Document:

EX-4.4

 Exhibit 4.4 

DEFINED CONTRIBUTION PROTOTYPE PLAN AND TRUST 

BASIC PLAN DOCUMENT 

 TABLE OF CONTENTS 

 

							
	SECTION 1	  
	PLAN DEFINITIONS	  
			
	 1.01
	 	Account	  	 	1	  
	 1.02
	 	Account Balance	  	 	1	  
	 1.03
	 	ACP Test (Actual Contribution Percentage Test)	  	 	1	  
	 1.04
	 	Actuarial Factor	  	 	1	  
	 1.05
	 	Adoption Agreement (“Agreement”)	  	 	1	  
	 1.06
	 	ADP Test (Actual Deferral Percentage Test)	  	 	1	  
	 1.07
	 	After-Tax Contributions	  	 	1	  
	 1.08
	 	Alternate Payee	  	 	1	  
	 1.09
	 	Anniversary Years	  	 	1	  
	 1.10
	 	Annual Additions	  	 	1	  
	 1.11
	 	Annuity Starting Date	  	 	1	  
	 1.12
	 	Automatic Rollover	  	 	2	  
	 1.13
	 	Average Contribution Percentage (ACP	  	 	2	  
	 1.14
	 	Average Deferral Percentage (ADP)	  	 	2	  
	 1.15
	 	Beneficiary	  	 	2	  
	 1.16
	 	Benefiting Participant	  	 	2	  
	 1.17
	 	Break in Service	  	 	2	  
	 1.18
	 	Cash-Out Distribution	  	 	2	  
	 1.19
	 	Catch-Up Contributions	  	 	2	  
	 1.20
	 	Catch-Up Contribution Limit	  	 	2	  
	 1.21
	 	Code	  	 	2	  
	 1.22
	 	Code §415 Limitation	  	 	2	  
	 1.23
	 	Collectively Bargained Employee	  	 	2	  
	 1.24
	 	Compensation Limit	  	 	2	  
	 1.25
	 	Computation Period	  	 	3	  
		 	 (a)    Eligibility Computation Period
	  	 	3	  
		 	 (b)    Vesting Computation Period
	  	 	3	  
	 1.26
	 	Current Year Testing Method	  	 	3	  
	 1.27
	 	Custodian	  	 	3	  
	 1.28
	 	Defined Benefit Plan	  	 	3	  
	 1.29
	 	Defined Contribution Plan	  	 	3	  
	 1.30
	 	Designated Beneficiary	  	 	3	  
	 1.31
	 	Determination Date	  	 	3	  
	 1.32
	 	Determination Year	  	 	3	  
	 1.33
	 	Directed Account	  	 	3	  
	 1.34
	 	Directed Trustee	  	 	3	  
	 1.35
	 	Direct Rollover	  	 	3	  
	 1.36
	 	Disabled	  	 	3	  
	 1.37
	 	Discretionary Trustee	  	 	4	  
	 1.38
	 	Distribution Calendar Year	  	 	4	  
	 1.39
	 	Early Retirement Age	  	 	4	  
	 1.40
	 	Earned Income	  	 	4	  
	 1.41
	 	Effective Date	  	 	4	  
	 1.42
	 	Elapsed Time	  	 	4	  
	 1.43
	 	Elective Deferral Dollar Limit	  	 	4	  
	 1.44
	 	Elective Deferrals	  	 	4	  
	 1.45
	 	Eligible Employee	  	 	4	  
	 1.46
	 	Eligible Retirement Plan	  	 	4	  
	 1.47
	 	Eligible Rollover Distribution	  	 	4	  
	 1.48
	 	Employee	  	 	4	  
	 1.49
	 	Employer	  	 	4	  
	 1.50
	 	Employer Contributions	  	 	4	  
	 1.51
	 	Employment Commencement Date	  	 	4	  
	 1.52
	 	Entry Date	  	 	4	  
	 1.53
	 	Equivalency Method	  	 	5	  
	 1.54
	 	ERISA	  	 	5	  
	 1.55
	 	Excess Aggregate Contributions	  	 	5	  
	 1.56
	 	Excess Amount	  	 	5	  
	 1.57
	 	Excess Compensation	  	 	5	  
	 1.58
	 	Excess Contributions	  	 	5	  
	 1.59
	 	Excess Deferrals	  	 	5	  

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	i	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Table of Contents

  

							
	 1.60
	 	Fail-Safe Coverage Provision	  	 	5	  
	 1.61
	 	Family Members	  	 	5	  
	 1.62
	 	Favorable IRS Letter	  	 	5	  
	 1.63
	 	General Trust Account	  	 	5	  
	 1.64
	 	Hardship	  	 	5	  
	 1.65
	 	Highly Compensated	  	 	5	  
		 	 (a)    Five-Percent Owner
	  	 	5	  
		 	 (b)    Compensation limit
	  	 	5	  
		 	 (c)    Determination Year
	  	 	5	  
		 	 (d)    Lookback Year
	  	 	5	  
		 	 (e)    Total Compensation
	  	 	5	  
		 	 (f)     Top Paid Group
	  	 	5	  
	 1.66
	 	Highly Compensated Group	  	 	6	  
	 1.67
	 	Hour of Service	  	 	6	  
		 	 (a)    Performance of duties
	  	 	6	  
		 	 (b)    Nonperformance of duties
	  	 	6	  
		 	 (c)    Back pay award
	  	 	6	  
		 	 (d)    Related Employers/Leased Employees
	  	 	6	  
		 	 (e)    Maternity/paternity leave
	  	 	6	  
	 1.68
	 	Insurer	  	 	6	  
	 1.69
	 	Integration Level	  	 	6	  
	 1.70
	 	Key Employee	  	 	6	  
	 1.71
	 	Leased Employee	  	 	6	  
	 1.72
	 	Limitation Year	  	 	6	  
	 1.73
	 	Lookback Year	  	 	6	  
	 1.74
	 	Matching Contributions	  	 	7	  
	 1.75
	 	Maximum Disparity Rate	  	 	7	  
	 1.76
	 	Minimum Gateway Contribution	  	 	7	  
	 1.77
	 	Net Profits	  	 	7	  
	 1.78
	 	Nonhighly Compensated	  	 	7	  
	 1.79
	 	Nonhighly Compensated Group	  	 	7	  
	 1.80
	 	Nonvested Participant Break in Service	  	 	7	  
	 1.81
	 	Non-Key Employee	  	 	7	  
	 1.82
	 	Normal Retirement Age	  	 	7	  
	 1.83
	 	Participant	  	 	7	  
	 1.84
	 	Participating Employer	  	 	7	  
	 1.85
	 	Participating Employer Adoption Page	  	 	8	  
	 1.86
	 	Period of Severance	  	 	8	  
	 1.87
	 	Permissive Aggregation Group	  	 	8	  
	 1.88
	 	Plan	  	 	8	  
	 1.89
	 	Plan Administrator	  	 	8	  
	 1.90
	 	Plan Compensation	  	 	8	  
		 	 (a)    Determination period
	  	 	8	  
		 	 (b)    Partial period of participation
	  	 	9	  
	 1.91
	 	Plan Year	  	 	9	  
	 1.92
	 	Predecessor Employer	  	 	9	  
	 1.93
	 	Predecessor Plan	  	 	9	  
	 1.94
	 	Pre-Tax Deferrals	  	 	9	  
	 1.95
	 	Prevailing Wage Formula	  	 	9	  
	 1.96
	 	Prevailing Wage Service	  	 	9	  
	 1.97
	 	Prior Year Testing Method	  	 	9	  
	 1.98
	 	Prototype Sponsor	  	 	9	  
	 1.99
	 	Qualified Domestic Relations Order (QDRO)	  	 	9	  
	 1.100
	 	Qualified Election	  	 	9	  
	 1.101
	 	Qualified Joint and Survivor Annuity (QJSA)	  	 	9	  
	 1.102
	 	Qualified Matching Contribution (QMAC)	  	 	9	  
	 1.103
	 	Qualified Nonelective Contribution (QNEC)	  	 	9	  
	 1.104
	 	Qualified Preretirement Survivor Annuity (QPSA)	  	 	9	  
	 1.105
	 	Qualified Transfer	  	 	9	  
	 1.106
	 	Reemployment Commencement Date	  	 	9	  
	 1.107
	 	Related Employer	  	 	9	  
	 1.108
	 	Required Aggregation Group	  	 	10	  
	 1.109
	 	Required Beginning Date	  	 	10	  

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	ii	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Table of Contents

  

							
	 1.110
	 	Rollover Contribution	  	 	10	  
	 1.111
	 	Roth Deferrals	  	 	10	  
	 1.112
	 	Safe Harbor 401(k) Plan	  	 	10	  
	 1.113
	 	Safe Harbor Contribution	  	 	10	  
	 1.114
	 	Safe Harbor Employer Contributions	  	 	10	  
	 1.115
	 	Safe Harbor Matching Contributions	  	 	10	  
	 1.116
	 	Salary Deferral Election	  	 	10	  
	 1.117
	 	Salary Deferrals	  	 	10	  
	 1.118
	 	Self-Employed Individual	  	 	10	  
	 1.119
	 	Short Plan Year	  	 	10	  
	 1.120
	 	Targeted QNECs	  	 	10	  
	 1.121
	 	Taxable Wage Base	  	 	10	  
	 1.122
	 	Testing Compensation	  	 	10	  
	 1.123
	 	Top Paid Group	  	 	11	  
	 1.124
	 	Top Heavy	  	 	11	  
	 1.125
	 	Top Heavy Ratio	  	 	11	  
	 1.126
	 	Total Compensation	  	 	11	  
		 	 (a)    W-2 Wages
	  	 	11	  
		 	 (b)    Wages under Code §3401(a)
	  	 	11	  
		 	 (c)    Code §415 Compensation
	  	 	12	  
	 1.127
	 	Trust	  	 	12	  
	 1.128
	 	Trustee	  	 	12	  
	 1.129
	 	Valuation Date	  	 	12	  
	 1.130
	 	Year of Service	  	 	12	  
	
	SECTION 2	  
	ELIGIBILITY AND PARTICIPATION	  
	 2.01
	 	Eligibility	  	 	13	  
	 2.02
	 	Eligible Employees	  	 	13	  
		 	 (a)    Only Employees may participate in the Plan
	  	 	13	  
		 	 (b)    Excluded Employees
	  	 	13	  
		 	 (c)    Employees of Related Employers
	  	 	14	  
		 	 (d)    Ineligible Employee becomes Eligible Employee
	  	 	14	  
		 	 (e)    Eligible Employee becomes ineligible Employee
	  	 	14	  
		 	 (f)     Improper exclusion of eligible Participant
	  	 	14	  
	 2.03
	 	Minimum Age and Service Conditions	  	 	14	  
		 	 (a)    Application of age and service conditions
	  	 	15	  
		 	 (b)    Entry Dates
	  	 	16	  
	 2.04
	 	Participation on Effective Date of Plan	  	 	17	  
	 2.05
	 	Rehired Employees	  	 	17	  
	 2.06
	 	Service with Predecessor Employers	  	 	17	  
	 2.07
	 	Break in Service Rules	  	 	17	  
		 	 (a)    Break in Service
	  	 	17	  
		 	 (b)    Nonvested Participant Break in Service rule
	  	 	17	  
		 	 (c)    Special Break in Service rule for Plans using two Years of Service for eligibility
	  	 	17	  
		 	 (d)    One-Year Break in Service rule
	  	 	17	  
	 2.08
	 	Waiver of Participation	  	 	18	  
	
	SECTION 3	  
	PLAN CONTRIBUTIONS	  
	 3.01
	 	Types of Contributions	  	 	19	  
	 3.02
	 	Employer Contribution Formulas	  	 	19	  
		 	 (a)    Employer Contribution formulas (Profit Sharing Plan and Profit Sharing/401(k) Plan)
	  	 	19	  
		 	 (b)    Employer Contribution formulas (Money Purchase Plan)
	  	 	26	  
		 	 (c)    Period for determining Employer Contributions
	  	 	29	  
		 	 (d)    Offset of Employer Contributions
	  	 	29	  
	 3.03
	 	Salary Deferrals	  	 	29	  
		 	 (a)    Salary Deferral Election
	  	 	29	  
		 	 (b)    Change in deferral election
	  	 	30	  
		 	 (c)    Automatic deferral election
	  	 	30	  
		 	 (d)    Catch-Up Contributions
	  	 	30	  
		 	 (e)    Roth Deferrals
	  	 	31	  
	 3.04
	 	Matching Contributions	  	 	32	  

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	iii	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Table of Contents

  

							
		 	 (a)    Contributions eligible for Matching Contributions
	  	 	32	  
		 	 (b)    Period for determining Matching Contributions
	  	 	32	  
		 	 (c)    True-up contributions
	  	 	32	  
		 	 (d)    Qualified Matching Contributions (QMACs)
	  	 	32	  
	 3.05
	 	Safe Harbor Contributions	  	 	33	  
	 3.06
	 	After-Tax Contributions	  	 	33	  
	 3.07
	 	Rollover Contributions	  	 	33	  
	 3.08
	 	Deductible Employee Contributions	  	 	33	  
	 3.09
	 	Allocation Conditions	  	 	33	  
		 	 (a)    Application to designated period
	  	 	34	  
		 	 (b)    Special rule for year of termination
	  	 	34	  
		 	 (c)    Special allocation condition for Matching Contributions under the Plan
	  	 	35	  
		 	 (d)    Service with Predecessor Employers
	  	 	35	  
	 3.10
	 	Contribution of Property	  	 	35	  
	
	SECTION 4	  
	TOP HEAVY PLAN REQUIREMENTS	  
	 4.01
	 	Top Heavy Plan	  	 	36	  
	 4.02
	 	Top Heavy Ratio	  	 	36	  
		 	 (a)    Defined Contribution Plan(s) only
	  	 	36	  
		 	 (b)    Maintenance of Defined Benefit Plan
	  	 	36	  
		 	 (c)    Determining value of Account Balance or accrued benefit
	  	 	36	  
	 4.03
	 	Other Definitions	  	 	37	  
		 	 (a)    Key Employee
	  	 	37	  
		 	 (b)    Non-Key Employee
	  	 	37	  
		 	 (c)    Determination Date
	  	 	37	  
		 	 (d)    Permissive Aggregation Group
	  	 	37	  
		 	 (e)    Required Aggregation Group
	  	 	37	  
		 	 (f)     Present Value
	  	 	37	  
		 	 (g)    Total Compensation
	  	 	38	  
		 	 (h)    Valuation Date
	  	 	38	  
	 4.04
	 	Minimum Allocation	  	 	38	  
		 	 (a)    Determination of Key Employee contribution percentage
	  	 	38	  
		 	 (b)    Determining of Non-Key Employee minimum allocation
	  	 	38	  
		 	 (c)    Certain allocation conditions inapplicable
	  	 	38	  
		 	 (d)    Participants not employed on the last day of the Plan Year
	  	 	38	  
		 	 (e)    Participation in more than one Top Heavy Plan
	  	 	38	  
		 	 (f)     No forfeiture for certain events
	  	 	39	  
	 4.05
	 	Special Top Heavy Vesting Rules	  	 	39	  
		 	 (a)    Minimum vesting schedules
	  	 	39	  
		 	 (b)    Shifting Top Heavy Plan status
	  	 	39	  
	
	SECTION 5	  
	LIMITS ON CONTRIBUTIONS	  
	 5.01
	 	Limits on Employer Contributions	  	 	40	  
		 	 (a)    Limitation on Salary Deferrals
	  	 	40	  
		 	 (b)    Limitation on total Employer Contributions
	  	 	40	  
	 5.02
	 	Elective Deferral Dollar Limit	  	 	40	  
		 	 (a)    Excess Deferrals
	  	 	40	  
		 	 (b)    Correction of Excess Deferrals
	  	 	40	  
	 5.03
	 	Code §415 Limitation	  	 	42	  
		 	 (a)    No other plan participation
	  	 	42	  
		 	 (b)    Participation in another plan
	  	 	43	  
		 	 (c)    Definitions
	  	 	44	  
	
	SECTION 6	  
	SPECIAL RULES AFFECTING 401(K) PLANS	  
	 6.01
	 	Nondiscrimination Testing of Salary Deferrals – ADP Test	  	 	46	  
		 	 (a)    ADP Test
	  	 	46	  
		 	 (b)    Correction of Excess Contributions
	  	 	47	  
		 	 (c)    Adjustment of deferral rate for Highly Compensated Employees
	  	 	50	  
		 	 (d)    Special testing rules
	  	 	50	  
	 6.02
	 	Nondiscrimination Testing of Matching Contributions and After-Tax Contributions – ACP Test	  	 	50	  

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	iv	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Table of Contents

  

							
		 	 (a)    ACP Test
	  	 	50	  
		 	 (b)    Correction of Excess Aggregate Contributions
	  	 	52	  
		 	 (c)    Adjustment of contribution rate for Highly Compensated Employees
	  	 	54	  
		 	 (d)    Special testing rules
	  	 	54	  
	 6.03
	 	Disaggregation of Plans	  	 	55	  
		 	 (a)    Plans covering Collectively Bargained Employees and non-Collectively Bargained Employees
	  	 	55	  
		 	 (b)    Otherwise excludable Employees
	  	 	55	  
		 	 (c)    Corrective action for disaggregated plans
	  	 	55	  
	 6.04
	 	Safe Harbor 401(k) Plan Provisions	  	 	56	  
		 	 (a)    Safe harbor requirements
	  	 	56	  
		 	 (b)    Eligibility for Safe Harbor Contributions
	  	 	57	  
		 	 (c)    Different eligibility conditions
	  	 	58	  
		 	 (d)    Provision of Safe Harbor Contribution in separate plan
	  	 	58	  
		 	 (e)    Reduction or suspension of Safe Harbor Contributions
	  	 	58	  
		 	 (f)     Deemed compliance with ADP Test
	  	 	58	  
		 	 (g)    Deemed compliance with ACP Test
	  	 	58	  
		 	 (h)    Rules for applying the ACP Test
	  	 	59	  
		 	 (i)     Application of Top Heavy rules
	  	 	59	  
		 	 (j)     Plan Year
	  	 	59	  
	 6.05
	 	SIMPLE 401(k) Plan contributions	  	 	60	  
		 	 (a)    Definitions
	  	 	60	  
		 	 (b)    Contributions
	  	 	60	  
		 	 (c)    Limit on Contributions
	  	 	61	  
		 	 (d)    Election and notice requirements
	  	 	61	  
		 	 (e)    Vesting requirements
	  	 	61	  
		 	 (f)     Top Heavy rules
	  	 	61	  
		 	 (g)    Nondiscrimination tests
	  	 	61	  
		 	 (h)    SIMPLE Compensation
	  	 	61	  
	
	SECTION 7	  
	PARTICIPANT VESTING AND FORFEITURES	  
	 7.01
	 	Vesting of Contributions	  	 	62	  
	 7.02
	 	Vesting Schedules	  	 	62	  
		 	 (a)    Normal vesting schedules
	  	 	62	  
		 	 (b)    Top Heavy vesting schedules
	  	 	63	  
		 	 (c)    Special vesting rules
	  	 	63	  
	 7.03
	 	Year of Service	  	 	63	  
		 	 (a)    Hours of Service
	  	 	63	  
		 	 (b)    Elapsed Time method
	  	 	64	  
	 7.04
	 	Vesting Computation Period	  	 	64	  
	 7.05
	 	Excluded service	  	 	64	  
		 	 (a)    Service before the Effective Date of the Plan
	  	 	64	  
		 	 (b)    Service before a specified age
	  	 	65	  
	 7.06
	 	Service with Predecessor Employers	  	 	65	  
	 7.07
	 	Break in Service Rules	  	 	65	  
		 	 (a)    Break in Service
	  	 	65	  
		 	 (b)    One-Year Break in Service rule
	  	 	65	  
		 	 (c)    Nonvested Participant Break in Service rule
	  	 	65	  
	 7.08
	 	Amendment of Vesting Schedule	  	 	65	  
	 7.09
	 	Special Vesting Rule - In-Service Distribution When Account Balance is Less than 100% Vested	  	 	66	  
	 7.10
	 	Forfeiture of Benefits	  	 	66	  
		 	 (a)    Cash-Out Distribution
	  	 	66	  
		 	 (b)    Five-Year Forfeiture Break in Service
	  	 	68	  
		 	 (c)    Missing Participant or Beneficiary
	  	 	68	  
		 	 (d)    Excess Deferrals, Excess Contributions, and Excess Aggregate Contributions
	  	 	69	  
	 7.11
	 	Allocation of Forfeitures	  	 	69	  
		 	 (a)    Reallocation as additional contributions under Profit Sharing and Profit Sharing/401(k) Plan Adoption
Agreements
	  	 	69	  
		 	 (b)    Reallocation as additional Employer Contributions under Money Purchase Plan Adoption
Agreement
	  	 	69	  
		 	 (c)    Reduction of contributions
	  	 	69	  
		 	 (d)    Payment of Plan expenses
	  	 	69	  
		 	 (e)    Forfeiture rules for prior contribution types
	  	 	69	  

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	v	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Table of Contents

  

							
	SECTION 8	  
	PLAN DISTRIBUTIONS	  
	8.01	 	Deferred distributions	  	 	70	  
	8.02	 	Available Forms of Distribution	  	 	70	  
	8.03	 	Amount Eligible for Distribution	  	 	70	  
	8.04	 	Participant Consent	  	 	70	  
		 	 (a)    Involuntary Cash-Out threshold
	  	 	71	  
		 	 (b)    Rollovers disregarded in determining value of Account Balance for Involuntary Cash-Outs
	  	 	71	  
		 	 (c)    Participant notice
	  	 	71	  
		 	 (d)    Special rules
	  	 	71	  
	8.05	 	Direct Rollovers	  	 	71	  
		 	 (a)    Definitions
	  	 	71	  
		 	 (b)    Direct Rollover notice
	  	 	72	  
	8.06	 	Automatic Rollover	  	 	72	  
		 	 (a)    Automatic Rollover requirements
	  	 	73	  
		 	 (b)    Involuntary Cash-Out Distribution
	  	 	73	  
		 	 (c)    Treatment of Rollover Contributions
	  	 	73	  
	8.07	 	Distribution Upon Termination of Employment	  	 	73	  
		 	 (a)    Account Balance not exceeding $5,000
	  	 	73	  
		 	 (b)    Account Balance exceeding $5,000
	  	 	73	  
	8.08	 	Distribution Upon Death	  	 	73	  
		 	 (a)    Death after commencement of benefits
	  	 	73	  
		 	 (b)    Death before commencement of benefits
	  	 	73	  
		 	 (c)    Determining a Participant’s Beneficiary
	  	 	74	  
	8.09	 	Distribution to Disabled Employees	  	 	75	  
	8.10	 	In-Service Distributions	  	 	75	  
		 	 (a)    After-Tax Contributions and Rollover Contributions
	  	 	75	  
		 	 (b)    Employer Contributions
	  	 	75	  
		 	 (c)    Salary Deferrals, QNECs, QMACs, and Safe Harbor Contributions
	  	 	75	  
		 	 (d)    Hardship distribution
	  	 	76	  
	8.11	 	Sources of Distribution	  	 	77	  
		 	 (a)    Exception for Hardship withdrawals
	  	 	77	  
		 	 (b)    Roth Deferrals
	  	 	77	  
		 	 (c)    In-kind distributions
	  	 	78	  
	8.12	 	Required Minimum Distributions	  	 	78	  
		 	 (a)    Death of Participant Before Distributions Begin
	  	 	78	  
		 	 (b)    Required Minimum Distributions during Participant’s lifetime
	  	 	79	  
		 	 (c)    Required Minimum Distributions After Participant’s Death
	  	 	79	  
		 	 (d)    Definitions
	  	 	80	  
		 	 (e)    Special Rules
	  	 	81	  
		 	 (f)     Transitional Rule
	  	 	83	  
	8.13	 	Correction of Qualification Defects	  	 	84	  
	
	SECTION 9	  
	JOINT AND SURVIVOR ANNUITY REQUIREMENTS	  
	9.01	 	Application of Joint and Survivor Annuity Rules	  	 	85	  
		 	 (a)    Money Purchase Plan
	  	 	85	  
		 	 (b)    Profit Sharing or Profit Sharing/401(k) Plan
	  	 	85	  
		 	 (c)    Exception to the Joint and Survivor Annuity Requirements
	  	 	85	  
		 	 (d)    Administrative procedures
	  	 	85	  
		 	 (e)    Accumulated deductible employee contributions
	  	 	85	  
	9.02	 	Pre-Death Distribution Requirements	  	 	85	  
		 	 (a)    Qualified Joint and Survivor Annuity (QJSA)
	  	 	85	  
		 	 (b)    Notice requirements
	  	 	85	  
		 	 (c)    Annuity Starting Date
	  	 	86	  
	9.03	 	Distributions After Death	  	 	86	  
		 	 (a)    Qualified Preretirement Survivor Annuity (QPSA)
	  	 	86	  
		 	 (b)    Notice requirements
	  	 	86	  
	9.04	 	Qualified Election	  	 	87	  
		 	 (a)    QJSA
	  	 	87	  
		 	 (b)    QPSA
	  	 	87	  
	9.05	 	Transitional Rules	  	 	87	  
		 	 (a)    Automatic joint and survivor annuity
	  	 	88	  

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	vi	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Table of Contents

  

							
		 	 (b)    Election of early survivor annuity
	  	 	88	  
		 	 (c)    Qualified Early Retirement Age
	  	 	88	  
	
	SECTION 10	  
	PLAN ACCOUNTING AND INVESTMENTS	  
	 10.01
	 	Participant Accounts	  	 	89	  
	 10.02
	 	Valuation of Accounts	  	 	89	  
		 	 (a)    Periodic valuation
	  	 	89	  
		 	 (b)    Daily valuation
	  	 	89	  
	 10.03
	 	Adjustments to Participant Accounts	  	 	89	  
		 	 (a)    Distributions and forfeitures from a Participant’s Account
	  	 	89	  
		 	 (b)    Life insurance premiums and dividends
	  	 	89	  
		 	 (c)    Contributions and forfeitures allocated to a Participant’s Account
	  	 	89	  
		 	 (d)    Net income or loss
	  	 	89	  
	 10.04
	 	Share or unit accounting	  	 	90	  
	 10.05
	 	Suspense accounts	  	 	90	  
	 10.06
	 	Investments under the Plan	  	 	90	  
		 	 (a)    Investment options
	  	 	90	  
		 	 (b)    Common/collective trusts and collectibles
	  	 	90	  
		 	 (c)    Limitations on the investment in Qualifying Employer Securities and Qualifying Employer Real
Property
	  	 	90	  
	 10.07
	 	Participant-directed investments	  	 	91	  
		 	 (a)    Limits on participant investment direction
	  	 	91	  
		 	 (b)    Failure to direct investment
	  	 	91	  
		 	 (c)    Trustee to follow Participant direction
	  	 	92	  
	 10.08
	 	Investment in Life Insurance	  	 	93	  
		 	 (a)    Incidental Life Insurance Rules
	  	 	93	  
		 	 (b)    Ownership of Life Insurance Policies
	  	 	94	  
		 	 (c)    Evidence of Insurability
	  	 	94	  
		 	 (d)    Distribution of Insurance Policies
	  	 	94	  
		 	 (e)    Discontinuance of Insurance Policies
	  	 	94	  
		 	 (f)     Protection of Insurer
	  	 	94	  
		 	 (g)    No Responsibility for Act of Insurer
	  	 	94	  
	
	SECTION 11	  
	PLAN ADMINISTRATION AND OPERATION	  
	 11.01
	 	Plan Administrator	  	 	95	  
	 11.02
	 	Designation of Alternative Plan Administrator	  	 	95	  
		 	 (a)    Acceptance of responsibility by designated Plan Administrator
	  	 	95	  
		 	 (b)    Multiple alternative Plan Administrators
	  	 	95	  
		 	 (c)    Resignation or removal of designated Plan Administrator
	  	 	95	  
		 	 (d)    Employer responsibilities
	  	 	95	  
		 	 (e)    Indemnification of Plan Administrator
	  	 	95	  
	 11.03
	 	Named Fiduciary	  	 	95	  
	 11.04
	 	Duties, Powers and Responsibilities of the Plan Administrator	  	 	95	  
		 	 (a)    Delegation of duties, powers and responsibilities
	  	 	95	  
		 	 (b)    Specific Plan Administrator responsibilities
	  	 	95	  
	 11.05
	 	Plan Administration Expenses	  	 	96	  
		 	 (a)    Reasonable Plan administration expenses
	  	 	96	  
		 	 (b)    Plan expense allocation
	  	 	96	  
		 	 (c)    Expenses related to administration of former Employee or surviving spouse
	  	 	96	  
	 11.06
	 	Qualified Domestic Relations Orders (QDROs)	  	 	97	  
		 	 (a)    In general
	  	 	97	  
		 	 (b)    Definitions related to Qualified Domestic Relations Orders (QDROs)
	  	 	97	  
		 	 (c)    Recognition as a QDRO
	  	 	97	  
		 	 (d)    Contents of QDRO
	  	 	97	  
		 	 (e)    Impermissible QDRO provisions
	  	 	97	  
		 	 (f)     Immediate distribution to Alternate Payee
	  	 	97	  
		 	 (g)    Fee for QDRO determination
	  	 	97	  
		 	 (h)    Default QDRO procedure
	  	 	97	  
	 11.07
	 	Claims Procedure	  	 	99	  
		 	 (a)    Filing a claim
	  	 	99	  
		 	 (b)    Plan Administrator’s decision
	  	 	99	  
		 	 (c)    Review procedure
	  	 	99	  

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	vii	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Table of Contents

  

							
		 	 (d)    Decision on review
	  	 	99	  
	 11.08
	 	Operational Rules for Short Plan Years	  	 	99	  
	
	SECTION 12	  
	TRUST PROVISIONS	  
	 12.01
	 	Establishment of Trust	  	 	101	  
	 12.02
	 	Types of Trustees	  	 	101	  
		 	 (a)    Directed Trustee
	  	 	101	  
		 	 (b)    Discretionary Trustee
	  	 	101	  
	 12.03
	 	Responsibilities of the Trustee	  	 	101	  
		 	 (a)    Responsibilities regarding administration of Trust
	  	 	102	  
		 	 (b)    Responsibilities regarding investment of Plan assets
	  	 	102	  
	 12.04
	 	Voting and Other Rights Related to Employer Stock	  	 	103	  
	 12.05
	 	Responsibilities of the Employer	  	 	104	  
	 12.06
	 	Effect of Plan Amendment	  	 	104	  
	 12.07
	 	More than One Trustee	  	 	104	  
	 12.08
	 	Annual Valuation	  	 	104	  
	 12.09
	 	Reporting to Plan Administrator and Employer	  	 	104	  
	 12.10
	 	Reasonable Compensation	  	 	104	  
	 12.11
	 	Resignation and Removal of Trustee	  	 	105	  
	 12.12
	 	Indemnification of Trustee	  	 	105	  
	 12.13
	 	Liability of Trustee	  	 	105	  
	 12.14
	 	Appointment of Custodian	  	 	105	  
	 12.15
	 	Modification of Trust Provisions	  	 	105	  
	 12.16
	 	Custodial Accounts, Annuity Contracts and Insurance Contracts	  	 	106	  
	
	SECTION 13	  
	PARTICIPANT LOANS	  
	 13.01
	 	Availability of Participant Loans	  	 	107	  
	 13.02
	 	Must be Available in Reasonably Equivalent Manner	  	 	107	  
	 13.03
	 	Loan Limitations	  	 	107	  
	 13.04
	 	Limit on Amount and Number of Loans	  	 	107	  
		 	 (a)    Loan renegotiation
	  	 	107	  
		 	 (b)    Participant must be creditworthy
	  	 	107	  
	 13.05
	 	Reasonable Rate of Interest	  	 	107	  
	 13.06
	 	Adequate Security	  	 	108	  
	 13.07
	 	Periodic Repayment	  	 	108	  
		 	 (a)    Unpaid leave of absence
	  	 	108	  
		 	 (b)    Military leave
	  	 	108	  
	 13.08
	 	Spousal Consent	  	 	108	  
	 13.09
	 	Designation of Accounts	  	 	108	  
	 13.10
	 	Procedures for Loan Default	  	 	109	  
	 13.11
	 	Termination of Employment	  	 	109	  
		 	 (a)    Offset of outstanding loan
	  	 	109	  
		 	 (b)    Direct Rollover
	  	 	109	  
		 	 (c)    Modified loan policy
	  	 	109	  
	
	SECTION 14	  
	PLAN AMENDMENTS, TERMINATION, MERGERS AND TRANSFERS	  
	 14.01
	 	Plan Amendments	  	 	110	  
		 	 (a)    Amendment by the Prototype Sponsor
	  	 	110	  
		 	 (b)    Amendment by the Employer
	  	 	110	  
		 	 (c)    Reduction of accrued benefit
	  	 	110	  
		 	 (d)    Effective Date of Plan Amendments
	  	 	111	  
	 14.02
	 	Amendment to Correct Coverage or Nondiscrimination Violation	  	 	112	  
		 	 (a)    Amendment within correction period under Treas. Reg. §1.401(a)(4)-11(g)
	  	 	112	  
		 	 (b)    Fail-Safe Coverage Provision
	  	 	112	  
	 14.03
	 	Plan Termination	  	 	113	  
		 	 (a)    Full and immediate vesting
	  	 	113	  
		 	 (b)    Distribution upon Plan termination
	  	 	113	  
		 	 (c)    Termination upon merger, liquidation or dissolution of the Employer
	  	 	114	  
	 14.04
	 	Merger or Consolidation	  	 	114	  
	 14.05
	 	Transfer of Assets	  	 	114	  

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	viii	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Table of Contents

  

							
		 	 (a)    Protected benefits
	  	 	114	  
		 	 (b)    Application of QJSA requirements
	  	 	114	  
		 	 (c)    Transfers from a Defined Benefit Plan, Money Purchase Plan or 401(k) Plan
	  	 	115	  
		 	 (d)    Qualified Transfer
	  	 	115	  
		 	 (e)    Trustee’s right to refuse transfer
	  	 	116	  
	
	SECTION 15	  
	MISCELLANEOUS	  
	 15.01
	 	Exclusive Benefit	  	 	117	  
	 15.02
	 	Return of Employer Contributions	  	 	117	  
		 	 (a)    Mistake of fact
	  	 	117	  
		 	 (b)    Disallowance of deduction
	  	 	117	  
		 	 (c)    Failure to initially qualify
	  	 	117	  
	 15.03
	 	Alienation or Assignment	  	 	117	  
	 15.04
	 	Participants’ Rights	  	 	117	  
	 15.05
	 	Military Service	  	 	117	  
	 15.06
	 	Annuity Contract	  	 	117	  
	 15.07
	 	Use of IRS Compliance Programs	  	 	117	  
	 15.08
	 	Governing Law	  	 	118	  
	 15.09
	 	Waiver of Notice	  	 	118	  
	 15.10
	 	Use of Electronic Media	  	 	118	  
	 15.11
	 	Severability of Provisions	  	 	118	  
	 15.12
	 	Binding Effect	  	 	118	  
	
	SECTION 16	  
	PARTICIPATING EMPLOYERS	  
	 16.01
	 	Participation by Participating Employers	  	 	119	  
	 16.02
	 	Participating Employer Adoption Page	  	 	119	  
		 	 (a)    Application of Plan provisions
	  	 	119	  
		 	 (b)    Plan amendments
	  	 	119	  
		 	 (c)    Trustee designation
	  	 	119	  
	 16.03
	 	Compensation of Related Employers	  	 	119	  
	 16.04
	 	Allocation of Contributions and Forfeitures	  	 	119	  
	 16.05
	 	Discontinuance of Participation by a Participating Employer	  	 	119	  
	 16.06
	 	Operational Rules for Related Employer Groups	  	 	119	  
	 16.07
	 	Special Rules for Standardized Adoption Agreement	  	 	120	  
		 	(a) Change in status - new Related Employer	  	 	120	  
		 	(b) Change in status - cessation of Related Employer relationship	  	 	120	  
	
	APPENDIX A	  
	ACTUARIAL FACTORS	  
	 Actuarial Factor Table
	  	 	121	  
	
	APPENDIX B	  
	INTERIM AMENDMENT #1	  
	FINAL §415 AND §411(D)(6) REGULATIONS AND RELIEF FOR HURRICANES KATRINA, WILMA AND RITA	  
	 B-1.01
	 	Compliance with Plan Qualification Requirements	  	 	122	  
	 B-2.01
	 	Effective Date of Amendments	  	 	122	  
		 	 (a)    Code §415 regulations
	  	 	122	  
		 	 (b)    Code §411(d)(6) regulations
	  	 	122	  
		 	 (c)    Hurricane Katrina, Wilma and Rita amendments
	  	 	122	  
	 B-3.01
	 	Final Regulations Under Code §415	  	 	122	  
		 	 (a)    Post-Severance Compensation
	  	 	122	  
		 	 (b)    Continuation payments for military service and disabled Participants
	  	 	123	  
		 	 (c)    Definition of Compensation
	  	 	123	  
		 	 (d)    Few weeks rule
	  	 	123	  
		 	 (e)    Restorative payments
	  	 	123	  
		 	 (f)     Corrective provisions
	  	 	123	  
		 	 (g)    Change of Limitation Year
	  	 	123	  
	 B-3.02
	 	Protection of Benefits under Code §411(d)(6)	  	 	123	  
		 	 (a)    Amendment of vesting schedule
	  	 	123	  
		 	 (b)    Reduction of accrued benefit
	  	 	124	  
	 B-3.03
	 	Special Distribution and Loan Rules for Participants Affected by Hurricanes Katrina, Rita, And Wilma	  	 	124	  

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	ix	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Table of Contents

  

							
		 	 (a)    In general
	  	 	124	  
		 	 (b)    Tax-favored withdrawals of Qualified Hurricane Distributions
	  	 	124	  
		 	 (c)    Recontributions of qualified hardship distributions
	  	 	124	  
		 	 (d)    Special loan rules
	  	 	124	  
	
	APPENDIX C	  
	INTERIM AMENDMENT #2	  
	PENSION PROTECTION ACT OF 2006 (PPA)	  
	 C-1.01
	 	Compliance with Pension Protection Act of 2006	  	 	126	  
	 C-2.01
	 	Qualification Requirements under PPA	  	 	126	  
		 	 (a)    Vesting Requirements
	  	 	126	  
		 	 (b)    Direct Rollover by Non-Spouse Beneficiary
	  	 	126	  
		 	 (c)    Hardship Distributions
	  	 	126	  
		 	 (d)    Direct Rollover of Non-Taxable Amounts
	  	 	127	  
		 	 (e)    Rollovers to Roth IRA
	  	 	127	  
		 	 (f)     Distribution Notice Periods
	  	 	127	  
		 	 (g)    Content of Notice of a Participant’s Right to Defer Receipt of a Distribution
	  	 	127	  
		 	 (h)    Qualified Domestic Relations Orders
	  	 	127	  
		 	 (i)     Diversification Requirements for Defined Contribution Plans Invested in Employer
Securities
	  	 	127	  
		 	 (j)     In-Service Distributions from Pension Plans
	  	 	128	  
		 	 (k)    Penalty-Free Withdrawals for Individuals Called to Active Duty
	  	 	128	  
		 	 (l)     Qualified Optional Survivor Annuity
	  	 	129	  
	 C-2.02
	 	Special Rules for Eligible Automatic Contribution Arrangement	  	 	129	  
		 	 (a)    Definition of Eligible Automatic Contribution Arrangement
	  	 	129	  
		 	 (b)    Permissible Withdrawals under Eligible Automatic Contribution Arrangement
	  	 	130	  
		 	 (c)    Expansion of corrective distribution period for Eligible Automatic Contribution
Arrangements
	  	 	131	  
		 	 (d)    Preemption of state law
	  	 	131	  
	 C-2.03
	 	Qualified Automatic Contribution Arrangements	  	 	131	  
		 	 (a)    Automatic deferral
	  	 	131	  
		 	 (b)    Eligible Employees
	  	 	131	  
		 	 (c)    QACA Safe Harbor Contribution
	  	 	132	  
		 	 (d)    Distribution restrictions
	  	 	132	  
		 	 (e)    Annual notice
	  	 	132	  
	 C-3.01
	 	Modifications to Rules Applicable to Corrective Distributions under ADP Test and ACP Test	  	 	132	  
		 	 (a)    Elimination of “gap period” earnings
	  	 	132	  
		 	 (b)    Year of inclusion
	  	 	132	  
	 C-3.02
	 	Gap Period Income for Corrective Distributions of Excess Deferrals	  	 	133	  
		 	 (a)    Method of allocating gain or loss
	  	 	133	  
		 	 (b)    Alternative method of allocating taxable year gain or loss
	  	 	133	  
		 	 (c)    Alternative method for allocating plan year and gap period income
	  	 	133	  
	 C-4.01
	 	Reasonable Normal Retirement Age	  	 	133	  
	 C-5.01
	 	IRS Guidance Relating to Plan Qualification Requirements	  	 	133	  
		 	 (a)    Mid-Year Changes to Safe Harbor 401(k) Plan
	  	 	133	  
		 	 (b)    Partial Termination
	  	 	133	  
	
	APPENDIX D	  
	INTERIM AMENDMENT #3	  
	HEART ACT, WRERA AND OTHER IRS GUIDANCE	  
	 D-1.01
	 	Compliance with Plan Qualification Requirements	  	 	134	  
	 D-2.01
	 	Requirements under Heroes Earnings Assistance and Relief (HEART) Act of 2008	  	 	134	  
		 	 (a)    Death Benefits under Qualified Military Service
	  	 	134	  
		 	 (b)    Benefit Accruals
	  	 	134	  
		 	 (c)    Differential Pay
	  	 	134	  
		 	 (d)    Penalty-Free Withdrawals for Individuals Called to Active Duty
	  	 	135	  
	 D-2.02
	 	Requirements under Worker Retiree and Employer Recovery Act of 2008 (WRERA) and Other IRS Guidance	  	 	135	  
		 	 (a)    Waiver of Required Minimum Distributions
	  	 	135	  
		 	 (b)    Elimination of “Gap Period” Earnings
	  	 	135	  
		 	 (c)    Transfer of Plan to Unrelated Employer
	  	 	135	  
	 D-2.03
	 	Final Automatic Contribution Regulations	  	 	135	  
		 	 (a)    Definition of Eligible Automatic Contribution Arrangement (EACA)
	  	 	135	  
		 	 (b)    Annual EACA notice
	  	 	135	  
		 	 (c)    Permissible Withdrawals under Eligible Automatic Contribution Arrangement
	  	 	136	  
		 	 (d)    Qualified Automatic Contribution Arrangement (QACA)
	  	 	136	  

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	x	 	

					
	 Prototype Defined Contribution Plan

Section 1 – Plan Definitions

 

 SECTION 1 

PLAN DEFINITIONS 
 This Section contains
definitions for common terms that are used throughout the Plan. All capitalized terms under the Plan are defined in this Section or in the relevant section of the Plan document where such term is used. 

