Document:

ADA-ES, Inc. Plan Policy Documents

 Exhibit 4.3 
 APPENDIX I: ADA-ES, INC. INSIDER TRADING POLICY 
 Why We Have a Policy 
 The federal securities laws prohibit the purchase or sale of securities by anyone who is aware of material nonpublic information regarding the issuer of such securities.
These include shares of ADA-ES, Inc. common stock held in your Retirement Plan held in you. They also prohibit the disclosure of such information to others who then trade in the issuer’s securities (“tippees”). The Securities and
Exchange Commission and U.S. attorneys pursue insider trading violations vigorously, and violators are punished severely. A company and its “controlling persons” are subject to liability under the federal securities laws if they fail
to take reasonable steps to prevent insider trading by company personnel. 
 The Board of Directors has adopted this Policy both to satisfy the
Company’s obligation to prevent insider trading and to help employees avoid the severe consequences associated with violations of the insider trading laws. The Board also wishes to prevent even the appearance of improper conduct on the
part of anyone employed by or associated with the Company. We have all worked hard over the years to establish a reputation for integrity and ethical conduct, and we cannot afford to have that reputation damaged.
 Consequences of Insider Trading Violations 
 The consequences
of an insider trading violation can be severe: 
 Traders and Tippers. Employees who trade on inside information and tippees are subject to the
following penalties: 
  

	 	•	 	 A civil penalty of up to three times the profit gained or loss avoided; 

  

	 	•	 	 A criminal fine of up to $1,000,000 (no matter how small the profit); and 

  

	 	•	 	 A jail term of up to ten years. 

 An employee who
tips information to a person who then trades is subject to the same penalties as the tippee, even if the employee did not trade and did not profit from the tippee’s trading. 
 Control Persons. If the Company or its supervisory personnel fail to take appropriate steps to prevent illegal insider trading, then they are subject to the following penalties: 
  

	 	•	 	 A civil penalty of up to $1,000,000 or, if greater, three times the profit gained or loss avoided as a result of the employee’s violation; and

  

	 	•	 	 A criminal penalty of up to $2,500,000. 

 Company-Imposed Sanctions. If you fail to comply with this Policy, you are subject to Company-imposed sanctions, including dismissal for cause, whether or not your failure to comply results in a violation of law. If you
violate the federal securities laws or become subject to an SEC investigation, even if the investigation does not result in prosecution, your reputation could be tarnished and your career could be irreparably damaged. 

 The Policy 
 No
employee who is aware of material nonpublic information relating to the Company may, directly or through family members or other persons or entities, (a) buy or sell securities of the Company (other than pursuant to a pre-approved trading plan
that complies with SEC Rule 10b5-1(c) as described below), or engage in any other action to take personal advantage of that information, or (b) pass that information on to others outside the Company, including family and friends. In
addition, no employee of the Company who, in the course of working for the Company, learns of material nonpublic information about a company with which the Company does business, including a customer or supplier, may trade in that company’s
securities until the information becomes public or is no longer material. 
 Please note that this Policy prohibits even those transactions that you may feel
are necessary or justifiable for independent reasons (such as the need to raise money for an emergency expenditure). The securities laws do not recognize such mitigating circumstances, and, in any event, even the appearance of an improper
transaction must be avoided to preserve the Company’s reputation for adhering to the highest standards of conduct. 
 Disclosure of Information to
Others. The Company is required under Regulation FD of the federal securities laws to avoid the selective disclosure of material nonpublic information. The Company has established procedures for releasing material information in a manner that is
designed to achieve broad public dissemination of the information immediately upon its release. You may not, therefore, disclose information to anyone outside the Company, including family members and friends, other than in accordance with those
procedures. You also may not discuss the Company or its business in an internet “chat room” or similar internet-based forum. 
 If a shareholder or
potential shareholder calls to inquire about the status of projects, financials, or other Company-sensitive information, these calls must be directed to the President/Chief Executive Officer or Chief Financial Officer of the Company or to the
Company’s investor relation’s consultant, which is currently The Equity Group. 
 Material Information. Material information is any
information that a reasonable investor would consider important in making a decision to buy, hold, or sell securities. You should consider any information that could be expected to affect the Company’s stock price, whether it is positive or
negative, as material. Some examples of information that ordinarily would be regarded as material are: 
  

	 	•	 	 Projections of future earnings or losses or other earnings guidance; 

  

	 	•	 	 Earnings that are inconsistent with the consensus expectations of the investment community; 

  

