Document:

Domino's Pizza 401(k) Savings Plan

 Exhibit 4.1 
  
  
  
 DOMINO’S PIZZA 401(K) SAVINGS PLAN 
 EFFECTIVE AS OF JANUARY 1, 2002 
 EXCEPT AS OTHERWISE PROVIDED 
  
  
  

 DOMINO’S PIZZA 401(K) SAVINGS PLAN 
 TABLE OF CONTENTS 
  

					
	 	 	 	  	PAGE
	 ARTICLE I
	 	 DEFINITIONS
	  	3
		
	 “Account”
	  	3
		
	 “Fail-Safe Contribution Account”
	  	3
		
	 “Matching Contribution Account”
	  	3
		
	 “Profit Sharing Account”
	  	3
		
	 “Rollover Account”
	  	3
		
	 “Salary Reduction Account”
	  	4
		
	 “Actual Deferral Percentage”
	  	4
		
	 “Administrative Delegate”
	  	5
		
	 “Affiliated Company”
	  	5
		
	 “Age”
	  	5
		
	 “Alternate Payee”
	  	6
		
	 “Average Actual Deferral Percentage”
	  	6
		
	 “Average Contribution Percentage”
	  	6
		
	 “Benefit Commencement Date”
	  	6
		
	 “Board of Directors”
	  	6
		
	 “Break in Service”
	  	6
		
	 “Code”
	  	6
		
	 “Committee”
	  	6
		
	 “Company”
	  	6
		
	 “Company Stock”
	  	7
		
	 “Compensation”
	  	7
		
	 “Contribution Percentage”
	  	9
		
	 “Covered Employee”
	  	10
		
	 “Effective Date”
	  	10
		
	 “Eligible Employee”
	  	10
		
	 “Employee”
	  	10
		
	 “Employment Commencement Date”
	  	12
		
	 “ERISA”
	  	12

  

 i 

					
	 “Fail-Safe Contributions”
	  	12
		
	 “Fund”
	  	12
		
	 “Highly Compensated Eligible Employee”
	  	12
		
	 “Highly Compensated Employee”
	  	12
		
	 “Hour of Service”
	  	13
		
	 “Investment Medium”
	  	17
		
	 “Limitation Year”
	  	18
		
	 “Matching Contributions”
	  	18
		
	 “Normal Retirement Age”
	  	18
		
	 “Normal Retirement Date”
	  	18
		
	 “Participant”
	  	18
		
	 “Participating Company”
	  	18
		
	 “Payroll Period”
	  	18
		
	 “Plan”
	  	18
		
	 “Plan Year”
	  	18
		
	 “Profit Sharing Contributions”
	  	19
		
	 “Qualified Domestic Relations Order”
	  	19
		
	 “Required Beginning Date”
	  	19
		
	 “Rollover Contributions”
	  	20
		
	 “Salary Reduction Contributions”
	  	20
		
	 “Separation from Service”
	  	20
		
	 “Spouse”
	  	20
		
	 “Total Disability”
	  	20
		
	 “Trust Agreement”
	  	20
		
	 “Trustee”
	  	20
		
	 “Valuation Date”
	  	21
		
	 “Year of Eligibility Service”
	  	21
		
	 “Year of Service”
	  	21
			
	 ARTICLE II
	 	 TRANSITION AND ELIGIBILITY TO PARTICIPATE
	  	22
			
	 2.1
	 	 Rights Affected and Preservation of Accrued Benefit
	  	22
			
	 2.2
	 	 Year of Eligibility Service
	  	22
			
	 2.3
	 	 Eligibility to Participate
	  	22
			
	 2.4
	 	 Election to Make Salary Reduction Contributions
	  	23

  

 ii 

					
	 2.5
	 	 Participation in Matching Contributions
	  	24
			
	 2.6
	 	 Participation in Profit Sharing Contributions
	  	24
			
	 2.7
	 	 Participation in Fail-Safe Contributions
	  	24
			
	 2.8
	 	 Eligibility to Participate - Rollover Contributions
	  	24
			
	 2.9
	 	 Data
	  	24
			
	 ARTICLE III
	 	 CONTRIBUTIONS TO THE PLAN
	  	25
			
	 3.1
	 	 Salary Reduction Contributions
	  	25
			
	 3.2
	 	 Change of Percentage Rate
	  	27
			
	 3.3
	 	 Discontinuance of Salary Reduction Contributions
	  	27
			
	 3.4
	 	 Matching Contribution
	  	27
			
	 3.5
	 	 Profit Sharing Contribution
	  	28
			
	 3.6
	 	 Fail-Safe Contribution
	  	29
			
	 3.7
	 	 Timing and Deductibility of Contributions
	  	30
			
	 3.8
	 	 Fund
	  	30
			
	 3.9
	 	 Limitation on Salary Reduction Contributions and Matching Contributions
	  	30
			
	 3.10
	 	 Prevention of Violation of Limitation on Salary Reduction Contributions and Matching Contributions
	  	32
			
	 3.11
	 	 Maximum Allocation
	  	46
			
	 3.12
	 	 Reemployment of Veterans
	  	49
			
	 3.13
	 	 401(k) Safe Harbor Provisions
	  	51
			
	 ARTICLE IV
	 	 PARTICIPANTS’ ACCOUNTS
	  	56
			
	 4.1
	 	 Accounts
	  	56
			
	 4.2
	 	 Valuation
	  	56
			
	 4.3
	 	 Apportionment of Gain or Loss
	  	56
			
	 4.4
	 	 Accounting for Allocations
	  	56
			
	 ARTICLE V
	 	 DISTRIBUTION
	  	57
			
	 5.1
	 	 General
	  	57
			
	 5.2
	 	 Separation from Service
	  	57
			
	 5.3
	 	 Death
	  	57
			
	 5.4
	 	 Total Disability
	  	57
			
	 5.5
	 	 Valuation for Distribution
	  	58
			
	 5.6
	 	 Timing of Distribution
	  	59

  

 iii 

					
	 5.7
	 	 Mode of Distribution
	  	61
			
	 5.8
	 	 Beneficiary Designation
	  	64
			
	 5.9
	 	 Recalculation of Life Expectancy
	  	66
			
	 5.10
	 	 Transfer of Account to Other Plan
	  	66
			
	 5.11
	 	 Distribution of Amounts Transferred From Monaghan Plan
	  	68
			
	 5.12
	 	 Other Distributions
	  	69
			
	 5.13
	 	 Manner of Payment of Benefits
	  	69
			
	 ARTICLE VI
	 	 VESTING
	  	70
			
	 6.1
	 	 Nonforfeitable Amounts
	  	70
			
	 6.2
	 	 Years of Service for Vesting
	  	70
			
	 6.3
	 	 Breaks in Service and Loss of Service
	  	71
			
	 6.4
	 	 Restoration of Service
	  	71
			
	 6.5
	 	 Forfeitures and Restoration of Forfeited Amounts upon Reemployment
	  	71
			
	 6.6
	 	 Amendment of Vesting Schedule
	  	73
			
	 ARTICLE VII
	 	 ROLLOVER CONTRIBUTIONS
	  	75
			
	 7.1
	 	 Rollover Contributions
	  	75
			
	 7.2
	 	 Vesting of Rollover Account
	  	76
			
	 7.3
	 	 Distribution of Rollover Account
	  	77
			
	 ARTICLE VIII
	 	 WITHDRAWALS
	  	78
			
	 8.1
	 	 Withdrawals of Rollover Contributions
	  	78
			
	 8.2
	 	 Hardship Withdrawals
	  	78
			
	 8.3
	 	 Withdrawals On and After Attainment of Age 59 1
/2
	  	81
			
	 8.4
	 	 Amount and Payment of Withdrawals
	  	81
			
	 8.5
	 	 Withdrawals Not Subject to Replacement
	  	82
			
	 8.6
	 	 Pledged Amounts
	  	82
			
	 8.7
	 	 Investment Medium to be Charged with Withdrawal
	  	82
			
	 ARTICLE IX
	 	 LOANS TO PARTICIPANTS
	  	83
			
	 9.1
	 	 Loan Application
	  	83
			
	 9.2
	 	 Loan Approval
	  	83
			
	 9.3
	 	 Amount of Loan
	  	83
			
	 9.4
	 	 Terms of Loan
	  	84
			
	 9.5
	 	 Enforcement
	  	86
			
	 9.6
	 	 Additional Rules
	  	87

  

 iv 

					
	 ARTICLE X
	 	 ADMINISTRATION
	  	88
			
	 10.1
	 	 Committee
	  	88
			
	 10.2
	 	 Duties and Powers of Committee
	  	88
			
	 10.3
	 	 Functioning of Committee
	  	90
			
	 10.4
	 	 Disputes
	  	90
			
	 10.5
	 	 Indemnification
	  	95
			
	 ARTICLE XI
	 	 THE FUND
	  	96
			
	 11.1
	 	 Designation of Trustee
	  	96
			
	 11.2
	 	 Exclusive Benefit
	  	96
			
	 11.3
	 	 No Interest in Fund
	  	96
			
	 11.4
	 	 Trustee
	  	96
			
	 11.5
	 	 Investments
	  	96
			
	 11.6
	 	 Company Stock Fund
	  	98
			
	 11.7
	 	 Voting Rights of Participants with respect to Company Stock
	  	99
			
	 11.8
	 	 Rights on Tender or Exchange Offer for Company Stock
	  	100
			
	 ARTICLE XII
	 	 AMENDMENT OR TERMINATION OF THE PLAN
	  	102
			
	 12.1
	 	 Power of Amendment and Termination
	  	102
			
	 12.2
	 	 Merger
	  	103
			
	 ARTICLE XIII
	 	 TOP-HEAVY PROVISIONS
	  	104
			
	 13.1
	 	 General
	  	104
			
	 13.2
	 	 Definitions
	  	104
			
	 13.3
	 	 Exclusion of Certain Cash or Deferred Arrangements
	  	109
			
	 13.4
	 	 Minimum Contribution for Non-Key Employees
	  	109
			
	 13.5
	 	 Vesting
	  	111
			
	 ARTICLE XIV
	 	 RIGHTS OF ALTERNATE PAYEES
	  	112
			
	 14.1
	 	 General
	  	112
			
	 14.2
	 	 Distribution
	  	112
			
	 14.3
	 	 Withdrawals
	  	113
			
	 14.4
	 	 Death Benefits
	  	113
			
	 ARTICLE XV
	 	 GENERAL PROVISIONS
	  	114
			
	 15.1
	 	 No Employment Rights
	  	114
			
	 15.2
	 	 Governing Law
	  	114
			
	 15.3
	 	 Severability of Provisions
	  	114

  

 v 

					
	 15.4
	 	 No Interest in Fund
	  	114
			
	 15.5
	 	 Spendthrift Clause
	  	114
			
	 15.6                   
	 	 Incapacity
	  	118
			
	 15.7
	 	 Withholding
	  	118
			
	 15.8
	 	 Missing Persons
	  	119

  

 vi 

 WHEREAS, Domino’s Pizza, LLC, as successor sponsor to Domino’s Pizza, Inc. (the
“Company”), maintains the Domino’s Pizza 401(k) Savings Plan (the “Plan”), which was previously amended and restated effective January 1, 1997 and subsequently amended as of the following dates: 
  

			
	First Amendment	 	January 1, 1997
		
	January 1, 2002 Amendment	 	January 1, 2002
		
	Third Amendment	 	January 1, 2003
		
	Fourth Amendment	 	January 1, 2005
		
	Fifth Amendment	 	July 1, 2005
		
	Sixth Amendment	 	January 1, 2006
		
	Seventh amendment	 	January 1, 2007
		
	Eighth Amendment	 	January 1, 2006

 the Plan as so amended being hereinafter called the “Amended Plan”; and 
 WHEREAS, the Company desires to incorporate the First through Eighth Amendments to the Plan and to ensure that the Amended Plan shall continuously
qualify under those provisions of the federal income tax laws relating to qualified profit-sharing retirement plans containing cash or deferred arrangements of the kind described in Section 401(k) of the Code and that contributions to the Fund
by the Company shall be deductible for federal income tax purposes 
 NOW, THEREFORE: 
 1. The Amended Plan is set forth in this document. 
 2. No benefit provided under the Plan protected by Section 411(d)(6) of the Code shall be eliminated by this document, and this document shall be construed and administered so as to comply with such Code Section and Regulations.

  

 1 

 3. This document shall apply for Plan Years beginning on and after January 1, 2002, except as
otherwise expressly provided in this document. 
  

 2 

 ARTICLE I 
 DEFINITIONS 
 1.1 Except where otherwise clearly indicated by context, the masculine shall include
the feminine and the singular shall include the plural, and vice-versa. Any term used herein without an initial capital letter that is used in a provision of the Code with which this Plan must comply to meet the requirements of section 401(a) of the
Code shall be interpreted as having the meaning used in such provision of the Code, if necessary for the Plan to comply with such provision. 
 “Account” means the entries maintained in the records of the Trustee which represent the Participant’s interest in the Fund. The term “Account” shall refer, as the context indicates, to any or all of the
following: 
 “Fail-Safe Contribution Account” means the Account to which are credited Fail-Safe Contributions allocated to
a Participant, adjustments for withdrawals and distributions, and the earnings, losses and expenses attributable thereto. 
 “Matching Contribution Account” means the Account to which are credited Matching Contributions allocated to a Participant, adjustments for withdrawals and distributions, and the earnings, losses and expenses attributable
thereto. 
 “Profit Sharing Account” means the Account to which are credited Profit Sharing Contributions allocated to a
Participant, adjustments for withdrawals and distributions, and the earnings, losses and expenses attributable thereto. 
 “Rollover
Account” means the Account to which are credited a Participant’s Rollover Contributions, adjustments for withdrawals and distributions, and the earnings, losses and expenses attributable thereto. 
  

 3 

 “Salary Reduction Account” means the Account to which are credited a Participant’s
Salary Reduction Contributions, including his Catch-Up Contributions, adjustments for withdrawals and distributions, and the earnings, losses and expenses attributable thereto. 
 “Actual Deferral Percentage” means, for any Eligible Employee for a given Plan Year, the ratio of a to b, where: 
 “a” represents the sum of: 
 (1) such Eligible Employee’s Salary Reduction Contributions for the Plan Year, plus 
 (2) in the case of any
Highly Compensated Eligible Employee, his elective deferrals for the year under any other qualified retirement plan, other than an employee stock ownership plan as defined in section 4975(e)(7) of the Code or a tax credit employee stock ownership
plan as defined in section 409(a) of the Code, maintained by the Participating Company or any Affiliated Company, plus 
 (3)
at the election of the Committee, any portion of the Eligible Employee’s Matching Contributions required or permitted to be taken into account under section 401(k) of the Code and the regulations issued thereunder, plus 
 (4) at the election of the Committee, any portion of the Eligible Employee’s Fail-Safe Contributions required or permitted to be
taken into account under section 401(k) of the Code and the regulations issued thereunder; and 
 “b” represents the Eligible
Employee’s Compensation for the Plan Year, calculated to the nearest one hundredth of one percent 

  

 4 

 
(the “current year testing method”). For these purposes, the Company may elect to consider only Compensation for that portion of the Plan Year
during which the Employee was an Eligible Employee, provided that this election is applied uniformly to all Eligible Employees for the Plan Year. 
 “Administrative Delegate” means one or more persons or institutions to whom, or to which, the Committee, pursuant to a written agreement, has delegated certain administrative functions. 
 “Affiliated Company” means, with respect to any Participating Company, (a) any corporation that is a member of a controlled group
of corporations, as determined under section 414(b) of the Code, which includes such Participating Company; (b) any member of an affiliated service group, as determined under section 414(m) of the Code, of which such Participating Company is a
member; (c) any trade or business (whether or not incorporated) that is under common control with such Participating Company, as determined under section 414(c) of the Code; and (d) any other organization or entity which is required to be
aggregated with the Participating Company under section 414(o) of the Code and regulations issued thereunder. “50% Affiliated Company” means an Affiliated Company, but determined with “more than 50%” substituted for the
phrase “at least 80%” in section 1563(a) of the Code, when applying sections 414(b) and (c) of the Code. 
 “Age” means, for any individual, his age on his last birthday, except that an individual attains Age 59 1/
2 or Age 70 1/2 on the corresponding date in the sixth calendar month following the month in which his 59th or 70th (respectively) birthday falls (or the last day of such sixth month if there is no such corresponding date therein).

  

 5 

 “Alternate Payee” shall mean any Spouse, former Spouse, child or other dependent of a
Participant who is recognized by a domestic relations order (within the meaning of section 414(p)(1)(B) of the Code) as having a right to receive all, or a portion of, the benefits payable under the Plan with respect to such Participant.

 “Average Actual Deferral Percentage” means, for a specified group of Eligible Employees for a Plan Year, the average of
the Actual Deferral Percentages for such Eligible Employees for the Plan Year. 
 “Average Contribution Percentage” means,
for a specified group of Eligible Employees for a Plan Year, the average of the Contribution Percentages for such Eligible Employees for the Plan Year. 
 “Benefit Commencement Date” means, for any Participant or beneficiary, the date as of which the first benefit payment, including a single sum, from the Participant’s Account is due, other than
pursuant to a withdrawal under Article VIII. 
 “Board of Directors” means the board of directors (or other governing body)
of the Company. 
 “Break in Service” means, for any Employee, any Plan Year in which he is credited with less than 501
Hours of Service and is not an Employee as of the last day of the Plan Year. 
 “Code” means the Internal Revenue Code of
1986, as amended, and any regulations issued thereunder. 
 “Committee” means the individuals appointed by the Board of
Directors (if any) or by the Company to supervise the administration of the Plan, as provided in Article X. 
 “Company”
means Domino’s Pizza, LLC, and its successors. 
  

 6 

 “Company Stock” means shares of common stock of the Company which meet the definition of
“employer securities” in Section 409(l) of the Code. 
 “Compensation” means, for any Eligible Employee, for
any applicable period, all compensation as that term is defined in Section 415(c)(3) of the Code. More particularly, Compensation means and includes (i) any amount which is contributed or deferred by the Company at the election of a
Participant or Employee and which is not included in the gross income of the Participant or Employee by reason of Code Sections 402(e)(3), 402(h)(1)(B), 402(k), 125(a), 457(b) or 132(f)(4), [Note and (ii) wages within the meaning
of Code Section 3401(a) and all other payments of compensation to the Participant or Employee by the Company (in the course of the Company’s trade or business) for which the Company is required to furnish the Participant or Employee a
written statement under Code Sections 6041(d), 6051(a)(3), and 6052. The compensation referred to in clause (ii) of the preceding sentence is the compensation required to be reported in Box 1 (wages, tips and other compensation) of IRS Form
W-2. Such compensation must be determined without regard to any rules under Code Section 3401(a) that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception
for agricultural labor in Code Section 3401(a)(2)). For purposes of contributions under Sections 3.1 through 3.6 of the Plan, Compensation shall exclude compensation paid in kind, reimbursements or other expense allowances, fringe benefits,
moving expenses, deferred compensation and welfare benefits (and also excluding, for purposes of Section 3.1(a) only, Christmas and other gifts, safety bonuses, suggestion awards, and severance pay and Salary Reduction Contributions and salary
deferrals under a plan described in section 125 of the Code during such Plan Year.) 
  

 7 

 Amounts contributed under Section 125 of the Code include any amounts not available to a Participant
in cash in lieu of group health coverage because the Participant is unable to certify that he or she has other health coverage. An amount will be treated as an amount under Section 125 of the Code only if the Employer does not request or
collect information regarding the Participant’s other health coverage as part of the enrollment process for the health plan. 
 Compensation within the meaning of Code Section 415(c)(3) must be actually paid or made available to the Employee (or, if earlier, includible in the gross income of the Employee) within the Plan Year. For these purposes, Compensation
is treated as paid on a date if it is actually paid on that date, or it would have been paid on that date but for an election under Code Sections 401(k), 403(b), 408(k), 408(p)(2)(A)(i), 457(b), 132(f) or 125. 
 For Plan Years beginning during and after 2005, Compensation paid following the Participant’s severance from employment shall be
considered Compensation within the meaning of Code Section 415(c)(3), provided that the amounts represent regular compensation for services performed during the Participant’s regular working hours, compensation for services performed
outside the Participant’s regular working hours, such as, overtime or shift differentials, commissions, bonuses or other similar compensation and, absent a severance from employment, the payments would have been paid to the Participant had he
continued in employment or the Company. Any other payments made to the Participant after severance from employment shall not be considered Compensation within the meaning of Code Section 415(c)(3) except for amounts (a) paid within the
later of 2 1/2 months following his severance from employment or
the end of the Plan year that includes the date of severance of employment, and (b) the amounts would have been included in the definition of Compensation if they had been paid prior to the Employee’s severance from employment. 

  

 8 

 The compensation of each Employee taken into account under the Plan for the purposes described above
shall not exceed $200,000, as adjusted by the Commissioner for increases in the cost-of-living in accordance with Section 401(a)(17)(B) of the Code. The cost-of-living adjustment in effect for a calendar year applies to any period, not
exceeding 12 months, over which compensation is determined (determination period) beginning in such calendar year. If a determination period consists of fewer than 12 months, the annual compensation limit will be multiplied by a fraction, the
numerator of which is the number of months in the determination period, and the denominator of which is 12. 
 “Contribution
Percentage” means, for any Eligible Employee for a given Plan Year, the ratio of a to b, where: 
 “a” represents the sum
of 
 (1) such Eligible Employee’s Matching Contributions for the Plan Year (to the extent not included in such Eligible
Employee’s Actual Deferral Percentage for such Plan Year), plus 
 (2) in the case of any Highly Compensated Eligible
Employee, any employee contributions and Matching Contributions, including any elective deferrals recharacterized as employee contributions, under any other qualified retirement plan, other than an employee stock ownership plan as defined in section
4975(e)(7) of the Code or a tax credit employee stock ownership plan as defined in section 409(a) of the Code, maintained by the Participating Company or any Affiliated Company, plus 
 (3) at the election of the Committee, any portion of the Eligible Employee’s Fail-Safe Contributions required or permitted to be
taken into account in accordance with section 401(m) of the Code and the regulations issued thereunder, plus 
  

 9 

 (4) at the election of the Committee, any portion of the Eligible Employee’s Salary
Reduction Contributions for the Plan Year or elective deferrals under any other qualified retirement plan maintained by a Participating Company or any Affiliated Company that may be disregarded without causing this Plan or such other qualified
retirement plan to fail to satisfy the requirements of Section 401(k)(3) of the Code and the Regulations issued thereunder; and 
 “b” represents the Eligible Employee’s Compensation for the Plan Year, calculated to the nearest one hundredth of one percent (the “current year testing method”). For these purposes, the Company may elect to
consider only Compensation for that portion of the Plan Year during which the Employee was an Eligible Employee, provided that this election is applied uniformly to all Eligible Employees for the Plan Year. 
 “Covered Employee” means any Employee who (a) is employed by a Participating Company, and (b) is not covered by a collective
bargaining agreement, unless such agreement specifically provides for participation hereunder, and (c) is a resident or citizen of the United States of America. An Employee who is such solely by reason of being a leased employee shall not be a
Covered Employee. 
 “Effective Date” means January 1, 2002. 
 “Eligible Employee” means an Employee who has become an Eligible Employee as set forth in Section 2.3, and who has remained a
Covered Employee at all times thereafter. 
 “Employee” means an individual who is employed by a Participating Company or an
Affiliated Company. For purposes of the pension requirements of Section 414(n)(3) of the Code (but not for purposes of eligibility to participate in the Plan) the term 

  

 10 

 
Employee shall include leased employees as defined in Section 414(n)(2) of the Code. Leased employee means any person who is not an employee of the
Company or an Affiliated Company (in this paragraph any of such Companies being referred to as the “recipient”) and who provides services to the recipient if (i) such services are provided pursuant to an agreement between the
recipient and any other person (in this paragraph called the “leasing organization”), (ii) such person has performed such services for the recipient (or for the recipient and related persons) on a substantially full-time basis for a
period of at least one year, and (iii) such services are performed under primary direction or control by the recipient. Contributions or benefits provided by the leasing organization which are attributable to services performed for the
recipient shall be treated as provided by the recipient. However, a leased employee shall not be considered an Employee if (i) such employee is covered by a money purchase pension plan providing (aa) a nonintegrated employer contribution rate
of at least 10% of compensation, as defined in Section 415(c)(3) of the Code, but including amounts contributed pursuant to a salary reduction agreement which are excludable from the employee’s gross income under Section 125,
Section 402(h)(8), Section 402(h), Section 403(b), Section 457 or Section 132(f)(4) of the Code, (bb) immediate participation, and (cc) full and immediate vesting, and (ii) leased employees do not constitute more than
20% of the recipient’s nonhighly compensated work force. Amounts under section 125 include any amounts not available to an Employee in cash in lieu of group health coverage because the Employee is unable to certify that he or she has other
health coverage. An amount will be treated as an amount under section 125 only if the Employer does not request or collect information regarding the Employee’s other health coverage as part of the enrollment process for the health plan. An
individual rendering services to the Company purportedly as an independent contractor shall not be treated as an Employee before the Company has acknowledged that it must withhold federal income tax from the individual’s compensation.

  

 11 

 “Employment Commencement Date” means, for any Employee, the date on which he is first
entitled to be credited with an “Hour of Service” described in Paragraph (a)(1) of the definition of Hour of Service in this Article. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 “Fail-Safe
Contributions” means the amounts contributed by a Participating Company pursuant to Section 3.6. 
 “Fund”
means the fund established for this Plan, administered under the Trust Agreement, out of which benefits payable under this Plan shall be paid. 
 “Highly Compensated Eligible Employee” means an Eligible Employee who is (or is treated as) a Highly Compensated Employee. 
 “Highly Compensated Employee” means any Employee of a participating Company or an Affiliated Company who - 
  

	 	(a)	Was a 5-percent owner as defined in Code Section 416(i)(1)(A)(iii) at any time during the Plan Year (the “Determination Year”) or preceding twelve month period (the
“Look-Back Year”), or 

  

	 	(b)	 For the Look-Back Year received compensation from a Participating Company or an Affiliated Company in excess of $80,000, as indexed, and was in the top-paid group
of employees for the Look-Back Year, provided that the “top-paid group election” made by the inclusion of this paragraph in the Plan must apply consistently to the same Plan Years of all plans of a Participating Company and any Affiliated
Company (other than multiemployer plans) that begin with or within 

  

 12 

	 	 
the same calendar year. “Top paid group” means the group consisting of the top 20 percent of employees when ranked on the basis of Plan Year
compensation. For purposes of determining the number of employees in the top-paid group, those employees described in Code Section 414(q)(5) shall be excluded. 

 As used above in this definition of Highly Compensated Employee, “compensation”, means Compensation as defined in this Section 1.1.

 In determining whether an Employee is a 5-percent owner as defined in Code Section 416(i)(l)(A)(iii), certain family members are
considered under Code Sections 416(i)(1)(B) and 318 to own the outstanding stock of the Company owned directly or indirectly by other family members. As a result, Employees who do not directly own 5 percent of the outstanding stock of the Company
may be treated as 5-percent owners and hence as Highly Compensated Employees. 
 A former Employee who Separated from Service with a
Participating Company or an Affiliated Company prior to the Plan Year for which the determination of Highly Compensated Employees is being made shall be treated as a Highly Compensated Employee if such Employee was a Highly Compensated Employee in
the Plan Year of separation or in any Plan Year ending on or after the Employee’s 55th birthday, in accordance with the rules applicable to determining Highly Compensated Employee status in effect for such Plan Year. 
 Notwithstanding the foregoing provisions of this definition of Highly Compensated Employee, any transition relief granted by the Internal Revenue Service
or applicable law in connection with the changes in this definition which are effective for Plan Years beginning after December 31, 1996 shall be available to the Plan. 
 “Hour of Service” means, for any Employee, a credit awarded with respect to: 
  

	 	(a)	except as provided in (b) or (c), 

  

 13 

 (1) each hour for which he is directly or indirectly paid or entitled to payment by a
Participating Company or an Affiliated Company during the applicable Plan Year for the performance of employment duties; or 
 (2) each hour for which he is entitled, either by award or agreement, to back pay from a Participating Company or an Affiliated Company, irrespective of mitigation of damages; these hours shall be credited to the Employee for the Plan Year
or years to which the award or agreement pertains rather than the Plan Year in which the award, agreement or payment is made; or 
 (3) each hour for which he is directly or indirectly paid or entitled to payment by a Participating Company or an Affiliated Company on account of a period of time during which no duties are performed due to vacation, holiday, illness,
incapacity (including disability), jury duty, layoff, leave of absence, or military duty; provided, however that no more than 501 Hours of Service are required to be credited under this item (3) to an Employee on account of any single
continuous period during which the Employee performs no duties (whether or not such period occurs in a single Plan Year; or 
 (4) hours shall not be credited under (1) and/or (3) if such hours are credited under (2) above. 
  

	 	(b)	For any period that includes any hours for which an Hour of Service would otherwise be credited to an Employee under (a), above, the Committee may, in accordance with rules applied
in a uniform and non-discriminatory manner, elect instead to credit Hours of Service using one or more of the following equivalencies: 

  

							
	  	 	 Basis Upon Which Records
 Are Maintained
	  	 Credit Granted to Individual
 For Period
	  	 
				
		 	 Shift
	  	actual hours for full shift	  	
				
		 	 Day
	  	10 Hours of Service	  	
				
		 	 Week
	  	45 Hours of Service	  	
				
		 	 semi-monthly period
	  	95 Hours of Service	  	
				
		 	 month
	  	190 Hours of Service	  	

  

 14 

	 	(c)	Anything to the contrary in Subsection (a) or (b) notwithstanding: 

 (1) No Hours of Service shall be credited to an Employee for any period merely because, during such period, payments are made or due him
under a plan maintained solely for the purpose of complying with applicable workers’ compensation, unemployment compensation, or disability insurance laws. 
 (2) No Hours of Service shall be credited to an Employee with respect to payments solely to reimburse for medical or medically related
expenses. 
 (3) No Hours of Service shall be credited twice. 
 (4) Hours of Service shall be credited at least as liberally as required by the rules set forth in U.S. Department of Labor
regulations 2530.200b-2(b) and (c). 
 (5) In the case of an Employee who is such solely by reason of service as a leased
employee within the meaning of Section 414(n) of the Code, Hours of Service shall be credited as if such Employee were employed and paid with respect to such service (or with respect to any related absences or entitlements) by the Participating
Company or Affiliated Company that is the recipient thereof. 
  

 15 

	 	(d)	Solely for purposes of determining whether a one-year Break in Service has occurred, but not for purposes of determining the number of Years of Service of an Employee or Participant
for eligibility or vesting purposes, nor for any other purpose under the Plan, an Employee or Participant who is absent from work by reason of maternity or paternity shall be deemed to have completed Hours of Service during such absence subject to
the following terms and conditions: 

 (1) Absence from work by reason of maternity or paternity means and
includes any absence (i) by reason of the pregnancy of the individual, (ii) by reason of the birth of a child of the individual, (iii) by reason of the placement of a child of the individual in connection with the adoption of such
child by such individual, or (iv) for purposes of caring for such child for a period beginning immediately following such birth or placement, 
 (2) The number of Hours of Service deemed to have been completed during any such absence (not to exceed 501) shall be the number of Hours of Service which otherwise normally would have been credited to such Employee
or Participant but for such absence, or in any case when the Committee is unable to determine such number of hours, eight Hours of Service per day of such absence, 
 (3) Hours of Service shall be deemed to have been completed during an absence under this paragraph only in the Plan Year in which the
absence begins if an Employee or Participant would be prevented from incurring a one-year Break in Service in such Plan Year solely because Hours of Service are deemed to have been completed during such absence, or in any other case in the
immediately following Plan Year, 
  

 16 

 (4) No Hour of Service shall be deemed to have been completed during an absence under
this paragraph unless the Employee or Participant furnishes to the Committee such timely information as the Committee may reasonably require to establish that the absence is for a reason described in (1) above and the number of days of such
absence. 
  

	 	(c)	Solely for purposes of determining whether a one-year Break in Service has occurred, if an Employee is absent for one or more of the following reasons, then, to the extent he is not
otherwise credited with Hours of Service with respect to such absence, he shall be credited with an Hour of Service for each Hour of Service with which he would have been credited if he had continued to be actively employed during the period of
absence due to: 

  

	 	(1)	layoff for a period not in excess of one year; 

  

	 	(2)	leave of absence with the approval of the Committee for a period not in excess of one year, unless such period is extended by the Committee; 

  

	 	(3)	military service such that his right to reemployment is protected by law. 

 “Investment Medium” means any fund, contract, obligation, or other mode of investment to which a Participant may direct the investment of the assets of his Account including, effective January 1,
2005, a Company Stock fund (the “Company Stock Fund”) consisting of shares of Company Stock and short-term money market investments in which funds may be temporarily invested pending investment in shares of Company Stock.

  

 17 

 “Limitation Year” means the Plan Year or such other 12-consecutive-month period as may
be designated by the Company. 
 “Matching Contributions” means the amounts contributed by the Company pursuant to
Section 3.4. 
 “Normal Retirement Age” means Age 65. For any Participant who is credited any
amount that was transferred on a Participant’s behalf from the Thomas S. Monaghan, Inc. Tax Deferred Savings Plan, Normal Retirement Age with respect to such amounts means the Participant’s Age as of the January 1 next following the
calendar year in which the Participant attains Age 59 1/2.

 “Normal Retirement Date” means, for any Participant, the first day of the month coincident with or next following
his attainment of Normal Retirement Age. 
 “Participant” means an individual for whom one or more Accounts are maintained
under the Plan. 
 “Participating Company” means the Company and each other organization which is authorized by the Board of
Directors to adopt this Plan by action of its board of directors or other governing body. 
 “Payroll Period” means a
weekly, bi-weekly, semi-monthly, or monthly pay period or such other standard pay period of the Participating Company applicable to the class of Employees of which the Eligible Employee is a part. 
 “Plan” means the Domino’s Pizza 401(k) Savings Plan, a profit sharing plan, as set forth herein. 
 “Plan Year” means each 12-consecutive month period that begins on January 1 and ends on the next following December 31.