 

	1.01	Account. The separate Account maintained for each Participant under the Plan. Under the Profit Sharing/401(k) Plan, a Participant may have any (or all) of the following separate Accounts:

  

	 	•	 	Pre-Tax Salary Deferral Account 

  

	 	•	 	Roth Deferral Account 

  

	 	•	 	Employer Contribution Account 

  

	 	•	 	Matching Contribution Account 

  

	 	•	 	Qualified Nonelective Contribution (QNEC) Account 

  

	 	•	 	Qualified Matching Contribution (QMAC) Account 

  

	 	•	 	Safe Harbor Employer Contribution Account 

  

	 	•	 	Safe Harbor Matching Contribution Account 

  

	 	•	 	After-Tax Contribution Account 

  

	 	•	 	Rollover Contribution Account 

  

	 	•	 	Transfer Account 

 The Plan Administrator may establish other Accounts, as it deems necessary,
for the proper administration of the Plan. 
  

	1.02	Account Balance. Account Balance shall mean a Participant’s balances in all of the Accounts maintained by the Plan on his or her behalf. 

 

	1.03	ACP Test (Actual Contribution Percentage Test). The special nondiscrimination test that applies to Matching Contributions and/or After-Tax Contributions under the Profit Sharing/401(k) Plan. See
Section 6.02(a). 

  

	1.04	Actuarial Factor. A Participant’s Actuarial Factor is used for purposes of determining the Participant’s allocation under the age-based allocation formula under AA §6-3(e) of the
Nonstandardized Adoption Agreements. See Section 3.02(a)(1)(v)(B). 

  

	1.05	Adoption Agreement (“Agreement”). The Adoption Agreement contains the elective provisions that an Employer may complete to supplement or modify the provisions under the Plan. Each adopting
Employer must complete and execute the Adoption Agreement. If the Plan covers Employees of an Employer other than the Employer that executes the Employer Signature Page of the Adoption Agreement, such additional Employer(s) must execute a
Participating Employer Adoption Page under the Adoption Agreement. (See Section 16 for rules applicable to adoption by Related Employers.) An Employer may adopt more than one Adoption Agreement associated with this Plan document. Each executed
Agreement is treated as a separate Plan. If the Employer adopts the Profit Sharing/401(k) Plan Adoption Agreement, the Employer may adopt either a Nonstandardized or Standardized version. 

 

	1.06	ADP Test (Actual Deferral Percentage Test). The special nondiscrimination test that applies to Salary Deferrals under the Profit Sharing/401(k) Plan. See Section 6.01(a). 

 

	1.07	After-Tax Contributions. Employee Contributions that may be made to the Profit Sharing/401(k) Plan by a Participant that are included in the Participant’s gross income in the year such amounts are
contributed to the Plan and are maintained under a separate After-Tax Contribution Account to which earnings and losses are allocated. See Section 3.06. (For this purpose, Roth Deferrals are not considered as After-Tax Contributions.)

  

	1.08	Alternate Payee. A person designated to receive all or a portion of the Participant’s benefit pursuant to a QDRO. See Section 11.06. 

 

	1.09	Anniversary Years. An alternative period for measuring Eligibility Computation Periods (under Section 2.03(a)(2)) and Vesting Computation Periods (under Section 7.04). An Anniversary Year is any
12-month period which commences with the Employee’s Employment Commencement Date or which commences with the anniversary of the Employee’s Employment Commencement Date. 

 

	1.10	Annual Additions. The amounts taken into account under a Defined Contribution Plan for purposes of applying the limitation on allocations under Code §415. See Section 5.03(c)(1) for the
definition of Annual Additions. 

  

	1.11	Annuity Starting Date. The date an Employee commences distribution from the Plan. If a Participant commences distribution with respect to a portion of his/her Account Balance, a
separate Annuity Starting Date applies to any subsequent distribution. If distribution is made in the form of an annuity, the Annuity Starting Date may be treated as the first day of the first period for which annuity payments are made. See
Section 9.02(c). 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	1	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 1 – Plan Definitions

  

	1.12	Automatic Rollover. For Involuntary Cash-Out Distributions (as defined in Section 8.06(b)) made on or after March 28, 2005, the Plan Administrator will make a Direct Rollover to an individual
retirement plan (IRA) designated by the Plan Administrator. See Section 8.06. 

  

	1.13	Average Contribution Percentage (ACP). The average of the contribution percentages for the Highly Compensated Employee Group and the Nonhighly Compensated Employee Group, which are tested for
nondiscrimination under the ACP Test. See Section 6.02(a)(1). 

  

	1.14	Average Deferral Percentage (ADP). The average of the deferral percentages for the Highly Compensated Employee Group and the Nonhighly Compensated Employee Group, which are tested for nondiscrimination
under the ADP Test. See Section 6.01(a)(1). 

  

	1.15	Beneficiary. A person designated by the Participant (or by the terms of the Plan) to receive a benefit under the Plan upon the death of the Participant. See Section 8.08(c) for the applicable rules
for determining a Participant’s Beneficiaries under the Plan. 

  

	1.16	Benefiting Participant. A Participant who receives an allocation of Employer Contributions or forfeitures as described in Section 3.02(a)(1)(iv)(D)(II). See Section 3.02(a)(1)(iv)(D)(III) for
special rules that apply where a Benefiting Participant does not receive the Minimum Gateway Contribution described in Section 3.02(a)(1)(iv)(D)(III)(a) under the new comparability allocation formula. 

 

	1.17	Break in Service. The Computation Period (as defined in Section 2.03(a)(2) for purposes of eligibility and Section 7.04 for purposes of vesting) during which an Employee does not complete more
than five hundred (500) Hours of Service with the Employer. However, if the Employer elects under AA §4-3(a) or AA §8-7(a) of the Nonstandardized Adoption Agreements to require less than 1,000 Hours of Service to earn a Year of
Service for eligibility or vesting purposes, a Break in Service will occur for any Computation Period during which the Employee does not complete more than one-half (1/2) of the Hours of Service required to earn a Year of Service for
eligibility or vesting purposes, as applicable. (See Section 2.07 for a discussion of the eligibility Break in Service rules and Section 7.07 for a discussion of the vesting Break in Service rules.) 

 

	1.18	Cash-Out Distribution. A total distribution made to a terminated Participant in accordance with Section 7.10(a). 

  

	1.19	Catch-Up Contributions. Salary Deferrals made to the Plan that are in excess of an otherwise applicable Plan limit and that are made by Participants who are aged 50 or over by the end of their taxable
years. See Section 3.03(d). 

  

	1.20	Catch-Up Contribution Limit. The annual limit applicable to Catch-Up Contributions as set forth in Section 3.03(d)(1). 

 

	1.21	Code. The Internal Revenue Code of 1986, as amended. 

  

	1.22	Code §415 Limitation. The limit on the amount of Annual Additions a Participant may receive under the Plan during a Limitation Year. See Section 5.03. 

 

	1.23	Collectively Bargained Employee. An Employee who is included in a unit of Employees covered by a collective bargaining agreement between the Employer and Employee representatives and whose retirement
benefits are subject to good faith bargaining. Such Employees may be excluded from the Plan if designated under AA §3-1(b). See Section 2.02(b)(1) for additional requirements related to the exclusion of Collectively Bargained Employees.

  

	1.24	Compensation Limit. The maximum amount of compensation that can be taken into account for any Plan Year for purposes of determining a Participant’s Plan Compensation. For Plan Years beginning on or
after January 1, 1994, and before January 1, 2002, the Compensation Limit taken into account for determining benefits provided under the Plan for any Plan Year is $150,000, as adjusted for increases in cost-of-living in accordance with
Code §401(a)(17)(B). For any Plan Years beginning on or after January 1, 2002, the Compensation Limit is $200,000, as adjusted for cost-of-living increased in accordance with Code §401(a)(17)(B). In determining the Compensation Limit
for any applicable period (the “determination period”), the cost-of-living adjustment in effect for a calendar year applies to any determination period that begins with or within such calendar year. 

If a determination period consists of fewer than 12 months, the Compensation Limit for such period is an amount equal to the otherwise
applicable Compensation Limit multiplied by a fraction, the numerator of which is the number of months in the short determination period, and the denominator of which is 12. A determination period will not be considered to be less than 12 months
merely because compensation is taken into account only for the period the Employee is a Participant. If Salary Deferrals, Matching Contributions, or After-Tax Contributions are separately determined on the basis of specified periods within the
determination period (e.g., on the basis of payroll periods), no proration of the Compensation Limit is required with respect to such contributions. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	2	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 1 – Plan Definitions

  

 If compensation for any prior determination period is taken into account in determining a
Participant’s allocations for the current Plan Year, the compensation for such prior determination period is subject to the applicable Compensation Limit in effect for that prior period. For this purpose, in determining allocations in Plan
Years beginning on or after January 1, 1989, the Compensation Limit in effect for determination periods beginning before that date is $200,000. In addition, in determining allocations in Plan Years beginning on or after January 1, 1994,
the Compensation Limit in effect for determination periods beginning before that date is $150,000. 
 In determining the amount of a
Participant’s Salary Deferrals under the Profit Sharing/401(k) Plan, a Participant may defer with respect to Plan Compensation that exceeds the Compensation Limit, provided the total deferrals made by the Participant satisfy the Elective
Deferral Dollar Limit and any other limitations under the Plan. 
  

	1.25	Computation Period. The 12-consecutive month period used for measuring whether an Employee completes a Year of Service for eligibility or vesting purposes. 

 

	 	(a)	Eligibility Computation Period. The 12-consecutive month period used for measuring Years of Service for eligibility purposes. See Section 2.03(a)(2). 

 

	 	(b)	Vesting Computation Period. The 12-consecutive month period used for measuring Years of Service for vesting purposes. See Section 7.04. 

 

	1.26	Current Year Testing Method. A method for applying the ADP Test and/or the ACP Test under the Profit Sharing/401(k) Plan wherein the Salary Deferrals taken into account under the ADP Test and the Matching
Contributions and/or After-Tax Contributions taken into account under the ACP Test are based on deferrals and contributions in the current Plan Year. See Section 6.01(a) for a discussion of the Current Year Testing Method under the ADP Test and
Section 6.02(a) for a discussion of the Current Year Testing Method under the ACP Test. 

  

	1.27	Custodian. An organization that has custody of all or any portion of the Plan assets. See Section 12.14. 

  

	1.28	Defined Benefit Plan. A plan under which a Participant’s benefit is based solely on the Plan’s benefit formula without the establishment of separate Accounts for Participants. 

 

	1.29	Defined Contribution Plan. A plan that provides for individual Accounts for each Participant to which all contributions, forfeitures, income, expenses, gains and losses under the Plan are credited or
deducted. A Participant’s benefit under a Defined Contribution Plan is based solely on the fair market value of his/her vested Account Balance. 

  

	1.30	Designated Beneficiary. A Beneficiary who is designated by the Participant (or by the terms of the Plan) and whose life expectancy is taken into account in determining minimum distributions under Code
§401(a)(9) and Treas. Reg. § 1.401(a)(9)-4. See Section 8.12(d)(1). 

  

	1.31	Determination Date. The date as of which the Plan is tested for Top Heavy purposes. See Section 4.03(c). 

  

	1.32	Determination Year. The Plan Year for which an Employee’s status as a Highly Compensated Employee is being determined. See Section 1.65. 

 

	1.33	Directed Account. The Plan assets under a Trust which are held for the benefit of a specific Participant. See Section 10.03(d)(2). 

 

	1.34	Directed Trustee. A Trustee is a Directed Trustee to the extent that the Trustee’s investment powers are subject to the direction of another person. See Section 12.02(a). 

 

	1.35	Direct Rollover. A rollover, at the Participant’s direction, of all or a portion of the Participant’s vested Account Balance directly to an Eligible Retirement Plan. See Section 8.05.

  

	1.36	Disabled. Unless modified under AA §9-4(b) of the Nonstandardized Adoption Agreement, an individual is considered Disabled for purposes of applying the provisions of this Plan if the individual is
unable to engage in any substantial gainful activity by reason of a medically determinable physical or mental impairment that can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than
12 months. The permanence and degree of such impairment shall be supported by medical evidence. The Plan Administrator may establish reasonable procedures for determining whether a Participant is Disabled. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	3	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 1 – Plan Definitions

  

	1.37	Discretionary Trustee. A Trustee is a Discretionary Trustee to the extent the Trustee has exclusive authority and discretion to invest, manage or control the Plan assets without direction from any other
person. See Section 12.02(b). 

  

	1.38	Distribution Calendar Year. A calendar year for which a minimum distribution is required. See Section 8.12(d)(2). 

 

	1.39	Early Retirement Age. The age and/or Years of Service set forth in AA §7-2 of the Nonstandardized Adoption Agreements. Early Retirement Age may be used to determine distribution rights and/or vesting
rights. If a Participant separates from service before satisfying the age requirement for early retirement, but has satisfied the service requirement, the Participant will be entitled to elect an early retirement benefit upon satisfaction of such
age requirement. The Plan is not required to have an Early Retirement Age. 

  

	1.40	Earned Income. Earned Income is the net earnings from self-employment in the trade or business with respect to which the Plan is established, and for which personal services of the individual are a
material income-producing factor. Net earnings will be determined without regard to items not included in gross income and the deductions allocable to such items. Net earnings are reduced by contributions by the Employer to a qualified plan to the
extent deductible under Code §404. Net earnings shall be determined after the deduction allowed to the taxpayer by Code §164(f). 

  

	1.41	Effective Date. The date this Plan, including any restatement or amendment of this Plan, is effective. The Effective Date of the Plan is designated on the Employer Signature Page under the Adoption
Agreement. See Section 14.01(d) for special rules concerning the retroactive effective date of provisions under the Plan designed to comply with the requirements of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).

  

	1.42	Elapsed Time. A special method for crediting service for eligibility or vesting. See Section 2.03(a)(5) for more information on the Elapsed Time method of crediting service for eligibility purposes
and Section 7.03(b) for more information on the Elapsed Time method of crediting service for vesting purposes. Also see Section 3.09 for information on the Elapsed Time method for allocation conditions. 

 

	1.43	Elective Deferral Dollar Limit. The maximum amount of Elective Deferrals a Participant may make for any calendar year. See Section 5.02. 

 

	1.44	Elective Deferrals. A Participant’s Elective Deferrals is the sum of all Salary Deferrals (as defined in Section 1.117) and other contributions made pursuant to a Salary Deferral Election under a
SARSEP described in Code §408(k)(6), a SIMPLE IRA plan described in Code §408(p), a plan described under Code §501(c)(18), and a custodial account or other arrangement described in Code §403(b). Elective Deferrals shall not
include any amounts properly distributed as an Excess Amount under Code §415. 

  

	1.45	Eligible Employee. An Employee who is not excluded from participation under Section 2.02 of the Plan or AA §3-1. 

 

	1.46	Eligible Retirement Plan. A qualified retirement plan or IRA that may receive a rollover contribution. See Section 8.05(a)(2). 

 

	1.47	Eligible Rollover Distribution. An amount distributed from the Plan that is eligible for rollover to an Eligible Retirement Plan. See Section 8.05(a)(1). 

 

	1.48	Employee. An Employee is any individual employed by the Employer (including any Related Employers). An independent contractor is not an Employee. An Employee is not eligible to participate under the Plan
if the individual is not an Eligible Employee under Section 2.02. For purposes of applying the provisions under this Plan, a Self-Employed Individual is treated as an Employee. A Leased Employee is also treated as an Employee of the recipient
organization, as provided in Section 2.02(b)(3). 

  

	1.49	Employer. Except as otherwise provided, Employer means the Employer that adopts this Plan and any Related Employer. (See Section 2.02(c) for rules regarding coverage of Employees of Related Employers.
Also see Section 16 for rules that apply to Related Employers that execute a Participating Employer Adoption Page.) 

  

	1.50	Employer Contributions. Contributions the Employer makes pursuant to AA §6. Under the Profit Sharing/401(k) Plan, Employer Contributions also include any QNECs the Employer makes pursuant to AA
§6-4 and any Safe Harbor Employer Contributions the Employer makes pursuant to AA §6C of the Profit Sharing/401(k) Plan Adoption Agreement. See Section 3.02. 

 

	1.51	Employment Commencement Date. The date the Employee first performs an Hour of Service for the Employer. 

  

	1.52	Entry Date. The date on which an Employee becomes a Participant upon satisfying the Plan’s minimum age and service conditions. See Section 2.03(b). 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	4	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 1 – Plan Definitions

  

	1.53	Equivalency Method. An alternative method for crediting Hours of Service for purposes of eligibility and vesting. See Section 2.03(a)(4) for eligibility provisions and Section 7.03(a)(2) for
vesting provisions. 

  

	1.54	ERISA. The Employee Retirement Income Security Act of 1974, as amended. 

  

	1.55	Excess Aggregate Contributions. Amounts which are distributed to correct the ACP Test. See Section 6.02(b)(1). 

  

	1.56	Excess Amount. Amounts which exceed the Code §415 Limitation. See Section 5.03(c)(4). 

  

	1.57	Excess Compensation. The amount of Plan Compensation that exceeds the Integration Level for purposes of applying the permitted disparity allocation formula. See Section 3.02(a)(1)(ii) (Profit
Sharing/401(k) Plan) and Section 3.02(b)(2) (Money Purchase Plan). 

  

	1.58	Excess Contributions. Amounts which are distributed to correct the ADP Test. See Section 6.01(b)(1). 

  

	1.59	Excess Deferrals. Elective Deferrals that exceed the Elective Deferral Dollar Limit (as defined in Section 5.02). (See Section 5.02(b) for rules regarding the correction of Excess Deferrals.)

  

	1.60	Fail-Safe Coverage Provision. A correction provision that permits the Plan to automatically correct a coverage violation resulting from the application of a last day of employment or Hours of Service
allocation condition. See Section 14.02. 

  

	1.61	Family Members. For purposes of applying the new comparability allocation formula under AA §6-3(d) of the Nonstandardized Adoption Agreements, Family Members include the spouse, children, parents and
grandparents of a Five-Percent Owner, as defined in Section 1.65(a). See Section 3.02(a)(1)(iv)(D)(I). 

  

	1.62	Favorable IRS Letter. An opinion letter issued by the IRS to a Prototype Sponsor as to the qualified status of a Prototype Plan. 

 

	1.63	General Trust Account. The Plan assets under a Trust which are held for the benefit of all Plan Participants as a pooled investment. See Section 10.03(d)(1). 

 

	1.64	Hardship. A heavy and immediate financial need which meets the requirements of Section 8.10(d). 

  

	1.65	Highly Compensated. An Employee or Participant is Highly Compensated for a Plan Year if he/she is a Five-Percent Owner (as defined in subsection (a)) or has Total Compensation above the compensation limit
(as defined in subsection (b)). 

  

	 	(a)	Five-Percent Owner. An individual is Highly Compensated if at any time during the Determination Year or Lookback Year, such individual owns (or is considered as owning within the meaning of Code §318)
more than 5 percent of the outstanding stock of the Employer or stock possessing more than 5 percent of the total combined voting power of all stock of the Employer. If the Employer is not a corporation, an individual is treated as Highly
Compensated if such individual owns more than 5 percent of the capital or profits interest of the Employer. 

  

	 	(b)	Compensation limit. An individual is Highly Compensated if at any time during the Lookback Year, such individual has Total Compensation from the Employer in excess of $80,000 (as adjusted) and, if elected
under AA §11-2, is in the Top Paid Group, as defined in subsection (f) below. The $80,000 amount is adjusted at the same time and in the same manner as under Code §415(d), except that the base period is the calendar quarter ending
September 30, 1996. 

 In determining whether an Employee or Participant is Highly Compensated, the following definitions
apply: 
  

	 	(c)	Determination Year. The Determination Year is the Plan Year for which the Highly Compensated determination is being made. 

 

	 	(d)	Lookback Year. The Lookback Year is the 12-month period immediately preceding the Determination Year. If the Plan Year is not the calendar year, the Employer may elect in AA §11-2(c) of the
Nonstandardized Adoption Agreement to use the calendar year that begins in the Lookback Year. This election to use the calendar year as the Lookback Year only applies for purposes of applying the compensation limit under subsection (b) above
and not for purposes of applying the Five-Percent Owner test in subsection (a) above. 

  

	 	(e)	Total Compensation. Total Compensation as defined under Section 1.126. 

  

	 	(f)	Top Paid Group. The Top Paid Group is the top 20% of Employees ranked by Total Compensation. In determining the Top Paid Group, the Employer may use any reasonable method of rounding or tie-breaking. In
determining the number of Employees in the Top Paid Group, the Employer may exclude Employees described in Code §414(q)(5) or applicable regulations. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	5	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 1 – Plan Definitions

  

	1.66	Highly Compensated Group. The group of Highly Compensated Employees who are included in the ADP Test and/or the ACP Test. See Sections 6.01(a) and 6.02(a). 

 

	1.67	Hour of Service. Each Employee of the Employer will receive credit for each Hour of Service he/she works for purposes of applying the eligibility and vesting rules under the Plan. An Employee will not
receive credit for the same Hour of Service under more than one category listed below. 

  

	 	(a)	Performance of duties. Hours of Service include each hour for which an Employee is paid, or entitled to payment, for the performance of duties for the Employer. These hours will be credited to the Employee
for the computation period in which the duties are performed. 

  

	 	(b)	Nonperformance of duties. Hours of Service include each hour for which an Employee is paid, or entitled to payment, by the Employer on account of a period of time during which no duties are performed
(irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty or leave of absence. No more than 501 hours of service will be credited under
this paragraph for any single continuous period (whether or not such period occurs in a single Computation Period). Hours under this paragraph will be calculated and credited pursuant to §2530.200b-2 of the Department of Labor Regulations which
is incorporated herein by this reference. 

  

	 	(c)	Back pay award. Hours of Service include each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Employer. The same Hours of Service will not be credited
both under subsection (a) or subsection (b), as the case may be, and under this subsection (c). These hours will be credited to the Employee for the Computation Period(s) to which the award or agreement pertains rather than the Computation
Period(s) in which the award, agreement or payment is made. 

  

	 	(d)	Related Employers/Leased Employees. Hours of Service will be credited for employment with any Related Employer. Hours of Service also include hours credited as a Leased Employee or as an employee under
Code §414(o). 

  

	 	(e)	Maternity/paternity leave. Solely for purposes of determining whether a Break in Service has occurred in a Computation Period, an individual who is absent from work for maternity or paternity reasons will
receive credit for the Hours of Service which would otherwise have been credited to such individual but for such absence, or in any case in which such hours cannot be determined, 8 Hours of Service per day of such absence. For purposes of this
paragraph, an absence from work for maternity or paternity reasons means an absence (1) by reason of the pregnancy of the individual, (2) by reason of a birth of a child of the individual, (3) by reason of the placement of a child
with the individual in connection with the adoption of such child by such individual, or (4) for purposes of caring for such child for a period beginning immediately following such birth or placement. The Hours of Service credited under this
paragraph will be credited (1) in the Computation Period in which the absence begins if the crediting is necessary to prevent a Break in Service in that period, or (2) in all other cases, in the following Computation Period.

  

	1.68	Insurer. An insurance company that issues a life insurance policy on behalf of a Participant under the Plan in accordance with the requirements under Section 10.08. 

 

	1.69	Integration Level. The amount used for purposes of applying the permitted disparity allocation formula. The Integration Level is the Taxable Wage Base, unless the Employer designates a different amount
under the Adoption Agreement. See Section 3.02(a)(1)(ii) (Profit Sharing/401(k) Plan) and Section 3.02(b)(2) (Money Purchase Plan). 

  

	1.70	Key Employee. Employees who are taken into account for purposes of determining whether the Plan is a Top Heavy Plan. See Section 4.03(a). 

 

	1.71	Leased Employee. An individual who performs services for the Employer pursuant to an agreement between the Employer and a leasing organization, and who satisfies the definition of a Leased Employee under
Code §414(n). See Section 2.02(b)(3) for rules regarding the treatment of a Leased Employee as an Employee of the Employer. 

  

	1.72	Limitation Year. The measuring period for determining whether the Plan satisfies the Code §415 Limitation under Section 5.03. See Section 5.03(c)(5). 

 

	1.73	Lookback Year. The 12-month period immediately preceding the current Plan Year during which an Employee’s status as Highly Compensated Employee is determined. See Section 1.65(d).

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	6	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 1 – Plan Definitions

  

	1.74	Matching Contributions. Matching Contributions are contributions made by the Employer on behalf of a Participant on account of Salary Deferrals or After-Tax Contributions made by such Participant, as
designated under AA §6B of the Profit Sharing/401(k) Plan Adoption Agreement. Matching Contributions may only be made under the Profit Sharing/401(k) Plan. Matching Contributions also include any QMACs the Employer makes pursuant to AA
§6B-4 of the Profit Sharing/401(k) Plan Adoption Agreement and any Safe Harbor Matching Contributions the Employer makes pursuant to AA §6C of the Profit Sharing/401(k) Plan Adoption Agreement. See Section 3.04. 

A contribution will not be considered a Matching Contribution if such contribution is contributed before the underlying Salary Deferral or
After-Tax Contribution election is made or before an Employee performs the services with respect to which the underlying Salary Deferrals or After-Tax Contributions are made (or when the cash that is subject to such election would be currently
available, if earlier). A Matching Contribution will not be treated as failing to satisfy the requirements of this paragraph merely because contributions are occasionally made before the Employee performs the services with respect to which the
underlying Salary Deferral or After-Tax Contribution election is made (or when the cash that is subject to such elections would be currently available, if earlier) in order to accommodate bona fide administrative considerations (and such amounts are
not paid early for the principal purpose of accelerating deductions). 
  

	1.75	Maximum Disparity Rate. The maximum amount that may be allocated with respect to Excess Compensation under the permitted disparity allocation formula. See Section 3.02(a)(1)(ii) (Profit
Sharing/401(k) Plan) and Section 3.02(b)(2) (Money Purchase Plan). 

  

	1.76	Minimum Gateway Contribution. The minimum allocation described in Section 3.02(a)(1)(iv)(D)(III)(a) that must be provided to each Benefiting Participant (as defined in Section 1.16) in order to
use cross-testing to demonstrate compliance with the nondiscrimination requirements under Treas. Reg. §1.401(a)(4)-8. 

  

	1.77	Net Profits. The Employer may elect to limit any Employer Contribution under the Plan to Net Profits. Unless modified in the Agreement, Net Profits means the Employer’s net income or profits
determined in accordance with generally accepted accounting principles, without any reduction for taxes based upon income, or contributions made by the Employer under this Plan or any other qualified plan. 

 

	1.78	Nonhighly Compensated. An Employee or Participant who is not a Highly Compensated Employee. See Section 1.65 for the definition of Highly Compensated Employee. 

 

	1.79	Nonhighly Compensated Group. The group of Nonhighly Compensated Employees included in the ADP Test and/or the ACP Test. See Sections 6.01(a) and 6.02(a). 

 

	1.80	Nonvested Participant Break in Service. Break in Service rule that applies for eligibility and vesting under Sections 2.07(b) and 7.07(c). 

 

	1.81	Non-Key Employee. Any Employee who is not a Key Employee. See Section 4.03(b). 

  

	1.82	Normal Retirement Age. The age selected under AA §7-1. If a Participant’s Normal Retirement Age is determined wholly or partly with reference to an anniversary of the date the Participant
commenced participation in the Plan and/or the Participant’s Years of Service, Normal Retirement Age is the Participant’s age when such requirements are satisfied. If the Employer enforces a mandatory retirement age, the Normal Retirement
Age is the lesser of that mandatory age or the age specified in the Adoption Agreement. 

  

	1.83	Participant. Except as provided under AA §3-1, a Participant is an Employee (or former Employee) who has satisfied the conditions for participating under the Plan, as described in Section 2.03
and AA §4-1. A Participant also includes any Employee (or former Employee) who has an Account Balance under the Plan, including an Account Balance derived from a rollover or transfer from another qualified plan or IRA. A Participant is entitled
to share in an allocation of contributions or forfeitures under the Plan for a given year only if the Participant is an Eligible Employee as defined in Section 2.02, and satisfies the allocation conditions set forth in Section 3.09.

 An Employee is treated as a Participant with respect to Salary Deferrals and After-Tax Contributions made under the Profit
Sharing/401(k) Plan Adoption Agreement once the Employee has satisfied the eligibility conditions under AA §4-1 for making such contributions, even if the Employee chooses not to actually make such contributions to the Plan. An Employee is
treated as a Participant with respect to Matching Contributions once the Employee has satisfied the eligibility conditions under AA §4-1 for receiving such contributions, even if the Employee does not receive a Matching Contribution because of
the Employee’s failure to make contributions eligible for the Matching Contribution. 
  

	1.84	Participating Employer. A Related Employer that adopts this Plan by executing the Participating Employer Adoption Page under the Adoption Agreement. See Section 16 for the rules applicable to
contributions and deductions for contributions made by a Participating Employer. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	7	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 1 – Plan Definitions

  

	1.85	Participating Employer Adoption Page. The signature page in the Adoption Agreement for a Related Employer to adopt the Plan as a Participating Employer. 

 

	1.86	Period of Severance. A continuous period of time during which the Employee is not employed by the Employer and which is used to determine an Employee’s Participation under the Elapsed Time method. See
Section 2.03(a)(5) for rules regarding eligibility and Section 7.03(b) for rules regarding vesting. 

  

	1.87	Permissive Aggregation Group. Plans that are not required to be aggregated to determine whether the Plan is a Top Heavy Plan. See Section 4.03(d). 

 

	1.88	Plan. The Plan is the retirement plan established or continued by the Employer for the benefit of its Employees under this Plan document. The Plan consists of the basic plan document and the elections made
under the Adoption Agreement. The basic plan document is the portion of the Plan that contains the non-elective provisions. The Employer may supplement or modify the basic plan document through its elections in the Adoption Agreement or by separate
governing documents that are expressly authorized by the Plan. If the Employer adopts more than one Adoption Agreement under this Plan, then each executed Adoption Agreement represents a separate Plan. 

 

	1.89	Plan Administrator. The Plan Administrator is the person designated to be responsible for the administration and operation of the Plan. Unless otherwise designated by the Employer, the Plan Administrator
is the Employer. If any Related Employer has executed a Participating Employer Adoption Page, the Employer referred to in this Section is the Employer that executes the Employer Signature Page of the Adoption Agreement. 

 

	1.90	Plan Compensation. Plan Compensation is Total Compensation, as modified under AA §5-2, which is actually paid to an Employee during the determination period (as defined in subsection (a) below).
In determining Plan Compensation, the Employer may elect under AA §5-2(b) to exclude all Elective Deferrals (as defined in Section 1.44), pre-tax contributions to a cafeteria plan or a Code §457 plan, and qualified transportation
fringes under Code§132(f)(4). In addition, the Employer may elect under AA §5-2 to exclude other designated elements of compensation. 

Plan Compensation generally includes amounts an Employee earns with a Participating Employer and amounts earned with a Related Employer (even
if the Related Employer has not executed a Participating Employer Adoption Page under the Adoption Agreement). However, the Employer may elect under AA §5-2(h) to exclude all amounts earned with a Related Employer that has not executed a
Participating Employer Adoption Page. 
 If Plan Compensation is also used as Testing Compensation for purposes of demonstrating compliance
with the nondiscrimination requirements under Code §401(a)(4), additional nondiscrimination testing may be required. (See the discussion under Testing Compensation in Section 1.122.) 

If the Plan provides for Employer Contributions using a permitted disparity allocation method or if the Plan is a Safe Harbor 401(k) Plan, the
compensation used for Plan Compensation must meet a safe harbor definition of compensation as set forth in Treas. Reg. §1.414(s)-1(c)(3). Therefore, any exclusions from Plan Compensation under AA §5-2(e) – (k) (other than AA
§5-2(i)) will apply only to Highly Compensated Employees for purposes of determining allocations under the permitted disparity allocation method or for purposes of applying the Safe Harbor 401(k) Plan provisions under Section 6.04. In
addition, any election to exclude compensation above a specific dollar amount under AA §5-2(d) will not apply for purposes of determining Safe Harbor Contributions for Nonhighly Compensated Employees. The Employer may elect to restrict any of
the exclusions under AA §5-2 solely to Highly Compensated Employees by designating such restriction in AA §5-2(k). (If the Employer adopts the Standardized Profit Sharing/401(k) Plan Adoption Agreement, the definition of Plan Compensation
must satisfy a safe harbor definition of compensation for all purposes under the Plan. Thus, the only exclusions allowed under the Standardized Profit Sharing/401(k) Plan Adoption Agreement are safe harbor exclusions permitted under Treas. Reg.
§1.414(s)-1(c). Any additional exclusions selected under AA §5-2(e) of the Standardized Profit Sharing/401(k) Plan Adoption Agreement will apply solely to Highly Compensated Employees.) 

In no case may Plan Compensation for any Participant exceed the Compensation Limit (as defined in Section 1.24). 

 

	 	(a)	Determination period. Unless designated otherwise under AA §5-3(a) of the Nonstandardized Adoption Agreements, Plan Compensation is determined based on the Plan Year. Alternatively, the Employer may
elect under AA §5-3 of the Nonstandardized Adoption Agreements to determine Plan Compensation on the basis of the calendar year ending in the Plan Year or any other 12-month period ending in the Plan Year. If the determination period is the
calendar year or other 12-month period ending in the Plan Year, for any Employee whose date of hire is less than 12 months before the end of the designated 12-month period, Plan Compensation will be determined over the Plan Year. (If the Employer
adopts the Standardized Profit Sharing/401(k) Plan Adoption Agreement, Plan Compensation is determined on the basis of the Plan Year.) 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	8	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 1 – Plan Definitions

  

	 	(b)	Partial period of participation. If an Employee is a Participant for only part of a Plan Year, Plan Compensation may be determined over the entire Plan Year or over the period during which such Employee is
a Participant. In determining whether an Employee is a Participant for purposes of applying this subsection (b), the Employee’s status will be determined solely with respect to the contribution type for which the definition of Plan Compensation
is being determined. Plan Compensation does not include any amounts earned for any period while an individual is not an Eligible Employee (as defined in Section 2.02). 

 

	1.91	Plan Year. The 12-consecutive month period designated under AA §2-4 on which the records of the Plan are maintained. If the Plan Year is amended to create a Short Plan Year or if a new Plan has an
initial Short Plan Year, the Employer may document such Short Plan Year under AA §2-4(c). (See Section 11.08 for special rules that apply to Short Plan Years.) 

 

	1.92	Predecessor Employer. An employer that previously employed the Employees of the Employer. See Sections 2.06 (eligibility), 3.09(d) (allocation conditions) and 7.06 (vesting) for the rules regarding the
crediting of service with a Predecessor Employer. 

  

	1.93	Predecessor Plan. A Predecessor Plan is a qualified plan maintained by the Employer that is terminated within the 5-year period immediately preceding or following the establishment of this Plan. A
Participant’s service under a Predecessor Plan must be counted for purposes of determining the Participant’s vested percentage under the Plan. See Section 7.05(a). 

 

	1.94	Pre-Tax Deferrals. Pre-tax Deferrals are a Participant’s Salary Deferrals that are not includible in the Participant’s gross income at the time deferred. 

 

	1.95	Prevailing Wage Formula. The Employer may elect under AA §6-2 of the Nonstandardized Adoption Agreements to provide an Employer Contribution for each Participant who performs Prevailing Wage Service.
(See Sections 3.02(a)(4) and 3.02(b)(6) for special rules regarding the application of the Prevailing Wage Formula.) 

  

	1.96	Prevailing Wage Service. A Participant’s service used to apply the Prevailing Wage Formula under Sections 3.02(a)(4) and 3.02(b)(6). Prevailing Wage Service is any service performed by an Employee
under a public contract subject to the Davis-Bacon Act or to any other federal, state or municipal prevailing wage law. 

  

	1.97	Prior Year Testing Method. A method for applying the ADP Test and/or the ACP Test under the Profit Sharing/401(k) Plan. See Section 6.01(a) for a discussion of the Prior Year Testing Method under the
ADP Test and Section 6.02(a) for a discussion of the Prior Year Testing Method under the ACP Test. 

  

	1.98	Prototype Sponsor. The Prototype Sponsor is the entity that maintains the Prototype Plan for adoption by Employers. See Section 14.01(a) for the ability of the Prototype Sponsor to amend this Plan.

  

	1.99	Qualified Domestic Relations Order (QDRO). A domestic relations order that provides for the payment of all or a portion of the Participant’s benefits to an Alternate Payee and satisfies the
requirements under Code §414(p). See Section 11.06. 

  

	1.100	Qualified Election. An election to waive the QJSA or QPSA under the Plan. See Section 9.04. 

  

	1.101	Qualified Joint and Survivor Annuity (QJSA). A QJSA is an immediate annuity payable over the life of the Participant with a survivor annuity payable over the life of the spouse. If the Participant is not
married as of the Annuity Starting Date, the QJSA is an immediate annuity payable over the life of the Participant. See Section 9.02(a). 

  

	1.102	Qualified Matching Contribution (QMAC). A Matching Contribution made by the Employer that satisfies the requirements under Section 3.04(d). 

 

	1.103	Qualified Nonelective Contribution (QNEC). An Employer Contribution made by the Employer that satisfies the requirements under Section 3.02(a)(5). 

 

	1.104	Qualified Preretirement Survivor Annuity (QPSA). A QPSA is an annuity payable over the life of the surviving spouse that is purchased using 50% of the Participant’s vested Account Balance as of the
date of death. The Employer may modify the 50% QPSA level under AA §9-2 of the Nonstandardized Adoption Agreement. See Section 9.03(a). 

  

	1.105	Qualified Transfer. A transfer of assets that satisfies the requirements under Section 14.05(d). 

  

	1.106	Reemployment Commencement Date. The first date upon which an Employee is credited with an Hour of Service following a Break in Service (or Period of Severance, if the Plan is using the Elapsed Time method
of crediting service). 

  

	1.107	 Related Employer. A Related Employer includes all members of a controlled group of corporations (as defined in Code §414(b)), all
commonly controlled trades or businesses (as defined in Code §414(c)) or affiliated service groups (as defined in 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	9	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 1 – Plan Definitions

  

	 	
Code §414(m)) of which the Employer is a part, and any other entity required to be aggregated with the Employer pursuant to regulations under Code §414(o). For purposes of applying the
provisions under this Plan, the Employer and any Related Employers are treated as a single Employer, unless specifically stated otherwise. See Section 16.06 for operating rules that apply when the Employer is a member of a Related Employer
group. Also see Section 16 for rules regarding participation of Employees of Related Employers. 

  

	1.108	Required Aggregation Group. Plans which must be aggregated for purposes of determining whether the Plan is a Top Heavy Plan. See Section 4.03(e). 

 

	1.109	Required Beginning Date. The date by which minimum distributions must commence under the Plan. See Section 8.12(d)(5). 

