Document:

EXHIBIT 10.24

 Exhibit 10.24 
 EMPLOYEE STOCK OWNERSHIP PLAN 
 OF

 PEOPLE’S UNITED FINANCIAL, INC. 
 Effective as of January 1, 2007 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	Article I	  	
		
	Definitions	  	
			
	 Section 1.1
	  	Account	  	1
	 Section 1.2
	  	Affiliated Employer	  	1
	 Section 1.3
	  	Allocation Compensation	  	1
	 Section 1.4
	  	Bank	  	2
	 Section 1.5
	  	Beneficiary	  	2
	 Section 1.6
	  	Board	  	2
	 Section 1.7
	  	Change in Control	  	2
	 Section 1.8
	  	Code	  	2
	 Section 1.9
	  	Committee	  	2
	 Section 1.10
	  	Company	  	2
	 Section 1.11
	  	Compensation Committee	  	2
	 Section 1.12
	  	Designated Beneficiary	  	2
	 Section 1.13
	  	Disability	  	2
	 Section 1.14
	  	Discretionary Contribution	  	2
	 Section 1.15
	  	Eligibility Computation Period	  	3
	 Section 1.16
	  	Effective Date	  	3
	 Section 1.17
	  	Eligible Employee	  	3
	 Section 1.18
	  	Eligible Participant	  	3
	 Section 1.19
	  	Employee	  	3
	 Section 1.20
	  	Employment Commencement Date	  	3
	 Section 1.21
	  	ERISA	  	3
	 Section 1.22
	  	Exchange Act	  	3
	 Section 1.23
	  	Fair Market Value	  	4
	 Section 1.24
	  	Financed Share	  	4
	 Section 1.25
	  	Five Percent Owner	  	4
	 Section 1.26
	  	Forfeitures	  	4
	 Section 1.27
	  	Former Participant	  	4
	 Section 1.28
	  	415 Compensation	  	4
	 Section 1.29
	  	General Investment Account	  	5
	 Section 1.30
	  	Highly Compensated Employee	  	5
	 Section 1.31
	  	Hour of Service	  	5
	 Section 1.32
	  	Investment Account	  	6
	 Section 1.33
	  	Investment Fund	  	6
	 Section 1.34
	  	Loan Repayment Account	  	6
	 Section 1.35
	  	Loan Repayment Contribution	  	6
	 Section 1.36
	  	Maternity or Paternity Leave	  	6
	 Section 1.37
	  	Named Fiduciary	  	6
	 Section 1.38
	  	Officer	  	6
		  		  	

  

 ii 

					
	 Section 1.39
	  	One Year Break in Service	  	7
	 Section 1.40
	  	Participant	  	7
	 Section 1.41
	  	Participating Employer	  	8
	 Section 1.42
	  	Plan	  	8
	 Section 1.43
	  	Plan Administrator	  	8
	 Section 1.44
	  	Plan Year	  	8
	 Section 1.45
	  	Qualified Participant	  	8
	 Section 1.46
	  	Retirement	  	8
	 Section 1.47
	  	Retroactive Contribution	  	8
	 Section 1.48
	  	Share	  	8
	 Section 1.49
	  	Share Acquisition Loan	  	8
	 Section 1.50
	  	Share Investment Account	  	8
	 Section 1.51
	  	Tender Offer	  	8
	 Section 1.52
	  	Total Compensation	  	8
	 Section 1.53
	  	Trust	  	9
	 Section 1.54
	  	Trust Agreement	  	9
	 Section 1.55
	  	Trust Fund	  	9
	 Section 1.56
	  	Trustee	  	9
	 Section 1.57
	  	Valuation Date	  	9
	 Section 1.58
	  	Vesting Computation Period	  	9
	 Section 1.59
	  	Year of Eligibility Service	  	9
	 Section 1.60
	  	Year of Vesting Service	  	9
		
	Article II	  	
		
	Participation	  	
			
	 Section 2.1
	  	Eligibility for Participation.	  	9
	 Section 2.2
	  	Commencement of Participation.	  	10
	 Section 2.3
	  	Termination of Participation.	  	10
		
	Article III	  	
		
	Credited Service	  	
			
	 Section 3.1
	  	Computation of Credited Service	  	10
	 Section 3.2
	  	Service to Acquired Entities.	  	11
	 Section 3.3
	  	Breaks in Service.	  	11
	 Section 3.4
	  	Transfer to or From Employment Within the United States.	  	12
		
	Article IV	  	
		
	Contributions by Participants Not Permitted	  	
			
	 Section 4.1
	  	Contributions by Participants Not Permitted.	  	12

  

 iii 

					
	Article V	  	
		
	Contributions by Participating Employers	  	
			
	 Section 5.1
	  	In General.	  	12
	 Section 5.2
	  	Loan Repayment Contributions.	  	12
	 Section 5.3
	  	Discretionary Contributions.	  	13
	 Section 5.4
	  	Retroactive Contributions.	  	13
	 Section 5.5
	  	Time and Manner of Payment.	  	14
		
	Article VI	  	
		
	Share Acquisition Loans	  	
			
	 Section 6.1
	  	In General.	  	14
	 Section 6.2
	  	Collateral; Liability for Repayment.	  	14
	 Section 6.3
	  	Loan Repayment Account.	  	15
	 Section 6.4
	  	Release of Financed Shares.	  	16
	 Section 6.5
	  	Restrictions on Financed Shares.	  	16
		
	Article VII	  	
		
	Allocation of Contributions	  	
			
	 Section 7.1
	  	Allocation Among Eligible Participants.	  	17
	 Section 7.2
	  	Allocation of Released Shares or Other Property.	  	17
	 Section 7.3
	  	Allocation of Discretionary Contributions.	  	17
		
	Article VIII	  	
		
	Limitations on Allocations	  	
			
	 Section 8.1
	  	Optional Limitations on Allocations.	  	17
	 Section 8.2
	  	General Limitations on Contributions.	  	18
		
	Article IX	  	
		
	Vesting	  	
			
	 Section 9.1
	  	Vesting.	  	20
	 Section 9.2
	  	Vesting on Death, Disability, Retirement or Change in Control.	  	20
	 Section 9.3
	  	Forfeitures on Termination of Employment.	  	20
	 Section 9.4
	  	Amounts Credited Upon Re-Employment.	  	20
	 Section 9.5
	  	Allocation of Forfeitures.	  	21

  

 iv 

					
		
	Article X	  	
		
	The Trust Fund	  	
			
	 Section 10.1
	  	The Trust Fund.	  	21
	 Section 10.2
	  	Investments.	  	21
	 Section 10.3
	  	Distributions for Diversification of Investments.	  	22
	 Section 10.4
	  	Cost of Administering Plan.	  	23
	 Section 10.5
	  	Use of Commingled Trust Funds.	  	23
	 Section 10.6
	  	Management and Control of Assets.	  	23
		
	Article XI	  	
		
	Valuation of Interests in the Trust Fund	  	
			
	 Section 11.1
	  	Establishment of Investment Accounts.	  	23
	 Section 11.2
	  	Share Investment Accounts.	  	24
	 Section 11.3
	  	General Investment Accounts.	  	24
	 Section 11.4
	  	Valuation of Investment Accounts.	  	24
	 Section 11.5
	  	Annual Statements.	  	24
		
	Article XII	  	
		
	Shares	  	
			
	 Section 12.1
	  	Specific Allocation of Shares.	  	25
	 Section 12.2
	  	Dividends.	  	25
	 Section 12.3
	  	Voting Rights.	  	25
	 Section 12.4
	  	Tender Offers.	  	27
		
	Article XIII	  	
		
	Distribution Of Participant Accounts	  	
			
	 Section 13.1
	  	Distribution Date.	  	29
	 Section 13.2
	  	Method of Distribution.	  	30
	 Section 13.3
	  	Minimum Distributions; 401(a)(9) Compliance.	  	30
	 Section 13.4
	  	Vested Interest Held in Fund.	  	31
	 Section 13.5
	  	Distribution of Benefits Upon Death Prior Benefit Payment.	  	31
	 Section 13.6
	  	Manner of Payment.	  	33
	 Section 13.7
	  	Direct Rollovers.	  	33
	 Section 13.8
	  	Designation of Beneficiary:	  	34
	 Section 13.9
	  	Valuation of Shares Upon Distribution.	  	35
	 Section 13.10
	  	Put Options.	  	35
	 Section 13.11
	  	Right of First Refusal.	  	36

  

 v 

					
		
	Article XIV	  	
		
	Change in Control	  	
			
	 Section 14.1
	  	Definition of Change in Control; Pending Change in Control.	  	36
	 Section 14.2
	  	Vesting on Change of Control.	  	38
	 Section 14.3
	  	Repayment of Share Acquisition Loan.	  	38
	 Section 14.4
	  	Plan Termination After Change in Control.	  	38
	 Section 14.5
	  	Amendment of Section XIV.	  	38
		
	Article XV	  	
		
	Fiduciary Responsibility	  	
			
	 Section 15.1
	  	Designation of Named Fiduciaries.	  	39
	 Section 15.2
	  	Allocation of Duties.	  	39
	 Section 15.3
	  	Fiduciary Standards.	  	40
	 Section 15.4
	  	Employer as a Fiduciary.	  	40
	 Section 15.5
	  	Plan Administrator.	  	41
	 Section 15.6
	  	Compensation Committee.	  	41
	 Section 15.7
	  	Delegation of Fiduciary Duties.	  	42
	 Section 15.8
	  	No Bond Except as Required by ERISA.	  	42
	 Section 15.9
	  	Limitation of Article XVI.	  	42
		
	Article XVI	  	
		
	Administrative Committee	  	
			
	 Section 16.1
	  	Appointment and Tenure.	  	42
	 Section 16.2
	  	Notification of Trustee.	  	43
	 Section 16.3
	  	Action by Committee.	  	43
	 Section 16.4
	  	Documents.	  	43
	 Section 16.5
	  	Powers of Committee.	  	43
	 Section 16.6
	  	Benefits Payable Under the Plan.	  	44
	 Section 16.7
	  	Construction of the Plan.	  	44
	 Section 16.8
	  	Engagement of Assistants and Advisors.	  	44
	 Section 16.9
	  	Indemnification of the Committee.	  	44
	 Section 16.10
	  	Designation of Forms by Committee.	  	45
	 Section 16.11
	  	Acknowledgment of Benefits.	  	45
	 Section 16.12
	  	Delegation by Committee.	  	45
	 Section 16.13
	  	Information Furnished by Affiliated Employer.	  	46
		
	Article XVII	  	
		
	Amendment, Termination and Tax Qualification	  	
			
	 Section 17.1
	  	Right to Amend.	  	46

  

 vi 

					
	 Section 17.2
	  	Procedure to Amend.	  	47
	 Section 17.3
	  	No Obligation or Liability.	  	47
	 Section 17.4
	  	Continuation of Trust.	  	47
	 Section 17.5
	  	Effect of Termination.	  	47
	 Section 17.6
	  	Conformity to Internal Revenue Code.	  	48
	 Section 17.7
	  	Contingent Nature of Contributions.	  	48
		
	Article XVIII	  	
		
	Special Rules for Top Heavy Plan Years	  	
			
	 Section 18.1
	  	In General.	  	49
	 Section 18.2
	  	Definition of Top Heavy Plan.	  	49
	 Section 18.3
	  	Determination Date.	  	49
	 Section 18.4
	  	Cumulative Accrued Benefits.	  	50
	 Section 18.5
	  	Key Employees.	  	50
	 Section 18.6
	  	Required Aggregation Group.	  	51
	 Section 18.7
	  	Permissible Aggregation Group.	  	51
	 Section 18.8
	  	Special Requirements During Top Heavy Plan Years.	  	52
		
	Article XIX	  	
		
	Participating Employers	  	
			
	 Section 19.1
	  	Adoption by Affiliated Employer.	  	52
	 Section 19.2
	  	Contributions by Participating Employers.	  	52
	 Section 19.3
	  	All Rights Exercisable by Company.	  	52
	 Section 19.4
	  	Amendment by Participating Employers.	  	52
		
	Article XX	  	
		
	Miscellaneous Provisions	  	
			
	 Section 20.1
	  	No Employment Contract.	  	53
	 Section 20.2
	  	Non-Alienation of Benefits, QDROs.	  	53
	 Section 20.3
	  	Mergers and Consolidations of Company	  	54
	 Section 20.4
	  	Governing Law	  	54
	 Section 20.5
	  	Participants Limited to Assets of Fund	  	54
	 Section 20.6
	  	Severability of Provisions	  	54
	 Section 20.7
	  	Mergers and Consolidations of Plans	  	54
	 Section 20.8
	  	Status as an Employee Stock Ownership Plan.	  	55
	 Section 20.9
	  	Claims Procedure	  	55
	 Section 20.10
	  	Agent For Legal Process	  	57
	 Section 20.11
	  	Insurance Company	  	57
	 Section 20.12
	  	Dates	  	57
	 Section 20.13
	  	Incapacity of Distributee	  	57
	 Section 20.14
	  	Limitation Year	  	58
	 Section 20.15
	  	Recapture of Erroneous Payments	  	58
	 Section 20.16
	  	Benefits Payable Pursuant to Qualified Domestic Relations Orders	  	58
	 Section 20.17
	  	USERRA	  	58
	 Section 20.18
	  	Construction of Language.	  	58
	 Section 20.19
	  	Headings.	  	59

  

 vii 

 EMPLOYEE STOCK OWNERSHIP PLAN

 OF 
 PEOPLE’S UNITED FINANCIAL, INC. 
 Article I

 Definitions 
 The
following definitions shall apply for the purposes of the Plan, unless a different meaning is clearly indicated by the context: 
 Section 1.1 Account means an account established for each Participant to which is allocated such Participant’s share, if any, of all Financed Shares and other property that are released from the Loan Repayment Account in
accordance with Section 6.4, together with his share, if any, of any Discretionary Contributions that may be made by a Participating Employer. 
 Section 1.2 Affiliated Employer means the Company; any corporation which is a member of a controlled group of corporations (as defined in Section 414(b) of the Code) that includes the Company; any trade or business
(whether or not incorporated) that is under common control (as defined in Section 414(c) of the Code) with the Company; any organization (whether or not incorporated) that is a member of an affiliated service group (as defined in
Section 414(m) of the Code) that includes the Company; and any other entity that is required to be aggregated with the Company pursuant to regulations under Section 414(o) of the Code. 
 Section 1.3 Allocation Compensation with respect to any Participant for a Plan Year means the sum of (i) and (ii) where
(i) is the total amount of salary, wages or compensation paid to such Participant by any Participating Employer during such Plan Year including overtime pay, commissions, and bonuses, but excluding any incentive payments with an accrual period
longer than one year (and such exclusion shall apply to the year of deferral and year of payment), and furthermore excluding any fees, credits or benefits under this Plan, the People’s Bank 401(k) Employee Savings Plan, the People’s Bank
Employees’ Retirement Plan and any other plan of deferred compensation to which the Bank may contribute or credit benefits (except as provided under (ii)), severance pay, payments for reimbursement of business expenses incurred by such
Participant, tuition reimbursement, insurance premiums paid by any Participating Employer, or other special emoluments; and (ii) to the extent of salary reductions agreed to by such Participant pursuant to salary reduction agreements, the total
amount contributed or credited by any Participating Employer to the People’s Bank 401(k) Employee Savings Plan, any other defined contribution plan of deferred compensation or a plan which meets the requirements of Section 125 of the Code.
The amount of Allocation Compensation with respect to any Participant shall include Allocation Compensation for the entire twelve (12) month period ending on the last day of such Plan Year, except that Allocation Compensation shall only be
recognized for that portion of the Plan Year during which an Employee was a Participant in the Plan. In no event, however, shall an Employee’s Allocation Compensation for any calendar year include any compensation in excess of $225,000, or any
such other amount as 

  

 1 

 
may be prescribed in accordance with regulations prescribed under Section 401(a)(17) of the Code. If there are less than twelve (12) months in the
Plan Year, the $225,000 limitation (as adjusted) shall be prorated by multiplying such limitation by a fraction, the numerator of which is the number of months in the Plan Year and the denominator of which is twelve (12). 
 Section 1.4 Bank means People’s Bank, a federally chartered capital savings bank, and any successor thereto, including the entity
which is expected to become a wholly owned subsidiary of the Company upon the Company’s initial public issuance of stock. 
 Section 1.5 Beneficiary means the person or persons designated by a Participant or Former Participant or other person entitled to a benefit under the Plan, or otherwise determined to be entitled to a benefit under the Plan. If
more than one person is designated, each shall have an equal share unless the person making the designation directed otherwise. The word “person” includes an individual, a trust, an estate or any other person that is permitted to be named
as a Beneficiary. 
 Section 1.6 Board means the Board of Directors of People’s United Financial, Inc. 
 Section 1.7 Change in Control means an event described in Section 14.1. 
 Section 1.8 Code means the Internal Revenue Code of 1986 (including the corresponding provisions of any succeeding law). 
 Section 1.9 Committee means the Administrative Committee described in Article XVI. 
 Section 1.10 Company means People’s United Financial, Inc., a Delaware corporation, and any successor thereto. 
 Section 1.11 Compensation Committee shall mean the Compensation and Nominating Committee of the Board or such committee of the Board or of
the Board of Directors of an Affiliated Employer which may be established hereafter and to which the Board may assign the authority, power and duties of the Compensation Committee with respect to the Plan. 
 Section 1.12 Designated Beneficiary means the person designated by a Participant or Former Participant as a Beneficiary under
Section 13.2. 
 Section 1.13 Disability means any total disability or ill health which has resulted in a Participant
becoming permanently incapacitated provided that such disability or ill health is established by medical evidence satisfactory to the Committee, and in order to establish such permanent incapacity and total disability or ill health, the Committee
may designate a physician of its choice whose conclusion shall be conclusive upon all persons concerned. 
 Section 1.14 Discretionary
Contribution means Shares or amounts of money contributed to the Plan by the Participating Employers in accordance with Section 5.3. 
  

 2 

 Section 1.15 Eligibility Computation Period means, with respect to any person, (a) the
12-consecutive month period beginning on such person’s Employment Commencement Date and (b) each Plan Year after such beginning date. 
 Section 1.16 Effective Date means January 1, 2007. 
 Section 1.17 Eligible Employee means an
Employee who is eligible for membership in the Plan in accordance with Article II. 
 Section 1.18 Eligible Participant means,
for any Plan Year, an Employee who is a Participant during all or any part of such Plan Year and either remains a Participant on the last day of such Plan Year or terminated participation during such Plan Year on account of termination of
employment, death, Disability or Retirement; provided, however, that no Employee shall be an Eligible Participant for the Plan Year that includes the effective date of the transaction pursuant to which the Bank becomes a wholly owned subsidiary of
the Company if he terminates employment for any reason with all Participating Employers prior to such effective date. 
 Section 1.19
Employee shall mean any person employed as an employee by the Affiliated Employer and paid directly by the Affiliated Employer provided, however, that any Employee hired on a temporary basis may not be considered an Employee until the
earlier of (a) the date he becomes a permanent employee or (b) he completes 1000 Hours of Service within twelve months of his date of hire or any Plan Year commencing after his date of hire. The term “Employee” shall not include
any independent contractor, any leased employee as defined in Section 414(n) of the Code, or any person paid by one other than the Affiliated Employer who is loaned to the Affiliated Employer, who furnishes services to the Affiliated Employer
regardless of any arrangement the Affiliated Employer may have to reimburse or pay the payor of such person for such person’s compensation, or any person initially hired by the Affiliated Employer to work outside the United States who is not
regularly employed by the Affiliated Employer as a common law employee within the United States. For purposes of this Section, an “Employee hired on a temporary basis” shall mean an Employee hired by the Affiliated Employer to work for a
season or other limited period of time. 
 Section 1.20 Employment Commencement Date means the date on which a person first
performs an Hour of Service, except that if an Employee separates from service with an Affiliated Employer, incurs a One-Year Break in Service and subsequently returns to or enters service with an Affiliated Employer, his Employment Commencement
Date shall be the date on which he first performs an Hour of Service following the One-Year Break in Service. 
 Section 1.21
ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time (including the corresponding provisions of any succeeding law). 
 Section 1.22 Exchange Act means the Securities Exchange Act of 1934, as amended from time to time (including the corresponding provisions of any succeeding law). 
  

 3 

 Section 1.23 Fair Market Value on any date means: 
 (a) with respect to a Share: 
 (i) the final quoted sale price on the date in question (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred) of a Share as reported in the principal consolidated reporting system
with respect to securities listed or admitted to trading on the principal United States securities exchange on which like Shares are listed or admitted to trading; or 
 (ii) if like Shares are not listed or admitted to trading on any such exchange, the closing bid quotation with respect to a Share on such
date on the National Association of Securities Dealers Automated Quotation System, or, if no such quotation is provided, on another similar system, selected by the Committee, then in use; or 
 (iii) if Sections 1.23(a)(i) and (ii) are not applicable, the fair market value of a Share as determined by an appraiser independent
of any Affiliated Employer and experienced and expert in the field of corporate appraisal. 
 (b) with respect to other securities listed or
quoted on recognized exchanges or securities markets, such securities shall be valued at their closing sales prices on the Valuation Date. 
 (c) with respect to property other than Shares and securities described in (b) of this Section, the fair market value determined in the manner selected by the Trustee. 
 Section 1.24 Financed Share means: (a) a Share that has been purchased with the proceeds of a Share Acquisition Loan, that has been
allocated to the Loan Repayment Account in accordance with Section 6.3 and that has not been released in accordance with Section 6.4; or (b) a Share that constitutes a dividend paid with respect to a Share described in
Section 1.24(a), that has been allocated to the Loan Repayment Account in accordance with Section 6.3 and that has not been released in accordance with Section 6.4. 
 Section 1.25 Five Percent Owner means, for any Plan Year, a person who, during such Plan Year, owned (or was considered as owning for
purposes of Section 318 of the Code): (a) more than 5% of the value of all classes of outstanding stock of any Affiliated Employer; or (b) stock possessing more than 5% of the combined voting power of all classes of outstanding stock
of any Affiliated Employer. 
 Section 1.26 Forfeitures means the amounts forfeited by Participants and Former Participants on
termination of employment prior to full vesting, pursuant to Section 9.3, less amounts credited because of re-employment, pursuant to Section 9.4. 
 Section 1.27 Former Participant means a Participant whose participation in the Plan has terminated pursuant to Section 2.3. 
 Section 1.28 415 Compensation with respect to any Participant means such Participant’s wages as defined in Code Section 3401(a)
and all other payments of compensation 

  

 4 

 
by any Participating Employer (in the course of such Employer’s trade or business) for a Plan Year for which such Participating Employer is required to
furnish the Participant a written statement under Code Sections 6041(d), 6051(a)(3) and 6052. “415 Compensation” must be determined (i) without regard to any rules under Code Section 3401(a) that limit the remuneration included
in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Code Section 3401(a)(2)) and (ii) by also including amounts which are contributed by a Participating
Employer pursuant to a salary reduction agreement and are not includable in the gross income of the Participant under Section 125, 132(f)(4), 402(e)(3), or 402(h) of the Code. 
 Section 1.29 General Investment Account means an Investment Account established and maintained in accordance with Article XI. 

Section 1.30 Highly Compensated Employee means, for any Plan Year, an Employee who: 
 (i) was a Five Percent Owner at any time during such Plan Year or any prior Plan Year; or 
 (ii) received Total Compensation during the immediately preceding Plan Year (A) in excess of $100,000 (or such other amount as may be
prescribed by the Secretary of the Treasury pursuant to Section 401(a)(17) of the Code); and (B) if elected by the Plan Administrator in such form and manner as the Secretary of the Treasury may prescribe, in excess of the Total
Compensation received for such preceding Plan Year by at least 80% of the Employees. 
 The determination of who is a Highly Compensated Employee will be
made in accordance with Section 414(q) of the Code and the regulations thereunder. The Company has not elected to use the top 20% election mentioned in subparagraph (ii)(B) of this Section. 
 Section 1.31 Hour of Service shall mean and include: 
 (a) Each hour for which an Employee is directly or indirectly paid or entitled to payment by an Affiliated Employer for the performance of duties. These hours shall be credited to the Employee for the computation
period or periods in which the duties are performed; and 
 (b) Each hour for which an Employee is directly or indirectly paid or entitled to
payment by an Affiliated Employer for reasons (such as vacation, sickness or disability, but not including payments made or due under a plan maintained solely for complying with applicable workmen’s compensation or unemployment compensation or
disability insurance laws) other than for the performance of duties. These hours shall be credited to the Employee for the computation period or periods to which the payment pertains rather than the computation period or periods in which payment is
made or becomes due; and 
 (c) Each hour not otherwise credited for which back pay, irrespective of mitigation of damage, has been either
awarded or agreed to by an Affiliated Employer. These hours shall be credited to the Employee for the computation period or periods to which the award 

  

 5 

 
or agreement pertains rather than the computation period in which the award, agreement or payment was made, but no more than five hundred one
(501) hours shall be credited to the extent such back pay is agreed to or awarded for a period of time during which such Employee did not or would not have performed duties for the Affiliated Employer. 
 (d) In determining the number of Hours of Service for any period for which Salary is paid but for which no work has been performed by the Employee, the
number of Hours of Service shall be computed by (a) dividing the payment made to an hourly paid (or other non-salaried) Employee by his most recent basic hourly rate (or if not hourly paid, his average hourly rate of compensation during his
last pay period) or (b) by dividing the payment to a salaried Employee by a rate obtained by dividing his last preceding regular weekly, bi-weekly or monthly salary by the number of hours (exclusive of overtime) generally worked by such
Employee during a period of such duration. 
 (e) Hours of Service shall, except for those described in Subsection (c) of this Section,
be based on the records of the Affiliated Employer. 
 (f) The foregoing provisions shall be administered in accordance with Department of
Labor regulations 2530.200b-2 which are incorporated herein by reference. 
 Section 1.32 Investment Account means either a
General Investment Account or a Share Investment Account. 
 Section 1.33 Investment Fund means any one of the three or more
funds as may be established from time to time by the Committee which, together with any and all Shares and other investments held under the Plan, constitute part of the Trust Fund. 
 Section 1.34 Loan Repayment Account means an account established and maintained in accordance with Section 6.3. 
 Section 1.35 Loan Repayment Contribution means amounts of money contributed to the Plan by the Participating Employers in accordance with
Section 5.2. 
 Section 1.36 Maternity or Paternity Leave means a person’s absence from work for all Affiliated
Employers: (a) by reason of the pregnancy of such person; (b) by reason of the birth of a child of such person; (c) by reason of the placement of a child with the person in connection with the adoption of such child by such person; or
(d) for purposes of caring for a child of such person immediately following the birth of the child or the placement of the child with such person. 
 Section 1.37 Named Fiduciary means any person, committee, corporation or organization described in Section 15.1. 
 Section 1.38 Officer means an Employee who is an administrative executive in regular and continued service with any Affiliated Employer; provided, however, that at no time shall more than the lesser of
(a) 50 Employees or (b) the greater of (i) 3 Employees or (ii) 10% of all Employees be treated as Officers. The determination of whether an Employee is to be considered an Officer shall be made in accordance with
Section 416(i) of the Code. 
  

 6 

 Section 1.39 One Year Break in Service shall have the following meanings when used in the
Plan: 
 (a) When applied to determine eligibility to become a Participant, a “One Year Break in Service” means the applicable
computation period set forth in Section 2.1 or 3.4 during which an Employee does not receive credit for more than five hundred (500) Hours of Service. 
 (b) When applied to determine vesting and benefit accrual, a “One Year Break in Service” means any consecutive twelve (12) month period during which a Participant does not render one (1) Hour of
Service, commencing from the earlier of the date the Employee resigns, quits, is discharged or retires or twelve (12) months after the date the period described in clause (i), (ii) or (iii) of Section 3.2(b) commenced, subject to
the terms of Section 3.2(b) with respect to any Participant who reaches his 65th birthday or becomes subject to
a Disability during an approved absence. Whenever the number of One Year Breaks in Service in a period is computed for purposes of this paragraph (b), such number shall be determined by a fraction which takes into account each day which elapses
during the period on which the initial One Year Break in Service of such period commenced to the date of rehire. 
 (c) Solely for purposes
of determining whether a One Year Break in Service has occurred, Hours of Service shall be credited for the period of a Maternity or Paternity Leave. For purposes of determining eligibility, Hours of Service shall be credited for the computation
period in which the absence from work begins, only if credit therefor is necessary to prevent the Employee from incurring a One Year Break in Service, or, in any other case, in the immediately following computation period. The Hours of Service
credited for a Maternity or Paternity Leave for eligibility purposes shall be those which would normally have been credited but for such absence, or, in any case in which the Hours of Service normally credited cannot be determined, eight
(8) Hours of Service per day and shall not exceed 501. For vesting and benefit accrual purposes of a One Year Break in Service shall not include the first twenty-four (24) consecutive months of a Maternity or Paternity Leave, but any
period of a Maternity or Paternity Leave in excess of the first twenty-four (24) consecutive months with respect to any child (or children of the same multiple birth) shall be included in a One Year Break in Service if, but for this sentence,
it would be so included. The terms of this paragraph (c) shall not be construed to require that an absence from work for maternity or paternity reasons be included in computing the number of an Employee’s Years of Eligibility Service,
Years of Vesting Service or determining that the Participant is in service at the end of a Plan Year or be credited for any other purpose under this Plan other than determining whether a One Year Break in Service has occurred. The Plan Administrator
may, in its discretion reasonably require an Employee to furnish timely information to establish that an absence from work is a maternity or paternity absence and the number of days for which there was such an absence. No credit shall be given
pursuant to this Subsection to any Employee who fails to provide such information after having been requested to do so. 
 Section 1.40
Participant means any person who has satisfied the eligibility requirements set forth in Section 2.1, who has become a Participant in accordance with Section 2.2, and whose participation has not terminated under Section 2.3.

  

 7 

 Section 1.41 Participating Employer means the Company, and any successor thereto and any
other Affiliated Employer which, with the prior written approval of the Board and subject to such terms and conditions as may be imposed by the Board, shall adopt this Plan. 
 Section 1.42 Plan means the Employee Stock Ownership Plan of People’s United Financial, Inc., as amended from time to time.

 Section 1.43 Plan Administrator means the Bank or any person, committee, corporation or organization designated in
Section 15.5, or appointed pursuant to Section 15.5, to perform the responsibilities of that office. 
 Section 1.44 Plan
Year means the period commencing on January 1, 2007 and ending on December 31, 2007 and each calendar year ending on each December 31st thereafter. 
 Section 1.45 Qualified Participant means a Participant who has attained age 55 and who has been a Participant of the Plan for at least 10 years. 
 Section 1.46 Retirement means any termination of employment with all Affiliated Employers at or after the later of (a) the attainment
of age 65 and (b) the completion of five (5) Years of Vesting Service. 
 Section 1.47 Retroactive Contribution means
a contribution made on a retroactive basis in accordance with Section 5.4. 
 Section 1.48 Share means a share of any
class of stock issued by any Affiliated Employer; provided, however, that such share is a “qualifying employer security” within the meaning of Section 409(l) of the Code and Section 407(d)(5) of ERISA. 
 Section 1.49 Share Acquisition Loan means a loan obtained by the Trustee in accordance with Article VI. 
 Section 1.50 Share Investment Account means an Investment Account established and maintained in accordance with Article XI. 
 Section 1.51 Tender Offer means a tender offer made to holders of any one or more classes of Shares generally, or any other offer made to
holders of any one or more classes of Shares generally to purchase, exchange, redeem or otherwise transfer Shares, whether for cash or other consideration whether or not such offer constitutes a “tender offer” or an “exchange
offer” for purposes of the Exchange Act. 
 Section 1.52 Total Compensation during any period means an Employee’s
aggregate total compensation paid by any Affiliated Employer with respect to such period that constitutes wages within the meaning of Section 3401 of the Code, plus any amounts by which the Employee’s compensation paid by any Affiliated
Employer has been reduced pursuant to a compensation reduction agreement under the terms of any qualified cash or deferred arrangement described in Section 401(k) of the Code, any salary reduction simplified employee pension plan described in
Section 408(k) of the Code, any tax deferred annuity plan described in Section 

  

 8 

 
403(b) of the Code, any cafeteria plan described in Section 125 of the Code, any transportation program described in Section 132(f) of the Code or
any compensation reduction agreement under the terms of any plan described in Section 457 of the Code. In no event, however, shall an Employee’s Total Compensation for any calendar year include any compensation in excess of $225,000 (or
such other amount as may be permitted under Section 401(a)(17) of the Code). 
 Section 1.53 Trust means the trust created
pursuant to the Trust Agreement. 
 Section 1.54 Trust Agreement means the agreement between the Company and the Trustee
therein named or its successors pursuant to which the Trust Fund shall be held in trust. 
 Section 1.55 Trust Fund means the
corpus (consisting of contributions paid over to the Trustee and investments thereof), and all earnings, appreciation or additions thereof and thereto, held by the Trustee under the Trust Agreement in accordance with the Plan, less any depreciation
thereof and any payments made therefrom pursuant to the Plan. 
 Section 1.56 Trustee means the Trustee of the Trust Fund from
time to time in office. The Trustee shall serve as Trustee until it is removed or resigns from office and is replaced by a successor Trustee appointed in accordance with the terms of the Trust Agreement. 
 Section 1.57 Valuation Date means the last business day of each Plan Year and such other dates as the Plan Administrator may prescribe.

 Section 1.58 Vesting Computation Period means, with respect to any person, the period distribution Section 1.60.

 Section 1.59 Year of Eligibility Service means an Eligibility Computation Period during which the Employee completed at
least 1,000 Hours of Service. 
 Section 1.60 Year of Vesting Service means an elapsed twelve (12) month period beginning
with the date on which a Participant first became or becomes an Employee (or if later attains age 18) or, after a One Year Break in Service first again becomes an Employee (or if later attains age 18) during all of which he receives Credited Service
as computed and defined in accordance with the provisions of Article III hereof. The number of Years of Service shall be determined by a fraction which gives credit for each day which elapses during the period from such date of hire or anniversary
thereof to the date of reference. 
 Article II 
 Participation 
 Section 2.1 Eligibility for Participation. 
 (a) Only Eligible Employees may be or become Participants. An Employee shall be an Eligible Employee if he (i) is employed by one or more
Participating Employers; (ii) has attained age 18; (iii) has completed at least one Year of Eligibility Service; and (iv) is not excluded under Section 2.1(b). 
  