	 	•	 	 A pending or proposed merger, acquisition or tender offer; 

  

	 	•	 	 A pending or proposed acquisition or disposition of a significant asset; 

  

	 	•	 	 A pending or proposed financing; 

  

	 	•	 	 A change in dividend policy, the declaration of a stock split, or an offering of additional securities; 

  

	 	•	 	 A change in management; 

  

	 	•	 	 Development of a significant new product, service or process; 

  

	 	•	 	 Impending bankruptcy or the existence of severe liquidity problems; 

  

	 	•	 	 News about a major contract award or cancellation of an existing contract; 

  

	 	•	 	 The gain or loss of a significant business partner; 

  

	 	•	 	 Significant legal exposure due to actual, pending or threatened litigation; and 

  

	 	•	 	 Changes in the Company’s auditors or a notification from the Company’s auditors that the Company may no longer rely on the auditors’ audit report.

 Remember, anyone scrutinizing your transactions will be doing so after the fact, with the benefit of hindsight. As a
practical matter, before engaging in any transaction, you should carefully consider how enforcement authorities and others might view the transaction in hindsight. 
 When Information is “Public”. If you are aware of material nonpublic information, you may not trade until the information has been disclosed broadly to the marketplace (such as by press release or an SEC filing) and the
investing public has had time to absorb the information fully. To avoid the appearance of impropriety, as a general rule, information should not be considered fully absorbed by the marketplace until after the second business day after the
information is released. If, for example, the Company makes an announcement on a Monday, you should not trade in the Company’s securities until Thursday. 
 Transactions by Family Members. This Policy also applies to your family members who reside with you, anyone else who lives in your household, and any family members who do not live in your household but whose transactions in company
securities are directed by you or are subject to your influence or control (such as parents or children who consult with you before they trade in company securities). You are responsible for the transactions of these other persons and therefore
should make them aware of this Policy. 
 When and How You Can Trade Company Securities 
 Trading Windows 
 Because the Company disseminates material nonpublic
information to employees on a regular basis, the Board has determined to prohibit purchases and sales of Company securities at any time other than during the “window” period following release of the Company’s year-end or quarterly
earnings announcements (i.e. during the three-week period beginning on the third business day following the date of the earnings release). You may not engage in trading of the Company’s securities in a window period, however, if you are aware
of material nonpublic information involving the Company. If you are subject to the Company’s preclearance policy set forth below, you must preclear your transactions even if they are initiated during a window period. To reduce the burden of
these restrictions when you expect a need to sell the Company’s securities at a specific time in the future, you may wish to consider entering into a prearranged trading plan for that sale, as discussed below. 
 From time to time the Company, through the Chief Financial Officer, may close a trading window due to material developments that are not public. In such events, known as
event-specific blackouts, the Chief Financial Officer may notify particular individuals that they should not engage in any transactions involving the purchase or sale of the Company’s securities and should not disclose to others the fact that a
trading window has been closed. The failure of the Chief Financial Officer to designate you as being subject to an event-specific blackout will not relieve you of the obligation not to trade while aware of material nonpublic information. 

If you have an unexpected and urgent need to sell Company securities in order to generate cash at a time other than during a trading window, you may, in appropriate
circumstances, be granted a hardship exception. Hardship exceptions may be granted only by the Chief Financial Officer and must be requested at least two days in advance of the proposed trade. A hardship exception may be granted only if the
Chief Financial Officer concludes that you do not possess any material nonpublic information and that the Company does not know of any such information that could be attributed to you. Under no circumstance will a hardship exception be granted
during an event-specific blackout period. 