  

 18 

 “Profit Sharing Contributions” means the amounts contributed by the Company pursuant to
Section 3.5. 
 “Qualified Domestic Relations Order” means a domestic relations order (within the meaning of section
414(p)(1)(B) of the Code) which creates or recognizes the existence of an Alternate Payee’s rights to, or assigns to an Alternate Payee the right to receive all or a portion of the benefits payable with respect to a Participant under the Plan,
and is determined by the Committee to satisfy the requirements of section 414(p) of the Code. 
 “Required Beginning Date”
means, for any Participant the applicable deadlines for payment, or commencement of payment, of any benefits under the Plan, as follows: 
  

	 	(a)	Unless the Participant otherwise elects, the 60th day after the close of the Plan Year in which occurs the latest of the following: 

 (1) The date on which he attains the earlier of age 65 or Normal Retirement Age; 
 (2) The tenth anniversary of the year in which he commenced participation in the Plan; or 
 (3) His Separation from Service. 
  

	 	(b)	If the Participant under another provision of the Plan may elect to defer the payment, or commencement of payment, of benefits under the Plan beyond the latest of the foregoing
dates, such election shall be subject to (c) below and must be submitted to the Committee in writing, signed by the Participant, and must describe the benefit and the date on which payment of such benefit shall be made or shall commence.

  

 19 

	 	(c)	 Any benefits payable under the Plan to a Participant shall be paid, or shall begin to be paid, not later than April 1 of the calendar year following the
calendar year in which (i) the Participant attains age 70 1/2 or (ii) the Participant’s employment terminates, whichever is later, except in the case of a Participant who is a 5-percent owner (as defined in Code Section 416), clause (ii) above shall not apply.

 “Rollover Contributions” means, for any Participant, his rollover contributions as provided in
Section 7.1. 
 “Salary Reduction Contributions” means, for any Participant, contributions on his behalf as provided in
Section 3.1(a). 
 “Separation from Service” means, for any Employee, his death, retirement, resignation, discharge or
any absence that causes him to cease to be an Employee. 
 “Spouse” means the person to whom a Participant is married on any
date of reference. 
 “Total Disability” means, with respect to any Participant, (a) a disability with respect to which
he is eligible for and receiving benefits under a long-term disability program sponsored by the Company or Affiliated Company or (b) in the case he is a member of a class of employees not covered under a long-term disability program sponsored
by the Company or Affiliated Company, a disability to which his attending physician certifies would have entitled the Participant to benefits under the Company’s long-term disability program if he was a member of a class of employees covered by
such program. 
 “Trust Agreement” means any agreement and declaration of trust executed under this Plan. 
 “Trustee” means the corporate trustee or one or more individuals collectively appointed and acting under the Trust Agreement.

  

 20 

 “Valuation Date” means each business day the New York Stock Exchange is open for
business or each other date on which the Committee determines that a valuation of the Fund shall be made. 
 “Year of Eligibility
Service” means, for any Employee, a credit used to determine his eligibility to participate under the Plan, as further described in Section 2.2. 
 “Year of Service” means, for any Employee, a credit used to determine his vested status under the Plan, as further described in Section 6.2. 
  

 21 

 ARTICLE II 
 TRANSITION AND ELIGIBILITY TO PARTICIPATE 
 2.1 Rights Affected and Preservation of Accrued
Benefit. Except as provided to the contrary herein, the provisions of this amended and restated Plan document shall apply only to Employees who complete an Hour of Service on or after January 1, 2002. The rights of any other individual
shall be governed by the Plan as in effect upon his Separation from Service, except to the extent expressly provided in any amendment adopted subsequently thereto. 
 2.2 Year of Eligibility Service. 
  

	 	(a)	An Employee shall be credited with a Year of Eligibility Service as of the close of the period that began (or begins) on his Employment Commencement Date and ends on the date when
he has completed 1,000 Hours of Service. Such period may be of any duration (more or less than a calendar year). 

 2.3
Eligibility to Participate. 
  

	 	(a)	Each Eligible Employee as of January 1, 2002, who was eligible to participate in the Plan immediately prior to January 1, 2002, shall continue to be an Eligible Employee
as of January 1, 2002. 

  

	 	(b)	Each other Eligible Employee who was not eligible to participate immediately prior to January 1, 2002, shall become an Eligible Employee as of the first full payroll period
next following the first date on which he met the following requirements: 

  

	 	(1)	he attained Age 21; and 

  

	 	(2)	he completed one Year of Eligibility Service. 

  

	 	(c)	If an individual is not a Covered Employee as of the first full payroll period next following the date he meets the requirements of Subsection (b) of this Section, he shall
become an Eligible Employee as of the first date thereafter on which he is a Covered Employee. 

  

 22 

	 	(d)	An Eligible Employee who ceases to be a Covered Employee, by Separation from Service or otherwise, and who later becomes a Covered Employee, shall become an Eligible Employee as of
the date on which he first again completes one Hour of Service as a Covered Employee. 

  

	 	(e)	An Employee who terminates employment prior to 

  

	 	i.	being credited with a Year of Eligibility Service, or 

  

	 	ii.	attaining Age 21, or 

  

	 	iii.	becoming a Eligible Employee, 

 and who thereafter returns
to active service, shall be treated as a new hire in the subsequent determination of whether he has a Year of Eligibility Service pursuant to subsection 2.2(a) (with his Employment Commencement Date deemed to be his date of return to active
service). 
 2.4 Election to Make Salary Reduction Contributions. Each Eligible Employee may elect to make Salary Reduction
Contributions by filing a written or electronic notice of such election with the Committee in a manner provided by the Committee. Such notice shall authorize the Participating Company to reduce such Eligible Employee’s cash remuneration by an
amount determined in accordance with Section 3.1 and to make Salary Reduction Contributions on such Eligible Employee’s behalf in the amount of such reduction. Such election shall become effective as soon as administratively feasible but
no earlier than the first day of the Payroll Period following receipt of his election by the Committee. 
  

 23 

 2.5 Participation in Matching Contributions. An Eligible Employee shall share in Matching
Contributions under Section 3.4 for any Plan Year if Salary Reduction Contributions are made on his behalf in such Plan Year. 
 2.6
Participation in Profit Sharing Contributions. An Eligible Employee shall share in Profit Sharing Contributions under Section 3.5 for any Plan Year during which he (a) receives Compensation and (b) is employed on the last day
of the Plan Year. 
 2.7 Participation in Fail-Safe Contributions. An Eligible Employee shall share in Fail-Safe Contributions under
Section 3.6 for any Plan Year during which he (a) receives Compensation, (b) is an Eligible Employee, other than a Highly Compensated Eligible Employee, at any time during the Plan Year, and (c) satisfies such other criteria as
may be specified by the Committee, on a uniform and consistent basis, for entitlement to share in Fail-Safe Contributions for such Plan Year. 
 2.8 Eligibility to Participate - Rollover Contributions. An Eligible Employee, or a Covered Employee who would be an Eligible Employee but for the fact that he has not yet satisfied the applicable age and service requirements set
forth in Section 2.3, may elect to make a Rollover Contribution pursuant to Section 7.1. Any such person shall become a Participant on the date his Rollover Contribution is received by the Trustee. 
 2.9 Data. Each Employee shall furnish to the Committee such data as the Committee may consider necessary for the determination of the
Employee’s rights and benefits under the Plan and shall otherwise cooperate fully with the Committee in the administration of the Plan. 
  

 24 

 ARTICLE III 
 CONTRIBUTIONS TO THE PLAN 
 3.1 Salary Reduction Contributions. 
  

	 	(a)	When an Eligible Employee files an election under Section 2.4 to have Salary Reduction Contributions made on his behalf, he shall elect the percentage by which his Compensation
shall be reduced on account of such Salary Reduction Contributions. Subject to Sections 3.9 and 3.10, this percentage may be between one percent (1%) and fifteen percent (15%) (effective July 1, 2005, fifty percent (50%)) of such
Compensation, rounded to the nearer whole percent. The Participating Company shall contribute an amount equal to such percentage of the Eligible Employee’s Compensation to the Fund for credit to the Eligible Employee’s Salary Reduction
Account provided that such contributions may be prospectively limited as provided in Section 3.10. For purposes of making Salary Reduction Contributions and Catch-Up Contributions only, Compensation shall include any amounts deferred to a
non-qualified deferred compensation maintained by the Company. 

  

	 	(b)	 Salary Reduction Contributions made on behalf of an Eligible Employee under this Plan, together with elective deferrals (as defined in Section 402(g)(3) of the
Code) under any other qualified cash or deferred plan or arrangement as defined in Section 401(k) of the Code, a simplified employee pension as defined in Section 408(k) of the Code, a SIMPLE IRA plan described in Section 408(p) of
the Code, a salary reduction arrangement under Section 403(b) of the Code, or a trust described in Section 501(c)(18) of the Code, maintained by any Participating Company or Affiliated Company, shall not 

  

 25 

	 	 
exceed the dollar limitation under section 402(g) of the Code (as indexed), increased by the dollar limitation on Catch-Up Contributions defined below.
Salary Reduction Contributions shall not be made from amounts that are not compensation within the meaning of Code Section 415(c)(3) and Regulation Section 1.415(c)-2. To the extent necessary to satisfy this limitation for any year
elections under Subsection (a) of this Section shall be prospectively restricted. 

 If the Salary Reduction
Contributions plus elective deferrals described above exceed such limitation for any calendar year, upon the written request of the Participant made on or before the March 1 first following such calendar year, the excess, including any earnings
attributable thereto, designated by the Participant to be distributed from the Plan shall be paid to the Participant on or before the April 15 first following such calendar year, reduced by any amounts previously distributed under Subsection
3.10(a) for the year. 
  

	 	(c)	 Effective July 1, 2005, all Eligible Employees who are eligible to make Salary Reduction Contributions under this Plan and who have attained age 50 before the
close of the Plan Year shall be eligible to make additional Salary Reduction Contributions in accordance with, and subject to the limitations of, Section 414(v) of the Code but, in any event, shall not exceed thirty percent (30%) of the
Eligible Employee’s Compensation (“Catch-Up Contributions”). Catch-Up Contributions made to the Fund and/or to any other tax qualified plan of the Company on a Participant’s behalf for a taxable year may not exceed the lesser of
$1,000, adjusted as provided under Code Section 414(v)(2), or 75% of his Compensation for the taxable year. Catch-Up Contributions are not subject to the limits imposed under Code 

  

 26 

	 	 
Section 402(g), 415, 401(k)(3), 401(k)(12), 410(b) or 416, as applicable, (but Catch-Up Contributions made in prior years are counted in determining the
average benefit percentage under Code Section 410(b) for the current year and whether the Plan is top-heavy in the current year). No Matching Contributions shall be made with respect to any Catch-Up Contributions made by Participants.

 3.2 Change of Percentage Rate. A Participant may, without penalty, change the percentage of Compensation
designated by him as his contribution rate under Subsection 3.1(a), to any percentage permitted by such Subsection, and such percentage shall remain in effect until so changed. Any such change shall become effective as soon as administratively
feasible, but no earlier than the first day of the Payroll Period which immediately follows receipt of the change by the Committee. 
 3.3
Discontinuance of Salary Reduction Contributions. A Participant may discontinue his Salary Reduction Contributions at any time. Such discontinuance shall become effective as soon as administratively feasible on the first day of the Payroll
Period next following receipt of the discontinuance by the Committee. A Participant who discontinues his Salary Reduction Contributions may elect to resume his Salary Reduction Contributions, which election shall be effective as soon as
administratively feasible, but no earlier than the first day of the Payroll Period which immediately follows receipt of the election by the Committee. 
 3.4 Matching Contribution. Subject to the limitations under Section 3.9 and the maximum allocation limitations under Section 3.11, the Participating Company shall contribute to the Fund for each Plan
Year, a Matching Contribution in the amount of fifty percent (50%) of that portion of the Salary Reduction Contribution made out of the Participant’s Compensation for any payroll 

  

 27 

 
period, or other period, in the Plan Year, which does not exceed (1) six percent (6%) of such Compensation or (2) that portion of the
Participant’s Salary Reduction Contribution made out of such Compensation which is not returned to the Participant pursuant to Section 3.10. 
 3.5 Profit Sharing Contribution. 
  

	 	(a)	(1) Each Participating Company shall contribute to the Fund for each Plan Year such amount as shall be determined by the Board of Directors as of the close of the Participating
Company’s fiscal year, provided that the contribution for any Plan Year shall not exceed the maximum allowable current deduction under the Section 404 of the Code. 

 (2) Such contributions by any Participating Company shall be allocated to the Profit Sharing Accounts of Eligible Employees of such Participating Company
and who are eligible to share in Profit Sharing Contributions in accordance with Section 2.7, in proportion to their Compensation for the portion of the Plan Year during which each is an Eligible Employee. 
 (3) Except with respect to tax deductibility, the Profit Sharing Contribution by any Participating Company for any Plan Year shall include both the amount
contributed by the Participating Company for such Plan Year and the amount of Profit Sharing Contributions forfeited during such Plan Year by Employees or former Employees of the Participating Company. 
  

	 	(b)	 If any Participating Company is prevented from making a contribution which it would otherwise have been required to make under the Plan, because its current or
accumulated earnings are less than the contribution which it would otherwise 

  

 28 

	 	 
have made, then so much of the contribution which the Participating Company was prevented from making may be made, for the benefit of the Participants, by
another company or companies which together with it are members of an affiliated group of corporations within the meaning of section 1504 of the Code, to the extent of the current or accumulated earnings of the contributing company. However, if the
affiliated group of corporations does not file a consolidated federal income tax return, such contribution by each such other company shall be limited to that proportion of its total current and accumulated earnings, remaining after adjustment for
its contribution deductible for federal income tax purposes without reference to this Subsection, which the total prevented contribution bears to the total current and accumulated earnings of all companies which are members of the group, remaining
after adjustment for all contributions deductible for federal income tax purposes without regard to this Subsection. 

 3.6
Fail-Safe Contribution. For any Plan Year for which it is determined that the limitation(s) of Subsections (a), (b) or (c) of Section 3.9 has or have been exceeded, the Board of Directors, or the chief executive officer
of the Company acting without Board approval, in its or his discretion, may authorize and direct each Participating Company to make a Fail-Safe Contribution in an amount determined by the Board of Directors or the chief executive officer of the
Company. Subject to Section 3.11, the Fail-Safe Contribution for any Plan Year shall be allocated to the Fail-Safe Contribution Accounts of those Participants specified by the Committee and in the manner determined by the Committee; provided
that no Fail-Safe Contribution shall be allocated to the account of any individual who was a Highly Compensated Employee for such Plan Year. 
  

 29 

 3.7 Timing and Deductibility of Contributions. Profit Sharing, Matching, and
Fail-Safe Contributions for any Plan Year under this Article shall be made within the time prescribed by law for filing its federal income tax return for such taxable year (including extensions thereof). All Participating Company contributions are
expressly conditioned upon their deductibility for Federal income tax purposes. Amounts contributed as Salary Reduction Contributions, or Rollover Contributions will be remitted to the Trustee as soon as practicable, but in any event not later than
the 15th business day of the month following the month in which such amounts
otherwise would have been paid to the Participant as Compensation. 
 3.8 Fund. The contributions deposited by the Participating
Company in the Fund in accordance with this Article shall constitute a fund held for the benefit of Participants and their eligible beneficiaries under and in accordance with this Plan. No part of the principal or income of the Fund shall be used
for, or diverted to, purposes other than for the exclusive benefit of such Participants and their eligible beneficiaries (including necessary administrative costs); provided that in the case of a contribution made by the Participating Company as a
mistake of fact, or for which a tax deduction is disallowed, in whole or in part, by the Internal Revenue Service, the Participating Company shall be entitled to a refund of said contributions, which must be made within one year after payment of a
contribution made as a mistake of fact, or within one year after disallowance of the tax deduction, to the extent of such disallowance. 
 3.9 Limitation on Salary Reduction Contributions and Matching Contributions. 
  

	 	(a)	Actual Deferral Percentage Test. For any Plan Year, the Average Actual Deferral Percentage for the Highly Compensated Eligible Employees shall not exceed the greater of:

 (1) one hundred twenty-five percent (125%) of the Average Actual Deferral Percentage for all other
Eligible Employees; or 
  

 30 

 (2) the lesser of: 
  

	 	(A)	two hundred percent (200%) of the Average Actual Deferral Percentage for all other Eligible Employees; or 

  

	 	(B)	two percent (2%) plus the Average Actual Deferral Percentage for all other Eligible Employees. 

 For purposes of the tests described in (1) and (2) above, Salary Reduction Contributions shall include any amounts treated as Salary Reduction
Contributions under Section 3.10 and shall not include (a) salary Reduction Contributions of a non-Highly Compensated Employee to the extent such contributions are Excess Contributions described under Section 3.10(C) and are
prohibited under Code Section 401(a)(30), (b) additional Salary Reduction Contributions made pursuant to Code Section 414(u), or Salary Reduction Contributions that are treated as Catch-Up Contributions pursuant to
Section 3.1(d). 
  

	 	(b)	Actual Contribution Percentage Test. For any Plan Year, the Average Contribution Percentage for the Highly Compensated Eligible Employees shall not exceed the greater of:

 (1) one hundred twenty-five (125%) of the Average Contribution Percentage for all other Eligible
Employees; or 
 (2) the lesser of: 
  

	 	(A)	two hundred percent (200%) of the Average Contribution Percentage for all other Eligible Employees; or 

  

 31 

	 	(B)	two percent (2%) plus the Average Contribution Percentage for all other Eligible Employees. 

  

	 	(c)	If the Plan and any other plan(s) maintained by a Participating Company or an Affiliated Company are treated as a single plan for purposes of Section 401(a)(4) or
Section 410(b) of the Code, the limitations in Subsections (a) and (b) of this Section shall be applied by treating the Plan and such other plan(s) as a single plan. 

 3.10 Prevention of Violation of Limitation on Salary Reduction Contributions and Matching Contributions. The Committee shall monitor the level of
Participants’ Salary Reduction Contributions and Matching Contributions to insure against exceeding the limits of Section 3.9. To the extent practicable, the Plan Administrator may prospectively limit (i) some or all of the Highly
Compensated Eligible Employees’ Salary Reduction Contributions to reduce the Average Actual Deferral Percentage of the Highly Compensated Eligible Employees to the extent necessary to satisfy Subsection 3.9(a) and/or (ii) some or all of
the Highly Compensated Eligible Employees’ Matching Contributions to reduce the Average Contribution Percentage of the Highly Compensated Eligible Employees to the extent necessary to satisfy Subsection 3.9(b). 
  

	 	(a)	Adjustments to Prevent Excess Allocations of Salary Reduction Contributions. 

 In order to assure that no amounts in excess of the special limitations imposed by Section 3.9(a) are allocated to the Salary Reduction Account of any Participant who is a Highly Compensated Employee, and also to
assure that no amounts in excess of other limitations imposed by the Plan or by applicable law are exceeded, the following steps shall be taken: 
 (1) The Committee shall monitor elections made by Participants and Salary Reduction Contributions being made periodically to the Plan pursuant to such elections and may require changes in the elections of
Participants, prior to or during any Plan Year, which would reduce the Salary Reduction Contributions being made to the Plan on behalf of such Participants and the Matching Contributions being made to the Plan on account of such Salary Reduction
Contributions and/or may reduce or terminate such Salary Reduction Contributions and the Matching Contributions being made to the Plan on account of such Salary Reduction Contributions at any time, in order to assure compliance with any of the
limitations referred to above. 
  

 32 

 (2) If notwithstanding the Committee’s efforts to monitor allocations to the
Accounts of Participants as required by (a)(1) above, the Committee determines after the end of a Plan Year that the allocations of Salary Reduction Contributions to the Salary Reduction Accounts of Highly Compensated Employees for such Plan Year
exceed the special limitations described in Section 3.9(a): 
 (A) The Company may make additional discretionary
contributions to the Plan for such Plan Year (or prior Plan Year if the prior year testing method is used) for allocation to separate Fail-Safe Contribution Accounts of Participants who are not Highly Compensated Employees, or to Fail-Safe
Contribution Accounts of all Participants, 

  

 33 

 
in amounts which in combination with Salary Reduction Contributions (and any Qualified Matching Contributions under (B) below) for such Plan Year (or
prior Plan Year) are sufficient to cause such special limitations not to be exceeded. Any such contributions (i) shall be allocated to separate accounts of such Participants in proportion to the Compensation of each paid in that portion of the
applicable Plan Year during which he was a Participant, or if applicable Regulations so require, at any time in such Plan Year, (ii) shall meet the requirements of Regulation 1.401(k)-2(a)(6), and (iii) shall be made no later than the end
of the 12-month period following the end of the Plan Year to which the contribution relates. Such special accounts shall be fully vested at all times, shall be subject to the same limitations on distributions which are applicable to Salary Reduction
Contributions and shall be treated as Salary Reduction Contributions for purposes of Section 3.11. Also, the Company may transfer to separate accounts of the kind described above any Discretionary Company Contributions made to the Plan for such
Plan Year in which event they shall be treated in the same manner and be subject to the same conditions as additional discretionary contributions to the Plan under this subsection (A). Contributions made or transferred to separate accounts pursuant
to this subsection (A) are referred to as “Qualified Nonelective Contributions.” 
  

 34 

 (B) The Company may treat all or part of the Matching Contributions to the Plan for such
taxable year, all of which are fully vested and subject to the restrictions of Section 5.7(e), as Salary Reduction Contributions. The Company may make additional matching contributions to the Plan for such Plan Year for allocation to separate
accounts of Participants for whom Salary Reduction Contributions were made to the Plan for such Plan Year, and who are not Highly Compensated Employees, in amounts which in combination with the Salary Reduction Contributions, the Matching
Contributions treated as Salary Reduction Contributions (and any Qualified Nonelective Contributions under (A) above) for such Plan Year are sufficient to cause such special limitations not to be exceeded. Any such additional matching
contributions (i) shall be allocated to separate accounts of such Participants in proportion to the Salary Reduction Contributions made on behalf of each for the Plan Year, (ii) shall meet the requirements of Regulation 1.401(k)-2(a)(6),
and (iii) shall be no later than the end of the 12-month period following the end of the Plan year to which the contribution relates. Such special accounts shall be fully vested at all times and shall be subject to the same limitations on
distributions which are applicable to Salary Reduction Contributions and shall be treated as Salary Reduction Contributions for purposes of Section 3.11. Also, the Company may transfer to separate accounts of the kind described above any Profit
Sharing Contributions made to the Plan for such Plan Year in which event they shall be treated in the same manner and be subject to the same 

  

 35 

 
conditions as additional matching contributions to the Plan under this subsection (B). Matching Contributions which are fully vested and subject to the
limitations of Section 5.7(e), and contributions made or transferred to separate accounts pursuant to this subsection (B) are referred to in this Agreement as “Qualified Matching Contributions”. 
 (C) The Committee may direct the Trustee to distribute to Participants who are Highly Compensated Employees that
portion of the Salary Reduction Contributions made to the Plan on their behalf for such Plan Year which exceeds the special limitations of Section 3.9(a) (“Excess Contributions”) adjusted for earnings or losses. Any Excess
Contributions, as so adjusted, to be distributed to Participants shall be designated as Excess Contributions by the Company and be distributed after the close of the Plan Year for which they were made normally within 2 1/2 months after the end of such Plan Year, and in any event not later than 12
months after the end of such Plan Year. (If such Excess Contributions are distributed after 2 1/2 months after the end of such Plan Year an excise tax is imposed on the Company with respect to the same.) Any Excess Contribution to be distributed hereunder shall not include Salary Reduction Contributions
designated as Catch-Up Contributions under Subsection 3.1(d) and not taken into account under Subsection 3.9(a), and such Excess Contributions shall be retained and treated as Catch-Up Contributions to the extent, when added to Salary Reduction
Contributions designated as Catch-Up Contributions under Section 3.1(d), they do not exceed the limit on Catch-Up Contributions as described under Section 3.1(d). 
  

 36 

 (D) The total Excess Contributions, if any, for the Plan Year for Participants who are
Highly Compensated Employees shall be determined and (if the Committee directs the Trustee as permitted by (C) above) shall be distributed in accordance with the following procedure: 
 (i) First, determine the dollar amount of Excess Contributions for each Highly Compensated Employee for whom an Excess Contribution is
made for the Plan Year in the manner described in Code Section 401(k)(8)(B) and Regulation § 1.401(k)-2(b)(2)(iii). 
 (ii) Second, determine the total amount of the Excess Contributions described in (i) above (the “Total Excess Contributions”). 
 (iii) Third, reduce the Salary Reduction Contribution of the Highly Compensated Employee with the highest dollar amount of Salary Reduction Contribution for the Plan Year to the extent required to either
(A) reduce the Total Excess Contributions to zero or (B) cause the Highly Compensated Employee’s Salary Reduction Contribution to equal the dollar amount of the Salary Reduction Contribution of the Highly 

  

 37 

 
Compensated Employee with the next highest dollar amount of Salary Reduction Contributions, whichever is less. Repeat this process until the Total Excess
Contributions are reduced to zero. When and if the Salary Reduction Contributions of two or more Highly Compensated Employees to be reduced are the same, such Salary Reduction Contributions shall be reduced equally and simultaneously. The amount of
any and all such reductions for each Highly Compensated Employee for whom a reduction is made (the “Excess Salary Reduction Contribution”), adjusted for earnings or losses, shall be distributed to each such Highly Compensated Employee in
accordance with (C) above. 
 (iv) If the distributions referred to in (iii) above are made, the requirements of
Section 3.9(a) shall be treated as being met, regardless of whether the Actual Deferral Percentage for the group of Participants who are Highly Compensated Employees, if recalculated after such distributions are made, would satisfy such
requirements. 
 (E) Effective January 1, 2006, the income or loss allocable to an Excess distributed to a Highly
Compensated Employee under (C) and (D) above by the Trustee shall be equal to the sum of the allocable gain or loss for the Plan Year plus the allocable gain or loss for the gap period (i.e., the period after the close of the Plan Year and
prior to 

  

 38 

 
the distribution), to the extent the Excess Contributions would be credited with gain or loss for the gap period if the total Account were to be distributed.
Effective January 1, 2008, crediting of gap period income or loss shall no longer be required. 
 (i) The income or loss
allocable to an Excess Contribution distributed to a Highly Compensated Employee under (C) and (D) above by the Trustee shall be an amount equal to the income or loss of the Participant’s Salary Reduction Contributions Account for the
Plan Year for which the Excess Contribution was made multiplied by a fraction the numerator of which is the Excess Contribution made on behalf of the Participant for such Plan Year and the denominator of which is the Participant’s Salary
Reduction Contributions Account balance as of the beginning of such Plan Year plus the Participant’s Salary Reduction Contributions for such Plan Year. To the extent that gap period income or losses must be distributed, income for the Plan Year
and the gap period shall be substituted for income for the Plan Year, and Salary Reduction Contributions taken into account for the Plan Year and the gap period shall be substituted for Salary Reduction Contributions taken into account for the Plan
Year in determining the fraction that is applied to the income. For these purposes, income or losses allocable to Excess Contributions shall be determined on a date that is no more than 7 days before the distribution. 
  

 39 

 (ii) Alternatively, allocable income for the gap period may be
calculated in an amount equal to 10% of the income allocable to Excess Contributions for the Plan Year under (i) above, multiplied by the number of calendar months that have elapsed since the end of the Plan Year, counting the month of
distribution if distribution is made after the 15th day of such month. 

 

	 	(b)	Adjustments to Prevent Excess Allocations of Matching Contributions. If, notwithstanding the Committee’s efforts to monitor allocations to the Accounts of Participants
as required by Section 3.1(a)(1), the Committee determines after the end of a Plan Year that the allocations of Matching Contributions to the Matching Company Contribution Accounts of Highly Compensated Employees for such Plan Year exceed the
special limitations described in Section 3.9(b): 

 (1) The Company may make Qualified Nonelective
Contributions to the Plan for such Plan Year for allocation to separate accounts of Participants and/or transfer discretionary Company Contributions for such Plan Year to such separate accounts, in the same manner and subject to the same conditions
set forth in Section 3.9(b), which in combination with the Matching Contributions (and any additional matching contributions under (2) below) for such Plan Year are sufficient to cause such special limitations not to be exceeded. Also, to
cause such special limitations not to be exceeded the Company may transfer to separate accounts of the kind described above any Salary Reduction Contributions made to the Plan for 

  

 40 

 
such Plan Year provided that Salary Reduction Contributions and Qualified Nonelective Contributions described above for such Plan Year meet the requirements
of Reg. 1.401(m)-2(a)(6). 
 (2) The Company may make additional matching contributions to the Plan for such Plan Year (or
prior Plan Year if the prior year testing method is used) for allocation to the Matching Contribution Accounts of Participants for whom Salary Reduction Contributions were made to the Plan for such Plan Year (or prior Plan Year) and who are not
Highly Compensated Employees in amounts which in combination with the Matching Contributions (and any Qualified Nonelective Contributions under (1) above) for such Plan Year are sufficient to cause such special limitations not to be exceeded.
Any such contributions shall be allocated to the Matching Contribution Accounts of such Participants in proportion to the Matching Contributions theretofore made on behalf of each for the applicable Plan Year, and shall normally be made no later
than the end of the 12-month period following the end of the Plan Year to which the contribution relates. Such additional matching contributions shall be subject to the same plan rules applicable to Matching Contributions and shall be treated as
Matching Contributions for purposes of Section 3.10(a). 
 (3) The Committee may direct the Trustee to distribute to
Participants who are Highly Compensated Employees that portion of the Matching Contributions made to the Plan on their behalf for such Plan Year which exceeds the special limitations of 3.9(b) (“Excess Matching Contributions”) adjusted for
earnings or losses. Any Excess Matching Contributions, as so adjusted, to be distributed to Participants shall be designated as Excess Matching Contributions by the 

  

 41 

 
Company and be distributed after the close of the Plan Year for which they were made normally within 2 1/2 months after the end of such Plan Year, and in any event not later than 12
months after the end of such Plan Year. (If such Excess Matching Contributions are distributed after 2 1/2
 months after the end of such Plan Year an excise tax is imposed on the Company with respect to the same.) 
 (4) The total Excess Matching Contributions for the Plan Year, if any, for Participants who are Highly Compensated Employees shall be
determined and (if the Committee directs the Trustee as permitted by (3) above) shall be distributed in accordance with the following procedure: 
 (A) First, determine the dollar amount of Excess Matching Contributions for each Highly Compensated Employee for whom an Excess Matching Contribution is made for the Plan Year in the manner described in Code
Section 401(m)(6)(C) and Regulation § 1.401(m)-2(b)(2). 
 (B) Second, determine the total amount of the Excess
Matching Contributions described in (A) above (the “Total Excess Matching Contributions”). 
 (C) Third,
reduce the Matching Company Contribution of the Highly Compensated Employee with the highest dollar amount of Matching Company Contribution for the Plan Year to the extent required to either (A) reduce the 

  

 42 

 
Total Excess Matching Contributions to zero or (B) cause the Highly Compensated Employee’s Matching Company Contribution to equal the dollar amount
of the Matching Company Contribution of the Highly Compensated Employee with the next highest dollar amount of Matching Contributions, whichever is less. Repeat this process until the Total Excess Matching Contributions are reduced to zero. When and
if the Matching Contributions of two or more Highly Compensated Employees to be reduced are the same, such Matching Contributions shall be reduced equally and simultaneously. The amount of any and all such reductions for each Highly Compensated
Employee for whom a reduction is made (the “Excess Matching Contribution”), adjusted for earnings or losses, shall be distributed to each such Highly Compensated Employee in accordance with (3) above. 
 (D) If the distributions referred to in (C) above are made, the requirements of Section 3.9(b) shall be treated as being met,
regardless of whether the Actual Contribution Percentage for the group of Participants who are Highly Compensated Employees if recalculated after such distributions are made, would satisfy such requirements. 
 (5) Effective January 1, 2006, the income or loss allocable to an Excess Matching Contribution shall be equal to the sum of the
allocable gain or loss for the Plan Year plus the allocable gain or loss for the gap period (i.e., the period after the close of the Plan Year and prior to the distribution), to the extent the Excess Matching Contributions would be credited 

  

 43 

 
with gain or loss for the gap period if the total Account were to be distributed to the Participant. Effective January 1, 2008, crediting of gap period
income or loss shall no longer be required. 
 (i) The income or loss allocable to an Excess Matching Contribution
distributed to a Highly Compensated Employee under (3) and (4) above by the Trustee shall be an amount equal to the income or loss of the Participant’s Matching Company Contributions Account for the Plan Year for which the Excess
Matching Contribution was made multiplied by a fraction the numerator of which is the Excess Matching Contribution made on behalf of the Participant for such Plan Year and the denominator of which is the Participant’s Matching Company
Contributions Account balance as of the beginning of such Plan Year plus the Matching Company Contributions made on behalf of the Participant for such Plan Year. To the extent that gap period income or losses must be distributed, income for the Plan
Year and the gap period shall be substituted for income for the Plan Year, and Matching Company Contributions taken into account for the Plan Year and the gap period shall be substituted for Matching Company Contributions taken into account for the
Plan Year in determining the fraction that is applied to the income. For these purposes, income or losses allocable to Excess Marching Contributions shall be determined on a date that is no more than 7 days before the distribution. 
  

 44 

 (ii) Alternatively, allocable income for the gap period may be
calculated in an amount equal to 10% of the income allocable to Excess Matching Contributions for the Plan Year under (i) above, multiplied by the number of calendar months that have elapsed since the end of the Plan Year, counting the month of
distribution if distribution is made after the 15th day of such month. 

(6) Instead of directing the Trustee to distribute any Excess Matching Contributions for the Plan Year to Participants who are Highly
Compensated Employees, the Committee may direct the Trustee to allocate such Excess Matching Contributions, adjusted for income or loss and determined and allocated as provided in (3) through (5) above, to the Matching Company Contribution
Accounts of Participants who are not Highly Compensated Employees and for whom Salary Reduction Contributions were made to the Plan for the Plan Year. Such Excess Matching Contributions as so adjusted shall be allocated among such accounts in the
ratio which each such Participant’s Compensation for the Plan Year bears to the Compensation of all such Participants for the Plan Year. Any Matching Company Contribution for the Plan Year made to the Plan on account of a Salary Reduction
Contribution which is determined to be an Excess Salary Reduction Deferral or an Excess Contribution shall, after adjustment for income or loss, be allocated among the Matching Company Contribution Accounts of such participants in the same manner.

  

	 	(c)	 Effect of Correction on Matching Contributions. If the corrective payment to a Highly Compensated Eligible Employee of his Salary Reduction Contributions
pursuant to Subparagraph (a)(2)(C) or Subsection (c) of this Section causes Matching 

  

 45 

	 	 
Contributions made on his behalf for the Plan Year (excluding such Matching Contributions that were paid to the Participant pursuant to Subsection
(b) or Subsection (c) of this Section) to exceed the specified percentage of his remaining Salary Reduction Contributions for the Plan Year, the Matching Contributions in excess of the specified percentage of his Salary Reduction
Contributions for the Plan Year that were not distributed to him shall be forfeited, and used to offset future Matching Contributions. For this purpose, the specified percentage shall be the percentage described in Section 3.4.