 

	1.110	Rollover Contribution. A contribution made by an Employee to the Plan attributable to an Eligible Rollover Distribution (as defined in Section 8.05(a)(1) from another qualified plan or IRA. See
Section 3.07 for rules regarding the acceptance of Rollover Contributions under this Plan. 

  

	1.111	Roth Deferrals. Roth Deferrals are Salary Deferrals that are includible in the Participant’s gross income at the time deferred and have been irrevocably designated as Roth Deferrals in the
Participant’s Salary Deferral Election. A Participant’s Roth Deferrals will be maintained in a separate Account containing only the Participant’s Roth Deferrals and gains and losses attributable to those Roth Deferrals. See
Section 3.03(e) 

  

	1.112	Safe Harbor 401(k) Plan. A 401(k) plan that satisfies the conditions under Section 6.04(a). 

  

	1.113	Safe Harbor Contribution. A contribution authorized under AA §6C of the Profit Sharing/401(k) Plan Adoption Agreement that allows the Plan to qualify as a Safe Harbor 401(k) Plan. A Safe Harbor
Contribution may be a Safe Harbor Matching Contribution or a Safe Harbor Employer Contribution. See Section 6.04(a)(1). 

  

	1.114	Safe Harbor Employer Contributions. An Employer Contribution that satisfies the requirements under Section 6.04(a)(1)(i). 

 

	1.115	Safe Harbor Matching Contributions. A Matching Contribution that satisfies the requirements under Section 6.04(a)(1)(ii). 

 

	1.116	Salary Deferral Election. A written agreement between a Participant and the Employer, whereby the Participant elects to have a specific percentage or dollar amount withheld from his/her Plan Compensation
and the Employer agrees to contribute such amount into the Profit Sharing/401(k) Plan. See Section 3.03(a). 

  

	1.117	Salary Deferrals. Amounts contributed to the Profit Sharing/401(k) Plan at the election of the Participant, in lieu of cash compensation, which are made pursuant to a Salary Deferral Election or other
deferral mechanism, and which are not includible in the gross income of the Employee pursuant to Code §402(e)(3). For years beginning after 2005, Salary Deferrals include Roth Deferrals and Pre-Tax Deferrals. Salary Deferrals shall not include
any amounts properly distributed as an Excess Amount under Code §415 pursuant to Section 5.03(c)(4). An Employee’s Salary Deferrals are treated as employer contributions for all purposes under this Plan, except as otherwise provided
under the Code or Treasury regulations. See Section 3.03. 

  

	1.118	Self-Employed Individual. An individual who has Earned Income (as defined in Section 1.40) for the taxable year from the trade or business for which the Plan is established, or an individual who would
have had Earned Income but for the fact that the trade or business had no net profits for the taxable year. 

  

	1.119	Short Plan Year. Any Plan Year that is less than 12 months long, either because of the amendment of the Plan Year, or because the Effective Date of a new Plan is less than 12 months prior to the end of the
first Plan Year. See Section 11.08 for the operational rules that apply if the Plan has a Short Plan Year. 

  

	1.120	Targeted QNECs. QNECs that are allocated under the Targeted QNEC allocation method under Section 3.02(a)(5)(ii)(B). 

 

	1.121	Taxable Wage Base. The maximum amount of wages taken into account for Social Security purposes. The Taxable Wage Base is used to determine the Integration Level for purposes of applying the permitted
disparity allocation formula. See Section 3.02(a)(1)(ii) (Profit Sharing/401(k) Plan) and Section 3.02(b)(2) (Money Purchase Plan). 

  

	1.122	Testing Compensation. The compensation used for purposes of the ADP and ACP Tests. In determining the Testing Compensation used for purposes of applying the ADP and ACP Test, the Plan Administrator is not
bound by any elections made under AA §5 with respect to Total Compensation or Plan Compensation under the Plan. Thus, the Plan Administrator may use Total Compensation or any other nondiscriminatory definition of compensation under Code
§414(s) and the regulations thereunder. The Plan Administrator may determine on an annual basis (and within its discretion) the components of Testing Compensation for purposes of applying the ADP Test, provided such definition is applied
consistently to all Participants. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	10	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 1 – Plan Definitions

  

 Testing Compensation may be determined over the Plan Year for which the applicable test is
being performed or the calendar year ending within such Plan Year. In determining Testing Compensation, the Plan Administrator may take into consideration only the compensation received while the Employee is a Participant under the component of the
Plan being tested. In no event may Testing Compensation for any Participant exceed the Compensation Limit defined in Section 1.24. In determining Testing Compensation, the Plan Administrator may exclude amounts paid to an individual as
severance pay to the extent such amounts are paid after the common-law employment relationship between the individual and the Employer has terminated, provided such amounts also are excluded in determining Total Compensation under
Section 1.126. 
  

	1.123	Top Paid Group. The top 20% of Employees ranked by Total Compensation for purposes of determining status as a Highly Compensated Employee. See Section 1.65(f). 

 

	1.124	Top Heavy. A Plan is Top Heavy if it satisfies the conditions under Section 4.01. A Top Heavy Plan must provide special accelerated vesting and minimum benefits to Non-Key Employees. See Sections 4.04
and 4.05. 

  

	1.125	Top Heavy Ratio. The ratio used to determine whether the Plan is a Top Heavy Plan. See Section 4.02. 

  

	1.126	Total Compensation. A Participant’s compensation for services with the Employer, as defined in this Section 1.126. Total Compensation may be defined in AA §5-1 of the Nonstandardized
Adoption Agreements to be either W-2 Wages, Wages under Code §3401(a), or Code §415 Compensation. Each definition of Total Compensation includes Elective Deferrals (as defined in 1.44), elective contributions to a cafeteria plan under Code
§125 or to an eligible deferred compensation plan under Code §457, and elective contributions that are not includible in the Employee’s gross income as a qualified transportation fringe under Code §132(f)(4). (If the Employer
adopts the Standardized Profit Sharing/401(k) Plan Adoption Agreement, Total Compensation is W-2 Wages, as described in subsection (a) below.) 

For a Self-Employed Individual, Total Compensation means Earned Income (as defined in Section 1.40). 

Effective for Limitation Years beginning on or after July 1, 2007, in order to be taken into account under this Section 1.126,
compensation must be paid or treated as paid to an Employee prior to the Employee’s severance from employment with the Employer maintaining the plan. However, certain payments made by the later of
2 1⁄2 months after severance from employment or the last day of the Limitation Year in which the Participant terminates employment will be taken into account
as Total Compensation under this Section 1.126. Examples of post-severance payments that are not excluded from Total Compensation because of timing if they are paid by the later of 2 1⁄2 months following severance from employment or the end of the Limitation Year in which the Participant terminates employment include (i) payments that, absent a severance from employment, would have been
paid to the Employee as regular compensation for services during the Employee’s regular working hours or outside of the employee’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar
compensation; (ii) payments for accrued bona fide sick, vacation, or other leave, but only if the employee would have been able to use the leave if employment had continued. Other post-severance payments (such as severance pay, unfunded
nonqualified deferred compensation, or parachute payments within the meaning of Code §280G(b)(2) are not considered as Total Compensation under this Section 1.126, even if such amounts are paid by the later of 2 1⁄2 months following severance from employment or the end of the Limitation Year in which the Participant terminates employment. 

A reference to elective contributions under a Code §125 cafeteria plan includes any amounts that are 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. Such “deemed §125 compensation” will be treated as an amount under Code §125 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. If the Employer elects under AA §5-2(i) of the Nonstandardized Adoption Agreements to exclude
“deemed §125 compensation” from the definition of Plan Compensation, such exclusion also will apply for purposes of determining Total Compensation under this Section 1.126. 

The Employer may elect under AA §5-1 of the Nonstandardized Adoption Agreements to define Total Compensation as any of the following
definitions: 
  

	 	(a)	W-2 Wages. Wages within the meaning of Code §3401(a) and all other payments of compensation to an Employee by the Employer (in the course of the Employer’s trade or business) for which the
Employer is required to furnish the Employee a written statement under Code §6041(d), 6051(a)(3), and 6052, determined without regard to any rules under Code §3401(a) that limit the remuneration included in wages based on the nature or
location of the employment or the services performed. 

  

	 	(b)	Wages under Code §3401(a). Wages within the meaning of Code §3401(a) for the purposes of income tax withholding at the source but determined without regard to any rules that limit the
remuneration included in wages based on the nature or location of the employment or the services performed. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	11	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 1 – Plan Definitions

  

	 	(c)	Code §415 Compensation. Wages, salaries, fees for professional services and other amounts received for personal services actually rendered in the course of employment with the Employer (without regard
to whether or not such amounts are paid in cash) to the extent that the amounts are includible in gross income. Such amounts include, but are not limited to, commissions, compensation for services on the basis of a percentage of profits, tips,
bonuses, fringe benefits, and reimbursements or other expense allowances under a nonaccountable plan (as described in Treas. Reg. §1.62-2(c)), and excluding the following: 

 

	 	(1)	Employer contributions to a plan of deferred compensation which are not includible in the Employee’s gross income for the taxable year in which contributed, or Employer contributions (other than Salary Deferrals)
under a SEP (as described in Code §408(k)), or any distributions from a plan of deferred compensation. 

  

	 	(2)	Amounts realized from the exercise of a non-qualified stock option, or when restricted stock (or property) held by the Employee either becomes freely transferable or is no longer subject to a substantial risk of
forfeiture. 

  

	 	(3)	Amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option. 

  

	 	(4)	Other amounts which received special tax benefits, or contributions made by the Employer (other than Elective Deferrals) towards the purchase of an annuity contract described in Code §403(b) (whether or not the
contributions are actually excludable from the gross income of the Employee). 

  

	1.127	Trust. The Trust is the separate funding vehicle under the Plan. 

  

	1.128	Trustee. The Trustee is the person or persons (or any successor to such person or persons) identified in the Adoption Agreement or under a separate Trust document. The Trustee may be a Discretionary
Trustee or a Directed Trustee. See Section 12 for the rights and duties of a Trustee under this Plan. 

  

	1.129	Valuation Date. The date or dates upon which Plan assets are valued. Plan assets will be valued as of the last day of each Plan Year. In addition, the Employer may elect under AA §11-1 to establish
additional Valuation Dates. Notwithstanding any election under AA §11-1, Plan assets may be valued on a more frequent basis within the complete discretion of the Employer. See Section 10.02. 

 

	1.130	Year of Service. A Year of Service is a 12-consecutive month period (“Computation Period”) during which an Employee completes 1,000 Hours of Service. For purposes of applying the eligibility
rules under Section 2.03 of the Plan, an Employee will earn a Year of Service if he/she completes 1,000 Hours of Service with the Employer during an Eligibility Computation Period (as defined in Section 2.03(a)(2)). For purposes of
applying the vesting rules under Section 7.03, an Employee will earn a Year of Service if he/she completes 1,000 Hours of Service with the Employer during a Vesting Computation Period (as defined in Section 7.04). The Employer may elect
under AA §4-3(a) (for eligibility purposes) and AA §8-7(a) (for vesting purposes) of the Nonstandardized Adoption Agreements to require the completion of any lesser number of Hours of Service to earn a Year of Service. Alternatively, the
Employer may elect to apply the Elapsed Time method (for eligibility and/or vesting purposes) in calculating an Employee’s Years of Service under the Plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	12	 	

					
	 Prototype Defined Contribution Plan

Section 2 – Eligibility and Participation

 

 SECTION 2 

ELIGIBILITY AND PARTICIPATION 
  

	2.01	Eligibility. In order to participate in the Plan, an Employee must be an Eligible Employee (as defined in Section 2.02) and must satisfy the Plan’s minimum age and service
conditions (as defined in Section 2.03). Once an Employee satisfies the Plan’s minimum age and service conditions, such Employee shall become a Participant on the appropriate Entry Date (as selected in AA §4-2). An Employee who meets
the minimum age and service requirements set forth herein, but who is not an Eligible Employee, will be eligible to participate in the Plan only upon becoming an Eligible Employee. 

 

	2.02	Eligible Employees. Unless specifically excluded under AA §3-1 or this Section 2.02, all Employees of the Employer are Eligible Employees. AA §3-1 lists various classes
of Employees that may be excluded from Plan participation. If an Employee is not an Eligible Employee (e.g., such Employee is a member of a class of Employees excluded under AA §3-1), that individual may not participate under the Plan, unless
he/she subsequently becomes an Eligible Employee. 

  

	 	(a)	Only Employees may participate in the Plan. To participate in the Plan, an individual must be an Employee. If an individual is not an Employee (e.g., the individual performs services with the Employer as
an independent contractor) such individual may not participate under the Plan. If an individual’s status as a non-Employee is challenged by the IRS, the reclassification of such individual as an Employee will not create retroactive rights to
participate in the Plan. Thus, for example, if the IRS should find that an independent contractor is really an Employee, such individual will be eligible to participate in the Plan as of the date the IRS issues a final determination declaring such
individual to be an Employee (provided the individual has satisfied all conditions for participating in the Plan (as described in this Section 2)). For periods prior to the date of such final determination, the reclassified Employee will not
have any rights to accrued benefits under the Plan, except as agreed to by the Employer and the IRS, or as set forth in an amendment adopted by the Employer. 

  

	 	(b)	Excluded Employees. The Employer may elect under AA §3-1 to exclude designated classes of Employees. Under the Profit Sharing/401(k) Plan Adoption Agreement, the Employer may elect to exclude
different classes of Employees for Salary Deferrals, Matching Contributions, and Employer Contributions. Unless provided otherwise under AA §3-1(j) of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement, for purposes of
determining Excluded Employees, any selection made with respect to Salary Deferrals also will apply to any Safe Harbor Contributions; any selections made with respect to Matching Contributions also will apply to any Qualified Matching Contributions
(QMACs); and any selections made with respect to Employer Contributions also will apply to any Qualified Nonelective Contributions (QNECs). 

  

	 	(1)	Collectively Bargained Employees. The Employer may elect under AA §3-1(b) to exclude Collectively Bargained Employees. For this purpose, a Collectively Bargained Employee is an Employee who is
included in a unit of Employees covered by a collective bargaining agreement between the Employer and Employee representatives and whose retirement benefits are subject to good faith bargaining. Unless designated otherwise under AA §3-1(j), the
exclusion under AA §3-1(b) will not include any unit of Employees to the extent the collective bargaining agreement specifically provides for coverage of such Employees under the Plan. For this purpose, an Employee will not be considered a
Collectively Bargained Employee for a Plan Year if more than two percent of the Employees who are covered pursuant to the collective bargaining agreement are professionals as defined in Treas. Reg. §1.410(b)-9. For this purpose, the term
“Employee representatives” does not include any organization more than half of whose members are Employees who are owners, officers, or executives of the Employer. 

 

	 	(2)	Nonresident aliens. The Employer may elect under AA §3-1(c) to exclude Employees who are nonresident aliens. For this purpose, a nonresident alien is neither a citizen of the United States nor a
resident of the United States for U.S. tax purposes (as defined in Code §7701(b)), and who does not have any earned income (as defined in Code §911) for the Employer that constitutes U.S. source income (within the meaning of Code
§861). If a nonresident alien Employee has U.S. source income, he/she is treated as satisfying this definition if all of his/her U.S. source income from the Employer is exempt from U.S. income tax under an applicable income tax treaty.

  

	 	(3)	Leased Employees. The Employer may elect under AA §3-1(d) of the Nonstandardized Adoption Agreements to exclude Leased Employees. Unless designated otherwise under AA §3-1(d), a Leased Employee
is treated as an Eligible Employee for purposes of applying the eligibility rules under this Section 2. For this purpose, a “Leased Employee” is any person (other than an Employee of the Employer) who pursuant to an agreement between
the recipient Employer and a “leasing organization” performs services for the recipient Employer on a substantially full time basis for a period of at least one year, and such services are performed under the primary direction or control
of the recipient Employer. Contributions or benefits provided to a Leased Employee under a plan of the leasing organization which are attributable to services performed for the recipient Employer shall be treated as provided by the recipient
Employer. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	13	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 2 – Eligibility and Participation

 

 A Leased Employee shall not be considered an Employee of the recipient Employer if: 

 

	 	(i)	such Employee is covered by a money purchase pension plan providing: 

  

	 	(A)	a non-integrated Employer contribution of at least ten percent (10%) of compensation, as defined in Code §415(c)(3), but including amounts contributed to a Salary Deferral Election which are excludable from
gross income under Code §§125, 402(e)(3), 402(h)(1)(B) or 403(b), 

  

	 	(B)	immediate participation and 

  

	 	(C)	full and immediate vesting; and 

  

	 	(ii)	Leased Employees do not constitute more than twenty percent (20%) of the recipient’s Employer’s Nonhighly Compensated workforce. 

The exclusion of Leased Employees is not available under the Standardized Profit Sharing/401(k) Plan Adoption Agreement. 

 

	 	(4)	Special restrictions that apply to “short-service” Employees. The Employer may designate additional excluded classes of Employees under AA §3-1(j). If the Employer elects under AA
§3-1(j) to exclude an additional class of Employees, such Employee class must be defined in such a way that it precludes Employer discretion and may not be based on time or service (e.g., part-time Employees). The Employer may not use AA
§3-1(j) to cover only Nonhighly Compensated Employees with the lowest amount of compensation and/or the shortest periods of service in order to satisfy the minimum coverage rules. 

 

	 	(c)	Employees of Related Employers. If the Employer is a member of a Related Employer group, Employees of each member of the Related Employer group may participate under this Plan, provided the Related
Employer executes a Participating Employer Adoption Page under the Adoption Agreement. If a Related Employer does not execute a Participating Employer Adoption Page, any Employees of such Related Employer are not eligible to participate in the Plan.
See Section 16.06 for operating rules that apply when the Employer is a member of a Related Employer group. Also see Section 16 for rules regarding participation of Employees of Related Employers. Section 16.07 contains special rules
that apply if the Employer adopts the Standardized Profit Sharing/401(k) Plan Adoption Agreement. 

  

	 	(d)	Ineligible Employee becomes Eligible Employee. If an Employee changes status from an ineligible Employee to an Eligible Employee, such Employee will become a Participant immediately on the date he/she
changes status to an Eligible Employee, provided the Employee has satisfied the Plan’s minimum age and service conditions and has passed the Entry Date (as defined in AA §4-2) that would otherwise have applied had the Employee been an
Eligible Employee. If the Employee’s original Entry Date (determined as if the Employee was always an Eligible Employee) has not passed as of the date the Employee becomes an Eligible Employee, the Employee will not become a Participant until
such Entry Date. This requirement is deemed satisfied with respect to Salary Deferrals under the Plan if the Employee is permitted to commence making deferrals under the Plan as of the beginning of the first payroll period commencing after the
Employee becomes an Eligible Employee. If an ineligible Employee has not satisfied the Plan’s minimum age and service conditions at the time such Employee becomes an Eligible Employee, such Employee will become a Participant on the appropriate
Entry Date following satisfaction of the Plan’s minimum age and service requirements. 

  

	 	(e)	Eligible Employee becomes ineligible Employee. If an Employee ceases to qualify as an Eligible Employee (i.e., the Employee changes status from an eligible class to an ineligible class of Employees), such
Employee will immediately cease to participate in the Plan. If such Employee should subsequently become an Eligible Employee, he/she will be able to participate in the Plan in accordance with subsection (d) above. 

 

	 	(f)	Improper exclusion of eligible Participant. If the Plan improperly excludes a Participant who has satisfied the requirements under this Section 2 for participating under the Plan, the Employer may
take reasonable action to correct such violation, provided such corrective action is consistent with the requirements of the Employee Plans Compliance Resolution System (EPCRS) program. For example, the violation may be corrected by making an
additional contribution to the Plan on behalf of the omitted Participant or by allocating any available forfeitures under the Plan to such Participant to restore any missed contributions under the Plan. (See Rev. Proc. 2006-27 or subsequent IRS
guidance for a description of the EPCRS program.) 

  

	2.03	Minimum Age and Service Conditions. AA §4-1 contains specific elections as to the minimum age and service conditions which an Employee must satisfy prior to becoming eligible to participate under the
Plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	14	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 2 – Eligibility and Participation

 

 Different age and service conditions may be selected under AA §4-1 of the Profit
Sharing/401(k) Plan Adoption Agreement for Salary Deferrals, Matching Contributions, and Employer Contributions. For purposes of applying the eligibility conditions under AA §4-1, any selection made with respect to Matching Contributions also
will apply to any Qualified Matching Contributions (QMACs); and any selections made with respect to Employer Contributions also will apply to any Qualified Nonelective Contributions (QNECs), unless otherwise provided under AA §4-1(a)(8) of the
Profit Sharing/401(k) Plan Adoption Agreement. In addition, any eligibility conditions selected with respect to Salary Deferrals also will apply to any Safe Harbor Contributions designated under AA §6C of the Profit Sharing/401(k) Plan Adoption
Agreement, unless otherwise provided under AA §6C-3(b) of the Profit Sharing/401(k) Plan Adoption Agreement. If different conditions apply for different contributions, the rules in this Section for determining when an Employee is an Eligible
Participant are applied separately with respect to each set of eligibility conditions. 
  

	 	(a)	Application of age and service conditions. The Employer may elect under AA §4-1 to impose minimum age and service conditions that an Employee must satisfy in order to participate under the Plan. The
Plan may not require an Employee to attain an age older than age 21 or to complete more than one Year of Service. However, the Plan may require an Employee to complete two Years of Service prior to participating in the Plan if the Employer elects
full and immediate vesting under AA §8. (The Employer may not require an Employee to complete more than one Year of Service to be eligible to make Salary Deferrals under the Profit Sharing/401(k) Plan Adoption Agreement.) 

 

	 	(1)	Year of Service. In applying the minimum service requirements under AA §4-1, an Employee will earn a Year of Service if the Employee completes at least 1,000 Hours of Service with the Employer during
an Eligibility Computation Period (as defined in subsection (2) below). The Employer may modify the definition of Year of Service under AA §4-3(a) of the Nonstandardized Adoption Agreements to require a lesser number of Hours of Service to
earn a Year of Service. An Employee will receive credit for a Year of Service, as of the end of the Eligibility Computation Period during which the Employee completes the required Hours of Service needed to earn a Year of Service. An Employee need
not be employed for the entire Eligibility Computation Period to receive credit for a Year of Service, provided the Employee completes the required Hours of Service during such period. 

 

	 	(2)	Eligibility Computation Periods. In determining whether an Employee has earned a Year of Service for eligibility purposes, an Employee’s initial Eligibility Computation Period is the 12-month period
beginning on the Employee’s Employment Commencement Date. Subsequent Eligibility Computation Periods will either be based on Plan Years or Anniversary Years (as set forth in AA §4-3). 

 

	 	(i)	Plan Years. If the Employer elects under AA §4-3 to base subsequent Eligibility Computation Periods on Plan Years, the Plan will begin measuring Years of Service on the basis of Plan Years beginning
with the first Plan Year commencing after the Employee’s Employment Commencement Date. Thus, for the first Plan Year following the Employee’s Employment Commencement Date, the initial Eligibility Computation Period and the first Plan Year
Eligibility Computation Period may overlap. (See Section 11.08 for rules that apply if there is a Short Plan Year.) 

  

	 	(ii)	Anniversary Years. If the Employer elects under AA §4-3 to base subsequent Eligibility Computation Periods on Anniversary Years, the Plan will measure Years of Service after the initial Eligibility
Computation Period on the basis of 12-month periods commencing with the anniversaries of the Employee’s Employment Commencement Date. 

  

	 	(3)	Hours of Service. In calculating an Employee’s Hours of Service for purposes of applying the eligibility rules under this Section 2.03, the Employer will count the actual Hours of Service an
Employee works during the year. (See Section 1.67 for the definition of Hours of Service). The Employer may elect under AA §4-3 to use the Equivalency Method or Elapsed Time method (instead of counting the actual Hours of Service an
Employee works). (See subsections (4) and (5) below for a description of the Equivalency Method and Elapsed Time method of crediting service.) 

  

	 	(4)	Equivalency Method. Instead of counting actual Hours of Service in applying the minimum service conditions under this Section 2.03, the Employer may elect under AA §4-3 to determine Hours of
Service based on the Equivalency Method. Under the Equivalency Method, an Employee receives credit for a specified number of Hours of Service based on the period worked with the Employer. 

 

	 	(i)	Monthly. Under the monthly Equivalency Method, an Employee is credited with 190 Hours of Service for each calendar month during which the Employee completes at least one Hour of Service with the Employer.

  

	 	(ii)	Daily. Under the daily Equivalency Method, an Employee is credited with 10 Hours of Service for each day during which the Employee completes at least one Hour of Service with the Employer.

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	15	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 2 – Eligibility and Participation

 

	 	(iii)	Weekly. Under the weekly Equivalency Method, an Employee is credited with 45 Hours of Service for each week during which the Employee completes at least one Hour of Service with the Employer.

  

	 	(iv)	Semi-monthly. Under the semi-monthly Equivalency Method, an Employee is credited with 95 Hours of Service for each semi-monthly period during which the Employee completes at least one Hour of Service with
the Employer. 

  

	 	(5)	Elapsed Time method. Instead of counting actual Hours of Service in applying the minimum service requirements under this Section 2.03, the Employer may elect under AA §4-3 to apply the Elapsed
Time method for calculating an Employee’s service with the Employer. Under the Elapsed Time method, an Employee receives credit for the aggregate period of time worked for the Employer commencing with the Employee’s first day of employment
(or reemployment, if applicable) and ending on the date the Employee begins a Period of Severance which lasts at least 12 consecutive months. In calculating an Employee’s aggregate period of service, an Employee receives credit for any Period
of Severance that lasts less than 12 consecutive months. If an Employee’s aggregate period of service includes fractional years, such fractional years are expressed in terms of days. 

 

	 	(i)	Period of Severance. For purposes of applying the Elapsed Time method, a Period of Severance is any continuous period of time during which the Employee is not employed by the Employer. A Period of
Severance begins on the date the Employee retires, quits or is discharged, or if earlier, the 12-month anniversary of the date on which the Employee is first absent from service for a reason other than retirement, quit or discharge.

 In the case of an Employee who is absent from work for maternity or paternity reasons, the 12-consecutive month period
beginning on the first anniversary of the first date of such absence shall not constitute a Period of Severance. For purposes of this paragraph, an absence from work for maternity or paternity reasons means an absence (i) by reason of the
pregnancy of the Employee, (ii) by reason of the birth of a child of the Employee, (iii) by reason of the placement of a child with the Employee in connection with the adoption of such child by the Employee, or (iv) for purposes of
caring for a child of the Employee for a period beginning immediately following the birth or placement of such child. 
  

	 	(ii)	Related Employers/Leased Employees. For purposes of applying the Elapsed Time method, service will be credited for employment with any Related Employer. Service also will be credited for any service as a
Leased Employee or as an employee under Code §414(o). 

  

	 	(6)	Amendment of age and service requirements. If the Plan’s minimum age and service conditions are amended, an Employee who is a Participant immediately prior to the effective date of the amendment is
deemed to satisfy the amended requirements. This provision may be modified under the special Effective Date provisions under Appendix A of the Adoption Agreement. 

 

	 	(b)	Entry Dates. Once an Eligible Employee satisfies the minimum age and service conditions (as set forth in AA §4-1), the Employee will be eligible to participate under the Plan as of his/her Entry Date
(as set forth in AA §4-2). 

 If the Employer adopts the Profit Sharing/401(k) Plan Adoption Agreement, the Employer may
elect different Entry Dates with respect to Salary Deferrals, Matching Contributions, and Employer Contributions. The Entry Date chosen for Salary Deferrals also applies to any Safe Harbor Contributions designated under AA §6C of the Profit
Sharing/401(k) Plan Adoption Agreement; the Entry Date chosen for Matching Contributions also applies to any Qualified Matching Contributions (QMACs); and the Entry Date chosen for Employer Contributions also applies to any Qualified Nonelective
Contributions (QNECs). 
  

	 	(1)	Entry Date requirements. In no event may a Participant’s Entry Date be later than: (i) the first day of the Plan Year beginning after the date on which the Participant satisfies the minimum age
and service conditions described in subsection (a) above, or (ii) six months after the date the Participant satisfies such age and service conditions. An Eligible Employee must be employed by the Employer on his/her Entry Date to begin
participating in the Plan on such date. 

  

	 	(2)	Single annual Entry Date. If the Employer elects a single annual Entry Date under AA §4-2(f) of the Nonstandardized Adoption Agreements, the maximum permissible age and service conditions described in
subsection (a) above are reduced by one-half (1/2) year, unless: (1) the Employer elects under AA §4-2(j) to use the Entry Date nearest the date the Employee satisfies the Plan’s minimum age and service conditions
and the Entry Date is the first day of the Plan Year or (2) the Employer elects under AA §4-2(k) to use the Entry Date preceding the date the Employee satisfies the Plan’s minimum age and service conditions.

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	16	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 2 – Eligibility and Participation

 

	2.04	Participation on Effective Date of Plan. Unless designated otherwise under AA §4-4, an Eligible Employee who has satisfied the minimum age and service conditions and reached his/her Entry Date as of
the Effective Date of the Plan will be eligible to participate in the Plan as of such Effective Date. If an Employee has satisfied the minimum age and service conditions as of the Effective Date of the Plan but has not yet reached his/her Entry
Date, the Employee will be eligible to participate on the appropriate Entry Date. The Employer may modify this rule under AA §4-4 by electing to treat all Employees employed on the Effective Date of the Plan as Participants (regardless of
whether they have satisfied the Plan’s minimum age and service conditions) or by designating a specific date as of which all Eligible Employees will be deemed to be a Participant, (regardless of whether the Employee has otherwise satisfied the
minimum age and service conditions). 

  

	2.05	Rehired Employees. Subject to the Break in Service rules under Section 2.07, if a terminated Employee is subsequently rehired, such Employee will be eligible to participate in the
Plan on his/her reemployment date, if the Employee is an Eligible Employee and the Employee had satisfied the Plan’s minimum age and service conditions prior to his/her termination of employment. If a rehired Employee had not satisfied the
Plan’s minimum age and service conditions prior to termination of employment, such Employee is eligible to participate in the Plan on the appropriate Entry Date following satisfaction of the eligibility requirements under Section 2.03. For
purposes of Salary Deferrals, this requirement is deemed satisfied if a rehired Employee is permitted to commence making Salary Deferrals as of the beginning of the first payroll period commencing after the Employee’s reemployment date.

  

	2.06	Service with Predecessor Employers. If the Employer maintains the plan of a Predecessor Employer, any service with such Predecessor Employer is treated as service with the Employer for purposes of applying
the provisions of this Plan. If the Employer does not maintain the plan of a Predecessor Employer, service with such Predecessor Employer does not count for eligibility purposes under this Section 2, unless the Employer specifically designates
under AA §4-5 to credit service with such Predecessor Employer for eligibility. Unless designated otherwise under AA §4-5, if the Employer takes into account service with a Predecessor Employer, such service will count for purposes of
eligibility under this Section 2, vesting under Section 7 (see Section 7.06) and for purposes of the minimum allocation conditions under Section 3.09 (see Section 3.09(d)). 

 

	2.07	Break in Service Rules. Generally, an Employee will be credited with all service earned for the Employer, including service earned prior to the effective date of the Plan and service earned while the
Employee is an ineligible Employee. However, the Employer may elect under AA §4-3 of the Nonstandardized Adoption Agreements to disregard an Employee’s service with the Employer under the Break in Service rules set forth in this
Section 2.07. 

  

	 	(a)	Break in Service. An Employee incurs a Break in Service for any Eligibility Computation Period (as defined in Section 2.03(a)(2)) during which the Employee does not complete more than five hundred
(500) Hours of Service with the Employer. However, if the Employer elects under AA §4-3(a) to require less than 1,000 Hours of Service to earn a Year of Service for eligibility purposes, a Break in Service will occur for any Eligibility
Computation Period during which the Employee does not complete more than one-half (1/2) of the Hours of Service required to earn an eligibility Year of Service. 

 

	 	(b)	Nonvested Participant Break in Service rule. Under the Nonvested Participant Break in Service rule, if a Participant is totally nonvested (i.e., 0% vested) in his/her entire Account Balance, and such
Participant incurs five (5) or more consecutive one-year Breaks in Service (or, if greater, a consecutive period of Breaks in Service at least equal to the Participant’s aggregate number of Years of Service with the Employer), the Plan
will disregard all service earned prior to such consecutive Breaks in Service for purposes of determining eligibility to participate in the Plan. If the Employee returns to employment with the Employer, such Employee will be treated as a new
Employee for purposes of determining eligibility under the Plan. For this purpose, a Participant who has made Salary Deferrals under the Plan will be treated as having a vested interest in the Plan. Thus, the Nonvested Participant Break in Service
rule may not be used with respect to any contributions under the Plan (even if such Employee is totally nonvested in such contributions) for a Participant who has made Salary Deferrals under the Plan. The Employer must elect to apply the Nonvested
Participant Break in Service rule under AA §4-3. 

  

	 	(c)	Special Break in Service rule for Plans using two Years of Service for eligibility. If the Employer has elected under AA §4-1(a)(6) to require Employees to complete two Years of Service to become
eligible to participate in the Plan, any Employee who incurs a one-year Break in Service before satisfying the two Years of Service eligibility condition will not be credited with service earned before such one-year Break in Service.

  

	 	(d)	One-Year Break in Service rule. Under the One-Year Break in Service rule, if an Employee incurs a one-year Break in Service, such Employee will not be credited with any service earned prior to such
one-year Break in Service for purposes of determining eligibility to participate under the Plan until the Employee has completed a Year of Service after the Employee’s return to employment. The Employer must elect to apply the One-Year Break in
Service rule under AA §4-3(f) of the Nonstandardized Adoption Agreement. The One-Year Break in Service rule is not available under the Standardized Adoption Agreement. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	17	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 2 – Eligibility and Participation

 

	 	(1)	Temporary disregard of service. If a Participant has service disregarded under the One-Year Break in Service rule, such Participant will have his/her service reinstated upon returning to employment as of
the first day of the Eligibility Computation during which the Participant completes a Year of Service. For this purpose, the Eligibility Computation Period is the 12-month period commencing on the date the Employee first performs an Hour of Service
following the Break in Service. If a Participant does not complete a Year of Service during the first Eligibility Computation Period following his/her return to employment, subsequent Eligibility Computation Periods will be determined based on Plan
Years beginning with the first Plan Year following the Employee’s return to employment (unless the Employer selects Anniversary Years as the Eligibility Computation Period under AA §4-3(b)). 

 

	 	(2)	Application to Profit Sharing/401(k) Plan. If the Employer elects under AA §4-3(f) of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement to have the One-Year Break in Service rule apply
to Salary Deferrals, an Employee who is precluded from making Salary Deferrals as a result of this Break in Service rule is eligible to recommence Salary Deferrals under the Plan immediately upon completing 1,000 Hours of Service with the Employer
during a subsequent measuring period (as determined under subsection (1) above). No additional contribution need be made to an Employee due to the application of this subsection (2) as a result of the failure to retroactively permit the
Employee to make Salary Deferrals under the Plan. 

  

	2.08	Waiver of Participation. As of the Effective Date of this Plan, an Employee may not waive participation under the Plan. For this purpose, the mere failure to make Salary Deferrals or After-Tax
Contributions under the 401(k) plan is not a waiver of participation. If an Employee entered into a valid waiver of participation prior to the Effective Date of this Plan, such waiver will remain in effect pursuant to the terms of such waiver. Any
Employee who does not participate under the Plan due to a prior valid waiver will be treated as a non-benefiting Participant for purposes of the minimum coverage requirements under Code §410(b). 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	18	 	

					
	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

 

 SECTION 3 

PLAN CONTRIBUTIONS 
 This Section 3
describes the type of contributions that may be made to the Plan. The type of contributions that may be made to the Plan and the method for allocating such contributions may vary depending on the type of Plan involved. (See Section 5 for a
discussion of the limits that apply to any contributions made under the Plan.) 
  

	3.01	Types of Contributions. An Employer may designate under AA §6 (including AA §§6A – 6D of the Profit Sharing/401(k) Plan Adoption Agreement) the amount and type of contributions that may
be made under this Plan. If the Plan is a Money Purchase Plan or is a Profit Sharing Plan only (i.e., the Adoption Agreement provides for only Profit Sharing contributions (without a 401(k) feature)), the Plan may only provide for Employer
Contributions (as authorized under AA §6). If the Employer adopts the Profit Sharing/401(k) Plan Adoption Agreement, the Plan may permit Salary Deferrals, Employer Contributions (including QNECs and Safe Harbor Employer Contributions), Matching
Contributions (including QMACs and Safe Harbor Matching Contributions) and After-Tax Contributions. To share in a contribution under the Plan, an Employee must satisfy all of the conditions for being a Participant (as described in Section 2)
and must satisfy any allocation conditions (as described in Section 3.09) applicable to the particular type of contribution. 

The Employer may designate under the Adoption Agreement that the Plan is a frozen Plan. As a frozen Plan, the Employer will not make any
Employer Contributions with respect to Plan Compensation earned after the date identified in the Agreement, and if the Plan is a 401(k) Plan, no Participant will be permitted to make Elective Deferrals or Employee After-Tax Contributions to the Plan
for any period following the effective date of the freeze as identified in AA §2-5 (of the Profit Sharing Plan or Profit Sharing/401(k) Plan Adoption Agreement) or AA §6-2(g) (of the Money Purchase Plan Adoption Agreement). 

 

	3.02	Employer Contribution Formulas. If permitted under AA §6, the Employer may make an Employer Contribution to the Plan, in accordance with the contribution formula selected under AA §6-2.
Subsection (a) below describes the Employer Contributions that may be selected under the Profit Sharing Plan or Profit Sharing/401(k) Plan Adoption Agreements and subsection (b) below describes the Employer Contributions that may be made
under the Money Purchase Plan Adoption Agreement. Any Employer Contribution authorized under the Profit Sharing Plan or Profit Sharing/401(k) Plan must be allocated in accordance with a definite allocation formula as set forth in AA §6-3. To
receive an allocation of Employer Contributions, a Participant must satisfy any allocations conditions designated under the Plan, as described in Section 3.09 below. 

 

	 	(a)	Employer Contribution formulas (Profit Sharing Plan and Profit Sharing/401(k) Plan). The Employer may elect under AA §6-2 of the Profit Sharing Plan or Profit Sharing/401(k) Plan Adoption Agreement to
make any of the following Employer Contributions. If the Employer elects more than one Employer Contribution formula, each formula is applied separately. The Employer’s aggregate Employer Contribution for a Plan Year will be the sum of the
Employer Contributions under all such formulas. Any reference to the Adoption Agreement under this subsection (a) is a reference to the Profit Sharing Plan or Profit Sharing/401(k) Plan Adoption Agreement, as applicable. 

 

	 	(1)	Discretionary Employer Contribution. If elected in AA §6-2(a), the Employer may decide on an annual basis how much (if any) it wishes to contribute to the Plan as an Employer Contribution. If the
Employer elects to make a discretionary contribution, such amount may be allocated under the pro rata, permitted disparity, new comparability, age-based or uniform points allocation method (as selected in AA §6-3). 

 

	 	(i)	Pro rata allocation method. Under the pro rata allocation method, a pro rata share of the Employer Contribution is allocated to each Participant’s Employer Contribution Account. A
Participant’s pro rata share is determined based on the ratio such Participant’s Plan Compensation bears to the total Plan Compensation of all Participants or as a uniform dollar amount. This allocation formula will satisfy a design-based
safe harbor under Treas. Reg. §1.401(a)(4)-2(b) provided if the allocation is based on Plan Compensation, the Plan uses a definition of Plan Compensation that satisfies the nondiscrimination requirements under Treas. Reg. §1.414(s)-1.

  

	 	(ii)	Permitted disparity allocation method. Under the permitted disparity allocation method, the Employer Contribution is allocated to Participants’ Employer Contribution Accounts using a two-step or
four-step method. Unless provided otherwise under AA §6-3(b), the two-step method will apply for any Plan Year in which the Plan is not Top Heavy. For any Plan Year in which the Plan is Top Heavy, the four-step method will apply, unless
provided otherwise under AA §6-3(b). This allocation formula is designed to satisfy a design-based safe harbor under Treas. Reg. §1.401(a)(4)-2(b). 

The Employer may not elect the permitted disparity allocation method under the Plan if the Employer maintains another qualified plan, covering
any of the same Employees, which uses permitted disparity in determining the allocation of contributions or the accrual of benefits under such plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	19	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

	 	(A)	Two-step method. Under the two-step method, the discretionary Employer Contribution is allocated under the following method: 

 

	 	(I)	Step one. The Employer Contribution is allocated to each Participant’s Employer Contribution Account in the ratio that the sum of each Participant’s Plan Compensation plus Excess Compensation (as
defined in subsection (C) below) bears to the sum of the total Plan Compensation plus Excess Compensation of all Participants, but not in excess of the Maximum Disparity Rate (as defined in subsection (E) below). 

 

	 	(II)	Step two. Any Employer Contribution remaining after the allocation in subsection (I) above one will be allocated in the ratio that each Participant’s Plan Compensation bears to the total Plan
Compensation of all Participants. 