 Prearranged Trading Plans 
 An SEC rule, Rule 10b5-1(c), provides a defense from insider trading liability if trades occur pursuant to a pre-arranged “trading plan” that meets specified conditions. Under this rule, if you enter into a binding contract, an
instruction or a written plan that specifies the amount, price and date on which securities are to be purchased or sold, and these arrangements are established at a time when you do not possess material nonpublic information, then you may claim a
defense to insider trading liability if the transactions under the trading plan occur at a time when you have subsequently learned material nonpublic information. Arrangements under the rule may specify amount, price and date through a formula or
may specify trading parameters that another person has discretion to administer, but you must not exercise any subsequent discretion affecting the transactions. In addition, if your broker or any other person exercises discretion in implementing the
trades, you must not influence his or her actions, and he or she must not possess any material nonpublic information at the time of the trades. Trading plans can be established for a single trade or a series of trades. 
 It is important that you properly document the details of a trading plan. Please note that, in addition to the requirements of a trading plan described above, there are
a number of additional procedural conditions to Rule I0b5-1(c) that must be satisfied. Please check with your broker or legal advisor on these conditions. 
 Pre-clearance Procedures for Directors, Executive Officers and Other Designated Employees 
 To help prevent inadvertent violations of the
federal securities laws and to avoid even the appearance of trading on inside information, directors and executive officers of the Company and any other persons designated by the Chief Financial Officer as being subject to the Company’s
pre-clearance procedures, together with their family members, may not engage in any transaction involving the Company’s securities without first obtaining pre-clearance of the transaction from the Chief Financial Officer. A request for
pre-clearance should be submitted to the Chief Financial Officer at least two days in advance of the proposed transaction. The Chief Financial Officer is under no obligation to approve a trade submitted for pre-clearance and may determine not
to permit the trade. 
 Any person subject to the pre-clearance requirements who wishes to implement a prearranged trading plan under SEC Rule 10b5-1, as
described above, must first pre-clear the plan with the Chief Financial Officer. Transactions effected pursuant to a pre-cleared trading plan will not require further pre-clearance at the time of the transaction if the plan specifies the dates,
prices and amounts of the contemplated trades or establishes a formula for determining the dates, prices and amounts. 
 Transactions under Company Plans

 Please note that this Policy, including compliance with the trading windows described above, applies to transactions under stock incentive, 401(k), and
self-directed pension accounts, including the following: 
  

	 	•	 	 any sale of stock as part of a broker-assisted cashless exercise of an option and or any other market sale for the purpose of generating the cash needed to pay the
exercise price of an option. 

  

	 	•	 	 certain elections you may make under the Company’s 401(k) plan, including: 

  

	 	•	 	 an election to increase or decrease the percentage of your periodic contributions that will be allocated to the Company stock fund, 

  

	 	•	 	 an election to make an intra-plan transfer of an existing account balance into or out of the Company stock fund, 

  

	 	•	 	 an election to borrow money against your 401(k) plan account if the loan will result in a liquidation of some or all of your Company stock fund balance, and

  

	 	•	 	 your election to pre-pay a plan loan if the pre-payment will result in allocation of loan proceeds to the Company stock fund. 

  

	 	•	 	 all sales of Company stock purchased pursuant to a 401(k) or self-directed pension plan. 

  

	 	•	 	 all sales of Company stock acquired as a matching contribution made by the Company pursuant to a 401(k) plan. 

 This Policy does not apply, however, to the following transactions under Company plans: 
  

	 	•	 	 the exercise of a tax withholding right pursuant to which you elect to have the Company withhold shares subject to an option to satisfy tax withholding
requirements, 

  

	 	•	 	 purchases of Company stock in a 401(k) plan resulting from your periodic contribution of money to the plan pursuant to your payroll deduction election, and

  

	 	•	 	 Company stock acquired as a matching contribution made by the Company pursuant to a 401(k) plan. 

 Additional Prohibited Transactions 
 The Company considers it
improper and inappropriate for any employee to engage in short-term or speculative transactions in the Company’s securities. Accordingly, this Policy prohibits employees from engaging in any of the following transactions: 
 Short-Term Trading. An employee’s short-term trading of the Company’s securities may be distracting to the employee and may unduly focus the employee on
the Company’s short-term stock market performance instead of the Company’s long-term business objectives. For these reasons, any employee who purchases Company securities in the open market may not sell any securities of the same class
during the six months following the purchase. 
 Short Sales. Short sales of the Company’s securities evidence an expectation on the part of the
seller that the securities will decline in value, and therefore signal to the market that the seller has no confidence in the Company or its short-term prospects. In addition, short sales may reduce the seller’s incentive to improve the
Company’s performance. For these reasons, this Policy prohibits short sales. Section 16(c) of the Securities Exchange Act of 1934 also prohibits officers and directors from engaging in short sales. 
 Publicly Traded Options. [Not currently applicable] A transaction in options is, in effect, a bet on the short-term movement of the Company’s stock and
therefore creates the appearance that the employee is trading based on inside information. Transactions in options also may focus the employee’s attention on short-term performance at the expense of the Company’s long-term objectives.
Accordingly, this Policy prohibits transactions in puts, calls or other derivative securities on an exchange or in any other organized market. (Option positions arising from certain types of hedging transactions are governed by the section below
captioned “Hedging Transactions.”) 
 Hedging Transactions. Certain forms of hedging or monetization transactions, such as zero-cost collars
and forward sale contracts, allow an employee to lock in much of the value of his or her stock holdings, often in exchange for all or part of the potential for upside appreciation in the stock. These transactions allow the employee to continue to
own the covered securities, but without the full risks and rewards of ownership. When that occurs, the employee may no longer have the same objectives as the Company’s other shareholders. Therefore, employees are prohibited from engaging in any
such transactions. 
 Margin Accounts and Pledges. Securities held in a margin account may be sold by the broker without the customer’s consent
if the customer fails to meet a margin call. Similarly, securities pledged (or hypothecated) as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan. Because a margin sale or foreclosure sale may occur at a time when
the pledgor is aware of material nonpublic information or otherwise is not permitted to trade in Company securities, employees are prohibited from holding Company securities in a margin account or pledging Company securities as collateral for a
loan. An exception to this prohibition may be granted where a person wishes to pledge Company securities as collateral for a loan (not including margin debt) and clearly demonstrates the financial capacity to repay the loan without resort to the
pledged securities. Any person who wishes to pledge Company securities as collateral for a loan must submit a request for approval to the Chief Financial Officer at least two weeks prior to the proposed execution of documents evidencing the proposed
pledge. 