 9 

 (b) An Employee is not an Eligible Employee if he: 
 (i) does not receive Allocation Compensation from at least one Participating Employer; or 
 (ii) is an Employee who has waived any claim to participation in the Plan. 
 Section 2.2 Commencement of Participation. 
 Every Employee who is an Eligible Employee on the effective date of the transaction whereby the Bank becomes a wholly owned subsidiary of the Company shall automatically become a Participant as of the Effective Date,
or if later as of the first date which is the first day of a month on which he is an Employee and has attained age 18. An Employee who becomes an Eligible Employee after the Effective Date shall automatically become a Participant on the first day of
the month coincident with or next following the Eligibility Computation Period in which he becomes an Eligible Employee. 
 Section 2.3
Termination of Participation. 
 Participation in the Plan shall cease, and a Participant shall become a Former Participant, after
termination of his Credited Service when he is entitled to no benefits hereunder or all such benefits have been distributed. 
 Article III

 Credited Service 
 Section 3.1 Computation of Credited Service 
 An Employee’s Credited Service shall terminate upon his death,
disability, retirement or termination of service with all Affiliated Employers for any reason. The following types of absences shall not be deemed to terminate an Employee’s Credited Service and the periods elapsed during such absences shall be
included in computing the length of an Employee’s Credited Service: 
 (a) Leave of absence granted by an Affiliated Employer for
sickness, injury, disability, government, civic or charitable service or any other specific reason, for not more than two (2) years. 
 (b) Absence for military service under leave of absence granted by the Affiliated Employer or when required by law, provided he returns to service as an Employee with the Affiliated Employer within ninety (90) days of his release from
active military duty or any longer period during which his right to re-employment is protected by law. 
 (c) Lay off not in excess of two
(2) years until employment is terminated either by the Employee or the Affiliated Employer. 
  

 10 

 In no event shall the powers of any Affiliated Employer pursuant to Subsections (a), (b) or
(c) of this Section 3.1 be exercised so as to discriminate in favor of Employees who are Highly Compensated. Any Participant who has an absence described in this Section 3.1 and who does not return to active employment with the Bank
at the end of the period described in clause (a), (b) or (c), as the case may be, shall be credited with Credited Service and Years of Eligibility Service and Years of Vesting Service solely on the basis of service being recognized for such
purposes only to the earlier of (A) the date such person attains age 65, dies, resigns, quits or is discharged, or (B) twelve (12) months after the date that such period commenced. For purposes of determining whether a Participant has
a One Year Break in Service, such Participant shall be deemed to have rendered one (1) Hour of Service on the date described in (A) or (B) of the preceding sentence, whichever is earlier. 
 Section 3.2 Service to Acquired Entities. 
 The Compensation Committee, the Executive Committee of the Board or the Board may determine to extend for eligibility and/or vesting purposes Credited Service, for specified service or all service to any other party
to acquisition for any period or periods designated by either such committee or the Board upon such conditions as such committee or the Board may establish. For purposes of this Section 3.2, the term “party to acquisition” means any
entity (i) from which any Affiliated Employer acquires assets in the form of ongoing operations and related assets, or (ii) stock or other equity interests of which is acquired by any Affiliated Employer, or (iii) which merges with or
is a party to a consolidation to which, any Affiliated Employer is a party. Service to other corporations or entities for which credit for eligibility purposes under any pension or profit sharing plan maintained by a party to acquisition may if so
determined by either such Committee or the Board be treated as service to such party to acquisition. 
 Section 3.3 Breaks in Service.

 For purposes of determining a person’s Years of Eligibility Service and Years of Vesting Service, (combined “Years of
Service”) or any other benefit or right under the Plan, following a One Year Break in Service, service prior to such One Year Break in Service shall be taken into account subject to the following limitations: 
 (i) In the case of an Employee who is vested in his Account or an Employee who is not vested in his Account, but whose number of
consecutive One Year Breaks in Service is less than the greater of five (5) or the number of his Years of Service prior to a One Year Break in Service, Years of Service completed before the One Year Break in Service shall be restored upon
reemployment. 
 (ii) In the case of any Employee who is not vested in his Account on the date of his termination of
employment, his Years of Service prior to such date shall be disregarded in computing his Years of Service after his return if the number of consecutive One Year Breaks in Service equals or exceed the greater of five (5) or his Years of Service
prior to such Break in Service. 
  

 11 

 (iii) In no event shall there be taken into the computation of Years of Service after a
One Year Break in Service which were previously disregarded on account of an earlier One Year Break in Service under the terms of this Section 3.3. 
 Section 3.4 Transfer to or From Employment Within the United States. 
 Any person initially
hired by the Affiliated Employer to work outside the United States who becomes an Employee shall become a Participant in accordance with the terms of Section 2.1(a) applied by giving Eligibility Service for service to any Affiliated Employer
outside the United States. The service of such Participant for the Bank as an employee outside of the United States shall be included in computing such Participant’s Years of Service for vesting purposes to the same extent it would be if such
service had been rendered as an Employee. In any event, the period of any such Participant’s employment outside the United States shall be excluded for all purposes of his entitlement to have any contributions made on his behalf or credited to
him under this Plan. 
 Article IV 
 Contributions by Participants Not Permitted 
 Section 4.1 Contributions by Participants Not Permitted.

 Participants shall not be required, nor shall they be permitted, to make contributions to the Plan. 
 Article V 
 Contributions by
Participating Employers 
 Section 5.1 In General. 
 Subject to the limitations of Article VIII, for each Plan Year, the Participating Employers shall contribute to the Plan the amount, if any, determined by
the Board, but in no event less than the amount described in Section 5.2(a). The amount contributed for any Plan Year shall be treated as a Loan Repayment Contribution, a Discretionary Contribution, or a combination thereof, in accordance with
the provisions of this Article V. 
 Section 5.2 Loan Repayment Contributions. 
 For each Plan Year, a portion of the Participating Employers’ contributions, if any, to the Plan equal to the sum of: 
 (a) the minimum amount required to be added to the Loan Repayment Account in order to provide adequate funds for the payment of the principal and
interest then required to be repaid under the terms of any outstanding Share Acquisition Loan obtained by the Trustee; plus 
  

 12 

 (b) the additional amount, if any, designated by the Committee to be applied to the prepayment of
principal or interest under the terms of any outstanding Share Acquisition Loan obtained by the Trustee; 
 shall be treated as a Loan Repayment Contribution
for such Plan Year. A Loan Repayment Contribution for a Plan Year shall be allocated to the Loan Repayment Account and shall be applied by the Trustee, in the manner directed by the Board, to the payment of accrued interest and to the reduction of
the principal balance of any Share Acquisition Loan obtained by the Trustee that is outstanding on the date on which the Loan Repayment Contribution is made. To the extent that a Loan Repayment Contribution for a Plan Year results in a release of
Financed Shares in accordance with Section 6.4, such Shares shall be allocated among the Accounts of Eligible Participants for such Plan Year in accordance with Section 7.2. 
 Section 5.3 Discretionary Contributions. 
 In the event that the amount of the Participating Employers’ contributions to the Plan for a Plan Year exceeds the amount of the Loan Repayment Contributions for such Plan Year, such excess shall be treated as a
Discretionary Contribution and shall be allocated among the Accounts of the Eligible Participants for such Plan Year in accordance with Section 7.3. 
 Section 5.4 Retroactive Contributions. 
 A Participating Employer shall make a Retroactive
Contribution in respect of any individual previously employed by it who is re-employed by any Affiliated Employer following the completion of a period of Qualified Military Service. Such Retroactive Contribution shall be made in the following manner
for each Plan Year that includes any part of the period of Qualified Military Service: 
 (a) An allocation percentage shall be computed by
dividing (i) the sum of the Fair Market Value of all Financed Shares allocated to Eligible Participants for such Plan Year plus the dollar amount of all Discretionary Contributions made in cash for such Plan Year plus the Fair Market Value of
all Discretionary Contributions made in Shares for such Plan Year, divided by (ii) the aggregate amount of Allocation Compensation used in the allocation for such Plan Year. Fair Market Value for such purposes shall be determined as of the last
day of the Plan Year. 
 (b) A notional allocation shall be determined by multiplying (A) the percentage determined under
Section 5.4(a) by (B) the Allocation Compensation which the individual would have had for such Plan Year if he had remained in the service of his Participating Employer in the same capacity and earning Allocation Compensation and Total
Compensation at the annual rates in effect immediately prior to the commencement of the Qualified Military Leave (or, if such rates are not reasonably certain, at an annual rate equal to the actual Allocation Compensation and Total Compensation,
respectively, paid to him for the 12-month period immediately preceding the Qualified Military Service). 
 (c) An actual Retroactive
Contribution for the Plan Year shall be determined by computing the excess of (A) the notional allocation determined under Section 5.4(b) over (B) the sum of the dollar amount of any Discretionary Contribution in cash, the Fair Market
Value of 

  

 13 

 
any Discretionary Contribution in Shares and the Fair Market Value of any Financed Shares actually allocated to such individual for such Plan Year.

 Section 5.5 Time and Manner of Payment. 
 (a) Payment of contributions made pursuant to this Article V shall be made: (i) in cash, in the case of a Loan Repayment Contribution; and (ii) in cash, in Shares, or in a combination of cash and Shares, in
the case of an Discretionary Contribution or a Retroactive Contribution. 
 (b) Contributions made pursuant to this Article V for a Plan Year
shall be allocated to the Accounts of the Eligible Participants in the case of a Discretionary Contribution, to the Account of the Participant for whom it is made in the case of a Retroactive Contribution, and to the Loan Repayment Account in the
case of a Loan Repayment Contribution, as soon as is practicable following the payment thereof to the Trust Fund. Contributions for any Plan Year shall be made at any time during such Plan Year or the next subsequent Plan Year. 
 Article VI 
 Share Acquisition Loans

 Section 6.1 In General. 
 The Board may direct the Trustee to obtain a Share Acquisition Loan on behalf of the Plan, the proceeds of which shall be applied on the earliest practicable date: 
 (a) to purchase Shares; or 
 (b) to make
payments of principal or interest, or a combination of principal and interest, with respect to such Share Acquisition Loan; or 
 (c) to make
payments of principal and interest, or a combination of principal and interest, with respect to a previously obtained Share Acquisition Loan that is then outstanding. 
 Any such Share Acquisition Loan shall be obtained on such terms and conditions as the Compensation Committee may approve; provided, however, that such terms and conditions shall provide for the payment of interest at
no more than a reasonable rate and shall permit such Share Acquisition Loan to satisfy the requirements of Section 4975(d)(3) of the Code and Section 408(b)(3) of ERISA. 
 Section 6.2 Collateral; Liability for Repayment. 
 (a) The Board may direct the Trustee to pledge, at the time a Share Acquisition Loan is obtained, the following assets of the Plan as collateral for such Share Acquisition Loan: 
  

 14 

 (i) any Shares purchased with the proceeds of such Share Acquisition Loan and any
earnings attributable thereto; 
 (ii) any Financed Shares then pledged as collateral for a prior Share Acquisition Loan which
is repaid with the proceeds of such Share Acquisition Loan and any earnings attributable thereto; and 
 (iii) pending the
application thereof to purchase Shares or repay a prior Share Acquisition Loan, the proceeds of such Share Acquisition Loan and any earnings attributable thereto. 
 Except as specifically provided in this Section 6.2(a), no assets of the Plan shall be pledged as collateral for the repayment of any Share Acquisition Loan. 
 (b) No person entitled to payment under a Share Acquisition Loan shall have any right to the assets of the Plan except for: 
 (i) Financed Shares that have been pledged as collateral for such Share Acquisition Loan pursuant to Section 6.2(a); 
 (ii) Loan Repayment Contributions made pursuant to Section 5.2; and 
 (iii) earnings attributable to Financed Shares described in Section 6.2(b)(i) and to Loan Repayment Contributions described in
Section 6.2(b)(ii). 
 Except in the event of a default or a refinancing pursuant to which an existing Share Acquisition Loan is repaid or as provided
in Section 14.3, the aggregate amount of all payments of principal and interest made by the Trustee with respect to all Share Acquisition Loans obtained on behalf of the Plan shall at no time exceed the aggregate amount of all Loan Repayment
Contributions theretofore made plus the aggregate amount of all earnings (other than dividends paid in the form of Shares) attributable to Financed Shares and to such Loan Repayment Contributions. 
 (c) Any Share Acquisition Loan shall be without recourse against the Plan and Trust. 
 Section 6.3 Loan Repayment Account. 
 In the event that one or more Share Acquisition Loans shall be obtained, a Loan Repayment Account shall be established under the Plan. The Loan Repayment Account shall be credited with all Shares acquired with the proceeds of a Share
Acquisition Loan, all Loan Repayment Contributions and all earnings (including dividends paid in the form of Shares) or appreciation attributable to such Shares and Loan Repayment Contributions. The Loan Repayment Account shall be charged with all
payments of principal and interest made by the Trustee with respect to any Share Acquisition Loan, all Shares released in accordance with Section 6.4 and all losses, depreciation or expenses attributable to Shares or to other property credited
thereto. The Financed Shares, as well as any earnings thereon, shall be allocated to such Loan Repayment Account and shall be accounted for separately from all other amounts or property contributed under the Plan. 
  

 15 

 Section 6.4 Release of Financed Shares. 
 As of the last day of each Plan Year during which a Share Acquisition Loan is outstanding, a portion of the Financed Shares purchased with the proceeds of
such Share Acquisition Loan and allocated to the Loan Repayment Account shall be released. The number of Financed Shares released in any such Plan Year shall be equal to the amount determined according to one of the following methods: 
 (a) by computing the product of: (i) the number of Financed Shares purchased with the proceeds of such Share Acquisition Loan and allocated to the
Loan Repayment Account immediately before the release is effected; multiplied by (ii) a fraction, the numerator of which is the aggregate amount of the principal and interest payments (other than payments made upon the refinancing of a Share
Acquisition Loan as contemplated by Section 6.1(c)) made with respect to such Share Acquisition Loan during such Plan Year, and the denominator of which is the aggregate amount of all principal and interest remaining to be paid with respect to
such Share Acquisition Loan as of the first day of such Plan Year; or 
 (b) by computing the product of: (i) the number of Financed
Shares purchased with the proceeds of such Share Acquisition Loan and allocated to the Loan Repayment Account immediately before the release is effected; multiplied by (ii) a fraction, the numerator of which is the aggregate amount of the
principal payments (other than payments made upon the refinancing of a Share Acquisition Loan as contemplated by Section 6.1(c)) made with respect to such Share Acquisition Loan during such Plan Year, and the denominator of which is the
aggregate amount of all principal remaining to be paid with respect to such Share Acquisition Loan as of the first day of such Plan Year; provided, however, that the method described in this Section 6.4(b) may be used only if the Share
Acquisition Loan does not extend for a period in excess of 10 years after the date of origination and only to the extent that principal payments on such Share Acquisition Loan are made at least as rapidly as under a loan of like principal amount
with a like interest rate and term requiring level amortization of principal and interest. 
 The method to be used shall be specified in the documents
governing the Share Acquisition Loan or, if not specified therein, prescribed by the Compensation Committee, in its discretion. In the event that property other than, or in addition to, Financed Shares shall be held in the Loan Repayment Account and
pledged as collateral for a Share Acquisition Loan, then the property to be released pursuant to this Section 6.4 shall be property having a Fair Market Value determined by applying the method to be used to the Fair Market Value of all property
pledged as collateral for such Share Acquisition Loan; provided, however, that no property other than Financed Shares shall be released pursuant to this Section 6.4 unless all Financed Shares have previously been released. 
 Section 6.5 Restrictions on Financed Shares. 
 Except to the extent required under any applicable law, rule or regulation, no Shares purchased with the proceeds of a Share Acquisition Loan shall be subject to a put, call or other option, or to any buy-sell or
similar arrangement, while held by the Trustee or when distributed from the Plan. The provisions of this Section 6.5 shall continue to apply in the event that this Plan shall cease to be an employee stock ownership plan, within the meaning of
Section 4975(e)(7) of the Code. 
  

 16 

 Article VII 
 Allocation of Contributions 
 Section 7.1 Allocation Among Eligible Participants.

 Subject to the limitations of Article VIII, Discretionary Contributions for a Plan Year made in accordance with Section 5.3
and Financed Shares and other property that are released from the Loan Repayment Account for a Plan Year in accordance with Section 6.4 shall be allocated among the Eligible Participants for such Plan Year, in the manner provided in this
Article VII. 
 Section 7.2 Allocation of Released Shares or Other Property. 
 Subject to the limitations of Article VIII, in the event that Financed Shares or other property are released from the Loan Repayment Account for a Plan
Year in accordance with Section 6.4, such released Shares or other property shall be allocated among the Accounts of the Eligible Participants for the Plan Year in the proportion that each such Eligible Participant’s Allocation
Compensation for the portion of such Plan Year during which he was a Participant bears to the aggregate of such Allocation Compensation of all Eligible Participants for such Plan Year. 
 Section 7.3 Allocation of Discretionary Contributions. 
 Subject to the limitations of Article VIII, in the event that the Participating Employers make Discretionary Contributions for a Plan Year, such Discretionary Contributions shall be allocated among the Accounts of the
Eligible Participants for such Plan Year in the proportion that each such Eligible Participant’s Allocation Compensation for the portion of such Plan Year during which he was a Participant bears to the aggregate of such Allocation Compensation
of all Eligible Participants for such Plan Year. 
 Article VIII 
 Limitations on Allocations 
 Section 8.1 Optional Limitations on
Allocations. 
 If, for any Plan Year, the application of Sections 7.2 and 7.3 would result in more than one-third of the number of
Shares or of the amount of money or property to be allocated thereunder being allocated to the Accounts of Eligible Participants for such Plan Year who are also Highly Compensated Employees for such Plan Year, then the Compensation Committee may,
but shall not be required to, direct that this Section 8.1 shall apply in lieu of Sections 7.2 and 7.3. If the Compensation Committee gives such a direction, then the Compensation Committee shall impose a maximum dollar limitation on the amount
of Allocation Compensation that may be taken into account for each Eligible Participant. The dollar limitation which shall be 

  

 17 

 
imposed shall be the limitation which produces the result that the aggregate Allocation Compensation taken into account for Eligible Participant who are
Highly Compensated Employees, constitutes exactly one-third of the aggregate Allocation Compensation taken into account for all Eligible Participants. 
 Section 8.2 General Limitations on Contributions. 
 (a) No amount shall be allocated to a
Participant’s Account under this Plan for any Limitation Year to the extent that such an allocation would result in an Annual Addition of an amount greater than the lesser of (i) $45,000 (or such other amount as is permissible under
Section 415(c)(1)(A) of the Code), or (ii) 100% of the Participant’s Total Compensation for such Limitation Year. 
 (b) For
purposes of this Section 8.2, the following special definitions shall apply: 
 (i) Annual Addition means
the sum of the following amounts allocated on behalf of a Participant for a Limitation Year: 
 (A) all contributions by the
Employer (including contributions made under a salary reduction agreement pursuant to Sections 401(k), 408(k) or 403(b) of the Code) under any qualified defined contribution plan or simplified employee pension (other than this Plan) maintained by
the Employer, as well as the Participant’s allocable share, if any, of any forfeitures under such plans as well as amounts allocated to an individual medical benefit account, as defined in Section 415(l)(2) of the Code, which is part of a
pension or annuity plan maintained by the Employer; plus 
 (B) the sum of all of the nondeductible voluntary contributions
under any other qualified defined contribution plan (whether or not terminated) maintained by the Employer; plus 
 (C) all
Discretionary Contributions under this Plan; plus 
 (D) except as hereinafter provided in this Section 8.2(b)(i), a
portion of the Employer’s Loan Repayment Contributions to the Plan for such Limitation Year which bears the same proportion to the total amount of the Employer’s Loan Repayment Contributions for the Limitation Year that the number of
Shares (or the Fair Market Value of property other than Shares) allocated to the Participant’s Account pursuant to Section 7.2 or 8.1, whichever is applicable, bears to the aggregate number of Shares (or Fair Market Value of property other
than Shares) so allocated to all Participants for such Limitation Year. 
 Notwithstanding Section 8.2(b)(i)(D), if, for any Limitation
Year, the aggregate amount of Discretionary Contributions allocated to the Accounts of the individuals who are Highly Compensated Employees for such Limitation Year, when added to such Highly Compensated Employees’ allocable share of any Loan
Repayment Contributions for such Limitation Year, does not exceed one-third of the total of all Discretionary Contributions and Loan Repayment Contributions for 

  

 18 

 
such Limitation Year, then that portion, if any, of the Loan Repayment Contributions for such Limitation Year that is applied to the payment of interest on a
Share Acquisition Loan shall not be included as an Annual Addition. In no event shall any Financed Shares, any dividends or other earnings thereon, any proceeds of the sale thereof or any portion of the value of the foregoing be included as an
Annual Addition. No catch-up elective deferrals under Section 414(v) of the Code shall be included as an Annual Addition. 
 (ii) Employer means the Company, and all members of a controlled group of corporations, as defined in Section 414(b) of the Code, as modified by Section 415(h) of the Code, all commonly controlled trades or
businesses, as defined in Section 414(c) of the Code, as modified by Section 415(h) of the Code, all affiliated service groups, as defined in Section 414(m) of the Code, of which the Company is a member that employs any person who is
considered an employee under Section 20.7 and any other entity that is required to be aggregated with the Employer pursuant to regulations under Section 414(o) of the Code. 
 (iii) Limitation Year means the Plan Year. 
 (c) When an individual’s Annual Addition to this Plan must be reduced to satisfy the limitations of Section 8.2(a), such reduction shall be applied to Discretionary Contributions and to Shares allocated as a
result of a Loan Repayment Contribution which are included as an Annual Addition in such order as shall result in the smallest reduction in the number of Shares allocable to the Individual’s Account. The amount by which any individual’s
Annual Addition to this Plan is reduced shall be allocated in accordance with Articles V and VII as a contribution by the Participating Employers in the next succeeding Limitation Year. 
 (d) Prior to determining an individual’s actual Total Compensation for a Limitation Year, the Participating Employer may determine the limitations
under this Section 8.2 for an individual on the basis of a reasonable estimation of the individual’s Total Compensation for the Limitation Year that is uniformly determined for all individuals who are similarly situated. As soon as it is
administratively feasible after the end of the Limitation Year, the limitations of this Section 8.2 shall be determined on the basis of the individual’s actual Total Compensation for the Limitation Year. 
  

 19 

 Article IX 
 Vesting 
 Section 9.1 Vesting. 
 Subject to the provisions of Sections 9.2 and 14.2, the balance credited to each Participant’s Account shall become vested in accordance with the
following schedule: 
  

			
	 Complete Years of Vesting
Service
	 	 Vested Percentage

	 less than 2 years
	 	0%
	 2 years
	 	25%
	 3 years
	 	50%
	 4 years
	 	75%
	 5 or more years
	 	100%

 Section 9.2 Vesting on Death, Disability, Retirement or Change in Control.

 Any previously unvested portion of the remainder of the balance credited to the Account of a Participant or of a person who is a
Former Participant solely because he is excluded from membership under Section 2.1(b) shall become fully vested immediately upon his Retirement, or, if earlier, upon the termination of his employment with all Affiliated Employers by reason of
death, Disability or upon the occurrence of a Change in Control. 
 Section 9.3 Forfeitures on Termination of Employment.

 Upon the termination of employment of a Participant or Former Participant for any reason other than death, Disability or
Retirement, that portion of the balance credited to his Account which is not vested at the date of such termination shall be forfeited upon the earliest of (a) full distribution of the vested portion of the Account or (b) the fifth
anniversary following the date of such termination of employment. The proceeds of such forfeited amounts, reduced by any amounts required to be credited because of re-employment pursuant to Section 9.4, shall be treated as Forfeitures and shall
be disposed of as provided in Section 9.5. If no portion of the balance credited to an Account of a Participant or Former Participant is vested as of the date of his termination of employment, a distribution of $0, representing full
distribution of the Account, shall be deemed to have been made to the Participant or Former Participant on such date. 
 Section 9.4
Amounts Credited Upon Re-Employment. 
 If an Employee forfeited any amount of the balance credited to his Account upon his
termination of employment, and is re-employed by any Affiliated Employer prior to the occurrence of five consecutive One-Year Breaks in Service, then: 
  

 20 

 (i) an amount equal to the Fair Market Value of the Shares forfeited, determined as of
the date of Forfeiture; and 
 (ii) the amount credited to his General Investment Account that was forfeited, determined as of
the date of Forfeiture; 
 shall be credited back to his Account; provided however, that the Employee repays the amount distributed to him from his Account
as a result of such termination no later than the fifth anniversary of his re-employment or the end of the fifth Plan Year to begin after such distribution, whichever is earlier. Such amounts to be re-credited shall be obtained from the proceeds of
the forfeited amounts redeemed pursuant to Section 9.3 during the Plan Year in which the repayment is made, unless such proceeds are insufficient, in which case the Employee’s Employer shall make an additional contribution in the amount of
such deficiency. For purposes of this Section 9.4, a Participant or Former Participant who received a distribution of $0, shall be deemed to have made repayment on the date of re-employment with an Employer. 
 Section 9.5 Allocation of Forfeitures. 
 Any Forfeitures that occur during a Plan Year shall be used to reduce the contributions required of the Participating Employers under the Plan in the next Plan Year and shall be treated as Loan Repayment Contributions and Discretionary
Contributions in the proportions designated by the Committee in accordance with Article V. 
 Article X 
 The Trust Fund 
 Section 10.1 The
Trust Fund. 
 The Trust Fund shall be held and invested under the Trust Agreement with the Trustee. The provisions of the Trust
Agreement shall vest such powers in the Trustee as to investment, control and disbursement of the Trust Fund, and such other provisions not inconsistent with the Plan, including provision for the appointment of one or more “investment
managers” within the meaning of Section 3(38) of ERISA to manage and control (including acquiring and disposing of) all or any of the assets of the Trust Fund, as the Compensation Committee may from time to time authorize. 
 Section 10.2 Investments. 
 Except to the extent provided to the contrary in Section 10.3, the Trust Fund shall be invested in: 
 (i)
Shares; 
 (ii) such Investment Funds as may be established from time to time by the Compensation Committee; and 

(iii) such other investments as may be permitted under the Trust Agreement; 
  

 21 

 in such proportions as shall be determined by the Compensation Committee or, if so provided under the Trust Agreement, as
directed by one or more investment managers or by the Trustee, in its discretion; provided, however, that the investments of the Trust Fund shall consist primarily of Shares. Notwithstanding the immediately preceding sentence, the Trustee may
temporarily invest the Trust Fund in short-term obligations of, or guaranteed by, the United States Government or an agency thereof, or may retain uninvested, or sell investments to provide, amounts of cash required for purposes of the Plan.

 Section 10.3 Distributions for Diversification of Investments. 
 (a) Notwithstanding Section 10.2, each Qualified Participant may: 
 (i) during the first 90 days of each of the first five Plan Years to begin after the Plan Year in which he first becomes a Qualified
Participant, elect that such percentage of the balance credited to his Account as he may specify, but in no event may he during such five Plan Years withdraw more than 25% of the balance credited to his Account, be either distributed to him pursuant
to this Section 10.3(a)(i) or transferred to the 401(k) Plan maintained by the Bank to the extent permitted by such plan, no later than 90 days after the last day that such election may be made; and 
 (ii) during the first 90 days of the sixth Plan Year to begin after the Plan Year in which he first becomes a Qualified Participant,
elect that such percentage of the balance credited to his Account as he may specify, but in no event more than 50% of the balance credited to his Account, be either distributed to him pursuant to this Section 10.3(a)(ii) or transferred to the
401(k) Plan maintained by the Bank to the extent permitted by such plan, no later than 90 days after the last day that such election may be made. 
 For
purposes of an election under this Section 10.3, the balance credited to a Participant’s Account shall be the balance credited to his Account determined as of the last Valuation Date to occur in the Plan Year immediately preceding the Plan
Year in which such election is made and the 25% and 50% limitations shall apply to the balance obtained by adding the sum of all amounts withdrawn by such Participant pursuant to the provisions of this Section 10.3 to the balance after it has
been reduced by the amount of all amounts distributed or transferred to the 401(k) Plan maintained by the Bank under this Section 10.3. 
 (b) An election made under Section 10.3(a) shall be made in writing, in the form and manner prescribed by the Plan Administrator, and shall be filed with the Plan Administrator during the election period specified in
Section 10.3(a). As soon as is practicable, and in no case later than 90 days following the end of the election period during which such election is made, the Plan Administrator shall take such actions as are necessary to cause the specified
percentage of the balance credited to the Account of the Qualified Participant making the election to be distributed to such Qualified Participant. 
 (c) An election made under Section 10.3(a) may be changed or revoked at any time during the election period described in Section 10.3(a) during which it is initially made. In no event, however, shall any election under this
Section 10.3 result in more than 25% of the 

  

 22 

 
balance credited to the Participant’s Account being distributed to the Participant or transferred to the 401(k) Plan maintained by the Bank, if such
election is made during a Plan Year to which Section 10.3(a)(i) applies, or result in more than 50% of the balance distributed to the Participant or transferred to the 401(k) Plan maintained by the Bank, if such election is made during the Plan
Year to which Section 10.3(a)(ii) applies or thereafter. 
 Section 10.4 Cost of Administering Plan. 
 To the extent not paid by any Participating Employer, all costs of administering the Plan and all Trustee’s fees will be paid by the Trust from the
General Investment Account and if not sufficient from the Share Investment Account. 
 Section 10.5 Use of Commingled Trust Funds.

 Subject to the provisions of the Trust Agreement, amounts held in the Trust Fund may be invested in: 
 (a) any commingled or group trust fund described in Section 401(a) of the Code and exempt under Section 501(a) of the Code; or 
 (b) any common trust fund exempt under Section 584 of the Code maintained exclusively for the collective investment of the assets of trusts that are
exempt under Section 501(a) of the Code; provided that the trustee of such commingled, group or common trust fund is a bank or trust company. 
 Section 10.6 Management and Control of Assets. 
 All assets of the Plan shall be held by the Trustee in trust for the
exclusive benefit of Participants, Former Participants and their Beneficiaries. No part of the corpus or income of the Trust Fund shall be used for, or diverted to, purposes other than for the exclusive benefit of Participants, Former Participants
and their Beneficiaries, and for defraying reasonable administrative expenses of the Plan and Trust Fund. No person shall have any interest in or right to any part of the earnings of the Trust Fund, or any rights in, to or under the Trust Fund or
any part of its assets, except to the extent expressly provided in the Plan. 
 Article XI 
 Valuation of Interests in the Trust Fund 
 Section 11.1 Establishment of Investment Accounts. 
 The Plan Administrator shall establish, or cause to be
established, for each person for whom an Account is maintained a Share Investment Account and a General Investment Account. Such Share Investment Accounts and General Investment Accounts shall be maintained in accordance with this Article XI.

  

 23 

 Section 11.2 Share Investment Accounts. 
 The Share Investment Account established for a person in accordance with Section 11.1 shall be credited with: (a) all Shares allocated to such
person’s Account; (b) all Shares purchased with amounts of money or property allocated to such person’s Account; (c) all dividends paid in the form of Shares with respect to Shares credited to his Account; and (d) all Shares
purchased with amounts credited to such person’s General Investment Account. Such Share Investment Account shall be charged with all Shares that are sold or exchanged to acquire other investments or to provide cash and with all Shares that are
distributed in kind. 
 Section 11.3 General Investment Accounts. 
 The General Investment Account that is established for a person in accordance with Section 11.1 shall be credited with: (a) all amounts, other
than Shares, allocated to such person’s Account; (b) all dividends paid in a form other than Shares with respect to Shares credited to such person’s Share Investment Account; (c) the proceeds of any sale of Shares credited to
such person’s Share Investment Account; and (d) any earnings attributable to amounts credited to such person’s General Investment Account. Such General Investment Account shall be charged with all amounts credited thereto that are
applied to the purchase of Shares, any losses or depreciation attributable to amounts credited thereto, any expenses allocable thereto and any distributions of amounts credited thereto. 
 Section 11.4 Valuation of Investment Accounts. 
 (a) The Plan Administrator shall determine, or cause to be determined, the aggregate value of each person’s Share Investment Account as of each Valuation Date by multiplying the number of Shares credited to such
Share Investment Account on such Valuation Date by the Fair Market Value of a Share on such Valuation Date. 
 (b) As of each Valuation Date,
the Accounts of each Participant shall be separately adjusted to reflect their proportionate share of any appreciation or depreciation in the fair market value of the General Investment Account, any income earned by the General Investment Account
and any expenses incurred by the General Investment Account, as well as any contributions, withdrawals or distributions and investment transfers not posted as of the last Valuation Date. 
 Section 11.5 Annual Statements. 
 There shall be furnished, by mail or otherwise, at least once in each Plan Year to each person who would then be entitled to receive all or part of the balance credited to any Account if the Plan were then terminated, a statement of his
interest in the Plan as of such date as shall be selected by the Plan Administrator, which statement shall be deemed to have been accepted as correct and be binding on such person unless the Plan Administrator receives written notice to the contrary
within 30 days after the statement is mailed or furnished to such person. 
  

