Document:

EX-10.4

 Exhibit 10.4 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is made effective as of January 8, 2019 (the
“Effective Date”), by and between PyraMax Bank, FSB, a federally chartered savings bank (the “Bank”) and Thomas Peterson (the “Executive”). The Bank and Executive are sometimes collectively referred
to herein as the “parties.” Any reference to the “Company” shall mean 1895 Bancorp of Wisconsin, Inc., the federal mid-tier holding company of the Bank. The Company is a signatory to
this Agreement for the purpose of guaranteeing the Bank’s performance hereunder. 
 WITNESSETH 

WHEREAS, Executive is currently employed as Senior Vice President and Chief Lending Officer of the Bank; 

WHEREAS, the Bank has adopted a Plan of Reorganization pursuant to which the Bank will convert to a stock bank and
become a wholly owned subsidiary of the Company, which will be a mid-tier holding company, the majority owner of which will be 1895 Bancorp of Wisconsin, MHC, a federal mutual holding company; 

WHEREAS, the Bank desires to assure itself of the continued availability of the Executive’s services as provided
in this Agreement; and 
 WHEREAS, the Executive is willing to serve the Bank on the terms and conditions hereinafter
set forth. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained, and upon the terms and
conditions hereinafter provided, the parties hereby agree as follows: 
  

	1.	 POSITION AND RESPONSIBILITIES. 

During the term of this Agreement Executive shall serve as Senior Vice President and Chief Lending Officer, and Executive
accepts such employment, subject to the terms and conditions set forth in this Agreement. Executive shall have such duties, responsibilities and powers as are set forth by the Board of Directors of the Bank and/or the President and Chief Executive
Officer of the Bank provided that such duties are generally consistent with those as Senior Vice President and Chief Lending Officer. 
  

	2.	 TERM AND DUTIES. 

(a)      Eighteen-Month Contract; Annual Renewal. The term (“Term”) of
this Agreement shall commence as of the Effective Date and shall continue thereafter for a period of eighteen (18) months. On the first anniversary of the Effective Date of this Agreement (the “Anniversary Date”), the
disinterested members of the Board of Directors of the Bank (the “Board”) will meet to consider the renewal or nonrenewal of this Agreement. In connection with such consideration, the Board shall (i) conduct a comprehensive
performance evaluation of Executive (or review such performance evaluation conducted by the Compensation Committee of the Board) for purposes of determining whether to extend this Agreement; and (ii) approve the

 
renewal or non-renewal of this Agreement for an additional twelve months (so that the remaining term shall be eighteen months), which decision shall be
included in the minutes of the Board’s meeting. If the decision of such disinterested members of the Board is not to renew this Agreement, then the Board shall provide Executive with a written notice of
non-renewal (“Non-Renewal Notice”) that this Agreement shall terminate at the end of the Term. Notwithstanding the foregoing, in the event that the
Company or the Bank has entered into an agreement to effect a transaction which would be considered a Change in Control as defined below, then, unless Executive has previously been informed that this Agreement shall not be renewed) the term of this
Agreement shall be extended and shall terminate eighteen (18) months following the date on which the Change in Control occurs. 

(b)      Termination of Employment. Notwithstanding anything contained in this Agreement
to the contrary, either Executive or the Bank may terminate Executive’s employment with the Bank at any time during the term of this Agreement, subject to the terms and conditions of this Agreement. 

(c)      Continued Employment Following Expiration of Term. Nothing in this Agreement
shall mandate or prohibit a continuation of Executive’s employment following the expiration of the term of this Agreement, upon such terms and conditions as the Bank and Executive may mutually agree. 

(d)      Duties; Membership on Other Boards. During the term of this Agreement, except
for periods of absence occasioned by illness, reasonable vacation periods, and reasonable leaves of absence approved by the Board, Executive shall devote substantially all of his business time, attention, skill, and efforts to the faithful
performance of his duties hereunder, including activities and services related to his position as Senior Vice President and Chief Lending Officer; provided, however, that, Executive may serve, or continue to serve, on the boards of directors of, and
hold any other offices or positions in, business companies or business or civic organizations, which, in the Board’s judgment, will not present any conflict of interest with the Bank, or materially affect the performance of Executive’s
duties pursuant to this Agreement. Executive shall provide the Board of Directors annually for its approval a list of organizations for which the Executive acts as a director or officer. 

 

	3.	 COMPENSATION, BENEFITS AND REIMBURSEMENT. 

(a)      Base Salary. In consideration of Executive’s performance of the duties set
forth in Section 2, the Bank shall provide Executive the compensation specified in this Agreement. The Bank shall pay Executive a salary of $180,250.20 per year (“Base Salary”). The Base Salary shall be payable biweekly, or
with such other frequency as officers of the Bank are generally paid. During the term of this Agreement, the Base Salary shall be reviewed at least annually by the Board or by a committee designated by the Board, and the Bank may increase, but not
decrease (except for a decrease that is generally applicable to all senior management employees) Executive’s Base Salary. Any increase in Base Salary shall become “Base Salary” for purposes of this Agreement. 

(b)      Bonus Compensation. Executive will be eligible for an annual performance-based
bonus based on the criteria determined by the Board. Additionally, Executive will be 

  
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eligible for a discretionary bonus in the sole discretion of the Board. Executive shall be entitled to equitable participation in incentive compensation and bonuses in any plan or arrangement of
the Bank or the Company in which Executive is eligible to participate. Nothing paid to Executive under any such plan or arrangement will be deemed to be in lieu of other compensation to which Executive is entitled under this Agreement. 

(c)      Employee Benefits. The Bank shall provide Executive with employee benefit plans,
arrangements and perquisites substantially equivalent to those in which Executive was participating or from which he was deriving benefit immediately prior to the commencement of the term of this Agreement, and the Bank shall not, without
Executive’s prior written consent, make any changes in such plans, arrangements or perquisites that would adversely affect Executive’s rights or benefits thereunder, except as to any changes that are applicable to all participating
employees. Without limiting the generality of the foregoing provisions of this Section 3(c), Executive will be entitled to participate in and receive benefits under any employee benefit plans including, but not limited to, retirement plans,
supplemental retirement plans, pension plans, profit-sharing plans, health-and-accident insurance plans, medical coverage or any other employee benefit plan or
arrangement made available by the Bank and/or the Company in the future to its senior executives, including any stock benefit plans, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and
arrangements. 
 (d)      Paid Time Off. Executive shall be entitled to paid vacation
time each year during the term of this Agreement (measured on a fiscal or calendar year basis, in accordance with the Bank’s usual practices), as well as sick leave, holidays and other paid absences in accordance with the Bank’s policies
and procedures for senior executives. Any unused paid time off during an annual period shall be treated in accordance with the Bank’s personnel policies as in effect from time to time. 

(e)      Expense Reimbursements. The Bank shall also pay or reimburse Executive for all
reasonable travel, entertainment and other reasonable expenses incurred by Executive during the course of performing his obligations under this Agreement, including, without limitation, fees for memberships in such clubs and organizations as
Executive and the Board shall mutually agree are necessary and appropriate in connection with the performance of his duties under this Agreement, upon presentation to the Bank of an itemized account of such expenses in such form as the Bank may
reasonably require, provided that such payment or reimbursement shall be made as soon as practicable but in no event later than March 15 of the year following the year in which such right to such payment or reimbursement occurred. 

 

	4.	 PAYMENTS TO EXECUTIVE UPON AN EVENT OF TERMINATION. 

(a)      Upon the occurrence of an Event of Termination (as herein defined) during the term of
this Agreement, the provisions of this Section 4 shall apply; provided, however, that in the event such Event of Termination occurs within eighteen (18) months following a Change in Control (as defined in Section 5 hereof),
Section 5 shall apply instead. As used in this Agreement, an “Event of Termination’’ shall mean and include any one or more of the following: 

  
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 (i)     the involuntary termination of
Executive’s employment hereunder by the Bank for any reason other than termination governed by Section 5 (in connection with or following a Change in Control), Section 6 (due to Disability or death), Section 7 (due to
Retirement), or Section 8 (for Cause), provided that such termination constitutes a “Separation from Service” within the meaning of Section 409A of the Internal Revenue Code (“Code”); or 

(ii)     Executive’s resignation from the Bank’s employ upon any of the
following, unless consented to by Executive: 
 (A)      failure to appoint
Executive to the position set forth in Section 1, or a material change in Executive’s function, duties, or responsibilities, which change would cause Executive’s position to become one of lesser responsibility, importance, or scope
from the position and responsibilities described in Section 1, to which Executive has not agreed in writing (and any such material change shall be deemed a continuing breach of this Agreement by the Bank); 

(B)      a relocation of Executive’s principal place of employment to a
location that is more than 35 miles from the location of the Bank’s principal executive offices as of the date of this Agreement; 

(C)      a material reduction in the benefits and perquisites, including Base
Salary, to Executive from those being provided as of the Effective Date (except for any reduction that is part of a reduction in pay or benefits that is generally applicable to officers or employees of the Bank); 

(D)      a liquidation or dissolution of the Bank; or 

(E)      a material breach of this Agreement by the Bank. 

Upon the occurrence of any event described in clause (ii) above, Executive shall have the right to elect to terminate his employment
under this Agreement by resignation for “Good Reason” upon not less than thirty (30) days prior written notice given within a reasonable period of time (not to exceed ninety (90) days) after the event giving rise to the right to
elect, which termination by Executive shall be an Event of Termination. The Bank shall have thirty (30) days to cure the condition giving rise to the Event of Termination, provided that the Bank may elect to waive said thirty (30) day
period. For the avoidance of doubt, the non-renewal of this Agreement under Section 2(a) hereof, without the occurrence of an Event of Termination under this Section 4(a)(ii) prior to the end of the
term of this Agreement, shall not be considered an event that would permit the Executive to resign for Good Reason and receive a severance payment. 

(b)      Upon the occurrence of an Event of Termination, the Bank shall pay Executive, or, in
the event of his subsequent death, his beneficiary or beneficiaries, or his estate, as the case may be, as severance pay or liquidated damages, or both, the Base Salary and bonus(es) that Executive would be entitled to for the remaining unexpired
term of the Agreement. For purposes of determining the bonus(es) payable hereunder, the bonus(es) will be deemed to be equal to the 

  
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average annual bonus paid over the prior two years, and (ii) otherwise paid at such time as such bonus would have been paid absent an Event of Termination (i.e., if only one bonus would
otherwise be paid during the remaining term, then one bonus will be included in the calculation). Such payments shall be paid in a lump sum on or before the 30th day following the Executive’s
Separation from Service (within the meaning of Section 409A of the Code), unless the payment is due in connection with a termination program involving more than one employee, in which case the payment shall be due within no more than the 60th day following Executive’s Separation from Service, and shall not be reduced in the event Executive obtains other employment following the Event of Termination. Notwithstanding the foregoing,
Executive shall not be entitled to any payments or benefits under this Section 4 unless and until (i) Executive executes a release of his claims against the Bank, the Company and any affiliate, and their officers, directors, successors and
assigns, releasing said persons from any and all claims, rights, demands, causes of action, suits, arbitrations or grievances relating to the employment relationship, including claims under the Age Discrimination in Employment Act, but not including
claims for benefits under tax-qualified plans or other benefit plans in which Executive is vested, claims for benefits required by applicable law or claims with respect to obligations set forth in this
Agreement that survive the termination of this Agreement (the “Release”), and (ii) the payments and benefits shall begin on the 30th day following the date of the
Executive’s Separation from Service, provided that before that date, the Executive has signed (and not revoked) the Release and the Release is irrevocable under the time period set forth under applicable law. 

(c)      Upon the occurrence of an Event of Termination, the Bank shall provide, at the
Bank’s expense, for the remaining unexpired term of the Agreement, nontaxable medical and dental coverage and life insurance coverage substantially comparable, as reasonably available, to the coverage maintained by the Bank for Executive and
his dependents prior to the Event of Termination, except to the extent such coverage may be changed in its application to all Bank employees and then such coverage provided to Executive and his dependents shall be commensurate with such changed
coverage. Notwithstanding the foregoing, if applicable law prohibits (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of
the applicable health or life insurance plans, or if providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value (or the remaining value) of
such non-taxable medical and dental benefits, with such payment to be made by lump sum within ten (10) business days of the Date of Termination, or if later, the date on which the Bank determines that
such insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons. 

(d)      For purposes of this Agreement, a “Separation from Service” shall have
occurred if the Bank and Executive reasonably anticipate that either no further services will be performed by the Executive after the date of the Event of Termination (whether as an employee or as an independent contractor) or the level of further
services performed will not exceed 49% of the average level of bona fide services in the thirty-six (36) months immediately preceding the Event of Termination. For all purposes hereunder, the definition
of Separation from Service shall be interpreted consistent with Treasury Regulation Section 1.409A-1(h)(ii). If Executive is a Specified Employee, as defined in Code Section 409A and any payment to
be made under sub-

  
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paragraph (b) or (c) of this Section 4 shall be determined to be subject to Code Section 409A, then if required by Code Section 409A, such payment or a portion of such payment
(to the minimum extent possible) shall be delayed and shall be paid on the first day of the seventh month following Executive’s Separation from Service. 
  

	5.	 CHANGE IN CONTROL. 

(a)      Any payments made to Executive pursuant to this Section 5 are in lieu of any
payments that may otherwise be owed to Executive pursuant to this Agreement under Section 4, such that Executive shall either receive payments pursuant to Section 4 or pursuant to Section 5, but not pursuant to both
Sections.     
 (b)      For purposes of this Agreement, the term
“Change in Control” shall mean: 
  

	 	 (1)	 Merger: The Company or the Bank merges into or consolidates with another entity, or merges another
Bank or corporation into the Bank or the Company, and as a result, less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is held by persons who were stockholders of the Company
or the Bank immediately before the merger or consolidation; 

  

	 	 (2)	 Acquisition of Significant Share Ownership: A person or persons acting in concert has or have become
the beneficial owner of 25% or more of a class of the Company’s or the Bank’s voting securities; provided, however, this clause (2) shall not apply to beneficial ownership of the Company’s or the Bank’s voting shares held in
a fiduciary capacity by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities; 

  

	 	 (3)	 Change in Board Composition: During any period of two consecutive years, individuals who constitute
the Company’s or the Bank’s Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s or the Bank’s Board of
Directors; provided, however, that for purposes of this clause (c), each director who is first elected by the board (or first nominated by the board for election by the stockholders or corporators) by a vote of at least two-thirds (2/3) of the directors who were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period; or

  

	 	 (4)	 Sale of Assets: The Company or the Bank sells to a third party all or substantially all of its
assets. 

 Notwithstanding anything herein to the contrary, a Change in Control shall not be deemed to have occurred in
connection with the Bank’s mutual holding company reorganization and/or minority offering. Similarly, a Change in Control shall not be deemed to have occurred in the 

  
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event of a second-step conversion of the MHC to a stock holding company with a contemporaneous stock offering. 

(c)      Upon the occurrence of a Change in Control followed within eighteen (18) months by
an Event of Termination (as defined in Section 4 hereof), Executive shall receive as severance pay or liquidated damages, or both, a lump sum cash payment equal to one and one half times the sum of (i) Executive’s highest annual rate
of Base Salary paid to Executive at any time under this Agreement, plus (ii) the highest bonus paid to Executive with respect to the three completed fiscal years prior to the Change in Control. Such payment shall be paid in a lump sum within
ten (10) days of the Executive’s Separation from Service (within the meaning of Section 409A of the Code) and shall not be reduced in the event Executive obtains other employment following the Event of Termination. 

(d)      Upon the occurrence of a Change in Control followed within eighteen (18) months by
an Event of Termination (as defined in Section 4 hereof), the Bank (or its successor) shall provide at the Bank’s (or its successor’s) expense, nontaxable medical and dental coverage and life insurance coverage substantially
comparable, as reasonably available, to the coverage maintained by the Bank for Executive and his dependents prior to his termination, except to the extent such coverage may be changed in its application to all Bank employees and then the coverage
provided to Executive and his dependents shall be commensurate with such changed coverage. Such coverage shall cease eighteen (18) months following the termination of Executive’s employment. Notwithstanding the foregoing, if applicable law
prohibits (including, but not limited to, laws prohibiting discriminating in favor of highly compensated employees), or, if participation by the Executive is not permitted under the terms of the applicable health or life insurance plans, or if
providing such benefits would subject the Bank to penalties, then the Bank shall pay the Executive a cash lump sum payment reasonably estimated to be equal to the value (or the remaining value) of such
non-taxable medical and dental benefits, with such payment to be made by lump sum within ten (10) business days of the Date of Termination, or if later, the date on which the Bank determines that such
insurance coverage (or the remainder of such insurance coverage) cannot be provided for the foregoing reasons.
  

	6.	 TERMINATION FOR DISABILITY OR DEATH. 

(a)      Termination of Executive’s employment based on “Disability” shall be
construed to comply with Section 409A of the Internal Revenue Code and shall be deemed to have occurred if: (i) Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in death, or last for a continuous period of not less than 12 months, and as a result, Executive is receiving income replacement benefits for a period of not less than three months under an accident and
health plan covering employees of the Bank or the Company; or (ii) Executive is determined to be totally disabled by the Social Security Administration. The provisions of Sections 6(b) shall apply upon the termination of the Executive’s
employment based on Disability. Upon the determination that Executive has suffered a Disability, disability payments hereunder shall commence within thirty (30) days. 

(b)      To the extent permitted by applicable law, the Bank shall cause to be continued life
insurance coverage and non-taxable medical and dental coverage substantially comparable, 

  
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as reasonably available, to the coverage maintained by the Bank for Executive and Executive’s dependents prior to the termination of his employment based on Disability (in accordance with
its customary co-pay percentages), except to the extent such coverage may be changed in its application to all Bank employees or not available on an individual basis to an employee terminated based on
Disability. This coverage shall cease upon the earlier of (i) the date Executive returns to the full-time employment of the Bank; (ii) Executive’s full-time employment by another employer; or (iii) twelve (12) months after the
date of termination of Executive’s employment based on Disability. Nothing herein shall be construed to prevent Executive from continuing such coverage for the remainder of the applicable COBRA period at his own expense. If participation by the
Executive is not permitted under the terms of an applicable plan (i.e., such as the group life insurance plan), the Bank shall provide Executive with reimbursement (payable on a monthly basis) of premiums paid by the Executive to obtain similar
benefits for the period specified above; provided, however, that the reimbursement shall not exceed the cost of the monthly premiums for active employees. 

(c)      In the event of Executive’s death during the term of this Agreement, his estate,
legal representatives or named beneficiaries (as directed by Executive in writing) shall be paid Executive’s Base Salary at the rate in effect at the time of Executive’s death in accordance with the regular payroll practices of the Bank
for a period of six (6) months from the date of Executive’s death. Such payments are in addition to any life insurance benefits that Executive’s beneficiaries may be entitled to receive under any employee benefit plan maintained by
the Bank for the benefit of Executive, including, but not limited to, the Bank’s tax-qualified retirement plans. In addition, the Bank shall continue to provide for twelve (12) months after
Executive’s death non-taxable medical, dental and other insurance benefits substantially comparable to the coverage maintained by the Bank for Executive’s dependents prior to his death (in accordance
with the customary co-pay percentages). Nothing herein shall be construed to prevent Executive’s eligible dependents from continuing such coverage for the remainder of any applicable COBRA period at their
own expense. 
  