 Post-Termination Transactions 
 This Policy continues to apply to your transactions in Company securities even after your employment terminates. If you are in possession of material nonpublic information when your employment terminates, you may not
trade in Company securities until that information has become public or is no longer material. 
 Company Assistance 
 Any person who has a question about this Policy or its application to any proposed transaction may obtain additional guidance from Mark McKinnies, the Company’s
Chief Financial Officer, whose telephone number is 303.339.8850. Ultimately, however, the responsibility for adhering to this Policy and avoiding unlawful transactions rests with the individual employee. 

 APPENDIX II: INVESTMENT POLICY STATEMENT 
 Purpose 
 This investment policy statement describes the
long-term investment objectives of the ADA-ES, Inc. Profit Sharing Retirement Plan (the “Plan”), establishes investment principles for the Plan, creates guidelines for evaluating investment decisions, and confirms the Plan’s intent to
satisfy the requirements under ERISA section 404(c) and the Department of Labor (DOL) regulations thereunder. ERISA section 404(c) limits the liability of the Plan’s fiduciaries for investment losses resulting from the exercise of participant
control over their plan investments. This investment policy statement is intended to assist the fiduciaries in ensuring that the investment options under the Plan: 
  

	 	•	 	 are selected and monitored in accordance with ERISA requirements; 

  

	 	•	 	 are consistent with the Plan’s exclusive purpose of providing retirement benefits to Plan participants and their beneficiaries; and

  

	 	•	 	 satisfy the requirements of ERISA section 404(c). 

 Statement of Investment Objectives 
 The Plan will offer a broad range of investment alternatives (no fewer than three diversified
options) that: 
  

	 	•	 	 have materially different risk and return characteristics; 

  

	 	•	 	 enable participants to select investments with risk and return characteristics that are appropriate for their risk tolerance, savings time horizon and financial
goals; 

  

	 	•	 	 minimize overall investment risk through diversification; and 

  

	 	•	 	 minimize investment fees and expenses. 

 Plan
investment options will be chosen on the basis of compatibility with Plan objectives and participant demographics. 
 The Plan intends to provide an
appropriate range of investment options that represent various risk and return alternatives. Together, these investment options should permit plan participants to create portfolios consistent with their unique individual circumstances and goals. The
Plan will offer investments in the following categories: 
  

	 	•	 	 Growth investments — These investments seek to maximize value over time, but are the most volatile from day to day. They invest primarily in stocks of
companies that have a strong potential for growth. 

  

	 	•	 	 Growth-and-income investments — These investments seek to provide both growth and income. They generally aren’t as volatile as growth investments
due to a focus on dividend-paying stocks and some bond holdings as well. 

	 	•	 	 Equity-income investments — These investments seek current income and long-term growth of capital, primarily through dividends paid by stocks and/or
interest paid by bonds. 

  

	 	•	 	 Balanced investments — These investments seek conservation of capital and current income, as well as long-term growth of both capital and income by
investing in stocks, bonds and other fixed-income investments. 

  

	 	•	 	 Bond investments — These investments seek to provide current income. Their primary investment vehicle is bonds. 

  

	 	•	 	 Cash-equivalent investments — These investments are the most stable as they try to preserve the original investment but are limited in their ability to
keep up with inflation. 