  

	 	(B)	Four-step method. Under the four-step method, the discretionary Employer Contribution is allocated under the following method: 

 

	 	(I)	Step one. The Employer Contribution is allocated to each Participant’s Employer Contribution Account in the ratio that each Participant’s Total Compensation bears to the Total Compensation of all
Participants, but not in excess of 3% of each Participant’s Total Compensation. 

  

	 	(II)	Step two. Any Employer Contribution remaining after the allocation in subsection (I) above will be allocated to each Participant’s Employer Contribution Account in the ratio that each
Participant’s Excess Compensation (as defined in subsection (C) below) bears to the Excess Compensation of all Participants, but not in excess of 3% of each Participant’s Excess Compensation. For purposes of this step two, Excess
Compensation will be determined using Total Compensation (instead of Plan Compensation) for the Plan Year. 

  

	 	(III)	Step three. Any Employer Contribution remaining after the allocation in subsection (II) above will be allocated to each Participant’s Employer Contribution Account in the ratio that the sum of each
Participant’s Plan Compensation plus Excess Compensation bears to the sum of the total Plan Compensation plus Excess Compensation of all Participants, but not in excess of the Maximum Disparity Rate (as defined in subsection (E) below).

  

	 	(IV)	Step four. Any Employer Contribution remaining after the allocation in subsection (III) above will be allocated to each Participant’s Employer Contribution Account in the ratio that each
Participant’s Plan Compensation bears to the total Plan Compensation of all Participants. 

  

	 	(C)	Excess Compensation. The amount of Plan Compensation that exceeds the Integration Level. 

  

	 	(D)	Integration Level. The Taxable Wage Base, unless specified otherwise under AA §6-3(b)(1). 

  

	 	(E)	Maximum Disparity Rate. The Maximum Disparity Rate is the maximum amount that may be allocated with respect to Excess Compensation. If the two-step allocation method is used under subsection
(A) above, under step one of the two-step formula, the amount allocated as a percentage of Plan Compensation and Excess Compensation may not exceed the following percentage: 

 

					
	 Integration Level

(as a percentage of the Taxable Wage Base)
	  	Maximum
Disparity Rate	 
		
	 100%
	  	 	5.7	% 
		
	 More than 80% but less than 100%
	  	 	5.4	% 
		
	 More than 20% and not more than 80%
	  	 	4.3	% 
		
	 20% or less
	  	 	5.7	% 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	20	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

 If the four-step allocation formula is used under subsection (B) above, under step
three of the four-step formula, the amount allocated as a percentage of Plan Compensation and Excess Compensation may not exceed the following percentage: 
  

					
	 Integration Level

(as a percentage of the Taxable Wage Base)
	  	Maximum
Disparity Rate	 
		
	 100%
	  	 	2.7	% 
		
	 More than 80% but less than 100%
	  	 	2.4	% 
		
	 More than 20% and not more than 80%
	  	 	1.3	% 
		
	 20% or less
	  	 	2.7	% 

  

	 	(F)	Taxable Wage Base. The maximum amount of wages that are considered for Social Security purposes as in effect at the beginning of the Plan Year. 

 

	 	(iii)	Uniform points allocation. Under the uniform points allocation, the Employer will allocate the discretionary Employer Contribution on the basis of each Participant’s total points for the Plan Year, as
determined under AA §6-3(c) of the Nonstandardized Adoption Agreement. A Participant’s allocation of the Employer Contribution is determined by multiplying the Employer Contribution by a fraction, the numerator of which is the
Participant’s total points for the Plan Year and the denominator of which is the sum of the points for all Participants for the Plan Year. 

A Participant will receive points for each year(s) of age and/or each Year(s) of Service designated under AA §6-3(c) of the
Nonstandardized Adoption Agreement. In addition, a Participant also may receive points based on his/her Plan Compensation. Each Participant will receive the same number of points for each designated year of age and/or service and the same number of
points for each designated level of Plan Compensation. If the Employer provides points based on Plan Compensation, the Employer may not designate a level of Plan Compensation that exceeds $200. 

To satisfy the nondiscrimination safe harbor under Treas. Reg. §1.401(a)(4)-2, the average of the allocation rates for Highly Compensated
Employees in the Plan must not exceed the average of the allocation rates for the Nonhighly Compensated Employees in the Plan. For this purpose, the average allocation rates are determined in accordance with Treas. Reg. §1.401(a)(4)-2(b)(3)(B).

  

	 	(iv)	New comparability allocation. Under the new comparability allocation method, the Employer may make a different discretionary contribution to each Participant’s Employer Contribution Account based on
the Employee allocation groups designated under AA §6-3(d) of the Nonstandardized Adoption Agreements. 

 Under the new
comparability allocation, the Employer may designate under AA §6-3(d)(1) separate Employee allocation groups for purposes of allocating the Employer Contribution under the Plan or may elect to have each Participant be in his/her own Employee
allocation group. The Employer Contribution will be allocated separately to each Employee allocation group in an amount determined by the Employer. Amounts allocated to designated Employee allocation groups will be made as a uniform percentage of
Plan Compensation. 
 In determining the amount that may be allocated to Participants under the new comparability allocation formula, only a
limited number of allocation rates will be permitted (see subsection (A) below). Thus, the Employer Contribution made for the Plan Year must be allocated in a manner that results in no more than the maximum number of separate allocation rates
described in subsection (A) below. A Plan will not violate this requirement if the designated Employee allocation groups under AA §6-3(d) exceed the maximum permitted number of allocation rates, as long as the actual amounts allocated for
a Plan Year do not result in separate allocation rates that exceed the maximum number of allocation rates designated in subsection (A). 

The Plan must satisfy the general nondiscrimination rate group test under Treas. Reg. §1.401(a)(4)-2(c) with respect to the separate
allocation rates under the Plan. The Plan will use standard interest rate and mortality table assumptions in accordance with Treas. Reg. §1.401(a)(4)-12 when testing the allocation formula for nondiscrimination. In the case of self-employed
individuals (i.e., sole proprietorships or partnerships), the requirements of 1.401(k)-1(a)(6) continue to apply, and the allocation method should not be such that a cash or deferred election is created for a self-employed individual as a result of
application of the allocation method. 
  

	 	(A)	Allocation rates. An allocation rate is the amount of Employer Contributions allocated to an Employee for a year, expressed as a percentage of Plan Compensation. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	21	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

	 	(B)	Maximum number of allocation rates. The maximum allowable number of allocation rates is equal to the sum of the allowable number of allocation rates for eligible Highly Compensated Employees (eligible
HCEs) and the allowable number of allocation rates for eligible Nonhighly Compensated Employees (eligible NHCEs). In determining the number of HCE and NHCE allocation rates, each separate Employee allocation group which has the same allocation rate
(as defined in subsection (A) above), will be considered a single allocation rate. 

  

	 	(I)	HCE allocation rates. The allowable number of HCE allocation rates is equal to the number of eligible HCEs, limited to 25. 

 

	 	(II)	NHCE allocation rates. The allowable number of NHCE allocation rates depends on the number of eligible NHCEs, limited to 25. The number of eligible NHCEs to which a particular allocation rate applies must
reflect a reasonable classification of Employees, and no Employee can be assigned to more than one Employee allocation group for a Plan Year. 

  

	 	(a)	If the Plan has only one or two eligible NHCEs, the allowable number of NHCE allocation rates is one. 

  

	 	(b)	If the Plan has 3 to 8 eligible NHCEs, the allowable number of NHCE allocation rates cannot exceed two. 

  

	 	(c)	If the Plan has 9 to 11 eligible NHCEs, the allowable number of NHCE allocation rates cannot exceed three. 

  

	 	(d)	If the Plan has 12 to 19 eligible NHCEs, the allowable number of NHCE allocation rates cannot exceed four. 

  

	 	(e)	If the Plan has 20 to 29 eligible NHCEs, the allowable number of NHCE allocation rates cannot exceed five. 

  

	 	(f)	If the Plan has 30 or more eligible NHCEs, the allowable number of NHCE allocation rates cannot exceed the number of eligible NHCEs divided by five (rounded down to the next whole number if the result of dividing is not
a whole number), but shall not exceed 25. 

  

	 	(C)	Must designate contribution in writing. The Employer must designate in writing how much of the Employer Contribution is made for each of the Employee allocation groups and whether such amounts are
allocated on the basis of Plan Compensation or as a uniform dollar amount. The portion of the Employer Contribution designated for a specific allocation group will be allocated only to Participants within that allocation group. If a Participant is
in more than one allocation group during the Plan Year, the Participant will receive an Employer Contribution based on the Participant’s status on the last day of the Plan Year. In the event a Participant is in two or more allocation groups on
the last day of the Plan Year, the Participant will receive an Employer Contribution based on the first allocation group listed under AA §6-3(d) of the Nonstandardized Adoption Agreements in which the Participant is a part. 

 

	 	(D)	Special rules. 

  

	 	(I)	Family Members. The Employer may designate in AA §6-3(d)(3)(i) of the Nonstandardized Adoption Agreement to establish a separate allocation group for any Family Member of a Five-Percent Owner of the
Employer. For this purpose, Family Members include the spouse, children, parents and grandparents of a Five-Percent Owner. (See Section 1.65(a) for the definition of a Five-Percent Owner.) 

 

	 	(II)	Benefiting Participants. The Employer may designate in AA §6-3(d)(3)(ii) of the Nonstandardized Adoption Agreement to establish a separate allocation group for any Nonhighly Compensated Benefiting
Participant who does not receive the Minimum Gateway Contribution described under subsection (III)(a) below. For this purpose, a Participant is treated as a Benefiting Participant if such Participant receives an allocation of Employer Contributions
(other than Salary Deferrals or Matching Contributions (including Safe Harbor Matching Contributions and QMACs)) or receives an allocation of forfeitures for the Plan Year (other than forfeitures that are subject to Code §401(m) because they
are allocated as a Matching Contribution). 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	22	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

	 	(III)	Special gateway contribution. If a separate allocation group is not established for Benefiting Participants under AA §6-3(d)(3)(ii) of the Nonstandardized Adoption Agreement, the Employer may make an
additional discretionary Employer Contribution (“special gateway contribution”) for all Nonhighly Compensated Benefiting Participants (as described in subsection (II)) in an amount necessary to provide the Minimum Gateway Contribution
described in subsection (a) below. The special gateway contribution will be allocated to all Nonhighly Compensated Benefiting Participants who have not otherwise received the Minimum Gateway Contribution without regard to any allocation
conditions otherwise applicable to Employer Contributions under the Plan. However, Participants who the Plan Administrator disaggregates pursuant to Treas. Reg. §1.410(b)-7(c)(4) because they have not satisfied the greatest minimum age and
service conditions permissible under Code §410(a) shall not be eligible to receive an allocation of any special gateway contribution made pursuant to this subsection (III). 

 

	 	(a)	Minimum Gateway Contribution. A Benefiting Participant is treated as receiving the Minimum Gateway Contribution if the Participant has an allocation rate that is equal to the lesser of: (1) one-third
of the allocation rate of the Highly Compensated Employee with the highest allocation rate for the Plan Year or (2) 5% of Compensation (as defined in subsection (b) below). In determining whether a Benefiting Participant has received an
allocation that satisfies the Minimum Gateway Contribution, all Employer Contributions allocated to the Participant for the Plan Year are taken into account. For this purpose, Employer Contributions does not include any Matching Contributions,
Salary Deferrals, or QNECs that are used in the ADP Test or ACP Test. 

  

	 	(b)	Compensation for 5% gateway allocation. For purposes of the 5% gateway contribution under (2) of subsection (a) above, Compensation means Total Compensation for the Plan Year. However, for this
purpose, Total Compensation shall exclude amounts paid while an Employee is not a Participant in the Plan. 

  

	 	(c)	Compensation under one-third gateway allocation. To determine whether a Benefiting Participant has received an allocation that satisfies the one-third gateway allocation requirement under (1) of
subsection (a) above, a Participant’s allocation rate is determined by dividing the total Employer Contribution made on behalf of such Participant by the Participant’s Plan Compensation (as defined in AA §5-2), provided the
definition satisfies Treas. Reg. §1.414(s). However, solely for purposes of determining the allocation rate of any Nonhighly Compensated Employee, QNECs that are used in the ADP Test or ACP Test shall not be taken into account.

  

	 	(IV)	Special restrictions that apply to “short-service” Employees. A designated Employee allocation group which is limited to Nonhighly Compensated Employees with the lowest amount of compensation
and/or the shortest periods of service may be deemed to violate the nondiscrimination requirements under Code §401(a)(4). 

  

	 	(v)	Age-based allocation. Under the age-based allocation method, the Employer will allocate the discretionary Employer Contribution on the basis of each Participant’s adjusted Plan Compensation. Amounts
allocated under an age-based allocation must satisfy the general nondiscrimination rate group test under Treas. Reg. §1.401(a)(4)-2(c). 

  

	 	(A)	Adjusted Plan Compensation. For this purpose, a Participant’s adjusted Plan Compensation is determined by multiplying the Participant’s Plan Compensation by an Actuarial Factor (as described in
subsection (B) below). 

  

	 	(B)	 Actuarial Factor. A Participant’s Actuarial Factor must be determined based on standard actuarial assumptions that satisfy Treas.
Reg. §1.401(a)(4)-12 using a testing age that is the later of Normal Retirement Age or the Employee’s current age. Unless designated otherwise under AA §6-3(e) of the Nonstandardized Adoption Agreement, a Participant’s Actuarial
Factor is determined based on an 8.5% interest rate and the UP-1984 mortality table. (See Appendix A of the Plan for the Actuarial Factors associated with an 8.5% interest rate and the UP-1984 mortality table and a testing age of 65. If an interest
rate other than 8.5% or a mortality table other than the 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	23	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

	 	
UP-1984 mortality table is selected under AA §6-3(e), or if a testing age other than age 65 is used, the Plan must determine the appropriate Actuarial Factors based on the designated
interest rate, mortality table, and testing age.) 

  

	 	(2)	Fixed Employer Contribution. If elected in AA §6-2(b), the Employer will make a fixed contribution to the Plan as a designated percentage of Plan Compensation or as a uniform dollar amount. The
Employer Contribution will be allocated under the prorata allocation formula under AA §6-3(a) in accordance with the selections made in AA §6-2(b). The allocation of the fixed Employer Contribution under the pro rata allocation formula
will satisfy a design-based safe harbor under Treas. Reg. §1.401(a)(4)-2(b) provided, if the allocation is based on Plan Compensation, the Plan uses a definition of Plan Compensation that satisfies the nondiscrimination requirements under
Treas. Reg. §1.414(s)-1. 

  

	 	(3)	Service-based Employer Contribution. If elected in AA §6-2(c) of the Nonstandardized Adoption Agreement, the Employer may make a contribution based on an Employee’s service with the Employer
during the Plan Year (or other period designated under AA §6-5(a).) The Employer may elect to make the service-based contribution as a discretionary contribution or as a fixed contribution. Any such contribution will be allocated on the basis
of Participants’ Hours of Service, weeks of employment or other measuring period selected under AA §6-2(c) of the Nonstandardized Adoption Agreement. The Employer Contribution will be allocated under the service-based allocation formula
under AA §6-3(f). Amounts allocated on the basis of service must satisfy the general nondiscrimination rate group test under Treas. Reg. §1.401(a)(4)-2(c). 

 

	 	(4)	Prevailing Wage Contribution. If elected in AA §6-2(d) of the Nonstandardized Adoption Agreement, the Employer may make a Prevailing Wage Contribution for Participants who perform Prevailing Wage
Service. For this purpose, Prevailing Wage Service is any service performed by an Employee under a public contract subject to the Davis-Bacon Act or to any other federal, state or municipal prevailing wage law. The Employer will make an Employer
Contribution based on the hourly contribution rate for the Participant’s employment classification. The Prevailing Wage Contribution will be allocated under the Prevailing Wage allocation formula under AA §6-3(g). Special restrictions may
apply in order for Prevailing Wage Contributions to be taken into account for purposes of satisfying the applicable federal, state or municipal prevailing wage laws. The Employer may attach an Addendum to the Adoption Agreement setting forth the
hourly contribution rate for the employment classifications eligible for Prevailing Wage Contributions. 

 Unless provided
otherwise in AA §6-2(d)(2) of the Nonstandardized Adoption Agreement, the following default rules apply for purposes of determining the Prevailing Wage Contribution. 
  

	 	(i)	Only available to Nonhighly Compensated Employees. Highly Compensated Employees are not eligible to share in the Prevailing Wage Contribution. 

 

	 	(ii)	No minimum age and service conditions. No minimum age or service conditions will apply for purposes of determining an Employee’s eligibility for the Prevailing Wage Contribution. An Employee who
performs Prevailing Wage Service will be eligible to receive the Prevailing Wage Contribution as of his/her Employment Commencement Date. 

  

	 	(iii)	Full vesting. Prevailing Wage Contributions are always 100% vested. 

 If the
Employer elects to provide eligibility requirements or vesting requirements with respect to Prevailing Wage Contributions under AA §6-2(d), the Employer may not be able to take full credit under applicable federal, state or municipal prevailing
wage laws for the Prevailing Wage Contributions made under this Plan. See the applicable prevailing wage laws for more information regarding the effect of eligibility and/or vesting requirements. 

The Employer may elect under AA §6-2(d)(1) of the Nonstandardized Adoption Agreement to offset other Employer Contributions made under
the Plan by the Prevailing Wage Contribution. To the extent such contributions satisfy the requirements for a QNEC, as described in subsection (5) below, the Prevailing Wage Contribution may be treated as a QNEC under the Plan. 

 

	 	(5)	Qualified Nonelective Contributions (QNECs). Notwithstanding any contrary selections in the Profit Sharing/401(k) Plan Adoption Agreement, for any Plan Year, the Employer may make a discretionary QNEC on
behalf of Nonhighly Compensated Participants under the Plan. Such QNEC will be allocated as a uniform percentage of Plan Compensation to all Nonhighly Compensated Participants, without regard to any allocation conditions selected in AA §6-6,
unless designated otherwise under AA §6-4 of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement. A QNEC must satisfy the requirements for a QNEC described in subsection (i) below at the time the contribution is made to the
Plan, regardless of any inconsistent elections under the Profit Sharing/401(k) Plan Adoption Agreement. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	24	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

 Alternatively, the Employer may elect under AA §6-4 of the Nonstandardized Profit
Sharing/401(k) Plan Adoption Agreement to specifically permit discretionary QNECs under the Plan. The Employer may elect to allocate the QNEC under any of the allocation methods under subsection (ii) below. (If QNECs are authorized under the
Standardized Adoption Agreement, such QNECs will be allocated as a uniform percentage of Plan Compensation to all Nonhighly Compensated Participants, without regard to the allocation conditions selected in AA §6-6.) 

If the Employer makes both a discretionary Employer Contribution under AA §6-2(a) and a discretionary QNEC, the Employer must designate,
in writing, the amount of the Employer Contribution which is designated as a regular Employer Contribution and the amount designated as a QNEC. 
  

	 	(i)	Requirements for a QNEC. In order to qualify as a QNEC, an Employer Contribution must satisfy the following requirements: 

 

	 	(A)	100% vesting. A QNEC must be 100% vested when contributed to the Plan. 

  

	 	(B)	Distribution restrictions. A QNEC must be subject to the same distribution restrictions applicable to Salary Deferrals under Section 8.10(c), except that no portion of a Participant’s QNEC
Account may be distributed on account of Hardship. See Section 8.10(d). 

  

	 	(C)	Allocation conditions. A QNEC will not be subject to the allocation provisions applicable to Employer Contributions, as designated under AA §6-6, unless provided otherwise under AA §6-4 of the
Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement. 

  

	 	(ii)	Allocation method for QNECs. 

  

	 	(A)	Participants. The Employer may elect under AA §6-4(a) of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement to allocate any QNEC under the Plan to all Participants (rather than to just
Nonhighly Compensated Participants). 

  

	 	(B)	Targeted QNECs. If the Employer elects to make Targeted QNECs under AA §6-4(b) of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement, the QNEC will be allocated to Nonhighly Compensated
Participants in the QNEC Allocation Group, starting with Nonhighly Compensated Participants with the lowest Plan Compensation for the Plan Year. For this purpose, the QNEC Allocation Group is made up of the Nonhighly Compensated Participants (equal
to one-half of total Nonhighly Compensated Participants under the Plan), with the lowest level of Plan Compensation for the Plan Year. 

  

	 	(I)	5% of Plan Compensation limit. The QNEC will be allocated to the Nonhighly Compensated Employees in the QNEC Allocation Group up to a maximum of 5% of Plan Compensation. The QNEC will be allocated first to
the Nonhighly Compensated Participant(s) with the lowest Plan Compensation (up to the 5% of Plan Compensation maximum allocation) and continuing with Nonhighly Compensated Employees in the QNEC Allocation Group with the next higher level of Plan
Compensation, until all of the QNEC has been allocated (or until all Nonhighly Compensated Employees in the QNEC Allocation Group have received the maximum 5% of Plan Compensation QNEC allocation). 

 

	 	(II)	Reallocation to lowest one-half of Nonhighly Compensated Participants. If a QNEC remains unallocated after the allocation under subsection (I), the remaining QNEC will continue to be allocated in
accordance with subsections (I), in increments equal to twice the level of QNEC allocated to the rest of the QNEC Allocation Group. Thus, for example, if a QNEC remains unallocated after allocating the full 5% of Plan Compensation to the QNEC
Allocation Group, the QNEC will continue to be allocated up to 10% of Plan Compensation (twice the QNEC already allocated to the QNEC Allocation Group) beginning with the Nonhighly Compensated Employee in the QNEC Allocation Group with the lowest
Plan Compensation. 

  

	 	(III)	 Additional members in QNEC Allocation Group. If at any time, a Nonhighly Compensated Participant is not able to receive a full QNEC
allocation under subsection (I) 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	25	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

	 	
or (II) (e.g., due to the application of the Code §415 Limitation), the Nonhighly Compensated Participant with the next higher level of Plan Compensation (that is not in the QNEC Allocation
Group) will be added to the QNEC Allocation Group. 

  

	 	(IV)	Special rule for Plan Years beginning before January 1, 2006. For Plan Years beginning before January 1, 2006, a QNEC allocated under the Targeted QNEC method may be allocated to Participants
without regard to the 5% of Plan Compensation limit. Thus, for such Plan Years, a Targeted QNEC may be allocated to a Participant up to the Participant’s Code §415 Limitation, as described in Section 5.03. 

 

	 	(6)	Frozen Plan. The Employer may designate under AA §2-5 that the Plan is a frozen Plan. As a frozen Plan, the Employer will not make any Employer Contributions with respect to Plan Compensation earned
after the date identified in the Agreement. 

  

	 	(b)	Employer Contribution formulas (Money Purchase Plan). The Employer may elect under AA §6 of the Money Purchase Plan Adoption Agreement to make any of the following Employer Contributions. Each
Participant will receive an allocation of Employer Contributions equal to the amount determined under the contribution formula elected under AA §6-2. Any reference to the Adoption Agreement under this subsection (b) is a reference to the
Money Purchase Plan Adoption Agreement. To receive an allocation of Employer Contributions, a Participant must satisfy any allocations conditions designated under the Plan, as described in Section 3.09 below. 

If the Employer adopts the Money Purchase Plan Adoption Agreement and also maintains another qualified retirement plan or plans, the
contribution to be made under the Money Purchase Plan will not exceed the maximum amount that is deductible under Code §404(a)(7), taking into account all contributions that have been made to the other plan or plans prior to the date a
contribution is made under the Money Purchase Plan. 
  

	 	(1)	Uniform Employer Contribution. If elected under AA §6-2(a), the Employer will make a contribution to each Participant under the Plan as a uniform percentage of Plan Compensation or as a uniform dollar
amount. This contribution formula will satisfy a design-based safe harbor under Treas. Reg. §1.401(a)(4)-2(b) provided if the allocation is based on Plan Compensation, the Plan uses a definition of Plan Compensation that satisfies the
nondiscrimination requirements under Treas. Reg. §1.414(s)-1. 

  

	 	(2)	Permitted disparity contribution. If elected under AA §6-2(b), the Employer will make a permitted disparity contribution to each Participant using either the individual or group method. The Employer
may not elect the permitted disparity allocation method under the Plan if the Employer maintains another qualified plan, covering any of the same Employees, which uses permitted disparity in determining the allocation of contributions or the accrual
of benefits under such plan. This contribution formula is designed to satisfy a design-based safe harbor under Treas. Reg. §1.401(a)(4)-2(b). 

  

	 	(i)	Individual method. Under the individual method, each Participant will receive an allocation of the Employer Contribution equal to the amount determined under the contribution formula under AA
§6-2(b)(1). A Participant may not receive an allocation with respect to Excess Compensation that exceeds the Maximum Disparity Rate. 

  

	 	(A)	Excess Compensation. The amount of Plan Compensation that exceeds the Integration Level. 

  

	 	(B)	Integration Level. The Taxable Wage Base, unless specified otherwise under AA §6-2(b)(3). 

  

	 	(C)	Maximum Disparity Rate. The Maximum Disparity Rate is the maximum amount that may be allocated with respect to Excess Compensation under the permitted disparity formula. The maximum amount that may be
allocated as a percentage of Plan Compensation and Excess Compensation is the following percentage: 

  

					
	 Integration Level

(as a percentage of the Taxable Wage Base)
	  	Maximum
Disparity Rate	 
		
	 100%
	  	 	5.7	% 
		
	 More than 80% but less than 100%
	  	 	5.4	% 
		
	 More than 20% and not more than 80%
	  	 	4.3	% 
		
	 20% or less
	  	 	5.7	% 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	26	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

	 	(D)	Taxable Wage Base. The maximum amount of wages that are considered for Social Security purposes as in effect at the beginning of the Plan Year. 

 

	 	(ii)	Group method. Under the group method, the Employer contributes a fixed percentage of total Plan Compensation of all Participants. The Employer Contribution is then allocated under the two-step method (as
described in subsection (a)(1)(ii)(A) above) or, if the Plan Is Top-Heavy, under the four-step method (as described in subsection (a)(1)(ii)(B) above). In determining Excess Compensation, the Integration Level is the Taxable Wage Base, unless
designated otherwise under AA §6-2(b)(3). 

  

	 	(3)	New comparability contribution. Under the new comparability contribution method, the Employer may make a different contribution to each Participant’s Employer Contribution Account based on the
designated Employee groups identified under AA §6-2(c). 

 The Employer Contribution made for a designated Employee group
will be allocated to each eligible Participant in such group as a uniform percentage of Plan Compensation as designated in AA §6-2(c)(2). The Employer also may elect to allocate an amount to each eligible Participant in a designated Employee
group the maximum amount permissible under Code §415. See Section 5.03. 
 The Employee groups designated in AA §6-2(c) must
be clearly defined in a manner that will not violate the definite determinable requirement of Treas. Reg. §1.401-1(b)(1)(ii). The portion of the Employer Contribution designated for a specific Employee group will be allocated only to
Participants within that group. If a Participant is in more than one Employee group during the Plan Year, the Participant will receive an Employer Contribution based on the Participant’s status on the last day of the Plan Year. In the event a
Participant is in two or more Employee groups on the last day of the Plan Year, the Participant will receive an Employer Contribution based on the first Employee group listed under AA §6-2(c) in which the Participant is a part. 

In applying the new comparability contribution method under this subsection (3), only a limited number of contribution rates (as defined in
subsection (i) below) will be permitted (as set forth in subsection (ii) below). Thus, the use of the new comparability contribution method may not result in different contribution rates that exceed the maximum number of contribution rates
permitted in subsection (ii) below. A Plan will not violate this requirement if the designated Employee contribution groups under AA §6-2(c) exceed the maximum permitted number of contribution rates, as long as the actual amounts
contributed for a Plan Year do not result in separate contribution rates that exceed the maximum number of contribution rates designated in subsection (ii). The Plan still must satisfy the general nondiscrimination rate group test under Treas. Reg.
§1.401(a)(4)-2(c) with respect to the separate contribution rates under the Plan. The Plan will use standard interest rate and mortality table assumptions in accordance with Treas. Reg. §1.401(a)(4)-12 when testing the allocation formula
for nondiscrimination. 
 In the case of self-employed individuals (i.e., sole proprietorships or partnerships), the requirements of
1.401(k)-1(a)(6) continue to apply, and the designation of Employee groups should not be such that a cash or deferred election is created for a self-employed individual as a result of application of such designation. A designated Employee group
which is limited to Nonhighly Compensated Employees with the lowest amount of compensation and/or the shortest periods of service may be deemed to violate the nondiscrimination requirements under Code §401(a)(4). 

 

	 	(i)	Contribution rates. A contribution rate is the amount of Employer Contributions made to an Employee for a year, expressed as a percentage of Plan Compensation. 

 

	 	(ii)	Maximum number of contribution rates. The maximum allowable number of contribution rates is equal to the sum of the allowable number of contribution rates for eligible Highly Compensated Employees
(eligible HCEs) and the allowable number of contribution rates for eligible Nonhighly Compensated Employees (eligible NHCEs). In determining the number of HCE and NHCE contribution rates, each separate Employee contribution group which has the same
contribution rate (as defined in subsection (i) above), will be considered a single contribution rate. 

  

	 	(A)	HCE contribution rates. The allowable number of HCE contribution rates is equal to the number of eligible HCEs, limited to 25. 

 

	 	(B)	NHCE contribution rates. The allowable number of NHCE contribution rates depends on the number of eligible NHCEs, limited to 25. The number of eligible NHCEs to which a particular contribution rate applies
must reflect a reasonable classification of Employees, and no Employee can be assigned to more than one Employee contribution group for a Plan Year. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	27	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

	 	(I)	If the Plan has only one or two eligible NHCEs, the allowable number of NHCE contribution rates is one. 

  

	 	(II)	If the Plan has 3 to 8 eligible NHCEs, the allowable number of NHCE contribution rates cannot exceed two. 

  

	 	(III)	If the Plan has 9 to 11 eligible NHCEs, the allowable number of NHCE contribution rates cannot exceed three. 

  

	 	(IV)	If the Plan has 12 to 19 eligible NHCEs, the allowable number of NHCE contribution rates cannot exceed four. 

  

	 	(V)	If the Plan has 20 to 29 eligible NHCEs, the allowable number of NHCE contribution rates cannot exceed five. 

  

	 	(VI)	If the Plan has 30 or more eligible NHCEs, the allowable number of NHCE contribution rates cannot exceed the number of eligible NHCEs divided by five (rounded down to the next whole number if the result of dividing is
not a whole number), but shall not exceed 25. 

  

	 	(4)	Age-based contribution. Under the age-based contribution method, the Employer will contribute a specific percentage of each Participant’s adjusted Plan Compensation. Amounts contributed under an
age-based contribution formula must satisfy the general nondiscrimination rate group test under Treas. Reg. §1.401(a)(4)-2(c). 

 

	 	(i)	Adjusted Plan Compensation. For this purpose, a Participant’s adjusted Plan Compensation is determined by multiplying the Participant’s Plan Compensation by an Actuarial Factor (as described in
subsection (ii) below). 

  

	 	(ii)	Actuarial Factor. A Participant’s Actuarial Factor must be determined based on standard actuarial assumptions that satisfy Treas. Reg. §1.401(a)(4)-12 using a testing age that is the later of
Normal Retirement Age or the Employee’s current age. Unless designated otherwise under AA §6-2(d), a Participant’s Actuarial Factor is determined based on an 8.5% interest rate and the UP-1984 mortality table. (See Appendix A of the
Plan for the Actuarial Factors associated with an 8.5% interest rate and the UP-1984 mortality table and a testing age of 65. If an interest rate other than 8.5% or a mortality table other than the UP-1984 mortality table is selected under AA
§6-2(d), or if a testing age other than age 65 is used, the Plan must determine the appropriate Actuarial Factors based on the designated interest rate, mortality table and testing age.) 

 

	 	(5)	Service-based Employer Contribution. If elected in AA §6-2(e), the Employer will make a contribution based on an Employee’s service with the Employer during the Plan Year (or other period
designated under AA §6-4.) The Employer Contribution will be allocated on the basis of Participants’ Hours of Service, weeks of employment or other measuring period selected under AA §6-2(e). Amounts contributed on the basis of
service must satisfy the general nondiscrimination rate group test under Treas. Reg. §1.401(a)(4)-2(c). 

  

	 	(6)	Prevailing Wage Contribution. If elected in AA §6-2(f), the Employer will make a Prevailing Wage Contribution for Participants who perform Prevailing Wage service. For this purpose, Prevailing Wage
service is any service performed by an Employee under a public contract subject to the Davis-Bacon Act or to any other federal, state or municipal prevailing wage law. The Employer will make an Employer Contribution based on the hourly contribution
rate for the Participant’s employment classification. Special restrictions may apply in order for Prevailing Wage Contributions to be taken into account for purposes of satisfying the applicable federal, state or municipal prevailing wage laws.
The Employer may attach an Addendum to the Adoption Agreement setting forth the hourly contribution rate for the employment classifications eligible for Prevailing Wage Contributions. 

Unless provided otherwise in AA §6-2(f)(2), the default rules described in subsection (a)(4) above will apply for purposes of determining
the Prevailing Wage Contribution. If the Employer elects to provide eligibility requirements or vesting requirements with respect to Prevailing Wage Contributions under AA §6-2(f), the Employer may not be able to take full credit under
applicable federal, state or municipal prevailing wage laws for the Prevailing Wage Contributions made under this Plan. See the applicable prevailing wage laws for more information regarding the effect of eligibility and/or vesting requirements.

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	28	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

 The Employer may elect under AA §6-2(f)(1) to offset other Employer Contributions made
under the Plan by the Prevailing Wage Contribution. 
  

	 	(7)	Frozen Plan. The Employer may designate under AA §6-2(g) that the Plan is a frozen Plan. As a frozen Plan, the Employer will not make any Employer Contributions with respect to Plan Compensation
earned after the date identified in AA §6-2(g). 

  

	 	(c)	Period for determining Employer Contributions. In determining the amount of Employer Contributions to be allocated to Participants under the Plan, the Plan will take into account Plan Compensation (as
defined in Section 1.90) for the Plan Year. The Employer may designate under AA §6-5 of the Nonstandardized Adoption Agreement alternative periods for determining the allocation of Employer Contributions. If alternative periods are
designated under AA §6-5, a Participant’s allocation of Employer Contributions will be determined separately for each designated period based on Plan Compensation earned during such period. If an alternative period is designated under AA
§6-5, the Employer need not actually make the Employer Contribution during the designated period, provided the total Employer Contribution for the Plan Year is allocated based on the proper Plan Compensation. (If the permitted disparity
allocation method applies under AA §6-2(b), the allocation will be based on the Plan Year.) 

  

	 	(d)	Offset of Employer Contributions. 

  

	 	(1)	Offset of Employer Contributions by Safe Harbor Employer Contributions. If the Plan provides for Safe Harbor Employer Contributions under AA §6C of the Profit Sharing/401(k) Plan Adoption
Agreement and such Safe Harbor Employer Contributions are not available to all eligible Participants (pursuant to the selections made in AA §6C-3(a)), the Employer may elect under AA §6C-4 to offset any additional Employer Contributions a
Participant would otherwise receive by the amount of Safe Harbor Employer Contributions the Participant receives under the Plan. Thus, when allocating any additional Employer Contributions under the Plan, if so elected under AA §6C-4, no
amounts will be allocated to Participants who receive a Safe Harbor Employer Contribution until the amount of additional Employer Contributions exceeds the amount of Safe Harbor Employer Contributions received under the Plan. For this purpose, if
the permitted disparity allocation method applies, this offset applies only to the second step of the two-step permitted disparity formula or the fourth step of the four-step permitted disparity formula. 

 

	 	(2)	Offset for contributions under another qualified plan maintained by the Employer. If the Employer maintains any other qualified plan(s) which cover any Participants under this Plan, the Employer may elect
under AA §6 to reduce such Participants’ allocation under this Plan to take into account the benefits provided under the Employer’s other qualified plan(s). For purposes of satisfying the coverage requirements under Code §410(b)
and the nondiscrimination requirements under Code §401(a)(4), this Plan may need to be aggregated with such other qualified plan(s) in accordance with Treas. Reg. §1.410(b)-7. The Employer may attach an addendum to the Adoption Agreement
describing how the offset will be applied. 

  

	3.03	Salary Deferrals. The Employer may elect under AA §6A of the Profit Sharing/401(k) Plan Adoption Agreement to authorize Participants to make Salary Deferrals under the Plan. A Participant’s total
Salary Deferrals under this Plan may not exceed the lesser of: (i) any limitation designated under AA §6A-2; (ii) the Elective Deferral Dollar Limit described under Section 5.02; or (iii) the amount permitted under the Code
§415 Limitation described under Section 5.03. The Employer may elect under AA §6A-2(c) of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement to apply a different limit on Salary Deferrals to the extent such Salary
Deferrals are withheld from a Participant’s bonus payments. 

  

	 	(a)	Salary Deferral Election. In order to make Salary Deferrals under the Plan, a Participant must enter into a Salary Deferral Election which authorizes the Employer to withhold a specific dollar amount or a
specific percentage from the Participant’s Plan Compensation. The Salary Reduction Agreement may permit a Participant to specify a different percentage or dollar amount be withheld from specified components of Plan Compensation, such as base
pay, bonuses, commissions, etc. The Employer will deposit any amounts withheld from a Participant’s Plan Compensation as Salary Deferrals into the Participant’s Salary Deferral Account under the Plan. A Salary Deferral Election may only
relate to Plan Compensation that is not currently available at the time the Salary Deferral Election is completed. In determining the amount to be withheld from a Participant’s Plan Compensation, the Plan Administrator may round any Salary
Deferral election to the next highest or lowest whole dollar amount. 

 The Employer may designate under AA §6A-9 of the
Profit Sharing/401(k) Plan Adoption Agreement to apply a special effective date as of which Participant’s may begin making Salary Deferrals under the Plan. Regardless of any special effective date designated under AA §6A-9, a Salary
Deferral Election may not be effective prior to the later of: (a) the date the Employee becomes a Participant; (b) the date the Participant executes the Salary Deferral Election; or (c) the date the Profit Sharing/401(k) Plan is
adopted or effective. In addition, Salary Deferrals made pursuant to a Salary Deferral Election may not be made earlier than the date the Participant performs the services to which such Salary Deferrals relate or the date the compensation subject to
such Salary Deferral Election would be currently available to the Participant absent the deferral election (if earlier). 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	29	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

 A Salary Deferral Election is valid even though it is executed by an Employee before he/she
actually has qualified as a Participant, so long as the Salary Deferral Election is not effective before the date the Employee is a Participant. 
  

	 	(b)	Change in deferral election. An Employee must be permitted to enter into a new Salary Deferral Election or to modify or terminate an existing Salary Deferral Election at least once a year. In addition, the
Employer may designate under AA §6A-7 of the Profit Sharing/401(k) Plan Adoption Agreement additional dates for a Participant to modify or terminate an existing Salary Deferral Election. Alternatively, the Employer may designate additional
dates on the Salary Deferral Election form (or other written procedures). 

  

	 	(c)	Automatic deferral election. The Employer may elect under AA §6A-8 of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement to provide for an automatic deferral election under the Plan. If
the Employer elects to apply an automatic deferral election, the Employer will automatically withhold the amount designated under AA §6A-8 from Participants’ Plan Compensation, unless the Participant completes a Salary Deferral Election
electing a different deferral amount (including a zero deferral amount). If an automatic deferral election applies under the Plan, such election will not apply to Participants who have entered into a Salary Deferral Election for an amount equal to
or greater than the automatic deferral amount designated under AA §6A-8. The Employer also may elect to apply the automatic deferral election only to Participants who become eligible to participate after a specified date. Any Salary Deferrals
withheld pursuant to an automatic deferral election will be deposited into the Participant’s Salary Deferral Account. 

The Plan may provide under AA §6A-8 that the automatic deferral amount will automatically increase by a designated percentage or dollar
amount each Plan Year. In applying any automatic deferral increase under AA §6A-8, the initial deferral amount will apply for the period that begins when the employee first participates in the automatic contribution arrangement and ends on the
last day of the following Plan Year. The automatic increase will apply for each full Plan Year beginning with the Plan Year immediately following the initial deferral period and for each subsequent full Plan Year. For example, if an Employee makes
his/her first automatic deferral for the period beginning July 1, 2009, the first automatic increase would not take effect until January 1, 2011 (assuming the Plan is using a calendar Plan Year) which is the Plan Year beginning after the
first full Plan Year following the period for which the Employee makes his/her first automatic deferral under the Plan. 
 Prior to the time
an automatic deferral election first goes into effect, the Participant must receive written notice concerning the effect of the automatic deferral election and his/her right to elect a different level of deferral under the Plan, including the right
to elect not to defer. After receiving the notice, a Participant must have a reasonable time to enter into a new Salary Deferral Election before any automatic deferral election goes into effect. 

