4(e), Designation of Qualified Nonelective Contributions and Qualified Matching Contributions) and earnings thereon, and earnings allocated to Elective Deferrals or other elective deferrals after December 31, 1988.  Prior to the KSOP Effective Date, hardship withdrawals were available from some other accounts (for example, the Bank Contribution Account and Pioneer Prior Matching Contribution Account), but these accounts are no longer available for hardship withdrawal.

 

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(3)  Determination of Financial Hardship.  The determination of the existence of “financial hardship” and the amount required to be distributed to satisfy the need created by the hardship will be made by the Plan Administrator in a uniform and non-discriminatory manner.  A financial hardship shall be deemed to exist only if the Participant certifies to the Plan Administrator that the financial need is for one or more of the following reasons, to the extent permitted under the safe harbor hardship distribution rules set forth in Treasury regulation § 1.401(k)-1(d)(3)(ii)(B):

 

(i)  Expenses for (or necessary to obtain) medical care that would be deductible under Code section 213(d) (determined without regard to whether the expenses exceed 7.5% of adjusted gross income), as well as, such medical care for a Participant’s primary Beneficiary;

 

(ii)  Costs directly related to the purchase (excluding mortgage payments) of a principal residence for the Participant;

 

(iii)  The payment of tuition, related educational fees, and room and board expenses for the next twelve months of post-secondary education for the Participant, the Participant’s Spouse, children, Dependents (defined without regard to Code sections 152(b)(1), (b)(2) and (d)(1)(B)), or primary Beneficiary;

 

(iv)  The need to prevent eviction of the Participant from his principal residence or foreclosure on the mortgage of the Participant’s principal residence;

 

(v)  Burial or funeral expenses for the Participant’s deceased parent, Spouse, children, Dependents (defined without regard to Code section 152(d)(1)(B)) or primary Beneficiary; or

 

(vi)  Expenses for the repair of damage to the Participant’s principal residence that would qualify for the casualty deduction under Code section 165 (determined without regard to whether the loss exceeds 10% of adjusted gross income).

 

The Participant shall be required to submit any additional supporting documentation as may be requested by the Plan Administrator.

 

(4)  Immediate and Heavy Financial Need.  No distributions on account of hardship shall be made pursuant to this subsection unless the Plan Administrator determines that all of the following conditions are satisfied, based upon the Participant’s representation and such other facts as are known to the Plan Administrator:

 

(i)  The distribution is not in excess of the amount of the immediate and heavy financial need of the Participant (including any amounts necessary to pay any federal, state, or local taxes or penalties reasonably anticipated to result from the distribution); and

 

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(ii)  The Participant has obtained all distributions, other than hardship distributions, all nontaxable loans currently available under all plans maintained by the Employer (to the extent the loan would not increase the hardship) and has made a Cash ESOP Dividend Payment Election to the extent such an election is currently available to the Participant at the time the hardship withdrawal is being requested.

 

The Participant shall be required to submit any additional supporting documentation as may be requested by the Plan Administrator.  The Plan Administrator’s determination of the amount necessary to satisfy any financial hardship can, in the Plan Administrator’s sole discretion, include consideration of the amounts that will be necessary for the Participant to pay any federal, state or local income taxes or penalties reasonably anticipated to result from a withdrawal made on account of a financial hardship.

 

(5)  Restrictions resulting from hardship withdrawal.  If a Participant takes a hardship withdrawal pursuant to this subsection (a) or has taken a hardship withdrawal that is subject to Code section 401(k)(2)(B)(IV) from any other retirement plan that is available within the Company’s Controlled Group, (i) Elective Deferrals and all other elective and employee contributions made on behalf of or made by such Participant under the Plan and all other plans within the Company’s Controlled Group (other than such contributions to a health or welfare benefit plan) shall cease beginning with the date on which the Participant receives (or received) such distribution; and (ii) such Participant shall not again be eligible to elect or otherwise have such contributions commence until the first day of the first month which follows end of the six-month period following the date on which such distribution is (or was) made.  If a Participant is deemed to make Elective Deferrals pursuant to Section 4.1(b), Elective Deferrals shall resume at the end of the six-month period at the rate that would have applied if no suspension pursuant to this subsection had occurred.

 

(b)  Age 591⁄2 Withdrawals.  A Participant who is an Employee and who has attained age 591⁄2 may elect to withdraw as of any Valuation Date all or a portion of the vested balance in his or her Accounts, in cash, in the time and manner prescribed by the Plan Administrator.  Such withdrawal may not be greater than the combined value of the vested amounts held in such Accounts as of such Valuation Date.  Amounts in the Company Stock Fund are not eligible for in-service withdrawal.

 

(c)  Distributions from a Participant’s Rollover Account.  A Participant who is an Employee may elect to withdraw as of any Valuation Date all or a portion of the vested balance in his Rollover Account, in cash, in the time and manner prescribed by the Plan Administrator.  Amounts in the Company Stock Fund are not eligible for in-service withdrawal.

 

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Section 9.7             Loans to Participants.

 

(a)  Making of Loans.  Subject to the restrictions set forth in this Section, the Plan Administrator shall establish a loan program whereby any Participant who is an Employee may request, in accordance with the rules and procedures established by the Plan Administrator, to borrow funds from the Plan.  The principal balance of any such loan cannot be less than $1,000 and shall not exceed the lesser of (1) 50% of the aggregate of the Participant’s vested Account balance as of the Valuation Date coinciding with or immediately preceding the day on which the loan is made, and (2) $50,000 reduced by the highest outstanding loan balance of the Participant under all plans maintained by his Employer during the period of time beginning one year and one day prior to the day such loan is to be made and ending on the day prior to the day such loan is to be made.  The details of the Plan’s participant loan program are set forth in the Plan’s written loan procedures.

 

(b)  Restrictions on Loans.  Any loan approved by the Plan Administrator pursuant to subsection (a) of this Section shall be made only upon the following terms and conditions:

 

(1)  Amounts invested in the Company Stock Fund are not eligible to be taken as a loan.

 

(2)  No loan shall be made unless the Participant consents to have such loan repaid in substantially equal installments deducted from the regular payments of the Participant’s compensation during the term of the loan.

 

(3)  No Participant may have more than two loans outstanding at any time.

 

(4)  The period for repayment of the loan shall be arrived at by mutual agreement between the Plan Administrator and the Participant but such period shall not exceed five years from the date of the loan; except in the case of a loan the purpose of which (as determined by the Plan Administrator) is to acquire any dwelling unit which within a reasonable time is to be used as the principal residence of the Participant.  A loan may be prepaid in whole or in part, without penalty, by delivery to the Plan Administrator of cash in an amount equal to the amount of the prepayment.

 

(5)  A Participant who terminates employment with the Employer must repay all outstanding loans following such termination of employment.

 

(6)  Loan repayments under the Plan shall be suspended with respect to Participants in Military Service as permitted under Code section 414(u)(4).

 

(7)  Each loan shall be evidenced by the Participant’s collateral promissory note for the amount of the loan, with interest, payable to the order of the Trustee, in substantially equal installments (payable at least quarterly), and shall be secured by an assignment of 50% of the Participant’s vested benefit under the Plan.

 

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(8)  Each loan shall bear a fixed interest rate commensurate with the interest rate than being charged by persons in the business of lending money in the area of the Employer for loans made under similar circumstances.

 

(9)  Each Participant requesting a loan shall, as a condition of receiving such loan, pay any reasonable loan processing fee and/or loan maintenance fee as shall be set from time to time by the Plan Administrator.  Such fee(s) may be paid from the loan proceeds or deducted from the Participant’s Account.

 

(c)  Applicability.  The provisions of this Section shall apply to each Participant and Beneficiary of a deceased Participant if such Participant or Beneficiary is a “party in interest” as defined in ERISA section 3(14).  Each reference in this Section to “Participant” shall include such Beneficiaries of deceased Participants except that the requirements of subsection (b) above shall not apply to a loan made to any Participant or Beneficiary who is a “party in interest” after the Participant’s termination of employment.

 

Section 9.8             Direct Rollovers.

 

(a)  Election.  A Distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the Distributee in a direct rollover.

 

(b)  Definitions.  For purposes of this Section:

 

(1)  An “eligible rollover distribution” is any distribution being made pursuant to the terms of the Plan 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 Code section 401(a)(9); and the portion of any distribution that is not includible in gross income and any distribution that is a hardship distribution under Code section 401(k)(2)(B).

 

(2)  An “eligible retirement plan” includes any of the following that accepts the Distributee’s eligible rollover distribution:

 

(i)  An individual retirement account described in Code section 408(a), an individual retirement annuity described in Code section 408(b), and a qualified trust described in Code section 401(a).

 

(ii)  An annuity plan described in Code section 403(a) and an annuity contract described in Code section 403(b).

 

(iii)  An eligible plan under Code section 457(b) 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 the Plan.

 

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(iv)  A Roth IRA described in Code section 408A(b).

 

(3)  A “Distributee” includes (A) an Employee or former Employee, (B) 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 Code section 414(p) but only with regard to the interest of the Spouse or former Spouse, and (C) the Participant’s nonspousal primary Beneficiary who is the Participant’s “designated Beneficiary” under Code section 401(a)(9)(E) and the regulations thereunder (except that in this case the definition of eligible retirement plan is modified to mean only an individual retirement account described in Code section 408(a) and an individual retirement annuity described in Code section 408(b) established by the non-spouse Beneficiary for purposes of receiving the direct rollover).

 

(4)  A “direct rollover” is a payment by the Plan to the eligible retirement plan specified by the Distributee.

 

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ARTICLE 10

 

PARTICIPANTS’ STOCKHOLDER RIGHTS

 

Section 10.1          Company Stock.  (a)  The Trustee shall vote, in person or by proxy, shares of Company Stock which are allocated to a Participant’s Account and the Participant’s “proportionate share” (as determined pursuant to the last sentence of this Section 10.1(a)) of the votes attributable to the non-voted shares of Company Stock in accordance with instructions obtained from such Participant (or, if applicable, his Beneficiary).  Each Participant (or Beneficiary) shall be entitled to give voting instructions with respect to the number of shares of Company Stock allocated to his Account as of the valuation date prior to the shareholder record date for such vote.  Written notice of any meeting of stockholders of the Dime Community Bancshares, Inc. and a request for voting instructions shall be given by the Plan Administrator or the Trustee, at such time and in such manner as the Plan Administrator shall determine, to each Participant (or Beneficiary) entitled to give instructions for voting shares of Company Stock at such meeting.  A Participant’s “proportionate share” of non-voted shares of Company Stock shall be a fraction, the numerator of which shall be the number of votes attributable to shares of Company Stock that are held in such Participant’s Account for which instructions are timely provided to the Trustee and the denominator of which shall be the number of votes attributable to all shares of Company Stock held in Participants’ Account under the Company Stock Fund for which voting instructions are provided to the Trustee.

 

(b)  Other Securities.  The Trustee shall vote, in person or by proxy, shares of securities other than Company Stock held in the Trust in accordance with voting instructions provided by the Plan Administrator.

 

Section 10.2          Tender Offers.

 

(a)  Rights of Participants.  In the event a tender or exchange offer is made generally to the shareholders of the Company to transfer all or a portion of their shares of Company Stock in return for valuable consideration, including but not limited to, offers regulated by section 14(d) of the Securities Exchange Act of 1934, as amended, the Trustee shall respond to such tender or exchange offer in respect of shares of Company Stock allocated to a Participant’s Account and the Participant’s “proportionate share” (as determined pursuant to the last sentence of this Section 10.2(a)) of the votes attributable to the unallocated shares of Company Stock held in the Company Stock Fund in accordance with instructions obtained from such Participant (or, if applicable, his Beneficiary).  Each Participant (or Beneficiary) shall be entitled to give instructions with respect to tendering or withdrawal from tender of such shares.  A Participant (or Beneficiary) shall not be limited in the number of instructions to tender or withdraw from tender which he can give but a Participant (or Beneficiary) shall have the right to give instructions to tender or withdraw from tender after a reasonable time established by the Trustee pursuant to subsection (c) below.  The Trustee shall respond to any such tender or exchange offer in respect of all shares of Company Stock allocated to Participants’ (or Beneficiaries’) Accounts in accordance with the terms of the Trust.  All instructions from the Participant (or Beneficiary) shall be kept confidential and shall not be disclosed to any person, including the Company.  A Participant’s “proportionate share” of unallocated shares of Company Stock held in the Company Stock Fund shall be a fraction, the numerator of which shall be the number of shares of Company Stock that are held in such Participant’s Account for which instructions are timely provided to the Trustee and the denominator of which shall be the number of all shares of Company Stock held in Participants’ Accounts under the Company Stock Fund for which voting instructions are provided to the Trustee.