  

	 	•	 	 Self-Directed Brokerage Accounts (SDBA) — offered through TD Ameritrade, this option allows investment selection, at a minimal additional cost to the
Plan participant, in most listed, publicly-traded securities and mutual funds. 

  

	 	•	 	 Employer Securities — Investment in ADA-ES, Inc. common stock is also an investment category. 

 Investments in Employer Securities 
 With regard to investments
in the securities of ADA-ES, Inc. (“employer securities”) by Plan participants, the fiduciaries of the Plan are expected to determine that: 
  

	 	1.	Information relating to the purchase, holding, and sale of employer securities and the exercise of voting, tender and similar rights with respect to employer securities by Plan
participants and beneficiaries, is maintained in accordance with procedures which are designed to safeguard the confidentiality of such information (except to the extent necessary to comply with federal or state laws). 

  

	 	2.	The Plan designates a fiduciary who is responsible for ensuring that the procedures for confidentiality described in item 1 are sufficient to safeguard confidentiality and are being
followed and that an independent fiduciary is appointed in the circumstances described in item 4. 

  

	 	3.	The name, address and phone number of the fiduciary described in item 2 and a description of the procedures described in item 2 are disclosed to Plan participants.

  

	 	4.	An independent fiduciary is appointed to carry out duties of the fiduciary described in item 2 in any situation in which the fiduciary described in item 2 determines there is a
potential for undue employer influence upon participants and beneficiaries with regard to the direct or indirect exercise of shareholder rights. (The independent fiduciary may not be affiliated with ADA-ES, Inc.) 

  

	 	5.	 The employer securities are publicly traded on a national exchange or other generally recognized market, that the securities are traded with sufficient frequency
and in sufficient volume to assure that directions to buy or sell the security may be acted upon promptly and efficiently, that voting, tender and similar rights are passed through to participants whose 

	 	 
accounts hold the securities and that information provided to shareholders of the securities is provided to participants whose accounts hold the
securities. Also, when participants elect to invest their 401(k) contributions in employer securities, separate registration of those securities is required.

  

	 	6.	As with other Plan investments, the prudence of offering employer securities as a Plan investment. 

 Guidelines for Evaluating Investment Decisions 
 To ensure continued compliance with the objectives of this
investment policy statement, periodic reviews of the Plan’s investment options and investment expenses will be conducted on at least an annual basis. Such review will be made by comparing the Plan’s investment results to applicable peer
group investments or relevant indices over several time frames. The results of the review and the evaluative material used in the review process will become part of the records maintained by the Plan fiduciaries conducting the review. This
documentation will include reasons for continuing to offer a particular investment option or for changing an option. The following will be considered in the review of existing Plan options: 
  

	 	•	 	 Do each investment option’s objectives remain consistent with the Plan’s overall investment objectives and goals? 

  

	 	•	 	 Does each investment option remain adequately diversified within the Plan’s overall investment offering? 

  

	 	•	 	 An assessment of the investment results of each investment option, taking into account the following factors: 

  

	 	•	 	 the nature and quality of the investment management services provided to the Plan; 

  

	 	•	 	 the general conditions and trends prevailing in the economy, securities markets and mutual fund industry; 

  

	 	•	 	 the comparison of the results of the investment options with industry benchmarks over a series of different time horizons to avoid over-emphasizing short-term
results; 

  

	 	•	 	 the fee structure and expense ratio of selected investment options as compared to other alternatives available in the marketplace; and 

 

	 	•	 	 the experience and qualifications of the personnel providing the investment management services. 

 ERISA 404(c) 
 The Plan’s fiduciaries intend the Plan to
comply with ERISA section 404(c). In order to permit participants and beneficiaries to exercise control over their individual accounts, participants and beneficiaries will be allowed to: 
  

	 	•	 	 choose from a broad range of investment alternatives and diversify investments within and among investment alternatives; 

  

	 	•	 	 give investment instructions with a frequency that’s appropriate in light of the market volatility of the investment alternatives; and

  

	 	•	 	 obtain sufficient information to make informed investment decisions. 