  

	 	(d)	Coordination of Corrective Actions. If the Plan and any other plan maintained by a Participating Company or an Affiliated Company are treated as a single plan pursuant to
Subsection 3.9(c), the Committee shall coordinate corrective actions under the Plan and such other plan for the year. 

 3.11
Maximum Allocation. The provisions of this Section shall be construed to comply with section 415 of the Code. 
  

	 	(a)	Notwithstanding anything in this Plan to the contrary, in no event shall the sum of: 

 (1) any Matching Contributions, Profit Sharing Contributions, Fail-Safe Contributions, Salary Reduction Contributions (but excluding
Catch-Up Contributions) and other employer contributions, forfeitures, and any employee contributions allocated for any Limitation Year to any Participant (including any such amounts distributed pursuant to Section 3.10 but not amounts
distributed pursuant to Subsection 3.1(b)) under this and any other defined contribution plan maintained by the Participating Company or any 50% Affiliated Company; plus 
  

 46 

 (2) all amounts allocated to any Participant after March 31, 1984, to an individual
medical account (within the meaning of Code Section 415(l)(2)) which is part of a pension or annuity plan maintained by a Participating Company or any 50% Affiliated Company; plus 
 (3) all amounts derived from contributions paid or accrued after December 31, 1985, in taxable years ending after such date which are
attributable to post-retirement medical benefits allocated to a separate account of a Participant who is a key employee, as defined in Section 419A(d)(3) of the Code, under a welfare benefit fund maintained by a Participating Company or any 50%
Affiliated Company; 
 exceed the lesser of $40,000 (or such other dollar limitation in effect for the Limitation Year under section
415(c)(1)(A) of the Code) or one-hundred percent (100%) of such Participant’s Compensation for the Limitation Year. The 100% Compensation limitation shall not apply to any contribution for medical benefits (within the meaning of section
401(h) or 419A(f)(2) of the Code) which is otherwise treated as an annual addition under section 415(l)(1) or 419A(d)(2) of the Code. Notwithstanding, the term “contribution” shall not include – 
 (4) Restorative payments made to restore losses to the Plan resulting from actions by a fiduciary for which there is reasonable risk of
liability for breach of fiduciary duty under Title I of ERISA or under other applicable federal and state law where Plan participants who are similarly situated are treated similarly with respect to the payments; 
  

 47 

 (5) The direct transfer of a benefit or employee contributions from a qualified plan to
this Plan; 
 (6) Rollover contributions; 
 (7) The repayment of loans made to a Participant from the Plan; and 
 (8) The repayment of amounts described in Code Section 411(a)(7)(B) or the repayment of contributions to a governmental plan as
described in Code Section 415(k)(3), as well as Company restorations of benefits that are required pursuant to such repayments. 
  

	 	(b)	If the amount otherwise allocable to the Account of a Participant would exceed the amount described in Subsection (a) of this Section as a result of the reallocation of
forfeitures, a reasonable error in estimating the Participant’s Compensation, a reasonable error in determining the amount of Salary Reduction Contributions that may be made with respect to the Participant under the limits of this Section, or
such other circumstances as permitted by law, the Committee shall determine which portion, if any, of such excess amount is attributable to the Participant’s Salary Reduction Contributions and the related Matching Contributions. From such
portion, the Committee shall distribute the amount of Salary Reduction Contributions and earnings thereon to the Participant as soon as is administratively feasible, and shall direct the Trustee to return to the appropriate Participating Company the
amount of the related Matching Contributions. 

  

 48 

 3.12 Reemployment of Veterans. The provisions of this Section 3.12 shall apply in the case of
the reemployment by a Participating Company of an Employee, within the period prescribed by laws relating to the rights of reemployed veterans, after the Employee’s completion of a period of qualified military service (as defined in
Section 414(u)(5) of the Code.) The provisions of this Section 3.12 are intended to provide such Employees with the rights required by Section 414(u) of the Code, and shall be interpreted in accordance with such intent. 
 An Employee participating in the Plan after completion of a period of qualified military service shall be credited with a Year of Vesting Service for any
Plan Year during which he is in qualified military service if the Employee would have completed 1,000 Hours of Service in such Plan Year, but for the qualified military service (based on the Employee’s work schedule as in effect on the date
such military service began, as determined by the Participating Company). In addition, such Employee shall be permitted to make additional Salary Reduction Contributions and shall be entitled to Matching Contributions with respect to any such
additional Salary Reduction Contributions in accordance with the following subsections: 
  

	 	(a)	Such Employee shall be entitled to have his employer make Salary Reduction Contributions under the Plan (“Make Up Deferrals”), in addition to any Salary Reduction
Contributions which the Employee elects to have made under the terms of the Plan. From time to time while employed by a Participating Company, such Employee may elect to have his Employer contribute such Make Up Deferrals during the period beginning
on the date of such Employee’s reemployment and ending on the earlier of: 

  

	 	(i)	the end of the period equal to the product of three and such Employee’s period of qualified military service, and 

  

 49 

	 	(ii)	the fifth anniversary of the date of such reemployment. 

 Such Employee shall not be permitted to elect to have his employer contribute Make Up Deferrals to the Plan in an amount in excess of he amount which the Employee could have elected to have made under Section 3.1 hereof as Salary
Reduction Contributions if the Employee had continued in employment with his employer during such period of qualified military service. The manner in which an Employee may elect to have his employer contribute Make Up Deferrals pursuant to this
subsection (a) shall be prescribed by the Participating Company which employs him. 
  

	 	(b)	An Employee who elects to have his employer contribute Make Up Deferrals as described in subsection (a) above shall be entitled to an allocation of Matching Contributions
(“Make Up Matching Contributions”) in an amount equal to the amount of Matching Contributions that would have been allocated to the Matching Contribution Account of such Employee under the Plan if such Make Up Deferrals had been made
during the period of such Employee’s qualified military service (as determined pursuant to Section 414(u) of the Code). The amounts necessary to make such allocation of Make Up Matching Contributions shall be derived from available
forfeitures or, if such forfeitures are less than the amount of Make Up Matching Contributions that must be allocated to any Employee’s Matching Contribution Account, then the Employee’s employer shall make a special contribution which
shall be utilized solely for purposes of such allocation. 

  

 50 

	 	(c)	An Employee’s “Compensation,” during any period of qualified military service, shall be determined in accordance with Section 414(u) of the Code.

  

	 	(d)	Any contributions of Make Up Deferrals made by a Participating Company on behalf of an Employee and any contributions of Make Up Matching Contributions made by such employer, in
either case, pursuant to this Section 3.12 on account of a period of qualified military service in a prior Plan Year and any allocations of such contributions to an Employee shall not be subject to the limitations prescribed by Sections 3.9 and
3.11 hereof for the Plan Year in which such contributions and allocations are made, but, instead, shall be subject to such limits for the Plan Year to which contributions and allocations relate. In addition, such contributions shall not be included
in computing an Employee’s Actual Deferral Percentage or his Contribution Percentage for any Plan Year. 

  

	 	3.13	401(k) Safe Harbor Provisions 

  

	 	(a)	ADP and ACP Test Provisions do not Apply. For any Plan Year in which this Section is included in the Plan, any provisions of the Plan relating to the Actual Deferral
Percentage (ADP) test described in Section 401(k)(3) of the Code or the Actual Contribution Percentage (ACP) test described in Section 401(m)(2) of the Code do not apply. To the extent any other provision of the Plan is inconsistent with
this Section, the provisions of this Section shall govern. 

  

	 	(b)	Definitions for this Section. For purposes of this Section, the following words and phrases, wherever capitalized, shall have the following meanings, respectively, unless the
context otherwise requires: 

  

	 	(1)	“ADP Test Safe Harbor” means the method described in subsection (c) of this Section for satisfying the ADP test of § 401(k)(3) of the Code.

  

 51 

	 	(2)	“ADP Test Safe Harbor Contributions” means Matching Contributions described in Subsection (c) of this Section. 

  

	 	(3)	“Compensation” means Compensation as defined in Section 1.1 of the Plan, except, for purposes of this Section, no dollar limit, other than the limit imposed by §
401(a)(17) of the Code, applies to the compensation of a Non-highly Compensated Employee. However, solely for purposes of determining the compensation subject to a Participant’s deferral election, the term Compensation, as defined in
Section 1.1, shall be used, provided such alternative definition is a reasonable definition within the meaning of § 1.414(s)-1(d)(2) of the Regulations and permits each Eligible Employee to elect sufficient elective deferrals to receive
the maximum amount of Matching Contributions (determined using the definition of compensation described in the preceding sentence) available to the Eligible Employee under the Plan. 

  

	 	(4)	“Eligible Employee” means an employee eligible to make elective deferrals under the Plan for any part of the Plan Year or who would be eligible to make elective deferrals
but for a suspension due to a hardship distribution or to statutory limitations, such as §§ 402(g) and 415 of the Code. 

  

	 	(5)	“Matching Contributions” means contributions made by the Company on account of an Eligible Employee’s elective deferrals including. 

  

 52 

	 	(c)	ADP Test Safe Harbor Matching Contributions. The Company shall in respect of each payroll period, make a safe harbor Matching Contribution to a separate account established
under the Plan for each Eligible Employee equal to (i) one hundred percent (100%) of that portion of the Eligible Employee’s elective deferrals for the payroll period which do not exceed three percent (3%) of the Eligible
Employee’s Compensation for the payroll period, plus (ii) fifty percent (50%) of that portion of such elective deferrals which exceeds three percent (3%) of the Eligible Employee’s Compensation for the payroll period but
which does not exceed five percent (5%) of such Compensation. Matching Contributions made during a Plan Year quarter must be contributed to the Plan no later than the last day of the next following Plan Year quarter. Provided, however, that
safe harbor Matching Contributions that are made in Company Stock shall be made in the same amount in respect of each calendar month. 

  

	 	(d)	Vesting and Withdrawal Limits on ADP Test Safe Harbor Contributions. An Eligible Employee’s accrued benefit derived from ADP Test Safe Harbor Contributions is
nonforfeitable and may not be distributed earlier than severance from employment, death, disability, an event described in § 401(k)(10) of the Code, or the attainment of age 59-1/2. In addition, such contributions must satisfy the ADP Test Safe
Harbor without regard to permitted disparity under Code § 401(l). Such contributions may not be withdrawn prior to any of the above named events on account of hardship. 

  

	 	(e)	 Notice Requirement. At least 30 days, but not more than 90 days, before the beginning of each Plan Year, the Company will provide each Eligible Employee a
comprehensive notice of the employee’s rights and obligations under the Plan, 

  

 53 

	 	 
written in a manner calculated to be understood by the average Eligible Employee. If an employee becomes an Eligible Employee after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the
notice must be provided no more than 90 days before the employee becomes an Eligible Employee but not later than such date. 

  

	 	(f)	Election Periods. In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify a deferral election during the 30-day period
immediately following receipt of the notice described above. 

  

	 	(g)	Mid-Year Adoption of ADP Test Safe Harbor Nonelective Contribution Method. If the Plan uses the current year testing method, it may be amended after the first day of the Plan
Year and no later than 30 days before the last day of the Plan Year to adopt ADP Test Safe Harbor Nonelective Contribution method, effective as of the first day of the Plan Year, but only if the following notices are provided: (a) a notice that
would satisfy the requirements of (5) above, except that the notice specifies that the Plan may be amended during the Plan Year to include the ADP Test Safe Harbor Nonelective Contribution method and that, if the Plan is so amended, a follow-up
notice will be provided; and (b) at least 30 days before the last day of the Plan Year, each Eligible Employee is provided with a notice that states that the ADP Test Safe Harbor Nonelective Contributions will be made for the Plan Year.
However, the Plan cannot be amended after the first day of the Plan Year to adopt the ADP Safe Harbor Matching Contribution method. 

  

 54 

	 	(h)	Reduction or Suspension of ADP Test Safe Harbor Matching Contributions. The Plan may be amended during the Plan Year to reduce or suspend ADP Test Safe Harbor Matching
Contributions provided that: (a) all Eligible Employees are provided with a notice that explains the consequences of the amendment, the procedures for changing their cash or deferred election and the effective date of the amendment;
(b) the reduction or suspension of ADP Test Safe Harbor Matching Contributions is effective on or after the later of 30 days after Eligible Employees are provided with the notice described above, or the date the amendment is adopted;
(c) Eligible Employees are provided with a reasonable opportunity prior to the reduction or suspension of ADP Test Safe Harbor Matching Contributions to change their cash or deferred elections; (d) the Plan is amended to provide that the
ADP test and, if applicable, the ACP test will be satisfied for the entire Plan Year in which the reduction or suspension occurs using the current year testing method; and (e) the Plan makes the ADP Test Safe Harbor Matching Contributions
required under (3) above with respect to amounts deferred through the effective date of the amendment. 

  

	 	(j)	The Plan will not fail to satisfy the requirements to be a 401(k) safe harbor plan merely because of a mid-year change to permit Roth Elective Contributions to the Plan or to permit
hardship withdrawals described in IRS Notice 2007-7. 

  

	 	(k)	All other requirements of Code Section 401(k) shall apply to the Plan regardless of whether is satisfies the requirements of the ADP Test Safe Harbor. 

 

	 	(l)	Effective Date. The provisions of this Section 3.13 shall be effective as of January 1, 2006. 

  

 55 

 ARTICLE IV 
 PARTICIPANTS’ ACCOUNTS 
 4.1 Accounts. All contributions and earnings thereon may be
invested in one commingled Fund for the benefit of all Participants. However, in order that the interest of each Participant may be accurately determined and computed, separate Accounts shall be maintained for each Participant and each
Participant’s Accounts shall be made up of subaccounts reflecting his investment elections pursuant to Section 11.5. These Accounts shall represent the Participant’s individual interest in the Fund. All contributions shall be credited
to Participants’ Accounts as set forth in Article III. 
 4.2 Valuation. The value of each Investment Medium in the Fund shall be
computed by the Trustee as of the close of business on each Valuation Date on the basis of the fair market value of the assets of the Fund. 
 4.3 Apportionment of Gain or Loss. The value of each Investment Medium in the Fund, as computed pursuant to Section 4.2, shall be compared with the value of such Investment Medium in the Fund as of the preceding Valuation Date.
Any difference in the value, not including contributions or distributions made since the preceding Valuation Date, shall be the net increase or decrease of such Investment Medium in the Fund, and such amount shall be ratably apportioned by the
Trustee or the Insurance Company on its books, among the Participants’ Accounts which are invested in such Investment Medium at the current Valuation Date. 
 4.4 Accounting for Allocations. The Committee shall establish or provide for the establishment of accounting procedures for the purpose of making the allocations, valuations and adjustments to
Participants’ Accounts provided for in this Article. From time to time, such procedures may be modified for the purpose of achieving equitable and non-discriminatory allocations among the Accounts of Participants in accordance with the general
concepts of the Plan and the provisions of this Article. 
  

 56 

 ARTICLE V 
 DISTRIBUTION 
 5.1 General. The interest of each Participant in the Fund shall be distributed
in the manner, in the amount, and at the time provided in this Article, except as provided in Article VIII and except in the event of the termination of the Plan. The provisions of this Article shall be construed in accordance with section 401(a)(9)
of the Code and regulations thereunder (as set forth in Schedule A attached hereto), including the incidental death benefit requirements of section 401(a)(9)(G) of the Code. 
 5.2 Separation from Service. A Participant who has a Separation from Service for reasons other than death or Total Disability shall have his
nonforfeitable interest in his Account paid to him or applied for his benefit in accordance with the provisions of this Article. 
 5.3
Death. If a Participant dies before his entire nonforfeitable interest in his Account has been paid to him, his remaining nonforfeitable interest shall be paid to, or applied for the benefit of, his beneficiary in accordance with the
provisions of this Article. 
 5.4 Total Disability. 
  

	 	(a)	If a Participant who is an Employee suffers a Total Disability and has a Separation from Service due to his Total Disability, his Account shall be paid to him or applied for his
benefit in accordance with the provisions of this Article following the determination of his Total Disability and his Separation from Service. 

  

	 	(b)	Total Disability shall be determined by the Committee, which may consult with a medical examiner selected by it. The medical examiner shall have the right to make such physical
examinations and other investigations as may be reasonably required to determine Total Disability. 

  

 57 

 5.5 Valuation for Distribution. 
  

	 	(a)	For the purposes of paying the amounts to be distributed to a Participant or his beneficiaries under the provisions of this Article, the value of the Fund and the amount of the
Participant’s nonforfeitable interest shall be determined in accordance with the provisions of Article IV as of the Valuation Date coincident with or immediately preceding the date of any payment under this Article, except that the
Participant’s nonforfeitable interest shall be determined as of the Valuation Date coincident with or preceding the date of payment which is as close as administratively feasible to the date of payment. Such amount shall be adjusted to take
into account any additional contributions and forfeitures, if any, which have been or are to be allocated to the Participant’s Account since that Valuation Date, and any distributions or withdrawals made since that date.

  

	 	(b)	Notwithstanding the above, the Participants’ Account shall be reduced by the amount necessary to repay any outstanding loan from the Plan and interest thereon to the date the
Committee declares such loan satisfied, unless such loan is repaid as provided in Section 9.4(e). 

  

 58 

 5.6 Timing of Distribution. 
  

	 	(a)	Separation For Reason Other Than Death. Any Participant who has a Separation from Service for any reason other than death shall be entitled to receive his nonforfeitable
interest in his Account, pursuant to the following rules: 

 (1) Except as provided in Paragraph (a)(2), if the
Participant’s nonforfeitable interest in his Account is $5,000 or less, or the Participant has attained Normal Retirement Age, the Participant’s Benefit Commencement Date shall be the earliest practicable date following the Valuation Date
coincident with or next following his Separation from Service. For purposes of this Subsection (1) and (2) below and Section 5.7(a), a Participant’s nonforfeitable interest in his Account shall not include the portion of the
Account that is attributable to Rollover contributions (and earnings allocable thereto). 
 (2) If the Participant has not
attained Normal Retirement Age and his nonforfeitable interest exceeds $5,000, his Benefit Commencement Date shall be the earliest practicable date following the Valuation Date coincident with or next following his Separation from Service, except
that, if the Participant does not consent to such distribution, distribution of his benefits shall commence on any later date elected by the Participant, that is not later than his Normal Retirement Date, at which time his nonforfeitable interest
shall be automatically paid to him. A Participant’s election to receive payment prior to his Normal Retirement Date may be made no earlier than 90 days prior to the Benefit Commencement Date elected by the Participant. The Committee shall
inform each Participant who is subject to this Paragraph (a)(2) of his right to defer distribution. Such notice shall be furnished not less than 30 days nor more than 90 days prior to the date of any distribution 

  

 59 

 
that occurs prior to the earlier of his death or his Normal Retirement Date. Effective January 1, 2007, the notice requirements that apply in the case
of distributions from the Plan shall be extended from 30 to 90 days to 30 to 180 days. If a distribution is one to which Sections 401(a)(11) and 417 of the Code do not apply, such distribution may commence less than 30 days after the notice required
under § 1.411(a)-11(c) of the Treasury Regulations, i.e., the notice required by the preceding sentence is given, provided that: 
 (A) the Committee clearly informs the Participant that the Participant has a right for a period of at least 30 days after receiving the notice to consider the decision of whether or not to elect a distribution (and,
if applicable, a particular distribution option), and 
 (B) the Participant, after receiving the notice, affirmatively
elects a distribution. 
 (3) Notwithstanding the foregoing, the Participant’s Benefit Commencement Date shall be no
later than the 60th day following the close of the Plan Year in which the Participant attains his Normal Retirement Age or has a Separation from Service, whichever occurs last. In no event, however, shall a Participant’s Benefit Commencement
Date be later than his Required Beginning Date. In the event the Participant defaults on an outstanding loan such that the unpaid balance becomes due and payable pursuant to Article IX and the Participant fails to repay the loan in accordance with
Section 9.4(e), that portion of the Participant’s Account pledged as security for the loan shall be applied to repay the loan and shall be deemed distributed to the Participant within 60 days of the default; in which case, the Participant
may defer commencement of the balance of his Account as described above. 
  

 60 

	 	(b)	Death of Participant. If a Participant dies before his entire nonforfeitable interest in his Account has been paid to him, his remaining nonforfeitable interest shall be
distributed to his beneficiary commencing as soon as practicable following the Participant’s death. 

  

	 	(c)	This Section shall apply to all Participants, regardless of their date of Separation from Service. 

 5.7 Mode of Distribution. 
  

	 	(a)	Notwithstanding any other provision in this Article to the contrary, if a Participant has a Separation from Service prior to Normal Retirement Age for any reason other than Total
Disability, or if the Participant’s nonforfeitable interest under the Plan as of his Separation from Service or death, whichever applies, exceeds $5,000, subject to Section 5.6(a)(2), the nonforfeitable interest of such Participant shall
be paid to the Participant (or his beneficiary) in a single sum. 

  

	 	(b)	Normal Retirement or Total Disability. Except as provided to the contrary in this Article, a Participant who has a Separation from Service at or after his Normal Retirement
Age, or on account of Total Disability, may elect in writing to have his nonforfeitable interest paid to him or applied for his benefit in accordance with either of the following modes of payment: 

  

	 	(1)	a single sum payment; or 

  

 61 

	 	(2)	approximately equal monthly, quarterly, semi-annual or annual installments over a period not to exceed the life expectancy of the Participant or the joint and survivor life
expectancy of the Participant and his beneficiary (with such life expectancy to be determined in accordance with the Code). 

  

	 	(c)	Death. Benefits payable under Section 5.3 upon the death of a Participant shall be distributed in a single sum payment; provided, however, that if a Participant dies
after having begun to receive installment payments pursuant to Subsection 5.7(b), his beneficiary may elect that the balance of the Participant’s nonforfeitable interest under the Plan, if any, shall continue to be paid to the beneficiary in
the same manner as in effect prior to the Participant’s death for the remaining scheduled term of such payments. Notwithstanding the foregoing, in the event that the Participant’s death constitutes a default on an outstanding loan such
that the unpaid balance becomes due and payable pursuant to Article IX and the beneficiary fails to repay the loan in accordance with Section 9.4(e), that portion of the Participant’s Account pledged as security for the loan shall be
applied to repay the loan and shall be deemed distributed to the beneficiary within 60 days of the default; in which case, the beneficiary shall receive the balance of the Participant’s Account in accordance with this Subsection.

  

	 	(d)	Election Prior to Benefit Commencement Date. Except as provided in this Article, a Participant or beneficiary may elect the mode of payment at any time prior to his Benefit
Commencement Date. Such election shall be on a form prescribed by the Committee. If a Participant, or a beneficiary entitled to benefits under Section 5.3 upon the death of a Participant who had begun to receive installment payments pursuant to
Subsection 5.7(b), fails to make a valid election under this Section, the value of the Participant’s Account shall be distributed as a single sum payment. 

  

 62 

	 	(e)	 Limitations on Payment of Benefits Derived from Salary Reduction Contributions and Matching Contributions. In no event shall any distribution from a
Participant’s Account which is attributable to Salary Reduction Contributions or Matching Contributions (other than a hardship distribution or a distribution of Rollover Contributions under Section5.10 be made earlier than: (1) the
Participant’s retirement, death, disability, severance from employment, or attainment of age 59 1/2; or (2) the termination of the Plan and Fund pursuant to Section 12.1 without the Company maintaining defined contribution plan (other than an employee stock ownership plan as defined
in Code Sections 4975(e)(7) or 409(a), a simplified employee pension plan as defined in Code Section 408(k), a SIMPLE IRA plan as defined in Code Section 408(p), a plan or contract described in Code Section 403(b) or a plan described
in Code Section 457(b) or (f)) at any time during the period beginning on the date of plan termination and ending 12 months after all assets have been distributed from the Plan. Distributions from a Participant’s Account may be made upon
severance from employment on or after January 1, 2002 regardless of whether the severance from employment occurred before, on or after January 1, 2002, and regardless of whether the distribution would have satisfied
Section 401(k)(2)(B) of the Code and the Regulations thereunder in effect prior to that date (including the 2-year rule in Regulation § 1.401(k)-1(d)(4)(iii)). 

  

 63 

 5.8 Beneficiary Designation. 
  

	 	(a)	Except as provided in this Section, a Participant may designate the beneficiary or beneficiaries who shall receive, on or after his death, his interest in the Fund. Such designation
shall be made by executing and filing with the Committee a written instrument in such form as may be prescribed by the Committee for that purpose. Except as provided in this Section, the Participant may also revoke or change, at any time and from
time to time, any beneficiary designations previously made. Such revocations and/or changes shall be made by executing and filing with the Committee a written instrument in such form as may be prescribed by the Committee for that purpose. If a
Participant names a trust as beneficiary, a change in the identity of the trustees or in the instrument governing such trust shall not be deemed a change in beneficiary. 

  

	 	(b)	Validity. No designation, revocation, or change of beneficiaries shall be valid and effective unless and until filed with the Committee. 

  

	 	(c)	Designation of Non-spouse Beneficiary. A Participant who does not establish to the satisfaction of the Committee that he has no spouse may not designate someone other than
his spouse to be his beneficiary unless: 

  

	 	(1)	(A) such spouse (or the spouse’s legal guardian if the spouse is legally incompetent) executes a written instrument whereby such spouse consents not to receive such benefit and
consents either: 

  

	 	(i)	to the specific beneficiary or beneficiaries designated by the Participant, or 

  

 64 

	 	(ii)	to the Participant’s right to designate any beneficiary without further consent by the spouse; and 

  

	 	(B)	such instrument acknowledges the effect of the election to which the spouse’s consent is being given; and 

  

	 	(C)	such instrument is witnessed by a Plan representative or notary public; or 

  

	 	(2)	the Participant: 

  

	 	(A)	establishes to the satisfaction of the Committee that his spouse cannot be located; or 

  

	 	(B)	furnishes a court order to the Committee establishing that the Participant is legally separated or has been abandoned (within the meaning of local law), unless a qualified domestic
relations order pertaining to such Participant provides that the spouse’s consent must be obtained; or 

  

	 	(3)	the spouse has previously given consent in accordance with this Subsection and consented to the Participant’s right to designate any beneficiary without further consent by the
spouse. 

 The consent of a spouse in accordance with this Subsection (c) shall not be effective with respect to other
spouses of the Participant prior to the Participant’s Benefit Commencement Date, and an election to which Paragraph (2) of this Subsection (c) applies shall become void if the circumstances causing the consent of the spouse not to be
required no longer exist prior to the Participant’s Benefit Commencement Date. 
  

 65 

	 	(d)	No Beneficiary. If a Participant has no beneficiary under Subsection (a) of this Section, if the Participant’s beneficiary(ies) predecease the Participant, or if
the beneficiary(ies) cannot be located by the Committee, the interest of the deceased Participant shall be paid to the Participant’s estate. Any designation by a Participant of the individual who is the Participant’s spouse at the time of
the designation as the Participant’s beneficiary automatically shall terminate and be of no effect upon the divorce of the Participant and such individual. 

 5.9 Recalculation of Life Expectancy. If a Participant’s Account is payable over the life expectancy of the Participant and/or his spouse
and/or another beneficiary, the applicable life expectancy shall not be recalculated after the Benefit Commencement Date. 
 5.10 Transfer
of Account to Other Plan. 
  

	 	(a)	(1) a Participant entitled to receive a distribution from the Plan, either pursuant to this Article or pursuant to Article VIII, a Participant’s surviving spouse entitled to
receive a distribution from the Plan under Section 5.3, the spouse or former spouse of a Participant who is entitled to receive a distribution from the Plan pursuant to a qualified domestic relations order may direct the Committee to have the
Trustee transfer the amount to be distributed in a direct rollover to: 

  

	 	(1)	an individual retirement account described in section 408(a) of the Code, 

  

	 	(2)	an individual retirement annuity described in section 408(b) of the Code (other than an endowment contract), 

  

 66 

	 	(3)	a Roth IRA describes in section 408A of the Code, subject to the requirements of section 408A(c)(3) of the Code, 

  

	 	(3)	a qualified retirement plan described in section 401(a) of the Code the terms of which permit the acceptance of rollover contributions, 

  

	 	(4)	an annuity plan described in section 403(a) or section 403(b) of the Code, or 

  

	 	(5)	an eligible plan under section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political
subdivision of a state and which agrees to separately account for amounts transferred into such plan from this Plan. 

 Effective January 1, 2007, the non-spouse beneficiary of a Participant or former Participant also may be a distributee with regard to the interest of the non-spouse beneficiary that is directly transferred to an individual retirement
account described in section 408(a) of the Code or an individual retirement annuity described in section 408(b) of the Code. 
  

	 	(b)	The Participant, spouse or former spouse must specify the name of the plan to which the Participant, spouse or former spouse wishes to have the amount transferred, plus such other
information as may be requested by the Committee, on a form and in a manner prescribed by the Committee. 

  

	 	(c)	Subsections (a) and (b) shall not apply to the following distributions: 

  

	 	(1)	any distribution which is one of a series of substantially equal payments (not less frequently than annually) over either a period of 10 years or more, or a period equal to the life
expectancy of the Participant or the joint life expectancy of the Participant and his beneficiary, 

  

 67 

	 	(2)	that portion of any distribution after the Participant’s Required Beginning Date that is required to be distributed to the Participant by the minimum distribution rules of
Section 401(a)(9) of the Code, 

  

	 	(3)	any amount that is distributed on account of the hardship of the Employee, or 

  

	 	(4)	such other distributions as may be exempted by applicable statute or regulation from the requirements of section 401(a)(31) of the Code. 

  

	 	(d)	Effective March 28, 2005, in the event of a mandatory distribution greater than $1,000 in accordance with the provisions of Section 5.7(a), if the Participant does not
elect to have such distribution paid directly to an eligible retirement plan specified by the Participant in a direct rollover or to receive the distribution directly in accordance with Section 5.7(a), then the Committee will pay the
distribution in a direct rollover to an individual retirement plan designated by the Committee. 

 5.11 Distribution of
Amounts Transferred From Monaghan Plan. With respect to any portion of the Participant’s Account attributable amounts that were transferred on a Participant’s behalf from the Thomas S. Monaghan, Inc. Tax Deferred Savings Plan, the
provisions of Sections 5.11 and 5.12 of the Plan prior to this amendment and restatement shall apply. On and after December 31, 2008, Sections 5.11 and 5.12 of the Plan shall be deleted. 
  

 68 

 5.12 Other Distributions. Consistent with Section 5.7(e): 
  

	 	(a)	Upon the sale to an entity, that is not an Affiliated Company, of substantially all the assets used by a Participating Company in the trade or business of such Participating
Company, a Participant who continues employment with the corporation acquiring such assets shall be entitled to have his Account paid to him. 

  

	 	(b)	Upon the sale by a Participating Company to an entity, that is not an Affiliated Company, of such Participating Company’s interest in a subsidiary, a Participant who continues
employment with such subsidiary shall be entitled to have his Account paid to him. 

  

	 	(c)	Distributions to Participants described in Subsections (a) and (b) above shall be made pursuant to the provisions of this Article as if the Participant’s Separation
from Service had occurred on the closing date of the sale; provided, however that no distribution shall be made under this Section unless: 

  

	 	(1)	it is a lump sum distribution as defined by section 402(e)(4) of the Code, without regard to clauses (i), (ii), (iii) and (iv) of subparagraph (A), subparagraph
(B), or subparagraph (H); and 

  

	 	(2)	the Participating Company continues to maintain the Plan. 

 5.13 Manner of Payment of Benefits The benefits payable to a Participant or beneficiary under the Plan shall be paid pursuant to the election of the Participant or beneficiary in either cash, whole shares of Company Stock, or a
combination of each. In the absence of an election, payment shall be made in cash. Cash will be distributed in lieu of fractional shares of Company Stock, or in lieu of lots of less than 100 shares. Notwithstanding the foregoing, in no event shall a
Participant or beneficiary receive shares of Company Stock in excess of the number of shares that are credited to his Account immediately prior to the distribution. 
  

 69 

 ARTICLE VI 
 VESTING 
  

	 	6.1	Nonforfeitable Amounts. 

  

	 	(a)	A Participant shall have a 100% nonforfeitable interest at all times in his Salary Reduction, Matching, Rollover, Transfer, and Fail-Safe Contribution Accounts.

  

	 	(b)	(1) A Participant shall have a nonforfeitable interest in his Profit Sharing Account determined in accordance with the following schedule: 

  

			
	 Years of Service
	  	Nonforfeitable Interest
		
	 less than 3 years
	  	0 percent
	 3 years
	  	20 percent
	 4 years
	  	40 percent
	 5 years
	  	60 percent
	 6 years
	  	80 percent
	 7 years or more
	  	100 percent

 Effective January 1, 2007, the vesting schedule shall be accelerated as follows: 

 

			
	 Years of Service
	  	Nonforfeitable Interest
		
	 Less than 1 year
	  	0 percent
	 1 year
	  	20 percent
	 2 years
	  	40 percent
	 3 years
	  	60 percent
	 4 years
	  	80 percent
	 5 years or more
	  	100 percent

 (2) Notwithstanding the foregoing, a Participant shall have a 100% nonforfeitable interest in his
Profit Sharing Account if, while an Employee, he attains his Normal Retirement Age, he dies, or he suffers a Total Disability. 
 6.2
Years of Service for Vesting. For the purposes of this Article, an Employee shall be credited with a Year of Service for each Plan Year (including Plan Years before the Effective Date) during which he is credited with 1,000 or more Hours of
Service. 
  

 70 

 6.3 Breaks in Service and Loss of Service. An Employee’s Years of Service shall be
disregarded if he incurs a Break in Service before his Normal Retirement Date and at a time when (1) he has no nonforfeitable interest in any of his Accounts, other than his Rollover Account, or (2) he has no Account under the Plan. The
Years of Service of a former Employee who had a nonforfeitable interest in his Accounts, other than his Rollover Account, at the time he incurs a Break in Service shall not be disregarded and he shall again become a Eligible Employee immediately
upon his reemployment. 
 6.4 Restoration of Service. The Years of Service of an Employee whose Years of Service have been disregarded
pursuant to Section 6.3 shall be restored to his credit if he thereafter completes an Hour of Service at a time when the number of his consecutive Breaks in Service is less than five. 
 6.5 Forfeitures and Restoration of Forfeited Amounts upon Reemployment. 
  