	7.	 TERMINATION UPON RETIREMENT. 

Termination of Executive’s employment based on “Retirement” shall mean termination of Executive’s
employment at any time (other than a termination pursuant to Section 5) after Executive reaches age 65 or in accordance with any retirement policy established by the Board with Executive’s consent as it applies to him. Upon termination of
Executive based on Retirement, no amounts or benefits shall be due Executive under this Agreement, and Executive shall be entitled to all benefits under any retirement plan of the Bank and other plans to which Executive is a party, subject to the
terms of such plan. 
  

	8.	 TERMINATION FOR CAUSE. 

(a)      The Bank may terminate Executive’s employment at any time, but any termination
other than termination for “Cause,” as defined herein, shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall have no right to receive compensation or other benefits for any
period after termination for “Cause.” The term “Cause” as used herein, shall exist when there has been a good faith determination by the Board that there shall have occurred one or more of the following events with respect to the
Executive: 

  
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	 	(1)	 personal dishonesty in performing Executive’s duties on behalf of the Bank; 

 

	 	(2)	 incompetence in performing Executive’s duties on behalf of the Bank; 

 

	 	(3)	 willful misconduct that in the judgment of the Board will likely cause economic damage to the Bank or injury
to the business reputation of the Bank; 

  

	 	(4)	 breach of fiduciary duty involving personal profit; 

 

	 	(5)	 material breach of the Bank’s Code of Ethics; 

 

	 	(6)	 intentional failure to perform stated duties under this Agreement after written notice thereof from the
Board; 

  

	 	(7)	 willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that
reflect adversely on the reputation of the Bank, any felony conviction, any violation of law involving moral turpitude, or any violation of a final cease-and-desist
order; or 

  

	 	(8)	 material breach by Executive of any provision of this Agreement. 

Notwithstanding the foregoing, Cause shall not be deemed to exist unless there shall have been delivered to the Executive a copy of a
resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for the purpose (after reasonable notice to the Executive and an opportunity for the
Executive to be heard before the Board), finding that in the good faith opinion of the Board the Executive was guilty of conduct described above and specifying the particulars thereof. Prior to holding a meeting at which the Board is to make a final
determination whether Cause exists, if the Board determines in good faith at a meeting of the Board, by not less than a majority of its entire membership, that there is probable cause for it to find that the Executive was guilty of conduct
constituting Cause as described above, the Board may suspend the Executive from his duties hereunder for a reasonable period of time not to exceed fourteen (14) days pending a further meeting at which the Executive shall be given the
opportunity to be heard before the Board. Upon a finding of Cause, the Board shall deliver to the Executive a Notice of Termination, as more fully described in Section 9 below. 

(b)      For purposes of this Section 8, no act or failure to act, on the part of
Executive, shall be considered “willful” unless it is done, or omitted to be done, by Executive in bad faith or without reasonable belief that Executive’s action or omission was in the best interests of the Bank. Any act, or failure
to act, based upon the direction of the Board or based upon the advice of counsel for the Bank shall be conclusively presumed to be done, or omitted to be done, by Executive in good faith and in the best interests of the Bank. 

  
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	9.	 NOTICE. 

(a)      Any purported termination by the Bank for Cause shall be communicated by Notice of
Termination to Executive. If, within thirty (30) days after any Notice of Termination for Cause is given, Executive notifies the Bank that a dispute exists concerning the termination, the parties shall promptly proceed to arbitration, as
provided in Section 19. Notwithstanding the pendency of any such dispute, the Bank shall discontinue paying Executive’s compensation until the dispute is finally resolved in accordance with this Agreement. If it is determined that
Executive is entitled to compensation and benefits under Section 4 or 5, the payment of such compensation and benefits by the Bank shall commence immediately following the date of resolution by arbitration, with interest due Executive on the
cash amount that would have been paid pending arbitration (at the prime rate as published in The Wall Street Journal from time to time). 

(b)      Any other purported termination by the Bank or by Executive shall be communicated by a
“Notice of Termination” (as defined in Section 9(c)) to the other party. If, within thirty (30) days after any Notice of Termination is given, the party receiving such Notice of Termination notifies the other party that a dispute
exists concerning the termination, the parties shall promptly proceed to arbitration as provided in Section 19. Notwithstanding the pendency of any such dispute, the Bank shall continue to pay Executive his Base Salary, and other compensation
and benefits in effect when the notice giving rise to the dispute was given (except as to termination of Executive for Cause); provided, however, that such payments and benefits shall not continue beyond the remaining unexpired Term of this
Agreement. In the event the voluntary termination by Executive of his employment is disputed by the Bank, and if it is determined in arbitration that Executive is not entitled to termination benefits pursuant to this Agreement, he shall return all
cash payments made to him pending resolution by arbitration, with interest thereon at the prime rate as published in The Wall Street Journal from time to time, if it is determined in arbitration that Executive’s voluntary termination of
employment was not taken in good faith and not in the reasonable belief that grounds existed for his voluntary termination. If it is determined that Executive is entitled to receive severance benefits under this Agreement, then any continuation of
Base Salary and other compensation and benefits made to Executive under this Section 9 shall offset the amount of any severance benefits that are due to Executive under this Agreement. 

(c)      For purposes of this Agreement, a “Notice of Termination” shall mean a
written notice that shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under
the provision so indicated. 
  

	10.	 POST-TERMINATION OBLIGATIONS. 

(a)      One-Year
Non-Solicitation. Executive hereby covenants and agrees that, for a period of one year following his termination of employment with the Bank, he shall not, without the written consent of the Bank,
either directly or indirectly solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of the Bank or the Company,
or any of their respective subsidiaries or affiliates, to terminate his or her employment and accept employment 

  
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or become affiliated with, or provide services for compensation in any capacity whatsoever to, any business whatsoever that competes with the business of the Bank or the Company, or any of their
direct or indirect subsidiaries or affiliates or has headquarters or offices within 35 miles of the locations in which the Bank or the Company has business operations or has filed an application for regulatory approval to establish an office; 

(b)      One-Year
Non-Competition. Executive hereby covenants and agrees that, for a period of one year following his termination of employment with the Bank, he shall not, without the written consent of the Bank,
either directly or indirectly become an officer, employee, consultant, director, independent contractor, agent, sole proprietor, joint venturer, greater than 5% equity owner or stockholder, partner or trustee of any savings association, savings and
loan association, savings and loan holding company, credit union, bank or bank holding company, insurance company or agency, any mortgage or loan broker or any other financial services entity or business that competes with the business of the Bank
or its affiliates or has headquarters or offices within 35 miles of Greenfield, Wisconsin Notwithstanding the foregoing, this non-competition restriction shall not apply if Executive’s employment is
terminated following a Change in Control (as defined in this Agreement). 
 (c)      As used
in this Agreement, “Confidential Information” means information belonging to the Bank which is of value to the Bank in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to
the Bank. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions, improvements and other intellectual property; trade secrets; know-how; designs,
processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities) which have been discussed or
considered by the management of the Bank. Confidential Information includes information developed by the Executive in the course of the Executive’s employment by the Bank, as well as other information to which the Executive may have access in
connection with the Executive’s employment. Confidential Information also includes the confidential information of others with which the Bank has a business relationship. Notwithstanding the foregoing, Confidential Information does not include
information in the public domain. The Executive understands and agrees that the Executive’s employment creates a relationship of confidence and trust between the Executive and the Bank with respect to all Confidential Information. At all times,
both during the Executive’s employment with the Bank and after its termination, the Executive will keep in confidence and trust all such Confidential Information, and will not use or disclose any such Confidential Information without the
written consent of the Bank, except as may be necessary in the ordinary course of performing the Executive’s duties to the Bank. 

(d)      Executive shall, upon reasonable notice, furnish such information and assistance to the
Bank as may reasonably be required by the Bank, in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party; provided, however, that Executive shall not be required to provide information or
assistance with respect to any litigation between the Executive and the Bank or any of its subsidiaries or affiliates. 

(e)      All payments and benefits to Executive under this Agreement shall be subject to
Executive’s compliance with this Section 10. The parties hereto, recognizing that irreparable 

  
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 injury will result to the Bank, its business and property in the event of Executive’s
breach of this Section 10, agree that, in the event of any such breach by Executive, the Bank will be entitled, in addition to any other remedies and damages available, to an injunction to restrain the violation hereof by Executive and all
persons acting for or with Executive. Executive represents and admits that Executive’s experience and capabilities are such that Executive can obtain employment in a business engaged in other lines and/or of a different nature than the Bank,
and that the enforcement of a remedy by way of injunction will not prevent Executive from earning a livelihood. Nothing herein will be construed as prohibiting the Bank or the Company from pursuing any other remedies available to them for such
breach or threatened breach, including the recovery of damages from Executive. 
  

	11.	 SOURCE OF PAYMENTS. 

All payments provided in this Agreement shall be timely paid in cash or check from the general funds of the Bank. The Company
may accede to this Agreement but only for the purposed of guaranteeing payment and provision of all amounts and benefits due hereunder to Executive. 
  

	12.	 EFFECT ON PRIOR AGREEMENTS AND EXISTING BENEFITS PLANS. 

This Agreement contains the entire understanding between the parties hereto and supersedes any prior employment agreement
between the Bank or any predecessor of the Bank and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement shall be
interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. 
  

	13.	 NO ATTACHMENT; BINDING ON SUCCESSORS. 

(a)      Except as required by law, no right to receive payments under this Agreement shall be
subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge, or hypothecation, or to execution, attachment, levy, or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to
effect any such action shall be null, void, and of no effect. 
 (b)      This Agreement shall
be binding upon, and inure to the benefit of, Executive and the Bank and their respective successors and assigns. 
  

	14.	 MODIFICATION AND WAIVER. 

(a)      This Agreement may not be modified or amended except by an instrument in writing signed
by the parties hereto. 
 (b)      No term or condition of this Agreement shall be deemed to
have been waived, nor shall there be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver
unless specifically stated therein, and each such waiver 

  
 12 

 
shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived. 

 

	15.	 REQUIRED PROVISIONS. 

(a)      The Bank may terminate Executive’s employment at any time, but any termination by
the Board other than termination for Cause shall not prejudice Executive’s right to compensation or other benefits under this Agreement. Executive shall have no right to receive compensation or other benefits for any period after termination
for Cause. 
 (b)       If Executive is suspended from office and/or temporarily prohibited
from participating in the conduct of the Bank’s affairs by a notice served under Section 8(e)(3) [12 USC §1818(e)(3)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act, the Bank’s obligations under
this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Bank may in its discretion (i) pay Executive all or part of the compensation withheld while
its contract obligations were suspended and (ii) reinstate (in whole or in part) any of its obligations which were suspended. 

(c)      If Executive is removed and/or permanently prohibited from participating in the conduct
of the Bank’s affairs by an order issued under Section 8(e)(4) [12 USC §1818(e)(4)] or 8(g)(1) [12 USC §1818(g)(1)] of the Federal Deposit Insurance Act, all obligations of the Bank under this Agreement shall terminate as of the
effective date of the order, but vested rights of the contracting parties shall not be affected. 

(d)      If the Bank is in default as defined in Section 3(x)(1) [12 USC §1813(x)(1)]
of the Federal Deposit Insurance Act, all obligations of the Bank under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties. 

(e)      All obligations under this Agreement shall be terminated, except to the extent
determined that continuation of the contract is necessary for the continued operation of the Bank, (i) by either the Office of the Comptroller of the Currency or the Board of Governors of the Federal Reserve System (collectively, the
“Regulator”) or his or her designee, at the time the FDIC enters into an agreement to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) [12 USC §1823(c)] of the Federal Deposit
Insurance Act; or (ii) by the Regulator or his or her designee at the time the Regulator or his or her designee approves a supervisory merger to resolve problems related to operation of the Bank or when the Bank is determined by the Regulator
to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action. 

(f)      Notwithstanding anything herein contained to the contrary, any payments to Executive by
the Bank or the Company, whether pursuant to this Agreement or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1828(k), and the regulations
promulgated thereunder in 12 C.F.R. Part 359. 

  
 13 

	16.	 SEVERABILITY. 

If, for any reason, any provision of this Agreement, or any part of any provision, is held invalid, such invalidity shall not
affect any other provision of this Agreement or any part of such provision not held so invalid, and each such other provision and part thereof shall to the full extent consistent with law continue in full force and effect. 

 

	17.	 HEADINGS FOR REFERENCE ONLY. 

The headings of sections and paragraphs herein are included solely for convenience of reference and shall not control the
meaning or interpretation of any of the provisions of this Agreement. 
  

	18.	 GOVERNING LAW. 

This Agreement shall be governed by the laws of the State of Wisconsin except to the extent superseded by federal law. 

 

	19.	 ARBITRATION. 

Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by binding
arbitration, as an alternative to civil litigation and without any trial by jury to resolve such claims, conducted by a panel of three arbitrators sitting in a location selected by Executive within fifty (50) miles from the main office of the
Bank, in accordance with the rules of the American Arbitration Bank’s National Rules for the Resolution of Employment Disputes (“National Rules”) then in effect. One arbitrator shall be selected by Executive, one arbitrator
shall be selected by the Bank and the third arbitrator shall be selected by the arbitrators selected by the parties. If the arbitrators are unable to agree within fifteen (15) days upon a third arbitrator, the arbitrator shall be appointed for
them from a panel of arbitrators selected in accordance with the National Rules. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 
  

	20.	 INDEMNIFICATION. 

(a)      Executive shall be provided with coverage under a standard directors’ and
officers’ liability insurance policy, and shall be indemnified for the term of this Agreement and for a period of six years thereafter to the fullest extent permitted under applicable law against all expenses and liabilities reasonably incurred
by him in connection with or arising out of any action, suit or proceeding in which he may be involved by reason of his having been a director or officer of the Bank or any affiliate (whether or not he continues to be a director or officer at the
time of incurring such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments, court costs and attorneys’ fees and the cost of reasonable settlements (such settlements must be approved by the
Board), provided, however, Executive shall not be indemnified or reimbursed for legal expenses or liabilities incurred in connection with an action, suit or proceeding arising from any illegal or fraudulent act committed by Executive. Any such
indemnification shall be made consistent with Section 18(k) of the Federal Deposit Insurance Act, 12 U.S.C. §1828(k), and the regulations issued thereunder in 12 C.F.R. Part 359. 

  
 14 

 (b)      Any indemnification by the Bank shall
be subject to compliance with any applicable regulations of the Federal Deposit Insurance Corporation. 
  

	21.	 NOTICE. 

For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing
and shall be deemed to have been duly given when delivered or mailed by certified or registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below: 

 

					
	
                    
	 	 To the Bank:
	  	 Chairman of the Board

PyraMax Bank, FSB
 7001 W.
Edgerton Ave.
 Greenfield, WI 53220

			
		 	 To Executive:
	  	 Thomas Peterson

At the address last appearing on

the personnel records of the Bank

  
 15 

 IN WITNESS WHEREOF, the Bank and the Company have caused this
Agreement to be executed by their duly authorized representatives, and Executive has signed this Agreement, on the date first above written. 
  

			
	 PYRAMAX BANK, FSB

		
	 By:
	 	 /s/ Richard Hurd

Richard Hurd

		 	 President and Chief Executive Officer

	
	 1895 BANCORP OF WISCONSIN, INC.

		
	 By:
	 	 /s/ Richard Hurd

Richard Hurd

		 	 President and Chief Executive Officer

	
	 EXECUTIVE

	
	 /s/ Thomas Peterson

Thomas Peterson

  
 16EX-10.5

 Exhibit 10.5 

NONQUALIFIED DEFERRED COMPENSATION PLAN 

ADOPTION AGREEMENT 
 The Plan Sponsor named
below hereby establishes a Nonqualified Deferred Compensation Plan for Eligible Individuals as provided in this Adoption Agreement and the Basic Plan Document. 
  

	I.	 Plan Sponsor Information 

 

	 	(a)	 Name and Address of Plan Sponsor: 

PyraMax Bank 
 7001 W. Edgerton
Greenfield WI 53220 
  

	 	(b)	 Plan Name: 

PyraMax Bank FSB NQDC 
  

	 	(c)	 Telephone Number: 414.235.5204 

 

	 	(d)	 Tax ID Number: 39-0624390 

Name of Plan: PyraMax Bank FSB N’QDC 
  

	 	(e)	 Tax Year End: 12/31 

  

	II.	 Definitions 

  

	(a)	 Compensation Shall mean (select one or more):

  

							
		 	 (i)
	  	 ☑
	  	 Regular Salary

				
		 	 (ii)
	  	 ☑
	  	 Bonuses

				
		 	 (iii)
	  	 ☐
	  	 Commissions

				
		 	 (iv)
	  	 ☐
	  	 Performance-Based Compensation

				
		 	 (v)
	  	 ☑
	  	 Director Fees

  

	(b)	 Disability 

 

					
		 	 (i)
	  	 Distributable Event (select one):

							
				
	     
	 	           
	 	 (1) ☑
	  	 Disability shall be a Distributable Event under the Plan.

	     
	 	           
	 	 (2) ☐
	  	 Disability shall not be a Distributable Event under the
Plan.

  

					
		 	 (ii)
	  	 Definition: A Participant shall be disabled if the Participant

(select one or more, if applicable):

  

							
	    	 	          	 	(1) ☐	  	is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less
than 12 months;
				
		 		 	(2) ☐	  	is by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits
for a period of not less than 3 months under an accident and health plan covering employees of the Participant’s Plan Sponsor;
				
	    	 	          	 	(3) ☐	  	is determined to be disabled in accordance with a disability insurance program that applies a definition of disability that complies with the requirements of (1) or
(2) above;

							
				
	    	 	          	 	(4) ☑	  	is determined to be disabled by the Social Security Administration or Railroad Retirement Board.

  

	(c)	 Domestic Partner Shall mean an individual whose domestic partnership with a
Participant has been registered with the Plan Sponsor, if required under the policies and procedures established by the Plan Sponsor, and is (select one): 

  

							
		  	(i) 	  	☑	  	An individual over age 18 in a committed relationship with the Participant which relationship includes the following characteristics: the parties have shared the same regular and permanent residence for at least six (6) months;
neither party is legally married to any other person; the parties have no blood relationship that would preclude marriage both parties have attained the age of legal majority in their state of residence; and the parties are financially
interdependent.
				
		  	(i) 	  	☐	  	An individual who satisfies the following
criteria:                                       
                                         
    
				
		  	(ii) 	  	☐	  	The Plan does not recognize Domestic Partners.

  

	(d)	 Interim Distribution Date Shall
mean (select one): 

  

							
		  	(i)	  	☐	  	The first day of the Taxable Year in which falls the date that is three (3), five (5) or ten (10) years beginning after the Taxable Year in which the services giving rise to the earliest Compensation Deferrals and/or
Matching or Discretionary Credits subject to the Interim Distribution Date are to be performed, as selected by the Participant, upon which a distribution shall be made in accordance with Section 6.9 of the Plan document.
				