 24 

 Article XII 
 Shares 
 Section 12.1 Specific Allocation of Shares. 
 All Shares purchased under the Plan shall be specifically allocated to the Share Investment Accounts of Participants, Former Participants and their
Beneficiaries in accordance with Section 11.2, with the exception of Financed Shares, which shall be allocated to the Loan Repayment Account. 
 Section 12.2 Dividends. 
 (a) Dividends paid with respect to Shares held under the Plan shall be credited to the Loan
Repayment Account, if paid with respect to Financed Shares. Such dividends shall be: (i) applied to the payment of principal and accrued interest with respect to any Share Acquisition Loan, if paid in cash; or (ii) held in the Loan
Repayment Account as Financed Shares for release in accordance with Section 6.4, if paid in the form of Shares. 
 (b) Dividends paid
with respect to Shares allocated to a person’s Share Investment Account shall be credited to such person’s Share Investment Account. Cash dividends credited to a person’s General Investment Account shall be, at the direction of the
Committee, either: (i) held in such General Investment Account and invested in accordance with Sections 10.2 and 11.3; (ii) distributed immediately to such person; (iii) distributed to such person within 90 days of the close of the
Plan Year in which such dividends were paid; (iv) used to make payments of principal or interest on a Share Acquisition Loan; provided, however, that the Fair Market Value of Financed Shares released from the Loan Repayment Account as a result
of such payment equals or exceeds the amount of the dividend; or (v) either held as provided in Section 12.2(b)(i) or distributed as provided in Section 12.2(b)(ii), as each person shall elect for his own Account. 
 Section 12.3 Voting Rights. 
 (a) Each person shall direct the manner in which all voting rights appurtenant to Shares allocated to his Share Investment Account will be exercised, provided that such Shares were allocated to his Share Investment Account as of the
applicable record date. Such person shall, for such purpose, be deemed a “named fiduciary” within the meaning of Section 402(a)(2) of ERISA. Such a direction shall be given by completing and filing with the inspector of elections, the
Trustee or such other person who shall be independent of the Participating Employers as the Committee shall designate, at least 10 days prior to the date of the meeting of holders of Shares at which such voting rights will be exercised, a written
direction in the form and manner prescribed by the Committee. The inspector of elections, the Trustee or such other person designated by the Committee shall tabulate the directions given on a strictly confidential basis, and shall provide the
Committee with only the final results of the tabulation. The final results of the tabulation shall be followed by the Committee in directing the Trustee as to the manner in which such voting rights shall be exercised. The Plan Administrator shall
make a reasonable effort to furnish, or cause to be furnished, to each person for whom a Share 

  

 25 

 
Investment Account is maintained all annual reports, proxy materials and other information known by the Plan Administrator to have been furnished by the
issuer of the Shares, or by any solicitor of proxies, to the holders of Shares. 
 (b) To the extent that any person shall fail to give
instructions with respect to the exercise of voting rights appurtenant to Shares allocated to his Share Investment Account: 
 (i) the Trustee shall, with respect to each matter to be voted upon: (A) cast a number of affirmative votes equal to the product of (I) the number of allocated Shares for which no written instructions have been given, multiplied
by (II) a fraction, the numerator of which is the number of allocated Shares for which affirmative votes will be cast in accordance with written instructions given as provided in Section 12.3(a) and the denominator of which is the aggregate
number of affirmative and negative votes which will be cast in accordance with written instructions given as aforesaid, and (B) cast a number of negative votes equal to the excess (if any) of (I) the number of allocated Shares for which no
written instructions have been given over (II) the number of affirmative votes being cast with respect to such allocated Shares pursuant to Section 12.3(b)(i)(A); or 
 (ii) if the Trustee shall determine that it may not, consistent with its fiduciary duties, vote the allocated Shares for which no written
instructions have been given in the manner described in Section 12.3(b)(i), it shall vote such Shares in such manner as it, in its discretion, may determine to be in the best interests of the persons to whose Share Investment Accounts such
Shares have been allocated. 
 (c) (i) The voting rights appurtenant to Financed Shares shall be exercised as follows with respect to each
matter as to which holders of Shares may vote: 
 (A) a number of votes equal to the product of (I) the total number of
votes appurtenant to Financed Shares allocated to the Loan Repayment Account on the applicable record date; multiplied by (II) a fraction, the numerator of which is the total number of affirmative votes cast by Participants, Former Participants and
the Beneficiaries of deceased Former Participants with respect to such matter pursuant to Section 12.3(a) and the denominator of which is the total number of affirmative and negative votes cast by Participants, Former Participants and the
Beneficiaries of deceased Former Participants, shall be cast in the affirmative; and 
 (B) a number of votes equal to the
excess of (I) the total number of votes appurtenant to Financed Shares allocated to the Loan Repayment Account on the applicable record date, over (II) the number of affirmative votes cast pursuant to Section 12.3(c)(i)(A) shall be cast in
the negative. 
 To the extent that the Financed Shares consist of more than one class of Shares, this Section 12.3(c)(i) shall be applied separately
with respect to each class of Shares. 
 (ii) If voting rights are to be exercised with respect to Financed Shares as provided
in Section 12.3(c)(i)(A) and (B) at a time when there are no Shares allocated to the Share Investment Accounts of Participants, Former Participants and the Beneficiaries 

  

 26 

 
of deceased Former Participants, then the voting rights appurtenant to Financed Shares shall be exercised as follows with respect to each matter as to which
holders of Shares may vote: 
 (A) Each person who is a Participant on the applicable record date will be granted a number of
votes equal to the quotient, rounded to the nearest integral number, of (I) such Participant’s Allocation Compensation for the Plan Year ending on or immediately prior to such record date (or for the portion of such Plan Year during which
he was a Participant); divided by (II) $1,000.00; and 
 (B) a number of votes equal to the product of (I) the total
number of Financed Shares allocated to the Loan Repayment Account on the applicable record date; multiplied by (II) a fraction, the numerator of which is the total number of votes that are cast in the affirmative with respect to such matter pursuant
to Section 12.3(c)(ii)(A) and the denominator of which is the total number of votes that are cast either in the affirmative or in the negative with respect to such matter pursuant to Section 12.3(c)(ii)(A), shall be cast in the
affirmative; and 
 (C) a number of votes equal to the excess of (I) the total number of Financed Shares allocated to the
Loan Repayment Account on the applicable record date, over (II) the number of affirmative votes cast with respect to such matter pursuant to Section 12.3(c)(ii)(B), shall be cast in the negative. 
 To the extent that the Financed Shares consist of more than one class of Shares, this Section 12.3(c)(ii) shall be applied separately with respect to each class of
Shares. 
 Section 12.4 Tender Offers. 
 (a) Each person shall direct whether Shares allocated to his Share Investment Account will be delivered in response to any Tender Offer. Such person shall, for such purpose, be deemed a “named fiduciary”
within the meaning of Section 402(a)(2) of ERISA. Such a direction shall be given by completing and filing with the Trustee or such other person who shall be independent of the Participating Employers as the Committee shall designate, at least
10 days prior to the latest date for exercising a right to deliver Shares pursuant to such Tender Offer, a written direction in the form and manner prescribed by the Committee. The Trustee or other person designated by the Committee shall tabulate
the directions given on a strictly confidential basis, and shall provide the Committee with only the final results of the tabulation. The final results of the tabulation shall be followed by the Committee in directing the number of Shares to be
delivered. The Plan Administrator shall make a reasonable effort to furnish, or cause to be furnished, to each person for whom a Share Investment Account is maintained, all information known by the Plan Administrator to have been furnished by the
issuer or by or on behalf of any person making such Tender Offer, to the holders of Shares in connection with such Tender Offer. 
 (b) To
the extent that any person shall fail to give instructions with respect to Shares allocated to his Share Investment Account: 
 (i) the Trustee shall (A) tender or otherwise offer for purchase, exchange or redemption a number of such Shares equal to the product of (I) the number of allocated 

  

 27 

 
Shares for which no written instructions have been given, multiplied by (II) a fraction, the numerator of which is the number of allocated Shares tendered or
otherwise offered for purchase, exchange or redemption in accordance with written instructions given as provided in Section 12.4(a) and the denominator of which is the aggregate number of allocated Shares for which written instructions have
been given as aforesaid, and (B) withhold a number of Shares equal to the excess (if any) of (I) the number of allocated Shares for which no written instructions have been given over (II) the number of Shares being tendered or otherwise
offered pursuant to Section 12.4(b)(i)(A); or 
 (ii) if the Trustee shall determine that it may not, consistent with its
fiduciary duties, exercise the tender or other rights appurtenant to allocated Shares for which no written instructions have been given in the manner described in Section 12.4(b)(i), it shall tender, or otherwise offer, or withhold such Shares
in such manner as it, in its discretion, may determine to be in the best interests of the persons to whose Share Investment Accounts such Shares have been allocated. 
 (c) In the case of any Tender Offer, any Financed Shares held in the Loan Repayment Account shall be dealt with as follows: 
 (i) If such Tender Offer occurs at a time when there are no Shares allocated to the Share Investment Accounts of Participants, Former Participants and the Beneficiaries of deceased Former Participants, then the
disposition of the Financed Shares shall be determined as follows: 
 (A) each person who is a Participant on the applicable
record date will be granted a number of tender rights equal to the quotient, rounded to the nearest integral number, of (I) such Participant’s Allocation Compensation for the Plan Year ending on or immediately prior to such record date (or
for the portion of such Plan Year during which he was a Participant), divided by (II) $1,000.00; and 
 (B) on the last day
for delivering Shares or otherwise responding to such Tender Offer, a number of Shares equal to the product of (I) the total number of Financed Shares allocated to the Loan Repayment Account on the last day of the effective period of such
Tender Offer; multiplied by (II) a fraction, the numerator of which is the total number of tender rights exercised in favor of the delivery of Shares in response to the Tender Offer pursuant to Section 12.4(c)(i)(A) and the denominator of which
is the total number of tender rights that are exercisable in response to the Tender Offer pursuant to Section 12.4(c)(i)(A), shall be delivered in response to the Tender Offer; and 
 (C) a number of Shares equal to the excess of (I) the total number of Financed Shares allocated to the Loan Repayment Account on the
last day of the effective period of such Tender Offer; over (II) the number of Shares to be delivered in response to the Tender Offer pursuant to Section 12.4(c)(i)(B), shall be withheld from delivery. 
  

 28 

 (ii) If such Tender Offer occurs at a time when the voting rights appurtenant to such
Financed Shares are to be exercised in accordance with Section 12.3(c)(i), then: 
 (A) on the last day for delivering
Shares or otherwise responding to such Tender Offer, a number of Financed Shares equal to the product of (I) the total number of Financed Shares allocated to the Loan Repayment Account on the last day of the effective period of such Tender
Offer; multiplied by (II) a fraction, the numerator of which is the total number of Shares delivered from the Share Investment Accounts of Participants, Former Participants and the Beneficiaries of deceased Former Participants in response to such
Tender Offer pursuant to Section 12.4(a), and the denominator of which is the total number of Shares allocated to the Share Investment Accounts of Participants, Former Participants and Beneficiaries of deceased Former Participants immediately
prior to the last day for delivering Shares or otherwise responding to such Tender Offer, shall be delivered; and 
 (B) a
number of Financed Shares equal to the excess of (I) the total number of Financed Shares allocated to the Loan Repayment Account on the last day for delivering Shares or otherwise responding to such Tender Offer; over (II) the number of
Financed Shares to be delivered pursuant to Section 12.4(c)(ii)(A), shall be withheld from delivery. 
 To the extent that the Financed
Shares consist of more than one class of Shares, this Section 12.4(c) shall be applied separately with respect to each class of Shares. 
 Article XIII 
 Distribution Of Participant Accounts 
 Section 13.1 Distribution Date. 
 (a) Except as elsewhere specifically provided, no portion of the Fund shall be distributed to any Participant, Former Participant or Beneficiary until such Participant’s employment with all Affiliated Employers has been terminated.
Notwithstanding any provision in the Plan to the contrary, the distribution of a Participant’s benefits shall be made in compliance with the provisions of Section 13.3 hereof, Section 401(a)(9) of the Code and the Treasury regulations
thereunder, the provisions of which are incorporated hereby by reference. 
 (b) The benefits to which a Participant who attains age 70  1/2 is entitled hereunder shall be distributed or commence to be distributed no later than April 1 of the
calendar year following the later of (i) the calendar year in which the Participant attains age 70 1/2 or (ii) the calendar year in which the Participant retires, provided, however, that this clause (ii) shall not apply in the case of
a Participant who is a five (5) percent owner at any time during the Plan Year ending with or within the calendar year in which such owner attains age 70 1/2. Once distributions have begun to a five (5) percent owner under this Subsection
(g), they must continue to be distributed, even if the Participant ceases to be a five (5) percent owner in a subsequent year. The period over which distribution is made shall not be longer than the life of the Participant or the lives of the
Participant and his designated beneficiary (or the life expectancy of the Participant or the life expectancies of the Participant and his designated beneficiary). 
  

 29 

 Section 13.2 Method of Distribution. 
 (a) In the event a Participant’s employment with all Affiliated Employers has been terminated, distribution of his vested Accounts shall be made in
one lump sum. The time at which payment is to be made or commence to be made pursuant to this Section 13.2 shall be designated by the Participant and is subject to the notice requirements of Section 13.3 hereof. Under all options, unless
the Participant otherwise elects, payment shall be made not later than the sixtieth (60th) day after the close
of the Plan Year in which the latest of the following occurs: (i) the Participant attains age 65; (ii) the tenth anniversary of the year in which the Participant commenced participation in the Plan; or (iii) the Participant terminates
his service with all Affiliated Employers. Subject to the terms of Section 13.1 hereof, a Participant’s failure or delay in electing a distribution option shall be considered an election to defer distribution. In any event payment under
any option shall not be required to commence earlier than 30 days following termination of such Participant’s employment with all Affiliated Employers for any reason. 
 (b) Notwithstanding anything in this Article XIII to the contrary, if a Participant’s employment with all Affiliated Employers is terminated, and
the total value of his vested Account as of the most recent Valuation Date immediately preceding his Distribution Date does not exceed $5,000, the Committee shall cause to be distributed a single sum equal to the value of the entire vested portion
of his Account to such Participant as soon as administratively practicable; and the non-vested portion, if any, will be forfeited. If a Participant would have received a distribution under the preceding sentence but for the fact that the total value
of the Participant’s vested Account exceeds $5,000 on the applicable Valuation Date and if at a later time the value of such Account is reduced such that it is not greater than $5,000, the Participant will receive a distribution of such Account
as soon as administratively practicable; and the non-vested portion will be treated as a forfeiture. 
 Section 13.3 Minimum
Distributions; 401(a)(9) Compliance. 
 Any method of distribution must comply with the requirements of this Section 13.3.

 (a) General Rules. 
 (i) Precedence. The requirements of this Section will take precedence over any inconsistent provisions of the Plan. 
 (ii) Requirements of Treasury Regulations. All distributions required under this Section shall be determined and made in accordance with the Treasury Regulations under Section 401(a)(9) of the Internal Revenue
Code. 
 (b) Time and Manner of Distribution. 
 (i) Required Beginning Date. The Participant’s entire interest will be distributed to the Participant no later than the
Participant’s Required Beginning Date. 
  

 30 

 (ii) Death of Participant Before Distributions Begin. If the Participant dies before
distributions begin, the Participant’s entire interest will be distributed no later than as follows: 
 (A) If the
Participant’s surviving spouse is the Participant’s sole Designated Beneficiary, then distributions to the surviving spouse will be made by December 31st of the calendar year immediately following the calendar year in which the Participant died, or by December 31st of the calendar year in which the Participant would have attained age 70  1/2 , if later. 
 (B) If the Participant’s
surviving spouse is not the Participant’s sole Designated Beneficiary, then distributions to the Designated Beneficiary will be made by December 31st of the calendar year immediately following the calendar year in which the Participant died. 
 (C) If there is no Designated Beneficiary as of September 30th of the year
following the year of the Participant’s death, the Participant’s entire interest will be distributed by December 31st of the calendar year containing the fifth anniversary of the Participant’s death. 
 (D) If the
Participant’s surviving spouse is the Participant’s sole Designated Beneficiary and the surviving spouse dies after the Participant but before distributions to the surviving spouse begin, this Subsection 13.3(b)(ii), other than Subsection
13.3(b)(ii)(A), will apply as if the surviving spouse were the Participant. 
 (c) Definitions. As used in this Section 13.3 the
following terms have the meanings set forth in this Subsection. 
 (i) Designated Beneficiary. The individual or
non-individual who is designated as the Beneficiary under this Article XIII of the Plan. 
 (ii) Required Beginning Date. The
date by which distributions to the Participant are required to begin pursuant to the applicable provisions of Section 13.1. 
 Section 13.4 Vested Interest Held in Fund. 
 Any part of the interest of a Former Participant or Beneficiary for
future distribution shall continue to be invested in accordance with Article X as part of the Trust Fund. The balance of such Account shall continue to fluctuate with investment results to the same extent as they would if such Former Participant or
Beneficiary had continued to be a Participant. Distribution from such Accounts shall be made in accordance with the provisions of this Article XIII. 
 Section 13.5 Distribution of Benefits Upon Death Prior Benefit Payment. 
 (a) The vested
Account balance of a Participant or Former Participant who dies prior to the Distribution Date shall be paid to his surviving spouse if such Participant or Former Participant is married, but if there is no surviving spouse, or if the surviving
spouse has consented as provided in Section 13.8, then to the Participant’s designated Beneficiary. Such 

  

 31 

 
vested Account balance shall be payable in a lump sum. Such payment shall be made or commence to be made as soon as administratively practicable following
the Beneficiary’s request for payment, subject to the terms of Subsection (d) through (g) hereof, but shall not be required to commence earlier than 30 days following the date of the Participant’s death. For purposes of this
Section 13.5, the term “spouse” shall mean the spouse to whom the Participant is married on the date of his death. 
 (b) Such
Participant or Former Participant may waive the spousal death benefit described in this Section 13.5 at any time provided that no such waiver shall be effective unless the spouse consents to such waiver and the spouse’s consent satisfies
the requirements of Section 13.8. 
 (c) In the event a Participant or Former Participant dies prior to commencing distribution of his
Account, his vested Account balance shall be paid in accordance with Subsection (a) hereof to the Participant’s surviving spouse or other Beneficiary in one lump-sum payment in cash or in property; 
 (d) Notwithstanding any provision in the Plan to the contrary, distributions upon the death of a Participant shall be made in accordance with the
following requirements and shall otherwise comply with Section 13.3 and Section 401(a)(9) of the Code and the regulations thereunder. If a Participant or Former Participant dies before he has begun to receive any distributions of his
interest under the Plan or before distributions have begun pursuant to regulations, then distribution of such person’s interest in his Accounts (or applicable portion thereof) shall be distributed to his Beneficiaries by December 31 of the
calendar year in which the fifth anniversary of his date of death occurs. 
 (e) Notwithstanding the provisions of this Section 13.5, if
a Participant or Former Participant dies and the total value of such Participant’s vested interest in his Account, does not exceed $5,000 an amount equal to the total value of such vested interest shall be distributed to his Beneficiary or
Beneficiaries in a single sum as soon as administratively practicable. If a Beneficiary or Beneficiaries would have received a distribution under the preceding sentence but for the fact that the Participant’s vested account balance exceeded
$5,000 on the Participant’s date of death and if at a later time such account balance is reduced such that it is not greater than $5,000, the Beneficiary or Beneficiaries will receive a distribution of such account balance as soon as
administratively practicable. 
 (f) In the event a single sum distribution greater than $1,000 is to be made to a Participant in accordance
with the provisions of Subsection 8.2(d), and such Participant does not elect to have such distribution paid directly to an eligible retirement plan specified by such Participant in a direct rollover in accordance with Section 13.7 or to
receive the distribution directly in cash in accordance with Subsection 8.2(d), then the Plan Administrator shall direct payment of the distribution in a direct rollover to an individual retirement plan designated by the Plan Administrator.

  

 32 

 Section 13.6 Manner of Payment. 
 Distributions made pursuant to the provisions of this Article XIII shall be made, in accordance with the written direction of the person requesting the
payment, in whole Shares, in cash, or in a combination of cash and whole Shares. Such written direction shall be given in such form and manner as the Plan Administrator may prescribe. If no such direction is given, then payment shall be made in the
maximum number of whole Shares that may be acquired with the amount of the payment, plus, if necessary, an amount of money equal to any remaining amount of the payment that is less than the Fair Market Value of a whole Share. 
 Section 13.7 Direct Rollovers. 
 Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee’s election under this Article XIII, 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. The following definitions shall apply for purposes of this Section: 
 (a) Eligible rollover distribution: An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the
distributee, except that an eligible rollover distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the
distributee or the joint lives (or joint life expectancies) of the distributee and the distributee’s designated beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under
Section 401(a)(9) of the Code; and the portion of any distribution that is not includable in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities); any other distribution
which when added to the total distributions expected to be made on behalf of the distributee for the calendar year is reasonably expected to total less than $200. 
 (b) Eligible retirement plan: An eligible retirement plan is an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the
Code, an annuity plan described in Section 403(a) of the Code, or a qualified trust described in Section 401(a) of the Code, that accepts the distributee’s eligible rollover distribution. However, in the case of an eligible rollover
distribution to a surviving spouse, an eligible retirement plan is an individual retirement account or individual retirement annuity. 
 (c)
Distributee: A distributee includes an Employee or former Employee. In addition, the Employee’s or former Employee’s surviving spouse and the Employee’s or former Employee’s spouse or former spouse who is the alternate payee
under a qualified domestic relations order, as defined in Section 414(p) of the Code, are distributees with regard to the interest of the spouse or former spouse. 
 (d) Direct rollover: A direct rollover is a payment by the plan to the eligible retirement plan specified by the distributee. 
  

 33 

 Section 13.8 Designation of Beneficiary: 
 (a) Subject to the provisions of Subsection (b) of this Section, each Participant or Former Participant may from time to time designate any person or
persons (who may be designated primarily, contingently or successively and who may be an entity other than a natural person) as his Beneficiary or Beneficiaries to whom his Plan benefits are paid if he dies before receipt of all such benefits. Each
Beneficiary designation shall be in a form prescribed by the Committee and will be effective only when filed with the Committee during the Participant’s lifetime. 
 If a married Participant wishes to designate a Beneficiary other than the Participant’s spouse, the Plan Administrator shall provide the Participant with a notice explaining that the entire vested benefits of the
Participant will, upon the Participant’s death, be distributed to the Participant’s spouse, unless the spouse has consented, as provided in Subsection (b), to the Beneficiary designation. Each Beneficiary designation filed with the
Committee will supersede all previously filed Beneficiary designations. The revocation of a Beneficiary designation shall not require the consent of any designated Beneficiary except as provided in Subsection (b) below. 
 (b) No Beneficiary designation by a married Participant shall be effective unless the Participant’s spouse consents to the Beneficiary designation.
The spouse’s consent must: 
 (i) be in writing and acknowledge the beneficiary the Participant designated including any
class of beneficiaries or any contingent beneficiaries, which may not be changed without spousal consent (unless the spouse expressly permits designations by the Participant without any further spousal consent); 
 (ii) acknowledge that without the spouse’s consent the spouse would receive upon the Participant’s death the Participants entire
vested Account; 
 (iii) acknowledge that the consent cannot be revoked; and 
 (iv) be witnessed by a notary public. 
 Notwithstanding the foregoing, spousal consent to a Participant’s Beneficiary designation shall not be required if: 
 (i) the spouse is designated as the sole primary beneficiary by the Participant, or 
 (ii) it
is established to the satisfaction of the Plan Administrator that spousal consent cannot be obtained because there is no spouse, because the spouse cannot be located or because of such other circumstances as may be prescribed in regulations issued
by the Secretary of the Treasury. 
  

 34 

 Any consent by a spouse obtained under this provision (or establishment that consent of a spouse may not
be obtained) shall be effective only with respect to such spouse. 
 (c) If any Participant or Former Participant fails to designate a
Beneficiary in the manner provided in this Section, or no Beneficiary designated by him survives, then such Participant’s benefits shall be paid to his surviving spouse, and if no spouse survives, then to his surviving children, including
adopted children, in equal shares, but if none survives then to his Legal Representative. Payments may be made in any form allowable hereunder and the Code (without loss of tax qualified status) and the Act. 
 Section 13.9 Valuation of Shares Upon Distribution. 
 Notwithstanding any contrary provision in this Article XIII, in the event that all or a portion of a payment of a distribution is to be made in cash, the recipient shall only be entitled to receive the proceeds of the
Shares allocated to his Account that are sold in connection with such distribution and which are valued as of the date of such sale. 
 Section 13.10 Put Options. 
 (a) Except as provided otherwise in this Section 13.10, each Participant or Former
Participant to whom Shares are distributed under the Plan, each Beneficiary of a deceased Participant or Former Participant, including the estate of a deceased Participant or Former Participant, to whom Shares are distributed under the Plan, and
each person to whom such a Participant, Former Participant or Beneficiary gives Shares that have been distributed under the Plan shall have the right to require the Company to purchase from him all or any portion of such Shares. A person shall
exercise such right by delivering to the Company a written notice, in such form and manner as the Company may by written notice to such person prescribe, setting forth the number of Shares to be purchased by the Company, the number of the stock
certificate evidencing such person’s ownership of such Shares (if represented by certificates), and the effective date of the purchase. Such notice shall be given at least 30 days in advance of the effective date of purchase, and the effective
date of purchase specified therein shall be, either within the 60 day period that begins on the date on which the Shares to be purchased by the Company were distributed from the Plan or within the 60 day period that begins on the first day of the
Plan Year immediately following the Plan Year in which the Shares to be purchased by the Company are distributed from the Plan. As soon as practicable following its receipt of such a notice, the Company shall take such actions as are necessary to
purchase the Shares specified in such notice at a price per Share equal to the Fair Market Value of a Share determined as of the Valuation Date coincident with or immediately preceding the effective date of the purchase. 
 (b) The Company shall have no obligation to purchase any Share (i) pursuant to a notice that is not timely given, or on an effective date of
purchase that is not within the periods prescribed in Section 13.11(a), or (ii) during a period in which Shares are publicly traded on an established market. 
  

 35 

 Section 13.11 Right of First Refusal. 
 (a) For any period during which Shares are not publicly traded on an established market, no person who owns Shares that were distributed from the Plan,
other than a person to whom such Shares were sold in compliance with this Section 13.11, shall sell such Shares to any person other than the Company without first offering to sell such Shares to The Company in accordance with this
Section 13.11. 
 (b) In the event that a person to whom this Section 13.11 applies shall receive and desire to accept from a
person other than the Company an offer to purchase Shares to which this Section 13.11 applies, he shall furnish to the Company a written notice which shall: 
 (i) include a copy of such offer to purchase; 
 (ii) offer to sell to The Company the Shares subject to such offer to purchase at a price per Share that is equal to the greater of:

 (A) the price per Share specified in such offer to purchase; or 
 (B) the Fair Market Value of a Share as of the Valuation Date coincident with or immediately preceding the date of such notice;

 and otherwise upon the same terms and conditions as those specified in such offer to purchase; and 
 (iii) include an indication of his intention to accept such offer to purchase if The Company does not accept his offer to sell.

 Such person shall refrain from accepting such offer to purchase for a period of fourteen days following the date on which such notice is given.

 (c) The Company shall have the right to purchase the Shares covered by the offer to sell contained in a notice given pursuant to
Section 13.11(b), on the terms and conditions specified in such notice, by written notice given to the party making the offer to sell not later than the fourteenth day after the notice described in Section 13.11(b) is given. If The Company
does not give such a notice during the prescribed fourteen day period, then the person owning such Shares may accept the offer to purchase described in the notice. 
 Article XIV 
 Change in Control 
 Section 14.1 Definition of Change in Control; Pending Change in Control. 
 (a) A Change in Control shall be deemed to have occurred upon the happening of any of the following events: 
  

 36 

 (i) the consummation of a reorganization, merger or consolidation of the Company with one
or more other persons, other than a transaction following which: 
 (A) at least 51% of the equity ownership interests of the
entity resulting from such transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act in substantially the same relative proportions by persons who, immediately prior to such transaction, beneficially
owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the outstanding equity ownership interests in the Company; and 
 (B) at least 51% of the securities entitled to vote generally in the election of directors of the entity resulting from such transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) in substantially the same relative proportions by persons who, immediately prior to such transaction, beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the securities entitled to
vote generally in the election of directors of the Company; 
 (ii) the acquisition of all or substantially all of the assets
of the Company or beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the outstanding securities of the Company entitled to vote generally in the election of directors by any person or by any
persons acting in concert; 
 (iii) a complete liquidation or dissolution of the Company; 
 (iv) the occurrence of any event if, immediately following such event, at least 50% of the members of the Board do not belong to any of
the following groups: 
 (A) individuals who were members of the Board on the Effective Date; or 
 (B) individuals who first became members of the Board after the Effective Date either: 
 upon election to serve as a member of the Board by affirmative vote of three-quarters of the members of such Board, or of a nominating committee thereof,
in office at the time of such first election; or 
 upon election by the shareholders of the Board to serve as a member of such Board, but
only if nominated for election by affirmative vote of three-quarters of the members of the Board, or of a nominating committee thereof, in office at the time of such first nomination; 
 provided, however, that such individual’s election or nomination did not result from an actual or threatened election contest or other actual or threatened solicitation of proxies or consents other than by
or on behalf of the Board; or 
  

 37 

 (v) any event which would be described in Section 14.1(a)(i), (ii), (iii) or
(iv) if the term “Bank” were substituted for the term “Company” therein and the term “Board” meant the Board of Directors of the Bank. 
 In no event, however, shall a Change of Control be deemed to have occurred as a result of any acquisition of securities or assets of the Company, the Bank, or a subsidiary of either of them, by the Company, the Bank,
or any subsidiary of either of them, or by any employee benefit plan maintained by any of them. For purposes of this Section 14.1(a), the term “person” shall have the meaning assigned to it under Sections 13(d)(3) or 14(d)(2) of the
Exchange Act. 
 Section 14.2 Vesting on Change of Control. 
 Notwithstanding any other provision of the Plan, upon the effective date of a Change in Control, the Account of each person who would then, upon
termination of the Plan, be entitled to a benefit, shall be fully vested and nonforfeitable. 
 Section 14.3 Repayment of Share
Acquisition Loan. 
 Notwithstanding any other provision of the Plan, upon the occurrence of a Change in Control, the Committee shall
direct the Trustee to sell a sufficient number of Shares to repay any outstanding Share Acquisition Loan, all remaining Shares which had been unallocated (or the proceeds from the sale thereof, if applicable) shall be allocated among the accounts of
all individuals with undistributed Account balances on the effective date of such Change in Control who are employed by the Company or Bank on the effective date of such Change of Control. Such allocation of Shares or proceeds shall be in proportion
to the balance credited to their Accounts immediately prior to such allocation. 
 Section 14.4 Plan Termination After Change in
Control. 
 Notwithstanding any other provision of the Plan, after repayment of the loan and allocation of Shares or proceeds as
provided in Section 14.3, the Plan shall be terminated and all amounts shall be distributed as soon as practicable. 
 Section
14.5 Amendment of Section XIV. 
 Notwithstanding any other provision of the Plan, this Article XIV of the Plan may not be amended
after the earliest date on which a Change in Control or Pending Change in Control occurs, except (i) to the extent any amendment is required by the Internal Revenue Service as a condition to the continued treatment of the Plan as a
tax-qualified plan under Section 401(a) of the Code or (ii) to the extent that the Company, in its sole discretion, determines than any such amendment is necessary in order to permit any transaction to which the Company, and/or its parent
or affiliate, is or proposes to be a party to qualify for “pooling of interests” accounting treatment. 
  

 38 

 Article XV 
 Fiduciary Responsibility 
 Section 15.1 Designation of Named Fiduciaries. 

The following persons are named fiduciaries within the provisions of Section 402(a)(2) of the Act and are so designated by the Company:

 (a) the Plan Administrator; 
 (b) the Administrative Committee; 
 (c) the Company; 
 (d) the Bank; 
 (e) any Investment Manager appointed pursuant to the provisions of the Trust Agreement; and

 (f) the Compensation Committee. 
 Section 15.2 Allocation of Duties. 
 (a) The Trustee shall be responsible and liable for only those fiduciary duties
relating to the Trustee’s duties under the Trust Agreement. 
 (b) The Plan Administrator shall have such duties as are imposed by any
provision of ERISA or by any provisions of the Code upon plan administrators. The Committee, the Trustee, or, at any time at which the Company is not the Plan Administrator, the Company, shall have no duty or responsibility for seeing that the Plan
Administrator carries out his duties in accordance with the provisions of law. 
 (c) The Administrative Committee shall be responsible for
carrying out the duties assigned to it by any specific provisions of the Plan including the provisions of Article XVI hereof. The Committee shall not be responsible for any failure of the Trustee or any other fiduciary or other person in carrying
out their duties or their failure or errors in carrying out instructions of the Committee. 
 (d) The duties of any Investment Manager shall
be as such duties are as set forth in the documents governing such Investment Manager’s relationship to the Trustee and the Trust Fund, the portion thereof which such Investment Manager is responsible and to carry out such duties in accordance
with the provisions of ERISA and the Code as they relate to such Investment Manager’s responsibility and as they may be construed or interpreted by the U.S. Department of Labor, the Internal Revenue Service or judicial decisions. 
 (e) The Company shall not be liable for any errors or failure to perform duties of the Committee, the Trustee, any Investment Manager or, at any time at
which the Company is 

  

 39 

 
not the Plan Administrator, the Plan Administrator, except insofar as the Company may have violated the standards set forth in Section 15.3 hereof in
choosing any other such fiduciary. 
 (f) Subject to any limitation on the application of this Section 15.7(c) pursuant to ERISA,
neither the Plan Administrator, nor any member of the Committee, nor any officer or employee of the Affiliated Employer to whom fiduciary responsibilities are allocated by a Named Fiduciary, shall be liable for any act of omission or commission by
himself or by another person, except for his own individual willful and intentional malfeasance. 
 (g) Any person or group of persons,
committee or entity may serve in more than one fiduciary capacity with respect to the Plan. 
 Section 15.3 Fiduciary Standards.