	 	(a)	If a Participant who has had a Separation from Service does not thereafter complete an Hour of Service before the end of the Plan Year in which occurs the earlier of:

  

	 	(1)	the date on which he receives or is deemed to receive a distribution of his entire nonforfeitable interest in his Account, which is less than 100%; or 

  

	 	(2)	the date on which he incurs his fifth consecutive one-year Break in Service, 

 his Profit Sharing Account shall be closed, and the forfeitable amount held therein shall be forfeited. For purposes of this Subsection (a), a Participant who has a Separation from Service at a time when his
nonforfeitable interest in the Plan is zero shall be deemed to have received a distribution described in Paragraph (1) of this Subsection (a) on the date of such Separation from Service. 
  

 71 

	 	(b)	If a Participant has had five consecutive one-year Breaks in Service and again becomes a Covered Employee, the amount forfeited under Subsection (a) of this Section shall not
be restored to his Profit Sharing Account under any circumstances. 

  

	 	(c)	If a Participant who has received (or is deemed to have received) a distribution described in Section 6.5(a)(1), whereby any part of his Account has been forfeited, again
becomes a Covered Employee prior to incurring five consecutive one-year Breaks in Service, the amount so forfeited shall be restored to his Profit Sharing Account. Amounts restored under this Subsection shall be charged against the following amounts
in the following order of priority: (A) forfeitures for the Plan Year, (B) income or gains to the Plan, and (C) Company contributions for the Plan Year. If the foregoing amounts are insufficient, the Participating Company by whom such
Participant is reemployed shall make any additional contribution necessary to accomplish the restoration. 

  

	 	(d)	Effective January 1, 2007, after application of Subsection 6.5(c), any remaining amounts forfeited from a Participant’s Profit Sharing Account under Subsection 6.5(a)
shall first be used to pay Plan expenses, to the extent not paid by the Employer, for the Plan Year in which the forfeiture occurs. Any remaining forfeitures shall be allocated to the Profit Sharing Accounts of Eligible Employees in the Plan Year
following the Plan Year in which the forfeiture occurs pursuant to Section 3.5. 

  

 72 

	 	(e)	If a Participant has received a distribution under the Plan, other than a distribution of his entire nonforfeitable interest in his Account upon his Separation from Service, at a
time when he has less than a 100% nonforfeitable interest in his entire Account and prior to the date on which he incurs his fifth consecutive one-year Break in Service, his nonforfeitable interest in his Account at all times prior to the date on
which he incurs his fifth consecutive one-year Break in Service, shall be the difference between: 

  

	 	(1)	the amount his nonforfeitable interest would have been if he had not received the distribution; and 

  

	 	(2)	the amount to which the distribution would have increased or decreased if it had remained in the Fund. 

 Immediately after the Participant has five consecutive one-year Breaks in Service, his nonforfeitable interest determined under this Subsection, if in
excess of zero, shall be established as a separate account, and he shall at all times have a nonforfeitable interest therein. 
 6.6
Amendment of Vesting Schedule. If the vesting schedule in this Article VI is amended, or the Plan is amended in any way that directly or indirectly affects the computation of a Participant’s nonforfeitable percentage in his
Profit-Sharing Account or if the Plan is deemed amended by an automatic change to or from a top-heavy vesting schedule, each Participant with at least 3 years of service with the Company may elect, within a reasonable period after the adoption of
the amendment or change, to have the nonforfeitable percentage in his Profit-Sharing Account computed under the Plan without regard to such amendment or change. 
  

 73 

 The period during which the election may be made shall commence with the date the amendment is adopted or
deemed to be made and shall end on the latest of: 
  

	 	(1)	60 days after the amendment is adopted; 

  

	 	(2)	60 days after the amendment becomes effective; or 

  

	 	(3)	60 days after the Participant is issued written notice of the amendment by the Company or Plan administrator, when and if the Company is not the Plan administrator.

  

 74 

 ARTICLE VII 
 ROLLOVER CONTRIBUTIONS 
  

	 	7.1	Rollover Contributions. 

  

	 	(a)	Subject to the restrictions set forth in Subsection 7.1(b), an Covered Employee may transfer or have transferred directly to the Fund, from any qualified retirement plan of a former
employer, all or a portion of his interest in the distributing plan. For these purposes, a “qualified retirement plan” shall mean: 

 (1) a qualified plan described in Section 401(a) or 403(a) of the Code, excluding after-tax employee contributions; 
 (2) an annuity contract described in Section 403(b) of the Code, excluding after-tax employee contributions; and 
 (3) an eligible plan under Section 457(b) of the Code which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state. 

In addition, an Covered Employee who has established an individual retirement account or annuity described in Section 408(a) or 408(b) of the Code
may transfer all of the assets of such individual retirement account that are eligible to be rolled over and would otherwise be includible in gross income to the Fund. Such individual retirement account shall not contain nondeductible contributions
made by the Employee while he was a participant in such plans. 
  

	 	(b)	Restrictions. The Trustee shall not accept a distribution from any other qualified retirement plan or from an individual retirement account unless the following conditions
are met: 

 (1) (A) the distribution being transferred must come directly from the fiduciary of the plan of
the former employer, or 
  

 75 

 (B) it must come from the Employee within 60 days after the Employee receives a
distribution from such other qualified retirement plan or individual retirement account and must comply with the provisions of section 402(c)(3), 403(a)(4), or 408(d)(3) of the Code, whichever applies; 
 (2) distributions from a plan for a self-employed person shall not be transferred to this Plan, unless the transfer is directly to the
Fund from the funding agent of the distributing plan; 
 (3) the interest being transferred shall not include assets from any
plan to the extent that the Committee determines that the transfer of such interest (A) would impose upon this Plan requirements as to form of distribution that would not otherwise apply hereunder, (B) would otherwise result in the
elimination of Code section 411(d)(6) protected benefits, or (C) would cause the Plan to be a direct or indirect transferee of a plan to which the joint and survivor annuity requirements of sections 401(a)(11) and 417 of the Code apply; and

 (4) the interest being transferred shall not contain nondeductible contributions made to the distributing plan by the
Employee. 
 7.2 Vesting of Rollover Account. The distributions transferred by or for an Employee from another qualified retirement
plan or from an individual retirement account shall be credited to the Employee’s Rollover Account. An Employee shall be fully vested at all times in his Rollover Account. 
  

 76 

 7.3 Distribution of Rollover Account. An Employee may withdraw, not more than once during any Plan
Year, not less than $1,000 and up to 100 percent of his Rollover Account, less amounts previously withdrawn therefrom, by submitting his written request to the Committee. 
  

 77 

 ARTICLE VIII 
 WITHDRAWALS 
 8.1 Withdrawals of Rollover Contributions. A Participant may withdraw, not more
than once during any Plan Year, up to the total value of the amount in his Rollover Account, by submitting his written request to the Committee, so long as he requests a withdrawal of an amount that is at least equal to the lesser of the sum of the
value of his Rollover Account or $1,000. 
 8.2 Hardship Withdrawals. 
  

	 	(a)	Accounts. In addition to the withdrawals permitted under Section 8.1, a Participant may withdraw, not more than once in any Plan Year, under the rules set forth in
Subsections (b) through (e) of this Section 8.2, the following amounts: 

 (1) his Salary
Reduction Account as of December 31, 1988; plus 
 (2) the sum of his Salary Reduction Contributions made after
December 31, 1988, plus 
 (3) Matching Contributions and Profit Sharing Contributions other than Matching Contributions
and Profit Sharing Contributions (and income thereon) counted in the Participant’s Actual Deferral Percentage for any Plan Year beginning on or after December 31, 1988. 
  

	 	(b)	A withdrawal under Subsection 8.2(a) shall be permitted only if the Committee finds that: 

 (1) it is made on account of immediate and heavy financial need (as defined in Subsection 8.2(c)) of the Participant; and 
  

 78 

 (2) it is necessary (as defined in Subsection 8.2(d)) to satisfy such immediate and heavy
financial need. 
  

	 	(c)	Immediate and Heavy Financial Need. A withdrawal under Subsection 8.2(a) will be deemed to be on account of an immediate and heavy financial need if the Participant requests
such withdrawal on account of: 

 (1) expenses for medical care described in section 213(d) of the Code and
previously incurred by the Participant, his spouse, or any of the Participant’s dependents (as defined in section 152 of the Code) or necessary for such individuals to obtain such medical care (determined without regard to whether the expenses
exceed 7.5% of adjusted gross income); or 
 (2) costs directly related to the purchase (excluding mortgage payments) of a
principal residence of the Participant; or 
 (3) the payment of tuition, room and board expenses, and related educational
fees for the next 12 months of post-secondary education for the Participant, his spouse, children, or dependents (as defined in section 152 of the Code and, for taxable years beginning on or after January 1, 2005, without regard to Code
Section 152(b)(1). (b)(2) and (d)(1)(B)); or 
 (4) the need to prevent the eviction of the Participant from his
principal residence or foreclosure on the mortgage of his principal residence; or 
 (5) effective for Plan Years beginning
after 2005, burial or funeral expenses for the Participant’s deceased parent, spouse, children or dependent (as defined in Code Section 152 and, for taxable years beginning on or after January 1, 2005, without regard to Code
Section 152(d)(1)(B)); 
  

 79 

 (6) effective for Plan Years beginning after 2005, expenses for the repair of damage to
the Participant’s principal residence that would qualify for the casualty deduction under Code section 165 (determined without regard to whether the loss exceeds 10% of adjusted gross income); or 
 (7) such other circumstances or events as may be prescribed by the Secretary of the Treasury or his delegate. 
  

	 	(d)	Necessary. A withdrawal under Subsection 8.2(a) shall be deemed to be necessary if: 

 (1) the amount of the withdrawal does not exceed the amount of the Participant’s immediate and heavy financial need, including any
amounts necessary to pay any federal, state or local income taxes or penalties reasonably anticipated to result from the withdrawal; 
 (2) the Participant has obtained all currently permissible distributions (other than hardship distributions) and non-taxable loans, if any, under this and all other plans maintained by the Participating Company and all Affiliated Companies;
and 
 (3) the Participant agrees in writing to be bound by the rules of Subsection 8.2(e). 
  

	 	(e)	 Withdrawals from Salary Reduction Account. Effective October 1, 2004, a Participant who receives a distribution from his Salary Reduction Account
pursuant to Subsection 8.2(b), or withdraws any elective deferrals under any other qualified retirement plan maintained by the Participating Company or any Affiliated Company, which other plan conditions such withdrawal upon the Participant’s
being subject to rules similar to those stated in this Subsection and Subsection 8.2(d), 

  

 80 

	 	 
such Participant may not make Salary Reduction Contributions under this Plan or employee contributions (other than mandatory contributions under a defined
benefit plan) or elective deferrals under any other qualified or non-qualified plan of deferred compensation (which does not include any health or welfare plan, including a health or welfare plan that is part of a cafeteria plan described in section
125 of the Code) maintained by the Participating Company or an Affiliated Company for a period of 6 months commencing on the date of his receipt of the withdrawal. 

  

	 	(f)	Effective August 17, 2006, If an event would constitute a hardship or unforeseeable emergency under the Plan if it occurred with respect to the Participant’s spouse or
dependent, such event shall, to the extent permitted under the Plan, constitute a hardship or unforeseeable emergency if it occurs with respect to a Beneficiary under the Plan. 

 8.3 Withdrawals On and After Attainment of Age 59 1/2. Upon his attainment of Age
59 1/2, a Participant who has a nonforfeitable interest in his
entire Account may withdraw, not more than once during any Plan Year, up to the vested portion in his Account, less amounts previously withdrawn therefrom, by submitting his written request to the Committee. 
 8.4 Amount and Payment of Withdrawals. The amount of any withdrawal will be determined on the basis of the value of the Participant’s Account
valued as of the Valuation Date coincident with or immediately preceding the date of the withdrawal. Payment will be made in a single sum. Any withdrawal requested under this Section 8.4 shall be paid as soon as practicable following the
Committee’s determination that the requested withdrawal complies with the terms and conditions set forth in this Section 8.4. 
  

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 8.5 Withdrawals Not Subject to Replacement. A Participant may not replace any portion of his
Accounts withdrawn under this Plan. 
 8.6 Pledged Amounts. No amount that has been pledged as security for a loan under
Article IX may be withdrawn under this Article. 
 8.7 Investment Medium to be Charged with Withdrawal. Distribution will be made
out of the Participant’s interest in the various Investment Media in proportion to the Participant’s share in such Investment Media. 
  

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 ARTICLE IX 
 LOANS TO PARTICIPANTS 
 9.1 Loan Application. Each Participant who is an Employee of a
Participating Company and any other Participant or beneficiary who is a party in interest as defined in ERISA, may apply for a loan from the Plan. All applications shall be made to the Committee on forms which it prescribes, and the Committee shall
rule upon such applications in a uniform and nondiscriminatory manner in accordance with the rules and guidelines established in this Article. Not more than one loan shall be made to a Participant or beneficiary from the Plan during any Plan Year.

 9.2 Loan Approval. The Committee shall have the right to reject a loan application if the Participant has the present intention to
take a personal leave of absence during the period of loan repayment or on the basis of a Participant’s credit worthiness and financial need or such other factors as would be considered in a normal commercial setting by an entity in the
business of making loans and as the Committee determines necessary to safeguard the Fund. 
 9.3 Amount of Loan. 
  

	 	(a)	Loan Outstanding. In no event shall a Participant be permitted to have more than one loan outstanding at any time from this Plan. 

  

	 	(b)	Minimum Loan. The minimum amount of any loan shall be $1,000. 

  

	 	(c)	Maximum Loan. In no event shall the loan amount exceed fifty percent (50%) of the value of the vested portion of the Participant’s Account determined as of the
Valuation Date immediately preceding the date on which the loan application is received by the Committee. 

  

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	 	(d)	The amount of any loan, when added to the amount of a Participant’s outstanding loans under all other plans qualified under section 401(a) of the Code which are sponsored by
the Participating Company or any Affiliated Company shall not exceed the lesser of: 

 (1) $50,000, reduced by the excess (if
any) of: 
  

	 	(A)	the Participant’s highest outstanding balance of loans during the one-year period ending on the day before the date on which such loan is made to the Participant, over

  

	 	(B)	the outstanding balance of loans made to the Participant on the date such loan is made to the Participant; or 

 (2) fifty percent (50%) of the value of the Participant’s nonforfeitable Account. 
 9.4 Terms of Loan. 
  

	 	(a)	Interest Rate. The interest rate on loans shall be: 

 (1) determined by the Committee, 
 (2) at least commensurate with rates charged for similar loans by entities in the business of
making loans, and 
 (3) adjusted from time to time as circumstances warrant. 
  

	 	(b)	Security. 

 (1) Security for each loan granted
pursuant to this Article shall be, to the extent necessary, the currently unpledged portion of the Participants vested Account, in the order of priority (among the Participant’s accounts included within the term Account as defined in Article I
of the Plan) established by the Committee for all loans granted pursuant to the Plan. 
  

 84 

 (2) In no event shall more than fifty percent (50%) of the Participant’s vested Account as of
the date the loan is made be used as security for the loan. 
 (3) In its sole discretion, the Committee may require such additional security
as it deems necessary. 
  

	 	(c)	Repayment. Each loan shall be evidenced by the Participant’s execution of a personal demand note on such form as shall be supplied by the Committee. Each such note shall
specify that, to the extent repayment is not demanded sooner, repayment shall be included in installments up to a maximum of 60 months from the date on which the loan is distributed. 

  

	 	(d)	Repayment Frequency. All loans shall be repaid in approximately equal installments (not less frequently than quarterly) through payroll deductions on the first Payroll Period
of each month or in such other manner as the Committee may determine. A Participant may repay the outstanding balance of any loan in one lump sum at any time by notifying the Committee of his intent to do so and by forwarding to the Committee
payment in full of the then outstanding balance, plus interest accrued to the date of payment. The amount of principal and interest repaid by a Participant shall be credited to a Participant’s Account as each repayment is made.

  

	 	(e)	Default. If, and only if: 

 (1) the Participant
dies; or 
  

 85 

 (2) the Participant (other than a Participant who continues to be a party in interest) has a Separation
from Service; or 
 (3) the Compensation of a Participant who is an Employee of a Participating Company is discontinued or decreased below the
amount necessary to amortize the loan; or 
 (4) the loan is not repaid by the time the note matures; or 
 (5) the Participant attempts to revoke any payroll deduction authorization for repayment of the loan without the consent of the Committee; or 

(6) the Participant fails to pay any installment of the loan when due and the Committee elects to treat such failure as default; or 
 (7) any other event occurs which the Committee, in its sole discretion, believes may jeopardize the repayment of the loan; before a loan is repaid in
full, the unpaid balance thereof, with interest due thereon, shall become immediately due and payable. 
 9.5 Enforcement. The
Committee shall give written notice to the Participant (or his beneficiary in the event of the Participant’s death) of an event of default described in Subsection 9.4(e). If the loan and interest are not paid within thirty (30) days of the
date of the notice, or within such shorter time period as may be specified in the notice, the amount of the Participant’s vested interest in his Account, excluding his Salary Reduction Account and his Matching Contribution Account, to the
extent such Account is security for the loan, shall be reduced (in the order of priority established by the Committee) by the amount of the unpaid balance of the loan, with interest due thereon, and the Participant’s indebtedness shall
thereupon be discharged to the extent of the reduction. In addition, if the value of the Participant’s total vested interest in his Account (exclusive of his Salary Reduction Account and his Matching 

  

 86 

 
Contribution Account) pledged as security for the loan is insufficient to discharge fully the Participant’s indebtedness, the Participant’s Salary
Reduction Account and Matching Contribution Account shall be used to reduce (in the order of priority established by the Committee) the Participant’s indebtedness at such time as the Participant is entitled to a distribution under Article V or
a withdrawal under Article VIII from his Salary Reduction Account and Matching Contribution Account, and any remaining amounts in his Profit Sharing Account shall be used to reduce the Participant’s indebtedness at such time as the Participant
has a severance from employment. Such action shall not operate as a waiver of the rights of the Company, the Committee, the Trustee, or the Plan under applicable law. The Committee also shall be entitled to take any and all other actions necessary
and appropriate to foreclose upon any property other than the Participant’s Account pledged as security for the loan or to otherwise enforce collection of the outstanding balance of the loan. 
 9.6 Additional Rules. The Committee may establish additional rules relating to Participant loans under the Plan, which rules shall be applied on a
uniform and non-discriminatory basis. 
  

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 ARTICLE X  
 ADMINISTRATION 
 10.1 Committee. If the Company designates one or more individuals as the
Committee, the powers and duties of the Committee under the Plan shall be exercised by the Committee; otherwise all such powers and duties shall be exercised by the Company. The Committee shall be the named fiduciary which shall control and manage
the operation of the Plan and shall administer the Plan. The Committee members may, but need not, be Employees, and they shall serve at the pleasure of the Company. They shall be entitled to reimbursement of expenses, but those members of the
Committee who are also Employees of a Participating Company shall receive no compensation for their service on the Committee. Any reimbursement of expenses of the Committee members shall be paid directly by the Company. The Committee shall be
responsible for the general administration of the Plan under the policy guidance of the Company, which is the Plan Administrator as defined in Section 414(g) of the Code. 
 10.2 Duties and Powers of Committee. In addition to the duties and powers described elsewhere hereunder, the Committee shall have the following
specific duties and powers: 
  

	 	(a)	to retain such consultants, accountants and attorneys as may be deemed necessary or desirable to render statements, reports, and advice with respect to the Plan and to assist the
Committee in complying with all applicable rules and regulations affecting the Plan; any consultants, accountants and attorneys may be the same as those retained by the Company; 

  

	 	(b)	to decide appeals under this Article; 

  

	 	(c)	to enact uniform and nondiscriminatory rules and regulations to carry out the provisions of the Plan; 

  

 88 

	 	(d)	to resolve questions or disputes relating to eligibility for benefits or the amount of benefits under the Plan; 

  

	 	(e)	to make findings of fact and to construe and interpret and supply omissions with respect to the provisions of the Plan; 

  

	 	(f)	to determine whether any domestic relations order received by the Plan is a qualified domestic relations order as provided in section 414(p) of the Code; 

 

	 	(g)	to evaluate administrative procedures; 

  

	 	(h)	to appoint one or more investment managers, as such term is defined in section 3(38) of ERISA; 

  

	 	(i)	to select the Investment Media in which the Accounts of Participants may be invested pursuant to Section 11.5; and 

  

	 	(j)	 to delegate such duties and powers as the Committee shall determine from time to time to any person or persons. To the extent of any such delegation, the delegate
shall have the duties, powers, authority and discretion of the Committee. Any decisions, determinations or findings of fact made by the Committee pursuant to its duties and powers described in the Plan shall be conclusive and binding upon all
parties. The Committee shall have sole discretion in carrying out its responsibilities. The expenses incurred by the Committee in connection with the operation of the Plan, including, but not limited to, the expenses incurred by reason of the
engagement of professional assistants and consultants, shall be expenses of the Plan and shall be payable from the Fund at the direction of the Committee. The Participating Companies shall have the option, but not the obligation, to pay any such
expenses, in whole or in part, and, by so doing, to relieve the Fund from 

  

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the obligation of bearing such expenses. Payment of any such expenses by a Participating Company on one occasion shall not bind that Participating Company to
pay any similar expenses on any subsequent occasion. 

  

	 	(k)	The Committee shall also have the authority and discretion to engage an Administrative Delegate who shall perform, without discretionary authority or control, administrative
functions within the framework of policies, interpretations, rules, practices, and procedures adopted by the Committee. Any action made or taken by the Administrative Delegate within such framework may be appealed by an affected Participant to the
Committee in accordance with the claims review procedures provided in Section 10.4. Any decisions which call for interpretations of Plan provisions not previously made by the Committee shall be made only by the Committee. The Administrative
Delegate shall not be considered a named fiduciary with respect to the administrative services it provides within the framework described in this paragraph (k), but if the Administrative Delegate also is the Trustee it shall be a fiduciary in its
capacity as Trustee as provided in Section 11.4. 

 10.3 Functioning of Committee. The Committee and those persons
or entities to whom the Committee has delegated responsibilities shall keep accurate records and minutes of meetings, interpretations, and decisions. The Committee shall act by majority vote of the members, and such action shall be evidenced by a
written document. 
 10.4 Disputes. If any Employee, Participant or beneficiary shall claim benefits for which the Committee has
determined he is ineligible, or shall dispute the amount or timing of benefits determined by the Committee to be payable hereunder, he shall be entitled to make a claim for benefits pursuant to this Section 10.4. All claims for benefits under
this Agreement, whether made by an 

  

 90 

 
Employee, a Participant or a beneficiary, shall be in writing addressed and delivered to the Committee, and shall contain the claimant’s name, mailing
address and telephone number, if any, and shall identify the claim in a manner reasonably calculated to make the claim understandable to the Committee. 
 The procedures in this Section will be the sole and exclusive remedy for an Employee, Participant or beneficiary (“Claimant”) to make a claim for benefits under the Plan. These procedures will be
administered and interpreted in a manner consistent with the requirements of ERISA §503 and the regulations thereunder. Any electronic notices provided by the Committee will comply with the standards imposed under regulations issued by the
Department of Labor. All claims determinations made by the Committee will be made in accordance with the provisions of this Section and the Plan, and will be applied consistently to similarly situated Claimants. 
  

	 	(1)	Written Claim: A Claimant, or the Claimant’s duly authorized representative, may file a claim for a benefit to which the Claimant believes that he or she is entitled under the
Plan. Any such claim must be filed in writing with the Committee. 

  

	 	(2)	 Decision on Claim: The Committee, in its sole and complete discretion, will make all initial determinations as to the right of any person to benefits. If the
Committee elects to hold a hearing, then such hearing shall be held at the Company’s offices located at Ann Arbor, Michigan during normal business hours, unless a different time and/or place are mutually agreed upon. Committee members and
others may participate in the hearing by conference phone if it would be a hardship 

  

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for such person(s) to attend in person. Any hearing shall be attended by at least a majority of the Committee. If the claim is denied in whole or in part,
the Committee will send the Claimant (and Claimant’s duly authorized representative, if applicable) a written or electronic notice, informing the Claimant of the denial. The notice must be written in a manner calculated to be understood by the
Claimant and must contain the following information: the specific reason(s) for the denial; a specific reference to pertinent Plan provisions on which the denial is based; if additional material or information is necessary for the Claimant to
perfect the claim, a description of such material or information and an explanation of why such material or information is necessary; and an explanation of the Plan’s claim review (i.e., appeal) procedures, and the time limits applicable to
such procedures. Written or electronic notice of the denial will be given within a reasonable period of time (but no later than 90 days) from the date the Committee receives the claim, unless special circumstances require an extension of time for
processing the claim. In no event may the extension exceed 90 days from the end of the initial 90-day period. If an extension is necessary, prior to the expiration of the initial 90-day period, the Committee will send the Claimant a written notice,
indicating the special circumstances requiring an extension and the date by which the Committee expects to render a decision. 

  

	 	(3)	 Request for Appeal: If the Committee denies a claim in whole or in part, the Claimant may elect to appeal the denial. If the Claimant does not appeal the denial
pursuant to the procedures set forth herein, the denial will be final, binding and unappealable. A written request for appeal must be filed by the Claimant (or the Claimant’s duly authorized representative) 

  

 92 

	 	 
with the Committee within 60 days after the date on which the Claimant receives the Committee’s notice of denial. If a request for appeal is timely
filed, the Claimant will be afforded a full and fair review of the claim and the denial. As part of this review, the Claimant may submit written comments, documents, records, and other information relating to the claim, and the review will take into
account all such comments, documents, records, or other information submitted by the Claimant, without regard to whether such information was submitted or considered in the Committee’s initial benefit determination. The Claimant also may
obtain, free of charge and upon request, records and other information relevant to the claim, without regard to whether such information was relied upon by the Committee in making the initial benefit determination. 

  

	 	(4)	 Review Of Appeal: The Committee will determine, in its sole and complete discretion, whether to uphold all or a portion of the initial claim denial. If the
Committee elects to hold a hearing, then such hearing shall be held at the Company’s offices located at Ann Arbor, Michigan during normal business hours, unless a different time and/or place are mutually agreed upon. Committee members and
others may participate in the hearing by conference phone if it would be a hardship for such person(s) to attend in person. Any hearing shall be attended by at least a majority of the Committee. If, on appeal, the Committee determines that all or a
portion of the initial denial should be upheld, the Committee will send the Claimant a written or electronic notice informing the Claimant of its decision to uphold all or a portion of the initial denial, written in a manner calculated to be
understood by the Claimant and containing the following information: the specific reason(s) for 

  

 93 

	 	 
the denial; a specific reference to pertinent Plan provisions on which the denial is based; a statement that the Claimant is entitled to receive, upon
request and free of charge, reasonable access to and copies of all documents and other information relevant to the claim; and an explanation of the Claimant’s right to request arbitration and the applicable time limits for doing so. Written or
electronic notice will be given within a reasonable period of time (but no later than 60 days) from the date the Committee receives the request for appeal, unless special circumstances require an extension of time for reviewing the claim, but. In no
event may the extension exceed 60 days from the end of the initial 60-day period. If an extension is necessary, prior to the expiration of the initial 60-day period, the Committee will send the Claimant a written notice, indicating the special
circumstances requiring an extension and the date by which the Committee expects to render a decision. 

  

	 	(5)	 Alternative Time For An Appeal To Be Decided: Notwithstanding paragraph (4), if the Committee holds regularly scheduled meetings on a quarterly or more frequent
basis, the Committee may make its determination of the claim on appeal at its next regularly scheduled meeting if the Committee receives the written request for appeal more than 30 days prior to its next regularly scheduled meeting or at the
regularly scheduled meeting immediately following the next regularly scheduled meeting if the Committee receives the written request for appeal within 30 days of the next regularly scheduled meeting. If special circumstances require an extension,
the decision may be postponed to the third regularly 

  

 94 

	 	 
scheduled meeting following the Committee’s receipt of the written request for appeal if, prior to the expiration of the initial time period for review,
the Claimant is provided with written notice, indicating the special circumstances requiring an extension and the date by which the Committee expects to render a decision. If the extension is required because the Claimant has not provided
information that is necessary to decide the claim, the Committee may suspend the review period from the date on which notice of the extension is sent to the Claimant until the date on which the Claimant responds to the request for additional
information. 

 10.5 Indemnification. Each member of the Committee, and any other person who is an Employee or
director of a Participating Company or an Affiliated Company shall be indemnified and held harmless by the Company against and with respect to all damages, losses, obligations, liabilities, liens, deficiencies, costs and expenses, including without
limitation, reasonable attorney’s fees and other costs incident to any suit, action, investigation, claim or proceedings to which he may be a party by reason of his performance of administrative functions and duties under the Plan, except in
relation to matters as to which he shall be held liable for an act of willful misconduct in the performance of his duties. The foregoing right to indemnification shall be in addition to such other rights as the Committee member or other person may
enjoy as a matter of law or by reason of insurance coverage of any kind. Rights granted hereunder shall be in addition to and not in lieu of any rights to indemnification to which the Committee member or other person may be entitled pursuant to the
by-laws of the Participating Company. 
  

 95 

 ARTICLE XI 
 THE FUND 
 11.1 Designation of Trustee. The Company, by appropriate resolution of its Board of
Directors, if any, shall name and designate a Trustee and shall enter into a Trust Agreement. The Company shall have the power, by appropriate resolution of its Board of Directors, to amend the Trust Agreement, remove the Trustee, and designate a
successor Trustee, as provided in the Trust Agreement. All of the assets of the Plan shall be held by the Trustee for use in accordance with the Plan. 
 11.2 Exclusive Benefit. Prior to the satisfaction of all liabilities under the Plan in the event of termination of the Plan, no part of the corpus or income of the Fund shall be used for or diverted to purposes
other than for the exclusive benefit of Participants and their beneficiaries except as expressly provided in this Plan and in the Trust Agreement. 
 11.3 No Interest in Fund. No person shall have any interest in or right to any part of the assets or income of the Fund, except to the extent expressly provided in this Plan and in the Trust Agreement. 
 11.4 Trustee. The Trustee shall be the fiduciary with respect to management and control of Plan assets held by it and shall have exclusive and
sole responsibility for the custody and investment thereof in accordance with the Trust Agreement. 
 11.5 Investments. 
  

	 	(a)	Except as provided in Subsection 11.5(e), the Trustee shall invest Salary Reduction Contributions, Rollover Contributions, Matching Contributions, Profit Sharing Contributions, and
Fail-Safe Contributions paid to it and income thereon in such Investment Media as each Participant may select in accordance with this Section. Such investments acquired in the manner prescribed by the Plan shall be held by or for the Trustee.

  

 96 

	 	(b)	Selection. 

 (1) Except as provided
in Subsection 11.5(e), a Participant shall select one or more of the Investment Media in which his Accounts shall be invested, and the percentage thereof that shall be invested in each Investment Medium selected; provided that a Participant’s
Account may be invested in the available Investment Media in 10% increments. 
 (2) In the event a Participant fails to make
an election pursuant to this Section, amounts allocated to his Account shall be invested in the most conservative of the Investment Media as determined by the Committee. 
 (3) A Participant may amend such selection by prior notice to the Committee, effective as of such dates determined by the Committee, by
giving prior notice to the Committee. Such amendments will be subject to the other requirements of this Section. 
  

	 	(c)	A Participant may transfer, effective as of such dates determined by the Committee, such portion of the value of his interest in any Investment Medium to another Investment Medium,
as may be permitted by the Committee. 

  

	 	(d)	The amounts contributed by all Participants to each Investment Medium shall be commingled for investment purposes. 

  

	 	(e)	The Trustee may hold assets of the Fund and make distributions therefrom in the form of cash without liability for interest, if for administrative purposes it becomes necessary or
practical to do so. 

  

 97 

	 	(f)	As directed by the Committee, to invest and reinvest the assets of the Company Stock Fund primarily in Company Stock in accordance with this Agreement. 

  

	 	(g)	In the event that the Committee directs the Trustee to dispose of any Company Stock held as Fund assets, under circumstances which require registration and/or qualification of the
securities under applicable Federal or state securities laws, then the Company, at its own expense, will take, or cause to be taken, any and all such actions as may be necessary or appropriate to effect such registration and/or qualification.

 11.6 Company Stock Fund. Effective January 1, 2005, the Company Stock Fund, subject to the next following
paragraph, shall be invested by the Trustee solely in Company Stock purchased by the Trustee in the open market or by private purchase at the fair market value of such stock at the time of purchase as determined by the Trustee. Company Stock may
also be acquired within the Plan for the accounts of active Participants from the accounts of Participants and beneficiaries who, pursuant to Section 5.14, receive cash distributions from the Plan instead of shares of Company Stock allocated to
their accounts. All such acquisitions shall be at the fair market value of such shares at the close of the day of the transaction as determined by the Trustee. In acquiring shares of Company Stock for the accounts of active Participants the Trustee
may net purchases, including internal acquisitions of the kind described above, against sales of Company Stock. There shall be no percentage limitation on the portion of the Fund which the Trustee may invest or hold in Company Stock. However, no
Participant may direct that any portion of his Salary Reduction Account or Rollover Account be invested in the Company Stock Fund before the effective date of the registration of the Company Stock to be held in the Company Stock Fund with the U.S.
Securities and Exchange Commission. 
  

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 Dividends, interest and other distributions received by the Trustee in respect of each Investment Medium,
including the Company Stock Fund, shall be reinvested in the same Investment Medium. However, pending reinvestment, any such dividends, interest and other distributions in respect of the Company Stock Fund shall be invested by the Trustee in
short-term fixed income investments, which may include units of participation in a short term fixed income fund maintained by the Trustee or a short term fixed income mutual fund. 
 11.7 Voting Rights of Participants with respect to Company Stock. Each Participant shall have the right to direct the Trustee as to the manner in
which voting rights appurtenant to Company Stock allocated to the Participant’s Account are to be exercised in each matter brought before an annual or special stockholders meeting of the Company and on each matter as to which shareholder
authorization of corporate action is solicited by written consent. Before each such meeting or solicitation, the Company shall cause to be furnished to each Participant a copy of the proxy, other information or solicitation material furnished to
stockholders, together with a form requesting directions on how the shares of Company Stock allocated to the Participant’s Account shall be voted on each such matter. Upon timely receipt of such directions the Trustee shall on each such matter
vote as directed the number of shares held by the Trustee and covered by such instructions. If a Participant fails to give the Trustee timely instructions as to how to vote any Company Stock, the Trustee shall not vote such Company Stock. The
instructions received by the Trustee from Participants shall be held by the Trustee in confidence and shall not be divulged or released to any person, including officers or employees of the Company or any Affiliated Company. 
  