 

	 	(d)	Catch-Up Contributions. If permitted under AA §6A-4, a Participant who is aged 50 or over by the end of his/her taxable year beginning in the calendar year may make Catch-Up Contributions under the
Profit Sharing/401(k) Plan, provided such Catch-Up Contributions are in excess of an otherwise applicable limit under the Plan. For this purpose, an otherwise applicable Plan limit is a limit in the Plan that applies to Salary Deferrals without
regard to Catch-up Contributions, such as a Plan-imposed Salary Deferral limit under AA §6A-2, the Code §415 Limitation (described in Section 5.03), the Elective Deferral Dollar Limit (described in Section 5.02), and the limit
imposed by the ADP Test (described in Section 6.01). For this purpose, an ADP Test limit only applies to the extent a Highly Compensated Employee is required to receive a corrective refund under Section 6.01(b)(2). 

 

	 	(1)	Catch-Up Contribution Limit. Catch-up Contributions for a Participant for a taxable year may not exceed the Catch-Up Contribution Limit. The Catch-Up Contribution Limit for taxable years beginning in 2002
is $1,000, for taxable years beginning in 2003 is $2,000, for taxable years beginning in 2004 is $3,000, for taxable years beginning in 2005 is $4,000 and for taxable years beginning in 2006 is $5,000. For taxable years beginning after 2006, the
Catch-Up Contribution Limit will be adjusted for cost-of-living increases under Code §414(v)(2)(C). For this purpose, the Employer may elect under AA §6A-4 to limit Catch-Up Contributions so that a Participant’s total Catch-Up
Contributions , when added to other Salary Deferrals, may not exceed 75 percent of the Participant’s Plan Compensation for the taxable year. (A Different Catch-Up Contribution Limit applies for SIMPLE 401(k) Plans. See Section 6.05(b)(2).)

  

	 	(2)	Special treatment of Catch-Up Contributions. Catch-up Contributions are not subject to the Elective Deferral Dollar Limit or the Code §415 Limitation, are not counted in the ADP Test, and are not
counted in determining the minimum allocation under Code §416 (as defined in Section 4.04), but Catch-Up Contributions made in prior years are counted in determining whether the Plan is Top Heavy. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	30	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

	 	(e)	Roth Deferrals. If permitted under AA §6A-5, a Participant may designate all or a portion of his/her Salary Deferrals as Roth Deferrals. For this purpose, a Roth Deferral is a Salary Deferral that
satisfies the following conditions: 

  

	 	(1)	Irrevocable election. The Participant makes an irrevocable election (at the time the Participant enters into his/her Salary Deferral Election) designating all or a portion of his/her Salary Deferrals as
Roth Deferrals. The irrevocable election applies with respect to Salary Deferrals that are made pursuant to such election. A Participant may modify or change a Salary Deferral Election to increase or decrease the amount of Salary Deferrals
designated as Roth Deferrals, provided such change or modification applies only with respect to Salary Deferrals made after such change or modification. (See subsection (b) above for rules regarding the timing of permissible changes or
modifications to a Participant’s Salary Deferral Election.) 

  

	 	(2)	Subject to immediate taxation. To the extent a Participant designates all or a portion of his/her Salary Deferrals as Roth Deferrals, such amounts will be includible in the Participant’s income at the
time the Participant would have received the contribution amounts in cash if the Employee had not made the Salary Deferral election. 

  

	 	(3)	Separate account. Any amounts designated as Roth Deferrals will be maintained by the Plan in a separate Roth Deferral Account. The Plan will credit and debit all contributions and withdrawals of Roth
Deferrals to such separate Account. The Plan will separately allocate gains, losses, and other credits and charges to the Roth Deferral Account on a reasonable basis that is consistent with such allocations for other Accounts under the Plan.
However, in no event may the Plan allocate forfeitures under the Plan to the Roth Deferral Account. The Plan will separately track Participants’ accumulated Roth Deferrals and the earnings on such amounts. 

 

	 	(4)	Satisfaction of Salary Deferral requirements. Roth Deferrals are subject to the same requirements as apply to Salary Deferrals. Thus Roth Deferrals are subject to the following requirements:

  

	 	(i)	Roth Deferrals are always 100% vested, as provided in Section 7.01. 

  

	 	(ii)	Roth Deferrals are subject to the Elective Deferral Dollar Limit, as described in Section 5.02. For this purpose, all Salary Deferrals (both Pre-Tax Salary Deferrals and Roth Deferrals) are aggregated in applying
the Elective Deferral Dollar Limit. 

  

	 	(iii)	Roth Deferrals are subject to the same distribution restrictions as apply to Salary Deferrals under Section 8.10(c). See Section 8.11(b) for special distribution provisions applicable to Roth Deferrals.

  

	 	(iv)	Roth Deferrals are subject to ADP nondiscrimination testing, as set forth in Section 6.01. 

  

	 	(v)	Roth Deferrals are subject to the required minimum distribution requirements under Code §401(a)(9), as set forth in Section 8.12. 

 

	 	(vi)	Roth Deferrals are treated as Employer Contributions for purposes of Code §§401(a), 401(k), 402, 411, 412, 415, 416 and 417. 

 

	 	(5)	Rollover of Roth Deferrals. 

  

	 	(i)	Rollovers from this Plan. For purposes of the rollover rules under Section 8.05, a Direct Rollover of a distribution from a Participant’s Roth Deferral Account will only be made to another Roth
Deferral Account under a qualified plan described in Code §401(a) or an annuity contract or custodial account described in Code §403(b) or to a Roth IRA described in §408A, and only to the extent the rollover is permitted under the
rules of Code §402(c). 

  

	 	(ii)	Rollovers to this Plan. Subject to the provisions under Section 3.07, a Participant may make a Rollover Contribution to his/her Roth Deferral Account only if the rollover is a Direct Rollover from
another Roth Deferral Account under a qualified retirement plan (as described in Section 3.07) and only to the extent the rollover is permitted under the rules of Code §402(c). A rollover of Roth Deferrals may not be made to this Plan from
a Roth IRA. 

  

	 	(iii)	Minimum rollover amount. The Plan will not provide for a Direct Rollover (including an Automatic Rollover) for distributions from a Participant’s Roth Deferral Account if it is reasonably expected (at
the time of the distribution) that the total amount the Participant will receive as a distribution during the calendar year will total less than $200. In addition, any distribution from a Participant’s Roth Deferral Account is not taken into
account in determining whether distributions from a Participant’s other Accounts are reasonably expected to total less than $200 during a year. However, Eligible Rollover Distributions from a Participant’s Roth Deferral Account are taken
into account in determining whether the total amount of the Participant’s Account Balances under the Plan exceeds $1,000 for purposes of applying the Automatic Rollover provisions under Section 8.06. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	31	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

	 	(iv)	Separate treatment of Roth Deferrals. The provisions under Section 8.05 that allow a Participant to elect a Direct Rollover of only a portion of an Eligible Rollover Distribution but only if the
amount rolled over is at least $500 is applied by treating any amount distributed from the Participant’s Roth Deferral Account as a separate distribution from any amount distributed from the Participant’s other Accounts in the Plan, even
if the amounts are distributed at the same time. 

  

	3.04	Matching Contributions. The Employer may elect under AA §6B of the Profit Sharing/401(k) Plan Adoption Agreement to authorize Matching Contributions under the Plan. If the Employer elects more than
one Matching Contribution formula under AA §6B-2, each formula is applied separately. A Participant’s aggregate Matching Contributions will be the sum of the Matching Contributions under all such formulas. Any Matching Contribution made
under the Plan will be allocated to Participants’ Matching Contribution Account. To receive an allocation of Matching Contributions, a Participant must satisfy any allocations conditions designated under the Plan, as described in
Section 3.09 below. 

  

	 	(a)	Contributions eligible for Matching Contributions. The Matching Contribution formula(s) applies to Salary Deferrals and After-Tax Contributions, to the extent authorized under the Plan. The Employer may
elect under AA §6D-3 of the Nonstandardized Adoption Agreement to exclude After-Tax Contributions from the Matching Contribution formula(s). If the Matching Contribution formula(s) applies to both Salary Deferrals and After-Tax Contributions,
such contributions are aggregated to determine the Matching Contributions under the Plan. Any reference to Salary Deferrals under the Matching Contribution formula(s) includes After-Tax Contributions to the extent such amounts are eligible for
Matching Contributions under the Plan. 

  

	 	(b)	Period for determining Matching Contributions. AA §6B-5 sets forth the period for which the Matching Contribution formula(s) applies. For this purpose, the period designated in AA §6B-5 applies
for purposes of determining the amount of Salary Deferrals (and After-Tax Contributions, if applicable) taken into account in applying the Matching Contribution formula(s) and in applying any limits on the amount of Salary Deferrals that may be
taken into account under the Matching Contribution formula(s). (See subsection (c) for rules applicable to “true-up” contributions where the Employer contributes Matching Contributions to the Plan on a different period than selected
under AA §6B-5.) 

  

	 	(c)	True-up contributions. If the Employer makes Matching Contributions more frequently than annually, the Employer may have to make “true-up” contributions for Participants. Such “true-up”
contributions will be required if the Employer actually contributes Matching Contributions to the Plan on a more frequent basis than is used for purposes of determining the amount of Salary Deferrals taken into account under AA §6B-5. For
example, if the Plan limits Matching Contributions on the basis of Salary Deferrals for the Plan Year, but the Employer contributes the Matching Contributions on a quarterly basis, the Employer may have to make a “true-up” contribution to
any Participant based on Salary Deferrals for the Plan Year. If a “true-up” contribution is required under this subsection (c), the Employer may make such additional contribution as required to satisfy the contribution requirements under
the Plan. Similar “true-up” contribution requirements will apply with respect to Safe Harbor Matching Contributions under Section 6.04(a)(1)(ii). 

  

	 	(d)	Qualified Matching Contributions (QMACs). Notwithstanding any contrary selections in the Profit Sharing/401(k) Plan Adoption Agreement, for any Plan Year, the Employer may make a discretionary QMAC on
behalf of Nonhighly Compensated Participants under the Plan. Such QMAC will be allocated uniformly to all Nonhighly Compensated Participants, without regard to any allocation conditions selected in AA §6B-7. In addition, the Employer may elect
under AA §6B-4 of the Nonstandardized Adoption Agreement to treat all (or a portion) of the Matching Contributions designated under AA §6B-2 as QMACs. 

Any QMAC contributed pursuant to this subsection (d) must satisfy the following requirements at the time the contribution is made to the
Plan, regardless of any inconsistent elections under the Profit Sharing/401(k) Plan Adoption Agreement: 
  

	 	(1)	100% vesting. A QMAC must be 100% vested when contributed to the Plan. 

  

	 	(2)	Distribution restrictions. A QMAC must be subject to the same distribution restrictions applicable to Salary Deferrals under Section 8.10(c), except that no portion of a Participant’s QMAC
Account may be distributed on account of Hardship. See Section 8.10(d). 

  

	 	(3)	Allocation conditions. A QMAC will not be subject to the allocation provisions applicable to Matching Contributions, as designated under AA §6B-7, unless provided otherwise under AA §6B-4 of the
Nonstandardized Adoption Agreement. 

  

	 	(4)	Discretionary QMAC. If the Employer makes both a discretionary Matching Contribution under AA §6B-2(a) and a discretionary QMAC, the Employer must designate, in writing, the amount of the Matching
Contribution that is designated as a regular Matching Contribution and the amount designated as a QMAC. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	32	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

	3.05	Safe Harbor Contributions. The Employer may elect under AA §6C of the Profit Sharing/401(k) Plan Adoption Agreement to treat the Plan as a Safe Harbor 401(k) Plan. To qualify as a Safe Harbor 401(k)
Plan, the Employer must make a Safe Harbor Employer Contribution or a Safe Harbor Matching Contribution. Such contributions are subject to special vesting and distribution restrictions and will be allocated to a Participant’s Safe Harbor
Employer Contribution Account or Safe Harbor Matching Contribution Account, as applicable. See Section 6.04(a) for the requirements that must be met to qualify as a Safe Harbor 401(k) Plan. 

 

	3.06	After-Tax Contributions. The Employer may elect under AA §6D of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement to allow Participants to make After-Tax Contributions under the Plan.
(After-Tax Contributions are not authorized under the Standardized Adoption Agreement.) Any After-Tax Contributions made under this Plan are subject to the ACP Test outlined in Section 6.02. Any After-Tax Contributions made under the Plan will
be held in Participants’ After-Tax Contribution Account, which is always 100% vested. A Participant may withdraw amounts from his/her After-Tax Contribution Account at any time, in accordance with the distribution rules under
Section 8.10(a), except as prohibited under AA §10. No forfeitures will occur solely as a result of an Employee’s withdrawal of After-Tax Contributions. The Plan Administrator may establish separate written administrative procedures
addressing the acceptance of After-Tax Contributions. For example, the Employer may provide in separate administrative procedures that After-Tax Contributions will only be accepted through payroll reduction. Any separate procedures will apply
uniformly to all Participants under the Plan. 

  

	3.07	Rollover Contributions. An Employee may make a Rollover Contribution to this Plan from another qualified retirement plan or from an IRA, if the acceptance of rollovers is permitted under AA §C-2 or if
the Plan Administrator adopts administrative procedures regarding the acceptance of Rollover Contributions. Subject to the provisions under Section 3.03(e)(5)(ii) relating to rollovers of Roth Deferrals, any Rollover Contribution an Employee
makes to this Plan will be held in the Employee’s Rollover Contribution Account, which is always 100% vested. A Participant may withdraw amounts from his/her Rollover Contribution Account at any time, in accordance with the distribution rules
under Section 8, except as prohibited under AA §10. 

 For purposes of this Section 3.07, a “qualified
retirement plan” is a tax-qualified retirement plan described in Code §401(a) or Code §403(a), an annuity contract described in §403(b) of the Code, or an eligible plan under §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. To qualify as a Rollover Contribution under this Section, the Rollover Contribution must be transferred directly from the
qualified retirement plan or IRA in a Direct Rollover or must be transferred to the Plan by the Employee within sixty (60) days following receipt of the amounts from the qualified plan or IRA. 

If Rollover Contributions are permitted, an Employee may make a Rollover Contribution to the Plan even if the Employee is not a Participant
with respect to any or all other contributions under the Plan, unless otherwise prohibited under separate administrative procedures adopted by the Plan Administrator. An Employee who makes a Rollover Contribution to this Plan prior to becoming a
Participant shall be treated as a Participant only with respect to such Rollover Contribution Account, but shall not be treated as a Participant until he/she otherwise satisfies the eligibility conditions under the Plan. 

The Plan Administrator may refuse to accept a Rollover Contribution if the Plan Administrator reasonably believes the Rollover Contribution
(a) is not being made from a proper plan or IRA; (b) is not being made within sixty (60) days from receipt of the amounts from a qualified retirement plan or IRA; (c) could jeopardize the tax-exempt status of the Plan; or
(d) could create adverse tax consequences for the Plan or the Employer. Prior to accepting a Rollover Contribution, the Plan Administrator may require the Employee to provide satisfactory evidence establishing that the Rollover Contribution
meets the requirements of this Section. 
 The Plan Administrator may apply different conditions for accepting Rollover Contributions from
qualified retirement plans and IRAs. Any conditions on Rollover Contributions must be applied uniformly to all Employees under the Plan. 
  

	3.08	Deductible Employee Contributions. The Plan Administrator will not accept deductible employee contributions that are made for a taxable year beginning after December 31, 1986. Contributions made prior
to that date will be maintained in a separate Account which will be nonforfeitable at all times. The Account will share in the gains and losses under the Plan in the same manner as described in Section 10.03(d). No part of the deductible
voluntary contribution Account will be used to purchase life insurance. Subject to the Joint and Survivor Annuity requirements under Section 9 (if applicable), the Participant may withdraw any part of the deductible voluntary contribution
Account by making a written application to the Plan Administrator. 

  

	3.09	 Allocation Conditions. In order to receive an allocation of Employer Contributions (other than Salary Deferrals and Safe Harbor
Contributions) or an allocation of Matching Contributions, a Participant must satisfy any allocation conditions designated under AA §6-6 or AA §6B-7, as applicable. If the Employer elects under AA §6-6(d) or AA §6B-7(d) of the
Nonstandardized Adoption Agreement to apply a minimum service requirement, the Employer may elect to base such 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	33	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

	 	
minimum service requirement on the basis of Hours of Service or on the basis of consecutive days of employment under the Elapsed Time method. The imposition of an allocation condition may cause
the Plan to fail the minimum coverage requirements under Code §410(b), unless the only allocation condition under the Plan is a safe harbor allocation condition. Under the safe harbor allocation condition, a Participant who completes the
minimum service required under AA §6-6(b) or AA §6B-7(b), as applicable, will satisfy the safe harbor allocation condition for receiving an Employer Contribution or Matching Contribution, even if the Participant’s employment
terminates during the Plan Year. (The safe harbor allocation condition is the only allocation condition that may be required under the Standardized Adoption Agreement.) 

 

	 	(a)	Application to designated period. Instead of applying the allocation conditions on the basis of the Plan Year, the Employer may elect in AA §6-6(e) or AA §6B-7(e) of the Nonstandardized Adoption
Agreement to apply the allocation conditions on the basis of designated periods. If the Employer elects to apply a last day of employment condition on the basis of designated periods, a Participant will not be entitled to an allocation of Employer
Contributions or Matching Contributions for any period designated under AA §6-5(a) or AA §6B-5, as applicable, unless the Participant is employed by the Employer at the end of such designated period. If the Employer elects to apply an
Hours of Service allocation condition on the basis of designated periods, a Participant will not be entitled to an allocation of Employer Contributions or Matching Contributions for any period designated under AA §6-5(a) or AA §6B-5, as
applicable, unless the Participant satisfies the required service condition before the end of such designated period. 

 If
the Employer elects to apply the allocation conditions on the basis of designated periods, the Employer may elect to apply any Hours of Service condition using the cumulative method (as described in subsection (1) below) or the period-by-period
method (as described in subsection (2) below). The Employer may elect operationally to use either method in applying the Hours of Service condition, provided the Employer uses the same method for all affected Employees during any given period.
(If the Employer elects to apply a minimum service requirement on the basis of days of employment under AA §6-6(d)(2) or AA §6B-7(d)(2) of the Nonstandardized Adoption Agreement, as applicable, the Employer may not apply such minimum
service condition on the basis of designated periods. Likewise, the Employer may not apply any Hours of Service requirement under a safe harbor allocation condition on the basis of designated periods. In either case, however, the Employer may apply
a last day of employment condition, if applicable, on the basis of designated periods.) 
  

	 	(1)	Cumulative method. Under the cumulative method, the Hours of Service condition is applied with respect to each designated period on a cumulative basis for the Plan Year. The required service condition for
any period is determined by multiplying the required Hours of Service (or days of employment, if applicable) by a fraction, the numerator of which is the total number of periods completed during the Plan Year (including the current period) and the
denominator of which is the total number of periods during the Plan Year. For example, if a Participant must complete 1,000 Hours of Service to receive an Employer Contribution or Matching Contribution under the Plan, and the Employer elects to
apply such condition on the basis of Plan Year quarters under AA §6-5(a) or AA §6B-5, as applicable, a Participant would have to complete 250 Hours of Service by the end of the first Plan Year quarter [1/4 x 1,000], 500 Hours of Service by
the end of the second Plan Year quarter [2/4 x 1,000], 750 Hours of Service by the end of the third Plan Year quarter [3/4 x 1,000] and 1,000 Hours of Service by the end of the Plan Year [4/4 x 1,000] to receive an allocation of the Employer
Contribution or Matching Contribution for such period. If a Participant does not satisfy the required service condition for any designated period during the Plan Year, no Employer Contribution or Matching Contribution will be allocated to that
Participant for such period. 

  

	 	(2)	Period-by-period method. Under the period-by-period method, the minimum service allocation condition is applied separately for each designated period. The required service condition for any period is
determined by multiplying the required Hours of Service (or days of employment, if applicable) by a fraction, the numerator of which is one (1) and the denominator of which is the total number of periods during the Plan Year. For example, if a
Participant must complete 1,000 Hours of Service to receive an Employer Contribution or Matching Contribution under the Plan, and the Employer elects to apply such condition on the basis of Plan Year quarters under AA §6-5(a) or AA §6B-5,
as applicable, a Participant would have to complete 250 Hours of Service in each Plan Year quarter [1/4 x 1,000] to receive an allocation of the Employer Contribution or Matching Contribution for such period. If a Participant does not satisfy the
required service condition for any designated period during the Plan Year, no Employer Contribution or Matching Contribution will be allocated to that Participant for such period. 

 

	 	(b)	Special rule for year of termination. A last day employment condition automatically applies for any Plan Year in which the Plan is terminated, regardless of whether the Employer has elected to apply a last
day employment condition under AA §6-6 or AA §6B-7, as applicable. Thus, the Employer will not be obligated to make an Employer Contribution or Matching Contribution for the Plan Year in which the Plan terminates, unless the Employer
provides for an Employer Contribution and/or Matching Contribution in its termination amendment. If there are unallocated forfeitures at the time of Plan termination, such forfeitures will be allocated to Participants under the Plan’s
procedures for allocating forfeitures. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	34	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 3 – Plan Contributions

  

	 	(c)	Special allocation condition for Matching Contributions under the Plan. The Employer may elect under AA §6B-7(f) of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement to require as a
condition for receiving a Matching Contribution that a Participant not withdraw the underlying Salary Deferrals (and After-Tax Contributions, if applicable) prior to the end of the period for which the Matching Contribution is made. A Participant
may take a distribution of matched contributions that were contributed for a prior period without losing eligibility for a current Matching Contribution. This subsection (c) will not prevent a Participant from taking a loan (as permitted under
Section 13) with respect to matched contributions during the period for which a Matching Contribution is being determined. 

  

	 	(d)	Service with Predecessor Employers. If the Employer maintains the plan of a Predecessor Employer, any service with such Predecessor Employer is treated as service with the Employer for purposes of applying
the allocation conditions under this Section 3.09. If the Employer does not maintain the plan of a Predecessor Employer, service with such Predecessor Employer does not count for purposes of applying the allocation conditions under this
Section 3.09, unless the Employer specifically designates under AA §4-5 to credit service with such Predecessor Employer. Unless designated otherwise under AA §4-5, if the Employer takes into account service with a Predecessor
Employer, such service will count for purposes of eligibility under Section 2 (see Section 2.06), vesting under Section 7 (see Section 7.06) and for purposes of the minimum allocation conditions under this Section 3.09.

  

	3.10	Contribution of Property. Subject to the consent of the Trustee, the Employer may make its contribution to the Plan in the form of property, provided such contribution does not constitute a prohibited
transaction under the Code or ERISA. The decision to make a contribution of property is subject to the general fiduciary rules under ERISA. This Section 3.10 does not apply for purposes of the Money Purchase Adoption Agreement.

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	35	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 4 – Top Heavy Plan Requirements

  
 SECTION 4 

TOP HEAVY PLAN REQUIREMENTS 
 For any Plan
Year for which this Plan is Top Heavy, the provisions of this Section apply and supersede any conflicting provisions in the Plan or Adoption Agreement. 
  

	4.01	Top Heavy Plan. This Plan is Top Heavy if any of the following conditions exist: 

  

	 	(a)	If the Top Heavy Ratio for this Plan exceeds sixty percent (60%) and this Plan is not part of any Required Aggregation Group or Permissive Aggregation Group; 

 

	 	(b)	If this Plan is a part of a Required Aggregation Group (but is not part of a Permissive Aggregation Group) and the aggregate Top Heavy Ratio for the group of plans exceeds 60%; or 

 

	 	(c)	If this Plan is a part of a Required Aggregation Group and part of a Permissive Aggregation Group and the Top Heavy Ratio for the Permissive Aggregation Group exceeds 60%. 

If the Plan is a Safe Harbor 401(k) Plan and the Plan consists solely of Safe Harbor Contributions (as described in Section 6.04(a)(1))
and Matching Contributions that satisfy the ACP Test safe harbor (as described in Section 6.04(g)), the Plan is not subject to the Top Heavy requirements of this Section 4 provided the contributions under the Plan are provided to all
Employees eligible to make Salary Deferrals. 
  

	4.02	Top Heavy Ratio. 

  

	 	(a)	Defined Contribution Plan(s) only. If the Employer maintains one or more Defined Contribution Plans (including a SEP described under Code §408(k)) and the Employer has not maintained any Defined
Benefit Plan which during the 1-year period ending on the Determination Date(s) has or has had accrued benefits, the Top Heavy Ratio for this Plan alone (or for the Required Aggregation Group or Permissive Aggregation Group, as appropriate) is a
fraction, the numerator of which is the sum of the Account Balances of all Key Employees as of the Determination Date(s) and the denominator of which is the sum of all Account Balances, both computed in accordance with Code §416 and the
regulations thereunder. For this purpose, the Account Balance used for purposes of applying the Top Heavy rules includes any part of the Account Balance distributed in the 1-year period ending on the Determination Date(s) (or during the 5-year
period ending on the Determination Date in the case of a distribution made for a reason other than severance from employment, death or disability). Both the numerator and denominator of the Top Heavy Ratio are increased to reflect any contribution
not actually made as of the determination date, but which is required to be taken into account on that date under § 416 of the Code and the regulations thereunder. In determining whether a Plan is Top Heavy for a Plan Year beginning before
January 1, 2002, the 1-year period described in this subsection (a) is replaced with a 5-year period each place it appears. 

  

	 	(b)	Maintenance of Defined Benefit Plan. If the Employer maintains one or more Defined Contribution Plans (including a SEP, as described under Code §408(k)) and the Employer maintains or has maintained
one or more Defined Benefit Plans which during the 1-year period ending on the Determination Date(s) has or has had any accrued benefits, the Top Heavy Ratio for any Required Aggregation Group or Permissive Aggregation Group (as appropriate), is a
fraction, the numerator of which is the sum of Account Balances under the Defined Contribution Plan(s) for all Key Employees, determined in accordance with subsection (a) above, and the present value of accrued benefits under the aggregated
Defined Benefit Plan(s) for all Key Employees as of the Determination Date(s), and the denominator of which is the sum of the Account Balances under the aggregated Defined Contribution Plan(s) for all Participants, determined in accordance with
subsection (a) above, and the present value of accrued benefits under the Defined Benefit Plan(s) for all Participants as of the Determination Date(s), all determined in accordance with Code §416 and the regulations thereunder. The accrued
benefits under a Defined Benefit Plan in both the numerator and denominator of the Top Heavy Ratio are increased for any distributions of an accrued benefit made during the 1-year period ending on the Determination Date (or during the 5-year period
ending on the Determination Date in the case of a distribution made for a reason other than severance from employment, death or disability). In determining whether a Plan is Top Heavy for a Plan Year beginning before January 1, 2002, the 1-year
period described in this subsection (b) is replaced with a 5-year period each place it appears. 

  

	 	(c)	Determining value of Account Balance or accrued benefit. For purposes of subsections (a) and (b) above, the value of Account Balances and the present value of accrued benefits will be determined
as of the most recent Valuation Date that falls within or ends with the 12-month period ending on the Determination Date, except as provided in Code §416 and the regulations thereunder for the first and second Plan Years of a Defined Benefit
Plan. When aggregating plans the value of Account Balances and accrued benefits will be calculated with reference to the Determination Dates that fall within the same calendar year. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	36	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 4 – Top Heavy Plan Requirements

 

	 	(1)	The Account Balances and accrued benefits of a Participant (i) who is not a Key Employee but who was a Key Employee in a prior year, or (ii) who has not been credited with at least one Hour of Service with any
Employer maintaining the plan at any time during the 1-year period ending on the Determination Date will be disregarded. In determining whether a plan is Top Heavy for a Plan Year beginning before January 1, 2002, the 1-year period described in
the prior sentence is replaced with a 5-year period. 

  

	 	(2)	The calculation of the Top Heavy Ratio, and the extent to which distributions, rollovers, and transfers are taken into account will be made in accordance with Code §416 of the Code and the regulations thereunder.
Deductible employee contributions will not be taken into account for purposes of computing the Top Heavy Ratio. 

  

	 	(3)	The accrued benefit of a Participant other than a Key Employee shall be determined under the method, if any, that uniformly applies for accrual purposes under all Defined Benefit Plans maintained by the Employer, or if
there is no such method, as if such benefit accrued not more rapidly than the slowest accrual rate permitted under the fractional rule of Code §411(b)(1)(C). 

 

	4.03	Other Definitions. 

  

	 	(a)	Key Employee. Any Employee or former Employee (including any deceased Employee) who at any time during the Plan Year that includes the Determination Date is: 

 

	 	(1)	an officer of the Employer with annual Total Compensation greater than $130,000 (as adjusted under Code §416(i)(1)), 

  

	 	(2)	a Five-Percent Owner (as defined in Section 1.65(a); or 

  

	 	(3)	a more than 1-percent owner of the Employer with an annual Total Compensation of more than $150,000. 

In determining whether a plan is Top Heavy for Plan Years beginning before January 1, 2002, Key Employee means any Employee or former
Employee (including any deceased Employee) who at any time during the 5-year period ending on the Determination Date, was an officer of the Employer having an annual Total Compensation that exceeds 50% of the dollar limitation under Code
§415(b)(1)(A), an owner (or considered an owner under Code §318) of one of the ten largest interests in the Employer if such individual’s Total Compensation exceeded 100% of the dollar limitation under Code §415(c)(1)(A), a more
than Five-Percent Owner, or a more than 1-percent owner of the Employer who had annual Total Compensation of more than $150,000. 
 The Key
Employee determination will be made in accordance with Code §416(i)(1) and the regulations and other guidance of general applicability issued thereunder. 
  

	 	(b)	Non-Key Employee. An Employee or former Employee who does not satisfy the definition of Key Employee under subsection (a) above. 

 

	 	(c)	Determination Date. For any Plan Year subsequent to the first Plan Year, the Determination Date is the last day of the preceding Plan Year. For the first Plan Year of the Plan, the Determination Date is
the last day of that first Plan Year. 

  

	 	(d)	Permissive Aggregation Group. The Required Aggregation Group of plans plus any other plan or plans of the Employer which, when considered as a group with the Required Aggregation Group, would continue to
satisfy the requirements of Code §§401(a)(4) and 410. 

  

	 	(e)	Required Aggregation Group. 

  

	 	(1)	Each qualified plan of the Employer in which at least one Key Employee participates or participated at any time during the Plan Year containing the Determination Date or any of the four preceding Plan Years (regardless
of whether the plan has terminated), and 

  

	 	(2)	any other qualified plan of the Employer that enables a plan described in subsection (1) to meet the coverage or nondiscrimination requirements of Code §§401(a)(4) or 410(b). 

 

	 	(f)	Present Value. The present value based on the interest and mortality rates specified in the relevant Defined Benefit Plan. In the event that more than one Defined Benefit Plan is included in a Required
Aggregation Group or Permissive Aggregation Group, a uniform set of actuarial assumptions must be applied to determine present value. The Employer may specify in AA §11-4(b) the actuarial assumptions that will apply if the Defined Benefit Plans
do not specify a uniform set of actuarial assumptions to be used to determine if the plans are Top Heavy. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	37	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 4 – Top Heavy Plan Requirements

 

	 	(g)	Total Compensation. For purposes of determining the minimum Top Heavy contribution under Section 4.04, Total Compensation is determined using the definition under Section 1.126. For this purpose,
Total Compensation is subject to the Compensation Limit as defined in Section 1.24. 

  

	 	(h)	Valuation Date. The date as of which Account Balances or accrued benefits are valued for purposes of calculating the Top Heavy Ratio. See AA §11-1. 

 

	4.04	Minimum Allocation. If a Plan is Top Heavy, each Participant who is not a Key Employee must receive a minimum allocation as described in this Section 4.04. Except as otherwise provided in subsections
(d) and (e) below, the minimum allocation under this Section 4.04 is the lesser of 3% of Total Compensation or the largest percentage of Employer Contributions and forfeitures, as a percentage of Total Compensation, allocated on
behalf of any Key Employee for that year. If any Non-Key Employee who is entitled to receive a Top Heavy minimum contribution pursuant to this Section 4.04 fails to receive an appropriate allocation, the Employer will make an additional
contribution on behalf of such Non-Key Employee to satisfy the requirements of this Section. The Employer may elect under AA §6-5(c) of the Nonstandardized Adoption Agreement to make the Top Heavy contribution to all Participants. If the
Employer elects to provide the Top Heavy minimum contribution to all Participants, the Employer also will make an additional contribution on behalf of any Key Employee who is a Participant and who did not receive an allocation equal to the Top Heavy
minimum contribution. 

  

	 	(a)	Determination of Key Employee contribution percentage. In determining the largest contribution percentage of any Key Employee, the Key Employee’s contribution percentage includes Salary Deferrals made
by the Key Employee for the Plan Year (except as provided by regulation or statute). 

  

	 	(b)	Determining of Non-Key Employee minimum allocation. In determining whether a Non-Key Employee’s allocation of Employer Contributions and forfeitures is at least equal to the minimum allocation
percentage (as described in Section 4.04 above), the Employee’s Salary Deferrals for the Plan Year are disregarded. To the extent a Non-Key Participant receives an allocation of Matching Contributions under the Plan (including Safe Harbor
Matching Contributions or QMACs), such Matching Contributions can be taken into account in determining whether the minimum allocation has been satisfied. 

  

	 	(c)	Certain allocation conditions inapplicable. The Top Heavy Plan minimum allocation shall be made even though, under other Plan provisions, the Non-Key Employee would not otherwise be entitled to receive an
allocation, or would have received a lesser allocation for the Plan Year because of: 

  

	 	(1)	the Participant’s failure to complete 1,000 Hours of Service (or any equivalent provided in the Plan), 

  

	 	(2)	the Participant’s failure to make Salary Deferrals or After-Tax Contributions to the Plan, or 

  

	 	(3)	Total Compensation is less than a stated amount. 

 The minimum allocation also is determined
without regard to any Social Security contribution or whether a Participant fails to make Salary Deferrals for a Plan Year in which the Plan includes a 401(k) feature. 
  

	 	(d)	Participants not employed on the last day of the Plan Year. The minimum allocation requirement described in this Section 4.04 does not apply to a Participant who is not employed by the Employer on the
last day of the Plan Year. 

  

	 	(e)	Participation in more than one Top Heavy Plan. The minimum allocation requirement described in this Section 4.04 does not apply to a Participant who is covered under another plan maintained by the
Employer if, pursuant to AA §11-4, the other Plan will satisfy the minimum allocation requirement. 

  

	 	(1)	More than one Defined Contribution Plans. If the Employer maintains one or more Defined Contribution Plans in addition to this Plan, the Employer may designate in AA §11-4(a) which plan(s) will
provide the Top Heavy minimum allocation, if such plans are Top Heavy. If the Employer maintains more than one Defined Contribution Plan and does not designate the Plan to provide the Top Heavy minimum allocation, the Employer will be deemed to have
selected this Plan as the Plan under which the Top Heavy minimum contribution will be provided. If an Employee is entitled to a Top Heavy minimum contribution but has not satisfied the minimum age and/or service requirements under the Plan
designated to provide the Top Heavy minimum contribution, the Employee may receive a Top Heavy minimum contribution under the designated Plan. 

  

	 	(2)	 Defined Contribution Plan and a Defined Benefit Plan. If the Employer maintains a Defined Benefit Plan in addition to this Plan, the
Employer may elect to provide the Top Heavy minimum allocation (i) in the Defined Benefit Plan; (ii) in this Plan (or any other Defined Contribution Plan) but increasing the minimum allocation from 3% to 5%; or (iii) under any other
acceptable method of compliance. If a Non-Key Employee participates only under the Defined Benefit Plan, the Top Heavy minimum benefit will be provided under the Defined 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	38	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 4 – Top Heavy Plan Requirements

 

	 	
Benefit Plan. If a Non-Key Employee participates only under the Defined Contribution Plan, the Top Heavy minimum benefit will be provided under the Defined Contribution Plan (without regard to
this subsection (2)). If the Employer maintains a Defined Benefit Plan in addition to this Plan and does not designate how the minimum allocation will be provided, the Employer will be deemed to have selected this Plan as the Plan under which the
Top Heavy minimum allocation will be provided. 

  

	 	(f)	No forfeiture for certain events. The minimum Top Heavy allocation (to the extent required to be nonforfeitable under Code §416(b)) may not be forfeited under the suspension of benefit rules of Code
§411(a)(3)(B) or the withdrawal of mandatory contribution rules of Code §411(a)(3)(D). 

  

	4.05	Special Top Heavy Vesting Rules. 

  

	 	(a)	Minimum vesting schedules. For any Plan Year in which this Plan is Top Heavy, the Top Heavy vesting schedule elected in AA §8-3 will automatically apply to the Plan. The Top Heavy vesting schedule
will apply to all benefits within the meaning of Code §411(a)(7) except those attributable to After-Tax Contributions, including benefits accrued before the effective date of Code §416 and benefits accrued before the Plan became Top Heavy.
No decrease in a Participant’s nonforfeitable percentage may occur in the event the Plan’s status as Top Heavy changes for any Plan Year. However, this subsection does not apply to the Account Balance of any Employee who does not have an
Hour of Service after the Plan has initially become Top Heavy and such Employee’s Account Balance attributable to Employer Contributions and forfeitures will be determined without regard to this section. 

 

	 	(b)	Shifting Top Heavy Plan status. If the vesting schedule under the Plan shifts in or out of the Top Heavy Plan vesting schedule for any Plan Year because of a change in Top Heavy Plan status, such shift is
an amendment to the vesting schedule subject to the provisions of Section 7.08. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	39	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 5 – Limits on Contributions

  
 SECTION 5 

LIMITS ON CONTRIBUTIONS 
  

	5.01	Limits on Employer Contributions. Any contributions the Employer makes under the Plan are subject to the limitations set forth in this Section 5. 

 

	 	(a)	Limitation on Salary Deferrals. If the Employer adopts the Profit Sharing/401(k) Plan Adoption Agreement, any Salary Deferrals made under the Plan are subject to the Elective Deferral Dollar Limit, as
described in Section 5.02 below. 

  

	 	(b)	Limitation on total Employer Contributions. All Employer Contributions the Employer makes under the Plan are subject to the Code §415 Limitation, as described in Section 5.03 below. For purposes
of applying the Code §415 Limitation, Employer Contributions include any Employer Contributions, Salary Deferrals, Matching Contributions, QNECs, QMACs, or Safe Harbor Contributions made under the Plan. See the definition of Annual Additions
under Section 5.03(c)(1) below. 

  

	5.02	Elective Deferral Dollar Limit. No Participant may contribute as Elective Deferrals to this Plan (and any other plan, contract or arrangement maintained by the Employer) during any calendar year, an amount
that exceeds the Elective Deferral Dollar Limit in effect for the Participant’s taxable year beginning in such calendar year. Additional restrictions apply if a Participant participates in a plan maintained by an unrelated employer. (See
subsection (b)(7) below.) 

 The Elective Deferral Dollar Limit is $10,500 for taxable years beginning in 2000 and 2001,
$11,000 for taxable years beginning in 2002, $12,000 for taxable years beginning in 2003, $13,000 for taxable years beginning in 2004, $14,000 for taxable years beginning in 2005, and $15,000 for taxable years beginning in 2006. For taxable years
beginning after 2006, the Elective Deferral Dollar Limit will be adjusted for cost-of-living increases under Code §402(g)(4). Any such adjustments will be in multiples of $500. 

If a Participant is aged 50 or over by the end of the taxable year, the Elective Deferral Dollar Limit is increased by the Catch-Up
Contribution Limit (as defined in Section 3.03(d)(1)). If the Plan does not provide for Catch-up Contributions, the Elective Deferral Dollar Limit is not increased by the Catch-Up Contribution Limit. 

 

	 	(a)	Excess Deferrals. Excess Deferrals are Elective Deferrals made during the Participant’s taxable year that exceed the Elective Deferral Dollar Limit (as described above) for such year; counting only
Elective Deferrals made under this Plan and any other plan, contract or arrangement maintained by the Employer. (See subsection (b)(7) below for provisions that apply when a Participant makes Elective Deferrals to a plan of an unrelated Employer.)

  

	 	(b)	Correction of Excess Deferrals. If a Participant makes Excess Deferrals (i.e., Elective Deferrals in excess of the Elective Deferral Dollar Limit) under this Plan and any other plan maintained by the
Employer, such Excess Deferrals (plus allocable income or loss) shall be distributed to the Participant no later than April 15 of the following calendar year. 

 

	 	(1)	Amount of corrective distribution. The amount to be distributed from this Plan as a correction of Excess Deferrals equals the amount of Elective Deferrals the Participant contributes during the taxable
year to this Plan and any other plan maintained by the Employer in excess of the Elective Deferral Dollar Limit, reduced by any corrective distribution of Excess Deferrals the Participant receives during the calendar year from this Plan or other
plan(s) maintained by the Employer. If a Participant has both a Pre Tax-Deferral Account and a Roth Deferral Account, the Participant may designate the extent to which the corrective distribution of Excess Deferrals is taken from the Pre-Tax
Deferral Account or from the Roth Deferral Account, unless designated otherwise under AA §6A-5(d). If a Participant does not designate the Account(s) from which the distribution will be made, the corrective distribution will be made first from
the Participant’s Pre-Tax Deferral Account. 