 

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(b)  Duties of the Plan Administrator.  Within a reasonable time after the commencement of a tender or exchange offer, the Plan Administrator or the Trustee shall provide to each Participant:

 

(1)  The offer to purchase or exchange as distributed by the offeror to the shareholders of the Company,

 

(2)  A statement of the shares of Company Stock allocated to his Account, and

 

(3)  Directions as to the means by which a Participant can give instructions with respect to the tender or exchange offer.

 

The Plan Administrator shall establish and pay for a means by which a Participant (or Beneficiary) can expeditiously deliver to the Plan Administrator instructions addressed to the Trustee with respect to a tender or exchange offer.  The Plan Administrator shall transmit to the Trustee aggregate numbers of shares to be tendered or withheld from tender representing instructions of Participants (or Beneficiaries).  The Plan Administrator, at its election, may engage an agent to receive instructions from Participants (or Beneficiaries) and transmit them to the trustee.

 

(c)  Duties of the Trustee.  The Trustee shall follow the instructions of the Participants (or Beneficiaries) with respect to the tender or exchange offer as transmitted to the Trustee.  The Trustee may establish a reasonable time, taking into account the time restrictions of the tender or exchange offer, after which it shall not accept instructions of Participants (or Beneficiaries).

 

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ARTICLE 11

 

ADMINISTRATION

 

Section 11.1           The Plan Administrator.

 

(a)  The “named fiduciary” of the Plan within the meaning of ERISA section 402 shall be the Plan Administrator for purposes of administration of the Plan and the Plan’s investments (except to the extent otherwise provided with respect to the Company Stock Fund in Section 7.2).  The Company’s Compensation Committee shall appoint a Plan Administrator with responsibility for the Plan’s ministerial and fiduciary duties (except to the extent otherwise provided with respect to the Company Stock Fund in Section 7.2).  It is expressly contemplated that the Compensation Committed may appoint a third party administrator to serve in this role, and that the third party administrator shall also service as the named fiduciary to the Plan within the meaning of ERISA section 402(a) as a result of this delegation.  Any such delegation shall be reduced to writing and such writing shall be kept with the records of the meetings of the Compensation Committee.  The named fiduciary and any other parties designated as fiduciaries, as defined in ERISA section 3(21), by such named fiduciary in accordance with the terms of the Plan and the Trust Agreement, shall be fiduciaries only with respect to their specific responsibilities in connection with the Plan and Trust, and shall have only those specific powers, duties, responsibilities, and obligations as are specifically given them under this Plan or the Trust Agreement.  The Plan Administrator shall have the sole responsibility for the administration of the Plan, which responsibility is specifically described in this Plan and the Trust Agreement.  The Plan Administrator may designate any person, person, partnership, corporation or combination thereof to carry out any of its duties and responsibility with respect to administrator of the Plan, with the consent of the Compensation Committee.  Each fiduciary may rely upon any direction, information or action of another fiduciary as being proper under this Plan or the Trust, and is not required under this Plan or the Trust instrument to inquire into the propriety of any direction, information or action.  It is intended under this Plan and the Trust instrument that each fiduciary shall be responsible for the proper exercise of its own powers, duties, responsibilities and obligations under this Plan and the Trust instrument and shall not be responsible for any act or failure to act of another fiduciary.  No fiduciary guarantees the Trust in any manner against investment loss or depreciation in asset value.  The Plan Administrator shall be the Plan’s agent for service of legal process.  The Plan Administrator shall have all powers necessary or appropriate to carry out the provisions of the Plan, as set forth in this Article.  To the extent permitted by law, all findings of fact, determinations, interpretations and decisions of the Plan Administrator shall be conclusive and binding upon all persons having or claiming to have any interest or right under the Plan.

 

(b)  Each Employer shall, from time to time, upon request of the Plan Administrator, furnish to the Plan Administrator such data and information as the Plan Administrator shall require in the performance of its duties.

 

(c)  The Plan Administrator shall direct the Trustee to make payments of amounts to be distributed from the Trust under Article 9 and to withhold applicable taxes therefrom.

 

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(d)  If the Plan Administrator position is filled by more than one person, those persons may allocate their responsibilities among themselves and may designate any person, persons, partnership, corporation or combination thereof to carry out any of their duties and responsibilities with respect to administration of the Plan.  Any such allocation or designation shall be reduced to writing and such writing shall be kept with the records of the meetings of the Plan Administrator.

 

(e)  No person serving as a Plan Administrator shall receive any compensation or fee for his or her services unless otherwise agreed between such person and the Company, but the Company shall reimburse persons serving as the Plan Administrator for any necessary expenditures incurred in the discharge of their duties as Plan Administrator.

 

(f)  The Plan Administrator may employ such counsel (who may be of counsel for any Employer) and agents and may arrange for such clerical and other services as it may require in carrying out the provisions of the Plan.

 

(g)  The Plan Administrator shall have the responsibility and authority to appoint one or more investment advisors and to set out the investment objectives and parameters for the Plan.

 

Section 11.2          Claims Procedure.  If any Participant or Distributee (a “claimant”) believes he is entitled to benefits in an amount greater than those which he is receiving or has received, he may file a claim with the Plan Administrator.

 

(a)  Initial Claim.  Such a claim shall be in writing and state the nature of the claim, the facts supporting the claim, the amount claimed, and the address of the claimant.  The Plan Administrator shall review the claim and, unless special circumstances require an extension of time, within 90 days after receipt of the claim, give written notice by registered or certified mail to the claimant of his decision with respect to the claim.  If special circumstances require an extension of time, the claimant shall be so advised in writing within the initial 90-day period and in no event shall such an extension exceed 90 days.  The notice of the decision of the Plan Administrator with respect to the claim shall be written in a manner calculated to be understood by the claimant and, if the claim is wholly or partially denied, set forth the specific reasons for the denial, specific references to the pertinent Plan provisions on which the denial is based, a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary.  The Plan Administrator shall also advise the claimant that he or his duly authorized representative may request a review by the Plan Administrator of the denial by filing with the Plan Administrator within 65 days after notice of the denial has been received by the claimant, a written request for such review.  The claimant shall be informed that he may have reasonable access to pertinent documents and submit comments in writing to the Plan Administrator within the same 65-day period.

 

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(b)  Appeal.  If a request is so filed, review of the denial shall be made by the Plan Administrator within, unless special circumstances require an extension of time, 60 days after receipt of such request, and the claimant shall be given written notice of the resulting final decision.  If special circumstances require an extension of time, the claimant shall be so advised in writing within the initial 60-day period and in no event shall such an extension exceed 60 days.  The notice of the final decision shall include specific reasons for the decision and specific references to the pertinent Plan provisions on which the decision is based and shall be written in a manner calculated to be understood by the claimant.

 

(c)  Claimant Must Exhaust the Plan’s Claims Procedures.  Before filing any Claim (including a suit or other action) in court or in another tribunal, a Claimant must first fully exhaust all of the Claimant’s rights under the claims procedures of this Section.

 

(1)  Upon review by any court or other tribunal, the exhaustion requirement of this Section 11.2(c) is intended to be interpreted to require exhaustion in as many circumstances as possible (and any steps necessary to clarify or effect this intent may be taken).

 

(2)  In any action or consideration of a Claim in court or in another tribunal following exhaustion of the Plan’s claims procedure as described in this Section 11.2(c), the subsequent action or consideration shall be limited, to the maximum extent permissible, to the record that was before Plan Administrator in the claims procedure.

 

(3)  The exhaustion requirement of this Section 11.2(c) shall apply: (i) regardless of whether other Disputes that are not Claims (including those that a court might consider at the same time) are of greater significance or relevance, (ii) to any rights the Plan Administrator may choose to provide in connection with novel Disputes or in particular situations, (iii) regardless of whether the rights are actual or potential and (iv) even if the Plan Administrator has not previously defined or established specific claims procedures that directly apply to the submission and consideration of such Claim (in which case the Plan Administrator (upon notice of the Claim) shall either promptly establish such claims procedures or shall apply (or act by analogy to) the claims procedures of Section 11.2 that apply to claims for benefits).

 

(4)  The Plan Administrator may make special arrangements to consider a Claim on a class basis or to address unusual conflicts concerns, and such minimum arrangements in these respects shall be made as are necessary to maximize the extent to which exhaustion is required.

 

(5)  For purposes of this Section 11.2(c), the following definitions apply.

 

(i)  A “Dispute” is any claim, dispute, issue, action or other matter.

 

(ii)  A “Claim” is any Dispute that implicates in whole or in part any one or more of the following –

 

(A)  The interpretation of the Plan;

 

(B)  The interpretation of any term or condition of the Plan;

 

(C)  The interpretation of the Plan (or any of its terms or conditions) in light of applicable law;

 

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(D)  Whether the Plan or any term or condition under the Plan has been validly adopted or put into effect;

 

(E)  The administration of the Plan;

 

(F)  Whether the Plan, in whole or in part, has violated any terms, conditions or requirements of ERISA or other applicable law or regulation, regardless of whether such terms, conditions or requirements are, in whole or in part, incorporated into the terms, conditions or requirements of the Plan;

 

(G)  A request for Plan benefits or an attempt to recover Plan benefits;

 

(H)  An assertion that any entity or individual has breached any fiduciary duty; or

 

(I)  Any Claim that: (i) is deemed similar to any of the foregoing by the Plan Administrator, or (ii) relates to the Plan in any way.

 

(iii)  A “Claimant” is any Employee, former Employee, Participant, former Participant, Beneficiary (or the spouse, former spouse, estate, heir or representative of any of the foregoing individuals), or any other individual, person, entity with a relationship to any of the foregoing individuals or the Plan, as well as any group of one or more of the foregoing, who has a Claim.

 

(6)  Exclusive Discretionary Authority.  The Plan Administrator shall have the exclusive discretionary authority to construe and to interpret the Plan, to decide all questions of eligibility for benefits and to determine the amount of such benefits, and its decisions on such matters are final and conclusive.  As a result, benefits under this Plan will be paid only if the Plan Administrator decides in its discretion that the Participant (or other claimant) is entitled to them.  The Plan Administrator’s discretionary authority is intended to be absolute, and in any case where the extent of this discretion is in question, the Plan Administrator is to be accorded the maximum discretion possible.  Any exercise of this discretionary authority shall be reviewed by a court under the arbitrary and capricious standard (i.e., the abuse of discretion standard).