 (a) Each named fiduciary and any other person who is a fiduciary under the provisions of ERISA with respect to the Plan, shall
discharge his duties with respect to the Plan solely in the interest of the Participants, Former Participants and Beneficiaries and shall so discharge them for the exclusive purpose of (i) providing benefits to Participants, Former Participants
and their Beneficiaries; and (ii) defraying reasonable expenses of administering the Plan. 
 (b) Such duties shall be carried forth in
accordance with the standards of care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting in like capacity and familiar with such matters would use in the conduct of an enterprise of like character and
with like aims. 
 (c) Any Plan assets held in the Fund shall, to the extent required by ERISA, the Code, or any other applicable law, be
invested by the fiduciary having control of the same in a diversified manner so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. In each case, such diversification shall be deemed to exist
when held by any Insurance Company in a separate investment account, the assets of which are diversified and the Plan’s interest shares in all such diversified investments and such diversification requirement may also be satisfied by purchase
of shares of stock in investment companies registered under the Investment Company Act of 1940 or in a pooled trust fund (to the extent permissible under ERISA and the Code and regulations and rulings pursuant to either) the assets of which are
diversified. 
 (d) Each named fiduciary and any other fiduciary shall discharge his duties with respect to the Plan and Trust in accordance
with the documents and instruments governing the Plan and Trust Agreement and any common trust agreement or declaration governing any common, commingled or pooled trust fund in which Trust Fund assets are invested insofar as such documents and
instruments are consistent with the provisions of ERISA. 
 Section 15.4 Employer as a Fiduciary. 
 The Company and each other Participating Employer is a named fiduciary to the extent it exercises control over assets of the Plan and to the extent it
selects fiduciaries, but it shall not be responsible for the actions of any such fiduciaries selected by it in accordance with the standards 

  

 40 

 
set forth in Section 16.3. The Company shall not be deemed a fiduciary in exercising its power to amend the Plan or to terminate it or to discontinue
contributions hereunder. No Participating Employers shall be deemed a fiduciary in adopting or withdrawing from the Plan. 
 Section
15.5 Plan Administrator. 
 (a) Except as provided pursuant to this Section 15.5, the Bank shall be the Plan Administrator and
shall, except as provided under the Plan, perform all of the duties and functions of the “Plan Administrator” under ERISA and the Code. The Bank may delegate any duties, responsibilities, functions and powers of the Plan Administrator or
any of its other duties, responsibilities, functions or powers to such persons specified by name, title or other description as it acting by the Compensation Committee as its delegee, the Board or the Executive Committee may determine for the
efficient administration of the Plan. Until further action by the Compensation Committee, the Board or its Executive Committee, the Compensation Committee shall be responsible for overseeing the performance of officers and other employees of the
Bank in carrying out compliance with the notice, reporting, and disclosure requirements of ERISA and the Code and other duties imposed under either or both imposed on the Plan or administrators. 
 (b) The Bank may designate one or more persons, by name or title, to act as the Plan Administrator, and from the effective date of such appointment, the
Bank shall not be the Plan Administrator but such appointees shall be the Plan Administrator and shall perform all of the duties and functions of the Plan Administrator and have all of the powers thereof. Any such person or persons may delegate such
duties, functions and powers of the Plan Administrator as it deems advisable, all in accordance with the provisions of Section 15.7. 
 (c) The Company may assign any and all rights and any and all responsibilities assigned to the Bank by any or all of the provisions of this Article XV to any one or more Affiliated Employers or Committee thereof or individuals. 

Section 15.6 Compensation Committee. 
 The Compensation Committee shall as set forth in Article XVIII, have the power to amend and terminate the Plan or the Trust or both, to the extent the Company has such powers. In exercising such powers to amend or
terminate, the Compensation Committee shall not be deemed to be a fiduciary. Further, the Compensation Committee shall have the power and authority to remove and replace the Trustee, and in so doing, it shall act as a fiduciary with respect to the
Plan in that it shall make such decisions with respect to removal and replacement in accordance with the standards set forth in Section 15.3. Further, it shall receive reports from the Administrative Committee with respect to the performance of
the Trustee, and review such performance in accordance with carrying out its duties hereunder in accordance with the standards set forth in Section 15.3. Any right, power or duty and authority of the Company or the Bank to appoint or remove any
Trustee or to take any actions with respect to the Plan or its assets shall be exercisable by the Compensation Committee without further action by the Company or the Bank. 
  

 41 

 Section 15.7 Delegation of Fiduciary Duties. 
 Any fiduciaries named or described in Section 15.1 hereof shall have the right to delegate their duties to one or more persons provided that such
delegation is consistent with the standards and provisions of Section 15.3 hereof and such delegating fiduciary shall not be liable for any error or omission by any such delegates in carrying forth such duties provided such delegation was made
in accordance with the standards of such Section 15.3 hereof and such delegating fiduciary monitor the performance of such delegate from time to time as required by the standards of Section 15.3 hereof. 
 Section 15.8 No Bond Except as Required by ERISA. 
 No bond or other security shall be required of a member of the Committee, the Plan Administrator, or any officer or employee of the Affiliated Employer to whom fiduciary responsibilities are allocated by a Named
Fiduciary or any other Plan fiduciary or service provider, except as may be required by ERISA. 
 Section 15.9 Limitation of Article
XVI. 
 Nothing in this Article X shall be deemed to expand the scope of fiduciary responsibility or liability as otherwise set forth
in and limited by provisions of ERISA and regulations, administrative interpretations or rulings or judicial decisions thereunder. In particular, no named fiduciary shall have any responsibility or liability for any loss or by reason of any breach
which results from the exercise of control of over any or all accounts of any Participant to the extent such fiduciary would not be liable or responsible pursuant to U.S. Department of Labor Regulations §2550.404C-1. 
 Article XVI 
 Administrative
Committee 
 Section 16.1 Appointment and Tenure. 
 The President and Chief Executive Officer of the Bank shall appoint an Administrative Committee (the “Committee”) to oversee the operations of
the Plan. The Committee shall consist of one (1) member or such greater number as such President and Chief Executive Officer shall determine from time to time. Each member of the Administrative Committee shall serve at the pleasure of such
President and Chief Executive Officer or until such time as such member resigns or dies. Members of the Committee may, but need not, be officers or Employees, Participants or directors of an Affiliated Employer. Vacancies due to any cause may be
promptly filled by such officer, but the Committee may act notwithstanding the existence of any number of vacancies. Members of the Committee who are employees of any Participating Employer shall serve without compensation, but their reasonable
expenses shall be paid by the Bank as shall any compensation and any expenses of any member of the Committee who is not an Employee. In the event that at any time the same individual does not hold the office and title of President and Chief
Executive Officer of the Company, then the officer exercising authority granted under any provision of the Plan shall be determined by resolution of the Compensation Committee, the Executive Committee or the Board, and in the absence of such
resolution, either such officer may exercise any of such powers. 
  

 42 

 Section 16.2 Notification of Trustee. 
 The Bank shall notify the Trustee of the membership of the Committee and any change in such membership and shall supply the Trustee with specimen
administrative signatures of all such members. The Trustee shall be entitled to rely on any such notice as to the membership of the Committee and shall be entitled to assume conclusively that any signatures so supplied are genuine. 
 Section 16.3 Action by Committee. 
 The Committee shall act by majority vote of its members at the time in office and such action may be taken either by a vote at a meeting duly called or in writing without a meeting. The Committee may, by such majority vote, authorize one or
more of its members to execute documents on its behalf, in which event the Committee shall notify the Trustee in writing, and the Trustee thereafter may accept and rely upon such authorization until written notification that it has been revoked by
the Committee. 
 Section 16.4 Documents. 
 The Committee shall keep on file a copy of this Plan (together with any subsequent amendments) and copies of all annual reports of the Trustee, which shall be made available for inspection by Participants, Former
Participants and Beneficiaries during normal business hours of the Bank. Upon written request of any Participant, Former Participant, or Beneficiary, the Committee shall furnish such person with a statement of his interest in the Fund as determined
as of the most recent Valuation Date. 
 Section 16.5 Powers of Committee. 
 The Committee shall have general responsibility to oversee the ordinary operation of the Plan and the execution of the funding and investment policies and
alternatives recommended and adopted pursuant to an action of the Compensation Committee or the Board. The Committee shall report to the Compensation Committee, as provided in Section 15.6. The Committee shall further review from time to time
the operations of a Plan and provisions of the Plan and Trust Agreement for compliance with applicable legal requirements including those imposed by ERISA and the Code and regulations and rulings thereunder as the same may be amended or otherwise
developed from time to time. The Committee shall have all powers necessary or convenient to enable it to fulfill its duties hereunder, except that the Committee shall have no responsibility for the performance of those duties for which the Plan
Administrator is responsible under ERISA or the Code or any other provision of law. The Committee shall further have the power and authority to incur all reasonable expenses deemed advisable by it in the performance of its duties under the Plan.

  

 43 

 Section 16.6 Benefits Payable Under the Plan. 
 The Bank shall give the Trustee written notification with respect to all benefits which become payable under the terms and conditions of the Plan and
shall direct the Trustee to pay such benefits from the Fund. The Committee shall review and oversee such procedures. 
 Section 16.7
Construction of the Plan. 
 The Committee shall have full power to construe, interpret and apply this Plan and to supply implied or
interstitial provisions. Further, the Committee shall determine all questions of fact that may arise hereunder, including, but not limited to, what persons are Employees as defined herein, the identity of any Participant’s Beneficiary or
Beneficiaries, the periods of any Employee’s Credited Service, the amount of any Employee’s Compensation, and the rights of persons who are, or claim to be Employees, Participants, Former Participants, Beneficiaries or Alternate Payees.
Any discretionary actions to be taken under this Plan by the Committee, with respect to the classification of Employees or determination of benefits, shall be uniform in nature and applicable to all Employees similarly situated. The Committee shall
have absolute discretion in carrying out its responsibilities. The conclusions and determinations of the Committee as to the construction, interpretation or application of the Plan, or any question arising in connection with the Plan shall be final
and conclusive upon all persons claiming an interest in the Fund. 
 Section 16.8 Engagement of Assistants and Advisors.

 The Committee may employ and retain legal counsel, agents, administrators, accountants, actuaries, and such clerical, medical,
accounting and bookkeeping services as it may reasonably require to carry out the provisions of the Plan. The Committee may delegate any or all of its administrative functions, including reporting to Participants, Former Participants, Beneficiaries
and Alternate Payees and other similar record keeping functions, to any one or more service providers as it deems appropriate or advisable. All fees, costs and expenses charged by any persons so employed or retained shall be paid from the Trust
unless sooner paid by one or more Participating Employers. 
 Section 16.9 Indemnification of the Committee. 
 The Participating Employers shall indemnify and hold harmless the Committee, each member thereof, counsel, accountants, employees, and the officers and
trustees of Participating Employers, from any and all liability, claim, or demand asserted against them with respect to their respective acts or omissions with respect to the Plan provided that with respect to any person who is a fiduciary under any
provision of the Code or ERISA, such act or omission to act was not the result of such person’s bad faith. As part of such indemnification and holding harmless, the Company shall provide counsel chosen by it and shall pay all expenses in
connection with opposing any such claim, demand or asserted liability. Nothing herein shall be deemed a limitation upon any other protection which any such fiduciary may be entitled under any provision hereof or any doctrine of common law, any
relevant statutory provision or the terms of the Charter, Certificate of Incorporation, or By-laws of any Affiliated Employer or any resolution or other action of the Board or its Executive Committee. The provisions of this 

  

 44 

 
Section 16.9 shall not be deemed to be applicable with respect to any action by any fiduciary claiming the benefits of this provision unless such person
acted in good faith and in a manner he reasonably believed to be in the best interests of any Affiliated Corporation or, in the best interest of the Participants, Former Participants or Beneficiaries and consistent with the provisions of the Plan.

 Section 16.10 Designation of Forms by Committee. 
 The Committee may designate forms for all documents, instruments and communications (which forms it may change from time to time) which it deems
reasonable for the designation of Beneficiaries, the election of optional modes of distribution, and any other forms which it deems necessary or advisable for proper administration of the Plan. The Committee may also accept any other forms of
documents, instruments or communications as it deems reasonable, but shall be under no obligation to accept any other forms of documents, instruments or communications and may refuse or refrain to act upon or give effect to any such other forms of
documents, instruments or communications. No document, instrument or communication shall be effective under the Plan unless it is in a form designated or otherwise accepted by and filed with the Committee. The Committee may treat any document,
instrument or communication filed with an Affiliated Employer, or a service provider designated by an Affiliated Employer for such purposes, or accepted by an Affiliated Employer, or any such service provider, as having been filed or accepted, or
both, as the case may be, with the Committee. 
 Section 16.11 Acknowledgment of Benefits. 
 If requested by the Committee, the Trustee, or any Participating Employer, a Participant, Former Participant or Beneficiary or other person shall be
required as a condition of receiving any benefits hereunder to acknowledge the correctness of the computation of such benefits and to release any other claim which he might have. If such person fails to execute any such requested acknowledgment or
release, no benefits shall be distributed to him until there is a judicial determination as to the amount of his benefits, or until the party or parties requesting such acknowledgment or release withdraw such request. Nothing herein shall be deemed
in any way to limit the power and authority of the Committee and the Trustee under this Plan. 
 Section 16.12 Delegation by Committee.

 The Committee may, upon approval of a majority of its members: 
 (a) allocate among any of the members of the Committee any of the responsibilities of the Committee under the Plan or; 
 (b) designate any person, firm or corporation that is not a member of the Committee to carry out any of the responsibilities of the Committee under the
Plan. Any such allocation or designation shall be made pursuant to a written instrument executed by a majority of the members of the Committee. 
  

 45 

 Section 16.13 Information Furnished by Affiliated Employer. 
 The Company shall cause each Affiliated Employer to furnish to the Committee or any service provider approved by it all information and data necessary for
the Committee to administer the Plan, including but not limited to, a list of Employees eligible to become Participants, notification of each Employee becoming so eligible, the Compensation and Total Compensation of all Participants, the date of
hire of all Participants, the age of all Participants and any other information requested by the Committee and reasonably determined by it to be advisable in discharging its duties hereunder. The Committee shall be entitled to rely on such
information as being accurate and complete unless such information is challenged by any Employee in a writing addressed to the Committee, in which event the Committee shall determine the accuracy of such information to the extent that such questions
raised by such Employee are within the scope of the Committee’s powers and authority under this Article XVI. The Company or its delegees or delegees (including any service provider) shall be responsible for all record keeping including the
allocations and investment results allocable to accounts. 
 Article XVII 
 Amendment, Termination and Tax Qualification 
 Section 17.1 Right to
Amend. 
 The Company reserves the right at any time, and from time to time, to modify or amend the Plan and Trust Agreement or both
in whole or in part; provided, however, that no such amendment or modification: 
 (a) shall have the effect of vesting in any Affiliated
Employer any portion of the principal or income of the Trust Fund; or 
 (b) shall cause or permit any portion of the principal or income of
the Trust Fund to be diverted to purposes other than for the exclusive benefit of present or future Participants and their Beneficiaries and to defray the reasonable expenses of administering the Plan; or 
 (c) shall increase the duties or liabilities of the Trustee without its written consent; or 
 (d) shall reduce any amounts credited to any Account unless such reduction appears to the Company, the Compensation Committee or the Committee to be
necessary or reasonably advisable in order to conform with any statute, regulation, ruling or other official promulgation by any agency of the United States of America or any judicial decision compliance with which is necessary or reasonably
advisable in order that the Trust, the Plan, the Participating Employers and the Participants be entitled to the tax benefits to which they are entitled at the Effective Date the Code if the Plan is a plan described as a qualified plan in Sections
401(a) of the Code and as an employee stock ownership plan (as described in Section 20.8), or that the Trust, the Plan and the Participating Employers not be in violation of any provision of ERISA. 
  

 46 

 Section 17.2 Procedure to Amend. 
 (a) The Company’s power to amend the Plan may be exercised in any way and to any extent by the Compensation Committee without further action by or on
behalf of the Bank to authorize such amendment, and any such amendment may be executed consistent with the effective dates, if any, set forth in the action of the Compensation Committee by any officer of the Bank authorized by or pursuant to any
action taken by the Compensation Committee. Notwithstanding the foregoing, the Executive Committee of the Board may also exercise such power of amendment to the extent either deem it appropriate to do so. 
 (b) The power of the Company to amend the Plan may further be exercised by its President and Chief Executive Officer with respect to provisions dealing
with matters of administration, including compliance with any legal requirements described in Section 10.1(d), provided that such amendments are recommended by the Committee and such officer determines that such amendments are not likely to
result in substantial expense to one or more Participating Employers by way of additional contributions to the Plan. The reasonable determination of the President and Chief Executive Officer as to any amendment being within the scope of his
authority hereunder shall be conclusive. In the event of the absence or other unavailability of the President and Chief Executive Officer, any member of the Committee so authorized by the President and Chief Executive Officer may execute any
amendment provided for in this Subsection (b). 
 Section 17.3 No Obligation or Liability. 
 The Company has established and each Participating Employer has adopted and will adopt the Plan with the intention and expectation that it will continue
to make contributions to the Trust indefinitely, but neither Company shall not be under any obligation or liability whatsoever to continue such contributions or to maintain the Plan and may, in its sole discretion, discontinue such contributions or
terminate the Plan or Trust at any time without incurring any liability whatsoever for such discontinuance. The Plan may be terminated by formal action of the Board or its Executive Committee or the Compensation Committee without further authority.

 Section 17.4 Continuation of Trust. 
 The Plan and Trust shall terminate upon dates or times specified in a notice of termination executed by the Bank and delivered to the Trustee. Unless it is specified in such notice that the Trust shall terminate upon
a date certain, or described therein, the Trust shall continue until all interests are distributed in accordance with the provisions of the Plan including the provisions of this Article XVII. 
 Section 17.5 Effect of Termination. 
 In the event of complete termination or any partial termination of the Plan or complete discontinuance of contributions under the Plan, all unallocated contributions shall be allocated, and the total Accounts of all Participants shall
become nonforfeitable, as of the date thereof; provided, however, that in the event of a partial termination only the Accounts of Participants subject to the partial termination shall become nonforfeitable. In the event of termination of the Trust
coincident with or following the termination of the Plan, the balance of each Account shall 

  

 47 

 
be distributed as promptly as practicable Participants and Beneficiaries; (ii) if the Participant consents, in a lump sum, or (iii) as otherwise
provided under the Code and regulations thereunder. To the extent not paid by any Participating Employer, all expenses of administration ordinarily payable by Participating Employers and of termination, after the date of termination, shall be
apportioned to each Account in the proportion which the balance of such Account bears on the date of such termination to the balances of all such Accounts with appropriate adjustments to reflect any partial distribution of any Account. 

Section 17.6 Conformity to Internal Revenue Code. 
 The Participating Employers have established the Plan with the intent that the Plan and Trust will at all times be qualified under Section 401(a) and exempt under Section 501(a) of the Code and constitute a
qualified employer stock ownership plan as described in Section 20.8 and with the intent that contributions under the Plan will be allowed as deductions in computing the net income of the Participating Employers for federal income tax purposes,
and the provisions of the Plan and Trust Agreement shall be construed to effectuate such intentions. Accordingly, notwithstanding anything to the contrary hereinbefore provided, the Plan and the Trust Agreement may be amended at any time without
prior notice to Participants, Former Participants, Beneficiaries or any other persons entitled to benefits, if such amendment is deemed by the Board to be necessary or appropriate to effectuate such intent. 
 Section 17.7 Contingent Nature of Contributions. 
 (a) All Discretionary Contributions to the Plan are conditioned upon the issuance by the Internal Revenue Service of a determination that the Plan and Trust are qualified under section 401(a) of the Code and exempt
under section 501(a) of the Code. If the Participating Employers apply to the Internal Revenue Service for such a determination within 90 days after the date on which it files its federal income tax return for its taxable year that includes the last
day of the Plan Year in which the Plan is adopted, and if the Internal Revenue Service issues a determination that the Plan and Trust are not so qualified or exempt, all Discretionary Contributions made by the Participating Employers prior to the
date of receipt of such a determination may, at the election of the Participating Employers, be returned to the Participating Employers within one year after the date of such determination. 
 (b) All Discretionary Contributions and Loan Repayment Contributions to the Plan are made upon the condition that such Discretionary Contributions and
Loan Repayment Contributions will be allowed as a deduction in computing the net income of an Affiliated Employer for federal income tax purposes. To the extent that any such deduction is disallowed, the amount disallowed may, at the election of the
Participating Employers, be returned to the Participating Employers within one year after the deduction is disallowed. 
 (c) Any
contribution to the Plan made by the Participating Employers as a result of a mistake of fact may, at the election of the Participating Employers, be returned to the Participating Employers within one year after such contribution is made.

  

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 Article XVIII 
 Special Rules for Top Heavy Plan Years 
 Section 18.1 In General. 
 As of the Determination Date for each Plan Year, the Plan Administrator shall determine whether the Plan is a Top Heavy Plan in accordance with the
provisions of this Article XVIII. If, as of such Determination Date, the Plan is a Top Heavy Plan, then the Plan Year immediately following such Determination Date shall be a Top Heavy Plan Year and the special provisions of this Article XVIII shall
be in effect; provided, however, that if, as of the Determination Date for the Plan Year in which the Effective Date occurs, the Plan is a Top Heavy Plan, such Plan Year shall be a Top Heavy Plan Year, and the provisions of this Article XVIII shall
be given retroactive effect for such Plan Year. 
 Section 18.2 Definition of Top Heavy Plan. 
 (a) Subject to Section 18.2(c), the Plan is a Top Heavy Plan if, as of a Determination Date: (i) it is not a member of a Required Aggregation
Group, and (ii)(A) the sum of the Cumulative Accrued Benefits of all Key Employees exceeds 60% of (B) the sum of the Cumulative Accrued Benefits of all Employees (excluding former Key Employees), former Employees (excluding former Key Employees
and other former Employees who have not performed any services for the Employer or any Affiliated Employer during the immediately preceding Plan Year), and their Beneficiaries. 
 (b) Subject to Section 18.2(c), the Plan is a Top Heavy Plan if, as of a Determination Date: (i) the Plan is a member of a Required Aggregation
Group, and (ii)(A) the sum of the Cumulative Accrued Benefits of all Key Employees under all plans that are members of the Required Aggregation Group exceeds 60% of (B) the sum of the Cumulative Accrued Benefits of all Employees (excluding
former Key Employees), former Employees (excluding former Key Employees and other former Employees who have not performed any services for the Employer or any Affiliated Employer during the immediately preceding Plan Year), and their Beneficiaries
under all plans that are members of the Required Aggregation Group. 
 (c) Notwithstanding Sections 18.2(a) and 18.2(b), the Plan is not a
Top Heavy Plan if, as of a Determination Date: (i) the Plan is a member of a Permissible Aggregation Group, and (ii)(A) the sum of the Cumulative Accrued Benefits of all Key Employees under all plans that are members of the Permissible
Aggregation Group does not exceed 60% of (B) the sum of the Cumulative Accrued Benefits of all Employees (excluding former Key Employees), former Employees (excluding former Key Employees and other former Employees who have not performed any
services for the Employer or any Affiliated Employer during the immediately preceding Plan Year), and their Beneficiaries under all plans that are members of the Permissible Aggregation Group. 
 Section 18.3 Determination Date. 
 The Determination Date for the Plan Year in which the Effective Date occurs shall be the last day of such Plan Year, and the Determination Date for each Plan Year beginning 

  

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after the Plan Year in which the Effective Date occurs shall be the last day of the preceding Plan Year. The Determination Date for any other qualified plan
maintained by the Employer for a plan year shall be the last day of the preceding plan year of each such plan, except that in the case of the first plan year of such plan, it shall be the last day of such first plan year. 
 Section 18.4 Cumulative Accrued Benefits. 
 (a) An individual’s Cumulative Accrued Benefits under this Plan as of a Determination Date are equal to the sum of: 
 (i) the balance credited to such individual’s Account under this Plan as of the most recent Valuation Date preceding the Determination Date; 
 (ii) the amount of any Discretionary Contributions or Loan Repayment Contributions made after such Valuation Date but on or before the
Determination Date; and 
 (iii) the amount of any distributions of such individual’s Cumulative Accrued Benefits under
the Plan (including distributions under terminated plans that would have been included in the Required Aggregation Group if not terminated) during the five-year period (for in-service distributions) or one-year period (for all distributions other
than in-service distributions) ending on the Determination Date. 
 For purposes of this Section 18.4(a), the computation of an individual’s
Cumulative Accrued Benefits, and the extent to which distributions, rollovers and transfers are taken into account, will be made in accordance with Section 416 of the Code and the regulations thereunder. 
 (b) For purposes of this Plan, the term “Cumulative Accrued Benefits” with respect to any other qualified plan, shall mean the cumulative
accrued benefits determined for purposes of Section 416 of the Code under the provisions of such plans. 
 (c) For purposes of
determining the top heavy status of a Required Aggregation Group or a Permissible Aggregation Group, the Cumulative Accrued Benefits under this Plan and the Cumulative Accrued Benefits under any other plan shall be determined as of the Determination
Date that falls within the same calendar year as the Determination Dates for all other members of such Required Aggregation Group or Permissible Aggregation Group. 
 Section 18.5 Key Employees. 
 (a) For purposes of the Plan, the term Key Employee means any
employee or former employee of the Employer or any Affiliated Employer who is at any time during the current Plan Year: 
 (i)
a Five Percent Owner; 
 (ii) a person who would be described in Section 1.25 if the number “1%” were
substituted for the number “5%” in Section 1.25 and who has an annual Total Compensation from the Employer and any Affiliated Employer of more than $150,000; or 
  

 50 

 (iii) an Officer of the Employer or any Affiliated Employer who has an annual Total
Compensation greater than $135,000 (or any greater amount as specified in Section 416(i)(1)(A)(i) of the Code) for the Plan Year. 
 (b)
For purposes of Section 18.5(a): 
 (i) for purposes of Section 18.5(a)(iii), in the event the Employer or any
Affiliated Employer has more officers than are considered Officers, the term Key Employee shall mean those officers, up to the maximum number, with the highest annual compensation in any one of the five consecutive Plan Years ending on the
Determination Date; and 
 (ii) for purposes of Section 18.5(a)(ii), if two or more persons have equal ownership
interests in the Employer, each such person shall be considered as having a larger ownership interest than any such person with a lower annual compensation from the Employer or any Affiliated Employer. 
 (c) For purposes of Section 18.5(a): (i) a person’s compensation from Affiliated Employers shall be aggregated, but his ownership interests
in Affiliated Employers shall not be aggregated; (ii) an employee shall only be deemed to be an officer if he has the power and responsibility of a person who is an officer within the meaning of Section 416 of the Code; and (iii) the
term Key Employee shall also include the Beneficiary of a deceased Key Employee. 
 Section 18.6 Required Aggregation Group.

 For purposes of this Article XVIII, a Required Aggregation Group shall consist of (a) this Plan; (b) any other qualified
plans currently maintained (or previously maintained and terminated within the five year period ending on the Determination Date) by the Employer and any Affiliated Employers that cover Key Employees; and (c) any other qualified plans currently
maintained (or previously maintained and terminated within the five year period ending on the Determination Date) by the Employer or any Affiliated Employers that cover Key Employees that are required to be aggregated for purposes of satisfying the
requirements of Sections 401(a)(4) or 410(b) of the Code. 
 Section 18.7 Permissible Aggregation Group. 
 For purposes of this Article XVIII, a Permissible Aggregation Group shall consist of (a) the Required Aggregation Group and (b) any other
qualified plans maintained by the Employer and any Affiliated Employers; provided, however, that the Permissible Aggregation Group must satisfy the requirements of Sections 401(a)(4) and 410(b) of the Code. 
  

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 Section 18.8 Special Requirements During Top Heavy Plan Years. 
 Notwithstanding any other provision of the Plan to the contrary, for each Top Heavy Plan Year, in the case of a Participant (other than a Key Employee) on
the last day of such Top Heavy Plan Year who is not also a participant in another qualified plan which satisfies the minimum contribution and benefit requirements of Section 416 of the Code with respect to such Participant, the sum of the
Discretionary Contributions and Loan Repayment Contributions made with respect to such Participant, when expressed as a percentage of his Total Compensation for such Top Heavy Plan Year, shall not be less than 3% of such Participant’s Total
Compensation for such Top Heavy Plan Year or, if less, the highest combined rate, expressed as a percentage of Total Compensation at which Discretionary Contributions and Loan Repayment Contributions were made on behalf of a Key Employee for such
Top Heavy Plan Year. The Employer shall make an additional contribution to the Account of each Participant to the extent necessary to satisfy the foregoing requirement. Such minimum contribution shall be made under this Plan rather than requiring
additional contributions under the People’s Bank 401(k) Employee Savings Plan or the People’s Bank Employees’ Retirement Plan or any successor to either such Plan pursuant to the Top Heavy provisions of either such Plan or any such
successor. 
 Article XIX 
 Participating Employers 
 Section 19.1 Adoption by Affiliated Employer. 
 The Plan is subject to adoption (with or without retroactive effect) by any Affiliated Employer provided the Company consents to such adoption.

 Section 19.2 Contributions by Participating Employers. 
 Subject to the provisions of Section 19.4 hereof, the contributions under the Plan to be made by Participating Employers for a Plan Year shall be
made in the proportions to which they agree. 
 Section 19.3 All Rights Exercisable by Company. 
 Except as provided in Section 19.4 hereof, all rights under the Plan (including this Article XIX) of the Company or Bank (whether acting by its
respective Board of Directors or Committee thereof) and of the Compensation Committee respectively, shall be exercisable by such entity or committee. Any amendments made by it shall be fully effective with respect to each plan which then includes
this Plan pursuant to this Article. 
 Section 19.4 Amendment by Participating Employers. 
 At any time any Participating Employer (other than the Company) (a) may amend or terminate the Plan as to its employees so as to no longer include
them in the Plan, and (b) shall so amend the Plan upon thirty (30) days notice so to do from the Company. Any such Corporation shall nevertheless be considered a Participating Employer with respect to the period preceding and during which
its plan incorporated the Plan. 
  

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 Article XX 
 Miscellaneous Provisions 
 Section 20.1 No Employment Contract. 
 Neither the adoption and maintenance of the Plan, nor the establishment of the Trust, shall be deemed to be a contract between any Participating Employer
and its Employees. Nothing herein contained shall be deemed to give any Employee the right to be retained in the employ of any Participating Employer or to interfere with the right of any Participating Employer to discharge any Employee at any time,
or to give any Participating Employer the right to require any Employee to remain in its employ or to interfere with any Employee’s right to terminate his employment at any time. 
 Section 20.2 Non-Alienation of Benefits, QDROs. 
 (a) The Plan and Trust have been established to provide for the support of Participants and their Beneficiaries. Therefore, the interest hereunder of any Participant, Former Participant or Beneficiary shall not be
subject to being assigned or alienated by any method and shall not be subject to attachment by or otherwise available by an process whatsoever to his creditors. 
 (b) If any Participant, Former Participant or Beneficiary is adjudicated bankrupt, or attempts to anticipate, alienate, sell, transfer, assign, encumber or charge any benefit under the Plan, or if such benefit is made
the subject of any garnishment, attachment or other similar legal process, then such benefit shall, in the discretion of the Committee, cease and terminate, and in that event the Trustee shall hold or apply the same, or any part thereof, to or for
the benefit of such Participant, Former Participant or Beneficiary in such manner as the Trustee may determine. 
 (c) This Section 20.2
shall not prohibit the Plan Administrator from recognizing a Domestic Relations Order that is determined to be a Qualified Domestic Relations Order in accordance with Section 20.16. 
 (d) Notwithstanding anything in the Plan to the contrary, a Participant’s, Former Participant’s or Beneficiary’s Accounts under the Plan
may be offset by any amount such Participant, Former Participant or Beneficiary is required or ordered to pay to the Plan if: 
 (i) the order or requirement to pay arises: (A) under a judgment issued on or after August 5, 1997 of conviction for a crime involving the Plan; (B) under a civil judgment (including a consent order or decree) entered by a
court on or after August 5, 1997 in an action brought in connection with a violation (or alleged violation) of part 4 of subtitle B of title I of ERISA; or (C) pursuant to a settlement agreement entered into on or after August 5, 1997
between the Participant, Former Participant or Beneficiary and one or both of the United States Department of Labor and the Pension Benefit Guaranty Corporation in connection with a violation (or alleged violation) of part 4 of subtitle B of title I
of ERISA by a fiduciary or any other person; and 
  

 53 

 (ii) the judgment, order, decree or settlement agreement expressly provides for the
offset of all or part of the amount ordered or required to be paid to the Plan against the Participant’s, Former Participant’s or Beneficiary’s benefits under the Plan. 
 Section 20.3 Mergers and Consolidations of Company 
 In the event that the Company shall merge or consolidate into or sell substantially all of its operating assets (whether or not the Company is liquidated or dissolved as part of the same transaction or subsequent
thereto) to another corporation (hereinafter “Successor Corporation”), such Successor Corporation may assume the Plan. In the event that any Successor Corporation assumes the Plan, then after consummation of any such merger, consolidation,
or sale, the Plan and Trust shall continue and each reference to the Company or People’s United Financial, Inc. (a) shall be deemed to refer to such Successor Corporation, and (b) shall no longer be deemed to refer to People’s
United Financial, Inc. except that each such reference (i) shall be deemed to include references to People’s United Financial, Inc., or (ii) shall be deemed to exclude reference to any Successor Corporation, or (iii) both
(i) and (ii), whenever such inclusion or exclusion is necessary so as to avoid depriving any Participant or any Employee of any rights or interest accrued hereunder, or any right to participate in the Plan once the eligibility requirements of
the Plan are met, or failing to give full credit for all services to the any Affiliated Employer prior to such merger, consolidation or sale or diminishing or adversely affecting such rights of such Employees in any way whatsoever. 
 Section 20.4 Governing Law 
 The Plan shall be governed by the law of the State of Connecticut including federal law to the extent it is part of or preempts such state law. 
 Section 20.5 Participants Limited to Assets of Fund 
 In the event of any termination or
partial termination of the Plan, complete discontinuance of contributions under the Plan or any suspension or curtailment of such contributions, the remedies of all Participants, Former Participants and Beneficiaries and any other person claiming an
interest shall be limited to the assets of the Fund for provision of their benefits under the Plan, and they shall be entitled to no other remedy from any Affiliated Employer. 
 Section 20.6 Severability of Provisions 
 Should any provision of the Plan be found invalid under the laws of the State of Connecticut, such provision shall be deemed null and void, but all of the provisions not so found invalid shall remain in full force and
effect. 
 Section 20.7 Mergers and Consolidations of Plans 
 In the event this Plan is merged or consolidated with any other employee retirement plan or this Plan’s assets or liabilities are transferred to any
other employee retirement plan, each Participant, Former Participant, Beneficiary and other person entitled to benefits shall, if the Plan is then terminated, receive a benefit immediately after such merger, consolidation or 

  

 54 

 
transfer which is equal to or greater than the benefit he would have been entitled to receive immediately before such merger, consolidation or transfer, if
the Plan had then been terminated. 
 Section 20.8 Status as an Employee Stock Ownership Plan. 
 It is intended that the Plan constitute an “employee stock ownership plan,” as defined in Section 4975(e)(7) of the Code and
Section 407(d)(6) of ERISA. The Plan shall be construed and administered to give effect to such intent. 
 Section 20.9 Claims
Procedure 
 (a) If a Participant, Former Participant or Beneficiary disagrees with the computation of the benefits to which he is
entitled under the Plan and wishes to claim benefits or additional benefits, he must file his claim in writing with the Committee. (If no claim is received by the Committee within 60 days after he receives notice of his benefits, no claim will be
permitted and the Committee’s determination shall be final.) 
 The claimant may designate any other person, at his own expense, to act
on his behalf in pursuing a benefit claim or appealing the denial of a benefit claim. The term “claimant” as used in this claims procedure includes any other person he designates to represent him as well as after his death, his
beneficiary. 
 When a claim for benefits is made under Plan, the Committee is required to notify the claimant within 90 days after the claim
is received if the claim for benefits has been denied. In special cases where the Committee needs more time to decide, the Committee may notify the claimant in writing prior to the end of the initial 90 day period and may take up to 90 additional
days. 
 If the claim is denied in whole or in part, the Committee will send to the claimant a written or electronic notice including:

 (i) one or more specific reasons for the denial; 
 (ii) specific reference to the Plan provisions on which the denial is based; 
 (iii) a description of any additional material or information that would be necessary to perfect the claim and an explanation of why such
material or information is necessary; 
 (iv) information regarding what steps should be taken if the claimant wants to submit
a request for review; and 
 (v) a description of the Plan’s review procedures and the time limits applicable to the
procedures including a statement of the claimant’s rights to bring a civil action under Section 502(a) of ERISA following a determination upon completion of your appeal adverse to your position. 
  