  

	 	(2)	Allocable gain or loss. A corrective distribution of Excess Deferrals must include any allocable gain or loss for the taxable year in which the Excess Deferrals are contributed to the Plan. The gain or
loss allocable to Excess Deferrals may be determined in any reasonable manner, provided the manner used to determine allocable gain or loss is applied consistently for all Participants and in a manner that is reasonably reflective of the method used
by the Plan for allocating income to Participants’ Accounts. Income or loss allocable to the period between the end of the taxable year and the date of distribution may be disregarded in determining income or loss. For example, the gain or loss
attributable to Excess Deferrals for the taxable year may be determined by multiplying the gain or loss for the taxable year allocable to Elective Deferrals by a fraction, the numerator of which is the Excess Deferrals for the Employee for the
taxable year, and the denominator of which is the Employee’s Account Balance attributable to Elective Deferrals as of the beginning of the taxable year, plus the Employee’s Elective Deferrals for the taxable year. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	40	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 5 – Limits on Contributions

  

	 	(3)	Taxation of corrective distribution. If a corrective distribution of Excess Deferrals is made by April 15 of the following calendar year, amounts attributable to the Excess Deferrals will be
includible in the Participant’s gross income in the taxable year in which such amounts are deferred under the Plan and amounts attributable to income or loss on the Excess Deferrals will be includible in gross income in the year of
distribution. However, a corrective distribution of Excess Deferrals will not be included in gross income to the extent such distribution is comprised of Roth Deferrals. A Roth Deferral is treated as an Excess Deferral only to the extent that the
total amount of Roth Deferrals for an individual exceeds the applicable limit for the taxable year or the Roth Deferrals are identified as Excess Deferrals and the individual receives a distribution of the Excess Deferrals and allocable income under
this paragraph. 

 If a corrective distribution of Excess Deferrals is made after April 15, the amount of the corrective
distribution attributable to Excess Deferrals will be includible in the Participant’s gross income in both the taxable year in which such amounts are deferred under the Plan and the taxable year in which such amounts are distributed. (See
Section 8.11(b)(2) for a discussion of the ordering rules for determining the Accounts from which the corrective distribution is made where a Participant has both a Pre-Tax Deferral Account and a Roth Deferral Account.) 

If a corrective distribution of Excess Deferrals made after April 15 of the following calendar year apply to Excess Deferrals that are
Roth Deferrals, such amounts are includible in gross income (without adjustment for any return of investment in the contract under Code §72(e)(8)). In addition, such distribution cannot be a “qualified distribution” as described in
Code §402A(d)(2) and is not an Eligible Rollover Distributions (within the meaning of Code §402(c)(4)). For this purpose, if a Roth Deferral account includes any Excess Deferrals, any distributions from the Roth Deferral account are
treated as attributable to those Excess Deferrals until the total amount distributed from the Roth Deferral account equals the total of such Excess Deferrals and attributable income. 

 

	 	(4)	Coordination with other provisions. A corrective distribution of Excess Deferrals made by April 15 of the following calendar year may be made without consent of the Participant or the
Participant’s spouse, and without regard to any distribution restrictions applicable under Section 8. A corrective distribution of Excess Deferrals made by the appropriate April 15 also is not treated as a distribution for purposes of
applying the required minimum distribution rules under Section 8.12. 

  

	 	(5)	Coordination with ADP failure. If a Participant receives a corrective distribution of Excess Contributions to correct an ADP Test failure for a Plan Year beginning with or within a calendar year for which
the Participant makes Excess Deferrals, any corrective distribution from the Plan is treated first as a corrective distribution of Excess Deferrals to the extent necessary to eliminate the Excess Deferral violation. The amount which must be
distributed to correct the ADP Test failure is reduced by the amount treated as a corrective distribution of Excess Deferrals. 

  

	 	(6)	Suspension of Salary Deferrals. If a Participant’s Salary Deferrals under this Plan, in combination with any Elective Deferrals the Participant makes during the calendar year under any other plan
maintained by the Employer, equal or exceed the Elective Deferral Dollar Limit, the Employer may suspend the Participant’s Salary Deferrals under this Plan for the remainder of the calendar year without the Participant’s consent.

  

	 	(7)	Correction of Excess Deferrals under plans not maintained by the Employer. The correction provisions under this subsection (b) apply only if a Participant makes Excess Deferrals under this Plan (or
under this Plan and other plans maintained by the Employer). However, if a Participant has Excess Deferrals for a calendar year on account of making Elective Deferrals to a plan of an unrelated employer, the Participant may assign to this Plan any
portion of his/her Elective Deferrals made under all plans during the calendar year to the extent such Elective Deferrals exceed the Elective Deferral Dollar Limit. The Participant must notify the Plan Administrator in writing on or before
March 1 of the following calendar year of the amount of the Excess Deferrals to be assigned to this Plan. If any Roth Deferrals were made to a plan, the notification must also identify the extent to which, if any, the Excess Deferrals are
comprised of Roth Deferrals. 

 Upon receipt of a timely notification, the Excess Deferrals assigned to this Plan will be
distributed (along with any allocable income or loss) to the Participant in accordance with the corrective distribution provisions under this subsection (b). A Participant is deemed to notify the Plan Administrator of Excess Deferrals (including any
portion of Excess Deferrals that are comprised of Roth Deferrals) to the extent such Excess Deferrals arise only under this Plan and any other plan maintained by the Employer. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	41	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 5 – Limits on Contributions

  

	5.03	Code §415 Limitation. 

  

	 	(a)	No other plan participation. If the Participant does not participate in, and has never participated in another qualified retirement plan, a welfare benefit fund (as defined under Code §419(e)), an
individual medical account (as defined under Code §415(l)(2)), or a SEP (as defined under Code §408(k)) maintained by the Employer, then the amount of Annual Additions which may be credited to the Participant’s Account for any
Limitation Year will not exceed the lesser of the Maximum Permissible Amount or any other limitation contained in this Plan. 

If an Employer Contribution that would otherwise be contributed or allocated to a Participant’s Account will cause that
Participant’s Annual Additions for the Limitation Year to exceed the Maximum Permissible Amount, the amount to be contributed or allocated to such Participant will be reduced so that the Annual Additions allocated to such Participant’s
Account for the Limitation Year will equal the Maximum Permissible Amount. However, if a contribution or allocation to a Participant’s Account will exceed the Maximum Permissible Amount due to a correctable event described in subsection
(2) below, the Excess Amount may be distributed or allocated to such Participant and corrected in accordance with the correction procedures outlined in subsection (2) below. 

 

	 	(1)	Using estimated Total Compensation. Prior to determining the Participant’s actual Total Compensation for the Limitation Year, the Employer may determine the Maximum Permissible Amount for a
Participant on the basis of a reasonable estimation of the Participant’s Total Compensation for the Limitation Year, uniformly determined for all Participants similarly situated. 

As soon as administratively feasible after the end of the Limitation Year, the Employer will determine the Maximum Permissible Amount for the
Limitation Year on the basis of the Participant’s actual Total Compensation for the Limitation Year. 
  

	 	(2)	Disposition of Excess Amount. If, as a result of the use of estimated Total Compensation, the allocation of forfeitures, a reasonable error in determining the amount of Salary Deferrals that may be made
under the Plan, or other reasonable error in applying the Code §415 Limitation, an Excess Amount arises, the excess will be disposed of as follows: 

  

	 	(i)	Any After-Tax Contributions (plus attributable earnings), to the extent such contributions would reduce the Excess Amount, will be returned to the Participant. The Employer may elect not to apply this subsection
(i) if the ACP Test (as defined in Section 6.02) has already been performed and the distribution of After-Tax Contributions to correct the Excess Amount will cause the ACP Test to fail or will change the amount of corrective distributions
required under Section 6.02(b)(2). 

 If Matching Contributions were allocated with respect to After-Tax Contributions
for the Limitation Year, the After-Tax Contributions and Matching Contributions will be corrected together. After-Tax Contributions will be distributed under this subsection (i) only to the extent the After-Tax Contributions, plus the Matching
Contributions allocated with respect to such After-Tax Contributions, reduce the Excess Amount. Thus, after correction under this subsection (i), each Participant should have the same level of Matching Contribution with respect to the remaining
After-Tax Contributions as provided under AA §6B. Any Matching Contributions identified under this subsection (i) will be treated as an Excess Amount correctable under subsections (iii) and (iv) below. If Matching Contributions
are allocated to both After-Tax Contributions and to Salary Deferrals, this subsection (i) is applied by treating Matching Contributions as allocated first to Salary Deferrals. 

 

	 	(ii)	If, after the application of subsection (i), an Excess Amount still exists, any Salary Deferrals (plus attributable earnings), to the extent such deferrals would reduce the Excess Amount, will be distributed to the
Participant. The Employer may elect not to apply this subsection (ii) if the ADP Test (as defined in Section 6.01) has already been performed and the distribution of Salary Deferrals to correct the Excess Amount will cause the ADP Test to
fail or will change the amount of corrective distributions required under Section 6.01(b)(2). 

 If Matching
Contributions are allocated with respect to Salary Deferrals for the Limitation Year, the Salary Deferrals and Matching Contributions will be corrected together. Salary Deferrals will be distributed under this subsection (ii) only to the extent
the Salary Deferrals, plus Matching Contributions allocated with respect to such Salary Deferrals, reduce the Excess Amount. Thus, after correction under this subsection (ii), each Participant should have the same level of Matching Contribution with
respect to the remaining Salary Deferrals as provided under AA §6B. Any Matching Contributions identified under this subsection (ii) will be treated as an Excess Amount correctable under subsection (iii) or (iv) below. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	42	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 5 – Limits on Contributions

  

	 	(iii)	If, after the application of subsection (ii), an Excess Amount still exists, the Excess Amount will be allocated to a suspense account and used in the next Limitation Year (and succeeding Limitation Years, if necessary)
to reduce Employer Contributions for all Participants under the Plan. The Excess Amounts are treated as Annual Additions for the Limitation Year in which such amounts are allocated from the suspense account. 

 

	 	(iv)	If a suspense account is in existence at any time during a Limitation Year pursuant to subsection (iii), such suspense account will not participate in the allocation of investment gains and losses, unless otherwise
provided in uniform valuation procedures established by the Plan Administrator. If a suspense account is in existence at any time during a particular Limitation Year, all amounts in the suspense account must be allocated to Participants’
Accounts before the Employer makes any Employer Contributions, or any After-Tax Contributions are made, for that Limitation Year. 

  

	 	(b)	Participation in another plan. This subsection (b) applies if, in addition to this Plan, the Participant receives an Annual Addition during any Limitation Year from another Defined Contribution Plan,
a welfare benefit fund (as defined under Code §419(e)), an individual medical account (as defined under Code §415(l)(2)), or a SEP (as defined under Code §408(k)) maintained by the Employer. 

 

	 	(1)	This Plan’s Code §415 Limitation. The Annual Additions that may be credited to a Participant’s Account under this Plan for any Limitation Year will not exceed the Maximum Permissible Amount
(defined in subsection (c)(6) below) reduced by the Annual Additions credited to a Participant’s Account under any other Defined Contribution Plan, welfare benefit fund, individual medical account, or SEP maintained by the Employer for the same
Limitation Year. 

  

	 	(2)	Annual Additions reduction. If the Annual Additions with respect to the Participant under any other Defined Contribution Plan, welfare benefit fund, individual medical account, or SEP maintained by the
Employer are less than the Maximum Permissible Amount and the Annual Additions that would otherwise be contributed or allocated to the Participant’s Account under this Plan would exceed the Code §415 Limitation for the Limitation Year, the
amount contributed or allocated will be reduced so that the Annual Additions under all such Plans and funds for the Limitation Year will equal the Maximum Permissible Amount. However, if a contribution or allocation to a Participant’s Account
will exceed the Maximum Permissible Amount due to a correctable event described in subsection (a)(2), the Excess Amount may be distributed or allocated to such Participant and corrected in accordance with the correction procedures outlined in
subsection (a)(2). 

  

	 	(3)	No Annual Additions permitted. If the Annual Additions with respect to the Participant under such other Defined Contribution Plan(s), welfare benefit fund(s), individual medical account(s), or SEP(s) in
the aggregate are equal to or greater than the Maximum Permissible Amount, no amount will be contributed or allocated to the Participant’s Account under this Plan for the Limitation Year. However, if a contribution or allocation to a
Participant’s Account will exceed the Maximum Permissible Amount due to a correctable event described in subsection (a)(2), the Excess Amount may be distributed or allocated to such Participant and corrected in accordance with the correction
procedures outlined in subsection (a)(2). 

  

	 	(4)	Using estimated Total Compensation. Prior to determining the Participant’s actual Total Compensation for the Limitation Year, the Employer may determine the Maximum Permissible Amount for a
Participant in the manner described in subsection (a)(1) above. As soon as administratively feasible after the end of the Limitation Year, the Maximum Permissible Amount for the Limitation Year will be determined on the basis of the
Participant’s actual Total Compensation for the Limitation Year. 

  

	 	(5)	Excess Amounts. If, as a result of the use of estimated Total Compensation, an allocation of forfeitures, a reasonable error in determining the amount of Salary Deferrals that may be made under this
Section 5.03, or other reasonable error in applying the Code §415 Limitation, a Participant’s Annual Additions would result in an Excess Amount for a Limitation Year, the Excess Amount will be deemed to consist of the Annual Additions
last allocated, except that Annual Additions attributable to a SEP will be deemed to have been allocated first, followed by Annual Additions to a welfare benefit fund or individual medical account, regardless of the actual allocation date.

  

	 	(i)	Same allocation date. If an Excess Amount is allocated to a Participant on an allocation date of this Plan which coincides with an allocation date of another plan maintained by the Employer, the Excess
Amount attributed to this Plan will be the product of: 

  

	 	(A)	the total Excess Amount allocated as of such date, times 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	43	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 5 – Limits on Contributions

  

	 	(B)	the ratio of (I) the Annual Additions allocated to the Participant for the Limitation Year as of such date under this Plan to (II) the total Annual Additions allocated to the Participant for the Limitation Year as
of such date under this and all other Defined Contribution Plans. 

  

	 	(ii)	Alternative methods. The Employer may elect under AA §11-4(c) of the Nonstandardized Adoption Agreement to modify the default rules under this subsection (5). For example, the Employer may elect to
attribute any Excess Amount which is allocated on the same date to this Plan and to another plan maintained by the Employer by designating the specific plan to which the Excess Amount is allocated. 

 

	 	(6)	Disposition of Excess Amounts. Any Excess Amount attributed to this Plan will be disposed in the manner described in subsection (a)(2). 

 

	 	(c)	Definitions. 

  

	 	(1)	Annual Additions. The sum of the following amounts credited to a Participant’s Account for the Limitation Year: 

  

	 	(i)	Employer Contributions, including Matching Contributions, Salary Deferrals, QNECs, QMACs and Safe Harbor Contributions; 

  

	 	(ii)	After-Tax Contributions; 

  

	 	(iii)	forfeitures; 

  

	 	(iv)	amounts allocated to an individual medical account (as defined in Code §415(l)(2)), which is part of a pension or annuity plan maintained by the Employer, are treated as Annual Additions to a Defined Contribution
Plan. Also, amounts derived from contributions paid or accrued which are attributable to post-retirement medical benefits allocated to the separate account of a key employee (as defined in Code §419A(d)(3)) under a welfare benefit fund (as
defined in Code §419(e)) maintained by the Employer are treated as Annual Additions to a Defined Contribution Plan; and 

  

	 	(v)	allocations under a SEP (as defined in Code §408(k)). 

 For this purpose, any Excess
Amount applied under subsections (a)(2) or (b)(5) in the Limitation Year to reduce Employer Contributions will be considered Annual Additions for such Limitation Year. 

An Annual Addition is credited to a Participant’s Account for a particular Limitation Year if such amount is allocated to the
Participant’s Account as of any date within that Limitation Year. An Annual Addition will not be deemed credited to a Participant’s Account for a particular Limitation Year unless such amount is actually contributed to the Plan no later
than 30 days after the time prescribed by law for filing the Employer’s income tax return (including extensions) for the taxable year with or within which the Limitation Year ends. In the case of After-Tax Contributions, such amount shall not
be deemed credited to a Participant’s Account for a particular Limitation Year unless the contributions are actually contributed to the Plan no later than 30 days after the close of that Limitation Year. 

 

	 	(2)	Defined Contribution Dollar Limitation. $40,000, as adjusted under Code §415(d). 

  

	 	(3)	Employer. For purposes of this Section 5.03, Employer shall mean the Employer that adopts this Plan, and all members of a controlled group of corporations (as defined in §414(b) of the Code as
modified by §415(h)), all commonly controlled trades or businesses (as defined in §414(c) of the Code as modified by §415(h)) or affiliated service groups (as defined in §414(m)) of which the adopting Employer is a part, and any
other entity required to be aggregated with the Employer pursuant to regulations under §414(o) of the Code. 

  

	 	(4)	Excess Amount. The excess of the Participant’s Annual Additions for the Limitation Year over the Maximum Permissible Amount. 

 

	 	(5)	Limitation Year. The Plan Year, unless the Employer elects another 12-consecutive month period under AA §11-3(a) of the Nonstandardized Adoption Agreement. All qualified retirement plans under Code
§401(a) maintained by the Employer must use the same Limitation Year. If the Limitation Year is amended to a different 12-consecutive month period, the new Limitation Year must begin on a date within the Limitation Year in which the amendment
is made. If the Plan has an initial Plan Year that is less than 12 months, the Limitation Year for such first Plan Year is the 12-month period ending on the last day of that Plan Year, unless otherwise specified in AA §11-3(a).

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	44	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 5 – Limits on Contributions

  

	 	(6)	Maximum Permissible Amount. For Limitation Years beginning on or after January 1, 2002, the maximum Annual Additions that may be contributed or allocated to a Participant’s Account under the Plan
for any Limitation Year shall not exceed the lesser of: 

  

	 	(i)	the Defined Contribution Dollar Limitation, or 

  

	 	(ii)	100 percent of the Participant’s Total Compensation for the Limitation Year. 

 The Total
Compensation limitation referred to in (ii) shall not apply to any contribution for medical benefits (within the meaning of Code §401(h) or §419A(f)(2)) which is otherwise treated as an Annual Addition. 

If a short Limitation Year is created because of an amendment changing the Limitation Year to a different 12-consecutive month period, the
Maximum Permissible Amount will not exceed the Defined Contribution Dollar Limitation multiplied by the following fraction: 
 Number of
months in the short Limitation Year 
 12 

If a short Limitation Year is created because the Plan has an initial Plan Year that is less than 12 months, no proration of the
Defined Contribution Dollar Limitation is required, unless provided otherwise under AA §11-3(a) of the Nonstandardized Adoption Agreement. (See subsection (5) above for the rule allowing the use of a full 12-month Limitation Year for the
first year of the Plan, thereby avoiding the need to prorate the Defined Contribution Dollar Limitation.) 
  

	 	(7)	Total Compensation. The amount of compensation as defined under Section 1.126, subject to the Employer’s election under AA §5-2. 

 

	 	(i)	Self-Employed Individuals. For a Self-Employed Individual, Total Compensation is such individual’s Earned Income. 

 

	 	(ii)	Total Compensation actually paid or made available. For purposes of applying the limitations of this Section 5.03, Total Compensation for a Limitation Year is the Total Compensation actually paid or
made available to an Employee during such Limitation Year. However, the Employer may include in Total Compensation for a Limitation Year amounts earned but not paid in the Limitation Year because of the timing of pay periods and pay days, but only
if these amounts are paid during the first few weeks of the next Limitation Year, such amounts are included on a uniform and consistent basis with respect to all similarly-situated Employees, and no amounts are included in Total Compensation in more
than one Limitation Year. The Employer need not make any formal election to include accrued Total Compensation described in the preceding sentence. 

  

	 	(iii)	Disabled Participants. Total Compensation does not include any imputed compensation for the period a Participant is Disabled. However, the Employer may elect under AA §11-3(b) of the Nonstandardized
Adoption Agreement to include under the definition of Total Compensation the amount a terminated Participant who is permanently and totally Disabled (as defined in Section 1.36) would have received for the Limitation Year if the Participant had
been paid at the rate of Total Compensation paid immediately before becoming permanently and totally Disabled. If the Employer elects under AA §11-3(b) of the Nonstandardized Adoption Agreement to include imputed compensation for a Disabled
Participant, a Disabled Participant will receive an allocation of any Employer Contribution the Employer makes to the Plan based on the Employee’s imputed compensation for the Plan Year. Any Employer Contributions made to a Disabled Participant
under this subsection (iii) are fully vested when made and will be made only to Non-Highly Compensated Employees. Any modifications made to the definition of Disabled (under AA §9-4(b)) will not apply to this section. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	45	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

  
 SECTION 6 

SPECIAL RULES AFFECTING 401(k) PLANS 
  

	6.01	Nondiscrimination Testing of Salary Deferrals – ADP Test. Except as provided under Section 6.04 for Safe Harbor 401(k) Plans, if the Plan permits Participants to make Salary Deferrals, the Plan
must satisfy the Actual Deferral Percentage Test (“ADP Test”) each Plan Year. The Plan Administrator shall maintain records sufficient to demonstrate satisfaction of the ADP Test, including the amount of any QNECs or QMACs included in such
test, pursuant to subsection (a)(4) below. If the Plan fails the ADP Test for any Plan Year, the corrective provisions under subsection (b) below will apply. 

 

	 	(a)	ADP Test. The ADP Test compares the Average Deferral Percentage (ADP) of the Highly Compensated Group with the ADP of the Nonhighly Compensated Group. The Highly Compensated Group is the group of
Participants who are Highly Compensated for the current Plan Year. The Nonhighly Compensated Group is the group of Participants who are Nonhighly Compensated for the applicable Plan Year. If the Prior Year Testing Method is selected under AA
§6A-6, the Nonhighly Compensated Group is the group of Participants in the prior Plan Year who were Nonhighly Compensated for that year. If the Current Year Testing Method is selected under AA §6A-6, the Nonhighly Compensated Group is the
group of Participants who are Nonhighly Compensated for the current Plan Year. 

  

	 	(1)	Average Deferral Percentage – ADP. The ADP for a specified group is the average of the deferral percentages calculated separately for each Participant in such group. A Participant’s deferral
percentage is the ratio of the Participant’s deferral contributions expressed as a percentage of the Participant’s Testing Compensation for the Plan Year. (See Section 1.122 for the definition of Testing Compensation.) For this
purpose, a Participant’s deferral contributions include any Salary Deferrals (other than Catch-Up Contributions) made pursuant to the Participant’s deferral election (including Excess Deferrals of Highly Compensated Employees that arise
solely from Elective Deferrals made under this Plan or other plans maintained by the Employer) and other contributions provided under subsection (4) below, if applicable, but excluding: 

 

	 	(i)	Excess Deferrals of Nonhighly Compensated Employees that arise solely from Elective Deferrals made under this Plan or other plans maintained by the Employer; and 

 

	 	(ii)	Salary Deferrals that are taken into account in the ACP Test (pursuant to Section 6.02(a)(4)). 

For purposes of computing Actual Deferral Percentages, a Participant who does not make Salary Deferrals for the Plan Year shall be included in
the ADP Test as a Participant on whose behalf no Salary Deferrals are made. 
  

	 	(2)	ADP Test testing methods. In applying the ADP Test for any Plan Year, the Plan may use the Prior Year Testing Method or the Current Year Testing Method, as selected under AA §6A-6. If no testing
method is selected under AA §6A-6, the Plan will use the Current Year Testing Method. Unless specifically precluded under statute, regulations or other IRS guidance, the Employer may amend the testing method designated under AA §6A-6 for a
particular Plan Year (subject to the requirements under subsection (ii) below) at any time through the end of the 12-month period following the Plan Year for which the amendment is effective. 

 

	 	(i)	Prior Year Testing Method. Under the Prior Year Testing Method, the Average Deferral Percentage (“ADP”) of the Highly Compensated Group (as defined in subsection (a) above) for the current
Plan Year and the ADP of the Nonhighly Compensated Group (as defined in subsection (a) above) for the prior Plan Year must satisfy one of the following tests for each Plan Year: 

 

	 	(A)	The ADP of the Highly Compensated Group for the current Plan Year shall not exceed 1.25 times the ADP of the Nonhighly Compensated Group for the prior Plan Year. 

 

	 	(B)	The ADP of the Highly Compensated Group for the current Plan Year shall not exceed the percentage (whichever is less) determined by (A) adding 2 percentage points to the ADP of the Nonhighly Compensated Group for
the prior Plan Year or (B) multiplying the ADP of the Nonhighly Compensated Group for the prior Plan Year by 2. 

  

	 	(ii)	Current Year Testing Method. Under the Current Year Testing Method, the Average Deferral Percentage (“ADP”) of the Highly Compensated Group (as defined in subsection (a) above) for the
current Plan Year and the ADP of the Nonhighly Compensated Group (as defined in subsection (a) above) for the current Plan Year must satisfy the ADP Test, as described in subsection (i) above, for each Plan Year. If the Current Year
Testing Method is used for a Plan Year, the Plan may switch to the Prior Year Testing Method for a Plan Year only if the Plan has used Current Year Testing for each of the preceding five Plan Years (or if lesser, the number of Plan Years the Plan
has been in existence) or if, as a result of a merger or acquisition described in Code §410(b)(6)(C)(i), the Employer maintains both a plan using Prior Year Testing and a plan using Current Year Testing and the change is made within the
transition period described in Code §410(b)(6)(C)(ii). 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	46	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

	 	(3)	Special rule for first Plan Year. For the first Plan Year that the Plan permits Salary Deferrals, the testing method selected under AA §6A-6(a) applies, unless designated otherwise under AA
§6A-6(b). If the Prior Year Testing Method applies for the first year of the Plan, the ADP Test applies by assuming the ADP for the Nonhighly Compensated Group is 3%. If the Current Year Testing Method applies for the first year of the Plan,
the ADP Test applies using the actual data for the Nonhighly Compensated Group in the first Plan Year. This first Plan Year rule does not apply if this Plan is a successor to a plan (as described in IRS Notice 98-1 or subsequent guidance) that
included a 401(k) arrangement or the Plan is aggregated for purposes of applying the ADP Test with another plan that included a 401(k) arrangement in the prior Plan Year. For subsequent Plan Years, the testing method selected under AA §6A-6(a)
will apply. 

  

	 	(4)	Use of QMACs and QNECs under the ADP Test. The Plan Administrator may take into account all or any portion of QMACs and QNECs (see Sections 3.02(a)(5) and 3.04(d)) for purposes of applying the ADP Test.
QMACs and QNECs may not be included in the ADP Test to the extent such amounts are included in the ACP Test for such Plan Year. QMACs and QNECs made to another qualified plan maintained by the Employer may also be taken into account, so long as the
other plan has the same Plan Year as this Plan. To include QNECs under the ADP Test, all Employer Nonelective Contributions, including the QNECs, must satisfy Code §401(a)(4). In addition, the Employer Nonelective Contributions, excluding any
QNECs used in the ADP Test or ACP Test, must also satisfy Code §401(a)(4). If the Employer is using the Prior Year Testing Method (as described in subsection (2)(i) above), the Employer may not include QMACs or QNECs in the ADP Test.

 Effective for Plan Years beginning on or after January 1, 2006, no QNEC may be taken into account under the ADP Test
for any individual Nonhighly Compensated Employee to the extent such QNEC exceeds the greater of 5% of such Nonhighly Compensated Employee’s Plan Compensation or two times the lowest “applicable contribution rate” for any eligible
Nonhighly Compensated Employee within a group of Nonhighly Compensated Employees that consist of 50% of the total eligible Nonhighly Compensated Employees under the Plan (or, if greater, the lowest “applicable contribution rate” allocated
to any Nonhighly Compensated Employee who is in the group of Nonhighly Compensated Employees employed as of the last day of the Plan Year). For this purpose, the applicable contribution rate is the sum of QNECs and QMACs (to the extent taken into
account under the ADP Test) allocated to a Nonhighly Compensated Employee (determined as a percentage of Plan Compensation). If QNECs are being made in connection with the Employer’s obligation to pay prevailing wages under the Davis-Bacon Act
(46 Stat. 1494), Public Law 71-798, Service Contract Act of 1965 (79 Stat. 1965), Public Law 89-286, or similar legislation, QNECs can be taken into account for a Plan Year for a Nonhighly Compensated Employee to the extent such contributions do not
exceed 10% of Plan Compensation. 
  

	 	(i)	Timing of contributions. In order to be used in the ADP Test for a given Plan Year, QNECs and QMACs must be made before the end of the 12-month period immediately following the Plan Year for which they are
allocated. 

  

	 	(ii)	Testing flexibility. The Plan Administrator is expressly granted the full flexibility permitted by applicable Treasury regulations to determine the amount of QMACs and QNECs used in the ADP Test. QMACs and
QNECs taken into account under the ADP Test do not have to be uniformly determined for each Participant, and may represent all or any portion of the QMACs and QNECs allocated to each Participant, provided the conditions described above are
satisfied. 

  

	 	(5)	Double-counting limits. This subsection (5) applies if the Prior Year Testing Method is used to run the ADP Test and, in the prior Plan Year, the Current Year Testing Method was used to run the ADP
Test. If this paragraph applies, all QNECs or QMACs that were included in either the ADP Test or ACP Test for the prior Plan Year are disregarded in calculating the ADP of the Nonhighly Compensated Group for the prior Plan Year. 

For purposes of applying the double-counting limits, if actual data of the Nonhighly Compensated Group is used for a first Plan Year described
in subsection (3) above, the Plan is still considered to be using the Prior Year Testing Method for that first Plan Year. Thus, the double-counting limits do not apply if the Prior Year Testing Method is used for the next Plan Year. 

 

	 	(b)	Correction of Excess Contributions. If the Plan fails the ADP Test for a Plan Year, the Plan Administrator may use any combination of the correction methods under this Section to correct the Excess
Contributions under the Plan. 

  

	 	(1)	 Excess Contributions. Excess Contributions are the amount of Salary Deferrals (and other contributions) taken into account in computing
the ADP of the Highly Compensated Group that exceed the maximum amount permitted under the ADP Test for the Plan Year. The amount of Excess Contributions for a Plan Year are the 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	47	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

	 	
amounts determined by hypothetically reducing the ADP contributions of the Highly Compensated Employees, beginning with the Highly Compensated Employee(s) with the highest ADP for the Plan Year,
and reducing the ADP of such Highly Compensated Employees until the reduced percentage reaches the ADP of the Highly Compensated Employee(s) with the next higher ADP or until the adjusted ADP percentage satisfies the ADP Test. The reduction
continues for each level of Highly Compensated Employees until the Plan satisfies the ADP Test. The total dollar amount so determined is then divided among the Highly Compensated Group in the manner described in subsection (2) to determine the
actual corrective distributions to be made. 

  

	 	(2)	Corrective distributions. If the Plan fails the ADP Test for a Plan Year, the Plan Administrator may, in its discretion, distribute Excess Contributions (including any allocable income or loss) no later
than 12 months following the end of the Plan Year to correct the ADP Test violation, except to the extent such Excess Contributions are recharacterized as Catch-Up Contributions. If the Excess Contributions are distributed more than 2 1⁄2 months after the last day of the Plan Year in which such excess amounts arose, a 10% excise tax will be imposed on the Employer with respect to such amounts.

  

	 	(i)	Amount to be distributed. In determining the amount of Excess Contributions to be distributed to a Highly Compensated Employee under this Section, Excess Contributions are first allocated equally to the
Highly Compensated Employee(s) with the largest dollar amount of ADP contributions for the Plan Year in which the excess occurs until all of the Excess Contributions are allocated or the dollar amount of ADP contributions for such Highly Compensated
Employee(s) is reduced to the next highest dollar amount of such contributions for any other Highly Compensated Employee(s). Once all Excess Contributions have been allocated, to the extent a Highly Compensated Employee has not reached his or her
Catch-up Contribution limit under the Plan, the Excess Contributions allocated to such Highly Compensated Employee are recharacterized as Catch-up Contributions and will not be treated as Excess Contributions. 

 

	 	(ii)	Allocable gain or loss. A corrective distribution of Excess Contributions must include any allocable gain or loss for the Plan Year in which the excess occurs. For this purpose, allocable gain or loss on
Excess Contributions may be determined in any reasonable manner, provided the manner used is applied uniformly and in a manner that is reasonably reflective of the method used by the Plan for allocating income to Participants’ Accounts.

  

	 	(A)	Method of allocating gain or loss. For Plan Years beginning after December 31, 2005, the income allocable to Excess Contributions is equal to (I) the sum of the allocable gain or loss for the
Plan Year plus (II) to the extent the Excess Contributions are credited with gain or loss for the gap period (i.e., the Plan contains a Valuation Date during the gap period), the allocable gain or loss determined for the gap period. For this
purpose, the gap period is the period after the close of the Plan Year and prior to the distribution of Excess Contributions. The Plan will not fail to use a reasonable method for computing the income allocable to Excess Contributions merely because
the income allocable to Excess Contributions is determined as of a Valuation Date that occurs no more than 7 days before the date of the distribution. (For Plan Years beginning before January 1, 2006, income or loss allocable to the period
between the end of the Plan Year and the date of distribution can be disregarded in determining income or loss.) 

  

	 	(B)	Alternative method of allocating plan year gain or loss. The gain or loss attributable to Excess Contributions for the Plan Year may be determined by multiplying the gain or loss for the Plan Year
allocable to Salary Deferrals (and other contributions included in the ADP Test) by a fraction, the numerator of which is the Excess Contributions for the Participant for the Plan Year, and the denominator of which is the Participant’s Account
Balance attributable to Salary Deferrals (and other contributions included in the ADP Test) without regard to any income or loss occurring during such Plan Year. 

  

	 	(C)	Safe harbor method of allocating gap period income. The allocation of gain or loss for the gap period (as defined in subsection (A)) will be deemed to be reasonable if the gain or loss on Excess
Contributions for the gap period is equal to 10% of the gain or loss allocable to Excess Contributions for the Plan Year (as determined under subsection (B) above) multiplied by the number of calendar months that have elapsed since the end of
the plan year. For purposes of calculating the number of calendar months that have elapsed under this safe harbor method, a corrective distribution that is made on or before the fifteenth day of a month is treated as made on the last day of the
preceding month and a distribution made after the fifteenth day of a month is treated as made on the last day of the month. 

  

	 	(D)	 Alternative method for allocating plan year and gap period income. The Plan may determine the allocable gain or loss for the aggregate
of the Plan Year and the gap period by applying the 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	48	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

	 	
alternative method provided under subsection (B) above to this aggregate period. This is accomplished by substituting the gain or loss for the Plan Year and the gap period for the gain or
loss for the Plan Year and by substituting the contributions taken into account under this Section for the Plan Year and the gap period for the contributions taken into account under this Section for the Plan Year in determining the fraction that is
multiplied by that gain or loss. 

  

	 	(iii)	Coordination with other provisions. A corrective distribution of Excess Contributions made by the end of the Plan Year following the Plan Year in which the excess occurs may be made without consent of the
Participant or the Participant’s spouse, and without regard to any distribution restrictions applicable under Section 8.10. Excess Contributions are treated as Annual Additions for purposes of Code §415 even if distributed from the
Plan. A corrective distribution of Excess Contributions is not treated as a distribution for purposes of applying the required minimum distribution rules under Section 8.12. 

If a Participant has Excess Deferrals for the calendar year ending with or within the Plan Year for which the Participant receives a
corrective distribution of Excess Contributions, the corrective distribution of Excess Contributions is treated first as a corrective distribution of Excess Deferrals. The amount of the corrective distribution of Excess Contributions that must be
distributed to correct an ADP Test failure for a Plan Year is reduced by any amount distributed as a corrective distribution of Excess Deferrals for the calendar year ending with or within such Plan Year. 

 

	 	(iv)	Accounting for Excess Contributions. Excess Contributions are distributed from the following sources and in the following priority: 

 

	 	(A)	Salary Deferrals that are not matched; 

  

	 	(B)	proportionately from Salary Deferrals not distributed under subsection (A) and related QMACs that are included in the ADP Test; 

 

	 	(C)	QMACs included in the ADP Test that are not distributed under subsection (B) and 

  

	 	(D)	QNECs included in the ADP Test. 

 If a Participant has both a Pre Tax-Deferral Account and a
Roth Deferral Account, the Participant may designate the extent to which the corrective distribution of Salary Deferrals is taken from the Pre-Tax Deferral Account or from the Roth Deferral Account, unless designated otherwise under AA
§6A-5(e). If a Participant does not designate the Account(s) from which the distribution will be made, the corrective distribution will be made first from the Participant’s Pre-Tax Deferral Account. 

 

	 	(3)	Making QNECs or QMACs. Regardless of any elections under AA §6-4 or AA §6B-4 of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement, the Employer may make additional QNECs or QMACs
to the Plan on behalf of the Nonhighly Compensated Employees and use such amounts to correct an ADP Test violation. Any QNECs contributed under this subsection (3) which are not specifically authorized under AA §6-4 will be allocated to
all Participants who are Nonhighly Compensated Employees in the ratio that each such Participant’s Plan Compensation bears to the Plan Compensation of all Participants for the Plan Year. Any QMACs contributed under this subsection
(3) which are not specifically authorized under AA §6B-4 will be allocated to all Participants who are Nonhighly Compensated as a uniform percentage of Salary Deferrals made during the Plan Year. See Sections 3.02(a)(5) and 3.04(d), as
applicable. 

  

	 	(4)	Recharacterization. If After-Tax Contributions are permitted under AA §6D, the Plan Administrator, in its sole discretion, may permit a Participant to treat any Excess Contributions that are allocated
to that Participant as if he/she received the Excess Contributions as a distribution from the Plan and then contributed such amounts to the Plan as After-Tax Contributions. Any amounts recharacterized under this subsection (4)will be 100% vested at
all times. Amounts may not be recharacterized by a Highly Compensated Employee to the extent that such amount in combination with other After-Tax Contributions made by that Participant would exceed any limit on After-Tax Contributions under AA
§6D-2 of the Nonstandardized Adoption Agreement. 

 Recharacterization must occur no later than 2 1⁄2 months after the last day of the Plan Year in which such Excess Contributions arise and is deemed to occur no earlier than the date the last Highly Compensated
Employee is informed in writing of the amount recharacterized and the consequences thereof. Recharacterized amounts will be taxable to the Participant for the Participant’s taxable year in which the Participant would have received such amounts
in cash had he/she not deferred such amounts into the Plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	49	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

	 	(c)	Adjustment of deferral rate for Highly Compensated Employees. The Employer may suspend (or automatically reduce the rate of) Salary Deferrals for the Highly Compensated Group, to the extent necessary to
satisfy the ADP Test or to reduce the margin of failure. A suspension or reduction shall not affect Salary Deferrals already contributed by the Highly Compensated Employees for the Plan Year. As of the first day of the subsequent Plan Year, Salary
Deferrals shall resume at the levels stated in the Salary Deferral Elections of the Highly Compensated Employees. 

  

	 	(d)	Special testing rules. 

  

	 	(1)	Special rule for determining ADP of Highly Compensated Group. When calculating the ADP of the Highly Compensated Group for any Plan Year, a Highly Compensated Employee’s Salary Deferrals under all
qualified plans maintained by the Employer are taken into account as if such contributions were made to a single plan. For this purpose, any QNECs or QMACs treated as Salary Deferrals for purposes of the ADP also are treated as made under a single
plan. In addition, if a Highly Compensated Employee participates in two or more 401(k) plans of the Employer that have different Plan Years, all Salary Deferrals made during the Plan Year under all such plans shall be aggregated. For Plan Years
beginning before 2006, all Salary Deferrals made in Plan Years that end with or within the same calendar year are treated as made under a single plan. This aggregation rule does not apply to plans that are mandatorily disaggregated under regulations
under Code §410(k). 

  

	 	(2)	Aggregation of plans. When calculating the ADP Test, if this Plan satisfies the requirements of Code §401(k), §401(a)(4), or §410(b) only if aggregated with one or more other plans, or if
one or more other plans satisfy the requirements of such Code sections only if aggregated with this Plan, all such plans are treated as a single plan. If more than 10% of the Employer’s Nonhighly Compensated Employees are involved in a plan
coverage change as defined in Treas. Reg. §1.401(k)-2(c)(4), then any adjustments to the ADP of the Nonhighly Compensated Group for the prior year will be made in accordance with such regulations, unless the Employer has elected under AA
§6A-6 to use the Current Year Testing Method. Plans may be aggregated in order to satisfy Code §401(k) only if they have the same Plan Year and use the same ADP testing method. 

 

	 	(3)	Multiple use test. The multiple use test described under Treas. Reg. §1.401(m)(2) does not apply for any Plan Year beginning on or after January 1, 2002. 