		  	(ii)	  	☐	  	The first day of the Taxable Year in which falls the date that is                (may be three (3) or
greater),        (must be five (5) or greater, and must be greater than the number set forth
in the immediately preceding blank line), or                
(must be five (5) or greater, and must be greater than the number set forth in the immediately preceding blank line) years beginning after the Taxable Year in which the services giving rise to the earliest
Compensation Deferrals and/or Matching or Discretionary Credits subject to the Interim Distribution Date are to be performed, as selected by the Participant, upon which a distribution shall be made in accordance with Section 6.9 of the Plan
document. (For example, if the Plan Sponsor selects 3, 6 and 10 years above, a Participant who defers Compensation otherwise payable in 2015 may elect to have an Interim Distribution Date with respect to such deferral that is January 1, 2018,
January 1, 2021 or January 1, 2025.)

  

	(e)	 De Minimis Distributions (select one): 

 

							
		  	(i) 	  	☐	  	The Plan Sponsor shall not make De Minimis Distributions.
				
		  	(ii) 	  	☐	  	The Plan Sponsor shall make De Minimis Distributions, and, notwithstanding the Participant’s election regarding the Separation from Service Payment, the Plan Sponsor shall pay the Participant’s benefit in a single lump sum
payment, provided that:

  

							
	    	  	          	  	(1)	  	the payment accompanies the termination and liquidation of the entirety of the Participant’s interest in the Plan and all Aggregated Plans, and
				
		  		  	(2)	  	the payment is not greater than (select one):

  

									
	    	  	 

          
	  	      	  	(A)	  	☐ $                    (select an amount no greater than the current applicable dollar limit under Code
section 402(g)(1)(8)) ($18,000 for 2015) (the “Applicable Dollar Limit”)), or

  

							
	    	  	          	  	(B) ☑	  	The Applicable Dollar Limit, as adjusted, for the Taxable Year in which the payment occurs.

  

	(f)	 Effective Date This is a (select one): 

 

							
	    	  	          	  	(i) ☐	  	 New Plan. The effective date of this new Plan is __________________________

 

		  		  	(ii) ☑	  	Restatement of an existing Plan. The Plan was originally effective as of 01/01/2012 The effective date of this restated Plan document and Adoption Agreement is 01/01/2016. This restated Plan document and Adoption Agreement apply to
all amounts (select 1 or 2 and, if applicable, 3)

  

											
	    	 		  	          	  		  	(1) ☐	  	deferred in taxable years beginning after An amount is considered deferred as of any date for purposes of this Section if the Participant has a legally binding right to be paid the amount and the right to the amount is earned and
vested.

  
 2 

									
	    	  	          	  	  	  	(2) ☐	  	                                      
                          
		  		  		  	(3) ☐	  	Notwithstanding the foregoing, this restated Plan document and Adoption Agreement will not apply to the following amounts (describe, if applicable): ____________________________________

  

	III.	 Eligibility 

The Plan is intended to be “a plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated employees” within the meaning of §§201(2) and 301(a)(3) of the Employee Retirement Income Security Act of 1974 (“ERISA”). The Plan Sponsor should consult
with counsel regarding eligibility under the “select group” standard. 
 An individual shall be an Eligible Individual as
follows (select one or more): 
  

					
	  	 	(a) ☑	  	If he or she is designated as an Eligible Individual by resolution of the Board of the Plan Sponsor.
			
		 	(b) ☐	  	If he or she is designated, in writing, as an Eligible Individual by the Plan Administrator. The Plan Administrator will not vote or act on any matter regarding eligibility that relates solely to himself or herself.

  

							
	    	  	    	  	(a) ☐	  	If he or she occupies one of the following positions:
				
		  		  	(b) ☑  	  	If his or her Compensation for a Taxable Year is expected to be greater than $120,000
				
		  		  	(c) ☐	  	If he or she is an Eligible Individual, as defined in Ill (a), (b) (c) or (d) above, of an Additional Adopting Plan Sponsor as listed on Exhibit A attached to this Adoption Agreement and is otherwise defined as an Eligible
Individual under the Plan.

  

	IV.	 Compensation Deferrals (select one or more): 

 

							
	    	  	    	  	(a) ☐	  	A Participant’s Compensation Deferrals with respect to a Taxable Year shall be limited to a minimum of (select one or more):

  

									
	    	 	      	 		 	(i)	  	☐    _____________________ % of a Participant’s Regular Salary
					
		 		 		 	(ii)	  	☐    _____________________ % of a Participant’s Bonus
					
		 		 		 	(iii)	  	☐    _____________________ % of a Participant’s Commission
					
		 		 		 	(iv)	  	☐    _____________________ % of a Participant’s Performance-Based Compensation
					
		 		 		 	(v)	  	☐    _____________________ % of a Participant’s Director’s Fees

  

							
	    	 	    	 	(b) ☐	  	A Participant’s Compensation Deferrals with respect to a Taxable Year shall be limited to a maximum of (select one or more):

  

									
	    	 	    	 	  	 	(i)	  	☑    _______100___________ % of a Participant’s Regular Salary
					
	    	 	    	 	  	 	(ii)	  	☑    _______100___________ % of a Participant’s Bonus
					
		 		 		 	(iii)	  	☑    _______100___________ % of a Participant’s Commission
					
		 		 		 	(iv)	  	☐    _____________________ % of a Participant’s Performance-Based Compensation
					
		 		 		 	(v)	  	☑    _______100___________ % of a Participant’s Director’s Fees

  

							
	    	 	    	 	(c) ☐	  	Participant’s Compensation Deferrals with respect to a Taxable Year shall be limited to a minimum of (select one or more):

  
 3 

  

									
	    	  	    	  	  	  	(i)	  	☐    _____________________ % of a Participant’s Regular Salary
					
		  		  		  	(ii)	  	☐    _____________________ % of a Participant’s Bonus
					
		  		  		  	(iii)	  	☐    _____________________ % of a Participant’s Commission
					
		  		  		  	(iv)	  	☐    _____________________ % of a Participant’s Performance-Based Compensation
					
		  		  		  	(v)	  	☐    _____________________ % of a Participant’s Director’s Fees

  

							
	  	 	  	 	(d)     ☐	  	A Participant’s Compensation Deferrals with respect to a Taxable Year shall be limited to a maximum of (select one or more):

  

									
	    	  	    	  	  	  	(i)	  	☐    _____________________ % of a Participant’s Regular Salary
					
		  		  		  	(ii)	  	☐    _____________________ % of a Participant’s Bonus
					
		  		  		  	(iii)	  	☐    _____________________ % of a Participant’s Commission
					
		  		  		  	(iv)	  	☐    _____________________ % of a Participant’s Performance-Based Compensation
					
		  		  		  	(v)	  	☐    _____________________ % of a Participant’s Director’s Fees

  

							
	  	 	  	 	(e)	  	A Participant’s Compensation Deferral election (select one):

  

									
	    	 	  	 	  	 	(i)	  	    ☐ will
		 		 		 	(ii)	  	    ☐ will not

 evergreen (or carry over) to subsequent Taxable Years. (If a Participant’s Compensation Deferral election
does not evergreen, or carryover, to a subsequent Taxable Year, the Participant will be deemed to have elected not to defer Compensation during a subsequent Taxable Year unless the Participant submits, in accordance with the terms of the Plan and
Code §409A, an affirmative Compensation Deferral election for each upcoming Taxable Year.) 
  

	V.	 Matching Credits 

 

							
	  	 	  	 	(a)	  	Matching Credits shall be determined in accordance with one or more of the following methods (select one or more):

  

									
	    	 	  	 	  	 	(i)     ☐	  	The Plan Sponsor shall credit to the Account of each Participant                % of such Participant’s Compensation Deferrals. Matching
Credits shall be made based on Compensation Deferrals made each (select one):

  

											
	    	 	  	 	  	 	  	 	(1)	  	☐ Pay Period
						
		 		 		 		 	(2)	  	☐ Taxable Year
						
		 		 		 		 	(3)	  	☐ Other (specify) _______________________________

  

									
	    	 	  	 	  	 	(ii)	  	The Plan Sponsor shall credit to the Account of each Participant        % of such Participant’s Compensation Deferrals that do not
exceed        % the Participant’s Compensation, plus        % of the Participant’s Compensation Deferrals that exceed _____% of such
Participant’s Compensation but do not exceed _____% of the Participant’s Compensation. Matching Credits shall be made based on Compensation Deferrals made each (select one):

  

											
	    	 	  	 	  	 	  	 	(1)	  	Pay Period
		 		 		 		 	(2)	  	Taxable Year
		 		 		 		 	(3)	  	Other (specify) _______________________________

  
 4 

									
	    	 	  	 	  	 	(iii)	  	☐ The Plan Sponsor shall credit to the Account of each Participant an annual Matching Credit equal to (a) the matching contribution amount (if any) which the Plan Sponsor would have contributed under the
Participant’s qualified plan account or accounts for the Taxable Year were the Plan Sponsor not prohibited under applicable law (including due to Code, including ACP testing, limits) from making such a matching contribution under the qualified
plan, minus (b) the matching contribution the Plan Sponsor actually contributed under the Participant’s qualified plan account or accounts for the Taxable Year. Notwithstanding the preceding, a Participant will receive an annual Matching
Credit under this Plan for a Taxable Year only if the Participant has made the maximum salary reduction contributions permitted under the qualified plan during the applicable Taxable Year.
					
		 		 		 	(iv)	  	☐An amount determined and made at a time in the discretion of the Plan Sponsor.
					
		 		 		 	(v)	  	☑ The Plan does not offer Matching Credits.

  

							
	  	 	  	 	(b)	  	Limitations on Matching Credits.

  

									
	    	 	  	 	  	 	(i)	  	☐ The Matching Credit shall not exceed $                     for any Participant.
					
		 		 		 	(ii)	  	☐ The Plan Sponsor shall not provide a Matching Credit for any Compensation Deferral in excess of                 % of the
Participant’s Compensation.

  

							
	  	 	  	 	(c)	  	Eligibility for Matching Credit (select one or more) (As noted above, if the Plan Sponsor elects to make Matching Credits in accordance with (a)(iii), a Participant will be eligible for an annual Matching Credit only
if the Participant has made the maximum salary reduction contributions permitted under the Plan Sponsor’s qualified plan during the applicable Taxable Year):

  

									
	    	 	  	 	  	 	(i)	  	☐ All Participants who have completed at least _____ Hours of Employment during the Taxable Year. The term

 “Hours of Employment” is defined as: 

                    
                                         
                    
  

                    
                                         
                    
  

									
	    	 	  	 	  	 	(ii)	  	☐ All Participants employed on the last day of a Taxable Year.
					
		 		 		 	(iii)	  	☐ All Participants who satisfy the following conditions:

                    
                                         
                    
  

                    
                                         
                    
  

									
	    	 	  	 	  	 	(iv)	  	☑ No eligibility conditions. All Participants who make Compensation Deferrals are eligible for Matching Credits.

  

	VI.	 Discretionary Credits 

 

							
	  	 	  	 	(a)	  	Amount of Discretionary Credit (select one):

  

									
	    	 	  	 	  	 	(i)	  	☑ An amount determined at the discretion of Plan Sponsor, which need not be uniform as to Participants.
					
		 		 		 	(ii)	  	 ☐ An amount determined by the following formula:

                          
                                         
             

					
		 		 		 	(iii)	  	An amount equal to (a) the non-matching contribution amount (if any) which the Plan Sponsor would have contributed under the Participant’s qualified plan account or
accounts for the Taxable Year were the Plan Sponsor not prohibited under applicable law (including due to Code limits) from making such a contribution under the qualified plan, minus
(b) the non-matching contribution the Plan Sponsor actually contributed under the Participant’s qualified plan account or accounts for the Taxable Year.

  
 5 

 (iv) ☐ The Plan does not offer Discretionary Credits. 

 

	 	(b)	 Eligibility for Discretionary Credit (select one or more): 

 

	                       (i)

	☐	 All Participants who have completed at least _______ Hours of Employment during the Taxable Year. (The term “Hours of
Employment” must be defined as defined above. If no Matching Contributions are provided, or “Hours of Employment” are not an eligibility requirement for Matching Contributions, the term
“Hours of Employment” is defined as: ___________________________________ 

  

	                       (ii)

	☐	 All Participants employed on the last day of a Taxable Year. 

 

	                       (ii)

	☐	 All Participants who satisfy the following conditions: 

 

	                       (iv)

	☐	 No eligibility conditions. All Participants who are Eligible Individuals of the Plan Sponsor during the Taxable Year are eligible for
Discretionary Credits. 

  

	VH.	 Vesting and Forfeitures (select one or more): 

 

	             (a) 
	☐	 A Participant’s entire Account shall be 100% vested at all times. 

 

	             (b) 
	☐	 A Participant’s vesting schedule can be accelerated at the discretion of the Plan Administrator if such a change in vesting schedule is
in writing. The Plan Administrator will not vote or act on any matter regarding Vesting and Forfeitures that relates solely to himself or herself. 

  

	             (c) 
	☑	 The Participant shall at all times be one-hundred percent (100%) vested in his or her
Compensation Deferrals, as well as in any hypothetical appreciation (or depreciation) specifically attributable to such Compensation Deferrals due to Investment Credits and Debits. The Participant shall vest in Matching Credits and/or Discretionary
Credits, as well as in any hypothetical appreciation (or depreciation) specifically attributable to such amounts due to Investment Credits and Debits, pursuant to the vesting schedule shown below. 

 

			
	Years of Service	  	Vesting Percentage
	1	  	20%
	2	  	40%
	3	  	60%
	4	  	80%
	5	  	100%

 For purposes of the above schedule, a Participant shall earn a “Year of Service” as
follows: 
  

                    
                                         
                                         
                                         
      
  

                    
                                         
                                         
                                         
      
 The Vesting Schedule specified above applies (select one): 

 

	 	☐	 separately to each Class Year Account of a Participant 

 

	 	☐	 the entire Plan Account of a Participant. 

(d) ☑ A Participant’s entire Account shall become 100% vested upon (select one or more): 

(i)    ☑ The Participant’s death while employed 

(ii)   ☑ The Participant’s Disability while employed. 

(iii)  ☐ The Participant’s attainment of age _____ while employed. 

(iv)  ☑ A Plan Termination Following a Change in Control Event, if applicable. 

  
 6 

	 	(i)	 ☐ A Conflict of Interest Divestiture. 

 

	 	(ii)	 ☐ The Participant’s involuntary Separation from Service Without Good Cause by the Plan Sponsor.

  

	           (e) 
	☐	 A Participant who is otherwise vested in accordance with this Section VII shall nevertheless forfeit his or her vested Account (other than
Compensation Deferrals and any hypothetical appreciation or depreciation specifically attributable to such Compensation Deferrals) under the following circumstances {please specify): 

 

	 	(f)	 Any forfeitures under the Plan shall be credited to the Account of each Participant other than the Participant
whose Account generated the forfeiture in the same proportion that each such Participant’s Account as of the end of the Taxable Year in which the forfeiture occurred bears to the Accounts of all such Participants as of the same date.

 VIII. Delay in Payment (select one or more): 

An amount otherwise required to be paid under the Plan shall be delayed if the payment 

 

	 	(a)	 ☐ Is subject to Code §162(m). 

 

	 	(b)	 ☐ Violates federal securities laws or certain other applicable law. 

 
 IX. Change in Control Event 

 

	 	(a)	 A Change in Control Event shall be defined as (election applies only to Plan Sponsors that are
corporations; select one or more): 

  

	 	(i)	 ☑ Change in Ownership of the Corporation. 

 

	 	(ii)	 ☑ A Change in the Effective Control of the Corporation. 

 

	 	(iii)	 ☐ A Change in Ownership of a Substantial Portion of a Corporation’s Assets. 

 

	 	(b)	 The occurrence of a Change in Control Event shall (select one): 

 

	 	(i)	 ☐ not, under any circumstances, including the discretion of the Plan Sponsor, constitute a Plan
Termination Following a Change in Control Event. 

  

	 	(ii)	 ☐ constitute a Plan Termination Following a Change Control Event. 

 

	 	(iii)	 ☑ may constitute a Plan Termination Following a Change in Control Event, at the discretion of the Plan
Sponsor, within 12 months of a Change in Control Event. 

 X. Distribution Elections 

 

	 	(a)	 A Participant’s election of the form and timing of payment of his or her benefit under the Plan applies
(select one): 

  

	
	 (i) ☐ separately to each vested Class Year Account

	
	 (ii)  ☐ to his or her entire vested Account.

 (b) If a Participant may submit a new form and timing of payment election for each Class Year Account, a
Participant’s form and timing of payment election (select one): 
  

	
	 (i) ☐ will

	
	 (ii)  ☑ will not

 evergreen (or carry over) to apply to subsequent Class Year Accounts. 

  
 7 

	 	(c)	 For purposes of Section 6.3 of the Plan, Normal Retirement Age means Age ________ 

 

	XI.	 Signatures 

This Nonqualified Deferred Compensation Plan, including this Adoption Agreement, has been designed to permit Participants to defer Federal and
state income tax on amounts credited to their Accounts until a later Taxable Year. The Plan Sponsor adopting this Plan should consult with tax counsel regarding the consequences of adopting this Plan to both the Plan Sponsor and Participants and the
effect an amendment or restatement of an existing plan using this Plan Document may have, if any, under Code §409A. Registration of interests under this Nonqualified Deferred Compensation Plan may be required under securities law. Independent
legal counsel should be consulted with respect to securities law issues. By executing this Adoption Agreement, the Plan Sponsor acknowledges that no representations or warranties as to the legal consequences (including the tax and securities law
consequences) to the Plan Sponsor and Participants of the operation of this Plan have been made by the entity that has provided this Plan document and Adoption Agreement. 

The Plan and this accompanying Adoption Agreement were adopted by the Plan Sponsor the
1st day of January, 2016. 
 Executed for the Plan Sponsor by: Monica Baker 

Title of Individual: Chief Brand Officer 

Signature: /s/ Monica Baker 

  
 8 

 EXHIBIT A 

ADDITIONAL ADOPTING PLAN SPONSORS 
 In
accordance with paragraph 1.33 of the Basic Plan Document, the Plan Sponsor has consented to allow the following entities to participate in the Plan: 
 1.

 2. 
 3. 

4. 
 5. 

6. 
 7. 

8. 
 9. 

10. 