 

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Section 11.3          Procedures for Domestic Relations Orders.  If the Plan Administrator receives any written judgment, decree or order (including approval of a property settlement agreement) pursuant to State domestic relations or community property law relating to the provision of child support, alimony or marital property rights of a Spouse, former Spouse, child or other Dependent of a Participant and purporting to provide for the payment of all or a portion of the Participant’s Account balances under the Plan to or on behalf of one or more of such persons (such judgment, decree or order being hereinafter called a “domestic relations order”), the Plan Administrator shall promptly notify the Participant and each other payee specified in such domestic relations order of its receipt and of the following procedures.  After receipt of a domestic relations order, the Plan Administrator shall determine whether such order constitutes a “qualified domestic relations order,” as defined in subsection (b) of Section 13.2, and shall notify the Participant and each payee named in such order in writing of its determination.  Such notice shall be written in a manner calculated to be understood by the parties and shall set forth specific reasons for the Plan Administrator’s determination, and shall contain an explanation of the review procedure under the Plan.  The Plan Administrator shall also advise each party that he or his duly authorized representative may request a review by the Plan Administrator of its determination by filing with the Plan Administrator a written request for such review.  The Plan Administrator shall give each party affected by such request notice of such request for review.  Each party also shall be informed that he may have reasonable access to pertinent documents and submit comments in writing to the Plan Administrator in connection with such request for review.  Each party shall be given written notice of the Plan Administrator’s final determination, which notice shall be written in a manner calculated to be understood by the parties and shall include specific reasons for such final determination.  If within a reasonable time after receipt of written evidence of such order, it is determined that such domestic order constitutes a qualified domestic relations order, amounts subject to a domestic relations order which are payable to the alternate payee shall be segregated in a separate account and distributed in accordance with the terms of the order.  If within such reasonable period of time it is determined that such order does not constitute a qualified domestic relations order, the amounts so segregated (plus any interest thereon) shall be paid to the Participant or such other persons, if any, entitled to such amounts at such time.  Any determination regarding the status of such order after such reasonable time period shall be applied only to payments on or after the date of such determination.  Prior to the issuance of regulations, the Plan Administrator shall establish the time periods in which the Plan Administrator’s initial determination, a request for review thereof and the review by the Plan Administrator shall be made, provided that the total of such time periods shall not be longer than 18 months from the date written evidence of a domestic relations order is received by the Plan Administrator.  The duties of the Plan Administrator under this Section may be delegated by the Plan Administrator to one or more persons.

 

Section 11.4            Notices to Participants, Etc.  All notices, reports and statements given, made, delivered or transmitted to a Participant or Distributee or any other person entitled to or claiming benefits under the Plan shall be deemed to have been duly given, made or transmitted when mailed by first class mail with postage prepaid and addressed to the Participant or Distributee or such other person at the address last appearing on the records of the Plan Administrator.  A Participant or Distributee or other person may record any change of his address from time to time by written notice filed with the Plan Administrator.

 

Section 11.5          Notices to Company, Employers or Plan Administrator.  Written directions, notices and other communications from Participants or Distributees or any other person entitled to or claiming benefits under the Plan to the Company, Employers or the Plan Administrator shall be deemed to have been duly given, made or transmitted either when delivered to such location as shall be specified upon the form prescribed by the Plan Administrator for the giving of such directions, notices and other communications or when mailed by first class mail with postage prepaid and addressed to the addressee at the address specified upon such forms.

 

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Section 11.6           New Technologies.  Any references in this Plan to communications, notices, forms or agreements given under the Plan may be given in any form acceptable to the Plan Administrator including but not limited to electronic or other paperless forms (whether electrical, digital, magnetic, wireless, optical, electromagnetic, or other comparable technologies), facsimile, telephonic voice response systems or internet protocols, subject to the requirements of Department of Labor regulation section 2520.104b-1 or other applicable regulatory guidance.  Record retention may be in any form acceptable to the Plan Administrator.  Signatures (including signatures that must be notarized or acknowledged) will be accepted electronically to the extent the procedures for electronic signatures are acceptable to the Plan Administrator.

 

Section 11.7           Records.  The Plan Administrator shall keep a record of all of its proceedings and shall keep or cause to be kept all books of account, records and other data as may be necessary or advisable in its judgment for the administration of the Plan.

 

Section 11.8          Reports of Accounting to Participants.  The Plan Administrator shall keep on file, in such form as it shall deem convenient and proper, all reports concerning the Trust Fund and the Plan Administrator shall, as soon as possible after the close of each Plan Year, advise each Participant and Distributee of the balance credited to any account for his benefit as of the close of such Plan Year pursuant to Article 7 hereof.

 

Section 11.9           Limitations on Actions.  Effective for claims and actions filed on or after January 1, 2020, any claim filed under Section 11.2 and any action filed in state or federal court by or on behalf of a former or current Employee, Participant, Beneficiary or any other individual, person or entity (collectively, a “Petitioner”) for the alleged wrongful denial of Plan benefits or for the alleged interference with or violation of ERISA-protected rights must be brought within two years of the date the Petitioner’s cause of action first accrues.  For purposes of this subsection, a cause of action with respect to a Petitioner’s benefits under the Plan shall be deemed to accrue not later than the earliest of (i) when the Petitioner has received the calculation of the benefits that are the subject of the claim or legal action (ii) the date identified to the Petitioner by the Plan Administrator on which payments shall commence, or (iii) when the Petitioner has actual or constructive knowledge of the facts that are the basis of his claim.  For purposes of this subsection, a cause of action with respect to the alleged interference with ERISA-protected rights shall be deemed to accrue when the claimant has actual or constructive knowledge of the acts that are alleged to interfere with ERISA-protected rights.  Failure to bring any such claim or cause of action within two-year time frame shall preclude a Petitioner, or any representative of the Petitioner, from filing the claim or cause of action.  Correspondence or other communications following the mandatory appeals process described in Section 11.2 shall have no effect on this two-year time frame.

 

Section 11.10         Restriction of Venue.  Any claim or action filed in a court or any other tribunal in connection with the Plan by or on behalf of a Petitioner (as defined in Section 11.9) shall only be brought or filed in the United States District Court for the Southern District of New York.

 

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ARTICLE 12

 

ADOPTION OF THIS PLAN

 

Section 12.1          Adoption of Plan By Entity in Company’s Controlled Group.  With the consent of the Company, any entity within the Company’s Controlled Group may become a participating Employer under the Plan for the benefit of its Eligible Employees.  An entity that becomes a participating Employer under the Plan shall compile and submit all information required by the Company with reference to its Eligible Employees.

 

Section 12.2          Withdrawal from Participation.  Any Employer may withdraw from participation in the Plan at any time by duly notifying the Company and submitting any information required by the Company in connection with its withdrawal.

 

Section 12.3          Company and Plan Administrator as Agent for Employers.  Each entity which shall become a participating Employer pursuant to Section 12.1 by so doing shall be deemed to have appointed the Company and the Plan Administrator its agent to exercise on its behalf all of the powers and authorities hereby conferred upon the Company and the Plan Administrator by the terms of the Plan, including, but not by way of limitation, the power of the Company to amend and terminate the Plan.  The authority of the Company and the Plan Administrator to act as such agent shall continue unless and until Employer withdraws from participation pursuant to Section 12.2 and the Trust no longer contains Plan assets related to the employees of that Employer.

 

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ARTICLE 13

 

MISCELLANEOUS

 

Section 13.1           Expenses.  All costs and expenses incurred in administering the Plan and the Trust, including the fees of counsel and any agents for the Company and Plan Administrator, the fees and expenses of Trustee, the fees of counsel for the Trustee and other administrative expenses shall be paid from the Trust Fund to the extent not paid by the Company or the Employers, except for any expenses that are appropriate to be paid by a particular Participant (for example, any loan-processing fees assessed in accordance with Section 8.9(b)(7) shall be paid by the Participant requesting the loan).  The Company, in its sole discretion, shall determine the portion of each expense which is to be borne by a particular Employer.

 

Section 13.2           Non-Assignability.

 

(a)  In General.  It is a condition of the Plan, and all rights of each Participant and Distributee shall be subject thereto, that no right or interest of any Participant or Distributee in the Plan shall be assignable or transferable in whole or in part, either directly or by operation of law or otherwise, including, but not by way of limitation, execution, levy, garnishment, attachment, pledge or bankruptcy, but excluding devolution by death or mental incompetency, and no right or interest of any Participant or Distributee in the Plan shall be liable for, or subject to, any obligation or liability of such Participant or Distributee, including claims for alimony or the support of any Spouse.  Notwithstanding any provision of the Plan to the contrary, the rule against assignability in the foregoing shall not apply, to the extent permitted by law, to any offset of a Participant’s benefits under the Plan against an amount that the Participant is ordered or required to pay to the Plan pursuant to (i) a judgment of conviction for a crime involving the Plan, (ii) a civil judgment in connection with a violation (or alleged violation) of Part 4 of Subtitle B of Title I of ERISA or (iii) a settlement agreement between the Secretary of Labor and the Participant or the Pension Benefit Guaranty Corporation and the Participant in connection with a violation (or alleged violation) of Part 4 of Subtitle B of Title I of ERISA.

 

(b)  Exception for Qualified Domestic Relations Orders.  Notwithstanding any provision of the Plan to the contrary, if a Participant’s Account balance under the Plan, or any portion thereof, is the subject of one or more qualified domestic relations orders, as defined below, such Account balance or portion thereof shall be paid to the person and at the time and in the manner specified in any such order.  For purposes of this paragraph, “qualified domestic relations order” shall mean any “domestic relations order” as defined in Section 11.3 which creates (or recognizes the existence of) or assigns to a person other than the Participant (an “alternate payee”) rights to all or a portion of the Participant’s Account balance under the Plan.

 

The Qualified Domestic Relations Order must clearly specify:

 

1. The name and last known mailing address (if any) of the Participant and each alternate payee covered by such order,

 

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2. The amount or percentage of the Participant’s benefits to be paid by the Plan to each such alternate payee, or the manner in which such amount or percentage is to be determined,

 

3. The number of payments to, or period of time for which, such order applies, and

 

4. Each plan to which such order applies;

 

The Qualified Domestic Relations Order does not require:

 

1. The Plan to provide any type or form of benefit or any option not otherwise provided under the Plan at the time such order is issued,

 

2. The Plan to provide increased benefits (determined on the basis of actuarial equivalence), and

 

3. The payment of benefits to an alternate payee which at the time such order is issued already are required to be paid to a different alternate payee under a prior qualified domestic relations order;

 

All as determined by the Plan Administrator pursuant to the procedures contained in Section 11.3.

 

Section 13.3           Employment Non-Contractual.  The Plan confers no right upon an Employee to continue in employment.

 

Section 13.4            Limitation of Rights.  A Participant or Distributee shall have no right, title or claim in or to any specific asset of the Trust Fund, but shall have the right only to distributions from the Trust on the terms and conditions herein provided.

 

Section 13.5           Merger or Consolidation with Another Plan.  A merger or consolidation with, or transfer of assets or liabilities to, any other plan shall not be effected unless the terms of such merger, consolidation or transfer are such that each Participant, Distributee, Beneficiary or other person entitled to receive benefits from the Plan would, if the Plan were to terminate immediately after the merger, consolidation or transfer, receive a benefit equal to or greater than the benefit such person would be entitled to receive if the Plan were to terminate immediately before the merger, consolidation, or transfer.

 

Section 13.6          Gender and Plurals.  Wherever used in the Plan, words in the masculine gender shall include masculine or feminine gender, and, unless the context otherwise requires, words in the singular shall include the plural, and words in the plural shall include the singular.

 

Section 13.7           Applicable Law.  The Plan and all rights hereunder shall be governed by and construed in accordance with the laws of the State of New York to the extent such laws have not been preempted by applicable federal law.

 

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Section 13.8          Severability.  If a provision of the Plan shall be held illegal or invalid, the illegality or invalidity shall not affect the remaining parts of the Plan and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included in the Plan.

 

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ARTICLE 14

 

TOP-HEAVY PLAN REQUIREMENTS

 

Section 14.1           Top-Heavy Plan Determination.  If as of the determination date (as defined in Section 14.2) for any Plan Year (a) the sum of the Account balances under the Plan and all other defined contribution plans in the aggregation group (as defined in Section 14.2) and (b) the present value of accrued benefits under all defined benefit plans in such aggregation group of all participants in such plans who are key employees (as defined in Section 14.2) for such Plan Year exceeds 60% of the aggregate of the Account balances and present value of accrued benefits of all participants in such plans as of the determination date, then the Plan shall be a top-heavy plan for such Plan Year, and the requirements of Sections 14.3 shall be applicable for such Plan Year as of the first day thereof.  If the Plan shall be a top-heavy plan for any Plan Year and not be a top-heavy plan for any subsequent Plan Year, the requirements of this Article 14 shall not be applicable for such subsequent Plan Year.

 

Section 14.2           Definitions and Special Rules.