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 (b) If the claim for benefits is denied, the claimant may file an appeal in writing with the Committee.

 (i) The written claim for review must be filed within 60 days after the claimant has received the notice described above
that the claim was denied. If a written claim for review is not filed within 60 days after the claimant receives the notice that the claim was denied, the claimant is deemed to have accepted the Committee’s decision. 
 (ii) The claimant may submit written comments, documents, records and other information relating to your claim for benefits. 

(iii) The claimant will be provided upon request and free of charge reasonable access to, and copies of, all documents, records, and
other information relevant to your claim. 
 (iv) The Committee will take into account all comments, documents, records and
other information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 
 After receiving a request for review, the Committee will review the claim within 60 days and will give the claimant a written or electronic notice of its decision, which is final. In special cases where the Committee
needs more time to decide, the Committee will notify the claimant in writing prior to the end of the initial 60 day period and may take up to 60 additional days. If the claim is denied, the notice will include: 
 (i) one or more specific reasons for the denial; 
 (ii) specific reference to the Plan provisions on which the denial is based; 
 (iii) a statement that the claimant is entitled to receive upon request and free of charge reasonable access to, and copies of, all
documents, records, and other information relevant to your claim for benefits; and 
 (iv) a statement of the claimant’s
right to bring a civil action under Section 502(a) of ERISA. 
 (c) Notwithstanding any other provisions of this Plan to the contrary,
the terms of Subsections (a) and (b) of this Section 20.9 shall apply until such time as the Committee shall adopt revised claims procedures; provided, however, that the Committee may make any such revisions in such procedures as it
deems necessary to assure compliance with the applicable provisions of Section 503 of the Act and the regulations thereunder. 
 (d) Any
person whose claim has been denied in whole or in part must exhaust the administrative review procedures provided in this Section 20.9 or pursuant to subsection (c) hereof prior to initiating any claim for judicial review. 
  

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 (e) Any action taken or omitted by any fiduciary with respect to the Plan, including any decision,
interpretation, claim denial or review on appeal, shall be conclusive and binding on all interested parties and shall be subject to judicial modification or reversal only to the extent it is determined by a court of competent jurisdiction that such
action or omission was arbitrary and capricious and contrary to the terms of the Plan. 
 (f) Any action taken or omitted by any fiduciary
with respect to the Plan, including any decision, interpretation, claim denial or review on appeal, shall be conclusive and binding on all interested parties and shall be subject to judicial modification or reversal only to the extent it is
determined by a court of competent jurisdiction that such action or omission was arbitrary and capricious and contrary to the terms of the Plan. 
 Section 20.10 Agent For Legal Process 
 The Bank shall act as agent for legal process of the Plan subject to
(a) the right of the Company to designate another such agent (which may be the Company) and (b) the Company’s or the Bank’s right to designate an individual or agent as such agent. 
 Section 20.11 Insurance Company 
 No Insurance Company shall be considered a party to the Plan or Trust, nor shall any Insurance Company have any responsibility for the validity of the Plan or the Trust. The duty and liability of any Insurance Company is only as stated in
any contract it may issue. 
 Section 20.12 Dates 
 Whenever any action by the Trustee, the Compensation Committee, the Committee, the Bank, a Participant, a Former Participant or a Beneficiary or any other person must be taken within a period ending on a Saturday,
Sunday or legal holiday, such period shall be extended to the first day following the end of such period which is not a Saturday, Sunday or legal holiday. 
 Section 20.13 Incapacity of Distributee 
 In the event the Committee or the Trustee deem any
person incapable of receiving benefits to which he is entitled by reason of minority, illness, infirmity or other legal incapacity, the Committee may direct the Trustee, or the Trustee may determine, to make payment by applying the same directly for
the benefit of any such person or by paying the same to any person selected by the Committee or the Trustee which person has agreed in writing to use and apply the same for the benefit of such person. Any such payments made, to the extent thereof,
shall discharge the liability of any Affiliated Employer, the Committee and the Trustee under the Plan to the person entitled to receive such benefit, and none of the Affiliated Employers, the Committee and the Trustee shall have any responsibility
for seeing that such agreement to use such sums for such person are actually carried out. 
  

 57 

 Section 20.14 Limitation Year 
 For purposes of Section 415 of the Code and the regulations thereunder, the Plan Year shall be deemed to be the Plan Limitation Year. 
 Section 20.15 Recapture of Erroneous Payments 
 In the event that, for any reason, it is discovered that amounts have been paid to a Participant, Former Participant, or Beneficiary in excess of the amounts owed to him as a result of erroneous allocations to his
Account, failure to recognize events classified as a partial termination, clerical or computational errors or otherwise, the Plan shall have a right against such payee to recover the amount of such excess; provided, however, that the Committee may
determine that as a result of the administrative problems and costs and expenses of collection involved, such rights shall not be enforced. 
 Section 20.16 Benefits Payable Pursuant to Qualified Domestic Relations Orders 
 Any prohibition in Section 20.2
of the Plan against the assignment or alienation of benefits shall not apply to the creation, assignment or recognition of a right to any benefit payable with respect to a Participant pursuant to (i) a qualified domestic relations order entered
on or after January 1, 1985, (ii) any domestic relations order entered before January 1, 1985, provided benefits are being paid pursuant to such order as of such date; or (iii) any domestic relations order entered before
January 1, 1985, provided the Plan Administrator determines to treat such order as a qualified domestic relations order. To the extent consistent with such a qualified domestic relations order so affecting any benefit under the Plan, an
alternate payee may withdraw all or any part of such benefit so assigned or granted to him and such benefit shall not be payable to any other person under this Plan, notwithstanding any other provisions of this Plan, except to the extent provided in
such qualified domestic relations order. The terms “qualified domestic relations order” and “domestic relations order” shall have the meaning set forth in Section 414(p) of the Code. To the extent consistent with a qualified
domestic relations order or domestic relations order so affecting any benefit under the Plan effective January 1, 1995, an alternate payee may withdraw all or any part of such benefits assigned or granted to him. 
 Section 20.17 USERRA 
 Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Section 414(u) of the Code. 
 Section 20.18 Construction of Language. 
 Wherever appropriate in the Plan, words used in the singular may be read in the plural, words used in the plural may be read in the singular, and words importing the masculine gender may be read as referring equally
to the feminine and the neuter. Any reference to an Article or Section number shall refer to an Article or Section of the Plan, unless otherwise indicated. 
  

 58 

 Section 20.19 Headings. 
 The headings of Articles and Sections are included solely for convenience of reference. If there is any conflict between such headings and the text of the
Plan, the text shall control. 
  

 59Arrangement and Merger Agreement

 Exhibit 10.1 
 ARRANGEMENT AND MERGER AGREEMENT 
 THIS AGREEMENT made as of the 22nd day of September, 2006, 
 BETWEEN: 
 VISTA GOLD CORP., a company existing under the laws of the Yukon Territory with an address at Suite 5 - 7961 Shaffer Parkway, Littleton, Colorado,
USA, 80127, 
 (“Vista”) 
 AND:

 ALLIED NEVADA GOLD CORP., a corporation existing under the laws of Delaware with an address at c/o Vista Gold Corp., Suite 5 - 7961
Shaffer Parkway, Littleton, Colorado, USA, 80127, 
 (“Newco”) 
 AND: 
 CARL PESCIO, an individual with an address at
P.O. Box 5831, Elko, Nevada, USA, 89802, 
 (“Carl”) 
 AND: 
 JANET PESCIO, an individual with an address at P.O. Box 5831, Elko, Nevada, USA, 89802,

 (“Janet”, and together with Carl, the “Pescios”) 
 WITNESSES THAT WHEREAS: 
  

	A.	The Pescios entered into a binding letter of intent (the “LOI”) with Vista dated July 6, 2006, as amended, pursuant to which, among other things:

  

	 	(a)	Vista agreed to undertake a plan of arrangement pursuant to which its business would be reorganized to split certain Nevada mining properties and related assets described on
Schedule B (the “Vista Nevada Assets”) from its other properties and related assets; 

  

	 	(b)	Vista agreed to marshall all of the Vista Nevada Assets into its wholly-owned subsidiary, Vista Gold Holdings Inc. (“Vista U.S.”) or subsidiaries wholly-owned by
Vista U.S. (and remove any non-Nevada assets therefrom) and subsequently transfer all issued and outstanding shares of Vista U.S. and $25 million in cash to Newco in return for common shares of Newco; and 

  

	 	(c)	 The Pescios agreed to transfer their interests in certain Nevada mining properties and related assets described on Schedule C (the “Pescio Nevada
Assets”) to Allied Nevada 

  

 - 1 - 

	 	 
Gold Holdings LLC (“LLC”), a limited liability company incorporated under the laws of Nevada with Newco as its sole member, in return for
$15 million in cash and common shares of Newco. 

  

	B.	The board of directors of Vista has determined that completing the foregoing transactions is in the best interests of Vista. 

  

	C.	The parties wish to enter into this Agreement to set out their mutual rights and obligations in respect of the transactions contemplated by the LOI. 

  

	D.	The transactions set forth in Section 2.1 under Step 2(b) (the “Formation Transaction”) are intended to qualify for U.S. federal income tax purposes as a
single integrated transaction under the provisions of Section 351 of the United States Internal Revenue Code of 1986, as amended, the Treasury Regulations promulgated thereunder and other applicable U.S. federal income tax law.

  

	E.	Pursuant to the Plan of Arrangement, the Vista Shareholders will exchange their existing Vista Shares for New Common Shares and common shares of Newco. 

 NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged by all parties, the parties agree as follows: 
 ARTICLE 1 
 INTERPRETATION 
  

	1.1	Definitions 

 In this Agreement, including the
Schedules hereto, unless there is something in the subject matter inconsistent therewith, the following terms will have the following meanings and grammatical variations of those terms will have corresponding meanings: 
  

	 	(a)	“Act” means the Yukon Business Corporations Act, including all regulations made thereunder, as amended or replaced from time to time, prior to the Effective
Date; 

  

	 	(b)	“Affiliate” has the meaning attributed to that term in the Act; 

  

	 	(c)	“Agreement”, “hereof”, “hereunder” and similar expressions mean this agreement, including the recitals and Schedules hereto
and includes any agreement or instrument supplementary or ancillary hereto; 

  

	 	(d)	“AMEX” means the American Stock Exchange; 

  

	 	(e)	“Appropriate Regulatory Approvals” means those sanctions, rulings, consents, orders, exemptions, permits and other approvals (including the lapse, without
objection, of a prescribed time under a Law that states that a transaction may be implemented if a prescribed time lapses following the giving of notice without an objection being made) of Governmental Entities, regulatory agencies or
self-regulatory organizations which are necessary in order to permit the transactions contemplated hereby to be completed; 

  

	 	(f)	 “Arrangement” means an arrangement under the provisions of Section 195 of the Act on the terms and conditions set forth in this Agreement and
the Plan of Arrangement and 

  

 - 2 - 

	 	 
any amendment, variation or supplement thereto made in accordance with the terms of this Agreement and the Plan of Arrangement; 

 

	 	(g)	“Articles of Arrangement” means the articles of arrangement of Vista in respect of the Arrangement that are required by the Act to be filed after the Final Order is
granted; 

  

	 	(h)	“Business Day” means a day which is not a Saturday, Sunday or a day when commercial banks are not open for business in Vancouver, British Columbia;

  

	 	(i)	“Circular” means the management information circular of Vista to be prepared and sent to Vista Securityholders in connection with the Vista Meeting;

  

	 	(j)	“Claim” means any written claim or notice of any nature whatsoever, including any demand, dispute, notification of liability, notification of remediation work,
order, obligation, debt, cause of action, action, suit, proceeding, litigation, arbitration, judgment, award or assessment; 

  

	 	(k)	“Contaminant” means any pollutants, explosives, dangerous goods and substances, underground or above ground storage tanks, deleterious substances, special waste,
liquid waste, industrial waste, hauled liquid waste or waste of any other kind, toxic substances, hazardous wastes, hazardous materials, hazardous substances or contaminants or any other substance the storage, manufacture, disposal, handling,
treatment, generation, use, transport or release into the environment of which is prohibited, controlled or regulated under any Environmental Law; 

  

	 	(l)	“Court” means the Supreme Court of the Yukon Territory; 

  

	 	(m)	“Dissent Rights” means the rights of dissent in respect of the Arrangement described in the Plan of Arrangement; 

  

	 	(n)	“Effective Date” means the date upon which a copy of the Final Order and the Articles of Arrangement are accepted for filing under the Act and the Registrar of
Corporations has issued a Certificate of Amendment (by Arrangement) thereby giving effect to the Arrangement; 

  

	 	(o)	“Effective Time” has the meaning ascribed thereto in the Plan of Arrangement; 

  

	 	(p)	“Encumbrance” means any mortgage, lien, charge, restriction, legal notation, claim, security interest, adverse claim, pledge, hypothecation, demand, pre-emptive
right, encumbrance or any other rights of others; 

  

	 	(q)	“Environmental Activity” means any activity, event or circumstance in respect of a Contaminant, including, without limitation, its storage, use, holding,
collection, purchase, accumulation, assessment, generation, manufacture, construction, processing, treatment, stabilization, disposition, handling or transportation, or its Release, escape, leaching, dispersal or migration into the natural
environment, including the movement through or in the air, soil (land surface or subsurface strata), surface water or groundwater; 

  

	 	(r)	“Environmental Law” means any and all Laws in effect on the date hereof relating to pollution or the environment or any Environmental Activity;

  

 - 3 - 

	 	(s)	“Environmental Permits” means, collectively, all permits, licences, certificates, variances, remediation orders and authorizations of or any registration with, any
Government Entity pursuant to any Environmental Law; 

  

	 	(t)	“Final Order” means the final order of the Court approving the Arrangement as such order may be amended by the Court (with the consent of Vista and the Pescios) at
any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended on appeal; 

  

	 	(u)	“GAAP” means Canadian generally accepted accounting principles from time to time that meet the standards established by the Canadian Institute of Chartered
Accountants; 

  

	 	(v)	“Governmental Entity” means any (i) multinational, federal, provincial, state, regional, municipal, local or other government, governmental or public
department, central bank, court, tribunal, arbitral body, commission, board, bureau or agency, domestic or foreign, (ii) subdivision, agent, commission, board, or authority of any of the foregoing, or (iii) quasi-governmental or private
body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing; 

  

	 	(w)	“Interim Order” means the interim order of the Court pursuant to the Act, as such order may be amended, supplemented or varied by the Court, in respect of the
Arrangement as contemplated by Section 2.7; 

  

	 	(x)	“Law” means all statutes, regulations, statutory rules, policies, orders, and terms and conditions of any grant of approval, permission, authority or license of any
court, Governmental Entity, statutory body (including the TSX and AMEX) or self-regulatory authority, and the term “applicable” with respect to such Law and in the context that refers to one or more Persons, means that such Law applies to
such Person or Persons or its or their business, undertaking, property or securities and emanates from a Governmental Entity, statutory body or regulatory authority having jurisdiction over the Person or Persons or its or their business,
undertaking, property or securities; 

  

	 	(y)	“Lien” means any mortgage, hypothec, prior claim, lien, pledge, assignment for security, security interest, lease, option, right of third parties or other charge or
encumbrance, including the lien or retained title of a conditional vendor, and any easement, servitude, right of way or other encumbrance on title to real or immovable property or personal or movable property; 

  

	 	(z)	“LLC” has the meaning given thereto in Recital A; 

  

	 	(aa)	“LOI” has the meaning given thereto in Recital A; 

  

	 	(bb)	“Mailing Date” means October 12, 2006 or as soon thereafter as is practicable; 

  

	 	(cc)	“Material Adverse Change” means: 

  

	 	(i)	 when used in connection with Vista U.S., means any change, event, occurrence or change in state of facts with respect to its condition (financial or otherwise),
properties, assets, liabilities, obligations (whether absolute, accrued, conditional or otherwise), businesses, operations or results of operations or those of its Subsidiaries that is, or would reasonably be expected to be, material and adverse to
the business, operations or financial condition of such party and its 

  

 - 4 - 

	 	 
Subsidiaries taken as a whole, other than any change, event or occurrence: (A) relating to the Canadian or the United States’ economy or financial,
currency exchange, securities or commodity markets in general; or (B) related to the Arrangement or the public announcement thereof, and 

  

	 	(ii)	when used in connection with the Pescio Nevada Assets means any change, event, occurrence or change in state of facts with respect to the ownership, status or condition of such
assets (financial or otherwise) that is, or would reasonably be expected to be, material and adverse to the aggregate value of such assets in the hands of Newco, other than any change, event or occurrence: (A) relating to the Canadian or the
United States’ economy or financial, currency exchange, securities or commodity markets in general; or (B) related to the Arrangement or the public announcement thereof; 

  

	 	(dd)	“Material Adverse Effect” means any effect or state of facts that is, or would reasonably be expected to be, material and adverse to the value of either the Vista
Nevada Assets in the aggregate or the Pescio Nevada Assets in the aggregate, as the case may be, in the hands of Newco; 

  

	 	(ee)	“Meeting Date” means November 15, 2006 or as soon thereafter as is practicable in compliance with the Interim Order; 

  

	 	(ff)	“Misrepresentation” has the meaning attributed to that term as at the date hereof in the Securities Act; 

  

	 	(gg)	“New Common Shares” has the meaning attributed thereto in the Plan of Arrangement; 

  

	 	(hh)	“Option Shares” has the meaning attributed thereto in the Plan of Arrangement; 

  

	 	(ii)	“PCBs” means polychlorinated biphenyls; 

  

	 	(jj)	“Permitted Encumbrances” means: (i) in the case of Vista, the list of encumbrances identified as “Permitted Encumbrances” in the Vista Disclosure
Letter; and (ii) in the case of the Pescios, the list of encumbrances identified as “Permitted Encumbrances” in the Pescio Disclosure Letter; 

  

	 	(kk)	“Person” includes any individual, firm, partnership, joint venture, venture capital fund, limited liability company, unlimited liability company, association,
trust, trustee, executor, administrator, legal personal representative, estate, group, body corporate, corporation, unincorporated association or organization, Governmental Entity, First Nation, syndicate or other entity, whether or not having legal
status; 

  

	 	(ll)	“Pescio Contracts” has the meaning given thereto in Section 3.3(e)(ii); 

  

	 	(mm)	“Pescio Disclosure Letter” means the letter dated as of the date hereof delivered by the Pescios to Vista; 

  

	 	(nn)	“Pescio Lands” has the meaning given thereto in Section 3.3(e)(i); 

  

	 	(oo)	“Pescio Licences” has the meaning given thereto in Section 3.3(e)(iii); 

  

	 	(pp)	“Pescio Nevada Assets” has the meaning given thereto in Recital A; 

  

 - 5 - 

	 	(qq)	“Pescio Required Consents” means the third party consents required to be obtained by either of the Pescios pursuant to the terms of existing contracts with such
third parties in connection with the transactions contemplated hereby, as described in Schedule E hereto; 

  

	 	(rr)	“Pescios” has the meaning given thereto in Recital A; 

  

	 	(ss)	“Plan of Arrangement” means the plan of arrangement substantially in the form and content as set out in Schedule A hereto and any amendments or variations thereto
made in accordance with the terms hereof, the Plan of Arrangement or made at the direction of the Court (with the consent of the parties, acting reasonably) in the Final Order; 

  

	 	(tt)	“Pre-Effective Date Period” shall mean the period from and including the date hereof to and including the Effective Time; 

  

	 	(uu)	“Release” means discharge, spray, inject, inoculate, abandon, deposit, spill, leak, seep, migrate, pour, emit, empty, throw, dump, place or exhaust, and when used
as a noun has a similar meaning; 

  

	 	(vv)	“Securities Legislation” means the Securities Act and the equivalent Law in the other provinces of Canada and in the United States, and the published instruments
and rules of any Governmental Entity administering those statutes, as well as the rules, regulations, by-laws and policies of the TSX or the AMEX, as applicable; 

  

	 	(ww)	“Securities Act” means Securities Act (British Columbia), as now in effect and as it may be amended from time to time prior to the Effective Date;

  

	 	(xx)	“Subsidiary” means a “subsidiary” as defined in the Act; 

  

	 	(yy)	“Termination Date” means February 28, 2007 or any later date as may be agreed to in writing by Vista and the Pescios; 

  

	 	(zz)	“TSX” means the Toronto Stock Exchange; 

  

	 	(aaa)	“U.S. Tax Code” means the United States Internal Revenue Code of 1986, as amended, or any successor thereto. 

  

	 	(bbb)	“Vista Contracts” has the meaning given thereto in Section 3.1(g)(ii); 

  

	 	(ccc)	“Vista Disclosure Letter” means the letter dated as of the date hereof delivered by Vista to the Pescios; 

  

	 	(ddd) 	“Vista Lands” has the meaning given thereto in Section 3.1(g)(i); 

  

	 	(eee) 	“Vista Licences” has the meaning given thereto in Section 3.1(g)(iii); 

  

	 	(fff)	“Vista Meeting” means the special meeting of the Vista Securityholders (including any adjourned or postponed meeting) to be held for the purpose of considering and,
if deemed advisable, approving the Vista Resolutions; 

  

	 	(ggg) 	“Vista Nevada Assets” has the meaning given thereto in Recital A; 

  

 - 6 - 

	 	(hhh) 	“Vista Resolutions” means the resolutions of the Vista Securityholders approving the Arrangement in accordance with the Act as contemplated herein, such resolutions
to be substantially in the form and content as set out in the Circular; 

  

	 	(iii) 	“Vista Required Consents” means the third party consents required to be obtained by Vista or Vista U.S. pursuant to the terms of existing contracts with such third
parties in connection with the transactions contemplated hereby, as described in Schedule D hereto; 

  

	 	(jjj) 	“Vista Securities” means the Vista Shares, the Vista Options and the Vista Warrants; 

  

	 	(kkk) 	“Vista Securityholders” means the Vista Shareholders, the holders of Vista Stock Options and the holders of Vista Warrants; 

  

	 	(lll) 	“Vista Shareholder” means a holder of Vista Shares (including, without limitation, the Vista Shares issued in the Financing (as defined in Section 2.1)) shown
from time to time in the register maintained by or on behalf of Vista in respect of Vista Shares; 

  

	 	(mmm) 	“Vista Shares” means the common shares in the capital of Vista; 

  

	 	(nnn) 	“Vista Stock Options” means the options (whether or not vested) to purchase Vista Shares that are from time to time outstanding under the Vista Stock Option Plans;

  

	 	(ooo) 	“Vista U.S.” has the meaning given thereto in Recital B; and 

  

	 	(ppp) 	“Vista Warrants” means all of the outstanding warrants to acquire Vista Shares. 

  

	1.2	Interpretation Not Affected by Headings, etc. 

 The
division of this Agreement into Articles, Sections and other portions and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation hereof. Unless otherwise indicated, all references to
an “Article” or “Section” followed by a number and/or a letter refer to the specified Article or Section of this Agreement. The terms “this Agreement”, “hereof”, “herein” and “hereunder”
and similar expressions refer to this Agreement (including the Schedules hereto) and not to any particular Article, Section or other portion hereof and include any agreement or instrument supplementary or ancillary hereto. 
  

	1.3	Number and Gender 

 In this Agreement, unless the
context otherwise requires, words used herein importing the singular include the plural and vice versa and words importing gender include all genders. 
  

	1.4	Date of Any Action 

 In the event that any date on
which any action is required to be taken hereunder by any of the parties hereto is not a Business Day, such action shall be required to be taken on the next succeeding day which is a Business Day. 
  

	1.5	Currency 

 Unless otherwise stated, all references
in this Agreement to sums of money are expressed in lawful money of the United States. 
  

 - 7 - 

	1.6	Knowledge 

 Each reference herein to the knowledge
of a party means, unless otherwise specified, the existing knowledge of any vice-president or more senior officer of such party (or, in the case of the Pescios, either of them) without inquiry. 
  

	1.7	Statutory References 

 Any reference in this
Agreement to a statute includes all rules and regulations made thereunder, all amendments to that statute or the rules and regulations made thereunder in force from time to time, and any statute or rule or regulation that supplements or supersedes
that statute or the rules or regulations made thereunder. 
  

	1.8	Entire Agreement 

 This Agreement and the other
agreements and documents referred to herein, constitute the entire agreement between the parties hereto pertaining to the terms of the Arrangement and ancillary arrangements and supersede all other prior agreements, understandings, negotiations and
discussions, whether oral or written, between the parties hereto with respect to the terms of the Arrangement and such arrangements. For greater certainty, the parties hereby terminate the LOI, such termination to be effective upon the execution and
delivery of this Agreement. 
  

	1.9	Accounting Matters 

 Unless otherwise stated, all
accounting terms used in this Agreement shall have the meanings attributable thereto under GAAP and all determinations of an accounting nature required to be made hereunder in respect of any party shall be made in a manner consistent with GAAP as
historically applied by such party. 
  

	1.10	Schedules 

 The following are the Schedules to this
Agreement, which form an integral part hereof: 
  

			
	Schedule A:	  	Plan of Arrangement
		
	Schedule B:	  	Vista Nevada Assets
		
	Schedule C:	  	Pescio Nevada Assets
		
	Schedule D:	  	Vista Required Consents
		
	Schedule E:	  	Pescio Required Consents

  

 - 8 - 

 ARTICLE 2 
 THE TRANSACTIONS 
  

	2.1	Steps Involved in Transaction 

 The parties agree
that, subject to the terms hereof, they will take all steps necessary or desirable to cause the following steps to occur in the following order: 
 Step
1: Pre-Closing Reorganization by Vista 
 Prior to the Effective Time, Vista will use commercially reasonable efforts to: 
  

	 	(a)	ensure all Vista Nevada Assets are held by Vista U.S., or subsidiaries wholly-owned by Vista U.S. and that all assets which are not Vista Nevada Assets have been transferred out of
such entities; and 

  

	 	(b)	complete a public equity financing (the “Financing”) pursuant to which it will raise no less than $25 million on terms satisfactory to Vista, acting reasonably.

 Step 2: Closing of Arrangement and Related Transactions 
 At the Effective Time, Vista and the Pescios will take all steps necessary or desirable to ensure that: 
  

	 	(a)	the Arrangement is effected in accordance with its terms; and 

  

	 	(b)	the following steps occur concurrently at the same time as the Arrangement is being effected: 

  

	 	(i)	Vista will transfer: (A) all of the shares of Vista U.S. which it then holds; and (B) $25 million in cash, to Newco in return for 27,500,000 common shares of Newco, less
the number of Option Shares; and 

  

	 	(ii)	the Pescios will transfer all of their interest in the Pescio Nevada Assets to Nevada LLC in return for $15 million in cash and 12,000,000 common shares of Newco.

  

	2.2	Treatment of Vista Optionholders 

 The parties
acknowledge that, concurrently with the completion of the Arrangement, all holders of existing Vista Stock Options will exchange such options for: 
  

	 	(a)	new options to acquire New Common Shares; and 

  

	 	(b)	new options to acquire common shares of Newco. 

 The
parties intend that after exchanging existing Vista Stock Options for new options as set forth above, such optionholders will, as closely as possible, be in the same economic position as they are immediately prior to such exchange. The number of
options to be granted, and the exercise price for such options, will be determined as described in the Plan of Arrangement. 
  

 - 9 - 

	2.3	Vista Warrantholders 

 The parties acknowledge that
no special arrangements will be made in respect of the holders of any existing Vista Warrants but that, concurrently with the completion of the Arrangement, the exercise price and/or number of New Common Shares purchasable thereunder will be
adjusted in accordance with the terms governing such Vista Warrants. 
  

	2.4	Implementation Steps by Vista 

 Vista covenants in
favour of the Pescios that Vista shall: 
  

	 	(a)	as soon as reasonably practicable taking into account the proposed Mailing Date, apply under the Act for the Interim Order in a manner consistent with this Agreement, and thereafter
proceed with and diligently seek the Interim Order; 

  

	 	(b)	subject to receipt of the Interim Order and the mailing of the Circular, convene and hold the Vista Meeting on the Meeting Date for the purpose of considering and, if deemed
advisable, approving the Vista Resolutions (and for any other proper purpose relating to the Arrangement as may be set out in the notice for the Vista Meeting); 

  

	 	(c)	if: (i) at the Vista Meeting the approval of the Vista Resolutions in accordance with the Interim Order (including any variation thereof approved by Vista and the Pescios) is
obtained; (ii) any other approvals required by the Interim Order (including any variation thereof approved by Vista and the Pescios) are obtained, as soon as reasonably practicable thereafter, apply to the Court for the Final Order on such
terms as the Court may direct and Vista and the Pescios may agree and proceed with and diligently seek the Final Order; and 

  

	 	(d)	if the Final Order is obtained, on a date and time agreed with the Pescios, acting reasonably, subject to the fulfillment or waiver of each of the conditions set forth herein, file
a copy of the Final Order and the Articles of Arrangement, together with any other actions or documentation as may be required in connection therewith, to give effect to the Arrangement pursuant to the Act and to otherwise complete the transactions
contemplated hereby before the Termination Date. 

  

	2.5	Implementation Steps by the Pescios 

 Each of the
Pescios covenants in favour of Vista that he or she shall cooperate fully with Vista and provide all requested assistance in connection with Vista seeking the Interim Order and the Final Order and otherwise in completing the transactions
contemplated hereby. 
  

	2.6	Implementation Steps by Newco 

 Newco covenants in
favour of both Vista and the Pescios covenants that it will cooperate fully with Vista and provide all requested assistance in connection with Vista seeking the Interim Order and the Final Order and otherwise in completing the transactions
contemplated hereby. 
  

	2.7	Interim Order 

 The application for the Interim
Order shall request that such order provide for the holding of a meeting of Vista Securityholders pursuant to the Act and: 
  

	 	(a)	for the class of Persons (which shall include the Vista Securityholders) to whom notice is to be provided in respect of the Arrangement and the Vista Meeting and for the manner in
which such notice is to be provided; 

  

 - 10 - 

	 	(b)	that the requisite approval for the Vista Resolutions shall be two-thirds of the votes cast on the Vista Resolutions by Vista Securityholders present in person or by proxy at the
Vista Meeting voting together as a single class (such that each holder of Vista Shares is entitled to one vote for each Vista Share held and each holder of Vista Options or Vista Warrants is entitled to one vote for each Vista Share issuable upon
exercise of the Vista Options or Vista Warrants held); 

  

	 	(c)	that, in all other respects, the terms, restrictions and conditions of the articles of Vista, including quorum requirements and all other matters, and the provisions of applicable
Law shall apply in respect of the Vista Meeting; 

  

	 	(d)	for the grant of the Dissent Rights; and 

  

	 	(e)	for the notice requirements with respect to the presentation of the application to the Court of the Final Order. 

  

	2.8	Plan of Arrangement 

 The parties to this Agreement
will implement the Plan of Arrangement in accordance with the provisions of this Agreement including Schedule A of this Agreement. 
  

	2.9	Circular 

 Vista and each of the Pescios shall
proceed diligently in a co-ordinated manner using commercially reasonable efforts to jointly prepare as quickly as possible the Circular together with any other documents required by the Securities Act or other applicable Law in connection with the
Arrangement and the Vista Meeting for mailing by the Mailing Date. In particular, the Pescios agree to provide Vista with all information relating to themselves or the Pescio Nevada Assets as may be required to permit Vista to complete the Circular
in accordance with the requirements of applicable Law. 
 Vista and each of the Pescios shall ensure that the information relating to them
which is provided in the Circular does not contain any Misrepresentation. Vista and each of the Pescios agrees to promptly notify the other parties hereto if, at any time during the Pre-Effective Date Period, it, he or she becomes aware that the
Circular contains a Misrepresentation. In such event, Vista and the Pescios shall co-operate in the preparation of a supplement or amendment to the Circular, as the case may be, that corrects that Misrepresentation, and will cause the same to be
distributed to the Vista Securityholders and filed with each applicable Governmental Entity under applicable Law. 
 Vista shall cause the
Circular and any other documentation required in connection with the Vista Meeting to be sent to each Vista Securityholder as soon as reasonably practicable following receipt of the Interim Order and to be filed, in each case, as required by the
Interim Order and applicable Law. 
  