 Participants will choose the investment options for their accounts from among those available for the Plan. Participants
may execute exchanges among investment options as often as permitted by the rules adopted for the Plan, but must be given the opportunity to do so no less frequently than quarterly. The fiduciaries of the Plan expect to diligently seek, and whenever
possible obtain each individual participant’s investment choices within the Plan’s available option. However, in the event that such choices cannot be obtained in a timely manner, the Plan intends to include an appropriate default
investment option that meets DOL regulations. Such regulations are presently in the process of promulgation. 
 Restriction on Certain Investment Types

 Although the Plan intends to provide an appropriate range of investment options that represent various risk and return alternatives, certain
investments may not be held in the Plan. These include, except to the extent such investments may be held in publicly-traded mutual funds, short selling, trading on margin, trading options, trading foreign securities (stocks and bonds), trading
currencies, trading limited partnerships, trading pink sheets (defined as $5/share or less), trading futures and commodities, trading promissory notes, trading real estate/property, trading collectibles, trading municipal bonds, trading unit
investment trust and trading certificates of deposit. 
 Participant Education and Communication 
 The Plan will (1) communicate to employees that they have control over and flexibility in investment decisions within their individual accounts, as long as those
decisions meet the investment policy guidelines set forth in this policy statement and (2) provide educational material designed to help participants make informed decisions. 
 Proxy Voting 
 Responsibility for proxy voting rests with the Plan Sponsor. The Plan Sponsor will review the
proxy statements and vote in a manner that’s consistent with the interests of the Plan participants and beneficiaries. If the Plan holds employer stock, proxies for such stock shall be delivered to the participant or beneficiary to whose
account the stock is allocated.Employer Stock Addendum to Trust Agreement

 Exhibit 4.4 
 

 
 Addendum to trust agreement 
  
  
 The Capital Group Companies 
 American Funds    Capital Research and Management    Capital International    Capital
Guardian    Capital Bank and Trust 

 A.1 Participant Directions. Each Participant or Beneficiary of a deceased Participant shall have the right
to direct the Trustee as to the manner of voting and the exercise of all other rights which a shareholder of record has with respect to shares (and fractional shares) of qualifying employer securities (as defined by ERISA Section 407)
(“Employer Stock”) which have been allocated to the Participant’s or Beneficiary’s account (including, but not limited to, the right to sell or retain shares in a public or private tender offer). 
 A.2 Participants and Beneficiaries as Named Fiduciaries. Each Participant and Beneficiary who is authorized (pursuant to Section A.1) to direct the Trustee
as to the manner of voting and the exercise of other shareholder rights with respect to shares (and fractional shares) of Employer Stock allocated to such Participant’s or Beneficiary’s account is a named fiduciary (within the meaning of
Section 402(a)(2) of ERISA) with respect to such shares (and fractional shares). The Administrative Named Fiduciary shall cause each such Participant and Beneficiary to be notified of his or her status as a named fiduciary. 
 A.3 Execution of Purchases and Sales. Purchases and sales of Employer Stock shall be made within a reasonable time on or after the date on which the
Trustee or its designated agent receives from an Administrative Named Fiduciary or an Investment Named Fiduciary, in good order. All information and documentation necessary to accurately effect such purchases and sales (or, in the case of purchases,
the subsequent date on which the Trustee or its designated agent has received a wire transfer of the funds necessary to make such purchases). Such general rules shall not apply in the following circumstances: 
  

	 	(a)	If the Trustee is unable to purchase or sell the total number of shares required to be purchased or sold on such day as a result of market conditions; or, 

 

	 	(b)	If the Trustee is prohibited by the Securities and Exchange Commission, the New York Stock Exchange, or any other regulatory body from purchasing or selling any or all of the shares
required to be purchased or sold on such day. 

 In the event of the occurrence of the circumstances described in (a) or (b) above,
the Trustee shall purchase or sell such shares as soon as possible thereafter, and it shall determine the price of such purchases or sales to be the average purchase or sales price of all such shares purchased or sold, respectively. The Trustee may
follow written directions from an Administrative Named Fiduciary or an Investment Named Fiduciary to deviate from the above purchase and sale procedures. 
 A.4 Purchases and Sales from or to Employer. If directed by the Employer in writing, the Trustee may purchase or sell Employer Stock from or to the Employer if the purchase or sale is for adequate consideration (within the
meaning of ERISA Section 3(18)) and no commission is charged. If employer contributions or contributions made by the Employer on behalf of the Participants are to be invested in Employer Stock, the Employer may, with the Trustee’s consent,
transfer Employer Stock in lieu of cash to the Trust. In either case, the number of shares to be transferred will be determined by dividing the total amount of Employer Stock to be purchased or sold by the closing price of the Employer Stock on any
national securities exchange on the trading date. 
 A.5 Securities Law Reports. The Employer shall be responsible for filing all reports
required under federal or state securities laws with respect to the Trust’s ownership of Employer Stock, including without limitation, any reports required under Sections 13 or 16 of the Securities Exchange Act of 1934, and shall immediately
notify the Trustee in writing of any requirement to stop purchases or sales of Employer Stock pending the filing of any report. The Trustee shall provide to the Employer such information on the Trust’s ownership of Employer Stock as the
Employer or an Administrative Named Fiduciary may reasonably request in order to comply with Federal or state securities laws. 
 A.6 Voting and
Tender Offers. Notwithstanding any other provision of this Agreement, the provisions of this Addendum shall govern the voting and tendering of Employer Stock (except as otherwise required by law). The Employer, after consultation with the
Trustee, shall engage an independent third party to handle all printing, mailing, and tabulation associated with the voting and tendering of Employer Stock. The Employer shall be responsible for all costs associated with the voting and tendering of
Employer Stock. 
  