 

	6.02	Nondiscrimination Testing of Matching Contributions and After-Tax Contributions – ACP Test. Except as provided under Section 6.04 for Safe Harbor 401(k) Plans, if the Plan provides for Matching
Contributions and/or After-Tax Contributions, the Plan must satisfy the Actual Contribution Percentage Test (“ACP Test”) each Plan Year. The Plan Administrator shall maintain records sufficient to demonstrate satisfaction of the ACP Test,
including the amount of any Salary Deferrals or QNECs included in such test, pursuant to subsection (a)(4) below. If the Plan fails the ACP Test for any Plan Year, the corrective provisions under subsection (b) below will apply.

  

	 	(a)	ACP Test. The ACP Test compares the Average Contribution Percentage (ACP) of the Highly Compensated Group with the ACP of the Nonhighly Compensated Group. The Highly Compensated Group is the group of
Participants who are Highly Compensated for the current Plan Year. The Nonhighly Compensated Group is the group of Participants who are Nonhighly Compensated for the applicable Plan Year. If the Prior Year Testing Method is selected under AA
§6B-6, the Nonhighly Compensated Group is the group of Participants in the prior Plan Year who were Nonhighly Compensated for that year. If the Current Year Testing Method is selected under AA §6B-6, the Nonhighly Compensated Group is the
group of Participants who are Nonhighly Compensated for the current Plan Year. 

  

	 	(1)	Average Contribution Percentage – ACP. The ACP for a specified group is the average of the contribution percentages calculated separately for each Participant in the group. A Participant’s
contribution percentage is the ratio of the contributions made on behalf of the Participant that are included under the ACP Test, expressed as a percentage of the Participant’s Testing Compensation for the Plan Year. (See Section 1.122 for
the definition of Testing Compensation.) For this purpose, the contributions included under the ACP Test are the sum of the After-Tax Contributions, Matching Contributions, and QMACs (to the extent not taken into account for purposes of the ADP
Test) made under the Plan on behalf of the Participant for the Plan Year. The ACP may also include other contributions as provided in subsection (4) below, if applicable but excluding Matching Contributions that are forfeited either to correct
Excess Aggregate Contributions or because the contributions to which they relate are Excess Deferrals, Excess Contributions, or Excess Aggregate Contributions. 

For purposes of computing Actual Contribution Percentages, a Participant who is eligible for After-Tax Contributions, Matching Contributions
(including forfeitures), QMACs or Salary Deferrals (to the extent Salary Deferrals are included in the ACP Test pursuant to subsection (4) below) but does not make or receive any such contributions shall be included in the ACP Test as a
Participant on whose behalf no such contributions are made. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	50	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

 For Plan Years beginning on or after January 1, 2006, no Matching Contributions may be
taken into account under the ACP Test for any individual Nonhighly Compensated Employee to the extent such Matching Contributions exceed the greater of: 
  

	 	(i)	5% of such Nonhighly Compensated Employee’s Plan Compensation; 

  

	 	(ii)	100% of the Nonhighly Compensated Employee’s Salary Deferrals and/or After-Tax Contributions (to the extent such contributions are eligible for Matching Contributions); or 

 

	 	(iii)	two times the lowest “matching contribution rate” for any eligible Nonhighly Compensated Employee within a group of Nonhighly Compensated Employees that consists of 50% of the total Nonhighly Compensated
Employees who actually make Salary Deferrals and/or After-Tax Contributions that are eligible for Matching Contributions for the Plan Year (or, if greater, the lowest “matching contribution rate” for any Nonhighly Compensated Employee who
is employed as of the last day of the Plan Year and who actually makes Salary Deferrals and/or After-Tax Contributions that are eligible for Matching Contributions for the Plan Year). 

For this purpose, the “matching contribution rate” is the total Matching Contributions allocated to the Nonhighly Compensated
Employee (determined as a percentage of Salary Deferrals and/or After-Tax Contributions, to the extent eligible for Matching Contributions). If the matching contribution rate is not the same for all levels of Salary Deferrals and or After-Tax
Contributions, the Nonhighly Compensated Employee’s matching contribution rate will be treated as equal to 6% Plan Compensation. 
  

	 	(2)	ACP Test testing methods. In applying the ACP Test for any Plan Year, the Plan may use the Prior Year Testing Method or the Current Year Testing Method, as selected under AA §6B-6. If no testing
method is selected under AA §6B-6, the Plan will use the Current Year Testing Method. Unless specifically precluded under statute, regulations or other IRS guidance, the Employer may amend the testing method designated under AA §6B-6 for a
particular Plan Year (subject to the requirements under subsection (ii) below) at any time through the end of the 12-month period following the Plan Year for which the amendment is effective. 

 

	 	(i)	Prior Year Testing Method. Under the Prior Year Testing Method, the Average Contribution Percentage (“ACP”) of the Highly Compensated Group (as defined in subsection (a) above) for the
current Plan Year and the ACP of the Nonhighly Compensated Group (as defined in Section (a) above) for the prior Plan Year must satisfy one of the following tests for each Plan Year: 

 

	 	(A)	The ACP of the Highly Compensated Group for the current Plan Year shall not exceed 1.25 times the ACP of the Nonhighly Compensated Group for the prior Plan Year. 

 

	 	(B)	The ACP of the Highly Compensated Group for the current Plan Year shall not exceed the percentage (whichever is less) determined by (A) adding 2 percentage points to the ACP of the Nonhighly Compensated Group for
the prior Plan Year or (B) multiplying the ACP of the Nonhighly Compensated Group for the prior Plan Year by 2. 

  

	 	(ii)	Current Year Testing Method. Under the Current Year Testing Method, the Average Contribution Percentage (“ACP”) of the Highly Compensated Group (as defined in subsection (a) above) for the
current Plan Year and the ACP of the Nonhighly Compensated Group (as defined in subsection (a) above) for the current Plan Year must satisfy the ACP Test, as described in subsection (i) above, for each Plan Year. If the Current Year
Testing Method is used for a Plan Year, the Plan may switch to the Prior Year Testing Method for a Plan Year only if the Plan has used Current Year Testing for each of the preceding five Plan Years (or if lesser, the number of Plan Years the Plan
has been in existence) or if, as a result of a merger or acquisition described in Code §410(b)(6)(C)(i), the Employer maintains both a plan using Prior Year Testing and a plan using Current Year Testing and the change is made within the
transition period described in Code §410(b)(6)(C)(ii). 

  

	 	(3)	Special rule for first Plan Year. For the first Plan Year that the Plan provides for either Matching Contributions or After-Tax Contributions, the testing method selected under AA §6B-6(a) applies,
unless designated otherwise under AA §6B-6(b). If the Prior Year Testing Method applies for the first year of the Plan, the ACP Test applies by assuming the ACP for the Nonhighly Compensated Group is 3%. If the Current Year Testing Method
applies for the first year of the Plan, the ACP Test applies using the actual data for the Nonhighly Compensated Group in the first Plan Year. This first Plan Year rule does not apply if this Plan is a successor to a plan (as described in IRS Notice
98-1 or subsequent guidance) that was subject to the ACP Test or if the Plan is aggregated for purposes of applying the ACP Test with another plan that was subject to the ACP test in the prior Plan Year. For subsequent Plan Years, the testing method
selected under AA §6B-6(a) will apply. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	51	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

	 	(4)	Use of Salary Deferrals and QNECs under the ACP Test. The Plan Administrator may take into account all or any portion of Salary Deferrals and QNECs (see Section 3.02(a)(5)) for purposes of applying
the ACP Test. QNECs may not be included in the ACP Test to the extent such amounts are included in the ADP Test for such Plan Year. Salary Deferrals and QNECs made to another qualified plan maintained by the Employer may also be taken into account,
so long as the other plan has the same Plan Year as this Plan. To include Salary Deferrals under the ACP Test, the Plan must satisfy the ADP Test taking into account all Salary Deferrals, including those used under the ACP Test, and taking into
account only those Salary Deferrals not included in the ACP Test. To include QNECs under the ACP Test, all Employer Nonelective Contributions, including the QNECs, must satisfy Code §401(a)(4). In addition, the Employer Nonelective
Contributions, excluding any QNECs used in the ADP Test or ACP Test, must also satisfy Code §401(a)(4). If the Employer is using the Prior Year Testing Method (as described in subsection 6.01(a)(2)(i) above), the Employer may not include QNECs
in the ACP Test. 

 Effective for Plan Years beginning on or after January 1, 2006, no QNEC may be taken into account
under the ACP Test for any individual Nonhighly Compensated Employee to the extent such QNEC exceeds the greater of 5% of such Nonhighly Compensated Employee’s Plan Compensation or two times the lowest “applicable contribution rate”
for any eligible Nonhighly Compensated Employee within a group of Nonhighly Compensated Employees that consist of 50% of the total eligible Nonhighly Compensated Employees under the Plan (or, if greater, the lowest “applicable contribution
rate” allocated to any Nonhighly Compensated Employee who is in the group of Nonhighly Compensated Employees employed as of the last day of the Plan Year). For this purpose, the applicable contribution percentage is the sum of QNECs and
Matching Contributions allocated to a Nonhighly Compensated Employee (determined as a percentage of Plan Compensation). If QNECs are being made in connection with the Employer’s obligation to pay prevailing wages under the Davis-Bacon Act (46
Stat. 1494), Public Law 71-798, Service Contract Act of 1965 (79 Stat. 1965), Public Law 89-286, or similar legislation, QNECs can be taken into account for a Plan Year for a Nonhighly Compensated Employee to the extent such contributions do not
exceed 10% of Plan Compensation. 
  

	 	(i)	Timing of contributions. In order to be used in the ACP Test for a given Plan Year, QNECs must be made before the end of the 12-month period immediately following the Plan Year for which they are
allocated. 

  

	 	(ii)	Testing flexibility. The Plan Administrator is expressly granted the full flexibility permitted by applicable Treasury regulations to determine the amount of Salary Deferrals and QNECs used in the ACP
Test. Salary Deferrals and QNECs taken into account under the ACP Test do not have to be uniformly determined for each Participant, and may represent all or any portion of the Salary Deferrals and QNECs allocated to each Participant, provided the
conditions described above are satisfied. 

  

	 	(5)	Double-counting limits. This subsection (5) applies if the Prior Year Testing Method is used to run the ACP Test and, in the prior Plan Year, the Current Year Testing Method was used to run the ACP
Test. If this paragraph applies, all QNECs or QMACs that were included in either the ADP Test or ACP Test for the prior Plan Year are disregarded in calculating the ACP of the Nonhighly Compensated Group for the prior Plan Year. 

For purposes of applying the double-counting limits, if actual data of the Nonhighly Compensated Group is used for a first Plan Year described
in subsection (3) above, the Plan is still considered to be using the Prior Year Testing Method for that first Plan Year. Thus, the double-counting limits do not apply if the Prior Year Testing Method is used for the next Plan Year. 

 

	 	(b)	Correction of Excess Aggregate Contributions. If the Plan fails the ACP Test for a Plan Year, the Plan Administrator may use any combination of the correction methods under this Section to correct the
Excess Aggregate Contributions under the Plan. 

  

	 	(1)	 Excess Aggregate Contributions. Excess Aggregate Contributions are the amount of Matching Contributions and/or After-Tax Contributions
taken into account in computing the ACP of the Highly Compensated Group that exceed the maximum amount permitted under the ACP Test for the Plan Year. The amount of Excess Aggregate Contributions for a Plan Year are the amounts determined by
hypothetically reducing the ACP contributions of the Highly Compensated Employees, beginning with the Highly Compensated Employee(s) with the highest ACP for the Plan Year, and reducing the ACP of such Highly Compensated Employees until the reduced
percentage reaches the ACP of the Highly Compensated Employee(s) with the next higher ACP or until the adjusted ACP percentage satisfies the ACP Test. The reduction continues for each level of Highly Compensated Employees until the Plan satisfies
the ACP Test. The total dollar amount so determined is then divided among the Highly Compensated Group in the manner described in subsection (2) to determine the actual corrective

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	52	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

	 	
distributions to be made. For this purpose, any Excess Contributions that are recharacterized as After-Tax Employee Contributions under Section 6.01(b)(4) are taken into account as After-Tax
Employee Contributions for the Plan Year that includes the time at which the Excess Contribution is includible in the gross income of the Employee under §1.401(k)-2(b)(3)(ii). 

 

	 	(2)	Corrective distribution of Excess Aggregate Contributions. If the Plan fails the ACP Test for a Plan Year, the Plan Administrator may, in its discretion, distribute Excess Aggregate Contributions
(including any allocable income or loss) no later than 12 months following the end of the Plan Year to correct the ACP Test violation. Excess Aggregate Contributions will be distributed only to the extent they are vested under Section 7.02,
determined as of the last day of the Plan Year for which the contributions are made to the Plan. To the extent Excess Aggregate Contributions are not vested, the Excess Aggregate Contributions, plus any income and minus any loss allocable thereto,
shall be forfeited in accordance with Section 7.10 in the Plan Year in which the corrective distribution is made from the Plan. If the Excess Aggregate Contributions are distributed more than
2 1⁄2 months after the last day of the Plan Year in which such excess amounts arose, a 10-percent excise tax will be imposed on the Employer with respect to
such amounts. 

  

	 	(i)	Amount to be distributed. In determining the amount of Excess Aggregate Contributions to be distributed to a Highly Compensated Employee under this Section, Excess Aggregate Contributions are first
allocated equally to the Highly Compensated Employee(s) with the largest dollar amount of ACP contributions for the Plan Year in which the excess occurs until all of the Excess Aggregate Contributions are allocated or until the dollar amount of ACP
contributions for such Highly Compensated Employee(s) is reduced to the next highest dollar amount of such contributions for any other Highly Compensated Employee(s). 

 

	 	(ii)	Allocable gain or loss. A corrective distribution of Excess Aggregate Contributions must include any allocable gain or loss for the Plan Year in which the excess occurs. For this purpose, allocable gain or
loss on Excess Aggregate Contributions may be determined in any reasonable manner, provided the manner used is applied uniformly and in a manner that is reasonably reflective of the method used by the Plan for allocating income to Participants’
Accounts. 

  

	 	(A)	Method of allocating gain or loss. For Plan Years beginning after December 31, 2005, the income allocable to Excess Aggregate Contributions is equal to (I) the sum of the allocable gain or loss
for the Plan Year plus (II) to the extent the Excess Aggregate Contributions are credited with gain or loss for the gap period (i.e., the Plan contains a Valuation Date during the gap period), the allocable gain or loss determined for the gap
period. For this purpose, the gap period is the period after the close of the Plan Year and prior to the distribution of Excess Aggregate Contributions. The Plan will not fail to use a reasonable method for computing the income allocable to Excess
Aggregate Contributions merely because the income allocable to Excess Aggregate Contributions is determined as of a Valuation Date that occurs no more than 7 days before the date of the distribution. (For Plan Years beginning before January 1,
2006, income or loss allocable to the period between the end of the Plan Year and the date of distribution can be disregarded in determining income or loss.) 

  

	 	(B)	Alternative method of allocating plan year gain or loss. The gain or loss attributable to Excess Aggregate Contributions for the Plan Year may be determined by multiplying the gain or loss for the Plan
Year allocable to Matching Contributions and After-Tax Contributions (and other contributions included in the ACP Test) by a fraction, the numerator of which is the Excess Aggregate Contributions for the Participant for the Plan Year, and the
denominator of which is the Participant’s Account Balance attributable to Matching Contributions and After-Tax Contributions (and other contributions included in the ACP Test) without regard to any income or loss occurring during such Plan
Year. 

  

	 	(C)	Safe harbor method of allocating gap period income. The allocation of gain or loss for the gap period (as defined in subsection (A) above) will be deemed to be reasonable if the gain or loss on Excess
Aggregate Contributions for the gap period is equal to 10% of the gain or loss allocable to Excess Aggregate Contributions for the Plan Year (as determined under subsection (B) above) multiplied by the number of calendar months that have
elapsed since the end of the plan year. For purposes of calculating the number of calendar months that have elapsed under this safe harbor method, a corrective distribution that is made on or before the fifteenth day of a month is treated as made on
the last day of the preceding month and a distribution made after the fifteenth day of a month is treated as made on the last day of the month. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	53	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

	 	(D)	Alternative method for allocating plan year and gap period income. The Plan may determine the allocable gain or loss for the aggregate of the Plan Year and the gap period by applying the alternative method
provided under subsection (B) above to this aggregate period. This is accomplished by substituting the gain or loss for the Plan Year and the gap period for the gain or loss for the Plan Year and by substituting the contributions taken into
account under this Section for the Plan Year and the gap period for the contributions taken into account under this Section for the Plan Year in determining the fraction that is multiplied by that gain or loss. 

 

	 	(iii)	Coordination with other provisions. A corrective distribution of Excess Aggregate Contributions made by the end of the Plan Year following the Plan Year in which the excess occurs may be made without
consent of the Participant or the Participant’s spouse, and without regard to any distribution restrictions applicable under Section 8.10. Excess Aggregate Contributions are treated as Annual Additions for purposes of Code §415 even
if distributed from the Plan. A corrective distribution of Excess Aggregate Contributions is not treated as a distribution for purposes of applying the required minimum distribution rules under Section 8.12. 

 

	 	(iv)	Accounting for Excess Aggregate Contributions. Excess Aggregate Contributions are distributed from the following sources and in the following priority: 

 

	 	(A)	After-Tax Contributions that are not matched; 

  

	 	(B)	proportionately from After-Tax Contributions not distributed under subsection (A) and related Matching Contributions that are included in the ACP Test; 

 

	 	(C)	Matching Contributions included in the ACP Test that are not distributed under subsection (B); 

  

	 	(D)	Salary Deferrals included in the ACP Test that are not matched; 

  

	 	(E)	proportionately from Salary Deferrals included in the ACP Test that are not distributed under subsection (D) and related Matching Contributions that are included in the ACP Test and not distributed under subsection
(B) or (C)); and 

  

	 	(F)	QNECs included in the ACP Test. 

 If a Participant has both a Pre Tax-Deferral Account and a
Roth Deferral Account, the Participant may designate the extent to which the corrective distribution of Salary Deferrals is taken from the Pre-Tax Deferral Account or from the Roth Deferral Account, unless designated otherwise under AA
§6A-5(e). If a Participant does not designate the Account(s) from which the distribution will be made, the corrective distribution will be made first from the Participant’s Pre-Tax Deferral Account. 

 

	 	(3)	Making QNECs or QMACs. Regardless of any elections under AA §6-4 or AA §6B-4 of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement, the Employer may make additional QNECs or QMACs
to the Plan on behalf of the Nonhighly Compensated Employees and use such amount to correct an ACP Test violation to the extent such amounts are not used in the ADP Test. Any QNECs contributed under this subsection (3) which are not
specifically authorized under AA §6-4 will be allocated to all Participants who are Nonhighly Compensated Employees in the ratio that each such Participant’s Plan Compensation bears to the Plan Compensation of all Participants for the Plan
Year. Any QMACs contributed under this subsection (3) which are not specifically authorized under AA §6B-4 will be allocated to all Participants who are Nonhighly Compensated as a uniform percentage of Salary Deferrals made during the Plan
Year. See Sections 3.02(a)(5) and 3.04(d), as applicable. 

  

	 	(c)	Adjustment of contribution rate for Highly Compensated Employees. The Employer may suspend (or automatically reduce the rate of) After-Tax Contributions for the Highly Compensated Group, to the extent
necessary to satisfy the ACP Test or to reduce the margin of failure. A suspension or reduction shall not affect After-Tax Contributions already contributed by the Highly Compensated Employees for the Plan Year. As of the first day of the subsequent
Plan Year, After-Tax Contributions shall resume at the levels elected by the Highly Compensated Employees. 

  

	 	(d)	Special testing rules. 

  

	 	(1)	 Special rule for determining ACP of Highly Compensated Group. When calculating the ACP of the Highly Compensated Group for any Plan
Year, a Highly Compensated Employee’s After-Tax Contributions and/or Matching Contributions under all qualified plans maintained by the Employer are taken into account as if such

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	54	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

	 	
contributions were made to a single plan. For this purpose, any QNECs or QMACs taken into account under the ACP Test also are treated as made under a single plan. In addition, if a Highly
Compensated Employee participates in two or more plans of the Employer that have different Plan Years, all ACP contributions made during the Plan Year under all such plans shall be aggregated. For Plan Years beginning before 2006, all ACP
contributions made in Plan Years that end with or within the same calendar year are treated as made under a single plan. This aggregation rule does not apply to plans that are mandatorily disaggregated under regulations under Code §410(m).

  

	 	(2)	Aggregation of plans. When calculating the ACP Test, if this Plan satisfies the requirements of Code §401(m), §401(a)(4), or §410(b) only if aggregated with one or more other plans, or if
one or more other plans satisfy the requirements of such Code sections only if aggregated with this Plan, all such plans are treated as a single plan. If more than 10% of the Employer’s Nonhighly Compensated Employees are involved in a plan
coverage change as defined in Treas. Reg. §1.401(m)-2(c)(4), then any adjustments to the ACP of the Nonhighly Compensated Group for the prior year will be made in accordance with such regulations, unless the Employer has elected under AA
§6B-6 to use the Current Year Testing Method. Plans may be aggregated in order to satisfy Code §401(m) only if they have the same Plan Year and use the same ACP testing method. 

 

	 	(3)	Multiple use test. The multiple use test described under Treas. Reg. §1.401(m)(2) does not apply for any Plan Year beginning on or after January 1, 2002. 

 

	6.03	Disaggregation of Plans. Subject to the provisions of this Section 6.03, certain plans shall be treated as constituting separate plans to the extent required under the mandatory disaggregation rules
under Code §§401(k) and 401(m). 

  

	 	(a)	Plans covering Collectively Bargained Employees and non-Collectively Bargained Employees. If the Plan covers Collectively Bargained Employees and non-Collectively Bargained Employees, the Plan is
mandatorily disaggregated for purposes of applying the ADP Test and the ACP Test into two separate plans, one covering the Collectively Bargained Employees and one covering the non-Collectively Bargained Employees. A separate ADP Test must be
applied for each disaggregated portion of the Plan in accordance with applicable Treasury regulations. A separate ACP Test must be applied to the disaggregated portion of the Plan that covers the non-Collectively Bargained Employees. The
disaggregated portion of the Plan that includes the Collectively Bargained Employees is deemed to pass the ACP Test. 

  

	 	(b)	Otherwise excludable Employees. If the minimum coverage test under Code §410(b) is performed by disaggregating “otherwise excludable Employees” (i.e., Employees who have not satisfied the
maximum age 21 and one Year of Service eligibility conditions permitted under Code §410(a)), then the Plan is treated as two separate plans, one benefiting the otherwise excludable Employees and the other benefiting Employees who have satisfied
the maximum age and service eligibility conditions. If such disaggregation applies, the following operating rules apply to the ADP Test and the ACP Test. 

  

	 	(1)	Separate ADP and ACP Tests. For Plan Years beginning before January 1, 1999, the ADP Test and the ACP Test are applied separately for each disaggregated plan. If there are no Highly Compensated
Employees benefiting under a disaggregated plan, then no ADP Test or ACP Test is required for such plan. 

  

	 	(2)	Single ADP and ACP Test. For Plan Years beginning after December 31, 1998, only the disaggregated plan that benefits the Employees who have satisfied the maximum age and service eligibility conditions
permitted under Code §410(a) is subject to the ADP Test and the ACP Test. However, any Highly Compensated Employee who is benefiting under the disaggregated plan that includes the otherwise excludable Employees is taken into account in such
tests. The Employer may elect to apply the rule in subsection (1) instead. 

  

	 	(3)	Application of Entry Dates. In determining whether an Employee is an “otherwise excludible Employee” for purposes of applying the testing rules in subsection (1) and (2) above, the Plan
will be deemed to provide the maximum Entry Dates permitted under Code §410(a)(4). Thus, an Employee is treated as an “otherwise excludible employee” for purposes of applying the special testing rules in subsection (1) and
(2) above if the Employee has not satisfied the maximum minimum age and service requirements permitted under Code §410(a), taking into account the maximum Entry Date provisions under Code §410(a)(4) (i.e., the Plan will be deemed to
apply an Entry Date that is the earlier of the date that is 6 months after the date the Employee satisfies the maximum age and service conditions or the first day of the Plan Year following satisfaction of such maximum age and service conditions).

  

	 	(c)	Corrective action for disaggregated plans. Any corrective action authorized by this Section 6 may be determined separately with respect to each disaggregated portion of the Plan. A corrective action
taken with respect to a disaggregated portion of the Plan need not be consistent with the method of correction (if any) used for another disaggregated portion of the Plan. To the extent the Adoption Agreement authorizes the Employer to make
discretionary QNECs or discretionary QMACs, the Employer is expressly permitted to designate such QNECs or QMACs as allocable only to Participants in a particular disaggregated portion of the Plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	55	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

	6.04	Safe Harbor 401(k) Plan Provisions. The Employer may elect in AA §6C to apply the Safe Harbor 401(k) Plan provisions under this Section 6.04. The ADP Test described in Section 6.01(a) is
deemed to be satisfied for any Plan Year in which the Plan qualifies as a Safe Harbor 401(k) Plan. In addition, if Matching Contributions are made for such Plan Year, the ACP Test is deemed satisfied with respect to such contributions if the
conditions of subsection (g) below are satisfied. To qualify as a Safe Harbor 401(k) Plan, the requirements under this Section 6.04 must be satisfied for the entire Plan Year. 

 

	 	(a)	Safe harbor requirements. To qualify as a Safe Harbor 401(k) Plan, the Plan must satisfy the requirements under subsections (1), (2), (3) and (4) below. 

 

	 	(1)	Safe Harbor Contribution. To qualify as a Safe Harbor 401(k) Plan, the Employer must provide a Safe Harbor Employer Contribution or a Safe Harbor Matching Contribution to Nonhighly Compensated Participants
under the Plan. (See subsection (b) below for a discussion of the Participants eligible for a Safe Harbor Contribution.) The Safe Harbor Contribution must be made to the Plan no later than 12 months following the close of the Plan Year for
which it is being used to qualify the Plan as a Safe Harbor 401(k) Plan. 

  

	 	(i)	Safe Harbor Employer Contribution. The Employer may elect under AA §6C-2(b) to make a Safe Harbor Employer Contribution of at least 3% of Plan Compensation. The Employer has the discretion to increase
the amount of the Safe Harbor Employer Contribution in excess of the percentage designated under AA §6C-2(b). (See subsection (4)(iii) below for the ability to condition the Safe Harbor Employer Contribution on the provision of a
supplemental notice.) 

  

	 	(ii)	Safe Harbor Matching Contribution. The Employer may elect under AA §6C-2(a) to satisfy the Safe Harbor Contribution requirement by making a Safe Harbor Matching Contribution with respect to each
Participant’s Salary Deferrals under the Plan. If After-Tax Contributions are authorized under AA §6D of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement, the Employer may elect in AA
§6D-3 to provide the Safe Harbor Matching Contribution with respect to such After-Tax Contributions. The Employer may elect under AA §6C-2(a) of the Profit Sharing/401(k) Plan Adoption Agreement to
provide a basic Safe Harbor Matching Contribution, an enhanced Safe Harbor Matching Contribution, or a tiered Safe Harbor Matching Contribution. 

  

	 	(A)	Basic Safe Harbor Matching Contribution. Under the basic Safe Harbor Matching Contribution formula, each eligible Participant (as defined in AA §6C-3) will receive a Safe Harbor Matching Contribution
equal to: 

  

	 	(I)	100% of the amount of a Participant’s Salary Deferrals that do not exceed 3% of the Participant’s Plan Compensation, plus 

  

	 	(II)	50% of the amount of a Participant’s Salary Deferrals that exceed 3% of the Participant’s Plan Compensation but that do not exceed 5% of the Participant’s Plan Compensation. 

 

	 	(B)	Enhanced Safe Harbor Matching Contribution. Under the enhanced Safe Harbor Matching Contribution formula, the Safe Harbor Matching Contribution must not be less, at each level of Salary Deferrals, than the
amount required under the basic Safe Harbor Matching Contribution formula under subsection (A) above. Under the enhanced Safe Harbor Matching Contribution formula, the rate of Matching Contributions may not increase as an Employee’s rate
of Salary Deferrals increase. 

  

	 	(C)	Contributions for Highly Compensated Employees. The Plan will not fail to be a Safe Harbor 401(k) Plan merely because Highly Compensated Employees also receive a Safe Harbor Matching Contribution under the
Plan. However, a Safe Harbor Matching Contribution will not satisfy this Section if any Highly Compensated Employee is eligible for a higher rate of Safe Harbor Matching Contribution than is provided for any Nonhighly Compensated Employee who has
the same rate of Salary Deferrals. 

  

	 	(D)	 Period for making Safe Harbor Matching Contribution. In determining a Participant’s Safe Harbor Matching Contributions, the
Employer may elect under AA §6C-2(a)(2) of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement or under AA §6C-3(a) of the Standardized Profit Sharing/401(k) Plan Adoption Agreement to determine the Safe Harbor Matching
Contribution on the basis of Salary Deferrals the Participant makes during the Plan Year. Alternatively, the Employer may elect to determine the Safe Harbor Matching Contribution 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	56	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

	 	
on a payroll, monthly, or quarterly basis. If the Employer elects to use a period other than the Plan Year, the Safe Harbor Matching Contribution must be deposited into the Plan by the last day
of the Plan Year quarter following the Plan Year quarter for which the Salary Deferrals are made. (See Section 3.04(c) for rules applicable to “true-up” contributions where the Employer contributes Matching Contributions to the Plan
on a different period than selected under AA §6C-2(a)(2) or AA §6C-3(a), as applicable.) 

  

	 	(2)	Full and immediate vesting. The Safe Harbor Contribution under subsection (1) above must be 100% vested, regardless of the Employee’s length of service, at the time the contribution is made to
the Plan. Any additional amounts contributed under the Plan may be subject to a vesting schedule. 

  

	 	(3)	Distribution restrictions. Distributions of the Safe Harbor Contribution under subsection (1) must be restricted in the same manner as Salary Deferrals under Section 8.10(c), except that such
contributions may not be distributed upon Hardship. See Section 8.10(d). 

  

	 	(4)	Annual notice. Each eligible Participant (as defined in subsection (b) below) must receive a written notice describing the Participant’s rights and obligations under the Plan. 

 

	 	(i)	Contents of notice. The annual notice must include a description of: 

  

	 	(A)	the Safe Harbor Contribution formula being used under the Plan; 

  

	 	(B)	any other contributions under the Plan; 

  

	 	(C)	the plan to which the Safe Harbor Contributions will be made (if different from this Plan); 

  

	 	(D)	the type and amount of Plan Compensation that may be deferred under the Plan; 

  

	 	(E)	the administrative requirements for making and changing Salary Deferral elections; and 

  

	 	(F)	the withdrawal and vesting provisions under the Plan. 

 In addition to any other election
periods provided under the Plan, each eligible Participant may make or modify his/her Salary Deferral election during the 30-day period immediately following receipt of the annual notice. 

 

	 	(ii)	Timing of notice. Each Participant must receive the annual notice within a reasonable period before the beginning of the Plan Year (or within a reasonable period before an Employee becomes a Participant,
if later). For this purpose, an Employee will be deemed to have received the notice in a timely manner if the Employee receives such notice at least 30 days, but not more than 90 days, before the beginning of the Plan Year. For an Employee who
becomes a Participant after the 90th day before the beginning of the Plan Year, the notice will be deemed timely if it is provided before the date the Employee becomes eligible to participate under the Plan (but no more than 90 days before the
Employee becomes eligible). 

  

	 	(iii)	Supplemental notice. If the Employer elects to provide the Safe Harbor Employer Contribution described in subsection (1)(i) above, the Employer may elect under AA §6C-2(b)(1) to make such
contribution only as authorized under a supplemental notice described in this subsection (iii). If the Employer elects to make the Safe Harbor Employer Contribution pursuant to a supplemental notice, the Employer will notify each Participant in the
annual notice described in this subsection (4) that the Employer may provide the Safe Harbor Employer Contribution and that a supplemental notice will be provided if the Employer decides to make the Safe Harbor Employer Contribution. The
supplemental notice indicating the Employer’s intention to make the Safe Harbor Employer Contribution must be provided no later than 30 days prior to the last day of the Plan Year for the Plan to qualify as a Safe Harbor 401(k) Plan. If the
Employer does not provide the supplemental notice in accordance with this paragraph, the Employer is not obligated to make the Safe Harbor Employer Contribution and the Plan does not qualify as a Safe Harbor 401(k) Plan. The Plan will qualify as a
Safe Harbor 401(k) Plan for subsequent Plan Years if the appropriate notices are provided for such years. No amendment is required to make the Safe Harbor Employer Contribution in subsequent Plan Years. 

 

	 	(b)	 Eligibility for Safe Harbor Contributions. The Employer may elect under AA §6C-3 to provide the Safe Harbor Contribution to all
Participants or only to Participants who are Nonhighly Compensated Employees. Alternatively, the Employer may elect under the Nonstandardized Adoption Agreement to provide the Safe Harbor Contribution to all Nonhighly Compensated Employees who are
Participants and all Highly Compensated Employees who are Participants 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	57	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

	 	
but who are not Key Employees. This permits a Plan providing the Safe Harbor Employer Contribution to use such amounts to satisfy the Top Heavy minimum contribution requirements under
Section 4. See subsection (c) for a description of the eligibility conditions applicable to Safe Harbor Contributions. Also see Section 3.02(d)(1) for provisions for offsetting additional Employer Contributions by the Safe Harbor
Employer Contributions under the Plan. 

  

	 	(c)	Different eligibility conditions. In determining who is a Participant for purposes of the Safe Harbor Contribution, the eligibility conditions applicable to Salary Deferrals under AA §4-1 apply.
However, the Employer may elect under AA §6C-3(b) to apply different eligibility conditions for the Safe Harbor Contribution than apply to Salary Deferrals. If the Employer elects under AA §6C-3(b)(1) to require a Year of Service for
determining eligibility for Safe Harbor Matching Contributions, a Year of Service for this purpose is the completion of 1,000 Hours of Service during an Eligibility Computation Period. An Eligibility Computation Period is as defined under
Section 2.03(a)(2) using Plan Years for subsequent Eligibility Computation Periods. If different eligibility conditions are selected for the Safe Harbor Contribution, the Plan must be disaggregated into separate plans for coverage purposes
pursuant to Code §410(b)(4). If the Plan uses different eligibility conditions for Safe Harbor Contributions, the portion of the disaggregated plan that covers Employees who are not eligible for the Safe Harbor Contribution must satisfy the ADP
Test (and ACP Test, if applicable). See IRS Notice 2000-3, Q&A-10. 

  

	 	(d)	Provision of Safe Harbor Contribution in separate plan. The Employer may elect under AA §6C-2(b)(2) to provide the Safe Harbor Contribution under another Defined Contribution Plan maintained by the
Employer. The Safe Harbor Contribution under such other plan must satisfy the conditions under this Section 6.04 for this Plan to qualify as a Safe Harbor 401(k) Plan. To make the Safe Harbor Contribution under another Defined Contribution
Plan, each Employee eligible to participate under this Plan must also be eligible to participate under the other Defined Contribution Plan and the other Defined Contribution Plan must have the same Plan Year as this Plan. 

 

	 	(e)	Reduction or suspension of Safe Harbor Contributions. 

  

	 	(1)	Safe Harbor Matching Contributions. The Employer may amend the Plan during the Plan Year to reduce or suspend the Safe Harbor Matching Contributions (on a prospective basis) provided the Employer provides
a supplemental notice to all Participants explaining the consequences and effective date of the amendment, and that such Participants have a reasonable opportunity (including a reasonable period) to change their Salary Deferral and/or After-Tax
Contribution elections, as applicable. The amendment reducing or eliminating the Safe Harbor Matching Contribution must be effective no earlier than the later of: (i) 30 days after Participants are given the supplemental notice or (ii) the
date the amendment is adopted. Participants must be given a reasonable opportunity (and reasonable period) prior to the reduction or elimination of the Safe Harbor Matching Contribution to change their Salary Deferral or After-Tax Contribution
elections, as applicable. If the Employer amends the Plan to reduce or eliminate the Safe Harbor Matching Contribution, the Plan is subject to the ADP Test and ACP Test for the entire Plan Year. 

 

	 	(2)	Safe Harbor Employer Contributions. The Employer may amend the Plan during the Plan Year to reduce or suspend the Safe Harbor Employer Contributions (on a prospective basis) provided the Employer notifies
all Participants of the amendment and provides each Participant with a reasonable opportunity (including a reasonable period) to change Salary Deferral and/or After-Tax Contribution elections, as applicable. The amendment reducing or eliminating the
Safe Harbor Employer Contributions must be effective no earlier than the later of: (A) 30 days after Participants are notified of the amendment or (B) the date the amendment is adopted. If the Employer reduces or eliminates the Safe Harbor
Employer Contribution during the Plan Year, the Plan is subject to the ADP Test (and ACP Test, if applicable) for the entire Plan Year. [This provision may no longer be used by an Employer effective for Plan Years beginning on or after
September 1, 2009.] 

  

	 	(f)	Deemed compliance with ADP Test. If the Plan satisfies all the conditions under subsection (a) above to qualify as a Safe Harbor 401(k) Plan, the Plan is deemed to satisfy the ADP Test for the Plan
Year. This Plan will not be deemed to satisfy the ADP Test for a Plan Year if a Participant is covered under another Safe Harbor 401(k) Plan maintained by the Employer which uses the provisions under this Section to comply with the ADP Test.

  

	 	(g)	Deemed compliance with ACP Test. If the Plan satisfies all the conditions under subsection (a) above to qualify as a Safe Harbor 401(k) Plan, the Plan is deemed to satisfy the ACP Test for the Plan
Year with respect to Matching Contributions (including Matching Contributions that are not used to qualify as a Safe Harbor 401(k) Plan), provided the following conditions are satisfied. If the Plan does not satisfy the requirements under this
subsection (g) for a Plan Year, the Plan must satisfy the ACP Test for such Plan Year in accordance with subsection (h) below. 

  

	 	(1)	Only Safe Harbor Matching Contributions. If the only Matching Contributions provided under the Plan are Safe Harbor Matching Contributions under AA §6C-2(a)(1), the Plan is deemed to satisfy the ACP
Test, without regard to the conditions under subsections (2) - (5) below. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	58	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

	 	(2)	Additional Matching Contributions. If Matching Contributions are provided (other than Safe Harbor Matching Contributions under AA §6C-2(a)) the total Matching Contributions provided under the Plan
(whether or not such Matching Contributions are provided under a Safe Harbor Matching Contribution formula) must not apply to any Salary Deferrals or After-Tax Contributions that exceed 6% of Plan Compensation. If a Matching Contribution formula
applies to both Salary Deferrals and After-Tax Contributions, then the sum of such contributions that exceed 6% of Plan Compensation must be disregarded under the formula. 

 

	 	(3)	Discretionary Matching Contributions. If the Employer elects to provide discretionary Matching Contributions under a Safe Harbor 401(k) Plan, such discretionary Matching Contributions will not be subject
to the ACP Test only if the total amount of the discretionary Matching Contributions are limited to no more than 4% of the Employee’s Plan Compensation. 

  

	 	(4)	Rate of Matching Contribution may not increase. The Matching Contribution formula may not provide a higher rate of match at higher levels of Salary Deferrals or After-Tax
Contributions. 

  

	 	(5)	Limit on Matching Contributions for Highly Compensated Employees. The Matching Contributions made for any Highly Compensated Employee at any rate of Salary Deferrals and/or After-Tax Contributions cannot
be greater than the Matching Contributions provided for any Nonhighly Compensated Employee at the same rate of Salary Deferrals and/or After-Tax Contributions. 

  

	 	(6)	After-Tax Contributions. If the Plan permits After-Tax Contributions, such contributions must satisfy the ACP Test, regardless of whether the Matching Contributions under Plan are deemed to satisfy the ACP
Test under this subsection (g). The ACP Test must be performed in accordance with subsection (h) below. 

  

	 	(7)	Additional Matching Contributions may be subject to vesting and distribution restrictions. Additional Matching Contributions may satisfy the ACP Test safe harbor described in this subsection (g) even
if such Matching Contributions are subject to the normal vesting schedule and distribution rules applicable to Matching Contributions. However, if such Matching Contributions are subject to allocation conditions under AA §6B-7, such Matching
Contributions will fail to satisfy the ACP Test safe harbor described in this subsection (g). 

  

	 	(h)	Rules for applying the ACP Test. If the ACP Test must be performed under a Safe Harbor 401(k) Plan, either because there are After-Tax Contributions, or because the Matching Contributions do not satisfy
the conditions described in subsection (g) above, the Current Year Testing Method must be used to perform such test, even if the Adoption Agreement specifies that the Prior Year Testing Method applies. In addition, the testing rules provided in
IRS Notice 98-52 (or any successor guidance) are applicable in applying the ACP Test. 