 99 

 11.8 Rights on Tender or Exchange Offer for Company Stock. Each present or former Participant (or,
in the event of his death, his beneficiary) shall have the right, to the extent of the number of shares of Company Stock allocated to his Account, to instruct the Trustee in writing as to the manner in which to respond to a tender or exchange offer
with respect to such shares of Company Stock. The Committee shall use its best efforts timely to distribute or cause to be distributed to each present or former Participant (or beneficiary thereof) such information as will be distributed to
stockholders of the Company in connection with any such tender offer or exchange offer. Upon timely receipt of such instructions, the Trustee shall respond as instructed with respect to shares of such Company Stock. The instructions received by the
Trustee from Participants shall be held by the Trustee in confidence and shall not be divulged or released to any person, including officers or employees of the Company or any Affiliated Company. If the Trustee does not receive timely instruction
from a Participant (or beneficiary) as to the manner in which to respond to such a tender or exchange offer, such Participant (or beneficiary) shall be deemed to have instructed the Trustee not to tender or exchange the shares allocated to his
Account, and the Trustee shall not tender or exchange any such shares. 
 If pursuant to instructions from any Participant or beneficiary
(each being referred to in this paragraph as a “Tendering Participant”) given pursuant to this subsection 11.8 the Trustee tenders shares of Company Stock in the Tendering Participant’s Account, if any, and receives cash for these
shares, the portion of the Participant’s Account, if any, invested in the Company Stock Fund shall be reduced by the number of shares in the Company Stock Fund portion of his Account which were sold, and the proceeds of the sale if they consist
of cash shall be invested in any one or more of the other Investment Media as directed by the Participant. If the Trustee receives property other than cash for any tendered shares of 

  

 100 

 
Company Stock, the Tendering Participant’s portion of the Participant’s Account, if any, invested in the Company Stock Fund shall be reduced by the
number of shares in the Company Stock Fund portion of his Account which were sold, the property received shall be retained in a separate Investment Medium in the Fund pending a decision by the Trustee of its disposition, and the Tendering
Participant shall be credited with his allocable share of such separate Investment Medium. 
 The Trustee shall tender or exchange unallocated
shares of Company Stock only if so directed by the Committee, which, in so directing, shall act solely in accordance with the principles set forth in Section 404(a) of ERISA. 
  

 101 

 ARTICLE XII 
 AMENDMENT OR TERMINATION OF THE PLAN 
 12.1 Power of Amendment and Termination. 
  

	 	(a)	It is the intention of each Participating Company that this Plan will be permanent. However, each Participating Company reserves the right to terminate its participation in this
Plan at any time by action of its board of directors or other governing body. Furthermore, the Company reserves the power to amend or terminate the Plan at any time by action of the Board of Directors, or, in the case of an amendment that does not
substantially alter the nature or expense of the Plan, by the Committee without Board approval. 

  

	 	(b)	Each amendment to the Plan shall be binding on each Participating Company if such Participating Company: 

  

	 	(1)	consents to such amendment at any time; or 

  

	 	(2)	fails to object thereto within thirty days after receiving notice thereof. 

  

	 	(c)	 Any amendment or termination of the Plan shall become effective as of the date designated by the Board of Directors. Except as expressly provided elsewhere in the
Plan, prior to the satisfaction of all liabilities with respect to the benefits provided under this Plan, no amendment or termination shall cause any part of the monies contributed hereunder to revert to the Participating Companies or to be diverted
to any purpose other than for the exclusive benefit of Participants and their beneficiaries. Upon termination or partial termination of the Plan, or upon complete discontinuance of contributions, the rights of all affected persons to benefits
accrued to the date of such termination shall be nonforfeitable. In addition the 

  

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Committee in its sole discretion may fully vest the Matching Company Contributions Accounts and Discretionary Company Contributions Accounts of a group of
Participants because they are affected by a business divestiture, layoff or other similar transaction, in which case the rules relating to a partial termination described or referred to above shall apply (even when a true “partial
termination” under Code Section 411(d)(3) has not occurred). Upon termination of the plan without establishment or maintenance of another defined contribution plan (other than an employee stock ownership plan as defined in section
4975(e)(7) of the Code), Accounts shall be distributed in accordance with applicable law. 

 12.2 Merger. The Plan
shall not be merged with or consolidated with, nor shall its assets be transferred to, any other qualified retirement plan unless each Participant would receive a benefit after such merger, consolidation, or transfer (assuming the Plan then
terminated) which is of actuarial value equal to or greater than the benefit he would have received from his Account if the Plan had been terminated on the day before such merger, consolidation, or transfer. 
  

 103 

 ARTICLE XIII  
 TOP-HEAVY PROVISIONS 
 13.1 General. The following provisions shall apply automatically to the
Plan and shall supersede any contrary provisions for each Plan Year in which the Plan is a Top-Heavy Plan (as defined below). It is intended that this Article shall be construed in accordance with the provisions of section 416 of the Code.

 13.2 Definitions. The following definitions shall supplement those set forth in Article I of the Plan: 
  

	 	(a)	“Aggregation Group” means this plan and each other qualified retirement plan (including a frozen plan or a plan which has been terminated during the 60-month period
ending on the Determination Date) of a Participating Company or an Affiliated Company: 

  

	 	(1)	in which a Key Employee is a participant; or 

  

	 	(2)	which enables any plan in which a Key Employee participates to meet the requirements of sections 401(a)(4) or 410 of the Code; or 

  

	 	(3)	without the inclusion of which, the plans in the Aggregation Group would be Top-Heavy Plans, but, with the inclusion of which, the plans in the Aggregation Group are not Top-Heavy
Plans and, taken together, meet the requirements of sections 401(a)(4) and 410 of the Code. 

  

	 	(b)	“Determination Date” means, for any Plan Year, the last day of the preceding Plan Year. In the case of a Plan with a calendar Plan Year, (other than a plan in its
first Plan Year), the determination of whether the plan is top-heavy for the first Plan Year beginning January 1, 2002, is made as of December 31, 2001 in accordance with the provisions of the Plan effective as of January 1, 2002.

  

 104 

	 	(c)	“Key Employee” means, with respect to any Plan Year: 

 (1) any Employee or former Employee (including any deceased Employee) who at any time during the Plan Year that includes the Determination Date was: 
  

	 	(A)	an officer of a Participating Company having annual Compensation during such period greater than $130,000 (as adjusted under Section 416(i)(1) of the Code, provided that no
more than 50 employees (or if lesser, the greater of (i) three, or (ii) 10% of the employees) shall be treated as officers, and provided that employees described in Section 414(q)(8) of the Code shall be excluded; or

  

	 	(B)	a five-percent (5%) owner of a Participating Company; or 

  

	 	(C)	a one-percent (1%) owner of a Participating Company having Compensation in excess of $150,000; or 

 (2) an Employee who is also the beneficiary of an individual described in Paragraph (1) of this Subsection shall be counted as a Key Employee, but
only the benefit attributable to the Key Employee shall be counted in determining Top-Heavy status. For purposes of this Subsection, Compensation shall include compensation within the meaning of Section 415(c)(3) of the Code. Determinations
under this Subsection shall be made in accordance with Section 416(i) of the Code. 
  

 105 

	 	(d)	“Key Employee Ratio” means, for any Determination Date, the ratio of the amount described in Paragraph (1) of this Subsection to the amount described in
Paragraph (2) of this Subsection, after deducting from each such amount any portion thereof described in Paragraph (3) of this Subsection, determined as of the most recent Valuation Date within a 12-month period ending on the Determination
Date where: 

  

	 	(1)	the amount that is the sum of: 

  

	 	(A)	the present value of all accrued benefits of Key Employees under all qualified defined benefit plans included in the Aggregation Group; plus 

  

	 	(B)	the balances in all of the accounts of Key Employees under all qualified defined contribution plans included in the Aggregation Group; plus 

  

	 	(C)	the amounts distributed from all plans in such Aggregation Group to or on behalf of any Key Employee during the period of one Plan Year ending on the Determination Date. The
preceding sentence shall also apply to distributions under a terminated plan which, had it not been terminated, would have been aggregated with the Plan under section 416(g)(2)(A)(i) of the Code. In the case of a distribution made for a reason other
than severance from employment, death or disability, this provision shall be applied by substituting a five-year period for a one-year period; 

  

	 	(2)	the amount that is the sum of: 

  

	 	(A)	the present value of all accrued benefits of all participants under all qualified defined benefit plans included in the Aggregation Group; plus 

  

 106 

	 	(B)	the balances in all of the accounts of all participants under all qualified defined contribution plans included in the Aggregation Group; plus 

  

	 	(C)	the amounts distributed from all plans in such Aggregation Group to or on behalf of any participant during the period of one Plan Year ending on the Determination Date. The
preceding sentence shall also apply to distributions under a terminated plan which, had it not been terminated, would have been aggregated with the Plan under section 416(g)(2)(A)(i) of the Code. In the case of a distribution made for a reason other
than separation from service, death or disability, this provision shall be applied by substituting a five-year period for a one-year period; and 

  

	 	(3)	the amount that is the sum of: 

  

	 	(A)	all rollover contributions (or fund to fund transfers) made to the Plan during the five Plan Years ending on the Determination Date which were initiated by the Employee from a plan
sponsored by an employer which is not a Participating Company or an Affiliated Company; plus 

  

	 	(B)	 rollovers to this Plan which were either not initiated by the employee or were made from another tax qualified plan maintained by the Company or any Participating
or Affiliated Company, but not rollovers made from this 

  

 107 

	 	 
Plan to another tax qualified plan maintained by the Company or a Participating or Affiliated Company or from this Plan to another tax qualified plan and not
initiated by the employee. 

  

	 	(C)	any amount that is included in Paragraphs (1) and (2) of this Subsection for a person who is a Non-Key Employee as to the Plan Year of reference but who was a Key Employee
as to any earlier Plan Year; plus 

  

	 	(D)	any amount that is included in Paragraphs (1) and (2) of this Subsection for a person who has not performed any services for any Participating Company during the one-year
period ending on the Determination Date. 

 The present value of accrued benefits under any defined benefit plan shall be
determined on the basis of the method used for accrual purposes for all plans maintained by all Participating Companies and Affiliated Companies if a single method is used by all such plans, or, otherwise, the slowest accrual method permitted under
Section 411(b)(1)(C) of the Code. 
  

	 	(e)	“Non-Key Employee” means, for any Plan Year: 

  

	 	(1)	an Employee or former Employee who is not a Key Employee with respect to such Plan Year; or 

  

	 	(2)	a beneficiary of an individual described in Paragraph (1) of this Subsection. 

  

 108 

	 	(f)	“Compensation” means, for any Participant for any Plan Year, the Code Section 415(c)(3) definition of compensation. 

  

	 	(g)	“Top-Heavy Plan” means, for any Plan Year, each plan in the Aggregation Group for such Plan Year if, as of the applicable Determination Date, the Key Employee Ratio
exceeds sixty percent (60%). 

 13.3 Exclusion of Certain Cash or Deferred Arrangements. The provisions of
Section 13.4 shall not apply for any Plan Year that the Plan consists solely of: 
  

	 	(a)	a cash or deferred arrangement which meets the requirements of Code Section 401(k)(12), and 

  

	 	(b)	matching contributions with respect to which the requirements of Code Section 401(m)(11) are met. 

 If the Plan would otherwise be treated as Top-Heavy because it is a member of a Required Aggregation Group, contributions under the Plan may be taken into
account in determining whether any other plan in the group meets the requirements of Section 13.4. 
 13.4 Minimum Contribution for
Non-Key Employees. 
  

	 	(a)	 In each Plan Year in which the Plan is a Top-Heavy Plan, each Eligible Employee who is a Non-Key Employee and who is an Employee on the last day of such Plan Year
(regardless of the number of Hours of Service earned by the Non-Key Employee or his level of compensation for the Plan Year) will receive a total minimum Participating Company or Affiliated Company contribution (including forfeitures) under all
plans described in Paragraphs (a)(1) and (a)(2) of Section 13.2 of not less than three percent (3%) of the Eligible Employee’s Compensation for the Plan Year, reduced to the percentage at which contributions, including forfeitures,
are made (or are required to be made) for a Plan Year for the Key 

  

 109 

	 	 
Employee for whom such percentage is the highest for that Plan Year. Elective deferrals allocated to the accounts of Non-Key Employees shall not be used to
meet the minimum contribution requirements of this Subsection. However, elective deferrals allocated to the accounts of Key Employees shall be counted in making the Top-Heavy determination. Employer matching contributions that are used to satisfy
the minimum contribution requirements shall be treated as matching contributions for purposes of the actual contribution percentage test and other requirements of section 401(m) of the Code. 

  

	 	(b)	All defined contribution plans required to be included in an Aggregation Group shall be treated as one plan for the purpose of this Section; however, this Section shall not apply to
any plan which is required to be included in the Aggregation Group if such plan enables a defined benefit plan in the group to meet the requirements of section 401(a)(4) or section 410 of the Code. 

  

	 	(c)	If a Non-Key Employee described in Subsection (a) participates in both a defined benefit plan and a defined contribution plan described in Paragraphs (a)(1) and (a)(2) of
Section 13.2, the Participating Company is not required to provide such Employee with both the minimum benefit under the defined benefit plan and the minimum contribution. In such event, the Non-Key Employee shall not receive the minimum
contribution described in this Section if he has the minimum benefit required by section 416 of the Code under the defined benefit Top-Heavy Plan. 

  

 110 

 13.5 Vesting. The vested interest in his Profit Sharing Account of each Participant with one or
more Hours of Service in a Plan Year in which the Plan is a Top-Heavy Plan shall be determined in accordance with the following schedule for any Plan Year in which the Plan is a Top-Heavy Plan unless Section 6.1 provides more rapid vesting for
such Participant: 
  

			
	 Years of Service
	  	Nonforfeitable Interest
		
	 less than 2 years
	  	0 percent
	 2 years
	  	20 percent
	 3 years
	  	40 percent
	 4 years
	  	60 percent
	 5 years
	  	80 percent
	 6 years
	  	100 percent

  

 111 

 ARTICLE XIV 
 RIGHTS OF ALTERNATE PAYEES 
 14.1 General. Except as otherwise provided in this Article, an
Alternate Payee shall have no rights to a Participant’s benefit and shall have no rights under this Plan other than those rights specifically granted to the Alternate Payee pursuant to a Qualified Domestic Relations Order. Notwithstanding the
foregoing, an Alternate Payee shall have the right to appeal the denial of a claim for any benefits awarded to the Alternate Payee pursuant to a Qualified Domestic Relations Order, as provided in Section 10.4. Any interest of an Alternate Payee
in the Accounts of a Participant, other than an interest payable solely upon the Participant’s death pursuant to a Qualified Domestic Relations Order that provides that the Alternate Payee shall be treated as the Participant’s surviving
spouse, shall be separately accounted for by the Trustee in the name and for the benefit of the Alternate Payee. 
 14.2 Distribution.

  

	 	(a)	Notwithstanding anything in this Plan to the contrary, a Qualified Domestic Relations Order may provide that any benefits of a Participant payable to an Alternate Payee shall be
distributed immediately or at any other time specified in the order. If the order does not specify the time at which benefits shall be payable to the Alternate Payee, and the value of benefits payable to the Alternate Payee is $5,000 or less, the
benefits shall be distributed to the Alternate Payee immediately. If the value of benefits payable to the Alternate Payee exceeds $5,000, the benefits shall be distributed as soon as practicable following the earlier of the Alternate Payee’s
election to receive benefits, or the Alternate Payee’s death. 

  

 112 

	 	(b)	If a Qualified Domestic Relations Order does not provide the form of distribution of benefits payable to an Alternate Payee, the Alternate Payee shall have the right to elect
distribution in any form provided under Article V, except that benefits to be paid in installments may not be paid over a period exceeding the life expectancy of the Alternate Payee, determined as of the date of the first distribution.

  

	 	(c)	If the Qualified Domestic Relations Order does not specify the Investment Media from which amounts shall be paid to an Alternate Payee, such amounts shall be distributed from the
Investment Media in which such Accounts are invested on a pro rata basis. 

 14.3 Withdrawals. Unless a Qualified
Domestic Relations Order provides to the contrary, an Alternate Payee shall not be permitted to make any withdrawals under Article VIII. Notwithstanding the foregoing, an Alternate Payee in no event shall have the right to make withdrawals
under Section 8.2, and any Qualified Domestic Relations Order which purports to give an Alternate Payee such a right shall be invalid and unenforceable to that extent. 
 14.4 Death Benefits. Unless a Qualified Domestic Relations Order provides to the contrary, an Alternate Payee shall have the right to designate a
beneficiary, in the same manner as provided in Section 5.11 with respect to a Participant (except that no spousal consent shall be required), who shall receive benefits payable to the Alternate Payee which have not been distributed at the time
of the Alternate Payee’s death. If the Alternate Payee does not designate a beneficiary, or if the beneficiary predeceases the Alternate Payee, benefits payable to the Alternate Payee which have not been distributed shall be paid to the
Alternate Payee’s estate. 
  

 113 

 ARTICLE XV 
 GENERAL PROVISIONS 
 15.1 No Employment Rights. Neither the action of the Company in
establishing the Plan, nor of any Participating Company in adopting the Plan, nor any provisions of the Plan, nor any action taken by the Company, any Participating Company or the Committee shall be construed as giving to any Employee the right to
be retained in the employ of the Company or any Participating Company, or any right to payment except to the extent of the benefits provided in the Plan to be paid from the Fund. 
 15.2 Governing Law. Except to the extent superseded by ERISA, all questions pertaining to the validity, construction, and operation of the Plan
shall be determined in accordance with the laws of the state of Michigan. 
 15.3 Severability of Provisions. If any provision of this
Plan is determined to be void by any court of competent jurisdiction, the Plan shall continue to operate and, for the purposes of the jurisdiction of that court only, shall be deemed not to include the provisions determined to be void. 

15.4 No Interest in Fund. No person shall have any interest in, or right to, any part of the principal or income of the Fund, except as and to
the extent expressly provided in this Plan and in the Trust Agreement. 
 15.5 Spendthrift Clause. (a) No benefit payable at any
time under this Plan and no interest or expectancy herein shall be anticipated, assigned, or alienated by any Participant or beneficiary, or subject to attachment, garnishment, levy, execution, or other legal or equitable process, except for
(a) a Federal tax levy made pursuant to section 6331 of the Code and (b) any benefit payable pursuant to a qualified domestic relations order. Any attempt to alienate or assign a benefit hereunder, whether currently or hereafter payable,
shall be void. 
  

 114 

	 	(b)	Section 15.5(a) shall not apply to a loan made under Article IX to a Participant or Beneficiary if such loan is secured by the Participant’s Accrued Vested Benefit (within
the meaning of Section 401(a)(13) of the Code) and by reason of Section 4975(d) of the Code is exempt from the tax on prohibited transactions imposed by Section 4975 of the Code. 

  

	 	(c)	Section 15.5(a) shall apply to the creation, assignment, or recognition of a right to any benefit payable with respect to a Participant pursuant to a domestic relations order
if the order is determined by the Committee to be a qualified domestic relations order (as defined in Section 414(p) of the Code) Notwithstanding any restrictions in this Plan regarding the payment of benefits prior to the date on which a
Participant terminates employment with the Company, a qualified domestic relations order may provide for payment of benefits to any “alternate payee” (as defined in Section 414(p)(8) of the Code) on any date subsequent to the entry of
such order and subsequent to a determination by the Committee that such order is a “qualified domestic relations order” pursuant to Section 414(p) of the Code, whether or not such payment would be made prior to the Participant’s
“earliest retirement age” (as defined in Section 414(p)(4)(B) of the Code). If a qualified domestic relations order so provides, the Trustee shall pay benefits to the alternate payee from the vested portion of a Participant’s
Account as required by the qualified domestic relations order. 

  

 115 

	 	(d)	Section 15.5(a) shall not apply to any offset of a Participant’s benefits provided under the Plan against an amount that the Participant is ordered or required to pay to
the Plan if the order or requirement to pay arises – 

 (1) under a judgment or conviction for a crime involving the Plan,

 (2) under a civil judgment (including a consent order or decree) entered by a court in an action brought in connection with a violation (or
alleged violation of part 4 of subtitle B of title I of ERISA (dealing with fiduciary responsibility), 
 (3) pursuant to a settlement
agreement between the Secretary of Labor and the Participant, or a settlement agreement between the Pension Benefit Guaranty Corporation and the Participant, in connection with a violation (or alleged violation) of part 4 of such subtitle by a
fiduciary or any other person, and 
 (4) the judgment, order, decree, or settlement agreement expressly provides for the offset of all or
part of the amount ordered or required to be paid to the Plan against the Participant’s benefits provided under the Plan. 
  

	 	(e)	Section 15.5(a) shall not apply to a Plan amendment that eliminates or restricts the ability of a Participant to receive payment of his Account under an optional form of
benefit if the amendment provides a lump sum distribution form that is otherwise identical to the optional form of benefit being eliminated or restricted. For this purpose, a lump sum distribution form is otherwise identical only if the lump sum
distribution form is identical in all respects to the eliminated or restricted optional form of benefit (or would be identical except that it provides greater rights to the Participant) except with respect to timing of payments after commencement.

  

 116 

	 	(f)	a Participant may transfer his Account from this Plan (“transferor plan”) to another qualified defined contribution plan (“transferee plan”) (or from another
qualified defined contribution plan (“transferor plan”) to this Plan (‘transferee plan”)) and the transfer shall not be treated as decreasing the accrued benefit of the Participant, provided the following requirements are met
– 

  

	 	(a)	The transferor plan provides that the transfer is conditioned upon a voluntary, fully-informed election by the Participant to transfer his entire benefit to the transferee plan;

  

	 	(b)	The terms of both the transferor plan and the transferee plan authorize the transfer; 

  

	 	(c)	The transfer must be pursuant to a direct transfer rather than a distribution from the transferor plan; 

  

	 	(d)	Transfers must be between like kinds of plans; 

  

	 	(e)	The transferee plan must allow the Participant to receive all distributions he is entitled to under the transferee plan in the form of a single sum distribution; and

  

	 	(f)	The transfer must be made either in connection with an asset or stock acquisition, merger or other similar transaction involving a change in employer of the employees of a trade or
business or in connection with the Participant’s change in employment status to an employment status with respect to which the Participant is not entitled to additional allocations under the transferor plan. 

  

 117 

 Any such transfer, together with earnings thereon, shall be subject to the terms of the transferee plan,
and need not be segregated from the remainder of the Participant’s account unless the Trustee otherwise elects or the Participant or Committee otherwise directs. The Vesting provisions under the transferee plan must satisfy the requirements of
Section 411(a)(10) of the Code and, if Code Sections 401(a)(11) and 417 apply to the transferor plan but do not otherwise apply to the transferee plan, the requirements of Code Sections 401(a)(11) and 417 must be met with respect to the
transferred benefits under the transferee plan. Any such transfer that results in the elimination or reduction of a section 411(d)(6) protected benefit shall not violate Section 411(d)(6) of the Code. 
 15.6 Incapacity. If the Committee deems any Participant who is entitled to receive payments hereunder incapable of receiving or disbursing the
same by reason of Age, illness, infirmity, or incapacity of any kind, the Committee may direct the Trustee to apply such payments directly for the comfort, support, and maintenance of such Participant, or to pay the same to any responsible person
caring for the Participant who is determined by the Committee to be qualified to receive and disburse such payments for the Participant’s benefit; and the receipt of such person shall be a complete acquittance for the payment of the benefit.
Payments pursuant to this Section shall be complete discharge to the extent thereof of any and all liability of the Participating Companies, the Committee, the Administrator, the Trustee, and the Fund. 
 15.7 Withholding. The Committee and the Trustee shall have the right to withhold any and all state, local, and Federal taxes which may be withheld
in accordance with applicable law. 
  

 118 

 15.8 Missing Persons. If the Committee determines after reasonable efforts to locate an individual
who is entitled to a distribution of all or part of his Account that such individual cannot be located, the amount payable to such individual may, if the Committee so determines, be forfeited as of the last day of the Plan Year of such determination
and, in the discretion of the Committee, either be applied to reduce future Matching Contributions required to be made to the Plan under Section 3.4 or be allocated to the Profit-Sharing Accounts of Eligible Employees as of the last day of the
Plan Year of such determination in the manner provided in Section 3.5. However, in such event if the individual entitled to a distribution of the forfeited amount subsequently makes a claim for the same, it shall be reinstated out of
forfeitures, if any, for the Plan Year in which the claim is made and/or an additional contribution to the Fund by the Company for such Plan Year and shall be paid to such individual in accordance with the Plan. 
 Executed this      day of             , 200    .

  

									
		 		 		 		 	DOMINO’S PIZZA, LLC
					
	SEAL	 		 		 	By:	 	  

		 		 		 	Title:	 	
					
	Attest:	 	  
	 		 		 	
		 	Secretary	 		 		 	

  

 119 

 SCHEDULE A 
 MINIMUM DISTRIBUTION REQUIREMENTS. 
 Section 1. General Rules 
 1.1. Effective Date. The provisions of this article will apply for purposes of determining required minimum distributions on and after January 1, 2003. 

1.2. Coordination with Minimum Distribution Requirements Previously in Effect. If the effective date of this article is earlier than calendar years beginning with the
2003 calendar year, required minimum distributions for 2002 under this article will be determined as follows. If the total amount of 2002 required minimum distributions under the plan made to the distributee prior to the effective date of this
article equals or exceeds the required minimum distributions determined under this article, then no additional distributions will be required to be made for 2002 on or after such date to the distributee. If the total amount of 2002 required minimum
distributions under the plan made to the distributee prior to the effective date of this article is less than the amount determined under this article, then required minimum distributions for 2002 on and after such date will be determined so that
the total amount of required minimum distributions for 2002 made to the distributee will be the amount determined under this article. 
 1.3. Precedence. The
requirements of this article will take precedence over any inconsistent provisions of the plan. 
 1.4. Requirements of Treasury Regulations Incorporated.
All distributions required under this article will be determined and made in accordance with the Treasury regulations under section 401(a)(9) of the Internal Revenue Code. 
 1.5. TEFRA Section 242(b)(2) Elections. Notwithstanding the other provisions of this article, distributions may be made under a designation made before January 1, 1984, in accordance with section 242(b)(2)
of the Tax Equity and Fiscal Responsibility Act (TEFRA) and the provisions of the plan that relate to section 242(b)(2) of TEFRA. 
 Section 2. Time and
Manner of Distribution. 
 2.1. Required Beginning Date. The participant’s entire interest will be distributed, or begin to be distributed, to the
participant no later than the participant’s required beginning date. 
 2.2. Death of Participant Before Distributions Begin. If the participant dies
before distributions begin, the participant’s entire interest will be distributed, or begin to be distributed, no later than as follows: 
 (a) If the participant’s surviving spouse is the participant’s sole designated beneficiary, then distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the calendar year in
which the participant died, or by December 31 of the calendar year in which the participant would have attained age 70  1/2, if later. 
  

 120 

 (b) If the participant’s surviving spouse is not the participant’s sole designated beneficiary, then
distributions to the designated beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the participant died. 
 (c) If there is no designated beneficiary as of September 30 of the year following the year of the participant’s death, the participant’s entire interest will be distributed by December 31 of the
calendar year containing the fifth anniversary of the participant’s death. 
 (d) If the participant’s surviving spouse is the participant’s
sole designated beneficiary and the surviving spouse dies after the participant but before distributions to the surviving spouse begin, this section 2.2, other than section 2.2(a), will apply as if the surviving spouse were the participant.

 For purposes of this section 2.2 and section 4, unless section 2.2(d) applies, distributions are considered to begin on the participant’s required
beginning date. If section 2.2(d) applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under section 2.2(a). If distributions under an annuity purchased from an insurance company
irrevocably commence to the participant before the participant’s required beginning date (or to the participant’s surviving spouse before the date distributions are required to begin to the surviving spouse under section 2.2(a)), the date
distributions are considered to begin is the date distributions actually commence. 
 2.3. Forms of Distribution. Unless the participant’s interest is
distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the required beginning date, as of the first distribution calendar year distributions will be made in accordance with sections 3 and 4 of this
article. If the participant’s interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of section 401(a)(9) of the Code and the Treasury
regulations. 
 Section 3. Required Minimum Distributions During Participant’s Lifetime. 
 3.1. Amount of Required Minimum Distribution For Each Distribution Calendar Year. During the participant’s lifetime, the minimum amount that will be distributed for
each distribution calendar year is the lesser of: 
 (a) the quotient obtained by dividing the participant’s account balance by the distribution period
in the Uniform Lifetime Table set forth in section 1.401(a)(9)-9 of the Treasury regulations, using the participant’s age as of the participant’s birthday in the distribution calendar year; or 
 (b) if the participant’s sole designated beneficiary for the distribution calendar year is the participant’s spouse, the quotient obtained by dividing the
participant’s account balance by the number in the Joint and Last Survivor Table set forth in section 1.401(a)(9)-9 of the Treasury regulations, using the participant’s and spouse’s attained ages as of the participant’s and
spouse’s birthdays in the distribution calendar year. 
 3.2. Lifetime Required Minimum Distributions Continue Through Year of Participant’s Death.
Required minimum distributions will be determined under this section 3 beginning with the first distribution calendar year and up to and including the distribution calendar year that includes the participant’s date of death 
  

 121 

 Section 4. Required Minimum Distributions After Participant’s Death. 
 4.1. Death On or After Date Distributions Begin. 
 (a) Participant Survived by
Designated Beneficiary. If the participant dies on or after the date distributions begin and there is a designated beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the participant’s
death is the quotient obtained by dividing the participant’s account balance by the longer of the remaining life expectancy of the participant or the remaining life expectancy of the participant’s designated beneficiary, determined as
follows: 
 (1) The participant’s remaining life expectancy is calculated using the age of the participant in the year of death, reduced by one for each
subsequent year. 
 (2) If the participant’s surviving spouse is the participant’s sole designated beneficiary, the remaining life expectancy of
the surviving spouse is calculated for each distribution calendar year after the year of the participant’s death using the surviving spouse’s age as of the spouse’s birthday in that year. For distribution calendar years after the year
of the surviving spouse’s death, the remaining life expectancy of the surviving spouse is calculated using the age of the surviving spouse as of the spouse’s birthday in the calendar year of the spouse’s death, reduced by one for each
subsequent calendar year. 
 (3) If the participant’s surviving spouse is not the participant’s sole designated beneficiary, the designated
beneficiary’s remaining life expectancy is calculated using the age of the beneficiary in the year following the year of the participant’s death, reduced by one for each subsequent year. 
 (b) No Designated Beneficiary. If the participant dies on or after the date distributions begin and there is no designated beneficiary as of September 30 of the
year after the year of the participant’s death, the minimum amount that will be distributed for each distribution calendar year after the year of the participant’s death is the quotient obtained by dividing the participant’s account
balance by the participant’s remaining life expectancy calculated using the age of the participant in the year of death, reduced by one for each subsequent year. 
 4.2. Death Before Date Distributions Begin. 
 (a) Participant Survived by Designated Beneficiary. If the participant dies
before the date distributions begin and there is a designated beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the participant’s death is the quotient obtained by dividing the
participant’s account balance by the remaining life expectancy of the participant’s designated beneficiary, determined as provided in section 4.1. 
 (b) No Designated Beneficiary. If the participant dies before the date distributions begin and there is no designated beneficiary as of September 30 of the year following the year of the participant’s death, distribution of the
participant’s entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the participant’s death. 
  

 122 

 (c) Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to Begin. If the participant dies
before the date distributions begin, the participant’s surviving spouse is the participant’s sole designated beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse under section
2.2(a), this section 4.2 will apply as if the surviving spouse were the participant. 
 Section 5. Definitions. 
 5.1. Designated beneficiary. The individual who is designated as the beneficiary under section VI(B) of the plan and is the designated beneficiary under section 401(a)(9)
of the Internal Revenue Code and section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations. 
 5.2. Distribution calendar year. A calendar year for which
a minimum distribution is required. For distributions beginning before the participant’s death, the first distribution calendar year is the calendar year immediately preceding the calendar year which contains the participant’s required
beginning date. For distributions beginning after the participant’s death, the first distribution calendar year is the calendar year in which distributions are required to begin under section 2.2. The required minimum distribution for the
participant’s first distribution calendar year will be made on or before the participant’s required beginning date. The required minimum distribution for other distribution calendar years, including the required minimum distribution for
the distribution calendar year in which the participant’s required beginning date occurs, will be made on or before December 31 of that distribution calendar year. 
 5.3. Life expectancy. Life expectancy as computed by use of the Single Life Table in section 1.401(a)(9)-9 of the Treasury regulations. 
 5.4. Participant’s account balance. The account balance as of the last valuation date in the calendar year immediately preceding the distribution calendar year (valuation calendar year) increased by the amount of
any contributions made and allocated or forfeitures allocated to the account balance as of dates in the valuation calendar year after the valuation date and decreased by distributions made in the valuation calendar year after the valuation date. The
account balance for the valuation calendar year includes any amounts rolled over or transferred to the plan either in the valuation calendar year or in the distribution calendar year if distributed or transferred in the valuation calendar year.

 5.5 Required beginning date. The date specified in article V(D)(2) of the plan. 
 Section 6. Supplemental Elections 
 6.1. Election to Apply 5-Year Rule to Distributions to Designated Beneficiaries. If
the participant dies before distributions begin and there is a designated beneficiary, distribution to the designated beneficiary is not required to begin by the date specified in section 2.2 of this amendment, but the participant’s entire
interest will be distributed to the designated beneficiary by December 31 of the calendar year containing the fifth anniversary of the participant’s death. If the participant’s surviving spouse is the participant’s sole
designated beneficiary and the surviving spouse dies after the participant but before distributions to either the participant or the surviving spouse begin, this election will apply as if the surviving spouse were the participant. 
  