  

NONQUALIFIED DEFERRED COMPENSATION PLAN 

BASIC PLAN DOCUMENT 
  

 
 April 2015 

TABLE OF CONTENTS 
  

									
	 PREAMBLE 
	  	 	1	 
		
	ARTICLE I	  	 	 
		
	 DEFINITIONS 
	  	 	2	 
		 	 1.1
	  	 Account
	  	 	2	 
		 	 1.2
	  	 Adoption Agreement
	  	 	2	 
	     
	 	 1.3
	  	 Affiliate
	  	 	2	 
		 	 1.4
	  	 Aggregated Plan
	  	 	2	 
		 	 1.5
	  	 Beneficiary
	  	 	2	 
		 	 1.6
	  	 Benefit Benchmarks
	  	 	2	 
		 	 1.7
	  	 Board
	  	 	2	 
		 	 1.8
	  	 Change in Control Event
	  	 	2	 
		 	 1.9
	  	 Class Year Account
	  	 	4	 
		 	 1.10
	  	 Code
	  	 	4	 
		 	 1.11
	  	 Commissions
	  	 	4	 
		 	 1.12
	  	 Compensation
	  	 	4	 
		 	 1.13
	  	 Compensation Deferral Agreement
	  	 	5	 
		 	 1.14
	  	 Compensation Deferrals
	  	 	5	 
		 	 1.15
	  	 Conflict of Interest Divestiture
	  	 	5	 
		 	 1.16
	  	 Corporate Dissolution
	  	 	5	 
		 	 1.17
	  	 De Minimis Distribution
	  	 	5	 
		 	 1.18
	  	 Disability
	  	 	5	 
		 	 1.19
	  	 Distributable Event
	  	 	5	 
		 	 1.20
	  	 Domestic Partner
	  	 	5	 
		 	 1.21
	  	 Domestic Relations Order
	  	 	5	 
		 	 1.22
	  	 Effective Date
	  	 	5	 
		 	 1.23
	  	 Eligible Individual
	  	 	5	 
		 	 1.24
	  	 ERISA
	  	 	5	 
		 	 1.25
	  	 Income Inclusion Under Code § 409A
	  	 	5	 
		 	 1.26
	  	 Interim Distribution Date
	  	 	5	 
		 	 1.27
	  	 Investment Commissions
	  	 	5	 
		 	 1.28
	  	 Investment Credits and Debits
	  	 	6	 
		 	 1.29
	  	 Nonqualified Deferred Compensation Plan
	  	 	6	 
		 	 1.30
	  	 Normal Retirement Age
	  	 	6	 
		 	 1.31
	  	 Participant
	  	 	6	 
		 	 1.32
	  	 Performance-Based Compensation
	  	 	6	 
		 	 1.33
	  	 Plan
	  	 	6	 
		 	 1.34
	  	 Plan Administrator
	  	 	6	 
		 	 1.35
	  	 Plan Sponsor
	  	 	7	 
		 	 1.36
	  	 Plan Termination Following a Change in Control Event
	  	 	7	 
		 	 1.37
	  	 Plan Termination Following a Corporate Dissolution
	  	 	7	 
		 	 1.38
	  	 Plan Termination in Connection with Termination of Certain Similar Arrangements
	  	 	7	 
		 	 1.39
	  	 Regular Salary
	  	 	7	 
		 	 1.40
	  	 Sales Commissions
	  	 	7	 
		 	 1.41
	  	 Separation from Service
	  	 	7	 
	     
	 	 1.42
	  	 Specified Employee
	  	 	8	 

									
	     
	 	 1.43
	  	 Spouse
	  	 	8	 
		 	 1.44
	  	 Taxable Year
	  	 	8	 
		 	 1.45
	  	 Trust
	  	 	8	 
		 	 1.46
	  	 Trustee
	  	 	9	 
		 	 1.47
	  	 Unforeseeable Emergency
	  	 	9	 
		 	 1.48
	  	 Valuation Date
	  	 	9	 
		 	 1.49
	  	 Without Good Cause
	  	 	9	 
	
	 ARTICLE II
	  

									
		
	 ELIGIBILITY AND PARTICIPATION 
	  	 	10	 
	     
	 	 2.1          
	  	 Eligibility
	  	 	10	 
		 	 2.2
	  	 Participation
	  	 	10	 
		 	 2.3
	  	 Compensation Deferral Agreement
	  	 	10	 
		 	 2.4
	  	 Matching Credits and Discretionary Credits
	  	 	11	 
		 	 2.5
	  	 Establishing a Reserve for Plan Liabilities
	  	 	11	 
	
	 ARTICLE III
	  

		
	 PARTICIPANT ACCOUNTS AND REPORTS 
	  	 	12	 
		 	 3.1
	  	 Establishment of Accounts
	  	 	12	 
		 	 3.2
	  	 Account Maintenance
	  	 	12	 
		 	 3.3
	  	 Investment Credits and Debits
	  	 	12	 
		 	 3.4
	  	 Participant Statements
	  	 	13	 
	
	 ARTICLE IV
	  

		
	 WITHHOLDING OF TAXES 
	  	 	13	 
		 	 4.1
	  	 Withholding from Compensation
	  	 	13	 
		 	 4.2
	  	 Withholding from Benefit Distributions
	  	 	13	 
	
	 ARTICLE V
	  

		
	 VESTING 
	  	 	13	 
		 	 5.1
	  	 Vesting
	  	 	13	 
	
	 ARTICLE VI
	  

		
	 PAYMENTS 
	  	 	14	 
		 	 6.1
	  	 Benefits
	  	 	14	 
		 	 6.2
	  	 Timing of Distribution Elections
	  	 	14	 
		 	 6.3
	  	 Separation from Service Payment
	  	 	15	 
		 	 6.4
	  	 Conflict of Interest Divestiture
	  	 	15	 
		 	 6.5
	  	 Death Benefit
	  	 	15	 
		 	 6.6
	  	 Disability Benefit
	  	 	15	 
		 	 6.7
	  	 Domestic Relations Order Payment
	  	 	15	 
		 	 6.8
	  	 Unforeseeable Emergency Distribution
	  	 	16	 
		 	 6.9
	  	 Election to Receive Interim Distributions
	  	 	16	 
		 	 6.10
	  	 Payment upon Income Inclusion Under § 409A
	  	 	16	 
		 	 6.11
	  	 Permissible Delay in Payments
	  	 	16	 
		 	 6.12
	  	 Beneficiary Designation
	  	 	17	 
		 	 6.13
	  	 Claims Procedure
	  	 	17	 
	
	 ARTICLE VII
	  

									
		
	 CANCELLATION OF DEFERRALS
	  	 	20	 
	    	 	7.1          	  	 Unforeseeable Emergency
	  	 	20	 

									
	
	 ARTICLE VIII
	 
		
	 PLAN ADMINISTRATION
	  	 	20	 
		 	8.1	  	 Appointment
	  	 	20	 
	    	 	8.2	  	 Duties of Plan Administrator
	  	 	20	 
		 	8.3	  	 Plan Sponsor
	  	 	20	 
		 	8.4	  	 Administrative Fees and Expenses
	  	 	20	 
		 	8.5	  	 Plan Administration and Interpretation
	  	 	20	 
		 	8.6	  	 Powers, Duties, Procedures
	  	 	21	 
		 	8.7	  	 Information
	  	 	21	 
		 	8.8	  	 Indemnification of Plan Administrator
	  	 	21	 
		 	8.9	  	 Plan Administration Following a Change in Control Event
	  	 	21	 
	
	 ARTICLE IX
	 
		
	 TRUST FUND
	  	 	22	 
		 	9.1	  	 Trust
	  	 	22	 
		 	9.2	  	 Unfunded Plan
	  	 	22	 
		 	9.3	  	 Assignment and Alienation
	  	 	22	 
	
	 ARTICLE X
	 
		
	 AMENDMENT AND PLAN TERMINATION
	  	 	22	 
		 	10.1	  	 Amendment
	  	 	22	 
		 	10.2	  	 Plan Termination
	  	 	22	 
		 	10.3	  	 Plan Termination Following a Change in Control Event
	  	 	23	 
		 	10.4	  	 Plan Termination Following a Corporate Dissolution
	  	 	23	 
		 	10.5	  	 Plan Termination in Connection with Termination of Certain Similar Arrangements
	  	 	23	 
		 	10.6	  	 Effect of Payment
	  	 	24	 
	
	 ARTICLE XI
	 
		
	 MISCELLANEOUS
	  	 	24	 
		 	11.1	  	 Total Agreement
	  	 	24	 
		 	11.2	  	 Employment Rights
	  	 	24	 
		 	11.3	  	 Non-Assignability
	  	 	24	 
		 	11.4	  	 Binding Agreement
	  	 	24	 
		 	11.5	  	 Receipt and Release
	  	 	24	 
		 	11.6	  	 Furnishing Information
	  	 	24	 
		 	11.7	  	 Compliance with Code § 409A
	  	 	25	 
		 	11.8	  	 Insurance
	  	 	25	 
		 	11.9	  	 Governing Law
	  	 	25	 
		 	11.10	  	 Headings and Subheadings
	  	 	25	 

 PREAMBLE 

The Plan Sponsor, by executing the Nonqualified Deferred Compensation Plan Adoption Agreement, hereby establishes or amends an unfunded Nonqualified Deferred
Compensation Plan for a select group of management or highly compensated Eligible Individuals. Under the terms of the Plan, Eligible Individuals may elect to defer receipt of their Compensation to a later Taxable Year. 

Participants shall have no right, either directly or indirectly, to anticipate, sell, assign or otherwise transfer any benefit accrued under the Plan. In
addition, no Participant shall have any interest in any assets set aside as a source of funds to satisfy benefit obligations under the Plan. Participants shall have the status of general unsecured creditors of the Plan Sponsor, and the Plan shall
constitute an unsecured promise by the Plan Sponsor to make benefit payments in the future. 
 The Plan is intended to be “a plan which is unfunded and
is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of ERISA §§201(2) and 301(a)(3), is intended to comply with
the requirements of Code §409A and the regulations and binding guidance issued thereunder to avoid adverse tax consequences and shall be interpreted and administered to the extent possible in a manner consistent with that intent. 

  
 1 

 ARTICLE I 

DEFINITIONS 
  

	1.1	 Account The bookkeeping account established for each Participant to record his
or her benefit under the Plan. 

  

	1.2	 Adoption Agreement The written instrument by which the Plan Sponsor
establishes or amends a Nonqualified Deferred Compensation Plan for Eligible Individuals. 

  

	1.3	 Affiliate Any corporation or business entity that would be considered a single
employer with the Plan Sponsor pursuant to Code §§ 414(b) or 414(c). 

  

	1.4	 Aggregated Plan A nonqualified deferred compensation plan that is required to
be aggregated and treated with the Plan as a single plan under Code § 409A. 

  

	1.5	 Beneficiary An individual, individuals, trust or other entity designated by
the Participant to receive his or her benefit in the event of the Participant’s death. If more than one Beneficiary survives the Participant, the Participant’s benefit shall be divided equally among all such Beneficiaries, unless otherwise
provided in the Beneficiary Designation form. Nothing herein shall prevent the Participant from designating primary and contingent Beneficiaries. 

  

	1.6	 Benefit Benchmarks Hypothetical investment funds or benchmarks made available
to Participants by the Plan Administrator for purposes of valuing benefits under the Plan. 

  

	1.7	 Board The Board of Directors of the Plan Sponsor identified in Section I of
the Adoption Agreement, or similar governing body if such Plan Sponsor has no Board of Directors. 

  

	1.8	 Change in Control Event A Change in Ownership, Change in Effective Control or
Change in Ownership of a Substantial Portion of Assets, as elected by the Plan Sponsor in the Adoption Agreement, of a corporation identified in Section 1.8(e). 

 

	 	(a)	 Change in Effective Control of the Corporation 

 

	 	(i)	 Notwithstanding that a corporation has not undergone a Change in Ownership, a Change in Effective Control
occurs on the date that either: 

  

	 	(1)	 any one person or Persons Acting as a Group, acquires (or has acquired during
the 12-month period ending on the date of the most recent acquisition by such person or Persons Acting as a Group) ownership of stock of the corporation possessing 30 percent or more of the
total voting power of the stock of such corporation; or 

  

	 	(2)	 a majority of members of the corporation’s board of directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the corporation’s board of directors prior to the date of the appointment or election,
provided that for purposes of this Section 1.8(a)(i)(2) the term corporation refers solely to the relevant corporation identified in Section 1.8(e) for which no other corporation is a majority shareholder for purposes of that section.

 In the absence of an event described in Section 1.8(a)(i)(1) or Section 1.8(a)(i)(2) a Change in Effective
Control will not have occurred. 
  

	 	(ii)	 A Change in Effective Control may occur in any transaction in which either of the two corporations involved in
the transaction has a Change in Ownership or a Change in Ownership of a Substantial Portion of Assets. 

  

	 	(iii)	 If any one person or Persons Acting as a Group, is considered to effectively control a corporation (within the
meaning of this Section 1.8(a)), the acquisition of additional control of the corporation by the same person or Persons Acting as a Group is not considered to cause a Change in Effective Control (or to cause a Change in Ownership within the
meaning of Section 1.8(b)). 

  

	 	(b)	 Change in the Ownership of the Corporation. A Change in Ownership occurs on
the date that any one person or Persons Acting as a Group, acquires ownership of stock of the corporation that, together with 

  
 2 

	 	 
stock held by such person or Persons Acting as a Group, constitutes more than 50 percent of the total fair market value or total voting power of the stock of such corporation. However, if
any one person or Persons Acting as a Group, is considered to own more than 50 percent of the total fair market value or total voting power of the stock of a corporation, the acquisition of additional stock by the same person or Persons Acting
as a Group is not considered to cause a Change in Ownership (or to cause a Change in Effective Control). An increase in the percentage of stock owned by any one person or Persons Acting as a Group, as a result of a transaction in which the

  

	 	corporation acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of a Change in Ownership. A Change in Ownership applies only when there is a transfer of stock of a
corporation (or issuance of stock of a corporation) and stock in such corporation remains outstanding after the transaction. 

  

	 	(c)	 Change in the Ownership of a Substantial Portion of a Corporation’s Assets

  

	 	(i)	 A Change in Ownership of a Substantial Portion of Assets occurs on the date that any one person or Persons
Acting as a Group acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition by such person or Persons Acting as a Group) assets from the corporation that
have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the corporation immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value
means the value of the assets of the corporation, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

 

	 	(ii)	 There is no Change in Ownership of a Substantial Portion of Assets when there is a transfer to an entity that
is controlled by the shareholders of the transferring corporation immediately after the transfer, as provided in this Section 1.8(c)(ii). A transfer of assets by a corporation is not treated as a change in the ownership of such assets if the
assets are transferred to: 

  

	 	(1)	 a shareholder of the corporation (immediately before the asset transfer) in exchange for or with respect to its
stock; 

  

	 	(2)	 an entity, 50 percent or more of the total value or voting power of which is owned, directly or
indirectly, by the corporation; 

  

	 	(3)	 a person or Persons Acting as a Group, that owns, directly or indirectly, 50 percent or more of the total
value or voting power of all the outstanding stock of the corporation; or 

  

	 	(4)	 an entity, at least 50 percent of the total value or voting power of which is owned, directly or
indirectly, by a person described in Section 1.8(c)(ii)(c.). 

  

	 	For purposes of this Section 1.8(c)(ii) and except as otherwise provided, a person’s status is determined immediately after the transfer of the assets. 

 

	 	(d)	 Persons Acting as a Group 

 

	 	(i)	 With regards to Change in the Ownership, persons will not be considered to be acting as a group solely because
they purchase or own stock of the same corporation at the same time, or as a result of the same public offering. However, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger,
consolidation, purchase or acquisition of stock or similar business transaction with the corporation. If a person, including an entity, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock, or
similar transaction, such shareholder is considered to be acting as a group with other shareholders only with respect to the ownership in that corporation before the transaction giving rise to the change and not with respect to the ownership
interest in the other corporation. 

  

	 	(ii)	 With regards to Change in Effective Control, persons will not be considered to be acting as a group solely
because they purchase or own stock of the same corporation at the same time, or as a result of the same public offering. However, persons will be considered to be acting as a group if they are 

  
 3 

	 	 
owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock or similar business transaction with the corporation. If a person, including an entity, owns
stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation only with respect to the
ownership in that corporation before the transaction giving rise to the change and not with respect to the ownership interest in the other corporation. 

  

	 	(iii)	 With regards to Change in Ownership of a Substantial Portion of Assets, persons will not be considered to be
acting as a group solely because they purchase assets of the same corporation at the same time. However, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or
acquisition of assets or similar business transaction with the corporation. If a person, including an entity shareholder owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar

  

	 	transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation only to the extent of the ownership in that corporation before the transaction giving rise to the change and
not with respect to the ownership interest in the other corporation. 

  

	 	(e)	 To constitute a Change in Control Event as to a Participant, the Change in Control Event must relate to:

  

	 	(i)	 the corporation with respect to which the Participant is an Eligible Individual at the time of the Change in
Control Event; 

  

	 	(ii)	 the corporation that is liable for the payment of the Account (or all corporations liable for the payment if
more than one corporation is liable) but only if either the Participant’s benefits under the Plan are attributable to the performance of services by the Participant for such corporation (or corporations) or there is a bona fide business purpose
for such corporation or corporations to be liable for such payment and, in either case, no significant purpose in making such corporation or corporations liable for such payment is the avoidance of Federal income tax; or 

 

	 	(iii)	 a corporation that is a majority shareholder of a corporation identified in Sections 1.8(e)(i) or 1.8(e)(ii),
or any corporation in a chain of corporations in which each corporation is a majority shareholder of another corporation in the chain, ending in a corporation identified in Section 1.8(e)(i) or Section 1.8(e)(ii). With regard to a relevant
corporation, a majority shareholder is a shareholder owning more than 50% of the total fair market value and total voting power of such corporation. 

  

	 	(f)	 Stock Ownership. For the purposes of this Section 1.8, ownership of stock will be
determined by the application of Code §318(a). Stock underlying a vested option is considered owned by the individual who holds the vested option (and the stock underlying an unvested option is not considered owned by the individual who holds
the unvested option). For purposes of the preceding sentence, however, if a vested option is exercisable for stock that is not substantially vested (as defined by Treasury Regulation
§§ 1.83-3(b) and (j)), the stock underlying the option is not treated as owned by the individual who holds the option. In addition, mutual and cooperative corporations are treated as having
stock for purposes of this Section 1.8(f). 

  

	1.9	 Class Year Account Shall mean the balance
credited to a Participant’s or Beneficiary’s Account for a Taxable Year, including the Participant’s Compensation Deferrals relating to Compensation paid for services performed during the Plan Year, Matching Credits earned for
services performed during the Taxable Year (if elected by the Plan Sponsor in the Adoption Agreement), Discretionary Credits earned for services performed during the Taxable Year (if elected by the Plan Sponsor in the Adoption Agreement), and
Investment Debits and Credits allocable to the Class Year Account (as determined by the Plan Sponsor, in its discretion). 

  

	1.10	 Code The Internal Revenue Code of 1986, as amended from time to time Reference
to any section or subsection of the Code includes reference to any comparable or succeeding provisions of any legislation which amends, supplements or replaces such section or subsection. 

 

	1.11	 Commissions Shall mean both Investment Commissions and Sales Commissions.

  

	1.12	 Compensation Shall mean a Participant’s Regular Salary, bonuses,
Commissions, Performance-Based Compensation, and director fees, as elected by the Plan Sponsor in the Adoption Agreement. 