 

(a)  Definitions.  For purposes of this Article 14, the following definitions shall apply:

 

(1)  Determination Date.  The determination date for all plans in the aggregation group shall be the last day of the preceding Plan Year, and the valuation date applicable to a determination date shall be (i) in the case of a defined contribution plan, the date as of which account balances are determined which is coincident with or immediately precedes the determination date, and (ii) in the case of a defined benefit plan, the date as of which the most recent actuarial valuation for the Plan Year which includes the determination date is prepared, except that if any such plan specifies a different determination or valuation date, such different date shall be used with respect to such plan.

 

(2)  Aggregation Group.  The aggregation group shall consist of (a) each plan of an Employer in which a key employee is a Participant, (b) each other plan which enables such a plan to be qualified under Code section 401(a) or 410, and (c) any other plans of an Employer which the Employer shall designate as part of the aggregation group and which shall permit the aggregation group to continue to meet the requirements of Code sections 401(a) and 410 with such other plan being taken into account.

 

(3)  Key Employee.  The term key employee shall have the meaning set forth in Code section 416(i).  “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 an Employer having annual Code Section 415 Compensation greater than $130,000 (as adjusted under Code section 416(i))(1)) for Plan Years beginning after December 31, 2002), a 5-percent owner of an Employer, or a 1-percent owner of an Employer having annual Code Section 415 Compensation of more than $150,000.  For this purpose, annual Code Section 415 Compensation shall not include any amounts paid to such nonresident alien which are (i) excludable from gross income and (ii) not effectively connected with the conduct of a trade or business within the United States.  The determination of who is a key employee will be in accordance with Code section 416(i)(1) and the applicable Treasury regulations and other guidance of general applicability thereunder.

 

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(b)  Special Rules.  For purposes of this Article 14, the following special rules shall apply:

 

(1)  For the purpose of determining the accrued benefit or account balance of a participant, the accrued benefit or account balance of any person who has not performed services for an Employer at any time during the five-year period ending on the determination date shall not be taken into account pursuant to this Section, and any person who received a distribution from a plan (including a plan which has terminated) in the aggregation group during the five-year period ending on the last day of the preceding Plan Year shall be treated as a participant in such plan, and any such distribution shall be included in such participant’s account balance or accrued benefit, as the case may be.

 

(2)  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 Code section 416(g)(2) during the one-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 Code section 416(g)(2)(A)(i).  In the case of a distribution made for a reason other than severance from employment, death, or disability, this provision shall be applied by substituting “five-year period” for “one-year period.”  The accrued benefits and accounts of any individual who has not performed services for an Employer during the one-year period ending on the Determination Date shall not be taken into account.

 

Section 14.3          Minimum Contribution for Top-Heavy Years.  Notwithstanding any provision of the Plan to the contrary, the Employer Matching Contributions under Article 4 allocated to the Account of a Participant during any Plan Year (other than to the Account of a key employee) and the forfeitures allocated to the Account of a Participant during any Plan Year (other than to the Account of a key employee) for which the Plan is a top-heavy plan shall in no event be less than the lesser of (i) 3 percent of such Participant’s Code Section 415 Compensation during such Plan Year and (ii) the highest percentage at which contributions are made on behalf of any key employee for such Plan Year.  Such minimum contribution shall be made even if, under other provisions of the Plan, the Participant would not otherwise be entitled to receive an allocation or would receive a lesser allocation for the year because of (i) the Participant’s failure to complete 1,000 Hours of Service, or (ii) Code Section 415 Compensation of less than a stated amount.  If during any Plan Year for which this Section is applicable a defined benefit plan is included in the aggregation group and such defined benefit plan is a top-heavy plan for such Plan Year, the percentage set forth in the clause (i) above shall be 5 percent.  The percentage referred to in clause (ii) of the first sentence of this Section shall be obtained by dividing the aggregate of contributions made pursuant to Article 4 and pursuant to any other defined contribution plan which is required to be included in the aggregation group (other than a defined contribution plan which enables a defined benefit plan which is required to be included in such group to be qualified under Code section 401(a)) during the Plan Year on behalf of such key employee by such key employee’s Code Section 415 Compensation for the Plan Year.

 

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ARTICLE 15

 

AMENDMENT, ESTABLISHMENT OF SEPARATE

PLAN AND TERMINATION

 

Section 15.1           Amendment or Termination.  The Plan may at any time and from time to time be amended or modified by resolution of the Company, or a duly appointed delegate thereof.  Any such amendment or modification shall become effective on such date as the amendment shall specify, including retroactively to the extent permitted by law, and may apply to Participants in the Plan at the time thereof as well as to future Participants.  The Plan may be terminated on any date specified by resolution of the Company.

 

Section 15.2          Establishment of Separate Plan.  If an Employer shall withdraw from the Plan under Section 12.2 the Company shall determine the portion of the Trust Fund held by the Trustee which is applicable to the Participants and former Participants of such Employer and direct the Trustee to segregate such portion in a separate Trust.  Such separate Trust shall thereafter be held and administered as a part of the separate plan of such Employer.  The portion of the Trust applicable to the Participants and former Participants of a particular Employer shall be the sum of:

 

(a)  The total amount credited to all Accounts which are applicable to the Participants and former Participants of such Employer and

 

(b)  An amount which bears the same ratio to the excess, if any, of

 

(1)  The total value of the Trust, over

 

(2)  The total amount credited to all Accounts as the total amount credited to the Accounts which are applicable to the Participants and former Participants of such Employer bears to the total amount credited to such Accounts of all Participants and former Participants.

 

Section 15.3           Full Vesting upon Termination of Participation, Partial Plan Termination or Complete Discontinuance of Contributions.  In the event of the termination or partial termination of the Plan or upon the complete discontinuance of contributions under the Plan, the Accounts of all affected Employees shall become fully vested and shall not thereafter be subject to forfeiture.

 

Section 15.4          Distribution upon Termination of the Plan.  Any Employer may at any time terminate its participation in the Plan by written instrument executed on behalf of the Employer by resolution of its board of directors to that effect.  In the event of any such termination the Company shall determine the portion of the Trust Fund held by the Trustee which is applicable to the Participants and former Participants of such Employer and direct the Trustee to distribute such portion to Participants ratably in proportion to the balances of their respective Accounts as follows:

 

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(a)  The balance in any Account shall be distributed to the Distributee entitled to receive such Account.

 

(b)  The remaining assets of the Trust Fund shall be distributed to Participants ratably in proportion to the balances of their respective Accounts. A complete discontinuance of contributions by an Employer shall be deemed a termination of such Employer’s participation in the Plan for purposes of this Section.  Notwithstanding he foregoing or any provision of the Plan to the contrary, no distribution shall be made in violation of the distribution restrictions of Code section 401(k).

 

Section 15.5           Trust Fund to Be Applied Exclusively for Participants and Their Beneficiaries.  Subject only to the provisions of Section 4.6 (Return of Employer Contributions) and the provisions of Section 15.4 (Distribution upon Termination of the Plan) and any other provision of the Plan to the contrary notwithstanding, it shall be impossible for any part of the Trust Fund to be used for or diverted to any purpose not for the exclusive benefit of Participants and their Beneficiaries either by operation or termination of the Plan, power of amendment or other means.

 

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SIGNATURE

 

IN WITNESS WHEREOF, the Company has adopted the Plan on this ____ day of ______________, 2017.

 

	 	
DIME COMMUNITY BANK

	 	 
	 	
By:

	               

 

 

63EX-4.4

 Exhibit 4.4 

VERSARTIS, INC., 
 Issuer

 AND 

[TRUSTEE], 
 Trustee

  
  

INDENTURE 
 Dated as of
[•], 20  
  
  

Debt Securities 

 TABLE OF CONTENTS
  

							
	 	 	 	  	PAGE	 
	ARTICLE 1	 	 DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	 Definitions of Terms
	  	 	1	 
			
	ARTICLE 2	 	 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES
	  	 	5	 
			
	 Section 2.01
	 	 Designation and Terms of Securities
	  	 	5	 
			
	 Section 2.02
	 	 Form of Securities and Trustee’s Certificate
	  	 	8	 
			
	 Section 2.03
	 	 Denominations: Provisions for Payment
	  	 	8	 
			
	 Section 2.04
	 	 Execution and Authentications
	  	 	10	 
			
	 Section 2.05
	 	 Registration of Transfer and Exchange
	  	 	10	 
			
	 Section 2.06
	 	 Temporary Securities
	  	 	12	 
			
	 Section 2.07
	 	 Mutilated, Destroyed, Lost or Stolen Securities
	  	 	12	 
			
	 Section 2.08
	 	 Cancellation
	  	 	13	 
			
	 Section 2.09
	 	 Benefits of Indenture
	  	 	13	 
			
	 Section 2.10
	 	 Authenticating Agent
	  	 	13	 
			
	 Section 2.11
	 	 Global Securities
	  	 	14	 
			
	 Section 2.12
	 	 CUSIP Numbers
	  	 	15	 
			
	ARTICLE 3	 	 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
	  	 	15	 
			
	 Section 3.01
	 	 Redemption
	  	 	15	 
			
	 Section 3.02
	 	 Notice of Redemption
	  	 	15	 
			
	 Section 3.03
	 	 Payment Upon Redemption
	  	 	17	 
			
	 Section 3.04
	 	 Sinking Fund
	  	 	17	 
			
	 Section 3.05
	 	 Satisfaction of Sinking Fund Payments with Securities
	  	 	17	 
			
	 Section 3.06
	 	 Redemption of Securities for Sinking Fund
	  	 	18	 
			
	ARTICLE 4	 	 COVENANTS
	  	 	18	 
			
	 Section 4.01
	 	 Payment of Principal, Premium and Interest
	  	 	18	 
			
	 Section 4.02
	 	 Maintenance of Office or Agency
	  	 	18	 
			
	 Section 4.03
	 	 Paying Agents
	  	 	19	 
			
	 Section 4.04
	 	 Appointment to Fill Vacancy in Office of Trustee
	  	 	20	 

  
 i. 

 TABLE OF CONTENTS

(CONTINUED) 
  

							
	 	 	 	  	PAGE	 
	ARTICLE 5	 	 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	  	 	20	 
			
	 Section 5.01
	 	 Company to Furnish Trustee Names and Addresses of Securityholders
	  	 	20	 
			
	 Section 5.02
	 	 Preservation Of Information; Communications With Securityholders
	  	 	20	 
			
	 Section 5.03
	 	 Reports by the Company
	  	 	21	 
			
	 Section 5.04
	 	 Reports by the Trustee
	  	 	21	 
			
	ARTICLE 6	 	 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	  	 	22	 
			
	 Section 6.01
	 	 Events of Default
	  	 	22	 
			
	 Section 6.02
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	24	 
			
	 Section 6.03
	 	 Application of Moneys Collected
	  	 	25	 
			
	 Section 6.04
	 	 Limitation on Suits
	  	 	25	 
			
	 Section 6.05
	 	 Rights and Remedies Cumulative; Delay or Omission Not Waiver
	  	 	26	 
			
	 Section 6.06
	 	 Control by Securityholders
	  	 	27	 
			
	 Section 6.07
	 	 Undertaking to Pay Costs
	  	 	27	 
			
	ARTICLE 7	 	 CONCERNING THE TRUSTEE
	  	 	28	 
			
	 Section 7.01
	 	 Certain Duties and Responsibilities of Trustee
	  	 	28	 
			
	 Section 7.02
	 	 Certain Rights of Trustee
	  	 	29	 
			
	 Section 7.03
	 	 Trustee Not Responsible for Recitals or Issuance or Securities
	  	 	31	 
			
	 Section 7.04
	 	 May Hold Securities
	  	 	31	 
			
	 Section 7.05
	 	 Moneys Held in Trust
	  	 	32	 
			
	 Section 7.06
	 	 Compensation and Reimbursement
	  	 	32	 
			
	 Section 7.07
	 	 Reliance on Officer’s Certificate
	  	 	33	 
			
	 Section 7.08
	 	 Disqualification; Conflicting Interests
	  	 	33	 
			
	 Section 7.09
	 	 Corporate Trustee Required; Eligibility
	  	 	33	 
			
	 Section 7.10
	 	 Resignation and Removal; Appointment of Successor
	  	 	33	 
			
	 Section 7.11
	 	 Acceptance of Appointment By Successor
	  	 	35	 
			
	 Section 7.12
	 	 Merger, Conversion, Consolidation or Succession to Business
	  	 	36	 
			
	 Section 7.13
	 	 Preferential Collection of Claims Against the Company
	  	 	36	 
			
	 Section 7.14
	 	 Notice of Default
	  	 	36	 

  
 ii. 