 123 

 6.2. Election to Allow Participants or Beneficiaries to Elect 5-Year Rule. Participants or beneficiaries may elect on an
individual basis whether the 5-year rule or the life expectancy rule in sections 2.2 and 4.2 of this amendment applies to distributions after the death of a participant who has a designated beneficiary. The election must be made no later than the
earlier of September 30 of the calendar year in which distribution would be required to begin under section 2.2, or by September 30 of the calendar year which contains the fifth anniversary of the participant’s (or, if applicable,
surviving spouse’s) death. If neither the participant nor beneficiary makes an election under this paragraph, distributions will be made in accordance with sections 2.2 and 4.2 of this amendment and, if applicable, the elections in section 2
above. 
 6.3. Election to Allow Designated Beneficiary Receiving Distributions Under 5-Year Rule to Elect Life Expectancy Distributions. A designated
beneficiary who is receiving payments under the 5-year rule may make a new election to receive payments under the life expectancy rule until December 31, 2003, provided that all amounts that would have been required to be distributed under the
life expectancy rule for all distribution calendar years before 2004 are distributed by the earlier of December 31, 2003 or the end of the 5-year period. 
  

 124Stock Purchase Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 STOCK PURCHASE AGREEMENT 
 By and Among 
 BOSTON PRIVATE FINANCIAL
HOLDINGS, INC. 
 GIBRALTAR PRIVATE BANK & TRUST COMPANY 
 and 
 THE BUYERS set forth on Exhibit A hereto 
 Dated as of September 17, 2009 

 TABLE OF CONTENTS 
  

					
	ARTICLE I - THE PURCHASE AND SALE	  	1
	 1.1
	  	Purchase and Sale of the Shares	  	1
	 1.2
	  	Cash Purchase Price	  	1
	 1.3
	  	Closing	  	1
	 1.4
	  	Deliveries at Closing	  	1
		
	ARTICLE II - REPRESENTATIONS AND WARRANTIES OF THE BUYERS	  	2
	 2.1
	  	Authorization	  	2
	 2.2
	  	No Violation or Approval	  	2
	 2.3
	  	Brokers and Finders	  	3
	 2.4
	  	Private Placement	  	3
	 2.5
	  	Limitations on Transfer	  	3
	 2.6
	  	Restrictive Legends	  	4
	 2.7
	  	Accredited Investor	  	4
	 2.8
	  	Investment Intent	  	4
	 2.9
	  	Investment Experience and Status	  	4
	 2.10
	  	Documents Delivered; Information	  	4
	 2.11
	  	Professional Advice	  	5
	 2.12
	  	Further Representations by Foreign Company Buyers	  	5
	 2.13
	  	No Affiliations	  	5
	 2.14
	  	Commonly Controlled Insured Depository Institutions	  	5
		
	ARTICLE III - REPRESENTATIONS AND WARRANTIES OF THE BANK	  	6
	 3.1
	  	Organization	  	6
	 3.2
	  	Authorization	  	6
	 3.3
	  	No Violation or Approval	  	6
	 3.4
	  	Taxes	  	7
		
	ARTICLE IV - REPRESENTATIONS AND WARRANTIES OF SELLER	  	8
	 4.1
	  	Organization	  	8
	 4.2
	  	Authorization	  	8
	 4.3
	  	Capitalization of the Bank	  	8
	 4.4
	  	No Violation or Approval	  	9
	 4.5
	  	Brokers and Finders	  	9
		
	ARTICLE V - ADDITIONAL AGREEMENTS	  	10
	 5.1
	  	Directors’ and Officers’ Indemnification and Insurance	  	10
	 5.2
	  	Employees	  	10
	 5.3
	  	Valuation	  	11
	 5.4
	  	Cooperation	  	12
	 5.5
	  	Tax Matters	  	12
	 5.6
	  	Post-Closing Confidentiality	  	16
	 5.7
	  	Transition Services Agreement	  	17

  

 i 

					
	 5.8
	  	Insurance	  	17
	 5.9
	  	Non-Solicit of Employees	  	17
	 5.10
	  	Bank Governing Documents	  	18
	 5.11
	  	Post-Closing Capital Requirements	  	18
		
	ARTICLE VI - MISCELLANEOUS	  	18
	 6.1
	  	No Waivers	  	18
	 6.2
	  	Nonsurvival of Representations, Warranties and Agreements	  	18
	 6.3
	  	Indemnification	  	19
	 6.4
	  	Expenses	  	21
	 6.5
	  	Notices	  	22
	 6.6
	  	Counterparts	  	22
	 6.7
	  	Entire Agreement	  	22
	 6.8
	  	Governing Law	  	23
	 6.9
	  	Waiver of Jury Trial	  	24
	 6.10
	  	Severability	  	24
	 6.11
	  	Assignment; Reliance of Other Parties	  	24
	 6.12
	  	Specific Performance	  	24
	 6.13
	  	Definitions	  	24

 Exhibit A – Buyers 
 Exhibit B – Form of Federal Stock Charter of Gibraltar Private Bank & Trust Company 
 Exhibit C – Form of Bylaws of Gibraltar
Private Bank & Trust Company 
  

 ii 

 STOCK PURCHASE AGREEMENT 
 THIS STOCK PURCHASE AGREEMENT (this “Agreement”), is effective as of September 17, 2009, by and among BOSTON PRIVATE
FINANCIAL HOLDINGS, INC., a Massachusetts corporation (“Seller”), GIBRALTAR PRIVATE BANK & TRUST COMPANY, a federally-chartered stock savings association (the “Bank”), and the buyers listed on
Exhibit A hereto (the “Buyers”). The capitalized terms used in this Agreement, unless otherwise defined herein, are defined in Section 6.13. 
 WHEREAS, Seller owns beneficially and of record all of the issued and outstanding capital stock (the “Shares”) of the Bank; and 
 WHEREAS, Seller desires to sell to the Buyers, and the Buyers desire to purchase from Seller, the Shares on the terms and conditions set forth in
this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set forth herein, the
parties hereto agree as follows: 
 ARTICLE I - THE PURCHASE AND SALE 
 1.1 Purchase and Sale of the Shares. Subject to the terms and conditions set forth in this Agreement, at the Closing, Seller shall
sell, assign, transfer, convey and deliver the Shares to the Buyers, and the Buyers shall purchase and acquire from Seller, all right, title and interest in, to and under the Shares from Seller, free and clear of any lien, claim, option, mortgage,
pledge, security interest, charge, encumbrance or other restriction of any nature whatsoever (each, a “Lien”) or right or claim of others. 
 1.2 Cash Purchase Price. In full consideration of the Buyers’ purchase of the Shares, the Buyers shall pay to Seller a cash purchase price in an aggregate amount equal to ninety-three million
dollars ($93,000,000) (the “Purchase Price”). 
 1.3 Closing. The closing of the sale and purchase of the
Shares pursuant to this Article I (the “Closing”) will take place on the date hereof (the “Closing Date”). 
 1.4 Deliveries at Closing. 
 (a) At the Closing, Seller will deliver or cause to be delivered to the
Buyers the following: 
 (i) free and clear of any Liens or rights or claims of others, stock certificates evidencing the
Shares in an amount with respect to each Buyer as set forth opposite such Buyer’s name on Exhibit A hereto, in each case duly endorsed in blank or accompanied by stock powers duly executed in blank, or if such stock certificates are not
then available, affidavits of loss in lieu thereof; 

 (ii) a duly executed certificate of the secretary of Seller, dated the Closing Date,
certifying (A) attached resolutions of its board with respect to the transactions contemplated or otherwise to be effected by it at the Closing and (B) the incumbency of its officers; and 
 (iii) duly executed certificate of non-foreign status of Seller, substantially in the form of the sample certification contained in
Treasury Regulation Section 1.1445-2(b)(2)(iv)(B). 
 (b) At the Closing, the Buyers will deliver or cause to be
delivered to Seller the Purchase Price, which shall be delivered to Seller by wire transfer of immediately available funds to an account designated by Seller. 
 ARTICLE II - REPRESENTATIONS AND WARRANTIES OF THE BUYERS 
 Except as set forth in the Buyers
Disclosure Schedules (it being agreed that disclosure in any section of the Buyers Disclosure Schedules shall apply only to the indicated section of this Agreement, except to the extent that it is reasonably apparent on the face of the disclosure
that such disclosure is relevant to another section of this Agreement), each Buyer, severally and not jointly, represents and warrants to Seller and the Bank as follows: 
 2.1 Authorization. Such Buyer has the legal capacity, power and authority to execute and deliver this Agreement and each other agreement, document or instrument contemplated by this Agreement and to
perform such Buyer’s obligations hereunder and thereunder. All actions or proceedings to be taken by or on the part of such Buyer to authorize and permit the execution and delivery by such Buyer of this Agreement and the instruments required to
be executed and delivered by him, her or it pursuant hereto, the performance by such Buyer of such Buyer’s obligations hereunder and the consummation by such Buyer of the transactions contemplated hereby, have been duly and properly taken. This
Agreement has been duly executed and delivered by such Buyer and, assuming the due authorization, execution and delivery of this Agreement by Seller, the Bank and each of the other Buyers, this Agreement constitutes the legal, valid and binding
obligation of the Buyer, enforceable against such Buyer in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar Laws affecting creditors’ rights
generally and by general equity principles. 
 2.2 No Violation or Approval. 
 (a) Neither the execution, delivery and performance of this Agreement and the other agreements, documents and instruments contemplated
hereby by such Buyer, nor the consummation by such Buyer of the transactions contemplated hereby in accordance with the terms hereof and thereof, will (i) violate, conflict with or result in a breach of any provisions of, or constitute a
default (or an event that, with notice or lapse of time or both, would constitute a default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration under, or the
creation of any Lien upon, any of the properties or assets of such Buyer, under any of the terms, conditions or provisions of (A) if such Buyer is not a natural 

  

 2 

 
person, the organizational documents or by-laws of such Buyer, or (B) any note, bond, mortgage, indenture, deed of trust, license, lease, agreement or
other instrument or obligation to which the Buyer is a party or by which such Buyer may be bound, or to which such Buyer or the properties or assets of such Buyer may be subject, in the case of the foregoing clause (B) only, which violation,
conflict, breach, default or termination or acceleration is reasonably likely to have, individually or in the aggregate, a Material Adverse Effect, or (ii) assuming compliance with the matters referred to in Section 2.2(b) below, violate
any judgment, ruling, order, writ, injunction, decree, statute, rule or regulation of any Governmental Body or self-regulatory authority applicable to such Buyer, which violation is reasonably likely to have, individually or in the aggregate, a
Material Adverse Effect. 
 (b) No notices to, filings with, authorizations of, exemptions by, or consents or approvals of any
Governmental Body or other Persons are necessary for the consummation by such Buyer of the transactions contemplated by this Agreement, except where failure to make such notices or filings or obtain such authorizations, exemptions, consents,
approvals, or actions would not have, individually or in the aggregate, a Material Adverse Effect. 
 2.3 Brokers and Finders.
Such Buyer has not employed any broker or finder or incurred any liability for any financial advisory fees, brokerage fees, commissions or finder’s fees that are or would become, at or following the Closing, obligations of the Seller or the
Bank, except for fees and commissions incurred in connection with the engagement of Sandler O’Neill + Partners, L.P. and for legal fees payable to Wachtell, Lipton, Rosen & Katz in connection with the transactions contemplated by this
Agreement, all of which will be paid by the Bank following the Closing. Such Buyer shall be responsible for any other fees or expenses incurred by such Buyer in connection with such Buyer’s entering into this Agreement and participation in the
transactions contemplated hereby. 
 2.4 Private Placement. Such Buyer understands and acknowledges that the Shares being sold
and issued pursuant to this Agreement are being offered without an offering circular filed with, and declared effective by, the OTS pursuant to an exemption from such requirements provided for by Section 563g.4 of Part 563g of the regulations
promulgated by the OTS (the “OTS Regulations”), and are exempt from the registration requirements of the Securities Act and the registration or qualification requirements of state securities or “blue sky” laws. 

2.5 Limitations on Transfer. Such Buyer understands and agrees that (a) the Shares cannot be offered, resold or otherwise
transferred except pursuant to an applicable exemption from registration under the OTS Regulations and the applicable securities laws of any other jurisdiction, and (b) due care should be taken by the Buyer in any sale of the Shares to ensure
that Buyer is not an underwriter within the meaning of Section 563g.1(a)(14) of Part 563g of the OTS Regulations. Such Buyer hereby covenants and agrees that such Buyer will not offer, sell or otherwise transfer any of the Shares except in
compliance with applicable federal and state regulatory, securities and “blue sky” laws. 
  

 3 

 2.6 Restrictive Legends. The certificates representing the Shares shall bear, in addition
to any other legends required under applicable state securities or “blue sky” laws, a legend in substantially the following form: 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER
JURISDICTION AND WERE NOT OFFERED BY AN OFFERING CIRCULAR FILED WITH, AND DECLARED EFFECTIVE BY, THE OFFICE OF THRIFT SUPERVISION (THE “OTS”) PURSUANT TO SECTION 563G.2 OF PART 563G OF THE REGULATIONS PROMULGATED BY THE OTS (THE
“OTS REGULATIONS”), BUT INSTEAD WERE SOLD IN RELIANCE UPON AN EXEMPTION FROM THE OFFERING CIRCULAR REQUIREMENT PROVIDED FOR BY SECTION 563G.4 OF PART 563G OF THE OTS REGULATIONS AND ARE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. THE SHARES MAY BE TRANSFERRED ONLY PURSUANT TO AN APPLICABLE EXEMPTION FROM REGISTRATION UNDER THE OTS REGULATIONS, THE SECURITIES ACT, AND THE APPLICABLE SECURITIES LAWS OF ANY OTHER JURISDICTION. DUE CARE SHOULD BE TAKEN BY A
HOLDER IN ANY SALE OF THE SHARES TO ENSURE THAT SUCH HOLDER IS NOT AN UNDERWRITER WITHIN THE MEANING OF SECTION 563G.1(A)(14) OF PART 563G OF THE OTS REGULATIONS.” 
 In order to prevent any transfer from taking place in violation of applicable law or the terms of this Agreement, the Bank may cause a stop transfer
order to be placed with its transfer agent with respect to any Shares. The Bank will not be required to transfer on its books any Shares that have been sold or transferred in violation of any provision of applicable law. 
 2.7 Accredited Investor. Such Buyer is an “accredited investor” within the meaning of Rule 501(a) of Regulation D under
the Securities Act, as presently in effect. 
 2.8 Investment Intent. Such Buyer is acquiring the Shares for such Buyer’s
own account (and not for the account of others) for investment purposes and not with a view to, or for offer or sale in connection with, any distribution. Such Buyer understands that there is no established market for the Shares and that a market
for the Shares may not develop and that no federal or state agency has passed upon the Shares, or made any findings or determination as to the fairness of an investment in the Shares. 
 2.9 Investment Experience and Status. Such Buyer has such knowledge and experience in financial and business matters that such Buyer is
capable of evaluating the merits and risks of an investment in the Shares and protecting such Buyer’s own interests in connection with such investment. 
 2.10 Documents Delivered; Information. Such Buyer acknowledges that such Buyer has received a copy of this Agreement and been afforded the opportunity to review the schedules and exhibits hereto. Such
Buyer has received or has had access to all the information relating to the Bank that such Buyer has requested and considers necessary and relevant to making an 

  

 4 

 
informed investment decision with respect to the Shares. Such Buyer has been given the opportunity to make a thorough investigation of the activities of the
Bank and has been furnished with access to materials relating to the Bank and its activities. Such Buyer has been afforded the opportunity to obtain any additional information deemed necessary by such Buyer to verify the accuracy of the information
conveyed to such Buyer. Such Buyer acknowledges and agrees that except as set forth in Article III and Article IV hereof, neither the Seller nor the Bank has made any representations or warranties to the undersigned whatsoever about the Bank, its
business or prospects or any other matter in connection with the undersigned’s investment in the Bank and such Buyer is not relying on any information, including any information statements, presentations or written or oral statements, relating
to the Bank supplied by Seller, the Bank or any Person authorized by Seller or the Bank. 
 2.11 Professional Advice. With
respect to the legal, tax, accounting, financial and other economic considerations involved in acquiring the Shares, such Buyer is not relying on Seller, the Bank, or any other Buyer, or any director, officer, employee, agent or other Representative
of any of the foregoing. 
 2.12 Further Representations by Foreign Company Buyers. If such Buyer is not a United States
person, such Buyer hereby represents that such Buyer is satisfied as to the full observance of the laws of such Buyer’s jurisdiction in connection with acquiring any Shares and the execution and delivery by such Buyer of this Agreement and any
other instrument or document executed and delivered by such Buyer pursuant hereto, including (a) the legal requirements within such Buyer’s jurisdiction for acquiring any of the Shares, (b) any foreign exchange restrictions applicable
to any such acquisition of the Shares, (c) any governmental or other consents that may need to be obtained, and (d) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or
transfer of any of the Shares. 
 2.13 No Affiliations. Such Buyer is not an affiliate of any other Buyer. The decision of such
Buyer to invest in the Bank has been reached independently from other Buyers, Seller, the Bank or any of their respective affiliates or agents. Such Buyer is not, to such Buyer’s knowledge, managed or advised by an investment manager or
investment advisor who performs the same services for other Buyers and has not been advised by Seller, the Bank or any of their respective Affiliates. Such Buyer has not engaged and will not engage as part of a group consisting of substantially the
same entities as other Buyers, in substantially the same combination of interests, in any additional banking or nonbanking activities or business ventures in the United States. Such Buyer is not a party to any agreements or understandings between
any Buyers (a) for the purpose of controlling the Bank or any of its Subsidiaries or (b) to act in concert in respect of the Bank or any of its Subsidiaries. Such Buyer is not a party to any agreements or understandings pursuant to which
it has the right to acquire the Shares of any other Buyer. 
 2.14 Commonly Controlled Insured Depository Institutions. Such
Buyer has not taken, permitted or allowed any action that would cause the Bank or any Subsidiary of the Bank to become a “commonly controlled insured depository institution” (as that term is defined and interpreted for purposes of 12
U.S.C. § 1815(e), as may be amended or supplemented from time to time, and any successor thereto) with respect to any institution that is not a direct or indirect 

  

 5 

 
Subsidiary of the Bank and such Buyer agrees not to take, permit or allow any such action. In the event that such Buyer believes that it is reasonably likely
to breach such obligation, such Buyer shall immediately notify the Bank, and shall cooperate in good faith with the board of directors of the Bank promptly to modify any ownership or other arrangements or take any other action, in each case, as is
necessary to cure or avoid such breach. 
 ARTICLE III - REPRESENTATIONS AND WARRANTIES OF THE BANK 
 The Bank represents and warrants to the Buyers as follows: 
 3.1 Organization. The Bank is a federally-chartered savings bank duly organized, validly existing and in good standing under the laws of the United States of America. The Bank’s deposits are
insured by the FDIC in the manner and to the fullest extent provided by applicable Law, and all premiums and assessments required to be paid in connection therewith have been paid by the Bank when due. The Bank has made available to the Buyers a
true, complete and correct copy of each of the Bank’s organizational documents, each as in effect on the date hereof. The Bank has all requisite power and authority to own, operate, lease and encumber its properties and carry on its business as
currently conducted, and is duly licensed or qualified to do business in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or
qualification necessary. 
 3.2 Authorization. The Bank has the corporate capacity, power and authority to execute and deliver
this Agreement and each other agreement, document or instrument contemplated by this Agreement and to perform its obligations hereunder and thereunder. All actions or proceedings to be taken by or on the part of the Bank to authorize and permit the
execution and delivery by it of this Agreement and the instruments required to be executed and delivered by it pursuant hereto, the performance by the Bank of its respective obligations hereunder and the consummation by the Bank of the transactions
contemplated hereby, have been duly and properly taken. No other corporate proceedings on the part of the Bank are necessary to approve this Agreement and to consummate the transactions contemplated hereby. This Agreement has been duly and validly
executed and delivered by the Bank and, assuming the due authorization, execution and delivery of this Agreement by Seller and the Buyers, this Agreement constitutes the legal, valid and binding obligation of the Bank, enforceable against the Bank
in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar Laws affecting creditors’ rights generally and by general equity principles. 
 3.3 No Violation or Approval. 
 (a) Neither the execution, delivery and performance of this Agreement and the other agreements, documents and instruments contemplated hereby by the Bank, nor the consummation by the Bank of the transactions
contemplated hereby in accordance with the terms hereof and thereof, will (i) violate, conflict with or result in a breach of any provisions of, or constitute a default (or an event that, with notice or lapse of time or both, would constitute a
default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration under, or the 

  

 6 

 
creation of any Lien upon, any of the properties or assets of the Bank under any of the terms, conditions or provisions of, (A) the organizational
documents or by-laws of the Bank, or (B) any note, bond, mortgage, indenture, deed of trust, license, lease, agreement or other instrument or obligation to which the Bank is a party or by which the Bank may be bound, or to which the Bank or the
properties or assets of the Bank may be subject, in the case of the foregoing clause (B) only, which violation, conflict, breach, default or termination or acceleration is reasonably likely to have, individually or in the aggregate, a Material
Adverse Effect, or (ii) assuming compliance with the matters referred to in Section 3.3(b) below, violate any judgment, ruling, order, writ, injunction, decree, statute, rule or regulation of any Governmental Body or self-regulatory
authority applicable to the Bank, which violation is reasonably likely to have, individually or in the aggregate, a Material Adverse Effect. 
 (b) No notices to, filings with, authorizations of, exemptions by, or consents or approvals of any Governmental Body or other Persons are necessary for the consummation by the Bank of the transactions contemplated by
this Agreement, except where failure to make such notices or filings or obtain such authorizations, exemptions, consents, approvals, or actions would not have, individually or in the aggregate, a Material Adverse Effect. 
 3.4 Taxes. Except as are not, individually or in the aggregate, reasonably likely to have a Material Adverse Effect or as otherwise set
forth in Section 3.4 of the Seller Disclosure Schedule: 
 (a) All Tax Returns that are required to be filed after
the Original Acquisition Date by or on behalf of the Bank or any of its Subsidiaries (or by or with respect to any consolidated, combined, unitary or affiliated group of which any of them is or has been a member) have been timely filed (taking into
account any extension of time to file granted or obtained). 
 (b) Neither the Bank nor any of its Subsidiaries (nor any
consolidated, combined, unitary or affiliated group of which any of them is or has been a member after the Original Acquisition Date) has agreed to any extension or waiver of the statute of limitations applicable to any Tax Return referred to in
clause (a) of this Section 3.4 or agreed to any extension of time with respect to a Tax assessment or deficiency, which period (after giving effect to such extension or waiver) has not yet expired. 
 (c) There is not pending or threatened in writing any audit, examination, investigation or other proceeding with respect to Taxes of the
Bank or any of its Subsidiaries (including any such Taxes reportable on a consolidated, combined, or unitary Tax Return filed after the Original Acquisition Date), and during the past three years, no claim has been made in writing by any Taxing
Authority in a jurisdiction where the Bank or a Subsidiary does not file Tax Returns to the effect that the Bank or such Subsidiary may be subject to taxation in that jurisdiction. 
 (d) Neither the Bank nor any of its Subsidiaries is subject to any closing agreement pursuant to Section 7121 of the Code or any
predecessor provision thereof, or any 

  

 7 

 
corresponding or similar provision of state, local or foreign Law, or is subject to, or has pending any request for, any private letter ruling, technical
advice or permission for any change in accounting methods, in all cases, that is applicable to any periods after the Closing Date. 
 (e) Neither the Bank nor any of its Subsidiaries has been a party to any distribution occurring during the three-year period prior to the date of this Agreement, or otherwise as part of a plan (or series of related transactions) of which
this transaction is a part, in which the parties to such distribution treated the distribution as one to which Section 355 of the Code applied. 
 ARTICLE IV - REPRESENTATIONS AND WARRANTIES OF SELLER 
 Except as set forth in the Seller Disclosure Schedules (it being
agreed that disclosure in any section of the Seller Disclosure Schedules shall apply only to the indicated section of this Agreement, except to the extent that it is reasonably apparent on the face of the disclosure that such disclosure is relevant
to another section of this Agreement), Seller hereby represents and warrants to the Buyers and the Bank as follows: 
 4.1
Organization. Seller is a corporation duly organized, validly existing and in good standing under the laws of The Commonwealth of Massachusetts. Seller is duly registered as a bank holding company under the Bank Holding Company Act of
1956, as amended, and meets the applicable requirements for qualification as such. Seller has all requisite power and authority to own, operate, lease and encumber its properties and carry on its business as currently conducted, and is duly licensed
or qualified to do business in each jurisdiction in which the nature of the business conducted by it or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary. 
 4.2 Authorization. Seller has the corporate capacity, power and authority to execute and deliver this Agreement and each other agreement,
document or instrument contemplated by this Agreement and to perform its obligations hereunder and thereunder. All actions or proceedings to be taken by or on the part of Seller (including in its capacity as the Bank’s sole shareholder) to
authorize and permit the execution and delivery by it of this Agreement and the instruments required to be executed and delivered by it pursuant hereto, the performance by Seller of its respective obligations hereunder and the consummation by Seller
of the transactions contemplated hereby, have been duly and properly taken. No other corporate proceedings (including any approvals of Seller’s stockholders) on the part of Seller are necessary to approve this Agreement and to consummate the
transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by Seller and, assuming the due authorization, execution and delivery of this Agreement by the Bank and the Buyers, this Agreement constitutes the
legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar Laws affecting
creditors’ rights generally and by general equity principles. 
 4.3 Capitalization of the Bank. As of the date of this
Agreement, the authorized, issued and outstanding capital stock of the Bank is set forth on Section 4.3 of the Seller 

  

 8 

 
Disclosure Schedule. All of the issued and outstanding shares of capital stock of the Bank are duly authorized, validly issued, fully paid, nonassessable and
free of preemptive rights. Seller, by action of its board of directors or officers, has not entered into or granted any outstanding subscriptions, options, warrants, puts, calls, rights, exchangeable or convertible securities or other commitments or
agreements of any character relating to the issued or unissued capital stock or other securities or ownership or equity interests of the Bank or any Subsidiary of the Bank, or otherwise obligating the Bank or any Subsidiary of the Bank to issue,
transfer, sell, purchase, redeem or otherwise acquire any such stock, securities or interests. Seller owns all of the outstanding shares of capital stock of the Bank free and clear of all Liens, rights of first refusal, agreements, limitations on
Seller’s voting rights, and other encumbrances of any nature whatsoever. Seller, by action of its board of directors or officers, has not caused the Bank to become subject to any obligation by reason of any agreement to register the offer and
sale or resale of any of its securities under applicable OTS Regulations. 
 4.4 No Violation or Approval. 
 (a) Neither the execution, delivery and performance of this Agreement and the other agreements, documents and instruments contemplated
hereby by Seller, nor the consummation by Seller of the transactions contemplated hereby in accordance with the terms hereof and thereof, will (i) violate, conflict with or result in a breach of any provisions of, or constitute a default (or an
event that, with notice or lapse of time or both, would constitute a default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration under, or the creation of any Lien
upon, any of the properties or assets of Seller, under any of the terms, conditions or provisions of (A) the organizational documents or by-laws of Seller, or (B) any note, bond, mortgage, indenture, deed of trust, license, lease,
agreement or other instrument or obligation to which Seller is a party or by which Seller may be bound, or to which Seller or the properties or assets of Seller may be subject, in the case of the foregoing clause (B) only, which violation,
conflict, breach, default or termination or acceleration is reasonably likely to have, individually or in the aggregate, a Material Adverse Effect, or (ii) assuming compliance with the matters referred to in Section 4.4(b) below, violate
any judgment, ruling, order, writ, injunction, decree, statute, rule or regulation of any Governmental Body or self-regulatory authority applicable to Seller, which violation is reasonably likely to have, individually or in the aggregate, a Material
Adverse Effect. 
 (b) No notices to, filings with, authorizations of, exemptions by, or consents or approvals of any
Governmental Body or other Persons are necessary for the consummation by Seller of the transactions contemplated by this Agreement, except where failure to make such notices or filings or obtain such authorizations, exemptions, consents, approvals,
or actions would not have, individually or in the aggregate, a Material Adverse Effect. 
 4.5 Brokers and Finders. Neither
Seller nor any of its officers, directors or employees has employed any broker or finder or incurred any liability for any financial advisory fees, brokerage fees, commissions or finder’s fees, except for fees and commissions incurred in
connection with the engagement of Goldman, Sachs & Co. and for legal, accounting and other professional fees payable in connection with the transactions contemplated by this Agreement. Seller shall be responsible for the payment of all such
fees. 
  

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 ARTICLE V - ADDITIONAL AGREEMENTS 
 5.1 Directors’ and Officers’ Indemnification and Insurance. 
 (a) As of the Closing Date, the Bank has purchased a “tail” directors’ and officers’ liability insurance policy (which
by its terms shall survive the Closing) for its directors and officers, which provides such directors and officers with coverage for six (6) years following the Closing Date of not less than the existing coverage under, and has other terms not
materially less favorable on the whole to the insured persons than, the directors’ and officers’ liability insurance coverage presently maintained by the Bank prior to the Closing. The Bank shall maintain such policy in full force and
effect and continue to honor the obligations thereunder. In the event the Bank or any of its successors or assigns (i) consolidates with or merges into any other Person and shall not be the continuing or surviving corporation or entity of such
consolidation or merger, or (ii) transfers or conveys all or substantially all of its properties and assets to any Person, then, and in each such case, to the extent necessary, proper provision shall be made so that the successors and assigns
of the Bank assume the obligations set forth in this Section 5.1. Subject to applicable Laws, Seller and the Bank agree that all rights to indemnification or exculpation existing in favor of, and all limitations on the personal liability of,
each present and former director and officer of the Bank and/or any Subsidiaries of the Bank on or prior to the Closing provided for in the Bank’s charter and by-laws or otherwise in effect as of the date hereof shall continue in full force and
effect in all material respects for a period of six (6) years from the Closing; provided, however, that all rights to indemnification in respect of any claims asserted or made within such period shall continue until the disposition of
such claim. 
 (b) The provisions of this Section 5.1 are intended to be for the benefit of, and enforceable by, each
Indemnified Party and his or her heirs and representatives, and nothing herein shall affect any indemnification rights that any Indemnified Party and his or her heirs and representatives may have under the charter and by-laws of the Bank, any
contract or applicable Law. 
 5.2 Employees. 
 (a) Following the Closing Date, the Bank shall honor (i) all Bank Employment Agreements as may be in effect as of the Closing Date
between Bank Employees and the Bank and (ii) all Bank Benefit Plans. Notwithstanding the foregoing, nothing herein shall limit the right of the Bank or any of its Subsidiaries to terminate any particular Bank Benefit Plan or Bank Employment
Agreement in accordance with its terms. 
 (b) The Bank is responsible for advising Bank Employees of the details of any terms
of employment with the Bank, and answering any questions relating thereto, but Seller will be allowed to review and approve, prior to its distribution, any communication 

  

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with Bank Employees after the Closing Date that describes or refers to any of Seller’s benefits or policies, which review by Seller shall be prompt and
approval by Seller shall not be unreasonably withheld. 
 (c) Seller shall fully vest the accounts or the accrued benefits, as
the case may be, of Bank Employees in Seller’s qualified retirement plans in which the Bank Employees participate or have participated (including, without limitation, under the Boston Private Financial Holdings, Inc. 401(k) Profit Sharing
Plan). 
 (d) Upon the Closing, any restricted stock award granted under the Boston Private Financial Holdings, Inc. 2004
Stock Option and Incentive Plan and the Boston Private Financial Holding, Inc. 2009 Stock Option and Incentive Plan (together, the “Plans”) to a Bank Employee which remains subject to a risk of forfeiture shall automatically vest in
full and be free of any restrictions on the Closing Date. Upon the Closing, any option to acquire shares of common stock of Seller granted under the Plans to a Bank Employee (“Seller Options”) that is not exercisable on the Closing
Date shall be immediately forfeited. Any Seller Options that are vested on the Closing Date shall remain exercisable for thirty (30) days following the Closing Date or for such longer period as shall be applicable pursuant to the terms of the
Plan or an individual award agreement. 
 (e) Without limiting the generality of Section 6.11, nothing in this
Section 5.2, express or implied, is intended to or shall confer upon any other person, including without limitation any employee or former employee, any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement and
no provision of this Section 5.2 shall constitute an amendment of any Bank Benefit Plan or Bank Employment Agreement. Nothing in this Agreement will be interpreted or construed to confer upon the employees any right with respect to continued
employment by Seller, Buyer or their respective Affiliates, nor will this Agreement interfere in any way with the right of Seller, Buyer or their respective Affiliates to terminate any employee’s employment at any time. 
 5.3 Valuation. 
 (a) After the Closing, the Bank shall engage, at Seller’s discretion, PricewaterhouseCoopers LLP or Deloitte & Touche LLP (the “Auditor”) to perform a valuation (the “Valuation”) of the
Bank’s loans for income tax purposes, and Seller shall be permitted to rely upon the Valuation for income tax purposes. Seller shall be copied on all correspondence between the Bank and Auditor, including loan data from the Bank and draft
reports from Auditor. The Bank and Seller shall cooperate with respect to determining material assumptions used in the Valuation. Each of Seller and the Bank shall be responsible for one-half of the costs and expenses related to the Valuation.