	2.10	Board Recommendation 

 Vista confirms that, as of
the date hereof, its board of directors has unanimously approved this Agreement and the transactions contemplated hereby. The board of directors has also determined, after consultation with its financial advisors, that the transactions contemplated
hereby are fair, from a financial point of view, to the Vista Shareholders as of the date hereof and has resolved to unanimously 

  

 - 11 - 

 
recommend approval of such transactions by the Vista Securityholders. The Circular will set forth (among other things) the recommendation of the board of
directors of Vista as described above and will include the fairness opinion of Sprott Securities Inc. 
  

	2.11	Preparation of Filings 

 Vista and the Pescios shall
cooperate in: 
  

	 	(a)	the preparation and filing of any application for the orders and the preparation of any required documents reasonably deemed by Vista to be necessary to discharge their respective
obligations under applicable Securities Legislation in connection with the Arrangement and the other transactions contemplated hereby; 

  

	 	(b)	the taking of all such action as may be required under applicable Securities Legislation in connection with the issuance of the securities of Newco in connection with the
Arrangement; and 

  

	 	(c)	the taking of all such action as may be required under the Act in connection with the transactions contemplated by this Agreement and the Plan of Arrangement.

  

	2.12	U.S. Tax Treatment 

 The Formation Transaction is
intended to qualify as a single integrated transaction within the meaning of Section 351 of the U.S. Tax Code and the Treasury Regulations promulgated thereunder. Each party hereto agrees to treat the Formation Transaction as a single
integrated transaction within the meaning of Section 351 of the U.S. Tax Code for all U.S. federal income tax purposes, and to not take any position on any tax return or other tax filing or otherwise take any tax reporting position inconsistent
with such treatment, unless otherwise required by a “determination” within the meaning of Section 1313 of the U.S. Tax Code that such treatment is not correct. Each party hereto agrees to act in good faith, consistent with the intent
of the parties and the intended treatment of the Arrangement as set forth in this Section 2.11. 
 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 
  

	3.1	Representations and Warranties of Vista 

 Vista
hereby makes the following representations and warranties to each of the Pescios and Newco and acknowledges that such parties are relying upon such representations and warranties in connection with the matters contemplated by this Agreement:

  

	 	(a)	Corporate Status – each of Vista and Vista U.S. is duly incorporated and is validly existing as a company in good standing under the laws of their respective
jurisdictions of incorporation and has the necessary corporate power and capacity to own its property and assets, to carry on its business as now being conducted by it and to carry out the transactions contemplated by this Agreement. In addition,
immediately prior to the Effective Time, LLC will be duly organized and validly existing as a limited liability company under the laws of Nevada. 

  

 - 12 - 

	 	(b)	Ownership of Vista U.S. and LLC - Immediately prior to the Effective Time: 

  

	 	(i)	Vista will be the registered and beneficial owner of all issued and outstanding shares of Vista U.S. and no other party will hold any right to purchase shares of Vista U.S. or
securities convertible into shares of Vista U.S.; and 

  

	 	(ii)	Newco will be the sole member of LLC. 

  

	 	(c)	Due Authorization - the execution and delivery of this Agreement and the other documents to be executed and delivered by Vista, Vista U.S. and LLC hereunder, and the carrying
out of the transactions contemplated hereby on the part of each such party, have been duly authorized by all necessary corporate action on the part of each of Vista, Vista U.S. and LLC. 

  

	 	(d)	No Conflicts or Violations - neither the entering into of this Agreement nor the other documents to be executed and delivered by any of Vista, Vista U.S. or LLC, nor the
completion of the transactions contemplated hereby in accordance with the terms hereof will result in: 

  

	 	(i)	a violation or breach of any provision of or a default (or an event that with notice or lapse of time or both could constitute a default) under, or give to others any right of
termination, amendment, acceleration or cancellation of or under: 

  

	 	A.	the constating or organizational documents of any of Vista, Vista U.S. or LLC, including any resolutions of their respective shareholders or directors; 

  

	 	B.	any applicable Law, to the best of Vista’s knowledge; 

  

	 	C.	any material agreement, arrangement or understanding to which either of Vista, Vista U.S. or LLC is a party or by which either one of them or their properties are bound or affected,

 subject to obtaining all of the Vista Required Consents, or 
  

	 	(ii)	the imposition of any material Encumbrance upon any of the Vista Nevada Assets. 

  

	 	(e)	Required Consents - except as set forth in Schedule D to this Agreement, the execution, delivery of this Agreement, the performance of their obligations hereunder and the
completion of the transactions contemplated by this Agreement will not require Vista, Vista U.S. or LLC to obtain any consent, authorization or approval or order-in council of, or make any filing with or give any notice to, any Person.

  

	 	(f)	Title to Assets - on the Effective Date immediately prior to the Effective Time, Vista U.S. and its Subsidiaries will together legally and beneficially own, hold or be
entitled to the benefit of the Vista Nevada Assets, free and clear of all material Encumbrances other than the Permitted Encumbrances. 

  

	 	(g)	Description of Vista Nevada Assets - Schedule B accurately describes all of the material Vista Nevada Assets including, without limitation: 

  

	 	(i)	all material real property and mineral interests held by Vista U.S., including a description of the nature of the interest held (the “Vista Lands”);

  

 - 13 - 

	 	(ii)	all agreements and other contracts material to the operation of the business of Vista U.S. and its Subsidiaries (collectively the “Vista Contracts”); and

  

	 	(iii)	all licenses, permits, authorities and permissions held by Vista U.S. or its subsidiaries which are material to the operation of those entities as a whole (collectively the
“Vista Licences”). 

  

	 	(h)	No Other Contracts - except for the Vista Contracts and Vista Licences, neither Vista U.S. nor any of its subsidiaries (including LLC) will as of the Effective Date be a
party to, be bound by, or be an assignee under, any contract, agreement or commitment of any kind other than contracts which are not material to the operation of the business of Vista U.S. and its subsidiaries, considered as a whole, that have been
entered into in the ordinary and usual course of business consistent with past practice. 

  

	 	(i)	No Defaults - except as may be set out in the Vista Disclosure Letter, the Vista Contracts and Vista Licences are in full force and effect and no party thereto is in default
in any respect under, and there exists no event, condition or occurrence known to Vista which, after notice or lapse of time or both would constitute such a default by any party under, any Vista Licence or Vista Contract. 

 

	 	(j)	Litigation - except as set out in the Vista Disclosure Letter, there is no action, suit, order, work order, petition, prosecution or other similar proceeding (whether or not
purportedly on its behalf), pending or, to the best of the knowledge of Vista, threatened against any such party and affecting Vista U.S. or the Vista Nevada Assets at law or in equity or before or by any Governmental Entity, domestic or foreign.

  

	 	(k)	Environmental Matters - except as disclosed in the Vista Disclosure Letter: 

  

	 	(i)	Compliance with Environmental Laws – Vista and Vista U.S. have, and the operation of their business has, at all times, been and continues to be in compliance in all
material respects with all Environmental Laws which apply to the Vista Nevada Assets; 

  

	 	(ii)	Environmental Permits – Vista U.S. or its subsidiaries together will, as of the Effective Date, hold (legally or beneficially) all material Environmental Permits
required in connection with the Vista Nevada Assets, and all such permits shall be transferred to Newco. All such Environmental Permits are in good standing and are being and have been complied with in all material respects. No proceeding is pending
or threatened and no steps have been taken by any Governmental Entity or other person to revoke, modify or limit any of the Environmental Permits and, to the best of the knowledge of Vista, no grounds exist for any such proceeding or steps;

  

	 	(iii)	Activities – neither Vista nor Vista U.S. has in connection with the use of the Vista Lands, released, transported, treated, processed, distributed, stored, used,
manufactured, handled, disposed of or exposed its employees or other persons to Contaminants or caused, authorized or permitted any of the foregoing except in material compliance with all applicable Environmental Laws; 

  

 - 14 - 

	 	(iv)	Condition of Property Interests – neither Vista nor Vista U.S. has any notice or knowledge that the Vista Lands contain any Contaminants except in levels permitted under
Environmental Laws. To the best of the knowledge of Vista, no Contaminants have been or are being released on or from or migrating through property adjoining or in the vicinity of the Vista Lands that might migrate to or affect the Vista Lands;

  

	 	(v)	Landfills – to the best of Vista’s knowledge, there are no landfills or disposal areas on any of the Vista Lands and there are no landfills or disposal areas that
have been or are being used by either of Vista or Vista U.S. on the Vista Lands; 

  

	 	(vi)	Tanks and PCB’s – to the best of Vista’s knowledge, there are no and there never have been any underground storage tanks located on any of the Vista Lands or
PCB’s or equipment containing PCB’s used or stored on the Vista Lands; 

  

	 	(vii)	Environmental Undertakings – neither Vista nor Vista U.S. or any of their Affiliates has at any time given any written undertakings with respect to remedying any breach
of, or liability under, Environmental Laws or Environmental Permits with respect to the Vista Nevada Assets that have not been duly performed in all material respects; 

  

	 	(viii)	Claims – there are no outstanding, or to the best of the knowledge of Vista, pending or threatened Claims against Vista, Vista U.S. or any of their Affiliates with
respect to the environmental condition of any of the Vista Lands or alleging any breach of, default or liability under Environmental Laws with respect to the Vista Nevada Assets, or relating to the presence of any Contaminant or a release or a
threat of a release of any Contaminant on, at, from or to any Vista Lands or relating to exposure of any Person to any Contaminant and to the best of the knowledge of Vista, no facts exist which could give rise to any such Claim; and

  

	 	(ix)	Environmental Disclosure – Vista has fully disclosed to Newco and the Pescios all environmental reports, site assessments, audits, studies, evaluations, tests and
records in the possession or control of such parties with respect to the Vista Nevada Assets and fully disclosed to Newco and the Pescios all material facts and circumstances known to such parties relating to the environmental condition of the Vista
Nevada Assets. 

  

	 	(l)	Compliance with Laws – except for any conflicts, defaults or violations which would not, individually or in the aggregate, have a Material Adverse Effect on Vista U.S.
or the Vista Nevada Assets, or as disclosed in Vista Disclosure Letter, neither Vista nor Vista U.S. has received or is aware of any notice from any Governmental Entity that it is in conflict with, or in default or violation of, any zoning
requirement, bylaw, law, rule, regulation, order, permit, judgment or decree applicable to such party or by which any of the Vista Nevada Assets is bound or affected. 

  

	 	(m)	Disclosure in Circular – the disclosure in the Circular relating to Vista, Vista U.S., Newco and LLC and the Vista Nevada Assets will be true and complete in all
material respects, will not contain any Misrepresentations and will, in all material respects, constitute sufficient disclosure so as to meet the requirements of applicable Law in respect of such disclosure. 

  

 - 15 - 

	 	(n)	Full Disclosure – All material information pertaining to the Vista Nevada Assets has been made available to Newco and the Pescios and, to the knowledge of Vista, no
event or circumstance exists other than: 

  

	 	(i)	market conditions or other conditions affecting the industry generally; or 

  

	 	(ii)	events or circumstances specific to Newco, the Pescios or the Pescio Nevada Assets, 

 which has or could reasonably be expected to result in a material adverse effect on the value of the Vista Nevada Assets to Newco. 
  

	 	(o)	U.S. Tax Matters – Neither Vista nor any affiliate of Vista (including, without limitation, Vista U.S.) has taken or agreed to take any action (without regard to any
action taken or agreed to be taken by either of the Pescios) or knows of any circumstances that would prevent the Formation Transaction from qualifying as a single integrated transaction within the meaning of Section 351 of the U.S. Tax Code.
Upon completion of the transactions contemplated by this Agreement, Vista, Vista Shareholders and the Pescios, in the aggregate, shall hold 100% of the issued and outstanding shares of common stock of Newco, and on a fully diluted basis (assuming
the exercise of all rights to acquire Newco stock, including the options described in Section 2.2), shall hold more than 95% of the issued and outstanding shares of common stock of Newco. The transaction contemplated in Step 1 of
Section 2.1 above shall not result in any tax liability to Newco, Vista U.S. or any entities which are currently or will, as a result of the transactions contemplated hereby, become direct or indirect subsidiaries of Newco or Vista U.S.

  

	 	(p)	 SEC Registration – The Vista Shares are registered pursuant to Section 12 of the United States Securities Exchange Act of 1934, as amended (the
“1934 Act”), and Vista has filed with the United States Securities and Exchange Commission (the “SEC”) and made available to the Pescios all of its reports and other documents required to be filed by Vista with or
furnished by Vista to the SEC pursuant to the 1934 Act or the United States Securities Act of 1933 (the “1933 Act”) since January 1, 2003 (collectively, “Vista’s SEC Documents”). As of its respective date
(giving effect to amendments and modifications filed or furnished prior to September 21, 2006), each of Vista’s SEC Documents complied with the requirements of the 1934 Act and the 1933 Act (as applicable) and the rules and regulations of
the SEC thereunder and did not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading. The financial statements (including the related notes) of Vista included in Vista’s SEC Documents comply in all material respects with the applicable accounting requirements and the published rules and regulations of the SEC
with respect thereto, and are reconciled to United States generally accepted accounting principles (“U.S. GAAP”) to the extent required by and in accordance with Regulation S-X of the SEC, and fairly present in all material respects
the consolidated financial position of Vista and its consolidated subsidiaries as of the dates thereof and their consolidated results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal
and recurring year-end audit adjustments). As of September 21, 2006, Vista’s SEC Documents, taken as a whole, do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or
necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The Vista 

  

 - 16 - 

	 	 
Shares are listed for trading on the TSX and the AMEX and Vista is in compliance with the rules of the TSX and AMEX. 

  

	 	(q)	Investment Company – Vista is not an “investment company” within the meaning of the United States Investment Company Act of 1940, as amended.

  

	 	(r)	Off-Balance Sheet Arrangements – Other than as described in Vista’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005, Vista does not have
any “off-balance sheet arrangements” as such term is defined in the rules of the SEC. 

  

	 	(s)	Hart-Scott-Rodino – Vista is its own “ultimate parent entity” (as defined in 16 C.F.R. § 801.1(a)(3)) and Vista, together with all entities
controlled (as defined in 16 C.F.R. § 801.(1)(b)) by it (a) did not for its fiscal year ended December 31, 2005 have aggregate sales of $113.4 million or more, or (b) as of June 30, 2006 (being the date of its most
recent regularly prepared balance sheet) does not, and as of the Effective Time will not, hold assets having an aggregate total value of $113.4 million or more, in each case determined in accordance with 16 C.F.R. § 801.11 (this
representation and warranty being made solely for the purpose of determining the applicability of the notification provisions of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended to the transactions contemplated by this
agreement). 

  

	 	(t)	Loans – Since July 30, 2002, Vista has not directly or indirectly, including through any of its subsidiaries: (A) extended credit, arranged to extend credit,
or renewed any extension of credit, in the form of a personal loan, to or for any director or executive officer of Vista, or to or for any family member or affiliate of any director or executive officer of Vista; or (B) made any material
modification, including any renewal thereof, to any term of any personal loan to any director or executive officer of Vista, or any family member or affiliate of any director or executive officer, which loan was outstanding on July 30, 2002.
Neither Vista nor any of its subsidiaries has any outstanding loans to or extensions of credit to, or any guarantee of any indebtedness of, any employee, officer or director of Vista or any of its subsidiaries. 

  

	 	(u)	Sarbanes-Oxley Act – Vista is in full compliance with all provisions of the United States Sarbanes-Oxley Act of 2002 that are currently applicable to it, and has no
reason to believe that it will not be in timely compliance with any provision thereof which is presently scheduled to become applicable to it in the future. 

  

	3.2	Vista Disclosure Letter 

 The parties acknowledge
that, concurrently with the execution and delivery hereof, Vista has delivered the Vista Disclosure Letter to the Pescios and that such document describes a series of exceptions to, or an exclusions from, the representations and warranties described
in Section 3.1 above and that such exceptions and exclusions are deemed to be incorporated into this Agreement. 
  

	3.3	Representations and Warranties of the Pescios 

 Each
of the Pescios hereby jointly and severally makes to Vista and Newco the following representations and warranties and acknowledges that such parties are relying upon such representations and warranties in connection with the matters contemplated by
this Agreement. 
  

	 	(a)	Power and Capacity – each of the Pescios has the power and capacity to enter into and deliver this Agreement and the other documents to be executed and delivered by them
hereunder and to perform their respective obligations hereunder and thereunder. 

  

 - 17 - 

	 	(b)	No Conflicts or Violations – neither the entering into of this Agreement nor the other documents to be executed and delivered by either of the Pescios, nor the
completion of the transactions contemplated hereby in accordance with the terms hereof will result in: 

  

	 	(i)	a violation or breach of any provision of or a default (or an event that with notice or lapse of time or both could constitute a default) under, or give to others any right of
termination, amendment, acceleration or cancellation of or under: 

  

	 	A.	any applicable Law, to the best of the Pescio’s knowledge; or 

  

	 	B.	any material agreement, arrangement or understanding to which either of the Pescios is a party or by which any of them or the Pescio Nevada Assets are bound or affected,

 subject to obtaining all of the Pescio Required Consents, or 
  

	 	(ii)	the imposition of any material Encumbrance upon any of the Pescio Nevada Assets. 

  

	 	(c)	Required Consents – except as set forth in Schedule E to this Agreement, the execution, delivery of this Agreement, the performance of their obligations hereunder and
the completion of the transactions contemplated by this Agreement will not require either of the Pescios to obtain any consent, authorization or approval or order-in council of, or make any filing with or give any notice to, any Person.

  

	 	(d)	Title to Assets – on the Effective Date immediately prior to the Effective Time, the Pescios will together legally and beneficially own, hold or be entitled to the
benefit of the Pescio Nevada Assets, free and clear of all material Encumbrances other than the Permitted Encumbrances. 

  

	 	(e)	Description of Pescio Nevada Assets – Schedule C accurately describes all of the material Pescio Nevada Assets including, without limitation: 

 

	 	(i)	all material real property and mineral interests in Nevada held by the Pescios, including a description of the nature of the interest held (the “Pescio Lands”);

  

	 	(ii)	all agreements and other contracts material to the ownership and operation of the Pescio Lands (collectively the “Pescio Contracts”); and 

 

	 	(iii)	all licenses, permits, authorities and permissions held by either of the Pescios which are material to the ownership or operation of the Pescio Lands (collectively the
“Pescio Licences”). 

  

	 	(f)	No Other Contracts – except for the Pescio Contracts and Pescio Licences, neither of the Pescios will as of the Effective Date be a party to, be bound by, or be an
assignee under, any contract, agreement or commitment of any kind relating to the Pescio Nevada Assets, other than contracts which are not material to the ownership or operations of the Pescio Nevada Assets. 

  

 - 18 - 

	 	(g)	No Defaults – except as may be set out in the Pescio Disclosure Letter, the Pescio Contracts and Pescio Licences are in full force and effect and no party thereto is in
default in any respect under, and there exists no event, condition or occurrence known to of the Pescios which, after notice or lapse of time or both would constitute such a default by any party under, any Pescio Licence or Pescio Contract.

  

	 	(h)	Litigation – except as set out in the Pescio Disclosure Letter, there is no action, suit, order, work order, petition, prosecution or other similar proceeding pending
or, to the best of the knowledge of either of the Pescios, threatened against any such party and affecting the Pescio Nevada Assets at law or in equity or before or by any Governmental Entity, domestic or foreign. 

  

	 	(i)	Environmental Matters – except as disclosed in the Pescio Disclosure Letter: 

  

	 	(i)	Compliance with Environmental Laws – The Pescios have, at all times, dealt with the Pescio Nevada Assets in compliance in all material respects with all Environmental
Laws which apply to such Pescio Nevada Assets; 

  

	 	(ii)	Environmental Permits – The Pescios will, as of the Effective Date, hold (legally or beneficially) all material Environmental Permits required to be held by them, if
any, in connection with the Pescio Nevada Assets, and any such permits shall be transferred to Newco. All such Environmental Permits are in good standing and are being and have been complied with in all material respects. No proceeding is pending or
threatened and no steps have been taken by any Governmental Entity or other person to revoke, modify or limit any of the Environmental Permits and, to the best of the knowledge of the Pescios, no grounds exist for any such proceeding or steps;

  

	 	(iii)	Activities – neither of the Pescios has in connection with the use of the Pescio Lands, released, transported, treated, processed, distributed, stored, used,
manufactured, handled, disposed of or exposed any Persons to Contaminants or caused, authorized or permitted any of the foregoing except in material compliance with all applicable Environmental Laws; 

  

	 	(iv)	Condition of Property Interests – neither of the Pescios has any notice or knowledge that the Pescio Lands contain any Contaminants except in levels permitted under
Environmental Laws. To the best of the knowledge of the Pescios, no Contaminants have been or are being released on or from or migrating through property adjoining or in the vicinity of the Pescio Lands that might migrate to or affect the Pescio
Lands; 

  

	 	(v)	Landfills – neither of the Pescios has any knowledge that there are any landfills or disposal areas on any of the Pescio Lands or any landfills or disposal areas that
have been or are being used by either of the Pescios on the Vista Lands; 

  

	 	(vi)	Tanks and PCB’s – neither of the Pescios has any knowledge that there are any or have ever been any underground storage tanks located on any of the Pescio Lands or
PCB’s or equipment containing PCB’s used or stored on the Pescio Lands; 

  

	 	(vii)	 Environmental Undertakings – neither of the Pescios has at any time given any written undertakings with respect to remedying any breach of, or liability
under, 

  

 - 19 - 

	 	 
Environmental Laws or Environmental Permits with respect to the Pescio Nevada Assets that have not been duly performed in all material respects;

  

	 	(viii)	Claims – there are no outstanding, or to the best of the knowledge of either of the Pescios, pending or threatened Claims against either of the Pescios with respect to
the environmental condition of any of the Pescio Lands or alleging any breach of, default or liability under Environmental Laws with respect to the Pescio Nevada Assets, or relating to the presence of any Contaminant or a release or a threat of a
release of any Contaminant on, at, from or to any Pescio Lands or relating to exposure of any Person to any Contaminant and to the best of the knowledge of either of the Pescios, no facts exist which could give rise to any such Claim; and

  

	 	(ix)	Environmental Disclosure – The Pescios have fully disclosed to Newco and Vista all environmental reports, site assessments, audits, studies, evaluations, tests and
records in the possession or control of such parties with respect to the Pescio Nevada Assets and fully disclosed to Newco and Vista all material facts and circumstances known to such parties relating to the environmental condition of the Pescio
Nevada Assets. 

  

	 	(j)	Compliance with Laws – except for any conflicts, defaults or violations which would not, individually or in the aggregate, have a Material Adverse Effect on the Pescio
Nevada Assets, or as disclosed in Pescio Disclosure Letter, neither of the Pescios has received or is aware of any notice from any Governmental Entity that any of the Pescio Nevada Assets is in conflict with, or in default or violation of, any
zoning requirement, bylaw, law, rule, regulation, order, permit, judgment or decree applicable to such party or by which any of the Pescio Nevada Assets is bound or affected. 

  

	 	(k)	Disclosure in Circular – the disclosure in the Circular relating to the Pescios and the Pescio Nevada Assets will be true and complete in all material respects, will not
contain any Misrepresentations and will, in all material respects, constitute sufficient disclosure so as to meet the requirements of applicable Law in respect of such disclosure. 

  

	 	(l)	Full Disclosure – All material information pertaining to the Pescio Nevada Assets has been made available to Newco and Vista and, to the knowledge of the Pescios, no
event or circumstance exists other than: 

  

	 	(i)	market conditions or other conditions affecting the industry generally; or 

  

	 	(ii)	events or circumstances specific to Newco or Vista, 

 which
has or could reasonably be expected to result in a material adverse effect on the value of the Pescio Nevada Assets to Newco. 
  

	 	(m)	 Hart-Scott-Rodino – The Pescios (as natural persons and as husband and wife) are their own “ultimate parent entity” (as defined in 16 C.F.R.
§ 801.1(a)(3)) and the Pescios, together with all entities controlled (as defined in 16 C.F.R. § 801.(1)(b)) by them: (a) did not for the year ended December 31, 2005 have aggregate sales of $113.4 million or more; or
(b) as of the date hereof, do not, and as of the Effective Time will not, hold assets having an aggregate total value of $113.4 million or more, in each case determined in accordance with 16 C.F.R. § 801.11 (this representation and
warranty being made solely for the purpose of determining the applicability of the notification provisions of 

  

 - 20 - 

	 	 
the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended to the transactions contemplated by this agreement). 

  

	 	(n)	“Accredited Investor” Status – Each of the Pescios is an “Accredited Investor” within the meaning of Regulation D under the 1933 Act. By reason of
his or her business and financial experience, sophistication and knowledge, each of the Pescios is capable of evaluating the risks and merits of the investment made pursuant to this Agreement. 

  

	 	(o)	Investment Suitability – Each of the Pescios has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
his or her investment in the Newco Shares and it is able to bear the economic risks and complete loss of such investment in the Newco Shares. 

  

	 	(p)	Access to Information – Each of the Pescios hereby represents that: (i) he or she has been furnished by Vista during the course of this transaction with all
information regarding the Vista Nevada Assets and Newco which it had requested; (ii) all documents that have been reasonably requested by the Pescios have been made available for their or their counsel’s inspection and review; and
(iii) any other information reasonably requested by the Pescios or their counsel has been provided. 

  

	 	(q)	Opportunity to Ask Questions – Each of the Pescios has been afforded the opportunity to ask questions of and receive answers from duly authorized officers or other
representatives of Vista and Newco concerning the terms and conditions of the issuance of the Newco Shares to the Pescios as partial consideration for the transfer of the Pescio Nevada Assets to the LLC. 

  

	 	(r)	Absence of Advertising – In connection with the issuance of Newco Shares to the Pescios pursuant hereto, at no time was either of the Pescios presented with or solicited
by any leaflet, public promotional meeting, circular, newspaper or magazine article, radio or television advertisement or any other form of general solicitation or general advertising within the meaning of Regulation D under the 1933 Act.

  

	 	(s)	Investment Intent – Each of the Pescios represents that the Newco Shares to be issued and delivered to them pursuant to this Agreement are being acquired for his or her
own account, for investment for an indefinite period of time, not as nominee or agent for any other person, firm or corporation and not for distribution or resale to others in contravention of the 1933 Act and the rules and regulations promulgated
thereunder; provided however, the parties acknowledge that prior to 12 months after the Effective Date, one or more of the Pescios may dispose of some or all of the Newco Shares pursuant to an effective registration statement under the 1933 Act or
in compliance with Section 4.5(a) hereof. Each of the Pescios agrees that he or she will not sell or otherwise transfer the Newco Shares unless they are registered under the Securities Act or unless an exemption from such registration is
available. 

  

	 	(t)	Resale Restrictions – Each of the Pescios understands and acknowledges that the Newco Shares have not been, and will not as of the time issued, be registered under the
1933 Act and that they will be issued in reliance upon exemptions from the registration requirements of the 1933 Act, and thus cannot be resold until 12 months after the Effective Date, unless they are included in an effective registration statement
filed under the 1933 Act or unless an exemption from registration is available for such resale. With regard to the restrictions on resales of the Newco Shares, each of the Pescios is aware: (i) that Newco will issue stop transfer orders to its
stock transfer agent in the event of attempts to improperly transfer any such Newco Shares; and (ii) that a restrictive legend will be placed on certificates representing the Newco Shares, which legend will read substantially as follows:

 THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “ACT”) OR ANY APPLICABLE STATE SECURITIES LAW. NO INTEREST THEREIN MAY BE SOLD, DISTRIBUTED, ASSIGNED, OFFERED, PLEDGED OR OTHERWISE TRANSFERRED OR DISPOSED OF WITHOUT (A) AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
ACT AND APPLICABLE UNITED STATES STATE SECURITIES LAWS COVERING ANY SUCH TRANSACTION, (B) RECEIPT BY THE CORPORATION OF AN ACCEPTABLE LEGAL OPINION STATING THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION, OR (C) THE CORPORATION OTHERWISE
SATISFYING ITSELF THAT SUCH TRANSACTION IS EXEMPT FROM REGISTRATION. 
  

 - 21 - 

 The legend stated above shall be promptly removed from any certificate representing the Newco Shares, and
Newco shall issue a certificate without such legend to the applicable party, if, unless otherwise required by state securities laws: (i) such Newco Shares are registered for resale under the 1933 Act and are sold in compliance with the
requirements of the 1933 Act; (ii) in connection with a sale transaction, such holder provides Newco with an opinion of counsel, in a form reasonably acceptable to Newco, to the effect that a public sale, assignment or transfer of such Newco
Shares may be made without registration under the 1933 Act; or (iii) such holder provides Newco with reasonable assurances that such Newco Shares can be sold pursuant to Rule 144 promulgated under the Securities Act without any restriction as
to the number of securities acquired as of a particular date that can then be immediately sold. Notwithstanding the removal of the legend stated above in the event the Newco Shares are registered for resale on an effective registration statement,
Newco reserves the right to affix a legend on certificates representing such Newco Shares that any selling shareholder must comply with the prospectus delivery requirements of the 1933 Act in connection with any resale. Newco shall bear the cost of
the removal of any legend as anticipated by this Section. 
  

	3.4	Pescio Disclosure Letter 

 The parties acknowledge
that, concurrently with the execution and delivery hereof, the Pescios have delivered the Pescio Disclosure Letter to Vista and that such document describes a series of exceptions to, or exclusions from, the representations and warranties described
in Section 3.3 above and that such exceptions and exclusions are deemed to be incorporated into this Agreement. 
  

	3.5	Representations and Warranties of Newco 

 Newco
hereby makes to Vista and each of the Pescios the following representations and warranties and acknowledges that such parties are relying upon such representations and warranties in connection with the matters contemplated by this Agreement.

  

	 	(a)	Corporate Status – Newco has been duly incorporated and is validly existing as a company in good standing under the laws of the State of Delaware and has the necessary
corporate power and capacity to own the property and assets it will acquire as a result of the transactions contemplated by this Agreement. 

  

	 	(b)	 Due Authorization – the execution and delivery of this Agreement and the other documents to be executed and delivered by Newco hereunder, and the
carrying out of the 

  

 - 22 - 

	 	 
transactions contemplated hereby on the part of Newco, have been duly authorized by all necessary corporate action on the part of Newco.

  

	 	(c)	No Conflicts or Violations – neither the entering into of this Agreement nor the other documents to be executed and delivered by Newco, nor the completion of the
transactions contemplated hereby in accordance with the terms hereof will result in a violation or breach of any provision of or a default (or an event that with notice or lapse of time or both could constitute a default) under, or give to others
any right of termination, amendment, acceleration or cancellation of or under: 

  

	 	(i)	the constating or organizational documents of Newco, including any resolutions of its shareholders or directors; 

  

	 	(ii)	any applicable Law; or 

  

	 	(iii)	any material agreement, arrangement or understanding to which Newco is a party or by which it is bound or affected. 

  

	 	(d)	No Material Assets or Liabilities – Newco is a newly-incorporated entity and, immediately prior to the Effective Time, will have no material assets or liabilities.

  

	 	(e)	Authorized and Issued Capital – the authorized capital of Newco consists of 100,000,000 shares of common stock, par value $0.001 and 10,000,000 shares of preferred
stock, par value $0.001. As of the date hereof, only one share of common stock has been issued and is registered in the name of Vista. 

  

	 	(f)	U.S. Tax Matters – Neither Newco nor any affiliate of Newco has taken or agreed to take any action (without regard to any action taken or agreed to be taken by either of
the Pescios) or knows of any circumstances that would prevent the Formation Transaction from qualifying as a single integrated transaction within the meaning of Section 351 of the U.S. Tax Code. 

 ARTICLE 4 
 COVENANTS

  

	4.1	Management Consultation 

 Subject to applicable Law
and the other provisions of this Agreement, during the Pre-Effective Date Period, Vista, the Pescios and Newco will consult with each other on an ongoing basis in order to ensure that Newco is prepared to take over and run its business after the
completion of the transactions contemplated hereby. 
  