 TABLE OF CONTENTS

(CONTINUED) 
  

							
	 	 	 	  	PAGE	 
	ARTICLE 8	 	 CONCERNING THE SECURITYHOLDERS
	  	 	37	 
			
	 Section 8.01
	 	 Evidence of Action by Securityholders
	  	 	37	 
			
	 Section 8.02
	 	 Proof of Execution by Securityholders
	  	 	37	 
			
	 Section 8.03
	 	 Who May be Deemed Owners
	  	 	38	 
			
	 Section 8.04
	 	 Certain Securities Owned by Company Disregarded
	  	 	38	 
			
	 Section 8.05
	 	 Actions Binding on Future Securityholders
	  	 	38	 
			
	ARTICLE 9	 	 SUPPLEMENTAL INDENTURES
	  	 	39	 
			
	 Section 9.01
	 	 Supplemental Indentures Without the Consent of Securityholders
	  	 	39	 
			
	 Section 9.02
	 	 Supplemental Indentures With Consent of Securityholders
	  	 	40	 
			
	 Section 9.03
	 	 Effect of Supplemental Indentures
	  	 	40	 
			
	 Section 9.04
	 	 Securities Affected by Supplemental Indentures
	  	 	40	 
			
	 Section 9.05
	 	 Execution of Supplemental Indentures
	  	 	41	 
			
	ARTICLE 10	 	 SUCCESSOR ENTITY
	  	 	41	 
			
	 Section 10.01
	 	 Company May Consolidate, Etc.
	  	 	41	 
			
	 Section 10.02
	 	 Successor Entity Substituted
	  	 	42	 
			
	ARTICLE 11	 	 SATISFACTION AND DISCHARGE
	  	 	42	 
			
	 Section 11.01
	 	 Satisfaction and Discharge of Indenture
	  	 	42	 
			
	 Section 11.02
	 	 Discharge of Obligations
	  	 	43	 
			
	 Section 11.03
	 	 Deposited Moneys to be Held in Trust
	  	 	43	 
			
	 Section 11.04
	 	 Payment of Moneys Held by Paying Agents
	  	 	43	 
			
	 Section 11.05
	 	 Repayment to Company
	  	 	44	 
			
	ARTICLE 12	 	 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	  	 	44	 
			
	 Section 12.01
	 	 No Recourse
	  	 	44	 
			
	ARTICLE 13	 	 MISCELLANEOUS PROVISIONS
	  	 	45	 
			
	 Section 13.01
	 	 Effect on Successors and Assigns
	  	 	45	 
			
	 Section 13.02
	 	 Actions by Successor
	  	 	45	 
			
	 Section 13.03
	 	 Surrender of Company Powers
	  	 	45	 

  
 iii. 

 TABLE OF CONTENTS

(CONTINUED) 
  

							
	 	 	 	  	PAGE	 
	 Section 13.04
	 	 Notices
	  	 	45	 
			
	 Section 13.05
	 	 Governing Law; Jury Trial Waiver
	  	 	45	 
			
	 Section 13.06
	 	 Treatment of Securities as Debt
	  	 	46	 
			
	 Section 13.07
	 	 Certificates and Opinions as to Conditions Precedent
	  	 	46	 
			
	 Section 13.08
	 	 Payments on Business Days
	  	 	46	 
			
	 Section 13.09
	 	 Conflict with Trust Indenture Act
	  	 	47	 
			
	 Section 13.10
	 	 Counterparts
	  	 	47	 
			
	 Section 13.11
	 	 Separability
	  	 	47	 
			
	 Section 13.12
	 	 Compliance Certificates
	  	 	47	 
			
	 Section 13.13
	 	 Patriot Act
	  	 	47	 
			
	 Section 13.14
	 	 Force Majeure
	  	 	48	 
			
	 Section 13.15
	 	 Table of Contents; Headings
	  	 	48	 

  
 iv. 

 INDENTURE 

INDENTURE, dated as of [•], 20 , among VERSARTIS, INC., a Delaware corporation (the “Company”), and [TRUSTEE],
as trustee (the “Trustee”): 
 WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of
this Indenture to provide for the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as
registered Securities without coupons, to be authenticated by the certificate of the Trustee; 
 WHEREAS, to provide the terms and conditions upon
which the Securities are to be authenticated, issued and delivered, the Company has duly authorized the execution of this Indenture; and 
 WHEREAS,
all things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE, in
consideration of the premises and the purchase of the Securities by the holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities: 

ARTICLE 1 
 DEFINITIONS

 Section 1.01 Definitions of Terms. 

The terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the context
otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this Indenture
that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or unless the
context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument. 

“Authenticating Agent” means the Trustee or an authenticating agent with respect to all or any of the series of Securities appointed
by the Trustee pursuant to Section 2.10. 
 “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for
the relief of debtors. 
 “Board of Directors” means the Board of Directors (or the functional equivalent thereof) of the Company or
any duly authorized committee of such Board. 

  
 1 

 “Board Resolution” means a copy of a resolution certified by the Secretary or an
Assistant Secretary of the Company to have been duly adopted by the Board of Directors (or duly authorized committee thereof) and to be in full force and effect on the date of such certification. 

“Business Day” means, with respect to any series of Securities, any day other than a day on which federal or state banking
institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law, executive order or regulation to close. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at
any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time. 

“Company” means VERSARTIS, INC., a corporation duly organized and existing under the laws of the State of Delaware, and,
subject to the provisions of Article Ten, shall also include its successors and assigns. 
 “Corporate Trust Office” means the
office of the Trustee at which, at any particular time, its corporate trust business shall be principally administered, which office at the date hereof is located at . 

“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

“Defaulted Interest” has the meaning set forth in Section 2.03. 

“Depositary” means, with respect to Securities of any series for which the Company shall determine that such Securities will be issued
as a Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other applicable statute or regulation, which, in each case, shall be designated by the Company
pursuant to either Section 2.01 or 2.11. 
 “Event of Default” means, with respect to Securities of a particular series, any
event specified in Section 6.01, continued for the period of time, if any, therein designated. 
 “Exchange Act” means the
United States Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder. 
 “Global
Security” means a Security issued to evidence all or a part of any series of Securities which is executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction,
all in accordance with the Indenture, which shall be registered in the name of the Depositary or its nominee. 

  
 2 

 “Governmental Obligations” means securities that are (a) direct obligations of the
United States of America for the payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the stated maturity of the Securities, and
shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental Obligation held by such custodian for
the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount
received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt. 

“herein”, “hereof” and “hereunder”, and other words of similar import, refer to
this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “Indenture” means this instrument as
originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered into in accordance with the terms hereof and shall include the terms of particular series of Securities established
as contemplated by Section 2.01. 
 “Interest Payment Date”, when used with respect to any installment of interest on a
Security of a particular series, means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of interest with respect to Securities
of that series is due and payable. 
 “Officer” means, with respect to the Company, the chairman of the Board of Directors, a chief
executive officer, a president, a chief financial officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer or any assistant treasurer, the controller or any assistant controller
or the secretary or any assistant secretary. 
 “Officer’s Certificate” means a certificate signed by any Officer. Each such
certificate shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof. 
 “Opinion
of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who may be an employee of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion
shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof. 

“Outstanding”, when used with reference to Securities of any series, means, subject to the provisions of Section 8.04, as of any
particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying
agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental Obligations in the necessary amount 

  
 3 

 shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall
have been set aside and segregated in trust by the Company (if the Company shall act as its own paying agent); provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such
redemption shall have been given as provided in Article Three, or provision satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been
authenticated and delivered pursuant to the terms of Section 2.07. 
 “Person” means any individual, corporation, partnership,
joint venture, joint-stock company, limited liability company, association, trust, unincorporated organization, any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to evidence the same debt as the lost,
destroyed or stolen Security. 
 “Responsible Officer” when used with respect to the Trustee means any officer within the Corporate
Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject and in each case who shall have direct responsibility for the administration of this Indenture.

 “Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities
authenticated and delivered under this Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Securityholder”, “holder of Securities”, “registered holder”, or other similar term,
means the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in accordance with the terms of this Indenture. 

“Security Register” and “Security Registrar” shall have the meanings as set forth in Section 2.05. 

“Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of which more than
50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees
thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person. 

  
 4 

 “Trustee” means , and, subject to the provisions of Article Seven, shall also include its
successors and assigns, and, if at any time there is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to a particular series of the Securities
shall mean the trustee with respect to that series. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

“U.S.A. Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001. 

ARTICLE 2 
 ISSUE,
DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND 
 EXCHANGE OF SECURITIES 

Section 2.01 Designation and Terms of Securities. 

(a) The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued
in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the initial issuance of
Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto: 

(1) the title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities); 

(2) any limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this Indenture (except
for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series); 

(3) the maturity date or dates on which the principal of the Securities of the series is payable; 

(4) the form of the Securities of the series including the form of the certificate of authentication for such series; 

(5) the applicability of any guarantees; 
 (6)
whether or not the Securities will be secured or unsecured, and the terms of any secured debt; 

  
 5 

 (7) whether the Securities rank as senior debt, senior subordinated debt, subordinated debt or any
combination thereof, and the terms of any subordination; 
 (8) if the price (expressed as a percentage of the aggregate principal amount thereof) at
which such Securities will be issued is a price other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof, or if applicable, the portion of the principal
amount of such Securities that is convertible into another security or the method by which any such portion shall be determined; 
 (9) the interest
rate or rates, which may be fixed or variable, or the method for determining the rate and the date interest will begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for
determining such dates; 
 (10) the Company’s right, if any, to defer the payment of interest and the maximum length of any such deferral period;

 (11) if applicable, the date or dates after which, or the period or periods during which, and the price or prices at which, the Company may at its
option, redeem the series of Securities pursuant to any optional or provisional redemption provisions and the terms of those redemption provisions; 

(12) the date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant to any mandatory sinking fund or analogous
fund provisions or otherwise, to redeem, or at the Securityholder’s option to purchase, the series of Securities and the currency or currency unit in which the Securities are payable; 

(13) the denominations in which the Securities of the series shall be issuable, if other than denominations of one thousand U.S. dollars ($1,000) or any
integral multiple thereof; 
 (14) any and all terms, if applicable, relating to any auction or remarketing of the Securities of that series and any
security for the obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with the marketing of Securities of that series; 

(15) whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the terms and conditions,
if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global Security or Securities; 

(16) if applicable, the provisions relating to conversion or exchange of any Securities of the series and the terms and conditions upon which such
Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the holders’ option)
conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion or exchange, which may, without limitation, include the payment of cash as well as the delivery of securities; 

  
 6 

 (17) if other than the full principal amount thereof, the portion of the principal amount of Securities of
the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01; 
 (18) additions to or
changes in the covenants applicable to the series of Securities being issued, including, among others, the consolidation, merger or sale covenant; 

(19) additions to or changes in the Events of Default with respect to the Securities and any change in the right of the Trustee or the Securityholders
to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be due and payable; 
 (20) additions to or
changes in or deletions of the provisions relating to covenant defeasance and legal defeasance; 
 (21) additions to or changes in the provisions
relating to satisfaction and discharge of this Indenture; 
 (22) additions to or changes in the provisions relating to the modification of this
Indenture both with and without the consent of Securityholders of Securities issued under this Indenture; 
 (23) the currency of payment of
Securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S. dollars; 
 (24) whether interest will be payable in
cash or additional Securities at the Company’s or the Securityholders’ option and the terms and conditions upon which the election may be made; 

(25) the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any and principal
amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes; 
 (26) any
restrictions on transfer, sale or assignment of the Securities of the series; and 
 (27) any other specific terms, preferences, rights or
limitations of, or restrictions on, the Securities, any other additions or changes in the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations. 

All Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board Resolution or in any
indentures supplemental hereto. 

  
 7 

 If any of the terms of the series are established by action taken pursuant to a Board Resolution of the Company,
a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate of the Company setting forth the
terms of the series. 
 Securities of any particular series may be issued at various times, with different dates on which the principal or any installment
of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different redemption dates. 

Section 2.02 Form of Securities and Trustee’s Certificate. 

The Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the tenor and
purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have such letters, numbers or other marks of identification or designation and such
legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made
pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage. 

Section 2.03 Denominations: Provisions for Payment. 

The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof,
subject to Section 2.01(a)(13). The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. Subject to Section 2.01(a)(23), the principal of and the interest on the
Securities of any series, as well as any premium thereon in case of redemption or repurchase thereof prior to maturity, and any cash amount due upon conversion or exchange thereof, shall be payable in the coin or currency of the United States of
America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on
the basis of a 360-day year composed of twelve 30-day months. 
 The
interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor
Securities) is registered at the close of business on the regular record date for such interest installment. In the event that any Security of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a
regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.03. 

Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series
(herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its
election, as provided in clause (1) or clause (2) below: 

  
 8 

 (1) The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names
such Securities (or their respective Predecessor Securities) are registered at the close of business on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner: the Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed
payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such special record date and, in the name and at the expense of the Company, shall cause
notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her address as it appears in the Security Register (as hereinafter defined),
not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose
names such Securities (or their respective Predecessor Securities) are registered on such special record date. 
 (2) The Company may make payment of
any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice
given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

Unless otherwise set forth in a Board Resolution or one or more indentures supplemental hereto establishing the terms of any series of Securities pursuant to
Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any Interest Payment Date for such series shall mean either the fifteenth day of the month immediately preceding
the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the first day of a month, or the first day of the month in which an Interest Payment Date
established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not such date is a Business Day. 

Subject to the foregoing provisions of this Section, each Security of a series delivered under this Indenture upon transfer of or in exchange for or in lieu
of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security. 

  
 9 

 Section 2.04 Execution and Authentications. 

The Securities shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile signature. 

The Company may use the facsimile signature of any Person who shall have been an Officer (at the time of execution), notwithstanding the fact that at the time
the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage.
Each Security shall be dated the date of its authentication by the Trustee. 
 A Security shall not be valid until authenticated manually by an authorized
signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the benefits of this
Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a written order of the Company
for the authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such written order shall authenticate and deliver such Securities. 

Upon the Company’s delivery of any such authentication order to the Trustee at any time after the initial issuance of Securities under this Indenture,
the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in relying upon, (1) an Opinion of Counsel or reliance letter and (2) an Officer’s Certificate
stating that all conditions precedent to the execution, authentication and delivery of such Securities are in conformity with the provisions of this Indenture. 

The Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the Trustee’s
own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee. 

Section 2.05 Registration of Transfer and Exchange. 

(a) Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such purpose, for other
Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section. In respect of any
Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder making the exchange
shall be entitled to receive, bearing numbers not contemporaneously outstanding. 
 (b) The Company shall keep, or cause to be kept, at its office or
agency designated for such purpose a register or registers (herein referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register 

  
 10 

 the Securities and the transfers of Securities as in this Article provided and which at all reasonable times
shall be open for inspection by the Trustee. The registrar for the purpose of registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution (the “Security Registrar”). 

Upon surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the Trustee shall
authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented for a like aggregate principal amount. 

All Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the
Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized attorney in
writing. 
 (c) Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or
established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption of any series or repurchase,
conversion or exchange of less than the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than exchanges pursuant to
Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer. 
 (d) The Company shall not be required (i) to issue,
exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the Outstanding Securities of the same series and ending at the
close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption or surrendered for repurchase, but not validly withdrawn, other than the
unredeemed portion of any such Securities being redeemed in part or not surrendered for repurchase, as the case may be. The provisions of this Section 2.05 are, with respect to any Global Security, subject to Section 2.11 hereof. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture
or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among depositary participants or beneficial owners of interests in any Global Security) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 

  
 11 

 Section 2.06 Temporary Securities. 

Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver, temporary Securities
(printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions, insertions and variations as
may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions and in substantially the same
manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary Securities of such series may be
surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or agency shall deliver in exchange for such temporary Securities
an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further notice from the Company. Until so
exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder. 

Section 2.07 Mutilated, Destroyed, Lost or Stolen Securities. 

In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next succeeding sentence)
shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and substitution for the
mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity as may be required by
them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s Security
and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted Security, the Company may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

In case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a
substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or indemnity as they
may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof. 

  
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 Every replacement Security issued pursuant to the provisions of this Section shall constitute an additional
contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or payment of
negotiable instruments or other securities without their surrender. 
 Section 2.08 Cancellation. 

All Securities surrendered for the purpose of payment, redemption, repurchase, exchange, registration of transfer or conversion shall, if surrendered to the
Company or any paying agent (or any other applicable agent), be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as expressly required or
permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request the Trustee may dispose
of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 

Section 2.09 Benefits of Indenture. 

Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the
holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit
of the parties hereto and of the holders of the Securities. 
 Section 2.10 Authenticating Agent. 

So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities which the
Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption, repurchase or conversion thereof,
and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of Securities
by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most recently
reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to 

  
 13 

 conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is
subject to supervision or examination by federal or state authorities. If at any time any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately. 

Any Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and
upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any
Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and
duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto. 
 Section 2.11 Global
Securities. 
 (a) If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a
Global Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate
principal amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s
instruction (or if the Depositary names the Trustee as its custodian, retained by the Trustee), and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of the Indenture, this
Security may be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.” 

(b) Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part and in the manner
provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary. 

(c) If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as Depositary for such
series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not appointed by the Company
within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has received a request from the Depositary or from the Trustee,
this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.04, the Trustee will authenticate and deliver the Securities of such series in definitive registered
form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition, the Company may at any time determine that
the Securities of any series shall no longer be represented by a Global 

  
 14 

 Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such
series. In such event the Company will execute and, subject to Section 2.04, the Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in
definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global
Security for such Securities in definitive registered form without coupons, in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security
pursuant to this Section 2.11(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee
shall deliver such Securities to the Depositary for delivery to the Persons in whose names such Securities are so registered. 

Section 2.12 CUSIP Numbers. 

The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers
in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any
change in the “CUSIP” numbers. 
 ARTICLE 3 

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS 

Section 3.01 Redemption. 
 The
Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for such series pursuant to Section 2.01 hereof. 

Section 3.02 Notice of Redemption. 

(a) In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series in
accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed by
mailing, first class postage prepaid (or with regard to any Global Security held in book entry form, by electronic mail), a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of that series
to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period is specified in 

  
 15 

 the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the registered holder receives the notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the
notice, shall not affect the validity of the proceedings for the redemption of any other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption
provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction. 

Each such notice of redemption shall identify the Securities to be redeemed (including CUSIP numbers, if any), specify the date fixed for redemption and the
redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption price of such Securities to be redeemed will be made at the office or agency of the Company, upon presentation and surrender of
such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that from and after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is the case. If
less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be redeemed in part shall specify the particular Securities to be so redeemed. 

In case any Security is to be redeemed in part only, the notice that relates to such Security shall state the portion of the principal amount thereof to be
redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in principal amount equal to the unredeemed portion thereof will be issued. 

(b) If less than all the Securities of a series are to be redeemed, the Company shall give the Trustee at least 45 days’ notice (unless a shorter
notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it
shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof) of the principal amount of such Securities of a
denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by
delivery of instructions signed on its behalf by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular series for redemption and to give notice of redemption in the manner set forth in this
Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of redemption is to be given by the Trustee or any such paying agent, the Company shall deliver
or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such
paying agent to give any notice by mail that may be required under the provisions of this Section. 

  
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 Section 3.03 Payment Upon Redemption. 

(a) If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the series to be
redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such Securities or
portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion thereof. On
presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series, together with
interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an Interest Payment Date, the interest installment payable on such date shall be payable to the registered holder at the close of business on the
applicable record date pursuant to Section 2.03). 
 (b) Upon presentation of any Security of such series that is to be redeemed in part only,
the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same series of authorized denominations
in principal amount equal to the unredeemed portion of the Security so presented. 
 Section 3.04 Sinking Fund. 

The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as otherwise
specified as contemplated by Section 2.01 for Securities of such series. 
 The minimum amount of any sinking fund payment provided for by the terms of
Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking
fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be applied to the redemption of
Securities of any series as provided for by the terms of Securities of such series. 
 Section 3.05 Satisfaction of Sinking
Fund Payments with Securities. 
 The Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit Securities of a
series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in
satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such series, provided that such Securities have
not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly. 

  
 17 

 Section 3.06 Redemption of Securities for Sinking Fund. 

Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to the Trustee), the
Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be satisfied by delivering
and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate, deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each
such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03. 

ARTICLE 4 
 COVENANTS

 Section 4.01 Payment of Principal, Premium and Interest. 

The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that series at the time
and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check drawn
on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions to the
Trustee no later than 15 days prior to the relevant payment date. Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the address of the
Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions in writing to the Security Registrar and the
Trustee no later than 15 days prior to the relevant payment date. 
 Section 4.02 Maintenance of Office or Agency. 

So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each such series and at such
other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as herein above authorized for
registration of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to such office or
agency until the Company shall, by 

  
 18 

 written notice signed by any officer authorized to sign an Officer’s Certificate and delivered to the
Trustee, designate some other office or agency for such purposes or any of them. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands. The Company initially appoints the Corporate
Trust Office of the Trustee as its paying agent with respect to the Securities. 
 Section 4.03 Paying Agents. 

(a) If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company will cause each
such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section: 

(1) that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the Securities of that
series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled thereto; 

(2) that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any payment of the principal
of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable; 
 (3) that it will, at any time during
the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and 

(4) that it will perform all other duties of paying agent as set forth in this Indenture. 

(b) If the Company shall act as its own paying agent with respect to any series of the Securities, it will on or before each due date of the principal
of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on
Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such
action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a
sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the
Company will promptly notify the Trustee of this action or failure so to act. 

  
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 (c) Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums in trust
as provided in this Section is subject to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or direct any
paying agent to pay, to the Trustee all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such paying agent; and,
upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money. 

Section 4.04 Appointment to Fill Vacancy in Office of Trustee. 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10, a Trustee, so
that there shall at all times be a Trustee hereunder. 
 ARTICLE 5 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 

Section 5.01 Company to Furnish Trustee Names and Addresses of Securityholders. 

The Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in Section 2.03) a
list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or cause to furnish such
list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request in writing within 30 days after the receipt by the Company
of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such list need be furnished for any series for which the Trustee shall
be the Security Registrar. 
 Section 5.02 Preservation Of Information; Communications With Securityholders. 

(a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and addresses of the holders of
Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if acting in such capacity). 

(b) The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 

  
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 (c) Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act with
other Securityholders with respect to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust Indenture Act in
accordance with the provisions of Section 312(b) of the Trust Indenture Act. 
 Section 5.03 Reports by the Company.

 (a) The Company will at all times comply with Section 314(a) of the Trust Indenture Act. The Company covenants and agrees to provide (which
delivery may be via electronic mail) to the Trustee within 30 days, after the Company files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the
foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act; provided, however, the Company
shall not be required to deliver to the Trustee any correspondence filed with the Commission or any materials for which the Company has sought and received confidential treatment by the Commission; and provided further, that so long as such filings
by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or any successor system, such filings shall be deemed to have been filed with the Trustee for purposes hereof without any further
action required by the Company. For the avoidance of doubt, a failure by the Company to file annual reports, information and other reports with the SEC within the time period prescribed thereof by the Commission shall not be deemed a breach of this
Section 5.03. 
 (b) Delivery of reports, information and documents to the Trustee under Section 5.03 is for informational purposes only and
the information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information contained therein including the Company’s compliance with any of
their covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee is under no duty to examine any such reports, information or documents delivered to the Trustee or filed with the SEC
via EDGAR to ensure compliance with the provision of this Indenture or to ascertain the correctness or otherwise of the information or the statements contained therein. The Trustee shall have no responsibility or duty whatsoever to ascertain or
determine whether the above referenced filings with the SEC on EDGAR (or any successor system) has occurred. 
 Section 5.04
Reports by the Trustee. 
 (a) If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after
each May 1, shall transmit by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated as of such May 1, which complies with Section 313(a) of the
Trust Indenture Act. 
 (b) The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act. 