 (b) If Seller disagrees with any items in the Valuation, Seller shall deliver a notice describing in reasonable detail such
disagreements (the “Disputed Matters”) and Seller and the Bank shall cooperate and use commercially reasonable efforts to resolve the Disputed Matters. If Seller and the Bank are unable to reach a mutually satisfactory resolution of
the Disputed Matters within five (5) days after Seller delivers such notice to 

  

 11 

 
the Bank, Seller and the Bank shall promptly submit any remaining Disputed Matters to an independent national or regional accounting firm mutually acceptable
to Seller and the Bank, that has not at any time in the five (5) years preceding the date of this Agreement provided any services for either Seller or the Bank or their respective Affiliates (the “Independent Auditor”), and
whose sole responsibility shall be resolving the Disputed Matters. All determinations of the Independent Auditor shall be, in the absence of fraud or manifest error, final, conclusive, non-appealable and binding upon Seller and the Bank. Each of
Seller and the Bank shall be responsible for half of the costs and expenses of the Independent Auditor. 
 5.4 Cooperation. In
case at any time after the Closing Date any further action is necessary or desirable to carry out the purposes of this Agreement or to vest the Buyers with full title to the Shares, the proper officers and directors of Seller shall take all such
necessary action as may be reasonably requested by the Buyers. Following the Closing, Seller and the Bank agree to cooperate in good faith to provide (or cause to be provided) to each other information that is reasonably necessary in connection with
regulatory, legal, accounting, personnel, benefits and similar matters (and not relating to any dispute, litigation or arbitration between the parties hereto or their Affiliates). Each of Seller and the Bank agree that any information provided
pursuant to the prior sentence of this provision shall be kept confidential and shall not be used for any purpose except for the reason given in the request. In furtherance and not in limitation of the foregoing, until the earlier of (i) the
sixth (6th) anniversary of the date hereof and (ii) such time as Seller or any of its Affiliates shall dispose of such books and records in accordance with the procedures set forth in this Section 5.4, the Bank and its representatives
shall have reasonable access to all of the books and records related to the Business that Seller or any of its Affiliates may retain after the Closing (the “Retained Records”). Such access shall be afforded by Seller and its
Affiliates upon receipt of reasonable advance notice and during normal business hours. Neither Seller nor any of its Affiliates shall dispose of the Retained Records for a period of six (6) years after the date hereof. If Seller or any of its
Affiliates shall desire to dispose of any Retained Records at any time after such six-year period, Seller shall, prior to such disposition, give the Bank and its representatives a reasonable opportunity to segregate and remove such Retained Records
as the Bank and its representatives may select. 
 5.5 Tax Matters. 
 (a) Tax Indemnification. 
 (i) Seller shall pay or cause to be paid, shall be liable for, and shall indemnify, defend and hold each of the Buyers, the Bank and its Subsidiaries harmless from and against, in each case, without duplication,
(A) any Taxes (and any Damages) arising from or in connection with any breach of any representation or warranty contained in Section 3.4 (determined without giving effect to any “Material Adverse Effect” or materiality
qualifications contained in such representation or warranty) or covenant made in this Section 5.5 by Seller, (B) any Taxes of Seller or any of its Subsidiaries (other than the Bank and its Subsidiaries) for which the Bank or any of its Subsidiaries
may be liable as a result of Treasury Regulation Section 1.1502-6 (or any similar provision of applicable law), as a transferee or successor, by contract or otherwise, and (C) any 

  

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Taxes of the Bank and its Subsidiaries reportable on a federal consolidated Tax Return of the Seller other than for the 2008 taxable year and the short 2009
taxable year ending on the Closing Date. 
 (ii) The Bank shall pay or cause to be paid, shall be liable for, and shall
indemnify, defend and hold Seller and its Affiliates harmless from and against (x) any and all Taxes of the Bank and its Subsidiaries arising in a Post-Closing Tax Period and (y) any and all Damages incurred by Seller or any of its
Affiliates to the extent arising out of or resulting from the breach of an agreement or covenant made in this Section 5.5 by the Bank. 
 (iii) Payment in full of any amount due from Seller or the Bank under this Section 5.5(a) shall be made to the affected party in immediately available funds at least two business days before the date payment of
the Taxes to which such payment relates is due, or, if no Tax is payable, within fifteen days after written demand is made for such payment. 
 (b) Preparation and Filing of Tax Returns. 
 (i) Seller shall timely prepare and file
or shall cause to be timely prepared and filed (i) any combined, consolidated or unitary Tax Return that includes Seller or any of its Affiliates, and (ii) any Tax Return of the Bank or any of its Subsidiaries for any taxable period that
ends on or before the Closing Date. 
 (ii) The Bank shall, except to the extent that such Tax Returns are the responsibility
of Seller under Section 5.5(b)(i), timely prepare and file or shall cause to be timely prepared and filed all Tax Returns with respect to the Bank or any of its Subsidiaries. 
 (c) Tax Contests. 
 (i) If any Taxing Authority asserts a Tax Claim, then the party hereto first receiving notice of such Tax Claim promptly shall provide written notice thereof to the other party or parties hereto; provided,
however, that the failure of such party to give such prompt notice shall not relieve the other party of any of its obligations under this Section 5.5, except to the extent that the other party is actually prejudiced thereby. Such notice
shall specify in reasonable detail the basis for such Tax Claim and shall include a copy of the relevant portion of any correspondence received from the Taxing Authority. 
 (ii) Seller shall have the right to control, at its own expense, any audit, examination, contest, litigation or other proceeding by or
against any Taxing Authority (a “Tax Proceeding”) in respect of the Bank and its Subsidiaries for any taxable period that ends on or before the Closing Date; provided, however, that, if and to the extent the Tax Proceeding
relates to the Taxes of the Bank or any of its Subsidiaries and could have an adverse effect that is material on the Bank and its Affiliates, (A) Seller shall provide the Bank with a timely and reasonably detailed account of each stage of such
Tax Proceeding, (B) Seller shall consult with the 

  

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Bank and offer the Bank an opportunity to comment before submitting any written materials prepared or furnished in connection with such Tax Proceeding,
(C) Seller shall defend such Tax Proceeding diligently and in good faith as if it were the only party in interest in connection with such Tax Proceeding, (D) the Bank shall be entitled to participate, at its own expense, in such Tax
Proceeding and receive copies of any written materials relating to such Tax Proceeding received from the relevant Taxing Authority to the extent such Tax Proceeding relates to the 2008 taxable year and the short 2009 taxable year ending on the
Closing Date, and (E) Seller shall not settle, compromise or abandon any such Tax Proceeding without obtaining the prior written consent of the Bank, which consent shall not be unreasonably withheld, conditioned or delayed. 
 (iii) The Bank shall have the right to control, at its own expense, any Tax Proceeding involving the Bank and its Subsidiaries (other than
any Tax Proceeding described in Section 5.5(c)(ii)). 
 (d) Tax Payments. The Bank and its Subsidiaries shall
compute their income Taxes for the 2008 taxable year and the short 2009 taxable year ending on the Closing Date as though the Bank and its Subsidiaries filed separate returns from Seller for such taxable years. To the extent such calculations result
in a positive cumulative income Tax liability for either such taxable year, the Bank shall pay to Seller the full amount of such Tax liability 15 days before the applicable Tax payment is due to be made by Seller to a Taxing Authority. To the extent
that the separate return taxable income of the Bank and its Subsidiaries for any such taxable year is negative and generates a income Tax Benefit to Seller and Seller’s other Subsidiaries either as a result of being able to offset such loss
against taxable income of Seller and its other Subsidiaries or as a result of being able to carry back such loss against prior years’ taxable income, Seller shall pay to the Bank the amount of such Tax Benefit when and if realized by Seller or,
if sooner, within 15 days after the applicable Tax Return would be due if and to the extent the Bank and its Subsidiaries would be entitled to a refund of income Tax if they had filed a separate income Tax Return historically; provided,
however, that in the case of the short 2009 taxable year any gain recognized for federal income tax purposes by Seller on the sale of the Shares hereunder shall first be taken into account to offset on a dollar-for-dollar basis any negative
taxable income of the Bank and its Subsidiaries, and only the net amount, if any, remaining after such offset shall be taken into account for purposes of calculating any loss or Tax Benefit for the short 2009 taxable year under this
Section 5.5(d). To the extent Seller cannot currently use all of its available losses, for purposes of the preceding sentence, Seller will use a pro-rata portion of each category of losses, including the losses from the Bank and its
Subsidiaries, with the remainder being carried back and then forward, as may be applicable. In the event of any adjustment to the Tax Return for the 2008 taxable year or the short 2009 taxable year ending on the Closing Date of Seller and its
Subsidiaries as filed (by reason of amended return, claim for refund, or an audit), the liability of the parties under this paragraph (d) shall be re-determined to give effect to any such adjustment (including any interest owed thereon) as if
it had been made as part of the original computation of Tax liability and payments between the parties shall be made at the approximate time such payments are made or refunds are received. “Tax Benefit” means, for any Tax year, the
positive difference, if any, between (i) Taxes that would have been payable by the relevant party for such year without taking into account any such adjustment and (ii) Taxes actually payable by the party for such year. 

 

 14 

 (e) Transfer Taxes. Notwithstanding anything to the contrary in this Agreement,
Seller and the Bank shall each pay, and be responsible for, 50% of any sales Tax, use Tax, transfer Tax, documentary stamp Tax, value added Tax or similar Taxes and related fees (“Transfer Taxes”) imposed on the sale or transfer of
the Shares pursuant to this Agreement or the entering into of this Agreement. Seller and the Bank shall cooperate in preparing and filing all Tax Returns with respect to such Transfer Taxes. 
 (f) Tax Refunds. Subject to Section 5.5(d), Seller shall be entitled to any refunds or credits of or against or arising from
any Taxes of the Bank or any of its Subsidiaries for any taxable period that ends on or before the Closing Date or (without duplication) any Taxes paid by or on behalf of the Bank or any of its Subsidiaries on or before the Closing Date. The Bank
shall be entitled to all other refunds and credits of or against or arising from any Taxes of the Bank or any of its Subsidiaries. The Bank shall forward to Seller or reimburse Seller for any refunds or credits due Seller pursuant to the terms of
this Section 5.5(f) promptly after receipt thereof, and Seller shall promptly forward to the Bank or reimburse the Bank for any refunds or credits due the Bank (pursuant to the terms of this Section 5.5(f)) after receipt thereof. Each
party agrees to reimburse the other party for any payments received under this Section 5.5(f) that are subsequently disallowed by any Taxing Authority. 
 (g) Cooperation. Not more than sixty (60) days after the receipt of a reasonable written request from Seller for a customary
package of Tax information materials, the Bank shall, and shall cause its Affiliates to, provide to Seller a package of Tax information materials, including schedules and work papers, reasonably required by Seller to enable Seller to prepare and
file all Tax Returns required to be prepared and filed by it with respect to the Bank. The Bank shall prepare such package completely and accurately, in good faith and in a manner consistent with Seller’s past practice. Each party to this
Agreement shall, and shall cause its Affiliates to, provide to the other party to this Agreement such cooperation, documentation and information as either of them reasonably may request in (i) filing any Tax Return, amended Tax Return or claim
for refund, (ii) determining a liability for Taxes or a right to refund of Taxes (including pursuant to Section 5.5(d) of this Agreement), or (iii) conducting any Tax Proceeding. Such cooperation and information shall include
providing reasonably requested powers of attorney, copies of all relevant portions of relevant Tax Returns, together with all relevant portions of relevant accompanying schedules and relevant work papers, relevant documents relating to rulings or
other determinations by taxing authorities and relevant records concerning the ownership and Tax basis of property and other information, which any such party may possess. Each party shall retain all Tax Returns, schedules and work papers, and all
material records and other documents relating to Tax matters, of the relevant entities for their respective Tax periods ending on or prior to the Closing Date until the later of (x) the expiration of the statute of limitations for the Tax
periods to which the Tax Returns and other documents relate or (y) eight years following the due date (without extension) for such Tax Returns. Thereafter, the party holding such Tax Returns or other documents may dispose of them after offering
the other party reasonable 

  

 15 

 
notice and opportunity to take possession of such Tax Returns and other documents at such other party’s own expense. Each party shall make its employees
reasonably available on a mutually convenient basis at its cost to provide explanation of any documents or information so provided. 
 (h) Tax Sharing Agreements. Anything in any other agreement to the contrary notwithstanding, all liabilities and obligations between Seller or any of its Affiliates (other than the Bank and its Subsidiaries) on the one hand and the
Bank and its Subsidiaries on the other hand, under any Tax allocation or Tax sharing agreement in effect prior to the Closing Date (other than this Agreement) shall cease and terminate as of the Closing Date as to all past, present and future
taxable periods. 
 (i) Coordination; Survival. Claims for indemnification with respect to Taxes shall be governed by
this Section 5.5 and not Section 6.3. The indemnification provisions of this Section 5.5 (and the Tax representation contained in Section 3.4) shall survive until 30 days following the expiration of the relevant statutes of
limitations. 
 (j) Tax Treatment of Payments. Seller, Buyers, the Bank and their respective Affiliates shall treat any
and all payments under this Section 5.5 or Section 6.3 as an adjustment to the Purchase Price for Tax purposes (or as a contribution to, or distribution from, the Bank immediately prior to Closing, if appropriate) unless they are required
to treat such payments otherwise by applicable Tax laws. 
 5.6 Post-Closing Confidentiality. 
 (a) Following the Closing, Seller shall, and shall cause its Affiliates and its and their officers, directors, employees, consultants,
agents and advisors to, keep confidential and not use for its benefit or for the benefit of any other Person, any and all Bank Confidential Information. 
 (b) Notwithstanding the foregoing, if Seller or its Affiliates or any of their respective officers, directors, employees, consultants, agents or advisors (collectively, “Disclosing Party”) is
requested or required (by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process) to disclose any such information, the Disclosing Party will provide the Bank with notice of
such request or requirement as promptly as practicable (unless not permitted by applicable Law based on advice of counsel) so that the Bank may seek a protective order or other appropriate remedy and/or waive compliance with the foregoing provisions
of this Agreement. The Disclosing Party will cooperate reasonably with the Bank in connection with the Bank’s efforts to seek such an order or remedy; provided, however, that all costs and expenses of the Disclosing Party incurred in
connection with the performance of its obligations under this Section 5.6 shall be borne by the Bank. If the Bank does not obtain such protective order or other remedy, or the Bank waives the Disclosing Party’s compliance with the
provisions of this Section 5.6, the Disclosing Party will furnish only that portion of the applicable confidential information that is legally required, and will exercise reasonable efforts to obtain assurance that confidential treatment will
be accorded such disclosed information. 
  

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 (c) Notwithstanding the foregoing, the Bank Confidential Information shall not include
information that (i) is or becomes generally available to the public other than as a result of a disclosure by Seller or any of its Affiliates or such other Persons in breach of this Agreement, or (ii) becomes available to Seller after the
Closing Date on a non-confidential basis from a source other than the Bank or a Subsidiary of the Bank; provided, however, that such source is not known after due inquiry to be bound by a confidentiality agreement or other contractual, legal
or fiduciary obligation with respect to such information. 
 (d) Seller acknowledges and agrees that due to the unique nature
of the Bank Confidential Information, there can be no adequate remedy at law for any breach of its obligations hereunder, that any such breach or threatened breach may allow Seller, its Affiliates or third parties to unfairly compete with the Bank
and its Subsidiaries, resulting in irreparable harm to the Bank and its Subsidiaries, and therefore, that upon any such breach or any threat thereof, the Bank will be entitled to seek appropriate equitable and injunctive relief from a court of
competent jurisdiction without the necessity of proving actual loss, in addition to whatever remedies either of them might have at law or equity. 
 5.7 Transition Services Agreement. As of the Closing Date, Seller and the Bank have entered into a transition services agreement, with respect to Seller or its applicable Affiliates providing or causing to be provided to the
Bank and its Subsidiaries such transitional services described therein. 
 5.8 Insurance. With respect to events or
circumstances relating to the Bank, any of its Subsidiaries, the Business or Bank Employees that occurred or existed prior to the Closing Date that are covered by Seller’s or its Affiliates’ occurrence-based liability insurance policies
and any workers’ compensation insurance policies that are in effect prior to the Closing Date (the “Pre-Closing Insurance”), the Bank may make claims under such policies and programs to the extent such policies and programs are
available and in force with respect to such claims, and Seller shall take such actions as may reasonably be requested by the Bank in connection with the tendering of such claims to the applicable insurers under such Pre-Closing Insurance and to
provide the Bank with the proceeds it realizes with respect to such claims; provided, however, that such proceeds will be net of (a) any expense incurred by Seller in connection with the administration and handling of any insurance claim
under this Section 5.8 and (b) any deductible paid by Seller. Seller agrees to cooperate with the Bank in the administration and handling of insurance claims under this Section 5.8. 
 5.9 Non-Solicit of Employees. 
 (a) During the period beginning on the date hereof and ending on the second anniversary of the date hereof, neither Seller nor any of its Affiliates shall, directly or indirectly, solicit for employment any employee
of the Bank or any of its Affiliates; provided, however, that nothing contained herein shall be deemed to prohibit Seller or any of its Affiliates from (i) conducting any general solicitation not specifically targeted at any such
employee, and, for the avoidance of doubt, the hiring by Seller of any employee who responds to such general advertising or who approaches Seller or any of its Affiliates without any solicitation or inducement to leave the employ of the Bank or

  

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any of its Affiliates shall not be deemed a breach of this Section 5.9, or (ii) soliciting for employment or hiring any employee of the Bank or any
of its Affiliates who was terminated by the Bank or any of its Affiliates. 
 (b) During the period beginning on the date
hereof and ending on the second anniversary of the date hereof, neither the Bank nor any of its Affiliates shall, directly or indirectly, solicit for employment any employee of Seller or any of its Affiliates; provided, however, that
nothing contained herein shall be deemed to prohibit the Bank or any of its Affiliates from (i) conducting any general solicitation not specifically targeted at any such employee, and, for the avoidance of doubt, the hiring by the Bank of any
employee who responds to such general advertising or who approaches the Bank or any of its Affiliates without any solicitation or inducement to leave the employ of Seller or any of its Affiliates shall not be deemed a breach of this
Section 5.9, or (ii) soliciting for employment or hiring any employee of Seller or its Affiliates who was terminated by Seller or any of its Affiliates. 
 5.10 Bank Governing Documents. Prior to the Closing, Seller and the Bank shall take such actions as are necessary to cause (i) the federal stock charter of the Bank to be amended and restated in the
form attached hereto as Exhibit B and (ii) the bylaws of the Bank to be amended and restated in the form attached hereto as Exhibit C, in each case with such changes to be effective on or before Closing. 
 5.11 Post-Closing Capital Requirements. From and after the Closing, (a) neither Seller nor any Affiliate thereof shall bear any
responsibility for the adequacy of the Bank’s capital and (b) to the extent that any Bank Regulator requires or directs that the Bank raise additional capital, the Bank will use its reasonable best efforts to do so and neither Seller nor
any Affiliate thereof shall be under any obligation to provide any such capital. 
 ARTICLE VI - MISCELLANEOUS 
 6.1 No Waivers. Neither any failure nor any delay by any party in exercising any right, power or privilege under this Agreement or any of
the documents referred to in this Agreement will operate as a waiver of such right, power or privilege, and no single or partial exercise of any such right, power or privilege will preclude any other or further exercise of such right, power or
privilege. 
 6.2 Nonsurvival of Representations, Warranties and Agreements. None of the representations, warranties, covenants
and agreements in this Agreement or in any instrument delivered pursuant to this Agreement shall survive the Closing Date, except for Article V and this Article VI and any other section which by its terms specifically applies in whole or in part
after the Closing Date; provided, however, that, notwithstanding the foregoing, the representations and warranties set forth in Section 2.1 (Authorization), Section 2.4 (Private Placement), Section 2.5 (Limitations on
Transfer), Section 2.7 (Accredited Investor), Section 2.8 (Investment Intent), Section 2.9 (Investment Experience and Status), Section 2.10 (Documents Delivered; Information), Section 2.11 (Professional Advice),
Section 2.12 (Further Representations by Foreign Company Buyers), Section 2.13 (No Affiliations), Section 2.14 (Commonly Controlled Insured Depository Institutions), Section 4.2 (Authorization) and Section 4.3 (Capitalization of
the Bank) shall survive the Closing and continue in full force and effect until the expiration of the applicable statute of limitations. 
  

 18 

 6.3 Indemnification. 
 (a) Seller shall indemnify, defend and hold each of the Buyers harmless from and after the Closing Date from and against any Damages
incurred or suffered by any such party to the extent resulting from, arising out of, in connection with or related to any inaccuracy in Section 4.2 (Authorization) or Section 4.3 (Capitalization of the Bank) and any failure to deliver to
the Buyers at Closing the Shares free and clear of any Lien, in each case in accordance with the procedures set forth in Section 6.3(f)(iii) below. 
 (b) Seller shall indemnify, defend and hold the Bank and its officers, directors, employees, agents, advisers, representatives and Affiliates (collectively, the “Bank Indemnitees”) harmless from and
after the Closing Date from and against any Damages incurred or suffered by the Bank Indemnitees to the extent resulting from, arising out of, in connection with or related to: 
 (i) all liabilities under any employee benefit or compensation plan, arrangement or agreement of Seller and its Affiliates other than
liabilities under the Bank Benefit Plans and Bank Employment Agreements; and 
 (ii) any business or operation (or assets
related to any such business or operation) of Seller or its Affiliates (other than the Bank or Subsidiary of the Bank and other than as related to the Business) or of any business or operation (or asset related to such business or operation)
divested, sold, disposed of, or discontinued by Seller or its Affiliates (other than the Bank or Subsidiary of the Bank) prior to the Closing Date. 
 (c) Each Buyer shall severally and not jointly indemnify, defend and hold Seller and its officers, directors, employees, agents, advisers, representatives and Affiliates (collectively, the “Seller
Indemnitees”) and the Bank Indemnitees harmless from and after the Closing Date from and against any Damages incurred or suffered by the Seller Indemnitees or the Bank Indemnitees, as the case may be, to the extent resulting from, arising
out of, in connection with or related to any inaccuracy with respect to such Buyer in Section 2.1 (Authorization), Section 2.4 (Private Placement), Section 2.5 (Limitations on Transfer), Section 2.7 (Accredited Investor),
Section 2.8 (Investment Intent), Section 2.9 (Investment Experience and Status), Section 2.10 (Documents Delivered; Information), Section 2.11 (Professional Advice), Section 2.12 (Further Representations by Foreign Company
Buyers), Section 2.13 (No Affiliations), or Section 2.14 (Commonly Controlled Insured Depository Institutions). 
 (d) The Bank shall indemnify, defend and hold the Seller Indemnitees harmless from and after the Closing Date from and against any Damages incurred or suffered by the Seller Indemnitees to the extent resulting from, arising out of, in
connection with or related to: 
 (i) any inaccuracy in Section 3.2 (Authorization); and 
  

 19 

 (ii) the failure to obtain any authorizations of, exemptions by, or consents or approvals
of the OTS necessary for the consummation by the Bank of the transactions contemplated by this Agreement. 
 (e) For purposes
of determining the extent of and limitations on indemnification under this Article VI, the amount of any Damages that may be subject to indemnification hereunder will be determined net of the amount of any insurance proceeds actually received by an
Indemnified Party (off-set by the present value of any increase in premium resulting therefrom and all costs and expenses incurred in connection with recovering such insurance proceeds), and any indemnity or contribution amounts actually recovered
by such Indemnified Party for the applicable matter hereunder. An Indemnified Party will use commercially reasonable efforts to seek recovery against applicable insurers. 
 (f) Indemnification Procedure. 
 (i) Promptly after receipt by any party (the “Indemnified Party”) of notice of the commencement of any matter (a “Proceeding”) against it that may give rise to a claim for
indemnification against the other party (the “Indemnifying Party”), such Indemnified Party will give notice to the Indemnifying Party of the commencement of such claim; provided, however, that no delay on the part of the
Indemnified Party to notify any Indemnifying Party shall relieve the Indemnifying Party of any liability that it may have to the Indemnified Party, except to the extent that the Indemnifying Party demonstrates that the defense of such action is
materially prejudiced by the Indemnified Party’s failure to give such notice. 
 (ii) If any Proceeding referred to in
Section 6.3(f)(i) is brought against an Indemnified Party and such Indemnified Party gives notice to the Indemnifying Party of the commencement of such Proceeding, the Indemnifying Party will be entitled to participate in such Proceeding and,
to the extent that the Indemnifying Party wishes (unless the Indemnifying Party is also a party to such Proceeding and such Indemnified Party determines in good faith based upon advice of counsel that joint representation would be inappropriate
under applicable standards of professional conduct), to assume the defense of such Proceeding at the Indemnifying Party’s expense with counsel reasonably satisfactory to such Indemnified Party. Subject to the proviso at the end of this
sentence, after notice from the Indemnifying Party to the Indemnified Party of its election to assume the defense of such Proceeding, the Indemnifying Party will not, as long as it promptly assumes such defense and diligently conducts such defense,
be liable to the Indemnified Party under this Section 6.3 for any fees of other counsel or any other expenses with respect to the defense of such Proceeding, in each case incurred by the Indemnified Party in connection with the defense of such
Proceeding subsequent to the Indemnifying Party’s assumption of the defense, other than reasonable costs of investigation; provided, however, that the Indemnified Party shall be entitled to employ separate counsel, and the Indemnifying
Party shall bear the cost of the reasonable fees and expenses of such counsel, if (a) the employment of such counsel has been specifically authorized in 

  

 20 

 
writing by the Indemnifying Party, (b) the named parties to any such action (including any impleaded parties) include both such Indemnified Party and
the Indemnifying Party and such Indemnified Party shall have been advised by counsel that there may be one or more legal defenses available to the Indemnifying Party which are not available to, or the assertion of which would be adverse to the
interests of, such Indemnified Party, or (c) the Indemnified Party shall have been advised in writing by counsel that the assumption of such defense by the Indemnifying Party would be inappropriate due to an actual or potential conflict of
interest (provided that the Indemnifying Party shall not be liable for the fees and expenses of more than one firm of counsel for all Indemnified Parties, other than local counsel). If the Indemnifying Party assumes the defense of a Proceeding,
(i) no compromise or settlement of such claims may be effected by the Indemnifying Party without the Indemnified Party’s prior written consent unless (A) there is no finding or admission of any violation of Law or any violation of the
rights of any Person and no effect on any other claims that may be made against the Indemnified Party, (B) the sole relief provided is monetary damages that are paid in full by the Indemnifying Party and (C) such compromise or settlement
provides for a complete, absolute and unconditional release of each applicable Indemnified Party; and (ii) the Indemnified Party will have no liability with respect to any compromise or settlement of such claims effected without its prior
written consent. If notice is given to the Indemnifying Party of the commencement of any Proceeding and the Indemnifying Party does not, within thirty (30) days after the Indemnified Party’s notice is given, give notice to the Indemnified
Party of its election to assume the defense of such Proceeding, the Indemnifying Party will be bound by any determination made in such Proceeding or any compromise or settlement effected by the Indemnified Party. 
 (iii) For administrative purposes and not to alter the rights of any party under this Section 6.3, in the event that any Buyer shall
have a claim for indemnification pursuant to Section 6.3(a), such Buyer shall notify the Bank of such claim and the Bank shall make such claim for indemnification on behalf of such Buyer and for the benefit of such Buyer and the claim shall not
be brought directly by the Buyer against the Seller (provided that such Buyer shall reimburse the Bank for any expense incurred by the Bank in making such claim). 
 6.4 Expenses. Except as set forth in Sections 5.3 (Valuation), 5.5(c) (Tax Matters), and 6.3 (Indemnification), all legal and other costs and expenses incurred in connection with this Agreement and the
transactions contemplated hereby shall be paid by the party incurring such costs and expenses. 
  

 21 

 6.5 Notices. All notices or other communications hereunder shall be in writing and shall be
deemed given if delivered personally or mailed by prepaid registered or certified mail (return receipt requested) or by confirmed telecopy addressed as follows: 
  

			
	If to Seller, to:	  	 Margaret W. Chambers, Esq.
 Boston Private
Financial Holdings, Inc.
 Ten Post Office Square
 Boston, MA
02109
 Tel: (617) 912-1900
 Fax: (617)
912-4491

	  
		
	with required copies to:	  	 William P. Mayer, Esq.
 Paul W. Lee, Esq.

 James A. Matarese, Esq.
 Goodwin Procter LLP
 Exchange Place
 Boston, MA 02109
 Tel: (617) 570-1000
 Fax: (617) 523-1231

	  
	  
		
	If to the Bank, to:	  	 Steven D. Hayworth
 220 Alhambra Circle,
5th Floor
 Coral Gables, FL 33134
 Tel: (305) 476-1982

Fax: (305) 476-1528

	  
		
	with required copies to:	  	 Edward D. Herlihy, Esq.
 Lawrence S.
Makow, Esq.
 Wachtell, Lipton, Rosen & Katz
 51 West 52nd
Street
 New York, New York 10019
 Tel: (212) 403-1000

Fax: (212) 403-2000

	  
	  

 If to any Buyer, to the address of record of such Buyer, as indicated on the signature page
hereto. 
 or such other address as shall be furnished in writing by any party, and any such notice or communication shall be deemed to have been given as of
the date so mailed or otherwise sent as provided above. 
 6.6 Counterparts. This Agreement may be executed by facsimile and in
counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the
same counterpart. 
 6.7 Entire Agreement. This Agreement (including the documents and the instruments referred to herein)
constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties hereto with respect to the subject matter hereof. 
  

 22 

 6.8 Governing Law. 
 (a) This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any
choice or conflict of law provision or rule that would cause the application of the laws of any other jurisdiction. 
 (b) The
parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party or any of
its Affiliates or against any party or any of its Affiliates) shall be brought in the Delaware Chancery Court or, if such court shall not have jurisdiction, any federal court located in the State of Delaware or other Delaware state court, and each
of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection
that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any
such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in
Section 6.5 shall be deemed effective service of process on such party. 
 (c) EACH OF THE BUYERS, SELLER AND THE BANK
HEREBY IRREVOCABLY DESIGNATES THE CORPORATION TRUST COMPANY (IN SUCH CAPACITY, THE “PROCESS AGENT”), WITH AN OFFICE AT 1209 ORANGE STREET, CITY OF WILMINGTON, COUNTY OF NEW CASTLE, DELAWARE 19801 AS ITS DESIGNEE, APPOINTEE AND AGENT
TO RECEIVE, FOR AND ON ITS BEHALF SERVICE OF PROCESS IN SUCH JURISDICTION IN ANY LEGAL ACTION OR PROCEEDINGS WITH RESPECT TO THIS AGREEMENT OR ANY OTHER AGREEMENT EXECUTED IN CONNECTION WITH THIS AGREEMENT, AND SUCH SERVICE SHALL BE DEEMED COMPLETE
UPON DELIVERY THEREOF TO THE PROCESS AGENT; PROVIDED THAT IN THE CASE OF ANY SUCH SERVICE UPON THE PROCESS AGENT, THE PARTY EFFECTING SUCH SERVICE SHALL ALSO DELIVER A COPY THEREOF TO EACH OTHER SUCH PARTY IN THE MANNER PROVIDED IN SECTION 6.5 OF
THIS AGREEMENT. EACH PARTY SHALL TAKE ALL SUCH ACTION AS MAY BE NECESSARY TO CONTINUE SAID APPOINTMENT IN FULL FORCE AND EFFECT OR TO APPOINT ANOTHER AGENT SO THAT SUCH PARTY WILL AT ALL TIMES HAVE AN AGENT FOR SERVICE OF PROCESS FOR THE ABOVE
PURPOSES IN WILMINGTON, DELAWARE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS IN ANY MANNER PERMITTED BY APPLICABLE LAW. EACH PARTY EXPRESSLY ACKNOWLEDGES THAT THE FOREGOING WAIVER IS INTENDED TO BE IRREVOCABLE UNDER THE LAWS
OF THE STATE OF DELAWARE AND OF THE UNITED STATES OF AMERICA. 
  

 23 

 6.9 Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE
WAIVED, EACH PARTY HEREBY WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING IN WHOLE OR IN
PART UNDER, RELATED TO, BASED ON OR IN CONNECTION WITH THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER SOUNDING IN TORT OR CONTRACT OR OTHERWISE. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR
A COPY OF THIS SECTION 6.9 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 6.10 Severability. In the event that any one or more provisions of this Agreement shall for any reason be held invalid, illegal or unenforceable in any respect, by any court of competent jurisdiction, such invalidity,
illegality or unenforceability shall not affect any other provisions of this Agreement and the parties shall use their reasonable best efforts to substitute a valid, legal and enforceable provision which, insofar as practicable, implements the
original purposes and intents of this Agreement. 
 6.11 Assignment; Reliance of Other Parties. Neither this Agreement nor any
of the rights, interests or obligations shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement will be
binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns. This Agreement (including the documents and instruments referred to herein) is not intended to confer upon any Person other than the
parties hereto any rights or remedies hereunder. 
 6.12 Specific Performance. The parties hereto agree that irreparable injury
would occur in the event that the provisions contained in this Agreement were not performed in accordance with its specific terms or was otherwise breached, for which damages, even if available, would not be an adequate remedy. It is accordingly
agreed that the parties shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions thereof without bond or other security being required, this being in addition
to any other remedy to which they are entitled at law or in equity. 
 6.13 Definitions. Except as otherwise provided herein or
as otherwise clearly required by the context, the following terms shall have the respective meanings indicated when used in this Agreement: 
 “Affiliate” shall mean, with respect to any Person, any other Person controlling, controlled by or under common control with such Person. As used in this definition, “control” (including, with its
correlative meanings, “controlled by” and “under common control with”) means the possession, directly or indirectly, of power to direct or cause the direction of the management and policies of a Person whether
through the ownership of voting securities, by contract or otherwise. For the avoidance of doubt, no Buyer is an Affiliate of another Buyer. 
  

 24 

 “Agreement” shall have the meaning set forth in the preamble. 
 “Auditor” shall have the meaning set forth in Section 5.3(a) hereof. 
 “Bank” shall have the meaning set forth in the preamble. 
 “Bank Benefit Plans” means any “employee benefit plans,” as defined in Section 3(3) of ERISA, profit-sharing, bonus, stock option, stock purchase, pension, retirement, severance,
deferred compensation, excess benefit, post-retirement medical or life insurance, sick leave, long-term disability, medical, hospitalization, life insurance, other insurance or employee benefit plan, maintained or sponsored by the Bank or its
Subsidiaries exclusively for the benefit of any current or former employee of the Bank or its Subsidiaries. 
 “Bank Confidential
Information” shall mean confidential information and data (including confidential files, customer lists, mailing lists, documentation or records) concerning the customers and prospects, products and services, employees, Intellectual
Property, technology, financial or business plans and operations, and unpublished confidential financial information of or relating to the Business, the Bank or the Bank’s Subsidiaries. 
 “Bank Employees” means all individuals who are employed by the Bank immediately preceding the Closing. 
 “Bank Employment Agreements” means all offer letters or agreement between the Bank or one of its Subsidiaries and a current or former
employee the Bank or its Subsidiaries pursuant to which the Bank or any one of its Subsidiaries has any actual or contingent liability or obligation to provide compensation and/or benefits in consideration for services. 
 “Bank Indemnitees” shall have the meaning set forth in Section 6.3(b) hereof. 
 “Bank Regulator” shall mean and include, any pertinent federal or state Governmental Body charged with the supervision of depository
institutions or holding companies thereof or engaged in the insurance of depository institution deposits, including without limitation the OTS, the FRB and the FDIC. 
 “Business” shall mean the businesses of the Bank and its Subsidiaries as conducted as of the date hereof and as the same shall be conducted as of the Closing Date in accordance with the terms hereof.