	4.2	Covenants of Vista and Vista U.S. 

 Vista and Vista
U.S. each hereby covenant and agree that: 
  

	 	(a)	during the Pre-Effective Date Period (or until the earlier termination of this Agreement in accordance with the terms hereof: (i) with the consent of the Pescios to any
deviation therefrom, which shall not be unreasonably withheld; (ii) as required to comply with any Law; (iii) with respect to matters disclosed in the Vista Disclosure Letter; or (iv) with respect to any matter contemplated by this
Agreement or the Plan of Arrangement, including the transactions contemplated hereby, Vista shall: 

  

	 	(i)	ensure that the business of Vista U.S. and its Subsidiaries is carried on in the ordinary and regular course in substantially the same manner as heretofore conducted and, to the
extent consistent with such business, use all reasonable efforts to preserve intact its present business organization and keep available the services of its present officers and employees and others having business dealings with it to the end that
its goodwill and business is maintained; 

  

 - 23 - 

	 	(ii)	not permit Vista U.S. or its Subsidiaries to engage in any transactions which are out of the ordinary, including any material acquisitions or dispositions of assets;

  

	 	(iii)	not permit any amendment to the articles or bylaws of Vista U.S. or any amendment to the constating documents of any of Vista U.S.’s Subsidiaries; 

  

	 	(iv)	except in the usual, ordinary and regular course of business and consistent with past practice or as required by applicable Law, not permit Vista U.S. or any of its Subsidiaries to
enter into or modify (or agree to enter into or modify) in any material respect any contract, agreement, commitment or arrangement which is material to Vista U.S. on a consolidated basis; 

  

	 	(v)	not permit Vista U.S. or its Subsidiaries to incur or commit to material capital expenditures or other material commitments, except in accordance with its current annual budget or
as disclosed in the Vista Disclosure Letter; 

  

	 	(vi)	promptly advise the Pescios orally and, if then requested, in writing: 

  

	 	A.	of any event occurring subsequent to the date of this Agreement that would or could reasonably be expected to render any representation or warranty of Vista contained in this
Agreement (except any such representation or warranty which speaks as of a date prior to the occurrence of such event), if made on or as of the date of such event or the Effective Date, untrue or inaccurate in any material respect;

  

	 	B.	of any Material Adverse Change in respect of Vista U.S.; and 

  

	 	C.	of any material breach by Vista of any covenant or agreement contained in this Agreement; 

  

	 	(b)	Vista and Vista U.S. shall, during the Pre-Effective Date Period (or until the earlier termination of this Agreement in accordance with the terms hereof) perform all obligations
required or desirable to be performed by them under this Agreement, co-operate with the Pescios in connection therewith, and do all such other acts and things as may be necessary or desirable in order to consummate and make effective, as soon as
reasonably practicable, the transactions contemplated by this Agreement and, without limiting the generality of the foregoing, Vista and Vista U.S. shall: 

  

	 	(i)	apply for and use all reasonable efforts to obtain the Appropriate Regulatory Approvals relating to Vista or Vista U.S. and, in doing so, to keep the Pescios reasonably informed as
to the status of the proceedings related to obtaining such Appropriate Regulatory Approvals, including, but not limited to, providing the Pescios with copies of all related applications and notifications, in draft form, in order for the Pescios to
provide their reasonable comments; 

  

 - 24 - 

	 	(ii)	apply for and use all reasonable efforts to obtain the Interim Order and the Final Order; 

  

	 	(iii)	carry out the terms of the Interim Order (including mailing the Circular to Vista Securityholders as ordered by the Interim Order) and the Final Order applicable to it and use its
reasonable efforts to comply promptly with all requirements which applicable Law may impose on Vista with respect to the transactions contemplated hereby and by the Arrangement; 

  

	 	(iv)	defend all lawsuits or other legal, regulatory or other proceedings to which it is a party challenging or affecting this Agreement or the consummation of the transactions
contemplated hereby; 

  

	 	(v)	use its reasonable efforts to have lifted or rescinded any injunction or restraining order or other order relating to Vista or its Subsidiaries or the Vista Shares which may
adversely affect the ability of the parties to consummate the transactions contemplated hereby; 

  

	 	(vi)	effect all necessary registrations, filings and submissions of information required by Governmental Entities from Vista or Vista U.S.; 

  

	 	(vii)	use its reasonable efforts to obtain all necessary waivers, consents and approvals required to be obtained by Vista or a Subsidiary of Vista from other parties to existing Vista
Contracts including the Vista Required Consents; 

  

	 	(c)	Vista shall use commercially reasonable efforts to complete an equity financing to raise not less than $25 million on terms satisfactory to Vista, acting reasonably; and

  

	 	(d)	neither Vista nor any affiliate of Vista (including, without limitation, Vista U.S.) shall take any action that (without regard to any action taken or agreed to be taken by either
of the Pescios) would prevent the Formation Transaction from qualifying as a single integrated transaction within the meaning of Section 351 of the U.S. Tax Code. In addition, Vista confirms that it is not aware of any steps currently intended
to be taken by any of its shareholders which, or which taken into account together with the anticipated transfer of 3,000,000 common shares of Newco by the Pescios, would prevent the Formation Transaction from qualifying as a single integrated
transaction within the meaning of Section 351 of the U.S. Tax Code. 

  

	4.3	Covenants of the Pescios 

 Each of the Pescios
hereby covenants and agrees that: 
  

	 	(a)	during the Pre-Effective Date Period (or until the earlier termination of this Agreement in accordance with the terms hereof): (i) with the consent of Vista to any deviation
therefrom, which shall not be unreasonably withheld; (ii) as required to comply with any Law; (iii) with respect to matters disclosed in the Pescio Disclosure Letter; or (iv) with respect to any matter contemplated by this Agreement
or the Plan of Arrangement, including the transactions contemplated hereby, such individuals shall: 

  

	 	(i)	 use all reasonable efforts to ensure that the Pescio Nevada Assets are held and dealt with in the ordinary and regular course without causing a Material Adverse
Effect and in substantially the same manner as heretofore conducted and, to the 

  

 - 25 - 

	 	 
extent consistent therewith, use all reasonable efforts to keep available the services of anyone having business dealings with them in respect of such assets
in the aggregate to the end that any material goodwill is maintained; 

  

	 	(ii)	not dispose of, in whole or in part, any of the Pescio Nevada Assets; 

  

	 	(iii)	except in the usual, ordinary and regular course of business and consistent with past practice or as required by applicable Law, not enter into or modify (or agree to enter into or
modify) in any material respect any contract, agreement, commitment or arrangement which relates to any of the Pescio Nevada Assets; 

  

	 	(iv)	promptly advise Vista orally and, if then requested, in writing: 

  

	 	A.	of any event occurring subsequent to the date of this Agreement that would or could reasonably be expected to render any representation or warranty of either of the Pescios
contained in this Agreement (except any such representation or warranty which speaks as of a date prior to the occurrence of such event), if made on or as of the date of such event or the Effective Date, untrue or inaccurate in any material respect;

  

	 	B.	of any Material Adverse Change in respect of the Pescio Nevada Assets; and 

  

	 	C.	of any material breach by either of the Pescios of any covenant or agreement contained in this Agreement; and 

  

	 	(b)	each of the Pescios shall, during the Pre-Effective Date Period (or until the earlier termination of this Agreement in accordance with the terms hereof) perform all obligations
required or desirable to be performed by them under this Agreement, co-operate with Vista in connection therewith, and do all such other acts and things as may be necessary or desirable in order to consummate and make effective, as soon as
reasonably practicable, the transactions contemplated by this Agreement and, without limiting the generality of the foregoing, such individuals shall: 

  

	 	(i)	apply for and use all reasonable efforts to obtain the Appropriate Regulatory Approvals in each case relating to either of the Pescios and, in doing so, keep Vista reasonably
informed as to the status of the proceedings related to obtaining the Appropriate Regulatory Approvals, including, but not limited to, providing Vista with copies of all related applications and notifications, in draft form, in order for Vista to
provide its reasonable comments; 

  

	 	(ii)	use their reasonable efforts to defend all lawsuits or other legal, regulatory or other proceedings to which it is a party challenging or affecting this Agreement or the
consummation of the transactions contemplated hereby including, without limitation, any party challenging the ability of the Pescios to transfer the Pescio Nevada Assets to the LLC or Newco hereunder; 

  

	 	(iii)	use their reasonable efforts to have lifted or rescinded any injunction or restraining order or other order relating to either of the Pescios which may have a material adverse
affect on the ability of the parties to consummate the transactions contemplated hereby; 

  

 - 26 - 

	 	(iv)	effect all necessary registrations, filings and submissions of information required by Governmental Entities from either of the Pescios; and 

  

	 	(v)	use its reasonable efforts: 

  

	 	A.	to obtain all necessary waivers, consents and approvals required to be obtained by the Pescios from other parties to existing Pescio Contracts including the Pescio Required
Consents; and 

  

	 	B.	to the extent any such Pescio Contracts contains rights of first refusal or similar provisions relating to any Pescio Nevada Assets, to provide any required notices in respect
thereof or obtain a waiver of such rights from the holder thereof such that, in either case, such assets may be transferred to Newco at the Effective Time without violating such rights of first refusal or similar rights. 

  

	4.4	Covenants of Newco 

 Newco hereby covenants and
agrees that: 
  

	 	(a)	during the Pre-Effective Date Period (or until the earlier termination of this Agreement in accordance with the terms hereof): (i) with the consent of Vista and the Pescios to
any deviation therefrom, which shall not be unreasonably withheld; (ii) as required to comply with any Law; or (iii) with respect to any matter contemplated by this Agreement or the Plan of Arrangement, including the transactions
contemplated hereby, Newco shall: 

  

	 	(i)	not acquire or dispose of any material assets or incur any liabilities; 

  

	 	(ii)	except in connection with the transactions contemplated hereby, enter into or modify (or agree to enter into or modify) in any material respect any contract, agreement, commitment
or arrangement; 

  

	 	(iii)	promptly advise Vista and the Pescios orally and, if then requested, in writing: 

  

	 	A.	of any event occurring subsequent to the date of this Agreement that would or could reasonably be expected to render any representation or warranty of Newco contained in this
Agreement (except any such representation or warranty which speaks as of a date prior to the occurrence of such event), if made on or as of the date of such event or the Effective Date, untrue or inaccurate in any material respect; and

  

	 	B.	of any material breach by Newco of any covenant or agreement contained in this Agreement. 

  

	 	(b)	Newco shall, during the Pre-Effective Date Period (or until the earlier termination of this Agreement in accordance with the terms hereof) perform all obligations required or
desirable to be performed by it under this Agreement, co-operate with Vista and the Pescios in connection therewith, and do all such other acts and things as may be necessary or desirable in order to consummate and make effective, as soon as
reasonably practicable, the transactions contemplated by this Agreement and, without limiting the generality of the foregoing, Newco shall: 

  

	 	(i)	defend all lawsuits or other legal, regulatory or other proceedings to which it is a party challenging or affecting this Agreement or the consummation of the transactions
contemplated hereby; 

  

 - 27 - 

	 	(ii)	use its reasonable efforts to have lifted or rescinded any injunction or restraining order or other order relating to Newco which may adversely affect the ability of the parties to
consummate the transactions contemplated hereby; and 

  

	 	(iii)	effect all necessary registrations, filings and submissions of information required by Governmental Entities from Newco. 

  

	 	(c)	Neither Newco nor any affiliate of Newco shall take any action that (without regard to any action taken or agreed to be taken by either of the Pescios) would prevent the Formation
Transaction from qualifying as a single integrated transaction within the meaning of Section 351 of the U.S. Tax Code. 

  

	4.5	Post-Closing Covenants of the Pescios and Newco 

  

	 	(a)	Newco hereby covenants and agrees with the Pescios that it will use commercially reasonable efforts, as soon as possible following the Effective Time, to file a registration
statement on Form S-1 with the United States Securities and Exchange Commission registering 35% of the shares of Newco issued to the Pescios at the Effective Time for resale and Newco will use its best efforts to cause the registration statement to
become effective and to keep the registration statement effective and available for use by the Pescios, subject to the following restrictions (which each of the Pescios agrees to comply with): 

  

	 	(i)	the Pescios will not sell any Newco shares, until the earlier of: (A) the date on which such registration statement becomes effective; and (B) the date which is six months
after the Effective Date, and any such sale will only be done in compliance with all applicable securities laws; 

  

	 	(ii)	during the period ending 12 months after the Effective Date, the Pescios will not sell pursuant to the registration statement, in aggregate, more than 20% of the total number of
Newco shares acquired by the Pescios (as a group) as a result of the transactions contemplated hereby on the Effective Date; 

  

	 	(iii)	each of the Pescios will use his or her commercially reasonable efforts to cause any disposition of Newco shares by any of them to be effected in a manner that does not cause a
significant negative impact on the trading price of the shares of Newco; 

  

	 	(iv)	during the period ending 12 months after the Effective Date, the Pescios will not in any calendar month sell pursuant to the registration statement shares representing, in
aggregate, more than 0.67% of the issued and outstanding shares of Newco; and 

  

	 	(v)	the Pescios will comply with the policies of Newco related to the trading of shares by directors, officers and other insiders of Newco for a period ending 12 months after the
Effective Date (or for such longer period as such policies may apply to such parties as insiders of Newco). 

  

 - 28 - 

 In the event that the Pescios, at or before the Effective Time, provide a direction to Newco to deliver
any of the common shares issuable to the Pescios hereunder to Robert Lipsett and Greg Hryhorchuk or transfer any of such shares to Robert Lipsett or Greg Hryhorchuk at the Effective Time, the parties will cooperate to effect such transaction
provided that each such transferee agrees with Newco prior to issuance to make the representations set out in Sections 3.3(n) through 3.3(s), inclusive, and to abide by the transfer restrictions set forth in sections 3.3(t) and 3.3(u) hereof, and
agrees that such transferee: 
  

	 	(i)	will not sell any Newco shares, until the earlier of: (A) the date on which such registration statement becomes effective; and (B) the date which is six months after the
Effective Date, and any such sale will only be done in compliance with all applicable securities laws; 

  

	 	(ii)	during the period ending 12 months after the Effective Date, will not sell pursuant to the registration statement, in aggregate, more than 20% of the total number of Newco shares
acquired by such transferee from the Pescios as contemplated above; 

  

	 	(iii)	such transferee will use his commercially reasonable efforts to cause any disposition of Newco shares by such transferee to be effected in a manner that does not cause a significant
negative impact on the trading price of the shares of Newco; 

  

	 	(iv)	during the period ending 12 months after the Effective Date, such transferee will not in any calendar month sell pursuant to the registration statement shares representing, in
aggregate, more than 0.17% of the issued and outstanding shares of Newco; and 

  

	 	(v)	such transferee will comply with the policies of Newco related to the trading of shares by directors, officers and other insiders of Newco for a period ending 12 months after the
Effective Date (or for such longer period as such policies may apply to such transferee as an insider of Newco). 

 In addition,
the parties hereto acknowledge and consent to the transfer by the Pescios of a total of 3 million common shares of Newco immediately after the Effective Time to Robert Lipsett and Greg Hryorchuk. 
  

	 	(b)	Newco further agrees and covenants with the Pescios to use commercially reasonable efforts to complete an equity financing of no less than $15 million as soon as practical after the
Effective Date. Notwithstanding the foregoing, the Pescios acknowledge that actual completion of any such financing will be subject to the board of directors of Newco determining, at the time of such financing, that such financing is in the best
interests of Newco considering all appropriate factors including, without limitation, prevailing market conditions at that time. 

  

	 	(c)	 For so long as: (i) the Pescios or their transferees or any “affiliate” (as such term is defined in Rule 405 under the 1933 Act) of Newco or Vista
(determined immediately prior to and immediately following the closing of the Arrangement) holds Newco shares that were received pursuant to the Arrangement; and (ii) the provisions of Rule 145(d)(2) or (3) or Rule 144(k) under the 1933
Act are not available for the resale of such Newco shares by such person within the United States, Newco shall make available adequate 

  

 - 29 - 

	 	 
current public information with respect to Newco as contemplated by Rule 144(c) under the 1933 Act. 

  

	 	(d)	In connection with any sale of Newco shares received under the Arrangement by either of the Pescios or their transferees pursuant to Rule 144 under the 1933 Act or any registration
statement, Newco shall, upon receipt of executed representation letters or other customary evidence, in all cases in customary form and substance, use its reasonable best efforts to cause the registrar and transfer agent of such Newco shares to
remove any legend restricting transfer of such Newco Shares, within three business days (excluding weekends and holidays) of receipt of such representation letters. 

  

	 	(e)	On or prior to the Effective Date, the Newco Shares shall be registered pursuant to Section 12 of the 1934 Act. The Registration Statement on Form 10 (the “Form
10”) to be filed by Newco in connection with such registration (giving effect to amendments filed thereto prior to the effectiveness of the Form 10) shall comply with the requirements of the 1934 Act and the rules and regulations of the SEC
thereunder, and shall not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading. The financial statements (including the related notes) included in the Form 10 shall comply in all material respects with the applicable accounting requirements and the published rules and regulations of the SEC with respect thereto
(including compliance with US GAAP to the extent required thereunder), and shall fairly present in all material respects the consolidated financial position of Newco and its consolidated subsidiaries as of the dates thereof and their
consolidated results of operations and cash flows for the periods then ended (subject, in the case of unaudited statements, to normal and recurring year-end audit adjustments). 

  

	4.6	Loans by Vista to Vista U.S. during Pre-Effective Date Period 

 The parties agree that, notwithstanding any other provision hereof, during the Pre-Effective Date Period Vista may provide loans to Vista U.S. in amounts sufficient to permit Vista U.S. to undertake any of the
following activities for the benefit of the business which Newco will operate after the Effective Date: 
  

	 	(a)	to permit the purchase of additional mineral properties or interests therein which are approved in writing by both Vista and the Pescios (and any such properties so acquired shall
be deemed to be both Vista Nevada Assets and Pescio Nevada Assets for purposes of this Agreement); 

  

	 	(b)	to pay any retainers, expenses or other amounts necessary to secure the services of a new Chief Executive Officer for Newco prior to the Effective Date; 

  

	 	(c)	to fund the purchase of office equipment, software and other miscellaneous items and supplies which Vista believes are reasonably necessary to ensure Newco can commence operations
immediately after the Effective Date; and 

  

	 	(d)	to fund such other activities as may be agreed to in writing by the parties in advance of amounts being loaned by Vista to Vista U.S. for such activities. 

 

 - 30 - 

 The parties further agree that such loans shall bear interest at the rate of 6% per annum and all principal and
interest owing by Vista U.S. to Vista in respect of such loans shall be paid in full at the Effective Time by Newco on behalf of Vista U.S. 
  

	4.7	Access to Information 

 Subject to applicable Law,
from the date hereof to the earlier of the Effective Date or the date on which this Agreement is terminated in accordance with its terms, each of Vista U.S. and the Pescios will provide each other and Newco with reasonable access to their respective
properties, books, contracts and records (as such properties, books, contracts and records relate either to the Vista Nevada Assets or the Pescio Nevada Assets). 
  

	4.8	Closing Matters 

 Each party hereto shall deliver,
at the closing of the transactions contemplated hereby, such customary opinions of legal counsel, certificates, resolutions, share certificates, asset transfer documentation and other closing documents as may be required by the other parties hereto,
acting reasonably. The closing of the transactions contemplated hereby shall occur on or within three Business Days of the date on which the conditions to closing set forth in Sections 5.1, 5.2 and 5.3 have been satisfied or waived by the parties,
or on such later date as Pescios and Vista agree, at the offices of Borden Ladner Gervais LLP in Vancouver, British Columbia at 6:00 a.m. (Pacific Time). 
  

	4.9	Pescio Property Payments 

 The Pescios will be
entitled to all payments whenever made with respect to amounts due and payable to them before the Effective Time in respect of the Pescio Nevada Assets. To the extent any such amounts are paid to Newco after the Effective Time, Newco will hold such
amounts for and on behalf of the Pescios and will pay such amounts to the Pescios as soon as possible following receipt thereof. 
 ARTICLE
5 
 CLOSING CONDITIONS 
  

	5.1	Mutual Conditions Precedent 

 The respective
obligations of each of Vista and the Pescios to complete the transactions contemplated hereby and to file a copy of the Final Order and the Articles of Arrangement to give effect to the Arrangement and to otherwise complete the transactions
contemplated hereby will be subject to the fulfillment, or mutual waiver in writing by each of Vista and the Pescios, of each of the following conditions: 
  

	 	(a)	the Interim Order shall have been obtained in form and terms satisfactory to each of Vista and the Pescios acting reasonably and shall not have been set aside or modified in a
manner unacceptable to either of such parties (acting reasonably) on appeal or otherwise; 

  

	 	(b)	the Circular shall have been mailed to Vista Securityholders by the Mailing Date and the Vista Meeting shall have been held on or before the Meeting Date; 

 

	 	(c)	at the Vista Meeting, the Vista Resolutions shall have been approved by the Vista Securityholders in accordance with the requirements of the Act and the Interim Order;

  

 - 31 - 

	 	(d)	the Final Order shall have been obtained in form and terms satisfactory to each of Vista and the Pescios acting reasonably and shall not have been set aside or modified in a manner
unacceptable to either of such parties, acting reasonably, on appeal or otherwise; 

  

	 	(e)	on or before the Effective Date, both the New Common Shares and the Newco common shares to be issued pursuant to the transactions contemplated hereby shall have been conditionally
approved for listing on the TSX, subject only to the filing of customary required documents and, immediately prior to the Effective Time, such shares shall be listed and posted for trading on the TSX; 

  

	 	(f)	there shall not be in force any order or decree restraining or enjoining the consummation of the transactions contemplated by this Agreement and there shall be no proceeding, of a
judicial or administrative nature or otherwise, brought by a Governmental Entity in progress or threatened that relates to or results from the transactions contemplated by this Agreement that would, if successful, potentially result in an order or
ruling that would preclude completion of the transactions contemplated by this Agreement in accordance with the terms hereof or would otherwise be inconsistent with the Appropriate Regulatory Approvals which have been obtained;

  

	 	(g)	all required consents, waivers, permits, orders and approvals of any Governmental Entity (including the Appropriate Regulatory Approvals) shall have been received on terms
satisfactory to Vista and the Pescios, acting reasonably; 

  

	 	(h)	there shall not be pending or threatened any suit, action or proceeding by any Governmental Entity or other Person seeking to prohibit or restrict the completion of the transactions
contemplated hereby or seeking to obtain from any party hereto damages which could be material to such party in connection with the completion of such transactions; 

  

	 	(i)	this Agreement shall not have been terminated in accordance with the terms hereof; and 

  

	 	(j)	on or before the Effective Date, each party hereto other than Newco shall have delivered to Newco a properly executed statement or statements in a form reasonably acceptable to
Newco for purposes of satisfying Newco’s obligations under United States Treasury Regulation Sections 1.1445-2 and 1.897-2 if applicable or such amount of cash as shall satisfy Newco’s withholding obligations in respect to such party on
account of the transactions contemplated hereby under United States Internal Revenue Code of 1986 Sections 1441 and 1445. 

  

	5.2	Additional Conditions Precedent to the Obligations of Vista 

 The obligations of Vista to complete the transactions contemplated by this Agreement shall also be subject to the satisfaction, on or before the Effective Date of each of the following conditions precedent (each of which is for Vista’s
exclusive benefit and may be waived by Vista and any one or more of which, if not satisfied or waived, will relieve Vista of any obligation under this Agreement): 
  

	 	(a)	all covenants of the Pescios and Newco under this Agreement to be performed on or before the Effective Date shall have been duly performed by the Pescios in all material respects;

  

	 	(b)	 all representations and warranties of the Pescios under this Agreement qualified as to materiality shall be true and correct and those not so qualified shall be
true and correct in 

  

 - 32 - 

	 	 
all material respects as of the Effective Date as if made on and as of such date (except to the extent such representations and warranties speak as of an
earlier date, in which event such representations and warranties shall be true and correct in all material respects as of such earlier date, or except as affected by transactions contemplated or permitted by this Agreement), except where the failure
of such representations and warranties in the aggregate to be true and correct would not be reasonably expected to have a Material Adverse Effect on the Pescio Nevada Assets in the hands of Newco, as determined by Vista acting reasonably and Vista
shall have received a certificate of each of the Pescios confirming the same as at the Effective Date; 

  

	 	(c)	all consents, waivers, and approvals (including, without limitation, the Pescio Required Consents) required to be obtained by the Pescios from other parties in connection with, or
required to permit the consummation of, the Arrangement and the other transactions contemplated hereby shall have been obtained or received on terms acceptable to Vista, acting reasonably. For greater certainty, to the extent that any Pescio
Contract contains rights of first refusal or similar provisions relating to any Pescio Nevada Assets, the Pescios shall have provided any required notices in respect thereof and such notice period shall have expired or shall have obtained a waiver
of such rights from the holder thereof such that, in either case, such assets may be transferred to Newco at the Effective Time without, in the reasonable opinion of Vista, violating such rights of first refusal or similar rights;

  

	 	(d)	during the Pre-Effective Date Period, there shall not have occurred a Material Adverse Change in respect of the Pescio Nevada Assets; 

  

	 	(e)	Vista shall have completed an equity financing to raise not less than $25 million, on terms satisfactory to Vista, acting reasonably; 

  

	 	(f)	there shall not have been exercised, pursuant to the Plan of Arrangement, Dissent Rights with respect to more than 5% of the outstanding Vista Shares; and 

 

	 	(g)	Carl shall have entered into a non-competition agreement with Vista and Newco on terms satisfactory to all parties, acting reasonably. 

 Vista may not rely on the failure to satisfy any of the above conditions precedent as a basis for non-compliance by Vista with its obligations under this
Agreement if the condition precedent would have been satisfied but for a material default by Vista in complying with its obligations hereunder. 
  

	5.3	Additional Conditions Precedent to the Obligations of the Pescios 

 The obligations of the Pescios to complete the transactions contemplated by this Agreement shall also be subject to the satisfaction, on or before the Effective Date, of each of the following conditions precedent
(each of which is for the exclusive benefit of the Pescios and may be waived by them and any one or more of which, if not satisfied or waived, will relieve the Pescios of any obligation under this Agreement): 
  

	 	(a)	all covenants of Vista, Vista U.S. and Newco under this Agreement to be performed on or before the Effective Date shall have been duly performed by them in all material respects;

  

	 	(b)	 all representations and warranties of Vista and Vista U.S. under this Agreement qualified as to materiality shall be true and correct and those not so qualified
shall be true and 

  

 - 33 - 

	 	 
correct in all material respects as of the Effective Date as if made on and as of such date (except to the extent such representations and warranties speak
as of an earlier date, in which event such representations and warranties shall be true and correct in all material respects as of such earlier date, or except as affected by transactions contemplated or permitted by this Agreement) except where the
failure of such representations and warranties in the aggregate to be true and correct would not be reasonably expected to have a Material Adverse Effect on the Vista Nevada Assets in the hands of Newco, as determined by the Pescios acting
reasonably and the Pescios shall have received a certificate of an officer of Vista and Vista U.S. confirming the same as at the Effective Date; 

  

	 	(c)	all consents, waivers, and approvals (including without limitation the Vista Required Consents) required to be obtained by Vista, Vista U.S. or Newco from other parties in
connection with, or required to permit the consummation of, the Arrangement and the other transactions contemplated hereby shall have been obtained or received on terms acceptable to the Pescios, acting reasonably; 

  

	 	(d)	during the Pre-Effective Date Period, there shall not have occurred a Material Adverse Change in respect of Vista U.S.; and 

  

	 	(e)	Vista shall have completed an equity financing to raise not less than $25 million. 

 The Pescios may not rely on the failure to satisfy any of the above conditions precedent as a basis for non-compliance by them with their obligations under this Agreement if the condition precedent would have been
satisfied but for a material default by either of the Pescios in complying with his or her obligations hereunder. 
  

	5.4	Notice and Cure Provisions 

 Vista and the Pescios
will give prompt notice to the other of the occurrence, or failure to occur, at any time during the Pre-Effective Date Period, of any event or state of facts which occurrence or failure would, or would be likely to: 
  

	 	(a)	cause any of the representations or warranties of the other party contained herein to be untrue or inaccurate in any material respect on the date hereof or on the Effective Date; or

  

	 	(b)	result in the failure in any material respect to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by the other hereunder prior to the
Effective Date. 

 Neither the Pescios nor Vista may elect not to complete the transactions contemplated hereby pursuant to the
conditions precedent contained herein, or exercise any termination right arising therefrom, unless forthwith and in any event prior to the filing of a copy of the Final Order and the Articles of Arrangement under the Act, the Pescios or Vista, as
the case may be, has delivered a written notice to the other specifying in reasonable detail all breaches of covenants, representations and warranties or other matters which the Pescios or Vista, as the case may be, are asserting as the basis for
the non-fulfillment of the applicable condition precedent or the exercise of the termination right, as the case may be. If any such notice is delivered, provided that the Pescios or Vista, as the case may be, is proceeding diligently to cure such
matter, if such matter is susceptible to being cured, the other may not terminate this Agreement as a result thereof until the later of the Termination Date and the expiration of a period of 30 days from such notice. If such notice has been
delivered prior to the date of the Vista Meeting, such meeting shall, 

  

 - 34 - 

 
unless otherwise agreed by the parties, be postponed until the expiry of such period. If such notice has been delivered prior to the making of the
application for the Final Order or the filing of a copy of the Final Order and the Articles of Arrangement under the Act, such application and such filing shall be postponed until the expiry of such period. For greater certainty, in the event that
such matter is cured within the time period referred to herein, this Agreement may not be terminated as a result of such cured matter. In the event the Effective Date is delayed, postponed or enjoined as a result of a claim, action, proceeding or
investigation arising from the failure or alleged failure to comply with Law in connection with the Arrangement, the Effective Date shall be extended for such further reasonable period as may be necessary to remedy such failure or alleged failure
and the Parties shall use their best efforts to remedy such failure or alleged failure. 
  

	5.5	Satisfaction of Conditions 

 The conditions
precedent set out above shall be conclusively deemed to have been satisfied, waived or released when, with the agreement of the Pescios and Vista, a copy of the Final Order and the Articles of Arrangement are filed with and accepted under the Act
and the other transactions contemplated hereby are completed. 
 ARTICLE 6 
 AMENDMENT AND TERMINATION 
  

	6.1	Amendment 

 This Agreement may, at any time and from
time to time before or after the holding of the Vista Meeting but not later than the Effective Date, be amended by mutual written agreement of the parties hereto, and any such amendment may, without limitation: 
  

	 	(a)	change the time for performance of any of the obligations or acts of the parties; 

  

	 	(b)	waive any inaccuracies or modify any representation or warranty contained herein or in any document delivered pursuant hereto; 

  

	 	(c)	waive compliance with or modify any of the covenants herein contained and waive or modify performance of any of the obligations of the parties; and 

  

	 	(d)	waive compliance with or modify any conditions precedent herein contained, 

 provided that no such amendment materially adversely affects the consideration to be received by a Vista Securityholder without approval by the Vista Securityholders, given in the same manner as required for the approval of the Arrangement
or as may otherwise be ordered by the Court. 
  

	6.2	Mutual Understanding Regarding Amendments 

 The
parties acknowledge and agree that, during the Pre-Effective Date Period: 
  

	 	(a)	the parties will use their respective reasonable efforts to maximize present and future financial and tax planning opportunities for the Vista Securityholders, and for each of the
Pescios and for Vista, as and to the extent that the same shall not prejudice any party or its security holders. The parties will ensure that such planning activities do not impede the progress of the Arrangement in any material way; and

  

 - 35 - 

	 	(b)	if the Pescios or Vista, as the case may be, proposes any amendment or amendments to this Agreement or to the Plan of Arrangement, the other will act reasonably in considering such
amendment and if the other and its securityholders (as applicable) are not prejudiced by reason of any such amendment the other will co-operate in a reasonable fashion with the Pescios or Vista, as the case may be, so that such amendment can be
effected subject to applicable Law and the rights of the securityholders. 

  

	6.3	Termination 

 The parties agree that: 
  

	 	(a)	if any condition contained in Sections 5.1 or 5.2 is not satisfied at or before the Termination Date to the satisfaction of Vista, then Vista may, subject to Section 5.4, by
notice to the other parties hereto terminate this Agreement and the obligations of the parties hereunder (except as otherwise herein provided) but without detracting from the rights of Vista arising from any breach by either of the Pescios but for
which the condition would have been satisfied; 

  

	 	(b)	if any condition contained in Sections 5.1 or 5.3 is not satisfied at or before the Termination Date to the satisfaction of the Pescios, then the Pescios may, subject to
Section 5.4, by notice to the other parties hereto terminate this Agreement and the obligations of the parties hereunder (except as otherwise herein provided) but without detracting from the rights of the Pescios arising from any breach by
Vista or Vista U.S. but for which the condition would have been satisfied; 

  

	 	(c)	this Agreement may: 

  

	 	(i)	be terminated by the mutual agreement of the parties hereto; 

  

	 	(ii)	be terminated by either Vista or the Pescios, if there shall be passed any Law that makes consummation of the transactions contemplated by this Agreement illegal or otherwise
prohibited; 

  

	 	(iii)	be terminated by Vista or the Pescios if the approval of the Vista Securityholders shall not have been obtained by reason of the failure to obtain the required vote on the Vista
Resolutions at the Vista Meeting, 

 in each case, at any time prior to the Termination Date, by written notice to all other
parties; 
  

	 	(d)	if the Effective Date does not occur on or prior to the Termination Date, then this Agreement shall automatically terminate without any further action of the parties hereto; and

  

	 	(e)	if this Agreement is terminated in accordance with the foregoing provisions of this Section 6.3, no party shall have any further liability to perform its obligations hereunder
except as specifically contemplated hereby. 

  

 - 36 - 

 ARTICLE 7 
 GENERAL PROVISIONS 
  

	7.1	Public Announcements 

 The parties agree to use
their reasonable efforts to consult with each other as to the general nature of any news releases or public statements with respect to this Agreement or the Arrangement. Subject to applicable Law, each party shall use its reasonable efforts to
enable the other parties to review and comment on all such news releases prior to the release thereof. The parties agree to issue jointly a news release with respect to this Arrangement as soon as practicable following the execution of this
Agreement in the agreed form. The parties also agree to consult with each other in preparing and making any filings and communications in connection with any Appropriate Regulatory Approvals. 
  

	7.2	Survival of Representations and Warranties 

 The
representations and warranties of each of Vista and Pescios contained herein will survive the execution and delivery of this Agreement and will terminate on the earlier of the termination of this Agreement in accordance with its terms and the
Effective Time. 
  

	7.3	Notices 

 All notices, requests, demands and other
communications hereunder will be deemed to have been duly given and made, if in writing and if served by personal delivery upon the party for whom it is intended or delivered, or if sent by facsimile, upon receipt of confirmation that the
transmission has been received, to the Person at the address set forth below, or any other address as may be designated in writing hereafter, in the same manner, by that Person: 
  

	 	(a)	if to Vista: 

 Vista Gold Corp. 
 Suite 5 
 7961 Shaffer Parkway 
 Littleton, Colorado 
 USA, 80127 

Fax Number: (720) 981-1186 
 Attention: President 
  

	 	(b)	if to Newco 

 c/o Vista Gold Corp. 
 Suite 5 
 7961 Shaffer Parkway 
 Littleton, Colorado 
 USA, 80127 

Fax Number: (720) 981-1186 
 Attention: President 
  

 - 37 - 

	 	(c)	if to the Pescios 

 Carl and Janet Pescio 
 c/o P.O. Box 5831 
 Elko, Nevada 

USA, 89802 
 Fax Number:
(775) 778-6975 
  

	7.4	Severability 

 If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the reminder of the terms, provisions, covenants and restrictions of this Agreement will remain in full force and effect and will in no
way be affected, impaired or invalidated and the parties hereto will negotiate in good faith to modify the Agreement to preserve each party’s anticipated benefits under the Agreement. 
  

	7.5	Assignment 

 Neither party hereto may assign this
Agreement or any of its rights hereunder or under the Arrangement without the prior written consent of the other parties, which consent may be withheld without reason. 
  

	7.6	Governing Law and Jurisdiction 

 This Agreement
shall be governed by and construed in accordance with the laws of the Province of British Columbia, including the laws of Canada applicable therein, and shall be treated in all respects as a British Columbia contract. Each party hereby irrevocably
attorns to the jurisdiction of the courts of the Province of British Columbia and the Yukon Territory in respect of all matters arising under or in relation to this Agreement and agrees not to commence any action, suit or proceeding relating thereto
except in such courts. 
  