  
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 (c) A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the
Trustee with the Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities exchange. 

ARTICLE 6 
 REMEDIES OF
THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT 
 Section 6.01 Events of Default. 

(a) Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the following events
that has occurred and is continuing: 
 (1) the Company defaults in the payment of any installment of interest upon any of the Securities of that
series, as and when the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company in accordance with the terms of any indenture
supplemental hereto shall not constitute a default in the payment of interest for this purpose; 
 (2) the Company defaults in the payment of the
principal of (or premium, if any, on) any of the Securities of that series as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking or analogous
fund established with respect to that series; provided, however, that a valid extension of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not constitute a default in the payment of principal
or premium, if any; 
 (3) the Company fails to observe or perform any other of its covenants or agreements with respect to that series contained in
this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly included in this Indenture solely for the benefit of one or more
series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such notice is a “Notice of Default” hereunder, shall have been
given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that series at the time Outstanding; 

(4) the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case, (ii) consents to the entry of an order
for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property or (iv) makes a general assignment for the benefit of its creditors; or 

  
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 (5) a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for relief
against the Company in an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains unstayed and in effect for 90
days. 
 (b) In each and every such case (other than an Event of Default specified in clause (4) or clause (5) above), unless the principal
of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of that series then Outstanding hereunder, by notice in writing to
the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due and payable immediately, and upon any such
declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and unpaid interest on all the Securities of that series
shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities. 

(c) At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall have been so
declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that series then
Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of
interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any,
and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit) and the amount payable to the
Trustee under Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on Securities of that
series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06. 
 No such rescission and
annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon. 
 (d) In case the Trustee shall have
proceeded to enforce any right with respect to Securities of that series under this Indenture and such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been
determined adversely to the Trustee, then and in every such case, subject to any determination in such proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies
and powers of the Company and the Trustee shall continue as though no such proceedings had been taken. 

  
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 Section 6.02 Collection of Indebtedness and Suits for Enforcement by Trustee.

 (a) The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities of a
series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in case
it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon
declaration or otherwise then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all such Securities
for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue
installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee
under Section 7.06. 
 (b) If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee
of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may
enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity out of the property of the Company or
other obligor upon the Securities of that series, wherever situated. 
 (c) In case of any receivership, insolvency, liquidation, bankruptcy,
reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein that may be permitted by
the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the holders of Securities of
such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after such date, and to collect
and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such Securityholders, to pay to
the Trustee any amount due it under Section 7.06. 
 (d) All rights of action and of asserting claims under this Indenture, or under any of the
terms established with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or 

  
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 other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in
its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06, be for the ratable benefit of the holders of the Securities of such series. 

In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such
appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement
contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture or by law. 

Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder any plan of
reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any such proceeding. 

Section 6.03 Application of Moneys Collected. 

Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the following order, at the
date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the payment, if only partially
paid, and upon surrender thereof if fully paid: 
 FIRST: To the payment of costs and expenses of collection and of all amounts payable to the Trustee under
Section 7.06; 
 SECOND: To the payment of the amounts then due and unpaid upon Securities of such series for principal (and premium, if any) and
interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal (and premium, if any) and
interest, respectively; and 
 THIRD: To the payment of the remainder, if any, to the Company or any other Person lawfully entitled thereto. 

Section 6.04 Limitation on Suits. 

No holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written notice
of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not 

  
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 less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made
written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee indemnity satisfactory to it against the costs, expenses and
liabilities to be incurred in compliance with such request; (iv) the Trustee for 90 days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and (v) during
such 90 day period, the holders of a majority in principal amount of the Securities of that series do not give the Trustee a direction inconsistent with the request. 

Notwithstanding anything contained herein to the contrary or any other provisions of this Indenture, the right of any holder of any Security to receive
payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such Security (or in the case of redemption, on the redemption date), or to institute suit for
the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder and by accepting a Security hereunder it is expressly understood, intended and covenanted
by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of such series shall have any right in any manner whatsoever by virtue or by availing of any
provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority over or preference to any other such holder, or to enforce any right under this Indenture,
except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall
be entitled to such relief as can be given either at law or in equity. 
 Section 6.05 Rights and Remedies Cumulative; Delay or
Omission Not Waiver. 
 (a) Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to
the Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the
performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities. 
 (b)
No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a
waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often
as shall be deemed expedient, by the Trustee or by the Securityholders. 

  
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 Section 6.06 Control by Securityholders. 

The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with
Section 8.04, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided,
however, that such direction shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion to personal liability. Subject to the provisions of Section 7.01, the Trustee shall have the right
to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act, would
involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected
thereby, determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to
Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of
such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with
Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 6.07 Undertaking to Pay Costs. 

All parties to this Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good
faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more than 10%
in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such series, on or
after the respective due dates expressed in such Security or established pursuant to this Indenture. 

  
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 ARTICLE 7 

CONCERNING THE TRUSTEE 

Section 7.01 Certain Duties and Responsibilities of Trustee. 

(a) The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all Events of Default
with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants
shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities of that series such
of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his or her own affairs. 

(b) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to
act, or its own willful misconduct, except that: 
 (i) prior to the occurrence of an Event of Default with respect to the Securities of a series and
after the curing or waiving of all such Events of Default with respect to that series that may have occurred: 
 (A) the duties and obligations of the
Trustee shall with respect to the Securities of such series be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such duties
and obligations as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(B) in the absence of bad faith on the part of the Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that
by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture; 

(ii) the Trustee shall not be liable to any Securityholder or to any other Person for any error of judgment made in good faith by a Responsible Officer
or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time
Outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series;

  
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 (iv) none of the provisions contained in this Indenture shall require the Trustee to expend or risk its
own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such funds or liability is not
reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it; 
 (v) The Trustee
shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder; 
 (vi) The permissive right of the
Trustee to do things enumerated in this Indenture shall not be construed as a duty of the Trustee; and 
 (vii) No Trustee shall have any duty or
responsibility for any act or omission of any other Trustee appointed with respect to a series of Securities hereunder. 

Section 7.02 Certain Rights of Trustee. 

Except as otherwise provided in Section 7.01: 
 (a)
The Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or
document believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (b) Any request, direction, order or
demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically
prescribed herein); 
 (c) The Trustee may consult with counsel and the opinion or written advice of such counsel or, if requested, any Opinion of
Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon; 

(d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or direction
of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity reasonably acceptable to the Trustee against the costs, expenses and liabilities that may
be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or waived), to exercise
with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of
his or her own affairs; 

  
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 (e) The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith and
believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (f) The Trustee shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or documents or inquire as to the
performance by the Company of one of its covenants under this Indenture, unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the particular series affected thereby
(determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of
the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require security or indemnity reasonably acceptable to the Trustee against such costs, expenses or liabilities as a
condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; 

(g) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys
and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(h) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or
caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances; 
 (i) In no event shall the Trustee be responsible or liable for special,
indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action; and 
 (j) The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written instructions,
shall provide the originally executed instructions or directions to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such
instructions or directions. If the party elects to give the Trustee e-mail or 

  
 30 

 facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects
to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon
and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such
electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. The Trustee may request that
the Company deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to furnish the Trustee with Officer’s Certificates, Company Orders and any other matters or directions
pursuant to this Indenture. 
 (k) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder. 
 (l) The Trustee shall
not be deemed to have knowledge of any Default or Event of Default (other than an Event of Default relating to the failure to pay the interest on, or the principal of, the Securities) until the Trustee shall have received written notification in the
manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge. 
 Section 7.03
Trustee Not Responsible for Recitals or Issuance or Securities. 
 (a) The recitals contained herein and in the Securities shall be taken as
the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee shall not be responsible for any statement in any registration statement, prospectus, or any other document in connection with the
sale of Securities. The Trustee shall not be responsible for any rating on the Securities or any action or omission of any rating agency. 
 (b) The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. 
 (c) The Trustee shall not be accountable
for the use or application by the Company of any of the Securities or of the proceeds of such Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant
to Section 2.01, or for the use or application of any moneys received by any paying agent other than the Trustee. 

Section 7.04 May Hold Securities. 

The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities with the same
rights it would have if it were not Trustee, paying agent or Security Registrar. 

  
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 Section 7.05 Moneys Held in Trust. 

Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in trust for the
purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may agree with the
Company to pay thereon. 
 Section 7.06 Compensation and Reimbursement. 

(a) The Company shall pay to the Trustee for each of its capacities hereunder from time to time compensation for its services as the Company and the
Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. 

(b) The Company shall indemnify each of the Trustee in each of its capacities hereunder against any loss, liability or expense (including the cost of
defending itself and including the reasonable compensation and expenses of the Trustee’s agents and counsel) incurred by it except as set forth in Section 7.06(c) in the exercise or performance of its powers, rights or duties under this
Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel
and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. This indemnification shall apply to officers,
directors, employees, shareholders and agents of the Trustee. 
 (c) The Company need not reimburse any expense or indemnify against any loss or
liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through negligence or bad faith. 
 (d)
To ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all funds or property held or collected by the Trustee, except that held in trust to pay principal of or interest on
particular Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(4) or (5), the expenses (including the reasonable fees and expenses of its counsel) and the
compensation for services in connection therewith are to constitute expenses of administration under any bankruptcy law. The provisions of this Section 7.06 shall survive the termination of this Indenture and the resignation or removal of the
Trustee. 

  
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 Section 7.07 Reliance on Officer’s Certificate. 

Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it reasonably
necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of
negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the
Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof. 

Section 7.08 Disqualification; Conflicting Interests. 

If the Trustee has or shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Trustee and
the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 
 Section 7.09
Corporate Trustee Required; Eligibility. 
 There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all
times be a corporation organized and doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission,
authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of
Columbia authority. 
 If such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10. 

Section 7.10 Resignation and Removal; Appointment of Successor. 

(a) The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by giving written
notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of such series, as their names and addresses appear upon the Security Register. Upon receiving such notice of
resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the
resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee may petition any court
of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on behalf of
himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

  
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 (b) In case at any time any one of the following shall occur: 

(i) the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any Securityholder who
has been a bona fide holder of a Security or Securities for at least six months; or 
 (ii) the Trustee shall cease to be eligible in accordance with
the provisions of Section 7.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder; or 
 (iii)
the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer
shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; 
 then, in any
such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

(c) The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee
with respect to such series by so notifying the Trustee and the Company and may appoint a successor Trustee for such series with the consent of the Company. 

(d) Any resignation or removal of the Trustee and appointment of a successor trustee with respect to the Securities of a series pursuant to any of the
provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 
 (e) Any
successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular
series. 

  
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 Section 7.11 Acceptance of Appointment By Successor. 

(a) In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so appointed shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee, without any further act,
deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of its charges, execute and
deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money held by such retiring Trustee
hereunder. 
 (b) In case of the appointment hereunder of a successor trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor trustee shall accept such appointment and which
(i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no
Trustee shall be responsible for any act or failure to act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to
the extent provided therein, such retiring Trustee shall with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and powers or for
the performance of the duties and obligations vested in the Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and
deliver to such successor trustee, to the extent contemplated by such supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such
successor trustee relates. 
 (c) Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 

(d) No successor trustee shall accept its appointment unless at the time of such acceptance such successor trustee shall be qualified and eligible under
this Article. 

  
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 (e) Upon acceptance of appointment by a successor trustee as provided in this Section, the Company shall
transmit notice of the succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register. If the Company fails to transmit such notice within ten days
after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company. 