 “Buyers” shall have the meaning set forth in the preamble. 
 “Buyers Disclosure Schedules” means the disclosure schedules of Buyers delivered to the Seller and the Bank at the execution and
delivery of this Agreement. 
 “Closing” shall have the meaning set forth in Section 1.3 hereof. 
 “Closing Date” shall have the meaning set forth in Section 1.3 hereof. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
  

 25 

 “Damages” shall mean all costs, expenses, damages, liabilities, claims, demands,
obligations, diminution in value, fines, awards, judgments, losses, royalties, proceedings, deficiencies, interest, awards and penalties (including reasonable expenses and attorneys’ fees and consultants’ fees and expenses) suffered or
incurred. 
 “Disclosing Party” shall have the meaning set forth in Section 5.6(b) hereof. 
 “Disputed Matters” shall have the meaning set forth in Section 5.3(b) hereof. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 “FDIC” shall mean the Federal Deposit Insurance Corporation or any successor thereto. 
 “FRB” shall mean the Board of Governors of the Federal Reserve System, or any successor thereto. 
 “GAAP” shall mean generally accepted accounting principles and practices in effect from time to time within the United States of America
applied consistently throughout the period involved. 
 “Governmental Body” shall mean any United States of America or
foreign, federal, state or local governmental commission, board, body, bureau, or other regulatory authority, agency, including without limitation, the Bank Regulators, the applicable state securities authorities, the U.S. Securities and Exchange
Commission, courts and other judicial bodies, or any self-regulatory body or authority, including any instrumentality or entity designed to act for or on behalf of the foregoing. 
 “Independent Auditor” shall have the meaning set forth in Section 5.3(b) hereof. 
 “Indemnified Party” shall have the meaning set forth in Section 6.3(f)(i) hereof. 
 “Indemnifying Party” shall have the meaning set forth in Section 6.3(f)(i) hereof. 
 “Law” or “Laws” means any law, statute, ordinance, rule, regulation, code, order, judgment, Tax ruling, injunction or
decree of any Governmental Body, including the Securities Act, the Securities Exchange Act of 1934, as amended, the Investment Company Act of 1940, as amended, the Investment Advisers Act and the Code. 
 “Lien” shall have the meaning set forth in Section 1.1 hereof. 
 “Material Adverse Effect” means (A) with respect to Seller or the Bank, any event, circumstance, change, effect or development that
(a) has a material adverse effect on the business, financial condition, or results of operations of the Bank and its Subsidiaries, taken as a whole, or (b) prevents or materially delays, or would be reasonably expected to prevent or
materially delay, consummation by Seller or the Bank, as the case may be, of the transactions contemplated by this Agreement or the performance by them of any of their material obligations under this Agreement; provided, however, that, with
respect to clause (a), a Material Adverse Effect shall not be deemed to include events, circumstances, changes, effects or developments 

  

 26 

 
affecting the Bank or its Subsidiaries to the extent resulting from (1) changes, after the date hereof, in general economic conditions that generally
affect the industry in which Bank and its Subsidiaries operate, including changes in the prevailing level of interest rates, or global or national political conditions (including acts of terrorism, war or natural disasters), except to the extent
that such changes in economic or political conditions have a disproportionate adverse effect on the Bank and its Subsidiaries relative to other companies in the industry in which the Bank and its Subsidiaries operate; (2) changes, after the
date hereof, in Laws (including changes in GAAP or regulatory accounting requirements) generally affecting the industry in which Bank and its Subsidiaries operate, except to the extent that such changes have a disproportionate adverse effect on the
Bank and its Subsidiaries relative to other companies in the industry in which the Bank and its Subsidiaries operate; (3) actions taken by a party upon written request of any other party or that are expressly required to be taken by this
Agreement; (4) the announcement, pendency or consummation of the transactions contemplated by this Agreement, including loss of, or adverse changes in, the relationship of the Bank and its Subsidiaries with their respective employees, customers
or vendors resulting therefrom; or (5) any failure of Seller or the Bank to meet internal or published budgets, projections, forecasts or estimates of financial performance for any period (it being understood that the causes underlying such
failure may be considered in determining whether a Material Adverse Effect has occurred or would reasonably be expected to occur), and (B) with respect to a Buyer, any event, circumstance, change, effect or development that prevents or
materially delays, or would be reasonably expected to prevent or materially delay, consummation by such Buyer of the transactions contemplated by this Agreement or the performance by such Buyer of any of its material obligations under this
Agreement. 
 “Original Acquisition Date” means the date on which Seller acquired the Bank. 
 “OTS” shall mean the Office of Thrift Supervision or any successor thereto. 
 “OTS Regulations” shall have the meaning set forth in Section 2.4 hereof. 
 “Person” shall mean any individual, bank, corporation, partnership, limited liability company, joint venture, association, trust,
unincorporated organization or other legal entity, or any governmental agency or political subdivision thereof. 
 “Plans”
shall have the meaning set forth in Section 5.2(d) hereof. 
 “Post-Closing Tax Period” means any taxable period (or
portion thereof) beginning after the Closing Date. 
 “Pre-Closing Insurance” shall have the meaning set forth in
Section 5.8 hereof. 
 “Proceeding” shall have the meaning set forth in Section 6.3(f)(i) hereof. 
 “Process Agent” shall have the meaning set forth in Section 6.8(c) hereof. 
 “Purchase Price” shall have the meaning set forth in Section 1.2 hereof. 
 “Retained Records” shall have the meaning set forth in Section 5.4 hereof. 
  

 27 

 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Seller” shall have the meaning set forth in the preamble. 
 “Seller Disclosure Schedules” means the disclosure schedules of Seller delivered to the Bank and the Buyers at the execution and
delivery of this Agreement. 
 “Seller Indemnitees” shall have the meaning set forth in Section 6.3(c) hereof.

 “Seller Options” shall have the meaning set forth in Section 5.2(d) hereof. 
 “Shares” shall have the meaning set forth in the recitals. 
 “Subsidiaries” shall mean, when used with reference to a party, any corporation, partnership, limited liability company or other
organization, whether incorporated or unincorporated, of which such party or any other subsidiary of such party is a general partner (excluding partnerships the general partnership interests of which held by such party or any subsidiary of such
party do not have a majority of the voting interests in such partnership) or serves in a similar capacity, or, with respect to such corporation or other organization, at least twenty percent (20%) of the securities or other interests having by
their terms ordinary voting power to elect a majority of the board of directors or others performing similar functions is directly or indirectly owned or controlled by such party or by any one or more of its Subsidiaries, or by such party and one or
more of its Subsidiaries; provided, however, that when used with reference to Seller, “Subsidiaries” shall not include the Bank or any of the Bank’s Subsidiaries. 
 “Tax” (and, with correlative meaning, “Taxes”) means, collectively, all federal, state, local, foreign, and other
taxes, including, without limitation, income taxes, gross receipts, estimated taxes, alternative minimum taxes, franchise taxes, license, registration, excise, sales, use, property, capital stock taxes, employment and payroll-related taxes,
withholding taxes, and transfer taxes, whether or not measured in whole or in part by net income, and all deficiencies, or other additions to tax, interest, fines and penalties. 
 “Tax Benefit” shall have the meaning set forth in Section 5.5(d) hereof. 
 “Tax Claim” shall mean any claim with respect to Taxes made by any Taxing Authority that, if pursued successfully, would reasonably be
expected to serve as the basis for a claim for indemnification under Article V. 
 “Tax Proceeding” shall have the meaning
set forth in Section 5.5(c)(ii) hereof. 
 “Tax Returns” means all returns, reports or similar statements (including
elections, declarations, claims for refund, amended returns, disclosures, schedules, estimates and information returns) required to be supplied to any tax authority relating to Taxes. 
 “Taxing Authority” shall mean any governmental agency, board, bureau, body, department or authority of any United States federal, state
or local jurisdiction or any foreign jurisdiction, having or purporting to exercise jurisdiction with respect to any Tax. 
  

 28 

 “Transfer Taxes” shall have the meaning set forth in Section 5.5(e) hereof.

 “Valuation” shall have the meaning set forth in Section 5.3(a) hereof. 
 [SIGNATURE PAGE FOLLOWS] 
  

 29 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly
authorized officers as of the day and year first written above. 
  

			
	GIBRALTAR PRIVATE BANK & TRUST COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 BUYER SIGNATURE PAGE 
  

							
	  
	  		  	
	(Signature)	  		  		  	

			
		
	Name of Investor/Investment Entity:	  	  

			
		
	Title of Signer for Investment Entity (leave blank if self):	  	  

			
		
	Address:	  	  

					
			
	$	 	  
	  	
		 	Amount of Investment	  	
	($100 per share)	  	
		
	  
	  	
	Number of Shares	  	

 Exhibit A 
 Buyers 

 Exhibit B 
 Form of Federal Stock Charter of Gibraltar Private Bank & Trust Company 

 FEDERAL STOCK CHARTER 
 GIBRALTAR PRIVATE BANK & TRUST COMPANY 
 Section 1. Corporate Title. The full
corporate title of the savings bank is “Gibraltar Private Bank & Trust Company”. 
 Section 2. Office. The
home office of the savings bank shall be located in the County of Miami-Dade, State of Florida. 
 Section 3. Duration. The
duration of the savings bank is perpetual. 
 Section 4. Purpose and Powers. The purpose of the savings bank is to pursue any or
all of the lawful objectives of a Federal savings bank chartered under Section 5 of the Home Owners’ Loan Act and to exercise all of the express, implied, and incidental powers conferred thereby and by all acts amendatory thereof and
supplemental thereto, subject to the Constitution and laws of the United States as they are now in effect, or as they may hereafter be amended, and subject to all lawful and applicable rules, regulations, and orders of the Office of Thrift
Supervision (the “OTS”). 
 Section 5. Capital Stock. The total number of shares of all classes of the capital stock
which the savings bank has the authority to issue is ten million (10,000,000), all of which shall be common stock with par value of $.01 per share. The shares may be issued from time to time as authorized by the board of directors without the
approval of its shareholders, except as otherwise provided in this Section 5 or to the extent that such approval is required by governing law, rule, or regulation. The consideration for the issuance of the shares shall be paid in full before
their issuance and shall not be less than the par value. Neither promissory notes nor future services shall constitute payment or part payment for the issuance of shares of the savings bank. The consideration for the shares shall be cash, tangible
or intangible property (to the extent direct investment in such property would be permitted), labor, or services actually performed for the savings bank, or any combination of the foregoing. In the absence of actual fraud in the transaction, the
value of such property, labor, or services, as determined by the board of directors of the savings bank, shall be conclusive. Upon payment of such consideration, such shares shall be deemed to be fully paid and nonassessable. In the case of a stock
dividend, that part of the surplus of the savings bank which is transferred to stated capital upon the issuance of shares as a share dividend shall be deemed to be the consideration for their issuance. 
 No shares of capital stock (including shares issuable upon conversion, exchange, or exercise of other securities) shall be issued, directly or
indirectly, to officers, directors, or controlling persons of the savings bank other than as part of a general public offering or as qualifying shares to a director, unless the issuance or the plan under which they would be issued has been approved
by a majority of the total votes eligible to be cast at a legal meeting. 
 The holders of the common stock shall exclusively possess all
voting power. Each holder of shares of common stock shall be entitled to one vote for each share held by such holder and there shall be no right to cumulate votes in an election of directors. Subject to any provision for a liquidation account, in
the event of any liquidation, dissolution or winding up of the savings bank, the holders of the common stock shall be entitled, after payment or provision for payment of all debts and liabilities of the association, to receive the remaining assets
of the association available for distribution, in cash or in kind. Each share of common stock shall have the same relative rights as and be identical in all respects with all other shares of common stock. 
 Section 6. Preemptive Rights. Holders of the capital stock of the savings bank shall not be entitled to preemptive rights with respect to any
shares of the savings bank which may be issued. 
 Section 7. Directors. The savings bank shall be under the direction of a board
of directors. The authorized number of directors, as stated in the savings bank’s bylaws, shall not be fewer than five nor more than fifteen, except when a greater number is approved by the Director of the OTS. 

 Section 8. Amendment of Charter. No amendment, addition, alteration, change or repeal of this
charter shall be made, unless such is first proposed by the board of directors of the savings bank, then preliminarily approved by the OTS, which preliminary approval may be granted by the OTS pursuant to regulations specifying preapproved charter
amendments, and thereafter approved by the shareholders by a majority of the total votes eligible to be cast at a legal meeting. Any amendment, addition, alteration, change, or repeal so acted upon shall be effective upon filing with the OTS in
accordance with regulatory procedures or on such other date as the OTS may specify in its preliminary approval. 

 Exhibit C 
 Form of Bylaws of Gibraltar Private Bank & Trust Company 

 BYLAWS 
 OF 
 GIBRALTAR PRIVATE BANK & TRUST COMPANY 
 ARTICLE I 
 HOME OFFICE

 SECTION 1. Principal Office. The home office of Gibraltar Private Bank & Trust Company
(“Gibraltar” or the “savings bank”), shall be at 220 Alhambra Circle, 5th Floor, Coral Gables, Florida, in the County of Miami-Dade, in the State of Florida. 
 SECTION 2. Other Offices. The savings bank may also have offices at such other places, either within or without the State or Florida, as
the board of directors may from time to time establish or as the business of the savings bank may require. 
 ARTICLE II 
 SHAREHOLDERS 
 SECTION 1. Place of Meetings. All annual and special meetings of shareholders shall be held at the home office of Gibraltar or at such other place in the State in which the principal place of business of Gibraltar is
located as the board of directors may determine. 
 SECTION 2. Annual Meeting. A meeting of the shareholders of Gibraltar
for the election of directors and for the transaction of any other business of Gibraltar shall be held annually within 120 days after the end of Gibraltar’s fiscal year at such date and time within such 120-day period as the board of directors
may determine and as stated in the notice of meeting or in a duly executed waiver of notice thereof. 
 SECTION 3. Special
Meetings. Special meetings of the shareholders for any purpose or purposes, unless otherwise prescribed by the regulations of the Office of Thrift Supervision (the “OTS”), may be called at any time by the Chairman of the Board, the
President, or a majority of the board of directors, and shall be called by the Chairman of the Board, the president or the secretary upon the written request of the holders of not less than one-tenth of all the outstanding capital stock of Gibraltar
entitled to vote at the meeting. Such written request shall state the purpose or purposes of the meeting and shall be delivered to the home office of Gibraltar addressed to the Chairman of the Board, the President, or the Secretary. 
 SECTION 4. Conduct of Meetings. Annual and special meetings shall be conducted in accordance with the most current edition of
Robert’s Rules of Order unless otherwise prescribed by regulations of the OTS or these bylaws. The board of directors shall designate, when present, either the Chairman of the Board or the President to preside at such meetings. 
 SECTION 5. Notice of Meeting. Written notice stating the place, day, and hour of the meeting and the purpose(s) for which the meeting is
called shall be delivered not fewer than 10 nor more than 50 days before the date of the meeting, either personally or by mail, by or at the direction of the Chairman of the Board, the President, or the Secretary, or the directors calling the
meeting, to each shareholder of record entitled to vote at such meeting. If mailed, such notice shall be deemed to be delivered when deposited in the mail, addressed to the shareholder at the address as it appears on the stock transfer books or
records of Gibraltar as of the record date prescribed in Section 6 of this Article II with postage prepaid. When any shareholders’ meeting, either annual or special, is adjourned for 30 days or more, notice of the adjourned meeting shall
be given as in the case of an original meeting. It shall not be necessary to give any notice of the time and place of any meeting adjourned for less than 30 days or of the business to be transacted at the meeting, other than an announcement at the
meeting at which such adjournment is taken. 

 SECTION 6. Fixing of Record Date. For the purpose of determining shareholders entitled
to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other proper purpose, the board of directors
shall fix in advance a date as the record date for any such determination of shareholders. Such date in any case shall be not more than 60 days and, in case of a meeting of shareholders, not fewer than 10 days prior to the date on which the
particular action, requiring such determination of shareholders, is to be taken. When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any
adjournment thereof. 
 SECTION 7. Voting List. At least 10 days before each meeting of the shareholders, the officer or
agent having charge of the stock transfer books for shares of Gibraltar shall make a complete list of the shareholders entitled to vote at such meeting, or any adjournments thereof, arranged in alphabetical order, with the address and the number of
shares held by each. This list of shareholders shall be kept on file at the home office of Gibraltar and shall be subject to inspection by any shareholder at any time during usual business hours, for a period of 20 days prior to such meeting (or, if
the record date established is less than 20 days prior, such lesser period beginning the day following the record date). Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection by
any shareholder during the entire time of the meeting. The original stock transfer book shall constitute prima facie evidence of the shareholders entitled to examine such list or transfer books or to vote at any meeting of shareholders. In lieu of
making the shareholders list available for inspection by shareholders as provided in the preceding paragraph, the board of directors may elect to follow the procedures prescribed in Section 552.6(d)(2) of the OTS’s regulations as now or
hereinafter in effect. 
 SECTION 8. Quorum. A majority of the outstanding shares of Gibraltar entitled to vote, represented
in person or by proxy, shall constitute a quorum at a meeting of shareholders. If less than a majority of the outstanding shares is represented at a meeting, a majority of the shares so represented may adjourn the meeting from time to time without
further notice. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally notified. The shareholders present at a duly organized meeting
may continue to transact business until adjournment, notwithstanding the withdrawal of enough shareholders to constitute less than a quorum. 
 SECTION 9. Proxies. At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his or her duly authorized attorney in fact. Proxies solicited on behalf of the management
shall be voted as directed by the shareholder or, in the absence of such direction, as determined by a majority of the board of directors. No proxy shall be valid more than eleven months from the date of its execution except for a proxy coupled with
an interest. 
 SECTION 10. Voting of Shares in the Name of Two or More Persons. When ownership stands in the name of two or
more persons, in the absence of written directions to Gibraltar to the contrary, at any meeting of the shareholders of Gibraltar any one or more of such shareholders may cast, in person or by proxy, all votes to which such ownership is entitled. In
the event an attempt is made to cast conflicting votes, in person or by proxy, by the several persons in whose names shares of stock stand, the vote or votes to which those persons are entitled shall be cast as directed by a majority of those
holding such shares and present in person or by proxy at such meeting, but no votes shall be cast for such stock if a majority cannot agree. 
 SECTION 11. Voting of Shares by Certain Holders. Neither treasury shares of its own stock held by Gibraltar nor shares held by another corporation, if a majority of the shares entitled to vote for the election of directors
of such other corporation are held by Gibraltar, shall be voted at any meeting or counted in determining the total number of outstanding shares at any given time for purposes of any meeting. 
 Shares of the common stock of Gibraltar standing in the name of another corporation may be voted by any officer, agent, or proxy as the bylaws of such
other corporation may prescribe, or, in the absence of such provision, as the board of directors of such corporation may determine. Shares held by an administrator, 

 
executor, guardian, or consevator may be voted by him or her, either in person or by proxy, without a transfer of such shares into his or her name. Shares
standing in the name of a trustee may be voted by him or her, either in person or by proxy, but no trustee shall be entitled to vote shares held by him or her, without a transfer of such shares into his or her name. Shares standing in the name of a
receiver may be voted by such receiver, and shares held by or under the control of a receiver may be voted by such receiver without the transfer into his or her name if authority to do so is contained in an appropriate order of the court or other
public authority by which such receiver was appointed. 
 A shareholder whose shares are pledged shall be entitled to vote such shares until
the shares have been transferred into the name of the pledgee, and thereafter the pledgee shall be entitled to vote the shares so transferred. 
 SECTION 12. Nominating Committee. The board of directors shall act as a nominating committee for selecting the management nominees for election as directors. Except in the case of a nominee substituted as a result of the
death or other incapacity of a management nominee, the nominating committee shall deliver written nominations to the secretary at least 20 days prior to the date of the annual meeting. No nominations for directors except those made by the nominating
committee shall be voted upon at the annual meeting unless other nominations by shareholders are made in writing and delivered to the secretary of Gibraltar at least 5 days prior to the date of the annual meeting. Ballots bearing the names of all
persons nominated by the nominating committee and by shareholders shall be provided for use at the annual meeting. However, if the nominating committee shall fail or refuse to act at least 20 days prior to the annual meeting, nominations for
directors may be made at the annual meeting by any shareholder entitled to vote and shall be voted upon. 
 SECTION 13. New
Business. Any new business to be taken up at the annual meeting shall be stated in writing and filed with the secretary of Gibraltar at least five days before the date of the annual meeting, and all business so stated, proposed, and filed shall
be considered at the annual meeting; but no other proposal shall be acted upon at the annual meeting. Any shareholder may make any other proposal at the annual meeting and the same may be discussed and considered, but unless stated in writing and
filed with the secretary at least 5 days before the meeting, such proposal shall be laid over for action at an adjourned, special, or annual meeting of the shareholders taking place 30 days or more thereafter. This provision shall not prevent the
consideration and approval or disapproval at the annual meeting of reports of officers, directors, and committees; but in connection with such reports, no new business shall be acted upon at such annual meeting unless stated and filed as herein
provided. 
 SECTION 14. Informal Action by Shareholders. Any action required to be taken at a meeting of the shareholders,
or any other action which may be taken at a meeting of shareholders, may be taken without a meeting if consent in writing, setting forth the action so taken, shall be given by all of the shareholders entitled to vote with respect to the subject
matter. 
 ARTICLE III 
 BOARD OF DIRECTORS 
 SECTION 1. General Powers. The business and affairs of Gibraltar shall be under the
direction of its board of directors. The board of directors shall annually elect a chairman of the board and a president from among its members and shall designate, when present, either the chairman of the board or the president to preside at its
meetings. 
 SECTION 2. Number and Term. The board of directors shall consist of nine (9) members and shall be divided
into three classes as nearly equal in number as possible. The members of each class shall be elected for a term of three years and until their successors are elected and qualified. One class shall be elected by ballot annually. 
 SECTION 3. Regular Meetings. A regular meeting of the board of directors shall be held without other notice than this bylaw immediately
after, and at the same place as, the annual meeting of shareholders. The board of directors may provide, by resolution, the time and place, within Gibraltar’s normal lending territory, for the holding of additional regular meetings without
other notice than such resolution. 

 SECTION 4. Special Meetings. Special meetings of the board of directors may be called by
or at the request of the chairman of the board, the president, or one-third of the directors. The persons authorized to call special meetings of the board of directors, may fix any place, within Gibraltar’s normal lending territory, as the
place for holding any special meeting of the board of directors called by such persons. 
 Members of the board of directors may participate
in special meetings by means of conference telephone or similar communications equipment by which all persons participating in the meeting can hear each other. Such participations shall constitute presence in person but shall not constitute
attendance for the purpose of compensation pursuant to Section 11 of this Article. 
 SECTION 5. Notice. Written notice
of any special meeting shall be given to each director at least 24 hours prior thereto when delivered personally or by telegram or telecopy facsimile or at least 5 days prior thereto when delivered by mail at the address at which the director is
most likely to be reached. Notice shall be deemed to be delivered when deposited in the mail so addressed, with postage prepaid if mailed, when delivered to the telegraph company if sent by telegram or upon transmission when delivered by telecopy
facsimile. Any director may waive notice of any meeting by a writing filed with the secretary. The attendance of a director at a meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting for the express
purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any meeting of the board of directors need be specified in the notice of
waiver of notice of such meeting. 
 SECTION 6. Quorum. A majority of the number of directors constituting the entire board
of directors shall constitute a quorum for the transaction of business at any meeting of the board of directors; but if less than such majority is present at a meeting, a majority of the directors present may adjourn the meeting from time to time.
Notice of any adjourned meeting shall be given in the same manner as prescribed by Section 5 of this Article III. 
 SECTION 7. Manner of Acting. The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the board of directors, unless a greater number is prescribed by regulation of the
OTS or by these bylaws. 
 SECTION 8. Action Without a Meeting. Any action required or permitted to be taken by the board of
directors at a meeting may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the directors. 
 SECTION 9. Resignation. Any director may resign at any time by sending a written notice of such resignation to the home office of Gibraltar addressed to the chairman of the board of directors or the
president. Unless otherwise specified, such resignation shall take effect upon receipt by the chairman of the board of directors or the president. More than three consecutive absences from regular meetings of the board of directors, unless excused
by resolution of the board of directors, shall automatically constitute a resignation, effective when such resignation is accepted by the board of directors. 
 SECTION 10. Vacancies. Any vacancy occurring on the board of directors may be filled by the affirmative vote of a majority of the remaining directors although less than a quorum of the board of
directors. A director elected to fill a vacancy shall be elected to serve until the next election of directors by the shareholders. Any directorship to be filled by reason of an increase in the number of directors may be filled by election by the
board of directors for a term of office continuing only until the next election of directors by the shareholders. 
 SECTION 11. Compensation. Directors, as such, may receive a stated salary for their services. By resolution of the board of directors, a reasonable fixed sum, and reasonable expenses of attendance, if any, may be allowed
for actual attendance at each regular or special meeting of the board of directors. Members of either standing or special committees may be allowed such compensation for actual attendance at committee meetings as the board of directors may
determine. 

 SECTION 12. Presumption of Assent. A director of Gibraltar who is present at a meeting
of the board of directors at which action on any savings bank matter is taken shall be presumed to have assented to the action taken unless his or her dissent or abstention shall be entered in the minutes of the meeting or unless he or she shall
file a written dissent to such action with the person acting as the secretary of the meeting before the adjournment thereof or shall forward such dissent by registered mail to the secretary of Gibraltar within five days after the date a copy of the
minutes of the meeting is received. Such right to dissent shall not apply to a director who voted in favor of such action. 
 SECTION 13. Removal of Directors. At a meeting of shareholders called expressly for that purpose, any director may be removed for cause by a vote of the holders of a majority of the shares then entitled to vote at an
election of directors. If less than the entire board is to be removed, no one of the directors may be removed if the votes cast against the removal would be sufficient to elect a director if then cumulatively voted at an election of the class of
directors of which such director is a part. Whenever the holders of the shares of any class are entitled to elect one or more directors by the provisions of the charter or supplemental sections thereto, the provisions of this section shall apply, in
respect to the removal of a director or directors so elected, to the vote of the holders of the outstanding shares of that class and not to the vote of the outstanding shares as a whole. 
 ARTICLE IV 
 EXECUTIVE AND OTHER COMMITTEES 
 SECTION 1. Appointment. The board of directors, by resolution adopted by a majority of the full board, may designate the chief executive
officer and two or more of the other directors to constitute an executive committee. The designation of any committee pursuant to this Article IV and the delegation of authority shall not operate to relieve the board of directors, or any director,
of any responsibility imposed by law or regulation. 
 SECTION 2. Authority. The executive committee, when the board of
directors is not in session, shall have and may exercise all of the authority of the board of directors except to the extent, if any, that such authority shall be limited by the resolution appointing the executive committee; and except also that the
executive committee shall not have the authority of the board of directors with reference to the declaration of dividends; the amendment of the charter or bylaws of Gibraltar; the recommending to the stockholders of a plan of merger, consolidation,
or conversion; the sale, lease, or other disposition of all or substantially all of the property and assets of Gibraltar otherwise than in the usual and regular course of its business; a voluntary dissolution of Gibraltar; a revocation of any of the
foregoing; or the approval of a transaction in which any member of the executive committee, directly, or indirectly, has any material beneficial interest. 
 SECTION 3. Tenure. Subject to the provisions of Section 8 of this Article IV, each member of the executive committee shall hold office until the next regular annual meeting of the board of
directors following his or her designation and until a successor is designated as a member of the executive committee. 
 SECTION 4. Meetings. Regular meetings of the executive committee may be held without notice at such times and places as the executive committee may fix from time to time by resolution. Special meetings of the executive
committee may be called by any member thereof upon not less than one day’s notice stating the place, date, and hour of the meeting, which notice may be written or oral. Any member of the executive committee may waive notice of any meeting and
no notice of any meeting need be given to any member thereof who attends in person. The notice of a meeting of the executive committee need not state the business proposed to be transacted at the meeting. 
 SECTION 5. Quorum. A majority of the members of the executive committee shall constitute a quorum for the transaction of business at any
meeting thereof, and action of the executive committee must be authorized by the affirmative vote of a majority of the members present at a meeting at which a quorum is present. 

 SECTION 6. Action Without a Meeting. Any action required or permitted to be taken by the
executive committee at a meeting may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the members of the executive committee. 
 SECTION 7. Vacancies. Any vacancy in the executive committee may be filled by a resolution adopted by a majority of the full board of
directors. 
 SECTION 8. Resignations and Removal. Any member of the executive committee may be removed at any time with or
without cause by resolution adopted by a majority of the full board of directors. Any member of the executive committee may resign from the executive committee at any time by giving written notice to the president or secretary of Gibraltar. Unless
otherwise specified, such resignation shall take effect upon its receipt; the acceptance of such resignation shall not be necessary to make it effective. 
 SECTION 9. Procedure. The executive committee shall elect a presiding officer from its members and may fix its own rules of procedure which shall not be inconsistent with these bylaws. It shall keep
regular minutes of its proceedings and report the same to the board of directors for its information at the meeting held next after the proceedings shall have occurred. 
 SECTION 10. Other Committees. The board of directors may by resolution establish an audit, loan or other committee composed of directors as they may determine to be necessary or appropriate for the
conduct of the business of Gibraltar and may prescribe the duties, constitution, and procedures thereof. 
 ARTICLE V 
 OFFICERS 
 SECTION 1. Positions. The officers of Gibraltar shall be a president, one or more vice presidents, a secretary, and a treasurer, each of whom shall be elected by the board of directors. The board of directors may also
designate the chairman of the board as an officer. The president shall be the chief executive officer, unless the board of directors designates the chairman of the board as chief executive officer. The president shall be a director of Gibraltar. The
offices of the secretary and treasurer may be held by the same person and a vice president may also be either the secretary or the treasurer. The board of directors may designate one or more vice presidents as executive vice president or senior vice
president. The board of directors may also elect or authorize the appointment of such other officers as the business of Gibraltar may require. The officers shall have such authority and perform such duties as the board of directors may from time to
time authorize or determine. In the absence of action by the board of directors, the officers shall have such powers and duties as generally pertain to their respective offices. 
 SECTION 2. Election and Terms of Office. The officers of Gibraltar shall be elected annually at the first meeting of the board of
directors held after each annual meeting of the stockholders. If the election of officers is not held at such meeting, such election shall be held as soon thereafter as possible. Each officer shall hold office until a successor has been duly elected
and qualified or until the officer’s death, resignation, or removal in the manner hereinafter provided. Election or appointment of an officer, employee, or agent shall not of itself create contractual rights. The board of directors may
authorize Gibraltar to enter into an employment contract with any officer in accordance with regulations of the OTS, but no such contract shall impair the right of the board of directors to remove any officer at any time in accordance with
Section 3 of this Article V. 
 SECTION 3. Removal. Any officer may be removed by the board of directors whenever in
its judgment the best interests of Gibraltar will be served thereby, but such removal, other than for cause, shall be without prejudice to the contractual rights, if any, of the person so removed. 
 SECTION 4. Vacancies. A vacancy in any office because of death, resignation, removal, disqualification, or otherwise may be filled by
the board of directors for the unexpired portion of the term. 

 SECTION 5. Remuneration. The remuneration of the officers shall be fixed from time to
time by the board of directors. 
 ARTICLE VI 
 CONTRACT, LOANS, CHECKS, AND DEPOSITS 
 SECTION 1. Contracts. To the extent
permitted by regulations of the OTS, and except as otherwise prescribed by these bylaws with respect to certificates for shares, the board of directors may authorize any officer, employee, or agent of Gibraltar to enter into any contract or execute
and deliver any instrument in the name of and on behalf of Gibraltar. Such authority may be general or confined to specific instances. 
 SECTION 2. Loans. No loans shall be contracted on behalf of Gibraltar and no evidence of indebtedness shall be issued in its name unless authorized by the board of directors. Such authority may be general or confined to
specific instances. 
 SECTION 3. Checks, Drafts, Etc. All checks, drafts, or other orders for the payment of money, notes,
or other evidences of indebtedness issued in the name of Gibraltar shall be signed by one or more officers, employees or agents of Gibraltar in such manner as shall from time to time be determined by the board of directors. 
 SECTION 4. Deposits. All funds of Gibraltar not otherwise employed shall be deposited from time to time to the credit of Gibraltar in
any duly authorized depositories as the board of directors may select. 
 ARTICLE VII 
 CERTIFICATES FOR SHARES AND THEIR TRANSFER 
 SECTION 1. Certificates for Shares. Certificates representing shares of capital stock of Gibraltar shall be in such form as shall be determined by the board of directors and approved by the OTS. Such certificates shall be
signed by the chief executive officer or by any other officer of Gibraltar authorized by the board of directors, attested by the secretary or an assistant secretary, and sealed with the corporate seal or a facsimile thereof. The signatures of such
officers upon a certificate may be facsimiles if the certificate is manually signed on behalf of a transfer agent or a registrar other than Gibraltar itself or one of its employees. Each certificate for shares of capital stock shall be consecutively
numbered or otherwise identified. The name and address of the person to whom the shares are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of Gibraltar. All certificates surrendered to Gibraltar for
transfer shall be cancelled and no new certificate shall be issued until the former certificate for a like number of shares has been surrendered and cancelled, except that in the case of a lost or destroyed certificate, a new certificate may be
issued upon such terms and indemnity to Gibraltar as the board of directors may prescribe. 
 SECTION 2. Transfer of Share.
Transfer of shares of capital stock of Gibraltar shall be made only on its stock transfer books. Authority for such transfer shall be given only by the holder of record or by his or her legal representative, who shall furnish proper evidence of such
authority, or by his attorney authorized by a duly executed power of attorney and filed with Gibraltar. Such transfer shall be made only on surrender for cancellation of the certificate for such shares. The person in whose name shares of capital
stock stand on the books of Gibraltar shall be deemed by Gibraltar to be the owner for all purposes. 
 ARTICLE VIII 
 FISCAL YEAR, ANNUAL AUDIT 
 The fiscal
year of Gibraltar shall end on the 31st of December of each year. Gibraltar shall be subject to an annual audit as of the end of its fiscal year by independent public accountants appointed by and responsible to the board of directors. The
appointment of such accountants shall be subject to annual ratification by the shareholders. 

 ARTICLE IX 
 DIVIDENDS 
 Subject to the terms of Gibraltar’s charter and the regulations and orders of the
OTS, the board of directors may, from time to time, declare, and Gibraltar may pay, dividends on its outstanding shares of capital stock. 
 ARTICLE X 
 CORPORATE SEAL 
 The board of directors shall provide a savings bank seal which shall be two concentric circles between which shall be the name of the savings bank. The year of incorporation or an emblem may appear in the center.

 ARTICLE XI 
 AMENDMENTS 
 These bylaws may be amended in a manner consistent with regulations of the OTS at any time by a majority of the
full board of directors or by a majority of the votes cast by the stockholders of Gibraltar at any legal meeting.

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