  
 4 

	1.13	 Compensation Deferral Agreement The written agreement between an Eligible
Individual and the Plan Sponsor to defer receipt by the Eligible Individual of Compensation. Such agreement shall state the deferral amount or percentage of Compensation to be withheld from the Eligible Individual’s Compensation and shall state
the date on which the agreement is effective, as provided at Section 2.3. 

  

	1.14	 Compensation Deferrals That portion of a Participant’s Compensation which
is deferred under the terms of this Plan. 

  

	1.15	 Conflict of Interest Divestiture Shall have the meaning set forth in
Section 6.4. 

  

	1.16	 Corporate Dissolution A corporate dissolution taxed pursuant to Code §331
or with the approval of a bankruptcy court pursuant to section 503(b)(1)(A) of title 11, United States Code. 

  

	1.17	 De Minimis Distribution Shall have the meaning elected by the Plan Sponsor in the Adoption
Agreement. 

  

	1.18	 Disability Shall have the meaning elected by the Plan Sponsor in the Adoption
Agreement. 

  

	1.19	 Distributable Event The events entitling a Participant or Beneficiary to a
payment of benefits under the Plan, which shall be: Separation from Service; death; Disability, if applicable; the occurrence of an Interim Distribution Date; the occurrence of an Unforeseeable Emergency; Plan Termination Following

  

	 	a Change of Control Event, if applicable; Plan Termination Following a Corporate Dissolution; Plan Termination in Connection with Termination of Certain Similar Arrangements; Conflict of Interest Divestiture; Domestic
Relations Order; and Income Inclusion Under Code § 409A. 

  

	1.20	 Domestic Partner Shall have the meaning elected by the Plan Sponsor in the
Adoption Agreement. The Plan Administrator in its sole discretion shall determine whether an individual meets the requirements of a Domestic Partner and shall have the right to request documentary proof of the existence of a Domestic Partner
relationship, which proof may include, but is not limited to, a joint checking account, a joint mortgage or lease, driver’s licenses showing the same address, the registration of a domestic partnership or civil union in states that recognize
such relationships or such other proof as the Plan Administrator may determine. 

  

	1.21	 Domestic Relations Order Any judgment, decree or order (including approval of
a property settlement agreement) which relates to the provision of child support, alimony payments or marital property rights to a Spouse, former Spouse, child or other dependent of a Participant and is made pursuant to a State domestic relations
law (including a community property law). 

  

	1.22	 Effective Date The date as of which the Plan becomes effective or is amended,
as selected in the Adoption Agreement. 

  

	1.23	 Eligible
Individual Any common-law employee, independent contractor or non- employee director who provides services to the Plan
Sponsor and is designated by the Plan Sponsor as eligible to participate in the Plan in accordance with Section 2.1. Only those individuals who are part of a select group of management or highly compensated individuals, as determined by the
Plan Sponsor in its sole discretion, may be designated as Eligible Individuals under the Plan. 

  

	1.24	 ERISA The Employee Retirement Income Security Act of 1974, as amended.
Reference to any section or subsection of ERISA includes reference to any comparable or succeeding provisions of any legislation which amends, supplements or replaces such section or subsection. 

 

	1.25	 Income Inclusion Under Code § 409A Shall have
the meaning set forth in Section 6.10. 

  

	1.26	 Interim Distribution Date Shall have the meaning elected by the Plan Sponsor
in the Adoption Agreement. 

  

	1.27	 Investment Commissions The Compensation or the portion of Compensation
earned by a Participant that meets the following requirements: (a) a substantial portion of the services provided by the Participant for such Compensation consists of sales of financial products or other direct customer services to an unrelated
customer with respect to customer assets or customer asset accounts; (b) the customer retains the right to terminate the customer relationship and may move or liquidate the assets or asset accounts without undue delay (which may be subject to a
reasonable notice period); (c) such Compensation consists of a portion of the value of the overall assets or asset account balance, an amount substantially all of which is calculated by reference to the increase in 

  
 5 

	 	 
the value of the overall assets or account balance during a specified period, or both; and (d) the value of the overall assets or account balance and Investment Commission is determined at
least annually. For this purpose, a customer is treated as an unrelated customer only if the customer is not related (within the meaning of Code § 409A) to either the Plan Sponsor, any Affiliate or the Participant. Notwithstanding the
foregoing, Compensation involving a related customer will be treated as an Investment Commission provided that (x) the Compensation otherwise meets the requirements set forth in this section, (y) substantial sales from which Investment
Commissions arise are made, or substantial services from which Investment Commissions arise are provided, to unrelated customers by the Plan Sponsor or an Affiliate and (z) the sales and service arrangement and the commission arrangement with
respect to the related customers are bona fide, arise from the Plan Sponsor’s or Affiliate’s ordinary course of business and are substantially the same, both in terms and in practice, as the terms and practices applicable to unrelated
customers (within the meaning of Code § 409A) to which (individually or in the aggregate) substantial sales are made or substantial services provided by the Plan Sponsor or an Affiliate. 

 

	1.28	 Investment Credits and Debits Bookkeeping adjustments to Participants’
Accounts to reflect the hypothetical interest, earnings, appreciation, losses and depreciation that would be accrued or realized if assets equal to the value of such Accounts were invested in accordance with such Participants’ Benefit
Benchmarks. 

  

	1.29	 Nonqualified Deferred Compensation Plan A pension plan, within the meaning of
ERISA §201(2), the purpose of which is to permit a select group of management or highly compensated Eligible Individuals to defer receipt of a portion of their Compensation to a future date. 

 

	1.30	 Normal Retirement Age The age designated by the Plan Sponsor in the Adoption
Agreement. 

  

	1.31	 Participant An Eligible Individual who is currently deferring a portion of his
or her Compensation under this Plan, or who is currently eligible for Matching Credits or Discretionary Credits, or an Eligible Individual or former Eligible Individual who is still entitled to the payment of benefits under the Plan.

  

	1.32	 Performance-Based Compensation Compensation, the amount of which, or
entitlement to which, is contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance period of at least 12 consecutive months.
Organizational or individual performance criteria are considered pre-established if established in writing by no later than 90 days after the commencement of the period of service to which the
criteria relates, provided that the outcome is substantially uncertain at the time the criteria are established. Performance-Based Compensation does not include any amount, or portion of any amount, that will be paid either regardless of performance
or based upon a level of performance that is substantially certain to be met at the time the criteria is established. If payments are based upon the satisfaction of subjective criteria, the subjective performance criteria must be bona fide and
relate to the performance of the Participant, a group that includes the Participant or a business unit for which the Participant provides services, and the determination that any subjective performance criteria have been met must not be made by the
Participant, a family member of the Participant or a person under the effective control of the Participant or a family member of the Participant or where any amount of the compensation of the person making such determination is effectively
controlled in whole or in part by the Participant or family member of the Participant. Compensation determined by reference to the value of the Plan Sponsor or an Affiliate, or the stock of the Plan Sponsor or an Affiliate, shall be Performance
Based Compensation only as provided under Code § 409A and the regulations and binding guidance issued thereunder. 

  

	1.33	 Plan The Nonqualified Deferred Compensation Plan established by the Plan
Sponsor under the terms of this Basic Plan Document and the accompanying Adoption Agreement. 

  

	1.34	 Plan Administrator The individual(s) or committee appointed by the Plan
Sponsor identified in Section I of the Adoption Agreement to administer the Plan as provided herein. If no such appointment is made, the Chief Executive Officer of the Plan Sponsor identified in Section I of the Adoption Agreement (or the most
senior officer of such Plan Sponsor if the Plan Sponsor does not have a Chief Executive Officer) shall serve as the Plan Administrator. In no event shall a Plan Administrator who is a Participant be permitted to make decisions regarding his or her
benefits under this Plan; rather, such decisions shall be made by the other members of any committee appointed to act as the Plan Administrator or, if no such committee has been appointed, the most senior officer of the Plan Sponsor identified in
Section I of the Adoption Agreement whose benefits are not at issue in the decision. If a Change in Control Event occurs with respect to the Plan Sponsor named in Section I 

  
 6 

	 	of the Adoption Agreement, the existing Plan Administrator shall be removed, and a new Plan Administrator shall be appointed as provided in Section 8.9. 

 

	1.35	 Plan Sponsor The corporation or business entity identified in Section I of the
Adoption Agreement, including any successor to such corporation or business that assumes the obligations of such corporation or business. The term Plan Sponsor shall also include, where appropriate, any entity affiliated with the Plan Sponsor which
adopts the Plan with the consent of the Plan Sponsor and is listed on Exhibit A attached to the Adoption Agreement. Only the Plan Sponsor identified in Section I of the Adoption Agreement shall have the power to amend this Plan, appoint the Plan
Administrator, or exercise any of the powers described in Section 8.3 hereof. 

  

	1.36	 Plan Termination Following a Change in Control Event Shall have the meaning
set forth in Section 10.3. 

  

	1.37	 Plan Termination Following a Corporate Dissolution Shall have the meaning set
forth in Section 10.4. 

  

	1.38	 Plan Termination in Connection with Termination of Certain Similar
Arrangements Shall have the meaning set forth in Section 10.5. 

  

	1.39	 Regular Salary The Participant’s gross income paid by the Plan Sponsor
during the Taxable Year as reportable on Internal Revenue Service Form W-2, including amounts excludible from gross income that are contributed by the Participant on
a pre-tax basis to a salary reduction retirement or welfare plan (including amounts contributed to this Plan), but excluding Commissions, bonuses, Performance-Based Compensation, director fees, or
any other irregular payments. 

  

	1.40	 Sales Commissions Compensation earned by a Participant that meets the
following requirements: (a) a substantial portion of the services provided by the Participant for the Compensation consists of the direct sale of a product or service to an unrelated customer; (b) the Compensation paid by the Plan Sponsor
consists of either a portion of the purchase price for the product or service or an amount substantially all of which is calculated by reference to the volume of sales; and (c) payment of the Compensation is either contingent upon the Plan
Sponsor or Affiliate receiving payment from an unrelated customer for the product or services or, if applied consistently to all similarly situated Participants, is contingent upon the closing of the sales transaction and such other requirements as
may be specified by the Plan Sponsor or Affiliate before the closing of the sales transaction. For this purpose, a customer will be treated as an unrelated customer only if the customer is not related (within the meaning of Code § 409A) to
either the Plan Sponsor, any Affiliate or the Participant. Notwithstanding the foregoing, Compensation involving a related customer will be treated will be treated as a Sales Commission provided that (x) the Compensation otherwise meets the
requirements set forth in this section, (y) substantial sales from which Sales Commissions arise are made, or substantial services from which Sales Commissions arise are provided, to 

 

	 	unrelated customers by the Plan Sponsor or an Affiliate and (z) the sales and service arrangement and the commission arrangement with respect to the related customers are bona fide, arise from the Plan
Sponsor’s or Affiliate’s ordinary course of business and are substantially the same, both in terms and in practice, as the terms and practices applicable to unrelated customers (within the meaning of Code § 409A) to which
(individually or in the aggregate) substantial sales are made or substantial services provided by the Plan Sponsor or an Affiliate. 

  

	1.41	 Separation from Service A Participant shall have a Separation from Service
under the circumstances described below. 

  

	 	(a)	 Employees A Participant who is a common law employee has a Separation from
Service if the Participant voluntarily or involuntarily terminates employment with the Plan Sponsor and all Affiliates, for any reason other than Disability or death. A termination of employment occurs if the facts and circumstances indicate that
the Plan Sponsor and the Participant reasonably anticipate that no further services will be performed after a certain date or that the level of bona fide services the Participant will perform after such date (whether as an employee or an independent
contractor) will decrease to no more than 20 percent of the average level of bona fide services performed (whether as an employee or an independent contractor) over the immediately
preceding 36-month period (or the full period of services if the Participant has been providing services for less than 36 months). Notwithstanding the foregoing, the employment relationship is
treated as continuing while the Participant is on military leave, sick leave or other bona fide leave of absence if the period of leave does not exceed 6 months, or if longer, so long as the Participant retains the right to reemployment

  
 7 

	 	 
with the Plan Sponsor or an Affiliate under an applicable statute or contract. When a leave of absence is due to any medically determinable physical or mental impairment that can be expected to
result in death or to last for a period of at least 6 months and such impairment causes the Participant to be unable to perform the duties of his or her position or any substantially similar position,
a 29-month period of absence shall be substituted for the 6-month period above. 

 

	 	(b)	 Independent Contractors A Participant who is an independent contractor shall
have a Separation from Service upon the expiration of all contracts under which services are performed for the Plan Sponsor and all Affiliates if the expiration constitute a good faith and complete termination of the contractual relationship. An
expiration does not constitute a good faith and complete termination of the contractual relationship if the Plan 

  

	 	Sponsor or an Affiliate anticipates a renewal of a contractual relationship or the independent contractor becoming an employee. For this purpose, a Plan Sponsor is considered to anticipate the renewal of the contractual
relationship if the Plan Sponsor or an Affiliate intends to contract again for the services provided under the expired contract and the independent contractor has not been eliminated as a possible provider of services under any such new contract. A
Plan Sponsor is considered to intend to contract again for the services provided under an expired contract if doing so is conditioned only upon incurring a need for the services, the availability of funds or both. 

 

	 	(c)	 Directors Except as otherwise provided hereunder, a Participant who is a
member of the Board shall be considered to be an Independent Contractor for purposes of determining whether the Participant has had a Separation from Service. 

 

	 	(d)	 Dual Status If a Participant provides services to the Plan Sponsor and any
Affiliates as an employee and as an independent contractor, the Participant must have a Separation from Service with the Plan Sponsor and all Affiliates both as an employee and an independent contractor to have a Separation from Service.
Notwithstanding the foregoing, if a Participant provides services to the Plan Sponsor and any Affiliates as an employee and as a director, (1) the services provided as a director are not taken into account in determining whether the Participant
has a Separation from Service as an employee under the Plan if the Participant participates in the Plan as an employee, provided the Participant does not participate in any other nonqualified deferred compensation plan as a director that is
aggregated with the Plan under Code §409A, and (2) the services provided as an employee are not taken into account in determining whether the Participant has a Separation from Service as a director under the Plan if the Participant
participates in the Plan as a director, provided the Participant does not participate in any other nonqualified deferred compensation plan as an employee that is aggregated with the Plan under Code §409A. 

 

	1.42	 Specified Employee A key employee (as defined in Code § 416(i) without
regard to paragraph (5) thereof) of a Plan Sponsor or its Affiliates, any stock of which is publicly traded on an established securities market or otherwise. A Participant is a key employee if the Participant meets the requirements of Code
§416(i)(1)(A)(i), (ii) or (iii) (applied in accordance with the regulations thereunder and disregarding Code §416(i)(5)) at any time during the 12- month period ending each December 31. If
a Participant is a key employee at any time during the 12-month period 

  

	 	ending on such December 31, the Participant is treated as a Specified Employee for the 12-month period beginning on the following April 1. Whether any stock of a
Plan Sponsor or its Affiliates is publicly traded on an established securities market or otherwise must be determined as of the date of the Participant’s Separation from Service. 

 

	1.43	 Spouse The individual to whom a Participant is married, or was married in the
case of a deceased Participant who was married at the time of his or her death. 

  

	1.44	 Taxable Year The 12-consecutive-month period beginning each January 1
and ending each December 31. 

  

	1.45	 Trust The agreement, if any, between the Plan Sponsor and the Trustee
under which assets may be delivered by the Plan Sponsor to the Trustee to offset liabilities assumed by the Plan Sponsor under the Plan. Any assets held under the terms of the Trust shall be the exclusive property of the Plan Sponsor and shall be
subject to the 

  
 8 

	 	creditor claims of the Plan Sponsor with respect to whom such Trust has been established. Participants shall have no right, secured or unsecured, to any assets held under the terms of the Trust. 

 

	1.46	 Trustee The institution named by the Plan Sponsor in the Trust agreement, if
any, and any corporation which succeeds the Trustee by merger or by acquisition of assets or operation of law. 

  

	1.47	 Unforeseeable Emergency A severe financial hardship to the Participant
resulting from an illness or accident of the Participant or the Participant’s Spouse, Beneficiary or dependent (as defined in Code §152 without regard to §§ 152(b)(1), (b)(2) and (d)(1)(B)), loss of the Participant’s
property due to casualty or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. 

  

	1.48	 Valuation Date The date on which Participant Accounts under the Plan are
valued. The Valuation Date shall be each business day of the Taxable Year on which the New York Stock Exchange and, if a Trust has been established in connection with the Plan, the Trustee are open for business. 

 

	1.49	 Without Good Cause A Participant’s involuntary Separation from Service
shall be without good cause if it occurs for reasons other than the Participant’s commission of a crime involving dishonesty or moral turpitude (e.g., fraud, theft, embezzlement, deception, etc.); misconduct, including but
not limited to insubordinate behavior, by the Participant in the performance of his or her job duties and responsibilities; any conduct by the Participant of a nature which reflects negatively upon the Plan Sponsor or any Affiliate or which would
prevent the Participant from being able to adequately perform his or her job duties and responsibilities (e.g., malicious, willful and wanton, or negligent conduct, etc.); the Participant’s failure to adequately perform
his/her duties and responsibilities as such duties and responsibilities are, from time to time in the Plan Sponsor’s absolute discretion, determined; and the Participant’s breach of any of the Plan Sponsor’s established operating
policies and procedures. 

  
 9 

 ARTICLE II 

ELIGIBILITY AND PARTICIPATION 
  

	2.1	 Eligibility The Plan Sponsor will designate in the Adoption Agreement those
persons who shall be considered Eligible Individuals under the Plan. 

  

	2.2	 Participation The Plan Administrator shall provide written notification to
each Eligible Individual of his or her eligibility to participate in the Plan. 

  

	2.3	 Compensation Deferral Agreement In order to defer Compensation under the Plan
for a given Taxable Year, an Eligible Individual must enter into a Compensation Deferral Agreement with the Plan Sponsor authorizing the deferral of all or part of the Participant’s Compensation for such Taxable Year. 

 

	 	Upon receipt of a properly completed and executed Compensation Deferral Agreement, the Plan Administrator shall notify the Plan Sponsor to withhold that portion of the Participant’s Compensation specified in the
Agreement. In no event will the Participant be permitted to defer more or less than the amount(s) specified by the Plan Sponsor in the Adoption Agreement. 

  

	 	Subject to Section 7.1, the Compensation Deferral Agreement shall remain in effect for the duration of the Taxable Year to which it relates. If elected by the Plan Sponsor in the Adoption Agreement, and subject to
Section 7.1, the Compensation Deferral Agreement also shall remain in effect for subsequent Taxable Years unless and until it is timely changed for a subsequent Taxable Year as described below. 

 

	 	Except as provided below, a Compensation Deferral Agreement must be completed and returned to the Plan Sponsor prior to the first day of the Taxable Year in which services are performed for the Compensation deferred and
shall be irrevocable for the Taxable Year except as otherwise provided hereunder. 