Section 7.12 Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, including the administration of the trust created by this Indenture, shall be
the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further
act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 

Section 7.13 Preferential Collection of Claims Against the Company. 

The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in Section 311(b) of the Trust
Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein. 

Section 7.14 Notice of Default. 
 If any Event of
Default occurs and is continuing and if such Event of Default is known to a Responsible Officer of the Trustee, the Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act
notice of the Event of Default within the earlier of 90 days after it occurs and 30 days after it is known to a Responsible Officer of the Trustee or written notice of it is received by the Trustee, unless such Event of Default has been cured;
provided, however, that, except in the case of a default in the payment of the principal of (or premium, if any) or interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the Responsible Officers
of the Trustee in good faith determine that the withholding of such notice is in the interest of the Securityholders. 

  
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 ARTICLE 8 

CONCERNING THE SECURITYHOLDERS 

Section 8.01 Evidence of Action by Securityholders. 

Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the Securities of a
particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of such majority or
specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed in writing. 

If the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice, consent, waiver or other action,
the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give such request, demand, authorization, direction, notice, consent,
waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after the record date, but only
the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of Outstanding Securities of that series have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed as of the record date; provided, however,
that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 

Section 8.02 Proof of Execution by Securityholders. 

Subject to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require notarization) or his
or her agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner: 
 (a) The
fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the Trustee. 
 (b) The
ownership of Securities shall be proved by the Security Register of such Securities or by a certificate of the Security Registrar thereof. 
 The Trustee
may require such additional proof of any matter referred to in this Section as it shall deem necessary. 

  
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 Section 8.03 Who May be Deemed Owners. 

Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security Registrar may deem and
treat the Person in whose name such Security shall be registered upon the books of the Security Registrar as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or writing
thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other purposes; and
neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary. 

Section 8.04 Certain Securities Owned by Company Disregarded. 

In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any direction, consent or
waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common control with the
Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as Outstanding for
the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. 

Section 8.05 Actions Binding on Future Securityholders. 

At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the
majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be included in the
Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security. Except as aforesaid any
such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer thereof or in
place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified
in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series. 

  
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 ARTICLE 9 

SUPPLEMENTAL INDENTURES 

Section 9.01 Supplemental Indentures Without the Consent of Securityholders. 

In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any time enter into
an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes: 

(a) to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series; 

(b) to comply with Article Ten; 
 (c) to provide for
uncertificated Securities in addition to or in place of certificated Securities; 
 (d) to add to the covenants, restrictions, conditions or
provisions relating to the Company for the benefit of the holders of all or any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such
covenants, restrictions, conditions or provisions are expressly being included solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions,
conditions or provisions an Event of Default, or to surrender any right or power herein conferred upon the Company; 
 (e) to add to, delete from, or
revise the conditions, limitations, and restrictions on the authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as herein set forth; 

(f) to make any change that does not adversely affect the rights of any Securityholder in any material respect; 

(g) to provide for the issuance of and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01, to
establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to add to the rights of the holders of any series of Securities; 

(h) to evidence and provide for the acceptance of appointment hereunder by a successor trustee; or 

(i) to comply with any requirements of the Commission or any successor in connection with the qualification of this Indenture under the Trust Indenture
Act. 

  
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 The Trustee is hereby authorized to join with the Company in the execution of any such supplemental indenture,
and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise. 
 Any supplemental indenture authorized by the provisions of this Section may be executed by the Company and the Trustee
without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02. 

Section 9.02 Supplemental Indentures With Consent of Securityholders. 

With the consent (evidenced as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the Securities of
each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental
hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture
or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holders of each
Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium
payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture. 

It shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the particular form of any
proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 Section 9.03
Effect of Supplemental Indentures. 
 Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of
Section 10.01, this Indenture shall, with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of
the Trustee, the Company and the holders of Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of
any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 9.04 Securities Affected by Supplemental Indentures. 

Securities of any series affected by a supplemental indenture, authenticated and delivered after the execution of such supplemental indenture pursuant to the
provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets 

  
 40 

 the requirements of any securities exchange upon which such series may be listed, as to any matter provided for
in such supplemental indenture. If the Company shall so determine, new Securities of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture
may be prepared by the Company, authenticated by the Trustee and delivered in exchange for the Securities of that series then Outstanding. 

Section 9.05 Execution of Supplemental Indentures. 

Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon the filing with
the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s
own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of Section 7.01,
shall receive an Officer’s Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by the terms of this Article and that all conditions precedent
to the execution of the supplemental indenture have been complied with; provided, however, that such Officer’s Certificate or Opinion of Counsel need not be provided in connection with the execution of a supplemental indenture that establishes
the terms of a series of Securities pursuant to Section 2.01 hereof. 
 Promptly after the execution by the Company and the Trustee of any supplemental
indenture pursuant to the provisions of this Section, the Company shall (or shall direct the Trustee to) transmit by mail, first class postage prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to the
Securityholders of all series affected thereby .as their names and addresses appear upon the Security Register. Any failure of the Company to mail, or cause the mailing of, such notice, or any defect therein, shall not, however, in any way impair or
affect the validity of any such supplemental indenture. 
 ARTICLE 10 

SUCCESSOR ENTITY 
 Section 10.01
Company May Consolidate, Etc. 
 Nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other
Person (whether or not affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the
property of the Company or its successor or successors as an entirety, or substantially as an entirety, to any other Person (whether or not affiliated with the Company or its successor or successors); provided, however, the Company hereby covenants
and agrees that, upon any such consolidation or merger (in each case, if the Company is not the survivor of such transaction) or any such sale, conveyance, transfer or other disposition (other than a sale, conveyance, transfer or other disposition
to a Subsidiary of the Company), the due and punctual payment of the 

  
 41 

 principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms
of each series, according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01
to be kept or performed by the Company shall be expressly assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered
to the Trustee by the entity formed by such consolidation, or into which the Company shall have been merged, or by the entity which shall have acquired such property. 

Section 10.02 Successor Entity Substituted. 

(a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the assumption by the successor entity by
supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.01 on all of the Securities of all series Outstanding, such successor entity shall succeed to
and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Securities. 

(b) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not in
substance) may be made in the Securities thereafter to be issued as may be appropriate. 
 (c) Nothing contained in this Article shall require any
action by the Company in the case of a consolidation or merger of any Person into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of
any other Person (whether or not affiliated with the Company). 
 ARTICLE 11 

SATISFACTION AND DISCHARGE 

Section 11.01 Satisfaction and Discharge of Indenture. 

If at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated and not
delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental
Obligations have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or (b) all such Securities of a
particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient
in the 

  
 42 

 opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, to pay at maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date
of maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of
further effect with respect to such series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that
shall survive to such date and thereafter, and the Trustee, on demand of the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such
series. 
 Section 11.02 Discharge of Obligations. 

If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due and payable as
described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such Securities of
that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the Company shall
also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations of the Company
under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall mature and be
paid. 
 Thereafter, Sections 7.06 and 11.05 shall survive. 

Section 11.03 Deposited Moneys to be Held in Trust. 

All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be available for payment
as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or Governmental Obligations have
been deposited with the Trustee. 
 Section 11.04 Payment of Moneys Held by Paying Agents. 

In connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under the provisions
of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys or Governmental Obligations. 

  
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 Section 11.05 Repayment to Company. 

Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of principal of or
premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any) or interest on
such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon the
Company’s request or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and the
holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof. 

ARTICLE 12 
 IMMUNITY OF
INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 
 Section 12.01 No Recourse. 

No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or otherwise in respect
thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such predecessor or
successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder are solely
corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or successor corporation, or any
of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that any and all such
personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as such, because of the
creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issuance of such Securities. 

  
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 ARTICLE 13 

MISCELLANEOUS PROVISIONS 

Section 13.01 Effect on Successors and Assigns. 

All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and assigns, whether
so expressed or not. 
 Section 13.02 Actions by Successor. 

Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall
and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company. 

Section 13.03 Surrender of Company Powers. 

The Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the powers reserved to
the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation. 

Section 13.04 Notices. 
 Except
as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted to be given, made or served by the Trustee, the Security Registrar, any paying or other agent under this Indenture
or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the
Company with the Trustee), as follows: . Any notice, election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been sufficiently given or made,
for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee. 
 Section 13.05 Governing Law;
Jury Trial Waiver. 
 This Indenture and each Security shall be governed by, and construed in accordance with, the internal laws of the State of New
York, except to the extent that the Trust Indenture Act is applicable. 
 EACH PARTY HERETO, AND EACH HOLDER OF A SECURITY BY ACCEPTANCE THEREOF, HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE. 

  
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 Section 13.06 Treatment of Securities as Debt. 

It is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this Indenture shall be
interpreted to further this intention. 
 Section 13.07 Certificates and Opinions as to Conditions Precedent. 

(a) Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall
furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other than the certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been complied
with and, if requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which the furnishing of such documents
is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

(b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition or covenant in
this Indenture (other than the certificate to be delivered pursuant to Section 13.12 or Section 314(a)(1) of the Trust Indenture Act) shall include (i) a statement that the Person making such certificate or opinion has read such
covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (iii) a statement that, in the opinion
of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (iv) a statement as to whether or
not, in the opinion of such Person, such condition or covenant has been complied with. 
 Section 13.08 Payments on Business
Days. 
 Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established
in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment of interest or principal
(and premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for the period after such nominal date. 

  
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 Section 13.09 Conflict with Trust Indenture Act. 

If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the Trust Indenture
Act, such imposed duties shall control. 
 Section 13.10 Counterparts. 

This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and
the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the
original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 13.11 Separability. 
 In
case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not
affect any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 13.12 Compliance Certificates. 

The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series were outstanding, an
officer’s certificate stating whether or not the signers know of any Event of Default that occurred during such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal financial officer or
principal accounting officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions and covenants under this
Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If the officer of the Company signing such certificate has
knowledge of such an Event of Default, the certificate shall describe any such Event of Default and its status. 
 Section 13.13
U.S.A Patriot Act. 
 The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all
financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account
with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

  
 47 

 Section 13.14 Force Majeure. 

In no event shall the Trustee, the Security Registrar, any paying agent or any other agent under this Indenture be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions or utilities, communications or computer (software and hardware) services; it being understood that the Trustee, the Security Registrar, any paying
agent or any other agent under this Indenture shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 13.15 Table of Contents; Headings. 
 The
table of contents and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof, and will not modify or restrict any of the terms or provisions
hereof. 

  
 48 

 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed all as of the day
and year first above written. 
  

			
	 VERSARTIS, INC.

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	 [TRUSTEE], as Trustee

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
 49 

 CROSS-REFERENCE TABLE (1) 
  

			
	 Section of Trust Indenture Act of 1939, as Amended
	  	 Section of
Indenture

	310(a)	  	7.09
	310(b)	  	7.08
		  	7.10
	310(c)	  	Inapplicable
	311(a)	  	7.13
	311(b)	  	7.13
	311(c)	  	Inapplicable
	312(a)	  	5.01
		  	5.02(a)
	312(b)	  	5.02(c)
	312(c)	  	5.02(c)
	313(a)	  	5.04(a)
	313(b)	  	5.04(b)
	313(c)	  	5.04(a)
		  	5.04(b)
	313(d)	  	5.04(c)
	314(a)	  	5.03
		  	13.12
	314(b)	  	Inapplicable
	314(c)	  	13.07(a)
	314(d)	  	Inapplicable
	314(e)	  	13.07(b)
	314(f)	  	Inapplicable
	315(a)	  	7.01(a)
		  	7.01(b)
	315(b)	  	7.14
	315(c)	  	7.01
	315(d)	  	7.01(b)
	315(e)	  	6.07
	316(a)	  	6.06
		  	8.04
	316(b)	  	6.04
	316(c)	  	8.01
	317(a)	  	6.02
	317(b)	  	4.03
	318(a)	  	13.09

  

	(1)	This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions. 

  
 50

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