	7.7	Binding Effect 

 This Agreement and the Arrangement
will be binding upon and will endure to the benefit of each of the parties hereto and their respective successors and permitted assigns. 
  

	7.8	Investigation by Parties 

 No investigation pursuant
to this Agreement or otherwise made by or on behalf of either party or any of their respective authorized agents at any time shall have the effect of waiving, diminishing the scope of or otherwise affecting any representation, warranty or covenant
by the other party in or pursuant to this Agreement. 
  

	7.9	Expenses 

 The parties agree that each party shall
bear their own expenses in connection with the transactions contemplated hereby including, without limitation, all legal fees, accounting fees, financial advisory fees, regulatory filing fees, all disbursements of advisors and printing and mailing
costs. 
  

 - 38 - 

	7.10	Amendments; Waivers 

 This Agreement may not be
modified, amended, altered or supplemented except in the manner contemplated herein and upon the execution and delivery of a written agreement executed by both parties. No waiver of any nature, in any one or more instances, will be deemed or
construed as a further or continued waiver of any condition or breach of any other term, representation or warranty in this Agreement. 
  

	7.11	Mutual Intent 

 Notwithstanding the fact that any
part of this Agreement has been drafted or prepared by or on behalf of one of the parties hereto, each of the parties confirms that they and their respective counsel have reviewed and negotiated this Agreement and that the parties hereto have
adopted this Agreement as the joint agreement and understanding of the parties hereto, and the language used in this Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of construction
providing that a provision is to be interpreted in favour of the Person who contracted the obligation and against the Person who stipulated it will be applied against any party hereto. 
  

	7.12	Further Assurances 

 The parties hereby agree that
each will promptly furnish to the others any further documents and take or cause to be taken any further action as may reasonably be required in order to give effect to this Agreement and the Arrangement. The parties hereto each agree to execute and
deliver any instruments and documents as the other party hereto may reasonably require in order to carry out the intent of this Agreement. 
  

	7.13	Time of Essence 

 Time is of the essence of this
Agreement. 
 REMAINDER OF PAGE LEFT INTENTIONALLY BLANK 
  

 - 39 - 

	7.14	Counterparts 

 This Agreement may be executed in any
number of counterparts, each of which will be deemed to be original and all of which taken together will be deemed to constitute one and the same instrument. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 
  

			
	VISTA GOLD CORP.
		
	By:	 	/s/ Michael B. Richings
		 	Authorized Signatory

  

			
	ALLIED NEVADA GOLD CORP.
		
	By:	 	/s/ Scott A. Caldwell
		 	Authorized Signatory

  

							
	SIGNED, SEALED AND DELIVERED by	  	)	  		  	
	Carl Pescio in the presence of:	  	 )
	  		  	
		  	 )
	  		  	
		  	 )
	  		  	
		  	 )
	  		  	
	 Heather Nagel
	  	 )
	  	 /s/ Carl Pescio
	  	
	 Name of Witness
	  	 )
	  	 CARL PESCIO
	  	
		  	 )
	  		  	
		  	 )
	  		  	
		  	 )
	  		  	
				
	 /s/ Heather Nagel
	  	 )
	  		  	
				
	 Signature of Witness
	  	 )
	  		  	
				
	SIGNED, SEALED AND DELIVERED by	  	)	  		  	
	Janet Pescio in the presence of:	  	 )
	  		  	
		  	 )
	  		  	
		  	 )
	  		  	
		  	 )
	  		  	
	 Heather Nagel
	  	 )
	  	 /s/ Janet Pescio
	  	
	 Name of Witness
	  	 )
	  	 JANET PESCIO
	  	
		  	 )
	  		  	
		  	 )
	  		  	
		  	 )
	  		  	
	 /s/ Heather Nagel
	  	 )
	  		  	
	 Signature of Witness
	  	 )
	  		  	

  

 - 40 - 

 SCHEDULE A 
 VISTA GOLD CORP. 
 PLAN OF ARRANGEMENT UNDER THE 
 BUSINESS CORPORATIONS ACT (YUKON) 
 See attached. 

 PLAN OF ARRANGEMENT 
 VISTA GOLD CORP. 
 PLAN OF ARRANGEMENT UNDER SECTION 195 
 OF THE BUSINESS CORPORATIONS ACT (YUKON) 
 ARTICLE 1 
 INTERPRETATION 
 1.1 In this Plan of Arrangement, unless there is something in the subject matter or context inconsistent therewith, the following terms will have the respective meanings set out below and grammatical variations of
those terms will have corresponding meanings: 
  

	 	(a)	“Act” means the Business Corporations Act (Yukon), R.S.Y. 2002, c. 20, including all regulations made thereunder, as amended or replaced from time
to time, prior to the Effective Date; 

  

	 	(b)	“AMEX” means the American Stock Exchange; 

  

	 	(c)	“Arrangement” means an arrangement under the provisions of Section 195 of the Act on the terms and conditions set forth in this Plan of Arrangement and any
amendment, variation or supplement thereto made in accordance with Article 6; 

  

	 	(d)	“Arrangement Agreement” means the arrangement and merger agreement made as of the 22nd day of September, 2006 between Vista, Newco, Carl Pescio and Janet Pescio, as the same may be supplemented or amended from time to time;

  

	 	(e)	“Arrangement Resolution” means the special resolution of the Vista Securityholders approving the Arrangement in accordance with Section 195 of the Act and the
Interim Order; 

  

	 	(f)	“Articles of Arrangement” means the articles of arrangement of Vista in respect of the Arrangement that are required by the Act to be filed after the Final Order
is granted; 

  

	 	(g)	“Board” means the Board of Directors of Vista; 

  

	 	(h)	“Business Day” means a day which is not a Saturday, Sunday or a day when commercial banks are not open for business in Vancouver, British Columbia;

  

	 	(i)	“Circular” means the management information circular of Vista to be prepared and sent to Vista Securityholders in connection with the Vista Meeting;

  

	 	(j)	“Court” means the Supreme Court of the Yukon Territory; 

  

	 	(k)	“Depositary” means Computershare Investor Services Inc. or such other institution as Vista may select; 

	 	(l)	“Dissent Rights” has that meaning attributed to that term in Article 3; 

  

	 	(m)	“Effective Date” means the date upon which a copy of the Final Order and the Articles of Arrangement are accepted for filing under the Act and the Registrar of
Corporations has issued a Certificate of Amendment (by Arrangement) thereby giving effect to the Arrangement; 

  

	 	(n)	“Effective Time” means 12:01 a.m. (Pacific Time) on the Effective Date; 

  

	 	(o)	“Final Order” means the final order of the Court approving the Arrangement as such order may be amended by the Court (with the consent of Vista and the Pescios) at
any time prior to the Effective Date or, if appealed, then, unless such appeal is withdrawn or denied, as affirmed or as amended (with the consent of Vista) on appeal; 

  

	 	(p)	“Holder” means a registered holder of Vista Shares or any person who surrenders to the Depositary certificates representing such Vista Shares duly endorsed for
transfer to such person in accordance with the Letter of Transmittal; 

  

	 	(q)	“Interim Order” means an order of the Court pursuant to the Act, providing for, among other things, the calling and holding of the Vista Meeting, as such order may
be amended, supplemented or varied by the Court; 

  

	 	(r)	“Laws” means any applicable statute, regulation, rule or similar instrument; 

  

	 	(s)	“Letter of Transmittal” means the letter of transmittal forwarded by Vista to Vista Shareholders in connection with the Arrangement; 

  

	 	(t)	“Mailing Date” means the date of the mailing of the Circular to the Vista Securityholders; 

  

	 	(u)	“Net Proceeds” means gross proceeds received in respect of the sale of shares, less reasonable expenses incurred in connection therewith; 

 

	 	(v)	“New Common Shares” has the meaning given thereto in Section 2.2(a)(ii); 

  

	 	(w)	“New Vista Canadian Dollar Options” means the options (whether or not vested) to purchase New Common Shares granted to Vista Optionholders pursuant to the
Arrangement where the exercise price is denominated in Canadian dollars and each New Vista Canadian Dollar Option shall entitle the Vista Optionholder to purchase one New Common Share; 

  

	 	(x)	“New Vista U.S. Dollar Options” means the options (whether or not vested) to purchase New Common Shares granted to Vista Optionholders pursuant to
the Arrangement where the exercise price is denominated in United States dollars and each New Vista U.S. Dollar Option shall entitle the Vista Optionholder to purchase one New Common Share; 

  

	 	(y)	“Newco” means Allied Nevada Gold Corp., a company incorporated under the laws of Delaware which, prior to completion of the Arrangement, is a wholly-owned
subsidiary of Vista; 

  

	 	(z)	“Newco Shares” means the common shares of Newco; 

  

	 	(aa)	 “Newco Canadian Dollar Options” means the options (whether or not vested) to purchase Newco Shares granted to Vista Optionholders pursuant to the
Arrangement where the 

	 	 
exercise price is denominated in Canadian dollars and each Newco Canadian Dollar Option shall entitle the Vista Optionholder to purchase one
Newco Share; 

  

	 	(bb)	“Newco U.S. Dollar Options” means the options (whether or not vested) to purchase Newco Shares granted to Vista Optionholders pursuant to the Arrangement where
the exercise price is denominated in United States dollars and each Newco U.S. Dollar Option shall entitle the Vista Optionholder to purchase one Newco Share; 

  

	 	(cc)	“Nevada LLC” means Allied Nevada Gold Holdings LLC, a limited liability company under the laws of the State of Nevada; 

  

	 	(dd)	“Notice of Dissent” means a notice given in respect of the Dissent Rights as contemplated in the Interim Order and as described in Article 3;

  

	 	(ee)	“Option Shares” means the number of common shares of Newco which could be acquired upon the exercise of Newco Options issued under Section 2.2(c)(ii) and
Section 2.2(c)(iii) if the fair market value of a Vista Share for purposes of Section 2.2(c) was equal to the Vista Second Preceding Day Value and the fair market value of a Newco Share for purposes of Section 2.2(c) was $5.00;

  

	 	(ff)	“Pescios” means Carl and Janet Pescio, two parties to the Arrangement Agreement; 

  

	 	(gg)	“Plan of Arrangement”, “hereof ”, “herein”, “hereunder” and similar expressions means this plan of arrangement,
including the appendices hereto, and any amendments, variations or supplements hereto made in accordance with the terms hereof, the Arrangement Agreement or made at the direction of the Court in the Final Order; 

  

	 	(hh)	“Pre-Closing Valuation Date” means the trading day which is two trading days prior to the Effective Date; 

  

	 	(ii)	“Tax Act” means the Income Tax Act (Canada) and the regulations promulgated thereunder; 

  

	 	(jj)	“TSX” means the Toronto Stock Exchange; 

  

	 	(kk)	“Vista” means Vista Gold Corp., a corporation existing under the laws of the Yukon Territory; 

  

	 	(ll)	“Vista Canadian Dollar Options” means Vista Options where the exercise price is denominated in Canadian dollars; 

  

	 	(mm)	“Vista Meeting” means the special meeting of the Vista Securityholders held for the purpose of considering and approving the Arrangement and the transactions
contemplated thereby by way of the Arrangement Resolution; 

  

	 	(nn)	“Vista Newco Shares” has the meaning given thereto in Section 2.2(b)(i); 

  

	 	(oo)	“Vista Optionholders” means holders of Vista Options; 

  

	 	(pp)	“Vista Options” means the options (whether or not vested) to purchase Vista Shares that are from time to time outstanding under the Vista Stock Option Plans;

	 	(qq)	“Vista Second Preceding Day Value” means the volume weighted average trading price of the Vista Shares, on the TSX and the AMEX, for the five trading days ending on
the Pre-Closing Valuation Date and with all Canada/U.S. dollar foreign currency conversions based on the Canada-U.S. dollar closing exchange rate as posted by the Bank of Canada on the Pre-Closing Valuation Date; 

  

	 	(rr)	“Vista Securities” means the Vista Shares, the Vista Options and the Vista Warrants; 

  

	 	(ss)	“Vista Securityholders” means the Vista Shareholders, the holders of Vista Options and the holders of Vista Warrants; 

  

	 	(tt)	“Vista Shareholder” means a Holder of Vista Shares; 

  

	 	(uu)	“Vista Shares” means the existing common shares in the capital of Vista; 

  

	 	(vv)	“Vista Stock Option Plan” means Vista’s existing stock option plan, and any previous Vista stock option plan, as constituted as of the date hereof, that
entitle participants to purchase Vista Shares; 

  

	 	(ww)	“Vista U.S.” means Vista Gold Holdings Inc., a company which is a wholly-owned subsidiary of Vista; 

  

	 	(xx)	“Vista U.S. Dollar Options” means the Vista Options where the exercise price is denominated in U.S. Dollars; and 

  

	 	(yy)	“Vista Warrants” means all outstanding warrants to acquire Vista Shares. 

  

	1.2	Interpretation Not Affected by Headings, etc. 

 The
division of this Plan of Arrangement into Articles, Sections and other portions and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation hereof. Unless otherwise indicated, all
references to an “Article” or “Section” followed by a number and/or a letter refer to the specified Article or Section of this Plan of Arrangement. 
  

	1.3	Number and Gender 

 In this Agreement, unless the
context otherwise requires, words used herein importing the singular include the plural and vice versa. Words importing gender include all genders. 
  

	1.4	Date of Any Action 

 In the event that any date on
which any action is required to be taken hereunder by any of the parties hereto is not a Business Day, such action shall be required to be taken on the next succeeding day which is a Business Day. 

	1.5	Time 

 Time shall be of the essence in every matter
or action contemplated hereunder. All times expressed herein or in the Letter of Transmittal are local time (Pacific Time) unless otherwise stipulated herein or therein. 
  

	1.6	Currency 

 Unless otherwise stated, all references
in this Plan of Arrangement to sums of money are expressed in lawful money of the United States. 
 ARTICLE 2 
 ARRANGEMENT 
  

	2.1	Binding Effect 

 The Arrangement shall be effective
as of, and be binding at and after the Effective Time on, Vista, all holders and beneficial holders of Vista Securities, Newco and the Pescios. 
  

	2.2	The Arrangement 

 At the Effective Time, the
following shall, unless otherwise indicated, occur in the following order without any further act or formality: 
  

	 	(a)	the existing Articles of Vista shall be amended to: 

  

	 	(i)	redesignate the existing Vista Shares as “Class A Common Shares”; 

  

	 	(ii)	create a new class of common shares having the rights, privileges, restrictions and conditions set out in Exhibit A hereto (the “New Common
Shares”); and 

  

	 	(iii)	delete and remove the existing Preferred Shares therefrom. 

  

	 	(b)	the following transactions will occur concurrently in accordance with the terms of the Arrangement Agreement: 

  

	 	(i)	Vista will transfer: (A) all of the issued and outstanding shares of Vista U.S. which it holds; and (B) $25 million U.S. in cash to Newco in return for a
number of common shares of Newco (the “Vista Newco Shares”) equal to 27,500,000 less the number of Option Shares; and 

  

	 	(ii)	the Pescios will transfer all of their interest in the Pescio Nevada Assets to Nevada LLC in return for 12,000,000 common shares of Newco and U.S.$15 million in cash
from Newco (which may be paid through a direction by Newco to Vista in respect of a portion of the cash otherwise payable by Vista to Newco under Section 2.2(b)(i) above); 

	 	(c)	the following transactions will occur concurrently: 

  

	 	(i)	each Vista Shareholder (other than those who have validly exercised Dissent Rights) will exchange each of their Class A Common Shares of Vista in return for:

  

	 	A.	one New Common Share; and 

  

	 	B.	a debt obligation of Vista with a principal amount equal to the fair market value of the Vista Newco Shares to be transferred to such Vista Shareholder pursuant to
Sections 2.2(d) and (e) below; 

  

	 	(ii)	each holder of Vista Stock Options will exchange all of their Vista Canadian Options for: 

  

	 	A.	The number of Newco Canadian Dollar Options equal to: 

 1/3 × Y / Z 
 where, 
 Y = The aggregate fair market value of the Vista Shares immediately before the transactions described in this Section 2.2(c)
(as determined by the Board pursuant to Section 2.3(a)) that the Vista Optionholder has a right to acquire pursuant to the Vista Canadian Dollar Options; and 
 Z = The fair market value of a Newco Share immediately after the transactions described in this Section 2.2(c) (as determined by the Board
pursuant to Section 2.3(b)); and 
 provided that if the above formula produces a fraction, the number of Newco Canadian Dollar
Options will be rounded down to the nearest whole number; 
 Each Newco Canadian Dollar Option shall have an exercise price in Canadian
dollars to a Vista Optionholder equal to one-third of the aggregate Canadian dollar exercise price payable under that Vista Optionholders’ Vista Canadian Dollar Options divided by the number of Newco Canadian Dollar Options issued in exchange
for such Vista Canadian Dollar Options. The exercise price of each Newco Canadian Dollar Option will be rounded-up to the nearest penny; and 
  

	 	B.	The number of New Vista Canadian Dollar Options equal to: 

 2/3 × Y / Z 
 where, 
 Y = The aggregate fair market value of the Vista Shares immediately before transactions described in this Section 2.2(c) (as determined by
the Board pursuant to Section 2.3(a)) that the Vista Optionholder has a right to acquire pursuant to the Vista Canadian Dollar Options; and 
 Z = The fair market value of a New Common Share immediately after the transactions described in this Section 2.2(c) (as determined by the Board pursuant to Section 2.3(c)); and

 provided that if the above formula produces a fraction, the number of New Vista Canadian Dollar
Options will be rounded down to the nearest whole number; 
 Each New Vista Canadian Dollar Option shall have an exercise price in
Canadian dollars to a Vista Optionholder equal to two-thirds of the aggregate exercise price payable under that Vista Optionholders’ Vista Canadian Dollar Options divided by the number of New Vista Canadian Dollar Options issued in
exchange for such Vista Canadian Dollar Options. The exercise price of each New Vista Canadian Option will be rounded-up to the nearest penny. 
  

	 	(iii)	each Vista Optionholder will exchange all of their Vista U.S. Dollar Options for: 

  

	 	A.	The number of Newco U.S. Dollar Options equal to: 

 1/3 × Y / Z 
 where, 
 Y = The aggregate fair market value of the Vista Shares immediately before the transactions described in this Section 2.2(c)
(as determined by the Board pursuant to Section 2.3(a)) that the Vista Optionholder has a right to acquire pursuant to the Vista U.S. Dollar Options; and 
 Z = The fair market value of a Newco Share immediately after the transactions described in this Section 2.2(c) (as determined by the Board
pursuant to Section 2.3(b)); and 
 provided that if the above formula produces a fraction, the number of Newco U.S. Dollar
Options will be rounded down to the nearest whole number; 
 Each Newco U.S. Dollar Option shall have an exercise price in
U.S. dollars to a Vista Optionholder equal to one-third of the aggregate U.S. dollar exercise price payable under that Vista Optionholders’ Vista U.S. Dollar Options divided by the number of Newco U.S. Dollar Options issued
in exchange for such Vista U.S. Dollar Options. The exercise price of each Newco U.S. Dollar Option will be rounded-up to the nearest penny; and 
  

	 	B.	The number of New Vista U.S. Dollar Options equal to: 

 2/3 × Y / Z 
 where, 
 Y = The aggregate fair market value of the Vista Shares immediately before transactions described in this Section 2.2(c) (as determined by
the Board pursuant to Section 2.3(a)) that the Vista Optionholder has a right to acquire pursuant to the Vista U.S. Dollar Options; and 

 Z = The fair market value of a New Common Share immediately after the transactions described
in this Section 2.2(c) (as determined by the Board pursuant to Section 2.3(c)); and 
 provided that if the above formula
produces a fraction, the number of New Vista U.S. Dollar Options will be rounded down to the nearest whole number; 
 Each
New Vista U.S. Dollar Option shall have an exercise price in U.S. dollars to a Vista Optionholder equal to two-thirds of the aggregate exercise price payable under that Vista Optionholders’ Vista U.S. Dollar Options divided
by the number of New Vista U.S. Dollar Options issued in exchange for such Vista U.S. Dollar Options. The exercise price of each New Vista U.S. Option will be rounded-up to the nearest penny. 
  

	 	(iv)	all existing Class A Common Shares exchanged by Vista Shareholders will be cancelled. 

  

	 	(d)	Vista shall, subject to Section 2.2(e) and Article 5 below, distribute the Vista Newco Shares to the Vista Shareholders on a pro rata basis in full repayment
of the debt obligations described in Section 2.2(c)(i)(B) above; 

  

	 	(e)	Notwithstanding Section 2.2(d), Vista shall hold back and not transfer such number of Vista Newco Shares as it reasonably believes are necessary to be retained and subsequently
sold by and on behalf of Vista in order to allow Vista to pay all applicable taxes payable by Vista in respect of the Arrangement; and 

  

	 	(f)	the Articles of Vista shall be further amended to delete and remove the “Class A Common Shares” therefrom. 

  

	2.3	Fair Market Value 

  

	 	(a)	For purposes of Sections 2.2(c)(ii) and (iii), the fair market value of the Vista Shares shall be the volume weighted average trading price of the Vista Shares, on the TSX
and the AMEX, for the five trading days immediately preceding the Effective Date unless the Board, acting in good faith and with all required regulatory approvals, determines that such amount does not reflect the fair market value of the Vista
Shares immediately before the transactions set out in Section 2.2(c), in which case, the fair market value shall be as determined by the Board. 

  

	 	(b)	For the purposes of Sections 2.2(c)(ii) and (iii), the fair market value of the Newco Shares shall be the volume weighted average trading price of the Newco Shares, on the
TSX and any other stock exchange on which the Newco Shares are listed, for the five trading days commencing on the Effective Date, unless the Board, acting in good faith and with all required regulatory approvals, determines that such amount does
not reflect the fair market value of the Newco Shares immediately after the transactions set out in Section 2.2(c), in which case, the fair market value shall be as determined by the Board. 

	 	(c)	For the purposes of Sections 2.2(c)(ii) and (iii), the fair market value of the New Common Shares shall be the volume weighted average trading price of the
New Common Shares, on the TSX and any other stock exchange on which the New Common Shares are listed, for the five trading days commencing on the Effective Date, unless the Board, acting in good faith and with all required regulatory
approvals, determines that such amount does not reflect the fair market value of the New Common Shares immediately after the transactions set out in Section 2.2(c), in which case, the fair market value shall be as determined by
the Board. 

  

	 	(d)	In determining fair market value for purposes of Section 2.2(c), all conversions from Canadian dollars to U.S. dollars or from U.S. dollars to Canadian dollars shall
occur at the closing exchange rate on the day prior to the Effective Date as posted by the Bank of Canada, unless otherwise determined by the board acting in good faith and with all required regulatory approvals. 

  

	2.4	Letter of Transmittal 

 Vista shall cause the Letter
of Transmittal to be sent to each Holder on or after the Mailing Date. Any deposit of a Letter of Transmittal and accompanying certificates, or other documentation as provided in the Letter of Transmittal, may be made at any of the offices of the
Depositary specified in the Letter of Transmittal. 
 ARTICLE 3 
 DISSENT RIGHTS 
  

	3.1	Dissent Rights 

 A Holder may exercise dissent
rights (“Dissent Rights”) conferred by the Interim Order in connection with the Arrangement in the manner set out in the Interim Order, provided the Notice of Dissent is received by Vista by no later than at or before the Vista
Meeting. Without limiting the generality of the foregoing, any Holder who duly exercises such Dissent Rights and who are ultimately determined to be entitled to be paid fair value for their Vista Shares by Vista shall be deemed to have transferred
such Vista Shares, immediately prior to the transactions in Section 2.2, as of the Effective Time, without any further act or formality, to Vista in consideration of a payment of cash by Vista equal to such fair value. In no case shall Vista be
required to recognize such Holders as holders of Vista Shares at and after the Effective Time, and the names of such Holders shall be removed from Vista’s register of shareholders as of the Effective Time. 

 ARTICLE 4 
 NEWCO SHARES AND CASH 
  

	4.1	Pescio Cash 

 At the Effective Time, Newco will pay,
by certified cheque, bank draft or wire transfer, the amount of U.S.$15 million to or to the direction of the Pescios. 
  

	4.2	Pescio Newco Shares 

 At the Effective Time, Newco
will deliver to or to the direction of the Pescios one or more share certificates representing a total of 12,000,000 common shares of Newco and registered in accordance with instructions provided to Newco by the Pescios prior to the
Effective Time. 
 ARTICLE 5 
 NEWCO CERTIFICATES 
  

	5.1	Right to Newco Share Certificates 

  

	 	(a)	Subject to Section 5.1(b), Vista shall, as soon as practicable following the later of the Effective Date and the date of deposit with the Depositary of a duly completed Letter
of Transmittal and the certificates representing the Vista Shares or other documentation as provided in the Letter of Transmittal, cause the Depository to: 

  

	 	(i)	forward or cause to be forwarded by first class mail (postage prepaid) to the Holder at the address specified in the Letter of Transmittal; or 

  

	 	(ii)	if requested by the Holder in the Letter of Transmittal, to make available at the Depositary for pick-up by the Holder; or 

  

	 	(iii)	if the Letter of Transmittal neither specifies an address nor contains a request as described in (ii), to forward or cause to be forwarded by first class mail (postage prepaid) to
the Holder at the address of such holder as shown on the share register maintained by or on behalf of Vista, 

 certificates representing the number of Vista Newco Shares and New Common Shares issuable to such Vista Shareholder as determined in accordance with the provisions hereof, together with a cheque in the amount, if any, payable to such
Holder pursuant to the terms hereof. Vista and Newco shall have provided the Depositary with sufficient certificates representing Vista Newco Shares and New Common Shares and sufficient funds for this purpose. 
  

	 	(b)	 Unless a Holder has confirmed that the beneficial owner of the Vista Shares is not a non-resident of Canada (as defined in the Tax Act) in the form
specified in the Letter of Transmittal, Vista and the Depositary shall be entitled to deduct and withhold from any consideration payable to the Holder such number of Vista Newco Shares as Vista or the Depositary reasonably believes are necessary to
be withheld and subsequently sold on 

	 	 
behalf of the beneficial owner of the Vista Newco Shares in order to realize Net Proceeds equal to the amount that Vista or the Depositary reasonably
believes that it is required or permitted to deduct and withhold with respect to such payment under the Tax Act or any provision of federal, provincial, state, local or foreign tax Laws, in each case, as amended. To the extent that
consideration otherwise payable to a Holder is withheld, such withheld amounts shall be treated for all purposes hereof as having been paid to the Holder in respect of which such deduction and withholding was made, provided that such withheld Vista
Newco Shares are sold and the Net Proceeds therefrom are remitted to the appropriate taxation authority or are retained by Vista to compensate Vista for any remittances to the appropriate taxation authority that Vista has funded. Any Vista Newco
Shares which are withheld and are not sold to fund the withholding tax obligations (or Vista where Vista has funded all or a portion of the withholding tax obligations) described above, shall be distributed to the Holder. None of Vista, Newco
or the Depositary will be liable for any loss arising out of any such sales or any loss arising from a delay in transferring Vista Newco Shares to a Holder. Vista and the Depository shall sell the withheld Vista Newco Shares as soon as practicable
after the Effective Date and shall not be obligated to seek or obtain a minimum price for any sale of Vista Newco Shares. 

  

	 	(c)	Each Holder entitled in accordance with Section 2.2 to receive Vista Newco Shares and New Common Shares shall be deemed to be the registered holder for all purposes
as of the Effective Time of the number of such shares to which such Holder is entitled. However, to the extent Vista Newco Shares have been withheld by Vista or the Depositary in accordance with Section 5.1(b), each Holder shall be deemed to be
the registered holder only until such Vista Newco Shares are sold by Vista on behalf of the beneficial owner of Vista Shares pursuant to Section 5.1(b). In addition, each Holder will have no right to sell any Vista Newco Shares withheld by
Vista unless and until Vista Newco Shares are transferred to such Holder after Vista or the Depositary determines that it is not necessary for Vista or the Depositary to sell those Vista Newco Shares to realize sufficient Net Proceeds to satisfy the
withholding tax obligations described in Section 5.1(b). All dividends paid or other distributions made on or after the Effective Time on or in respect of any of such shares which a Holder is entitled to receive pursuant to this Plan of
Arrangement, but for which a certificate has not yet been delivered to such Holder in accordance with Section 5.1(a), shall be paid or made to such Holder when such certificate is delivered to such Holder in accordance with Section 5.1(a).

  

	 	(d)	Subject to Article 3, after the Effective Time, any certificate formerly representing Vista common shares shall represent only the right to receive Vista Newco Shares and
New Common Shares to Sections 2.2 and 5.1(a) (and cash pursuant to Section 3.1 or Section 5.2, if applicable) and any dividends or other distributions to which the Holder is entitled under Section 5.1(c), and any
such certificate formerly representing Vista common shares not duly surrendered on or prior to the sixth anniversary of the Effective Date shall cease to represent a claim or interest of any kind or nature, including a claim for dividends or other
distributions under Section 5.1(c), against Vista or Newco by a former Holder. On such date, all New Common Shares, Vista Newco Shares and cash to which the former Holder of such certificates was entitled shall be deemed to have been
surrendered to Vista. 

  

	5.2	Fractional Shares 

 No fractional shares will be
issued by Newco or Vista. In lieu of any fractional Vista Newco Share a Holder would otherwise receive, such Holder will receive a cash payment from Vista equal to the product of: (a) such fractional interest; multiplied by (b) U.S.$5.00.

	5.3	Illegality of Delivery of Securities 

 Notwithstanding the foregoing, if it appears to Vista that it would be contrary to applicable law to issue Vista Newco Shares or New Common Shares to a person that is not a resident of Canada, such shares that otherwise would be issued
or transferred, as the case may be, to that person will be issued or transferred, as the case may be, and delivered to the Depositary for sale by the Depositary on behalf of that person. The shares so delivered to the Depositary will be pooled and
sold as soon as practicable after the Effective Date, on such dates and at such prices as the Depositary determines in its sole discretion. The Depositary shall not be obligated to seek or obtain a minimum price for any of such shares sold by it.
Each such person will receive a pro rata share of the cash proceeds from the sale of such shares sold by the Depositary (less commissions, other reasonable expenses incurred in connection with the sale of the shares and any amount withheld in
respect of Canadian taxes) in lieu of the shares otherwise issuable to them under the Arrangement. The net proceeds will be remitted in the same manner as set forth in this Article 5. None of Vista, Newco or the Depositary will be liable for
any loss arising out of any such sales. 
  

	5.4	Lost Certificates 

 If any certificate which prior
to the Effective Time represented outstanding Vista Shares which were exchanged pursuant to Section 2.2 has been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming such certificate to be lost, stolen
or destroyed, the Depositary will issue in exchange for such lost, stolen or destroyed certificate, certificates representing New Common Shares and Vista Newco Shares (together with any cash in lieu of fractional shares pursuant to
Section 5.2) deliverable in respect thereof as determined in accordance with Section 2.2. When seeking such certificate and payment in exchange for any lost, stolen or destroyed certificate, the person to whom certificates representing
New Common Shares and Vista Newco Shares are to be issued shall, as a condition precedent to the issuance thereof, give a bond satisfactory to Vista and its transfer agent, in such sum as Vista may direct or otherwise indemnify Vista and its
transfer agent in a manner satisfactory to Vista and its transfer agent against any claim that may be made against Vista or its transfer agent with respect to the certificate alleged to have been lost, stolen or destroyed. 
 ARTICLE 6 
 AMENDMENT

  

	6.1	Amendment of Plan of Arrangement 

  

	 	(a)	Vista reserves the right to amend, modify and/or supplement this Plan of Arrangement at any time and from time to time, provided that any amendment, modification or supplement must
be contained in a written document which is filed with the Court and, if made following the Vista Meeting, approved by the Court and communicated to Holders in the manner required by the Court (if so required). 

  

	 	(b)	Any amendment, modification or supplement to this Plan of Arrangement may be proposed by Vista at any time prior to or at the Vista Meeting with or without any other prior notice or
communication and, if so proposed and accepted by the persons voting at the Vista Meeting, will become part of this Plan of Arrangement for all purposes. 

	 	(c)	Any amendment, modification or supplement to this Plan of Arrangement which is approved or directed by the Court following the Vista Meeting will be effective only if it is
consented to by Vista. 

  

	 	(d)	Notwithstanding any other provision hereof, any amendment, modification or supplement to this Plan of Arrangement may be made unilaterally by the parties to the Arrangement
Agreement at any time without the approval of Vista Securityholder, provided that: (i) it is agreed to by such parties; and (ii) it concerns a matter which, in the reasonable opinion of the parties, is of an administrative nature required
to better give effect to the implementation of this Plan of Arrangement; 

  

	 	(e)	This Plan of Arrangement may be withdrawn prior to the Effective Time in accordance with the terms of the Arrangement Agreement. 

  

	 	(f)	Notwithstanding the foregoing provisions of this Article 6, no amendment, modification or supplement to this Plan of Arrangement may be made prior to the Effective Time except
in accordance with the terms of the Arrangement Agreement. 

 Exhibit A 
 Rights, Privileges, Restrictions and Conditions of 
 Common Shares of Vista 
 The rights, privileges, restrictions and conditions attaching to the Common Shares of Vista Gold Corp. (herein, the “Corporation”) shall
be as follows: 
  

	 	1.	The holders of the Common Shares shall be entitled to receive dividends if, as and when declared by the Board of Directors of the Corporation out of the assets of the Corporation
properly available for the payment of dividends of such amounts and payable in such manner as the Board of Directors may from time to time determine. 

  

	 	2.	The holders of the Common Shares shall be entitled to receive notice of and to attend any meeting of the shareholders of the Corporation and shall be entitled to one vote in respect
of each Common Share held at such meetings. 

  

	 	3.	In the event of the liquidation, dissolution or winding-up of the Corporation or any other distribution of the property or assets of the Corporation among its shareholders for the
purpose of winding-up its affairs, the holders of the Common Shares shall be entitled to receive the remaining property and assets of the Corporation. 

 The foregoing rights, privileges, restrictions and conditions are subject to the rights, privileges, restrictions and conditions attaching to any other class of shares hereafter created and expressed to rank in
priority to the Common Shares.

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