  

	 	(a)	 Initial Eligibility If the Plan is established on a date other than the first
day of a Taxable Year, or if an individual becomes an Eligible Individual on a date other than the first day of a Taxable Year and such individual has not at any time been eligible to participate in the Plan or any Aggregated Plan, the Compensation
Deferral Agreement may be completed and returned to the Plan Sponsor within 30 days after the Effective Date or within 30 days after the Eligible Individual’s initial eligibility date. In no event shall a Participant be permitted to defer
Compensation with respect to services performed before the date on which the Compensation Deferral Agreement is signed by the Participant and accepted by the Plan Administrator. 

 

	 	(b)	 Former Participants With No Account Balance If an Eligible Individual who is a
former Participant has been paid all amounts deferred under the Plan and any Aggregated Plan and, on and before the date of the last payment, is not eligible to continue (or elect to continue) to participate in the Plan or any Aggregated Plan for
periods after the last payment (other than through an election of a different time and form of payment with respect to the amounts paid), the Eligible Individual may be treated as initially eligible to participate in the Plan pursuant to subsection
(a) above as of the first date following such last payment that the Eligible Individual again becomes eligible to participate in the Plan. 

  

	 	(c)	 Participants Ineligible for Two Years If an Eligible Individual who is a
Participant or former Participant ceases being eligible to participate in the Plan and any Aggregated Plan, regardless of whether all amounts deferred under such plans have been paid, and subsequently becomes eligible to participate in the Plan
again, the Eligible Individual may be treated as being initially eligible to participate in the Plan pursuant to subsection (a) above if the Eligible Individual has not been eligible to participate in the Plan or an Aggregated Plan (other than
through the accrual of earnings) at any time during the twenty-four (24) month period ending on the date the Eligible Individual again becomes eligible to participate in the Plan. 

 

	 	(d)	 Performance-Based Compensation A Compensation Deferral Agreement with respect
to Performance-Based Compensation may be completed and returned to the Plan Sponsor no later than the date that is six months before the end of the performance period to which the Performance-Based Compensation relates, provided the Participant
performs services continuously from the later of the beginning of the performance period or the date upon which the performance criteria are established 

  
 10 

	 	 
through the date upon which the Participant makes an initial deferral election, and further provided that in no event may an election to defer Performance- Based Compensation be made with respect
to Compensation that has become readily ascertainable. 

  

	 	(e)	 Sales Commissions Compensation Deferral Agreements made with respect to Sales
Commissions must be completed and returned to the Plan Sponsor prior to the first day of the Taxable Year in which the customer remits payment to the Plan Sponsor or Affiliate for which the Sales Commission is paid or, if applied consistently to all
similarly situated Participants, the Taxable Year in which the sale occurs. 

  

	 	(f)	 Investment Commissions Compensation Deferral Agreements made with respect to
Investment Commissions must be completed and returned to the Plan Sponsor prior to the first day of the Taxable Year in which falls the date that is twelve (12) months before the date as of which the overall value of the assets or asset
accounts is determined for purposes of calculating the Investment Commission. 

  

	2.4	 Matching Credits and Discretionary Credits The Plan Sponsor may adjust the
Account of a Participant with Matching Credits or Discretionary Credits. The amount of the Discretionary Credits and/or Matching Credits and the formula(s) for allocating such credits will be selected by the Plan Sponsor in the Adoption Agreement.
Notwithstanding the preceding, if the Plan Sponsor elects to make Matching Credits in accordance with Section V.(a)(iii) of the Adoption Agreement, a Participant will receive a Matching Credit under this Plan for a Taxable Year only if the
Participant has made the maximum salary reduction contributions permitted under the Plan Sponsor’s qualified retirement plan during the applicable Taxable Year. 

 

	2.5	 Establishing a Reserve for Plan Liabilities The Plan Sponsor may, but is not
required to, establish one or more Trusts to which the Plan Sponsor may transfer such assets as the Plan Sponsor determines in its sole discretion to assist in meeting its obligations under the Plan. Any such assets shall be the property of the Plan
Sponsor and remain subject to the claims of the Plan Sponsor’s creditors, to the extent provided under any Trust established with respect to such Plan Sponsor. The Trustee shall have no duty to determine whether the amounts forwarded by the
Plan Sponsor are the correct amount or that they have been transmitted in a timely manner. 

  
 11 

 ARTICLE III 

PARTICIPANT ACCOUNTS AND REPORTS 
  

	3.1	 Establishment of Accounts The Plan Administrator shall establish and maintain
individual recordkeeping Accounts, Class Year Accounts and subaccounts, as applicable, on behalf of each Participant for purposes of determining each Participant’s benefits under the Plan. A Participant’s Account does not represent
the Participant’s ownership of, or any ownership interest in, any assets which may be set aside to satisfy the Plan Sponsor’s obligations under the Plan. 

 

	3.2	 Account Maintenance As of each Valuation Date, the Plan Administrator shall
credit each Participant’s Account (or, if applicable, Class Year Accounts) with the following: 

  

	 	(a)	 An amount equal to any Compensation Deferrals made by the Participant since the last Valuation Date;

  

	 	(b)	 An amount equal to any Matching Credits or Discretionary Credits, and any forfeitures, if applicable, since the
last Valuation Date; and 

  

	 	(c)	 An amount equal to deemed Investment Credits under Section 3.3 below since the last Valuation Date.

 As of each Valuation Date, the Plan Administrator shall debit each Participant’s Account (or, if applicable,
Class Year Accounts) with the following: 
  

	 	(d)	 An amount equal to any distributions from the Plan to the Participant or Beneficiary since the last Valuation
Date; and 

  

	 	(e)	 An amount equal to deemed Investment Debits under Section 3.3 below since the last Valuation Date; and

  

	 	(f)	 An amount equal to any forfeitures incurred by the Participant since the last Valuation Date.

  

	3.3	 Investment Credits and Debits The Accounts (or, if applicable, Class Year
Accounts) of Participants shall be adjusted for Investment Credits and Debits in accordance with this Section 3.3. 

Participants shall have the right to specify one or more Benefit Benchmarks in which their Compensation Deferrals, Matching Credits and
Discretionary Credits shall be deemed to be invested. The Benefit Benchmarks shall be utilized solely for purposes of adjusting their Accounts (or, if applicable, Class Year Accounts) in accordance with procedures adopted by the Plan
Administrator. The Plan Administrator shall provide the Participant with a list of the available Benefit Benchmarks. From time to time, in the sole discretion of the Plan Administrator, the Benefit Benchmarks available within the Plan may be
revised. All Benefit Benchmark selections must be denominated in whole percentages unless the Plan Administrator determines that lower increments are acceptable. A Participant may make changes in the manner in which future Compensation Deferrals,
Matching Credits and/or Discretionary Credits are deemed to be invested among the various Benefit Benchmarks within the Plan in accordance with procedures established by the Plan Administrator. A Participant
may re- direct the manner in which earlier Compensation Deferrals, Matching Credits and/or Discretionary Credits, as well as any appreciation (or
depreciation) to-date, are deemed to be invested among the Benefit Benchmarks available in the Plan in accordance with procedures established by the Plan Administrator. 

As of each Valuation Date, the Plan Administrator shall adjust the Account (or, if applicable, Class Year Accounts) of each Participant
for interest, earnings or appreciation (less losses and depreciation) with respect to the then balance of the Participant’s Account equal to the actual results of the Participant’s deemed Benefit Benchmark elections. 

All notional acquisitions and dispositions of Benefit Benchmarks which occur within a Participant’s Account, pursuant to the terms of the
Plan, shall be deemed to occur at such times as the Plan Administrator shall determine to be administratively feasible in its sole discretion and the Participant’s Account shall be adjusted accordingly. Accordingly, if a distribution or
reallocation must occur pursuant to the terms of the Plan and all or some portion of the Account must be valued in connection with such distribution or reallocation (to reflect 

  
 12 

 
Investment Credits and Debits), the Plan Administrator may in its sole discretion, unless otherwise provided for in the Plan, select a date or dates which shall be used for valuation purposes.

 Notwithstanding anything to the contrary, any Investment Credits or Debits made to any Participant’s Account following a Plan
Termination or a Change in Control Event shall be made in a manner no less favorable to Participants than the practices and procedures employed under the Plan, or as otherwise in effect, as of the date of the Plan Termination or the Change in
Control Event. 
 Notwithstanding the Participant’s deemed Benefit Benchmark elections under the Plan, the Plan Sponsor shall be under
no obligation to actually invest any amounts in such manner, or in any manner, and such Benefit Benchmark elections shall be used solely to determine the amounts by which the Participant’s Account shall be adjusted under this Article III. 

 

	3.4	 Participant Statements The Plan Administrator shall provide each Participant
with a statement showing the credits to and debits from his or her Account during the period from the last statement date. Such statement shall be provided to Participants as soon as administratively feasible following the end of each Taxable Year
and on such other dates as agreed to by the Plan Sponsor and the party maintaining Participant records. 

 ARTICLE IV

 WITHHOLDING OF TAXES 
  

	4.1	 Withholding from Compensation For any Taxable Year in which Compensation
Deferrals, Matching Credits and/or Discretionary Credits are made to or vested within the Plan (as applicable), the Plan Sponsor shall withhold the Participant’s share of income, FICA and other employment taxes from the portion of the
Participant’s Compensation not deferred. If deemed appropriate by the Plan Sponsor, all or any portion of a benefit under the Plan may be distributed in certain instances where necessary to facilitate compliance with applicable withholding
requirements to the extent such distribution would not result in adverse tax consequences under Code §409A. The amount of any such distribution shall not exceed the amount necessary to comply with applicable withholding requirements.

  

	4.2	 Withholding from Benefit Distributions The Plan Sponsor (or the Trustee of the
Trust, as applicable) shall withhold from any payments made to a Participant under this Plan all federal, state and local income, employment and other taxes required to be withheld by the Plan Sponsor, in connection with such payments, in amounts
and in a manner to be determined in the sole discretion of the Plan Sponsor. 

 ARTICLE V 

VESTING 
  

	5.1	 Vesting A Participant shall be immediately vested in (i.e., shall have a non-forfeitable right to) all Compensation Deferrals credited to his or her Account, including any Investment Credits or Debits associated therewith. The Plan Sponsor shall specify in the Adoption
Agreement the vesting provisions applicable to any Discretionary Credits or Matching Credits allocated to the Accounts ( or, if applicable, Class Year Accounts) of Participants. Upon a Distributable Event, except as otherwise provided under the
Plan, any amount of the benefit payment credited to the Account (or, if applicable, Class Year Account) of the Participant that is not vested shall be forfeited. Forfeitures incurred by a Participant shall reduce the amounts credited to a
Participant’s Account (or, if applicable, Class Year Accounts), but shall not be reallocated to the Accounts (or, if applicable, Class Year Accounts) of other Participants unless otherwise specified in the Adoption Agreement. A
distribution for a Domestic Relations Order Payment under Section 6.7 shall be made from the Account of the Participant only to the extent it is vested. 

  
 13 

 ARTICLE VI 

PAYMENTS 
  

	6.1	 Benefits Except as otherwise provided under the Plan, a Participant’s or
Beneficiary’s benefit payable under the Plan shall be the value of the Participant’s vested Account (or, if applicable, Class Year Accounts ) at the time a Distributable Event occurs with respect to such Participant or Beneficiary. In
no event, will a Participant’s right to a benefit under this Plan give such Participant a secured right or claim on any assets set aside by the Plan Sponsor to meet its obligations under the Plan. All payments from the Plan shall be subject to
applicable tax withholding and shall commence (or be fully paid, in the event a lump sum form of distribution was selected) no later than ninety (90) days after the occurrence of the Distributable Event, except as otherwise provided herein.

  

	6.2	 Timing of Distribution Elections. 

(a) Initial Elections. If the Plan Sponsor has elected in the Adoption Agreement to allow a Participant to elect a separate form and
timing of distribution for each Class Year Account under the Plan, the Participant shall elect the form and timing of payment of each Class Year Account at the time the Participant submits (or is required to submit, in accordance with
Section 2.3 and Code § 409A) his or her Compensation Deferral Agreement for the Taxable Year for which the Class Year Account is established. 

If the Plan Sponsor has not elected in the Adoption Agreement to allow a Participant to elect a separate form and timing of distribution for
each Class Year Account under the Plan, the Participant shall elect the form and timing of payment of his or her Account at the earlier of (a) the time the Participant submits (or is required to submit, in accordance with Section 2.3
and Code § 409A) his or her Compensation Deferral Agreement for the Taxable Year for which the Class Year Account is established, or (b) the December 31 preceding the Taxable Year in which the services giving rise to the
Participant’s first Matching Credits or Discretionary Credits to be earned under the Plan are to be performed (unless a later date is permitted in accordance with the provisions of Code § 409A and Treas. Reg. § 1.409A- 2). If a
Participant elects an in-service Interim Distribution Date, the Participant must make a new form and timing of payment election for Compensation Deferrals that may be credited to the
Participant’s Account and for Matching Credits and/or Discretionary Credits that may be earned during and after the Taxable Year in which falls the in-service Interim Distribution Date. Such
election (a) must be made prior to the beginning of the Taxable Year in which the services giving rise to the earliest Compensation Deferrals, Matching Credits or Discretionary Credits subject to the new form and timing of payment election are
to be performed and (b) is subject to rules generally applicable to form and timing of payment elections under this Plan. 
 (b)
Subsequent Changes in Time and Form of Payment. A Participant may elect to change the time or form of payment of amounts distributable upon a Separation from Service or elect to change the time of payment of amounts distributable upon an
Interim Distribution Date, provided, however, that any such election shall be effective only if: 
  

	 	(i)	 the election does not accelerate the time or schedule of any payment within the meaning of Code § 409A;

  

	 	(ii)	 the election does not take effect until at least twelve 12 months after the date on which the election is made;

  

	 	(iii)	 the first payment with respect to which such election is made is deferred for a period of 5 years from the date
such payment would otherwise have been made; and 

  

	 	(iv)	 for a change to a payment made upon an Interim Distribution Date, such election is made at least 12 months
before such Interim Distribution Date. 

 The Plan Administrator shall have sole and absolute discretion to decide whether
such a request shall be approved but may approve no more than one such request for any Participant with respect to any Compensation Deferral or Matching or Discretionary Credit. 

(c) Failures to Elect. If a Participant fails to properly elect the form or time of distribution for his or her Account, or
Class Year Account, as applicable, the Participant shall be deemed to have elected to receive his 

  
 14 

 
or her Account, or Class Year Account, as applicable, in a single lump sum commencing on his or her Separation from Service. 

 

	6.3	 Separation from Service Payment In the event of a Participant’s
Separation from Service, the Participant’s vested Account (or, if applicable, Class Year Account) shall be paid in the form of a cash lump sum or, if elected by the Participant, in annual cash payments (over a period of five (5), ten (10),
or fifteen (15) years). A Participant may elect one form of payment for a Separation from Service that occurs before Normal Retirement Age, and a different form of payment for a Separation from Service that occurs on or after Normal Retirement
Age. For purposes of Code § 409A, installment payments shall be treated as a single payment. If applicable, the initial installment shall be based on the value of the Participant’s vested Account (or, if applicable, Class Year
Account), measured on the date of his or her Separation from Service, and shall be equal to 1/n (where ‘n’ is equal to the total number of annual benefit payments not yet distributed). Subsequent installment payments shall be computed in a
consistent fashion, with the measurement date being the anniversary of the original measurement date. Election of the form of the Separation from Service Payment must be provided to the Plan Administrator at the time required by Section 6.2 of
this Plan. 

 Notwithstanding a Participant’s election regarding the form of the Separation from Service Payment, the
Plan Sponsor shall make a De Minimis Distribution, as elected by the Plan Sponsor in the Adoption Agreement, and pay the Participant’s or Beneficiary’s benefit in a single lump-sum payment.

 Notwithstanding the foregoing, a distribution resulting from a Separation from Service by a Participant who is a Specified Employee on the
date of Separation from Service shall be made within the ninety (90) days following the date that is 6 months after the Separation from Service or, if earlier, within the ninety (90) days following the death of the Specified Employee. The
first payment made following the 6-month period described in the preceding sentence shall include all payments that otherwise would have been made after Separation from Service but for the delay
required by this paragraph. 
  

	6.4	 Conflict of Interest Divestiture The Plan Administrator shall pay to a
Participant all or a portion of the Participant’s vested Account to the extent 

  

	 	(a)	 necessary for any Participant who is Federal officer or employee in the executive branch to comply with an
ethics agreement with the Federal government; or 

  

	 	(b)	 reasonably necessary to avoid the violation of an applicable Federal, state or local ethics or conflicts of
interest law (including when such payment is reasonably necessary to permit the Participant to participate in activities in the normal course of his or her position in which the Participant would not otherwise be able to participate under an
applicable rule). 

 The Plan Administrator shall have complete discretion to determine whether the Participant’s
circumstances meet the requirements for a Conflict of Interest Divestiture and the amount of any distribution. A distribution under this Section shall be made at such time and in such form as shall be necessary to comply with an applicable ethics
agreement or to avoid the violation of an applicable ethics or conflict of interest law. 
  

	6.5	 Death Benefit In the event of the Participant’s death, whether before or
after the Participant has otherwise incurred a Distributable Event or commenced 

 receiving payments from the Plan, the
Participant’s Beneficiary shall receive the balance of the Participant’s vested Account in a single lump-sum cash payment. 

 

	6.6	 Disability Benefit If the occurrence of a Disability is a Distributable Event,
as elected by the Plan Sponsor in the Adoption Agreement, the Plan Administrator shall pay to a Participant the balance of the Participant’s vested Account in a single lump-sum cash payment in
the event the Participant suffers a Disability (whether before or after the Participant has otherwise incurred a Distributable Event or commenced receiving payments from the Plan). The Plan Administrator shall have complete discretion to determine
whether the circumstances of the Participant constitute a Disability and the time at which such Disability occurs consistent with the terms of the Plan. 

  

	6.7	 Domestic Relations Order Payment If it is necessary to satisfy a
Domestic Relations Order, whether before or after the Participant has otherwise incurred a Distributable Event or commenced receiving payments from the Plan, the Plan Administrator shall pay to the Spouse, former Spouse, child, or other dependent of
the 

  
 15 

 
Participant, as specified in the Domestic Relations Order, the amount from the Participant’s vested Account required to fulfill the Domestic Relations Order. The Plan Administrator shall
have complete discretion to determine whether the circumstances of the Participant meet the requirements for a Domestic Relations Order Payment under this Section. If the request for a payment due to a Domestic Relations Order is approved, the
distribution shall be made at such time and in such form as shall be necessary to satisfy the Domestic Relations Order. 
  

	6.8	 Unforeseeable Emergency Distribution If a Participant has an Unforeseeable
Emergency, as defined herein, the Plan Administrator may pay to the Participant that portion of his or her vested Account which the Plan Administrator determines is reasonably necessary to satisfy the emergency. The amounts distributed to the
Participant as a result of an Unforeseeable Emergency may not exceed the amounts reasonably necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a result of the distribution, after taking into account the
extent to which such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise, by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not itself cause severe
financial hardship) or by cancellation of Compensation Deferrals pursuant to Section 7.1. A Participant requesting an Unforeseeable Emergency Distribution shall apply for the payment in writing on a form approved by the Plan Administrator and
shall provide such additional information as the Plan Administrator may require. The Plan Administrator shall have complete discretion to determine whether the financial hardship of the Participant constitutes an Unforeseeable Emergency under the
Plan. If, subject to the sole discretion of the Plan Administrator, the request for a withdrawal is approved, the distribution shall be made within ninety (90) days after the date of approval by the Plan Administrator. 