	 	(a)	Voting 

  

	 	(i)	Employer Responsibilities. When the issuer of the Employer Stock prepares for any annual or special meeting, the Employer shall: 

  

	 	(a)	Notify the Trustee or its designated agent at least thirty (30) days in advance of the intended record date and shall cause a copy of all materials, including a voting instruction
form, to be sent to the Trustee or its designated agent; 

  

	 	(b)	Cause a copy of the notice and all proxy solicitation materials to be sent to each Participant and Beneficiary with an interest in Employer Stock, together with the foregoing voting
instruction form to be returned to the Trustee or its designee; 

  

	 	(c)	Provide the Trustee with a copy of any materials provided to the Participants and Beneficiaries, and 

  

	 	(d)	Certify to the Trustee that the materials have been mailed or otherwise sent to Participants and Beneficiaries. 

  

	 	(ii)	Voting Instruction Form. The instruction form shall show the proportional interest in the number of full and fractional shares of Employer Stock credited to the
Participant’s or Beneficiary’s account. 

  

 2 

 Requirement to Inform Participants and Beneficiaries. The material provided by the Employer to
each Participant and Beneficiary shall include such information necessary to adequately inform the Participant and Beneficiary about the effects of a direction to the Trustee to vote the Employer Stock and the effects of a failure to direct the
Trustee as to the voting of Employer Stock and the Trustee shall have no responsibility with respect to this material. 
  

	 	(iii)	Right to Direct the Trustee. Each Participant and Beneficiary with an interest in Employer Stock shall have the right to direct the Trustee as to the manner in which the
Trustee is to vote (including not to vote) that number of shares of Employer Stock reflecting such Participant’s or Beneficiary’s proportional interest in Employer Stock (both vested and unvested). 

  

	 	(iv)	Voting Held in Confidence. Directions from a Participant or Beneficiary to the Trustee concerning the voting of Employer Stock shall be communicated in writing. These
directions shall be held in confidence by the Trustee and shall not be divulged to the Employer, or any officer or employee thereof, or any other person, except as may be permitted by law. 

  

	 	(v)	The Trustee’s Vote. Upon its receipt of the directions, the Trustee shall vote the shares of Employer Stock reflecting the Participant’s or Beneficiary’s
proportional interest in Employer Stock as directed by the Participant or Beneficiary. The Trustee shall vote “abstain” with respect to those shares of Employer Stock for which timely instructions are not received from a Participant or
Beneficiary. 

  

	 	(b)	Tender Offers. 

  

	 	(i)	Employer Responsibilities. Upon commencement of a tender offer for any Employer Stock, the Employer shall 

  

	 	(a)	Notify each Participant and Beneficiary with an interest in Employer Stock of the tender offer and utilize its best efforts to timely distribute or cause to be distributed to the
participants and Beneficiaries the same information that is distributed to shareholders of the issuer of Employer Stock in connection with the tender offer; 

  

	 	(b)	Provide and pay for a means by which each Participant and Beneficiary may direct the Trustee whether or not to tender the Employer Stock reflecting such Participant’s or
Beneficiary’s proportional interest in Employer Stock (both vested and unvested); 

  

	 	(c)	Provide the Trustee with a copy of any material provided to the Participants and Beneficiaries, and 

  

	 	(d)	Certify to the Trustee that the materials have been mailed or otherwise sent to Participants and Beneficiaries. 

  

	 	(ii)	Requirement to Inform Participants and Beneficiaries. The material provided to each Participant and Beneficiary by the Employer shall include such information necessary to
adequately inform the Participant and Beneficiary about the effects of a direction to the Trustee to tender the Employer Stock and the effects of a failure to direct the Trustee whether to tender or not and the Trustee shall have no responsibility
with respect to this material. 