 

	6.9	 Election to Receive Interim Distributions A Participant may make an election,
at the time required by Section 6.2, to have his or her Account or the Class Year Account, as applicable, to which the election relates paid to him or her at an Interim Distribution Date designated by the Participant. Such Account or
Class Year Account shall be payable in a single cash lump sum payment within ninety (90) days after an applicable Interim Distribution Date. The Participant’s selection of an Interim Distribution Date is irrevocable, except as
provided in Section 6.2(b), and must comply with the definition of Interim Distribution Date under Section 1.26. 

  

	6.10	 Payment upon Income Inclusion Under
§ 409A If the Plan Administrator determines at any time that the Plan fails to meet the requirements of Code § 409A with respect to a Participant, the Plan Administrator shall
distribute to the Participant the amount from the Participant’s vested Account that is required to be included in income as a result of such failure in a single lump- sum payment. 

 

	6.11	 Permissible Delay in Payments A payment may be delayed beyond the distribution
date otherwise provided for under the Plan in one or more of the circumstances below, if the Plan Sponsor so elects in the Adoption Agreement. 

  

	 	(a)	 Payments Subject to Code § 162(m) A payment,
including any portion thereof, will be delayed when the Plan Sponsor reasonably anticipates that its deduction with respect to such payment otherwise would be eliminated by application of Code § 162(m), provided that the payment is made either
during the Participant’s first Taxable Year in which the Plan Sponsor reasonably anticipates (or should reasonably anticipate) that if the payment is made during such year the deduction of such payment will not be barred by Code § 162(m)
or during the period beginning with the date of the Participant’s Separation from Service and ending on the later of the last day of the Plan Sponsor’s taxable year in which the Participant has a Separation from Service or the 15th day of the third month following the Participant’s Separation from Service, and provided further that when any scheduled payment to a Participant in the Plan Sponsor’s taxable year is
delayed in accordance with this Section, all scheduled payments to such Participant that could be delayed in accordance with this Section are also delayed. When a payment is delayed to a date on or after the Participant’s Separation from
Service, the payment shall be treated as a payment upon a Separation from Service and, in the case of a Specified Employee, the date that is 6 months after a Participant’s Separation from Service is substituted for any reference to a
Participant’s Separation from Service in the foregoing provisions of this Section. 

  

	 	(b)	 Violation of Federal Securities Laws or Other Applicable Law A payment will be
delayed when the Plan Sponsor reasonably anticipates that the making of the payment will violate Federal securities laws or other applicable law, provided that the payment will be made at the earliest date at which the Plan Sponsor

  
 16 

	 	 
reasonably anticipates that the making of the payment will not cause such violation. The making of a payment that would cause inclusion in gross income or the application of any penalty provision
or other provision of the Code is not treated as a violation of applicable law. 

  

	6.12	 Beneficiary Designation A Participant shall have the right to designate a
Beneficiary and to amend or revoke such designation at any time in writing. Such designation, amendment or revocation shall be effective upon receipt by the Plan Administrator. If the Beneficiary is a minor or incompetent, benefits may be paid to a
legal guardian, trustee, or other proper representative of the Beneficiary, and such payment shall completely discharge the Plan Sponsor and the Plan of all further obligations hereunder. 

If no Beneficiary designation is made, or if the Beneficiary designation is held invalid, or if no Beneficiary survives the Participant and
benefits are determined to be payable following the Participant’s death, the Plan Administrator shall direct that payment of benefits be made to the person or persons in the first of the below categories in which there is a survivor. The
categories of successor beneficiaries, in order, are as follows: 
  

	 	(a)	 Participant’s Spouse; 

 

	 	(b)	 Participant’s Domestic Partner, if elected by the Plan Sponsor in the Adoption Agreement:

  

	 	(c)	 Participant’s descendants, per stirpes (eligible descendants shall be determined
by the intestacy laws of the state in which the decedent was domiciled); 

  

	 	(d)	 Participant’s parents; 

 

	 	(e)	 Participant’s brothers and sisters (including step brothers and step sisters); and 

 

	 	(f)	 Participant’s estate. 

 

	6.13	 Claims Procedure All claims for benefits under the Plan, and all questions
regarding the operation of the Plan, shall be submitted to the Plan Administrator in writing. The Plan Administrator has complete discretion and authority to interpret and construe any provision of the Plan, and its decisions regarding claims for
benefits hereunder are final and binding. 

  

	 	(a)	 Presentation of Claim. Any Participant, Beneficiary or person claiming benefits under the Plan
(such Participant, Beneficiary or other person being referred to below as a “Claimant”) may deliver to the Plan Administrator a written claim for a determination with respect to benefits distributable to such Claimant from the Plan. The
claim must state with particularity the determination desired by the Claimant. 

 Any claim by a Participant that a
payment made under the Plan is less than the amount to which the Participant is entitled must be made in writing pursuant to the foregoing provisions of this Section within 180 days after the date of such payment. Notwithstanding any other provision
of the Plan, including the provisions of Section 5.1, a Participant shall forfeit all rights to any amounts claimed if the Participant fails to make claim as provided in the preceding sentence. 

 

	(b)	 Notification of Decision The Plan Administrator shall consider a
Claimant’s claim within a reasonable time, and shall notify the Claimant in writing: 

  

	 	(i)	 that the Claimant’s requested determination has been made, and that the claim has been allowed in full; or

  

	 	(ii)	 that the Plan Administrator has reached a conclusion contrary, in whole or in part, to the Claimant’s
requested determination, and such notice must set forth in a manner calculated to be understood by the Claimant: 

  

	 	(1)	 the specific reason(s) for the denial of the claim, or any part of it; 

 

	 	(2)	 specific reference(s) to pertinent provisions of the Plan upon which such denial was based;

  

	 	(3)	 a description of any additional material or information necessary for the Claimant to perfect the claim, and an
explanation of why such material or information is necessary; 

  

	 	(4)	 a description of the claim review procedure set forth in Section 6.13(c) below, including information
regarding any applicable time limits and a statement regarding the Claimant’s right 

  
 17 

	 	 
to bring an action under ERISA §502(a) following an adverse determination on review; and 

  

	 	(5)	 if the decision involved the Disability of the Participant, information regarding whether an internal rule or
procedure was relied upon in making its decision and that the Claimant can request a copy of such rule or procedure, free of charge, upon request. 

The Plan Administrator will notify the Claimant of an adverse decision within ninety (90) days after the date the claim was received,
unless the Plan Administrator determines there are special circumstances that require an extension of time in which to make a decision. If an extension of time is needed, the Plan Administrator shall notify the Claimant of the extension before the
expiration of the original 90-day period. The notice will include a description of the special circumstances requiring an extension of time and an estimate of the date it expects a decision to be
made. The extension shall not exceed an additional 90-day period. 
 If the adverse
decision relates to a claim involving the Disability of the Participant, the Plan Administrator will notify the Claimant of an adverse decision within forty-five (45) days after the date the claim was received, unless the Plan Administrator
determines that matters beyond its control require an extension of time in which to make a decision. If an extension of time is needed, the Plan Administrator shall notify the Claimant of the extension before the expiration of the original 45-day period. The notice will include a description of the circumstances necessitating the extension and an estimate of the date it expects a decision to be made. The extension shall not exceed
an additional 30-day period unless, within the 30-day period the Plan Administrator again determines that more time is needed due to matters beyond
its control, in which case notice of the need for not more than an additional thirty (30) days is provided to the Claimant before the first 30-day period expires. The notice will include a
description of the circumstances requiring the extension and an estimate of the date it expects a decision to be made. Any extension notice will include information regarding the standards on which a determination of Disability will be made, the
outstanding issues which prevent a decision from being made, and any additional information which is needed in order to reach a decision. The Claimant will have forty-five (45) days to supply any additional information. 

If the Plan Administrator notifies the Claimant of the need for an extension of time to make a decision regarding his or her claim in
accordance with this Section 6.13(b), and the extension is needed due to the Claimant’s failure to provide information necessary to decide the claim, the period of time in which the Plan Administrator must make a decision does not include
the time between the date the notice of the extension was sent to the Claimant and the date the Claimant responds to the request for additional information. 
  

	(c)	 Review of a Denied Claim Within sixty (60) days after receiving a notice
from the Plan Administrator that a claim has been denied, in whole or in part, a Claimant (or the Claimant’s duly authorized representative) may file with the Plan Administrator a written request for a review of the denial of the claim. During the 60-day review period, the Claimant (or the Claimant’s duly authorized representative): 

  

	 	(i)	 may review relevant documents; 

 

	 	(ii)	 may submit written comments or other documents relating to the claim; 

 

	 	(iii)	 may request access to and copies of all relevant documents, free of charge; 

 

	 	(iv)	 may request a hearing, which the Plan Administrator, in its sole discretion, may grant. 

The Plan Administrator will consider all documents and other information submitted by the Claimant in reviewing its previous decision,
including documents not available to or considered by it during its initial determination. 
 If the appeal relates to a determination of the
Plan Administrator involving the Disability of the Participant, the Claimant will have one-hundred-eighty (180) days following receipt of a denial to file a written request for review. In such
event, no deference shall be given to the initial benefit determination, and the review shall be conducted by an appropriate fiduciary who is someone other than the individual who made the initial determination or a subordinate of such individual.
If the initial determination was based in whole or in part on a medical judgment, the reviewer shall consult with an appropriately trained 

  
 18 

 
and experienced health care professional, and shall disclose the identity of any experts who provided advice with regard to the initial decision. The health care professional whose advice is
sought during the appeal process will not be an individual who was consulted during the initial determination, nor a subordinate of such an individual. 
  

	(d)	 Decision on Review The Plan Administrator shall render its decision on review
promptly, and not later than sixty (60) days after the filing of a written request for review of the denial, unless a hearing is held or other special circumstances require additional time, in which case the Plan Administrator’s decision
must be rendered within one- hundred-twenty (120) days after such date. If an extension of time is needed, the Plan Administrator shall notify the Claimant of the extension before the expiration
of the original 60-day period. The notice will include a description of the circumstances requiring the extension and an estimate of the date it expects a decision to be made. Such decision must be
written in a manner calculated to be understood by the Claimant, and if the decision on review is adverse it must contain: 

  

	 	(i)	 specific reasons for the decision; 

 

	 	(ii)	 specific reference(s) to the pertinent Plan provisions upon which the decision was based;

  

	 	(iii)	 a statement that the Claimant may receive, upon request and free of charge, access to and copies of relevant
documents and information; 

  

	 	(iv)	 a statement describing any voluntary appeal procedures under the Plan and the Claimant’s right to bring an
action under ERISA §502(a); 

  

	 	(v)	 if the decision involved the Disability of the Participant, information regarding whether an internal rule or
procedure was relied upon in making its decision and that the Claimant can request a copy of such rule or procedure, free of charge, upon request; 

  

	 	(vi)	 if the decision involved the Disability of the Participant, a statement that the Claimant and the Plan may have
other voluntary alternative dispute resolution options, such as mediation, and that the Claimant may find out what options are available by contacting the local U.S. Department of Labor Office and the state insurance regulatory agency; and

  

	 	(vii)	 such other matters as the Plan Administrator deems relevant. If the appeal involves the Disability of the
Participant, the decision of the Plan Administrator will be made within forty- five (45) days after the filing of the written request for review, unless special circumstances require additional time, in which case the Plan Administrator’s
decision will be made within ninety (90) days after the date the request was filed. If an extension of time is needed, the Plan Administrator shall notify the Claimant of the extension before the expiration of the
original 45-day period. The notice will include a description of the circumstances requiring the extension and an estimate of the date it expects a decision to be made. 

If the Plan Administrator notifies the Claimant of the need for an extension of time to make a decision regarding his or her appeal in
accordance with this Section 6.13(d), and the extension is needed due to the Claimant’s failure to provide information necessary to decide the appeal, the period of time in which the Plan Administrator must make a decision does not include
the time between the date the notice of the extension was sent to the Claimant and the date the Claimant responds to the request for additional information. 

  
 19 

 ARTICLE VII 

CANCELLATION OF DEFERRALS 
  

	7.1	 Unforeseeable Emergency If a Participant has an Unforeseeable Emergency, as
defined herein, the Plan Administrator may cancel all future Compensation Deferrals pertaining to Compensation not yet earned and required to be made pursuant to the Participant’s current Compensation Deferral Agreement if reasonably necessary
to satisfy the Participant’s financial hardship subject to the standards and requirements for an Unforeseeable Emergency Distribution set forth in Section 6.8. If a Participant receives a hardship distribution from a qualified plan of the
Plan Sponsor pursuant to Code § 401(k)(2)(B)(IV), the Plan Administrator shall cancel all future Compensation Deferrals pertaining to Compensation not yet earned and required to be made pursuant to the Participant’s current Compensation
Deferral Agreement, and the Participant will be prohibited from making Compensation Deferrals under the Plan for at least six (6) months after receipt of the hardship distribution or such longer period as may be prescribed by the qualified
plan. The Participant’s eligibility for Employer Matching Credits and/or Employer Discretionary Credits shall be similarly canceled, and the Participant shall be eligible to defer Compensation again at a later time only as provided under
Article II. 

 ARTICLE VIII 

PLAN ADMINISTRATION 
  

	8.1	 Appointment The Plan Administrator shall serve at the pleasure of the Plan
Sponsor, who shall have the right to remove the Plan Administrator at any time upon thirty (30) days’ written notice. The Plan Administrator shall have the right to resign upon thirty (30) days’ written notice to the Plan
Sponsor. 

  

	8.2	 Duties of Plan Administrator The Plan Administrator shall be responsible to
perform all administrative functions of the Plan. These duties include but are not limited to: 

  

	 	(a)	 Communicating with Participants in connection with their rights and benefits under the Plan;

  

	 	(b)	 Reviewing Benefit Benchmark elections received from Participants; 

 

	 	(c)	 Arranging for the payment of taxes (including income tax withholding), expenses and benefit payments to
Participants under the Plan; 

  

	 	(d)	 Filing any returns and reports due with respect to the Plan; 

 

	 	(e)	 Interpreting and construing Plan provisions and settling claims for Plan benefits; and 

 

	 	(f)	 Serving as the Plan’s designated representative for the service of notices, reports, claims or legal
process. 

  

	8.3	 Plan Sponsor The Plan Sponsor has sole responsibility for the establishment
and maintenance of the Plan. The Plan Sponsor through its Board shall have the power and authority to appoint the Plan Administrator, Trustee and any other professionals as may be required for the administration of the Plan. The Plan Sponsor shall
also have the right to remove any individual or party appointed to perform administrative, investment, fiduciary or other functions under the Plan. The Plan Sponsor may delegate any of its powers to the Plan Administrator, Board member or a
committee of the Board. 

  

	8.4	 Administrative Fees and Expenses All reasonable costs, charges and expenses
incurred by the Plan Administrator or the Trustee in connection with the administration of the Plan or the Trust shall be paid by the Plan Sponsor. If not so paid, such costs, charges and expenses shall be charged to the Trust, if any, established
in connection with the Plan. The Trustee shall be specifically authorized to charge its fees and expenses directly to the Trust. If the Trust has insufficient liquid assets to cover the applicable fees, the Trustee shall have the right to liquidate
assets held in the Trust to pay any fees or expenses due. Notwithstanding the foregoing, no Compensation other than reimbursement for expenses shall be paid to a Plan Administrator who is an employee of the Plan Sponsor. 

 

	8.5	 Plan Administration and Interpretation The Plan Administrator shall
have complete discretionary control and authority to determine the rights and benefits and all claims, demands and actions arising out of the provisions of the Plan or any Participant, Beneficiary, deceased Participant, or other person having or
claiming to have any 

  
 20 

	 	 
interest under the Plan. The Plan Administrator shall have complete discretion to interpret the Plan and to decide all matters under the Plan. Such interpretation and decision shall be final,
conclusive, and binding on all Participants and any person claiming under or through any Participant. Any individual serving as Plan Administrator who is a Participant will not vote or act on any matter relating solely to himself or herself. When
making a determination or calculation, the Plan Administrator shall be entitled to rely on information furnished by a Participant, a Beneficiary, the Plan Sponsor, or other party. The Plan Administrator shall have the responsibility for complying
with any reporting and disclosure requirements of ERISA. 

  

	8.6	 Powers, Duties, Procedures The Plan Administrator shall have such powers and
duties, may adopt such rules, may act in accordance with such procedures, may appoint such officers or agents, may delegate such powers and duties, may receive such reimbursement and compensation, and shall follow such claims and appeal procedures
with respect to the Plan as it may establish, each consistently with the terms of the Plan. 

  

	8.7	 Information To enable the Plan Administrator to perform its functions, the
Plan Sponsor shall supply full and timely information to the Plan Administrator on all matters relating to the Compensation of Participants, their employment, retirement, death, Separation from Service, and such other pertinent facts as the Plan
Administrator may require. 

  

	8.8	 Indemnification of Plan Administrator The Plan Sponsor agrees to indemnify and
to defend to the fullest extent permitted by law any officer(s), employee(s) or Board members who serve as Plan Administrator (including any such individual who formerly served as Plan Administrator) against all liabilities, damages, costs and
expenses (including reasonable attorneys’ fees and amounts paid in settlement of any claims approved by the Plan Sponsor) occasioned by any act or omission to act in connection with the Plan, if such act or omission is in good faith.

  

	8.9	 Plan Administration Following a Change in Control Event Notwithstanding
anything to the contrary in this Article VIII or elsewhere in the Plan or Trust, upon a Change in Control Event with respect to the Plan Sponsor identified in Section I of the Adoption Agreement the individual serving as Chief Executive Officer of
such Plan Sponsor immediately prior to such Change in Control Event who is also a Participant in the Plan, or if the Plan Sponsor has no Chief Executive Officer who is also a Participant in the Plan, the Plan Sponsor’s most senior officer who
is also a Participant in the Plan, shall have the right to appoint an individual, third party or committee to serve as Plan Administrator. Such appointment shall be made in writing and copies thereof shall be delivered to the Board, to the existing
Plan Administrator, to the Trustee, and to all Plan Participants. The Trustee and all other service providers shall be entitled to rely fully on instructions received from the successor Plan Administrator and shall be indemnified to the fullest
extent permitted by law for acting in accordance with the proper instructions of the successor Plan Administrator. 

  
 21 

 ARTICLE IX 

TRUST FUND 
  

	9.1	 Trust The Plan Sponsor may establish a Trust for the purpose of accumulating
assets which may, but need not be used, by the Plan Sponsor to satisfy some or all of its financial obligations to provide benefits to Participants under this Plan. Any trust created under this Section 9.1 shall be domiciled in the United
States of America, and no assets of the Plan shall be held or transferred outside the United States. All assets held in the Trust shall remain the exclusive property of the Plan Sponsor and shall be available to pay creditor claims of the Plan
Sponsor in the event of insolvency, to the extent provided under any Trust established with respect to such Plan Sponsor. The assets held in Trust shall be administered in accordance with the terms of the separate Trust Agreement between the Trustee
and the Plan Sponsor. 