  

	 	(iii)	Right to Direct the Trustee. Each Participant and Beneficiary shall have the right to direct the Trustee to tender or not to tender some or all of the shares of Employer
Stock reflecting such Participant’s or Beneficiary’s proportional interest in Employer Stock (both vested and unvested). 

  

	 	(iv)	Voting Held in Confidence. Directions from a Participant or Beneficiary to the Trustee or its designee concerning the tender of Employer Stock shall be communicated in
writing. These directions shall be held in confidence by the Trustee and shall not be divulged to the Employer, or any officer or employee thereof, or any other person except to the extent that the consequences of such directions are reflected in
reports regularly communicated to any such persons in the ordinary course of the performance of the Trustee’s services hereunder or otherwise permitted by law. 

  

	 	(v)	Tender by Direction Only. The Trustee shall tender or not tender shares of Employer Stock as directed by the Participant or Beneficiary. The trustee shall not tender shares
of Employer Stock reflecting a Participant’s or Beneficiary’s proportional interest in Employer Stock for which it has received no direction from the Participant or Beneficiary. 

  

	 	(vi)	Withdrawal of Direction. A Participant or Beneficiary who has directed the Trustee to tender some or all of the shares of Employer Stock reflecting the Participant’s or
Beneficiary’s proportional interest in Company Stock may, at least two business days prior to the tender offer withdrawal date, direct the Trustee in writing to withdraw some or all of the tendered shares reflecting the Participant’s or
Beneficiary’s proportional interest, and the Trustee shall withdraw the directed number of shares from the tender offer prior to the tender offer withdrawal deadline. Except as otherwise provided, a Participant or Beneficiary shall not be
limited as to the number of directions to tender or withdraw that the Participant or Beneficiary may give to the Trustee. 

  

 3 

	 	(vii)	No Distribution. A direction by a Participant or Beneficiary to the Trustee or its designee to tender shares of Employer Stock reflecting the Participant’s or
Beneficiary’s proportional interest in Company Stock shall not be considered a written election under the Plan by the Participant or Beneficiary to withdraw, or have distributed, any or all of his withdrawable shares. The Trustee shall credit
to each proportional interest of the Participant or Beneficiary from which the tendered shares were taken the proceeds received by the Trustee in exchange for the shares of Employer Stock tendered from that interest. Pending receipt of directions
(through an administrative Named Fiduciary) from the Participant or Beneficiary, as provided in the Plan, as to which of the remaining investment options the proceeds should be invested in, the Trustee shall invest the proceeds in the Cash
Management Trust of America. 

 A.7 Shares Credited. For all purposes of this Addendum, the number of shares of Employer Stock
deemed “credited” or “reflected” to a Participant’s or Beneficiary’s proportional interest shall be determined as of the last preceding valuation date. 
 A.8 Trustee to Take Direction. With respect to all rights other than the right to vote, the right to tender, and the right to withdraw shares previously tendered, in the case of Employer Stock credited
to a Participant’s or Beneficiary’s proportional interest in Employer Stock, the Trustee shall follow the directions of an Administrative Named Fiduciary or an Investment Named Fiduciary. The Trustee shall have no duty to solicit
directions from any party including Participants and Beneficiaries. 
 A.9 Duty to Monitor. The Investment Named Fiduciary shall continuously
monitor the suitability under the fiduciary duty rules of ERISA Section 404(a) (1)(as modified by ERISA Section 404(a) (2)) of acquiring and holding Employer Stock. The Trustee shall not be liable for any loss, or by reason of any
breach, which arises from the directions of a named fiduciary with respect to the acquisition and holding of Employer Stock. 
 All provisions in this
Addendum shall also apply to any securities received as a result of a conversion of Employer Stock. 
 IN WITNESS WHEREOF, the parties have caused this
Addendum to Trust Agreement to be executed: 
  

									
	EMPLOYER	 		 		 	
					
	By:	 	 

	 		 	Date:	 	 September 17, 2007

		 	Authorized Signature	 		 		 	
	Name:	 	 Mark H. McKinnies
	 		 		 	
	Title:	 	 CFO
	 		 		 	
				
	CAPITAL BANK and TRUST COMPANY	 		 		 	
					
	By:	 	 

	 		 	Date:	 	 9-25-2007

		 	Authorized Signature	 		 		 	

  

 4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]