 If elected by the Plan Sponsor in the Adoption Agreement, as soon as administratively feasible
following the end of each Taxable Year (or as otherwise required by the Code), the Trustee shall transfer, on behalf of each Participant, from the Trust to the trust maintained in connection with the Plan Sponsor’s 401(k) plan, an amount equal
to the lesser of (a) the maximum amount of pre-tax deferrals and, if applicable, matching contributions that the Participant could have made, or received, under the Plan Sponsor’s 401(k)
Plan for that previous Taxable Year, within the limits imposed under the terms of the Plan Sponsor’s 401(k) Plan and the Code (including Code §§ 402(g), 401(k) and 401(m)), or (b) the amount of Compensation Deferrals the
Participant actually deferred and, if applicable, Matching Credits the Participant actually received, under the terms of this Plan for that Taxable Year; provided however, the Trustee shall not transfer in any amounts attributable to earnings, and
the Trustee shall not transfer an amount of Compensation Deferrals that exceeds the limit with respect to elective deferrals under Code § 402(g) in effect for the Taxable Year for which such transfer occurs in accordance with Code § 409A.

  

	9.2	 Unfunded Plan In no event will the assets accumulated by the Plan Sponsor in
the Trust be construed as creating a funded Plan under the applicable provisions of ERISA or the Code, or under the provisions of any other applicable statute or regulation. Any funds set aside by the Plan Sponsor in Trust shall be administered in
accordance with the terms of the Trust. 

  

	9.3	 Assignment and Alienation No Participant or Beneficiary of a deceased
Participant shall have the right to anticipate, assign, transfer, sell, mortgage, pledge or hypothecate any benefit under this Plan. The Plan Administrator shall not recognize any attempt by a third party to attach, garnish or levy upon any benefit
under the Plan except as may be required by law. 

 ARTICLE X 

AMENDMENT AND PLAN TERMINATION 
  

	10.1	 Amendment The Plan Sponsor identified in Section I of the Adoption Agreement
shall have the right to amend this Plan without the consent of any Participant or Beneficiary hereunder, provided that no such amendment shall have the effect of reducing any of the vested benefits to which a Participant or Beneficiary has accrued a
right as of the effective date of the amendment. Notwithstanding the foregoing, the Plan Sponsor identified in Section I of the Adoption Agreement shall have the right to amend this Plan in any manner whatsoever without the consent of any
Participant or Beneficiary to comply with the requirements of Code §409A and any binding guidance thereunder to avoid adverse tax consequences even if such amendment has the affect of reducing a vested benefit or existing right of a Participant
or Beneficiary hereunder. 

  

	10.2	 Plan Termination The Plan Sponsor identified in Section I of the Adoption
Agreement may terminate or discontinue the Plan in whole or in part at any time. No further Discretionary Credits or Matching Credits shall be made following Plan Termination, and no further Compensation Deferrals shall be permitted after the
Taxable Year in which the Plan Termination occurs, except that the Plan Sponsor shall be responsible to pay any benefit attributable to vested amounts credited to the Participant’s Account as of the effective date of termination (following any
adjustments to such Accounts in accordance with Article III hereof). If the Plan is terminated in accordance with this Section 10.2, the Plan Administrator shall make distribution of the Participant’s vested benefit upon the occurrence of
a Distributable Event with respect to a Participant. A 

  
 22 

	 	 
Participant’s vested benefit shall be adjusted to reflect Investment Credits and Debits for all Valuation Dates between Plan Termination and the occurrence of a Participant’s
Distributable Event. 

  

	10.3	 Plan Termination Following a Change in Control Event If, as elected by the
Plan Sponsor in the Adoption Agreement: 

  

	 	(a)	 a Change in Control Event constitutes a Plan Termination; or 

 

	 	(b)	 within the 30 days preceding or the 12 months following a Change in Control Event, the Plan Sponsor takes
irrevocable action to terminate the Plan, 

 the Plan will be terminated and liquidated with respect to the Participants of
each corporation that experienced the Change in Control Event. The Plan will be terminated under this Section 10.3 only if all other arrangements sponsored by the Plan Sponsor experiencing the Change in Control Event that would be aggregated
with the Plan as a single plan under Code § 409A are also terminated, so all participants under such aggregated arrangements are required to receive all amounts of compensation deferred under the terminated arrangements within 12 months after
the date the Plan Sponsor takes all necessary action to terminate the Plan and the other arrangements. For purposes of this Section 10.3, when the Change of Control Event results from an asset purchase transaction, the applicable Plan Sponsor
with the discretion to terminate the Plan and the other arrangements is the Plan Sponsor that is primarily liable immediately after the transaction for the payment of deferred compensation. Upon a Plan Termination Following a Change in Control
Event, no further Compensation Deferrals or Employer Discretionary Credits or Employer Matching Credits shall be made, and the Plan Administrator shall be responsible to pay any benefit attributable to vested amounts credited to the
Participant’s Account as soon as practicable following date on which the Plan Sponsor irrevocably takes all necessary action to terminate the Plan (following any final adjustments to such Accounts in accordance with Article III hereof), but not
later than 12 months following such date. 
  

	10.4	 Plan Termination Following a Corporate Dissolution The Plan Sponsor in its
discretion may terminate and liquidate the Plan and make the payments provided below within 12 months after a Corporate Dissolution provided that the value of the Participants’ vested benefits is included in the Participants’ gross incomes
in the latest of the following years (or, if earlier, the year in which the amount is actually or constructively received): 

(a) the calendar year in which the Plan Termination occurs; 

(b) the first calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or 

(c) the first calendar year in which the payment is administratively practicable. 

Upon a Plan Termination Following a Corporate Dissolution, no further Compensation Deferrals or Employer Discretionary Credits or Employer
Matching Credits shall be made, and the Plan Administrator shall be responsible to pay any benefit attributable to vested amounts credited to the Participant’s Account as of the effective date of termination (following any final adjustments to
such Accounts in accordance with Article III hereof). 
  

	10.5	 Plan Termination in Connection with Termination of Certain Similar
Arrangements The Plan Sponsor in its discretion may terminate the Plan and make the distribution provided below provided that 

  

	 	(a)	 the termination does not occur proximate to a downturn in the financial health of the Plan Sponsor and its
Affiliates; 

  

	 	(b)	 the Plan Sponsor terminates all other arrangements that would be aggregated with the Plan as a single plan
under Code § 409A if the same Participant had deferrals of compensation under all of the other arrangements; 

  

	 	(c)	 no payments in liquidation of the Plan are made within 12 months after the date the Plan Sponsor takes all
necessary action to irrevocably terminate the Plan, other than payments that would be payable under the terms of the Plan if action to terminate the Plan had not occurred; 

 

	 	(d)	 all payments are made within 24 months after the date the Plan Sponsor takes all necessary action to
irrevocably terminate the Plan; and 

  

	 	(e)	 neither the Plan Sponsor nor any Affiliate adopts a new plan that would be aggregated with any terminated

  
 23 

	 	 
plan or arrangement under the definition of what constitutes a plan for purposes of Code §409A if the same Participant participated in both arrangements, at any time within 3 years following
the date the Plan Sponsor takes all necessary action to irrevocably terminate the Plan. 

 Upon a Plan Termination in
Connection with the Termination of Certain Similar Arrangements, no further Employer Discretionary Credits or Employer Matching Credits shall be made, and no further Compensation Deferrals shall be made after the Taxable Year in which the Plan
Termination in Connection with the Termination of Certain Similar Arrangements occurs. The Plan Administrator shall be responsible to pay any benefit attributable to vested amounts credited to the Participant’s Account as soon as practicable
after distributions are permissible under Code § 409A (following any final adjustments to such Accounts in accordance with Article III hereof). 
  

	10.6	 Effect of Payment The full payment of the balance of a Participant’s
vested Account under the provisions of the Plan shall completely discharge all obligations to a Participant and his designated Beneficiaries under this Plan and each of the Participant’s Compensation Deferral Agreements shall terminate.

 ARTICLE XI 

MISCELLANEOUS 
  

	11.1	 Total Agreement This Plan document and the executed Adoption Agreement,
Compensation Deferral Agreement, Beneficiary designation and other administration forms shall constitute the total agreement or contract between the Plan Sponsor and the Participant regarding the Plan. No oral statement regarding the Plan may be
relied upon by a Participant or Beneficiary. The Plan Sponsor or Plan Administrator shall have the right to establish such procedures as are necessary for the administration or operation of the Plan or Trust, and such procedures shall also be
considered a part of the Plan unless clearly contrary to the express provisions thereof. 

  

	11.2	 Employment Rights Neither the establishment of this Plan nor any modification
thereof, nor the creation of any Trust or Account, nor the payment of any benefits, shall be construed as giving a Participant or other person a right to employment with the Plan Sponsor or any Affiliate or any other legal or equitable right against
the Plan Sponsor of any Affiliate except as provided in the Plan. In no event shall the terms of employment of any Eligible Individual be modified or in any way be affected by the Plan. 

 

	11.3	 Non-Assignability None of the
benefits, payments, proceeds or claims of any Participant or Beneficiary shall be subject to attachment or garnishment or other legal process by any creditor of such Participant or Beneficiary, nor shall any Participant or Beneficiary have the right
to alienate, commute, pledge, encumber or assign any of the benefits or payments or proceeds which he or she may expect to receive, contingently or otherwise under the Plan. 

 

	11.4	 Binding Agreement Any action with respect to the Plan taken by the Plan
Administrator or the Plan Sponsor or the Trustee or any action authorized by or taken at the direction of the Plan Administrator, the Plan Sponsor or other authorized party shall be conclusive upon all Participants and Beneficiaries entitled to
benefits under the Plan. 

  

	11.5	 Receipt and Release Any payment to any Participant or Beneficiary in
accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction of all claims against the Plan Sponsor, the Plan Administrator and the Trustee under the Plan, and the Plan Administrator may require such Participant
or Beneficiary, as a condition precedent to such payment, to execute a receipt and release to such effect. If any Participant or Beneficiary is determined by the Plan Administrator to be incompetent by reason of physical or mental disability
(including not being the age of majority) to give a valid receipt and release, the Plan Administrator may cause payment or payments becoming due to such person to be made to a legal guardian, trustee, or other proper representative of the
Participant or Beneficiary without responsibility on the part of the Plan Administrator, the Plan Sponsor or the Trustee to follow the application of such funds. 

 

	11.6	 Furnishing Information A Participant or Beneficiary will cooperate with the
Plan Administrator or any representative thereof by furnishing any and all information requested by the Plan Administrator and take such other actions as may be requested in order to facilitate the administration of the Plan and the payments of
benefits hereunder, including but not limited to taking such physical examinations as the Plan Administrator may deemnecessary. 

  
 24 

	11.7	 Compliance with Code §
409A Notwithstanding any provision of the Plan to the contrary, all provisions of the Plan will be interpreted and applied to comply with the requirements of Code §409A and any regulations and applicable binding
guidance so as to avoid adverse tax consequences. No provision of the Plan, however, is intended or shall be interpreted to create any right with respect to the tax treatment of the amounts paid or payable hereunder, and neither the Plan Sponsor nor
any Affiliate shall under any circumstances have any liability to a Participant or Beneficiary for any taxes, penalties or interest due on amounts paid or payable under the Plan, including taxes, penalties or interest imposed under Code § 409A.

  

	11.8	 Insurance The Plan Sponsors, on their own behalf or on behalf of the trustee
of the Trust, and, in their sole discretion, may apply for and procure insurance on the life of the Participant, in such amounts and in such forms as they may choose. The Plan Sponsors or the trustee of the Trust, as the case may be, shall be the
sole owner and beneficiary of any such insurance. The Participant shall have no interest whatsoever in any such policy or policies, and at the request of the Plan Sponsor shall submit to medical examinations and supply such information and execute
such documents as may be required by the insurance company or companies to which the Plan Sponsor have applied for insurance. 

  

	11.9	 Governing Law Construction, validity and administration of this Plan shall be
governed by applicable Federal law and applicable state law in which the principal office of the Plan Sponsor is located, without regard to the conflict of law provisions of such state law. If any provision shall be held by a court of competent
jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be fully effective. 

  

	11.10	 Headings and Subheadings Headings and subheadings in this Plan are inserted
for convenience only and are not to be considered in the interpretation of the provisions hereof. 

  
 25 

 PYRAMAX BANK, FSB 

NON-QUALIFIED DEFERRED COMPENSATION PLAN 

 
  

Amendment One
  

 

WHEREAS, PyraMax Bank, FSB (the “Bank”) maintains the PyraMax Bank,
FSB Non-Qualified Deferred Compensation Plan (the “Plan”), originally effective as of January 1, 2012, and restated effective as of January 1, 2016; and 

WHEREAS, pursuant to Section 10.1 of Article X of the Plan, the Bank has the right to amend the Plan; and 

WHEREAS, the Board of Directors of the Bank (the Board”) now desires to offer
a one-time election for Participants to convert all or part of the Participant’s Accounts to 1895 Bancorp of Wisconsin, Inc. common stock under the Plan in connection with the Bank’s
conversion to the mutual holding company structure and related stock offering; 
 NOW, THEREFORE, the Board hereby amends the Plan in
the following respects effective immediately: 
 1. Section 1 of the Plan is hereby amended by adding the following definitions:

 “1.50 Company shall mean 1895 Bancorp of Wisconsin, Inc. 

“1.51 Company Stock shall mean the common stock of the Company. 

“1.52 Offering The offering of the sale of Company Stock made to the public in connection with the conversion of the
Plan Sponsor to the mutual holding company structure. 
 “1.53
One-Time Election Form The form used by a Participate to elect to convert all or part of the Participant’s account to Company Stock under
Section 3.1(b) of the Plan.” 
 2. The first paragraph of Section 3.1 shall be designated as 3.1(a) and the following shall
be designated as new Section 3.1(b): 
  

	 	“(b)	 Each Participant may make a one-time irrevocable election to
convert all or part of the Participant’s Account to Company Stock subject to any limits established by the Plan Sponsor’s investment policy attributable to the Plan. The election under this Section 3.1(b) shall be made on the One-Time Election Form during the Offering. 

  
 1 

 “In connection with the inclusion of Company Stock, the Plan Sponsor shall establish
procedures to ensure that no Participant who is deemed an “insider” under the laws and regulations of the Securities Exchange Commission shall transact in such Company Stock during
any black-out period established by the Plan Sponsor. The Plan Sponsor shall also establish rules and procedures to permit Participants to provide voting directions with respect to any Company Stock
allocated to such Participants’ Accounts. 
 “Any dividends paid on shares of Company Stock held in Participants’ Accounts
shall be immediately reinvested in additional shares of Company Stock.” 
 3. The following subsection 6.2(d) shall be added to the
end of Section 6.2: 
  

	 	“(d)	 Notwithstanding any other provision to the contrary in the Plan or the Adoption Agreement, all amounts invested
in Company Stock shall be distributed to the Participant or Beneficiary in Company Stock.” 

 [Signature Page to
Follow] 

  
 2 

 IN WITNESS WHEREOF, this Amendment One has been executed by the duly authorized
officer of the Bank as of the date set forth below. 
  

							
		 		 	PYRAMAX BANK, FSB
				
	 September 27, 2018
	 		 	By:	 	 /s/ Monica Baker

	Date	 		 		 	

  
 3 

 PYRAMAX BANK, FSB 

NON-QUALIFIED DEFERRED COMPENSATION PLAN 

 
  

Amendment Two 
  

 

WHEREAS, PyraMax Bank, FSB (the “Bank”) maintains the PyraMax Bank, FSB
Non-Qualified Deferred Compensation Plan (the “Plan”), originally effective as of January 1, 2012, and restated effective as of January 1, 2016 and further amended September 27, 2018;
and 
 WHEREAS, pursuant to Section 10.1 of Article X of the Plan, the Bank has the right to amend the Plan; and

 WHEREAS, the Board of Directors of the Bank (the Board”) now desires to offer a one-time election for Participants to convert all or part of the Participants’ Accounts to common stock of new 1895 Bancorp of Wisconsin, Inc., a Maryland corporation (“New 1895 Bancorp”) in
connection with the second-step conversion of the 1895 Bancorp or Wisconsin, MHC (the “MHC”) to a fully converted stock holding company as New 1895 Bancorp; and 

WHEREAS, the conversion will be accomplished through a series of mergers whereby the MHC will merge into its majority
owned subsidiary, 1895 Bancorp of Wisconsin, Inc., a federal mid-tier stock holding company (“Old 1895 Bancorp”), following which Old 1895 Bancorp will merge into New 1895 Bancorp, its wholly owned
subsidiary, and New 1895 Bancorp will offer its common stock to, among other persons, depositors of the Bank and to members of the Bank’s community, including to executives and directors who can purchase shares through the Plan. 

NOW, THEREFORE, the Board hereby amends the Plan in the following respects effective following approval of the Plan of
Conversion and Reorganization of 1895 Bancorp of Wisconsin, MHC: 
 1. Section 1 of the Plan is hereby amended by adding
the following definitions: 
  

	 	“1.50	 Company shall mean1895 Bancorp of Wisconsin, Inc., a federal
mid-tier holding company (“Old 1895 Bancorp”). Effective, as the context requires, in relation to the Offering and thereafter, the term Company shall mean new 1895 Bancorp of Wisconsin, Inc., a
Maryland corporation (“New 1895 Bancorp”). 

  

	 	“1.51	 Company Stock shall mean the common stock of the Company. Prior to consummation of the
Offering, Company Stock shall generally mean the common stock of Old 1895 Bancorp and in relation to the Offering of New 1895 Bancorp and thereafter shall mean the common stock of New 1895 Bancorp, as the context requires. 

 

	 	“1.52	 Offering The offering of the sale of Company Stock made to the public in connection with the
conversion of the Plan Sponsor to the mutual holding company structure. Effective following the adoption of the Plan of Conversion, the term “Offering” shall thereafter refer to the sale of Company Stock of New 1895 Bancorp to Bank’s
depositors and the public in connection with the conversion of 1895 Bancorp of Wisconsin, MHC, to a fully converted Maryland corporation as New 1895 Bancorp. 

  

	 	“1.53	 One-Time Election Form The form used by a Participate
to elect to convert all or part of the Participant’s account to Company Stock under Section 3.1(b) of the Plan” (other than amounts previously invested in Company Stock during the one-time
election that was previously made available pursuant to the Plan’s amendment dated September 27, 2018). 

  
 1 

	 	“1.54	 Plan of Conversion shall mean the Plan of Conversion and Reorganization of 1895 Bancorp of Wisconsin,
Inc. 

 [Signature Page to Follow] 

  
 2 

 IN WITNESS WHEREOF, this Amendment Two has been executed by the duly authorized
officer of the Bank as of the date set forth below. 
  

							
		 		 	 PYRAMAX BANK, FSB

				
	 February 26, 2021
	 		 	By:	 	 /s/ Monica Baker

	 Date
	 		 		 	

  
 3

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