  

	 	(i)	Application of Top Heavy rules. Effective for years beginning after December 31, 2001, if the only contributions under a Safe Harbor 401(k) Plan are Safe Harbor Contributions described under
subsection (a) and Matching Contributions eligible for the ACP Test safe harbor, as described in subsection (g), the Plan is deemed to satisfy the Top Heavy requirements, as described in Section 4. For this purpose, if a Plan has only safe
harbor contributions described under this subsection (i) and the Plan has forfeitures for a Plan Year, such forfeitures will be used to reduce the Safe Harbor Contributions for such Plan Year. 

 

	 	(j)	Plan Year. Except as provided in subsections (1) - (3) below, to qualify as a Safe Harbor 401(k) Plan, the safe harbor requirements under this Section 6.04 must be satisfied for an entire
12-month Plan Year. 

  

	 	(1)	First year of plan. A newly established plan (other than a successor plan within the meaning of Treas. Reg. §1.401(m)-2(c)(2)(iii)) will not fail to satisfy the requirements of subsection
(j) merely because the Plan Year is less than 12 months, provided that the Plan Year is at least 3 months long. If an Employer is newly established and adopts the Plan as soon as administratively feasible after the Employer comes into
existence, the initial Plan Year may be shorter than 3 months. 

 If the Plan has an initial Plan Year that is less than 12
months, for purposes of applying the Code §415 Limitation under Section 5.03, the Limitation Year will be the 12-month period ending on the last day of the short Plan Year. Thus, no proration of the Defined Contribution Dollar Limitation
will be required. See Section 5.03(c)(2). In addition, the Employer’s Plan Compensation will be determined for the 12-month period ending on the last day of the short Plan Year. Thus, no proration of the Compensation Limit will be
required. See Section 1.24. 
  

	 	(2)	Change of Plan Year. If the Plan is amended to change its Plan Year, resulting in a Short Plan Year (see Section 11.08), the Plan will not fail to satisfy the requirements of subsection (j), provided:

  

	 	(i)	The Plan satisfies the safe harbor requirements under this Section 6.04 for the immediately preceding Plan Year; and 

  

	 	(ii)	The plan satisfies the safe harbor requirements under this Section 6.04 (determined without regard to subsection (e) above) for the immediately following Plan Year or for the immediately following 12 months if
the immediately following Plan Year is less than 12 months. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	59	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

	 	(3)	Final plan year. If the Plan is terminated during a Plan Year, the Plan will not fail to satisfy the requirements of subsection (j) merely because the final Plan Year is less than 12 months, provided
that the plan satisfies the safe harbor requirements under this Section 6.04 through the date of termination and either: 

  

	 	(i)	The Plan would satisfy the requirements of subsection (e), treating the termination of the Plan as a reduction or suspension of Safe Harbor Matching Contributions (other than the requirement that Employees have a
reasonable opportunity to change their Salary Deferral or After-Tax Contribution elections); or 

  

	 	(ii)	The Plan termination is in connection with a transaction described in Code §410(b)(6)(C) or the Employer incurs a substantial business hardship, comparable to a substantial business hardship described in Code
§412(d). If this subsection (ii) applies, the Plan will continue to qualify as a Safe Harbor 401(k) Plan for the year of termination. 

  

	6.05	SIMPLE 401(k) Plan contributions. The Employer may designate in AA §6A-10 of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement to treat the Plan as a SIMPLE 401(k) Plan. To treat the
Plan as a SIMPLE 401(k) Plan for a Plan Year, the Employer must be an Eligible Employer (as defined in subsection (a)(1) below) and no contributions may be made, or benefits accrued, for services during the calendar year, on behalf of any Eligible
Employee under any other plan, contract, pension, or trust described in Code §219(g)(5)(A) or (B), maintained by the Employer. If the Plan is designated as a SIMPLE 401(k) Plan, to the extent that any other provision of the Plan is inconsistent
with the provisions of this Section 6.05, the provisions of this Section govern. 

  

	 	(a)	Definitions. 

  

	 	(1)	Eligible Employer. An Eligible Employer means, with respect to any calendar year, an Employer that had no more than 100 employees who received at least $5,000 of SIMPLE Compensation from the Employer for
the preceding calendar year. In applying the preceding sentence, all Employees of Related Employers and Leased Employees are taken into account. 

An Eligible Employer that elects to have the SIMPLE 401(k) provisions apply to the Plan and that fails to be an Eligible Employer for any
subsequent calendar year is treated as an Eligible Employer for the 2 calendar years following the last calendar year the Employer was an Eligible Employer. If the failure is due to any acquisition, disposition, or similar transaction involving an
Eligible Employer, the preceding sentence applies only if the provisions of Code §410(b)(6)(C)(i) are satisfied. 
  

	 	(2)	Eligible Employee. An Eligible Employee means, for purposes of the SIMPLE 401(k) provisions, any Employee who is entitled to make Salary Deferrals under the terms of the Plan. 

 

	 	(b)	Contributions. 

  

	 	(1)	Salary Deferrals. Each Eligible Employee may make Salary Deferrals in an amount not to exceed $6,000 for 2000, $6,500 for 2001, $7,000 for 2002, $8,000 for 2003, $9,000 for 2004, and $10,000 for 2005.
After 2005, the $10,000 limit will be adjusted for cost-of living increases under Code §408(p)(2)(E). Any such adjustments will be in multiples of $500. 

  

	 	(2)	Catch-Up Contributions. Beginning in 2002, the amount of an Employee’s Salary Deferrals permitted for a calendar year is increased for Employees aged 50 or over by the end of the calendar year by the
amount of allowable Catch-up Contributions. The allowable Catch-up Contribution is $500 for 2002, $1,000 for 2003, $1,500 for 2004, $2,000 for 2005 and $2,500 for 2006. After 2006, the $2,500 limit will be adjusted for cost-of-living increases under
Code § 414(v)(2)(C). Any such adjustments will be in multiples of $500. Catch-up Contributions are otherwise treated the same as other Salary Deferrals. 

  

	 	(3)	Matching Contributions. Each calendar year, the Employer will contribute a Matching Contribution to the Plan on behalf of each Employee who makes Salary Deferrals. The amount of the Matching Contribution
will be equal to the Employee’s Salary Deferrals up to a limit of 3 percent of the Employee’s SIMPLE Compensation for the full calendar year. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	60	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 6 – Special Rules Affecting 401(k) Plans

 

	 	(4)	Employer Contributions. For any calendar year, instead of a Matching Contribution, the Employer may elect to contribute an Employer Contribution of 2 percent of Total Compensation for the full calendar
year for each Eligible Employee who received at least $5,000 of SIMPLE Compensation for the calendar year. 

  

	 	(c)	Limit on Contributions. No Employer or Employee Contributions may be made to this Plan for a calendar year other than Salary Deferrals described in subsections (b)(1) and (b)(2), Matching Contributions
described in subsection (b)(3), Employer Contributions described in subsection (b)(4), and Rollover Contributions described in Treas. Reg. §1.402(c)-2, Q&A-1(a). Such contributions (other than Catch-Up Contributions under subsection (b)(2))
are subject to the Code §415 Limitation. 

  

	 	(d)	Election and notice requirements. 

  

	 	(1)	Election period. 

  

	 	(i)	In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify Salary Deferral elections during the 60-day period immediately preceding each January 1.

  

	 	(ii)	For the calendar year an Employee becomes eligible to make Salary Deferrals under the SIMPLE 401(k) provisions, the 60-day election period requirement under subsection (i) is deemed satisfied if the Employee may
make or modify a Salary Deferral election during a 60-day period that includes either the date the Employee becomes eligible or the day before. 

  

	 	(iii)	Each Employee may terminate a Salary Deferral election at any time during the calendar year 

  

	 	(2)	Notice requirements. 

  

	 	(i)	The Employer will notify each Eligible Employee prior to the 60-day election period described in subsection (1) that he/she can make a Salary Deferral election or modify a prior election during that period.

  

	 	(ii)	The notification described in subsection (i) will indicate whether the Employer will provide a 3-percent Matching Contribution described in subsection (b)(3) or a 2-percent Employer Contribution described in
subsection (b)(4). 

  

	 	(e)	Vesting requirements. All benefits attributable to contributions described in subsections (b)(3) and (b)(4) are fully vested at all times, and all previous contributions made under the Plan are fully
vested as of the beginning of the calendar year the SIMPLE 401(k) provisions apply. 

  

	 	(f)	Top Heavy rules. The Plan is not treated as a Top Heavy Plan under Code §416 for any calendar year for which this Section 6.05 applies. 

 

	 	(g)	Nondiscrimination tests. The ADP and ACP Tests described in Sections 6.01(a) and 6.02(a) are treated as satisfied for any calendar year for which this Section 6.05 applies. 

 

	 	(h)	SIMPLE Compensation. SIMPLE Compensation for purposes of this Section 6.05 means the sum of wages, tips, and other compensation from the Eligible Employer subject to federal income tax withholding (as
described in Code §6051(a)(3)) and the Employee’s Salary Deferrals made under any other plan, and if applicable, Elective Deferrals under a SIMPLE IRA (as defined under Code §408(p), a SARSEP (as defined in Code §408(a)(6), or a
plan or contract that satisfies the requirements of Code §403(b), and compensation deferred under a section 457 plan, required to be reported by the employer on Form W-2 (as described in Code §6051(a)(8)). For self-employed individuals,
SIMPLE Compensation means net earnings from self-employment determined under Code §1402(a) prior to subtracting any contributions made under the SIMPLE 401(k) plan on behalf of the individual. Compensation also includes amounts paid for
domestic service (as described in Code §3401(a)(3). SIMPLE Compensation taken into account under the Plan is subject to the Compensation Limit (as defined under Section 1.24). 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	61	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 7 – Participant Vesting and Forfeitures

  
 SECTION 7 

PARTICIPANT VESTING AND FORFEITURES 
  

	7.01	Vesting of Contributions. A Participant’s vested interest in his/her Employer Contribution Account and Matching Contribution Account is determined based on the vesting schedule elected in AA §8.
A Participant is always fully vested in his/her Salary Deferral Account, After-Tax Contribution Account, QNEC Account, QMAC Account, Safe Harbor Employer Contribution Account, Safe Harbor Matching Contribution Account, and Rollover Contribution
Account. 

  

	7.02	Vesting Schedules. A Participant’s vested interest in his/her Employer Contribution Account and/or Matching Contribution Account is determined by multiplying the Participant’s vesting percentage
(determined under the applicable vesting schedule selected in AA §8) by the total amount under the applicable Account. The Employer must elect both a normal vesting schedule and a Top Heavy Plan vesting schedule (which applies for any Plan Year
in which the plan is Top Heavy). 

  

	 	(a)	Normal vesting schedules. The Employer may choose any of the vesting schedules described in this subsection (a) as the normal vesting schedule with respect to Employer Contributions. For Plan Years
beginning on or after January 1, 2002, Matching Contributions must vest under the full and immediate, 6-year graded, 3-year cliff, or modified vesting schedule, as described below. Unless elected otherwise under AA §8-2(c) of the
Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement, the vesting schedule selected under AA §8-2(b) of the Profit Sharing/401(k) Plan Adoption Agreement applies with respect to all Matching Contributions under the Plan, including
Matching Contributions made for Plan Years beginning prior to January 1, 2002. However, the vesting schedule designated in AA §8-2(b) will not apply with respect to Matching Contributions for any Employee who does not complete an Hour of
Service on or after January 1, 2002. For Employees who do not complete an Hour of Service in a Plan Year beginning on or after January 1, 2002, the vesting schedule under the Plan in effect for the Plan Year during which such Employee last
completed an Hour of Service will continue to apply with respect to that Employee. 

  

	 	(1)	Full and immediate vesting schedule. Under the full and immediate vesting schedule, the Participant is always 100% vested in his/her Account Balance. 

 

	 	(2)	7-year graded vesting schedule. Under the 7-year graded vesting schedule, an Employee vests in his/her Employer Contribution Account in the following manner: 

 

	 	 	After 3 Years of Service – 20% vesting 

	 	 	After 4 Years of Service – 40% vesting 

	 	 	After 5 Years of Service – 60% vesting 

	 	 	After 6 Years of Service – 80% vesting 

	 	 	After 7 Years of Service – 100% vesting 

 Effective for Plan Years beginning on or after
January 1, 2002, the 7-year graded vesting schedule may not apply to Matching Contributions under the Plan. 
  

	 	(3)	6-year graded vesting schedule. Under the 6-year graded vesting schedule, an Employee vests in his/her Employer Contribution Account and/or Matching Contribution Account in the following manner:

  

	 	 	After 2 Years of Service – 20% vesting 

	 	 	After 3 Years of Service – 40% vesting 

	 	 	After 4 Years of Service – 60% vesting 

	 	 	After 5 Years of Service – 80% vesting 

	 	 	After 6 Years of Service – 100% vesting 

  

	 	(4)	5-year cliff vesting schedule. Under the 5-year cliff vesting schedule, an Employee is 100% vested after 5 Years of Service. Prior to the fifth Year of Service, the vesting percentage is zero. Effective
for Plan Years beginning on or after January 1, 2002, the 5-year cliff vesting schedule may not apply to Matching Contributions under the Plan. 

  

	 	(5)	3-year cliff vesting schedule. Under the 3-year cliff vesting schedule, an Employee is 100% vested after 3 Years of Service. Prior to the third Year of Service, the vesting percentage is zero.

  

	 	(6)	 Modified vesting schedule. Under the modified vesting schedule, the Employer may designate the vesting percentage that applies for each
Year of Service. The vesting percentage selected under the modified vesting schedule for any Year of Service may not be less than the percentage that would be permitted under a permitted vesting schedule under this subsection (a). Thus, for example,
for Employer Contributions, the modified vesting schedule would have to satisfy the 7-year graded vesting schedule for each Year of Service, unless 100% vesting occurs after no more than 5 Years of Service. For Matching Contributions, the modified
vesting schedule for 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	62	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 7 – Participant Vesting and Forfeitures

 

	 	
each Year of Service would have to satisfy the 6-year graded vesting schedule, unless 100% vesting occurs after no more than 3 Years of Service. (A modified vesting schedule may not be selected
under the Standardized Adoption Agreement.) 

  

	 	(b)	Top Heavy vesting schedules. For any Plan Year in which the plan is Top Heavy, the Plan automatically will apply the Top Heavy vesting schedule selected under AA §8-3. Once a Plan has shifted to a Top
Heavy vesting schedule, that schedule will continue to apply for all subsequent Plan Years, unless the Employer elects otherwise under AA §8-6 of the Nonstandardized Adoption Agreement. The rules under Section 7.08 will apply when a Plan
shifts to or from a Top Heavy vesting schedule. 

 The Employer may choose the full and immediate, 6-year graded, 3-year
cliff, or modified vesting schedule, as described in subsection (a) above. If the Employer selects a modified vesting schedule under AA §8-3(a)(4) or AA §8-3(b)(4) of the Nonstandardized Adoption Agreement, as applicable], the
modified vesting schedule must satisfy one of the permissible Top Heavy vesting schedules for all Plan Years. 
  

	 	(c)	Special vesting rules. 

  

	 	(1)	Normal Retirement Age. Regardless of the Plan’s vesting schedule, an Employee’s right to his/her Account Balance is fully vested upon the date he/she attains Normal Retirement Age (as defined in
AA §7-1). 

  

	 	(2)	100% vesting upon death, disability, or Early Retirement Age. The Employer may elect under AA §8-5 to allow a Participant’s vesting percentage to automatically increase to 100% if the Participant
dies, becomes Disabled, and/or attains Early Retirement Age while employed by the Employer. 

  

	 	(3)	Safe Harbor 401(k) Plans. If the Plan is a Safe Harbor 401(k) Plan as defined in Section 6.04, any Safe Harbor Employer Contributions and/or Safe Harbor Matching Contributions made under the Plan are
always 100% vested. If a Safe Harbor 401(k) Plan provides for regular Employer Contributions or Matching Contributions, such amounts will be vested in accordance with the vesting schedule selected under AA §8. Section 7.08 will not apply
merely because the Plan is amended to add a vesting schedule for regular Employer Contributions or Matching Contributions. 

  

	 	(4)	Vesting upon merger, consolidation or transfer. No accelerated vesting will be required solely because a Defined Contribution Plan is merged with another Defined Contribution Plan, or because assets are
transferred from a Defined Contribution Plan to another Defined Contribution Plan. (See Section 14.05(a) for the benefits that must be protected as a result of a merger, consolidation or transfer.) 

 

	 	(5)	Vesting schedules applicable to prior contributions. If the Plan holds Employer Contributions and/or Matching Contributions that are subject to vesting, but the Plan no longer provides for such
contributions, the Plan will continue to apply the vesting schedule applicable to those contributions as determined under the prior Plan document. See Section 7.11(e) for the rules applicable to forfeitures of such prior contributions. The
Employer may document any prior vesting schedule in AA §A-10. 

  

	7.03	Year of Service. An Employee’s position on the vesting schedule is dependent on the Employee’s Years of Service with the Employer. Generally, an Employee will earn a vesting Year of Service for
each Vesting Computation Period during which the Employee completes at least 1,000 Hours of Service. Alternatively, the Employer may elect under AA §8-7(a) of the Nonstandardized Adoption Agreement to modify the definition of Year of Service to
require completion of any lesser number of Hours of Service or may elect to calculate Years of Service using the Elapsed Time method (as defined in subsection (b) below). 

 

	 	(a)	Hours of Service. Unless the Employer elects to use the Elapsed Time method under AA §8-7, vesting Years of Service will be determined based on an Employee’s Hours of Service earned during the
Vesting Computation Period. 

  

	 	(1)	Actual Hours of Service. In determining an Employee’s vesting Years of Service, the Employer will credit an Employee with the actual Hours of Service earned during the Vesting Computation Period,
unless the Employer elects under AA §8-7(d) of the Nonstandardized Adoption Agreement to determine Hours of Service using the Equivalency Method. 

  

	 	(2)	Equivalency Method. Instead of counting actual Hours of Service in applying the Plan’s vesting schedules, the Employer may elect under AA §8-7(d) of the Nonstandardized Adoption Agreement to
determine Hours of Service based on the Equivalency Method. Under the Equivalency Method, an Employee receives credit for a specified number of Hours of Service based on the period worked with the Employer. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	63	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 7 – Participant Vesting and Forfeitures

 

	 	(i)	Monthly. Under the monthly Equivalency Method, an Employee is credited with 190 Hours of Service for each calendar month during which the Employee completes at least one Hour of Service with the Employer.

  

	 	(ii)	Daily. Under the daily Equivalency Method, an Employee is credited with 10 Hours of Service for each day during which the Employee completes at least one Hour of Service with the Employer.

  

	 	(iii)	Weekly. Under the weekly Equivalency Method, an Employee is credited with 45 Hours of Service for each week during which the Employee completes at least one Hour of Service with the Employer.

  

	 	(iv)	Semi-monthly. Under the semi-monthly Equivalency Method, an Employee is credited with 95 Hours of Service for each semi-monthly period during which the Employee completes at least one Hour of Service with
the Employer. 

  

	 	(3)	Employee need not be employed for entire Vesting Computation Period. If an Employee completes the required Hours of Service during a Vesting Computation Period, the Employee will receive credit for a Year
of Service as of the end of such Vesting Computation Period, even if the Employee is not employed for the entire Vesting Computation Period. 

  

	 	(b)	Elapsed Time method. Instead of using Hours of Service in applying the Plan’s vesting schedules, the Employer may elect under AA §8-7 to apply the Elapsed Time method for calculating an
Employee’s vesting service with the Employer. Under the Elapsed Time method, an Employee receives credit for the aggregate period of time worked for the Employer commencing with the Employee’s first day of employment (or reemployment, if
applicable) and ending on the date the Employee begins a Period of Severance which lasts at least 12 consecutive months. In calculating an Employee’s aggregate period of service, an Employee receives credit for any Period of Severance that
lasts less than 12 consecutive months. If an Employee’s aggregate period of service includes fractional years, such fractional years are expressed in terms of days. 

 

	 	(1)	Period of Severance. For purposes of applying the Elapsed Time method, a Period of Severance is any continuous period of time during which the Employee is not employed by the Employer. A Period of
Severance begins on the date the Employee retires, quits or is discharged, or if earlier, the 12-month anniversary of the date on which the Employee is first absent from service for a reason other than retirement, quit or discharge.

 In the case of an Employee who is absent from work for maternity or paternity reasons, the 12-consecutive month period
beginning on the first anniversary of the first date of such absence shall not constitute a Period of Severance. For purposes of this paragraph, an absence from work for maternity or paternity reasons means an absence (i) by reason of the
pregnancy of the Employee, (ii) by reason of the birth of a child of the Employee, (iii) by reason of the placement of a child with the Employee in connection with the adoption of such child by the Employee, or (iv) for purposes of
caring for a child of the Employee for a period beginning immediately following the birth or placement of such child. 
  

	 	(2)	Related Employers/Leased Employees. For purposes of applying the Elapsed Time method, service will be credited for employment with any Related Employer. Service also will be credited for any service as a
Leased Employee or as an employee under Code §414(o). 

  

	7.04	Vesting Computation Period. Generally, the Vesting Computation Period is the Plan Year. Alternatively, the Employer may elect under AA §8-7(b) of the Nonstandardized Adoption Agreement to use the
12-month period commencing on the Employee’s date of hire (or reemployment date, if applicable) and each subsequent 12-month period commencing on the anniversary of such date or the Employer may elect to use any other 12-consecutive month
period as the Vesting Computation Period. 

  

	7.05	Excluded service. Generally, except as provided under Section 7.07 with respect to service excluded under the Break in Service rules, all service with the Employer counts for purposes of applying the
Plan’s vesting schedules. However, the Employer may elect under AA §8-4 to exclude certain service with the Employer in calculating an Employee’s vesting Years of Service. 

 

	 	(a)	Service before the Effective Date of the Plan. The Employer may elect under AA §8-4(b) to exclude service earned during any period prior to the date the Employer established the Plan or a Predecessor
Plan. For this purpose, a Predecessor Plan is a qualified plan maintained by the Employer that is terminated within the 5-year period immediately preceding or following the establishment of this Plan. A Participant’s service under a Predecessor
Plan must be counted for purposes of determining the Participant’s vested percentage under this Plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	64	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 7 – Participant Vesting and Forfeitures

 

	 	(b)	Service before a specified age. The Employer may elect under AA §8-4(c) to exclude service before an Employee attains a specified age (not to exceed age 18). An Employee will be credited with a Year
of Service for the Vesting Computation Period during which the Employee attains the required age, provided the Employee satisfies all other conditions required for a Year of Service. 

 

	7.06	Service with Predecessor Employers. If the Employer maintains the plan of a Predecessor Employer, any service with such Predecessor Employer is treated as service with the Employer for purposes of applying
the provisions of this Plan. If the Employer does not maintain the plan of a Predecessor Employer, service with such Predecessor Employer does not count for vesting purposes under this Section 7, unless the Employer specifically designates
under AA §4-5 to credit service with such Predecessor Employer for vesting. Unless designated otherwise under AA §4-5, if the Employer takes into account service with a Predecessor Employer, such service will count for purposes of
eligibility under Section 2 (see Section 2.06) vesting under this Section 7, and for purposes of the minimum allocation conditions under Section 3.09 (see Section 3.09(d)). 

 

	7.07	Break in Service Rules. In addition to any service excluded under Section 7.05, the Employer may elect under AA §8-7 of the Nonstandardized Adoption Agreement to disregard an Employee’s
vesting service with the Employer under the Break in Service rules set forth in this Section 7.07. 

  

	 	(a)	Break in Service. An Employee incurs a Break in Service for any Vesting Computation Period (as defined in Section 7.04) during which the Employee does not complete more than five hundred
(500) Hours of Service with the Employer. However, if the Employer elects under AA §8-7(a) to require less than 1,000 Hours of Service to earn a vesting Year of Service, a Break in Service will occur for any Vesting Computation Period
during which the Employee does not complete more than one-half (1/2) of the Hours of Service required to earn a vesting Year of Service. In applying these Break in Service rules, Years of Service and Breaks in Service are measured on the same
Vesting Computation Period. 

  

	 	(b)	One-Year Break in Service rule. Under the One-Year Break in Service rule, if an Employee incurs a one-year Break in Service, such Employee will not be credited with any service earned prior to such
one-year Break in Service for purposes of applying the Plan’s vesting schedules until the Employee has completed a Year of Service after the Employee’s return to employment. The Employer must elect to apply the One-Year Break in Service
rule under AA §8-7(f) of the Nonstandardized Plan. The One-Year Break in Service rule is not available under the Standardized Adoption Agreement. 

If a Participant has service disregarded under the One-Year Break in Service rule, such Participant will have his/her service reinstated upon
returning to employment as of the first day of the Vesting Computation Period during which the Participant completes a Year of Service. 
  

	 	(c)	Nonvested Participant Break in Service rule. Under the Nonvested Participant Break in Service rule, if a Participant is totally nonvested (i.e., 0% vested) in his/her entire Account Balance, and such
Participant incurs five (5) or more consecutive one-year Breaks in Service (or, if greater, a consecutive period of Breaks in Service at least equal to the Participant’s aggregate number of Years of Service with the Employer), the Plan
will disregard all service earned prior to such consecutive Breaks in Service for purposes of applying the vesting schedules under the Plan. If the Employee returns to employment with the Employer, such Employee will be treated as a new Employee for
purposes of determining vesting under the Plan. For this purpose, a Participant who has made Salary Deferrals under the Plan will be treated as having a vested interest in the Plan. Thus, the Nonvested Participant Break in Service rule may not be
used with respect to any contributions under the Plan (even if such Employee is totally nonvested in such contributions) for a Participant who has made Salary Deferrals under the Plan. The Employer must elect to apply the Nonvested Participant Break
in Service rule under AA §8-7. In determining a Participant’s aggregate Years of Service for purposes of applying the Nonvested Participant Break in Service rule, any Years of Service otherwise disregarded under a previous application of
this rule are not counted. 

  

	 	(d)	Five-Year Forfeiture Break in Service. A Participant’s vesting service also may be disregarded if the Participant incurs a Five-Year Forfeiture Break in Service, as described in Section 7.10(b)
below. 

  

	7.08	Amendment of Vesting Schedule. If the Plan’s vesting schedule is amended (or is deemed amended by an automatic change to or from a Top Heavy Plan vesting schedule) or if the plan is amended in any way
that directly or indirectly affects the computation of the Participant’s vested percentage, each Participant with at least three (3) Years of Service with the Employer, as of the end of the election period described in the following
paragraph, may elect to have his/her vested interest computed under the Plan without regard to such amendment or change. However, the new vesting schedule will apply automatically to an Employee, and no election will be provided, if the new vesting
schedule is at least as favorable to such Employee, in all circumstances, as the prior vesting schedule. 

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

	 	(a)	60 days after the amendment is adopted; 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	65	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 7 – Participant Vesting and Forfeitures

 

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

  

	 	(c)	60 days after the Participant is issued written notice of the amendment by the Employer or Plan Administrator. 

No amendment to the plan shall be effective to the extent that it has the effect of decreasing a participant’s accrued benefit.
Notwithstanding the preceding sentence, a participant’s Account Balance may be reduced to the extent permitted under Code §412(c)(8). For purposes of this paragraph, a plan amendment which has the effect of decreasing a participant’s
Account Balance, with respect to benefits attributable to service before the amendment, shall be treated as reducing an accrued benefit. 

Furthermore, if the vesting schedule of the Plan is amended, in the case of an Employee who is a Participant as of the later of the date such
amendment is adopted or effective, the vested percentage of such Employee’s Account Balance derived from Employer Contributions (determined as of such date) will not be less than the percentage computed under the Plan without regard to such
amendment. 
  

	7.09	Special Vesting Rule - In-Service Distribution When Account Balance is Less than 100% Vested. If amounts are distributed from a Participant’s Employer Contribution Account or Matching Contribution
Account at a time when the Participant’s vested percentage in such amounts is less than 100% and the Participant may increase the vested percentage in the Account Balance: 

 

	 	(a)	A separate Account will be established for the Participant’s interest in the Plan as of the time of the distribution, and 

  

	 	(b)	At any relevant time the Participant’s vested portion of the separate Account will be equal to an amount (“X”) determined by the formula: 

X = P (AB + D) - D 
 Where: 

P is the vested percentage at the relevant time; 

AB is the Account Balance at the relevant time; and 

D is the amount of the distribution. 
  

	7.10	Forfeiture of Benefits. A Participant will forfeit the nonvested portion of his/her Employer Contribution and/or Matching Contribution Account upon the occurrence of any of the events described below. The
Plan Administrator has the responsibility to determine the amount of a Participant’s forfeiture. Until an amount is forfeited pursuant to this Section 7.10, a Participant’s entire Account must remain in the Plan and continue to share
in gains and losses of the Trust. A Participant will not forfeit any of his/her nonvested Account until the occurrence of one of the following events. 

  

	 	(a)	Cash-Out Distribution. Following termination of employment, a Participant may receive a total distribution of his/her vested benefit under the Plan (a “Cash-Out Distribution”) in accordance with
the distribution and Participant consent provisions under Section 8. If a Participant receives a Cash-Out Distribution upon termination of employment, the Participant’s nonvested benefit under the Plan will be forfeited in accordance with
subsection (1) below. If at the time of termination, a Participant is totally nonvested in his/her entire Account Balance, the Participant will be deemed to receive a total Cash-Out Distribution of his/her entire vested Account Balance (i.e., a
deemed Cash-Out Distribution of zero dollars) as of the date of termination, subject to the forfeiture provisions under subsection (1) below. 

A Cash-Out Distribution does not occur until such time as the Participant receives a distribution of his/her entire vested Account Balance,
including amounts attributable to Salary Deferrals. If a Participant receives a distribution of less than the entire vested portion of his/her Account Balance (including any additional amounts to be allocated under subsection (1)(ii) below),
the Participant will not be treated as receiving a Cash-Out Distribution until such time as the Participant receives a distribution of the remainder of the vested portion of his/her Account Balance. 

 

	 	(1)	Timing of forfeiture. Unless elected otherwise under AA §8-9(b), if a Participant receives a Cash-Out Distribution of his/her vested Account Balance (as defined in subsection (a) above), the
Participant will immediately forfeit the nonvested portion of such Account Balance, as of the date of the distribution or deemed distribution (as determined under subsection (i) or (ii) below, whichever applies). (See Section 7.11
below for a discussion of the treatment of forfeitures under the Plan.) 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	66	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 7 – Participant Vesting and Forfeitures

 

	 	(i)	No further allocations. For purposes of applying the Cash-Out Distribution rules, a terminated Participant who receives a total distribution of his/her vested Account Balance will be treated as receiving
the Cash-Out Distribution as of the date the Participant receives such distribution (or in the case of a deemed Cash-Out Distribution (as described in subsection (a) above) as of the date the Participant terminates employment), provided the
Participant is not entitled to any further allocations under the Plan for the Plan Year in which the Participant terminates employment. The Participant’ will forfeit his/her nonvested benefit as of the date the Participant receives the Cash-Out
Distribution, in accordance with the provisions under Section 7.11. 

  

	 	(ii)	Additional allocations. For purposes of applying the Cash-Out Distribution rules, if upon termination of employment, a Participant is entitled to an additional allocation for the Plan Year in which the
Participant terminates, such Participant will not be deemed to receive a Cash-Out Distribution until such time as the Participant receives a distribution of his/her entire vested Account Balance, including any amounts that are still to be allocated
under the Plan. Thus, a terminated Participant who is entitled to an additional allocation (e.g., an additional Employer Contribution) for the Plan Year of termination will not be deemed to have a total Cash-Out Distribution until the Participant
receives a distribution of such additional amounts. In the case of a deemed Cash-Out Distribution (as described in subsection (a) above), if the Participant is entitled to an additional allocation under the Plan for the Plan Year in which the
Participant terminates employment, the deemed Cash-Out Distribution is deemed to occur on the first day of the Plan Year following the Plan Year in which the termination occurs, provided the Participant is still totally nonvested in his/her Account
Balance. 

  

	 	(iii)	Modification of Cash-Out Distribution rules. The Employer may elect under AA §8-9(a) to modify the Cash-Out Distribution provision under subsection (ii) above to provide that the Cash-Out
Distribution and related forfeiture occur immediately upon distribution (or deemed distribution) of the terminated Participant’s vested Account Balance, without regard to whether the Participant is entitled to an additional allocation under the
Plan. 

  

	 	(2)	Repayment of Cash-Out Distribution. If a Participant receives a Cash-Out Distribution (as defined in subsection (a) above) that results in a forfeiture under subsection (1) above, and the
Participant resumes employment covered under the Plan, such Participant may repay to the Plan the amount received as a Cash-Out Distribution. For this purpose, to be entitled to a restoration of benefits (as described in subsection (3) below),
the Participant must repay the entire amount of the Cash-Out Distribution, including any amounts attributable to Salary Deferrals. A Participant will only be permitted to repay his/her Cash-Out Distribution if such repayment is made before the
earlier of: 

  

	 	(i)	five (5) years after the first date on which the Participant is subsequently re-employed by the Employer, or 

  

	 	(ii)	the date the Participant incurs a Five-Year Forfeiture Break in Service (as defined in subsection (b) below). 

If a Participant receives a deemed Cash-Out Distribution (as described in subsection (a) above), and the Participant resumes employment
covered under this Plan before the date the Participant incurs a Five-Year Forfeiture Break in Service, the Participant is deemed to repay the Cash-Out Distribution immediately upon his/her reemployment. 

 

	 	(3)	Restoration of forfeited benefit. If a rehired Participant repays a Cash-Out Distribution in accordance with subsection (2) above, any amounts that were forfeited on account of such Cash-Out
Distribution (unadjusted for any interest that might have accrued on such amounts after the distribution date) will be restored to the Plan no later than the end of the Plan Year following the Plan Year in which the Participant repays the Cash-Out
Distribution (or is deemed to repay the Cash-Out Distribution under subsection (2) above). No amount will be restored under the Plan, however, until such time as the Participant repays the entire amount of the Cash-Out Distribution. (However,
see subsection (d) below for a discussion of special rules that apply if a Participant’s Cash-Out Distribution includes a distribution of Salary Deferrals.) In no event will a Participant be entitled to a restoration under this subsection
(3) if the Participant returns to employment after incurring a Five-Year Forfeiture Break in Service (as defined in subsection (b) below). 

  

	 	(4)	Sources of restoration. If a Participant’s forfeited benefit is required to be restored under subsection (3), the restoration of such forfeited benefits will occur from the following sources. If the
following sources are not sufficient to completely restore the Participant’s benefit, the Employer must make an additional contribution to the Plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	67	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 7 – Participant Vesting and Forfeitures

 

	 	(i)	Any unallocated forfeitures for the Plan Year of the restoration. 

  

	 	(ii)	Any unallocated earnings for the Plan Year of the restoration. 

  

	 	(iii)	Any portion of a discretionary Employer Contribution to the extent such contribution has not been allocated to Participants’ Accounts for the Plan Year of the restoration. 

 

	 	(b)	Five-Year Forfeiture Break in Service. If a Participant has five (5) consecutive one-year Breaks in Service (a “Five-Year Forfeiture Break in Service”), all Years of Service after such
Breaks in Service will be disregarded for the purpose of vesting in the portion of the Participant’s Employer Contribution Account and/or Matching Contribution Account that accrued before such Breaks in Service. A Participant who incurs a
Five-Year Forfeiture Break in Service will forfeit the nonvested portion of his/her Employer Contribution and/or Matching Contribution Account as of the end of the Vesting Computation Period in which the Participant incurs the fifth consecutive
Break in Service. Except as provided under Section 7.07, a Participant who is rehired after incurring a Five-Year Forfeiture Break in Service will be credited with both pre-break and post-break service for purposes of determining his/her vested
percentage in amounts that accrue under the Plan after the Five Year Forfeiture Break in Service. 

  

	 	(c)	Missing Participant or Beneficiary. If the Plan is able to make a distribution to a Participant or Beneficiary without consent (as permitted under Section 8.04) and such Participant or Beneficiary
cannot be located within a reasonable period following a reasonable diligent search, the Plan Administrator may forfeit the missing Participant’s or Beneficiary’s Account, as provided in subsection (2) below. An Employer will be
deemed to have performed a reasonable diligent search if it performs the actions described in subsection (1) below. In determining whether a reasonable period has elapsed following a reasonable diligent search, the Plan Administrator may follow
any applicable guidance provided under statute, regulation, or other IRS or DOL guidance of general applicability. However, the Plan Administrator will be deemed to have waited a reasonable period following a reasonable diligent search if the Plan
Administrator waits at least 6 months following the completion of the actions described in subsection (1) below. For purposes of applying this subsection (c), a Participant or Beneficiary is considered missing only if the Plan may make a
distribution to such Participant or Beneficiary without consent. (See Section 14.03(b)(4) for rules that apply for missing Participants or Beneficiaries upon Plan termination. Also see Section 8.06 for the availability of Automatic
Rollover rules that permit the Plan Administrator to automatically rollover a Participant’s Involuntary Cash-Out Distribution to an IRA upon the Participant’s failure to consent to a distribution, without the need to locate the
Participant.) 

  

	 	(1)	Reasonable diligent search. The Plan Administrator will be deemed to have performed a reasonable diligent search if it performs the following actions: 

 

	 	(i)	Send a certified letter to the Participant’s or Beneficiary’s last known address. 

  

	 	(ii)	Check related plan records of the Employer (e.g., health plan records) to determine if a more current address exists for the Participant or Beneficiary. 

 

	 	(iii)	If the Participant cannot be located, the Plan Administrator may attempt to identify and contact any individual that the Participant has designated as a Beneficiary under the Plan for updated information concerning the
location of the missing Participant. 

  

	 	(iv)	Utilize either the IRS or Social Security Administration (SSA) letter-forwarding services for locating lost participants. (See Rev. Proc. 94-22 for additional information regarding the IRS letter forwarding program.
Additional information regarding the SSA letter forwarding program can be located at www.ssa.gov.) 

  

	 	(v)	In addition to the search methods discussed above, the Plan Administrator may use other search methods, including the use of Internet search tools, commercial locator services, and credit reporting agencies to locate
the missing Participant. 

  

	 	(2)	Forfeiture of Account of missing Participant or Beneficiary. If a Participant or Beneficiary is deemed to be missing (as described in subsection (c) above), the Plan Administrator may forfeit the
distributable amount attributable to such missing Participant or Beneficiary, as permitted under applicable laws and regulations. If, after an amount is forfeited under this subsection (2), the missing Participant or Beneficiary is located, the Plan
will restore the forfeited amount (unadjusted for gains or losses) to such Participant or Beneficiary within a reasonable time in accordance with the provisions of subsection (a)(3) above. However, if a missing Participant or Beneficiary has not
been located by the time the Plan terminates, the forfeiture of such Participant’s or Beneficiary’s distributable amount will be irrevocable. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	68	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 7 – Participant Vesting and Forfeitures

 

	 	(3)	Expenses attributable to search for missing Participant, Reasonable expenses attendant to locating a missing Participant may be charged to such Participant’s Account, provided that the amount of such
expenses is reasonable. The Plan Administrator may take into account the size of a Participant’s Account in relation to the cost of the search when deciding how extensive a search is required before declaring such Participant as missing under
subsection (c). 

  

	 	(d)	Excess Deferrals, Excess Contributions, and Excess Aggregate Contributions. If a Participant receives a distribution of Excess Deferrals, Excess Contributions, or Excess Aggregate Contributions, the
Employer will forfeit the portion of his/her Matching Contribution Account (whether vested or not) which is attributable to such distributed amounts (except to the extent such amount has been distributed as Excess Contributions or Excess Aggregate
Contributions, pursuant to Section 6.01(b)(2) or 6.02(b)(2)). A forfeiture of Matching Contributions under this subsection (e) occurs in the Plan Year in which the Participant receives the distribution of Excess Deferrals, Excess
Contributions, and/or Excess Aggregate Contributions. 

  

	7.11	Allocation of Forfeitures. The Employer may elect in AA §8-8 how it wishes to allocate forfeitures under the Plan. Forfeitures may be used in the Plan Year in which the forfeitures occur or in the
Plan Year following the Plan Year in which the forfeitures occur. In applying the forfeiture provisions under the Plan, if there are any unused forfeitures as of the end of the Plan Year designated in AA §8-8(c) or (d), as applicable, any
remaining forfeiture will be used (as designated in AA §8-8) in the immediately following Plan Year. 

  

	 	(a)	Reallocation as additional contributions under Profit Sharing and Profit Sharing/401(k) Plan Adoption Agreements. The Employer may elect in AA §8-8 to reallocate forfeitures as additional
contributions under the Plan. If the Employer elects under the Profit Sharing/401(k) Plan Adoption Agreement to reallocate forfeitures as additional contributions, the Employer may elect, in its discretion, to allocate such amounts as additional
Employer Contributions and/or additional Matching Contributions. Forfeitures allocated under this subsection (a) will be allocated in the same manner as selected under AA §6-3 or AA §6B-2 with respect to the contribution type being
allocated. In applying the provisions of this subsection (a), no allocation of forfeitures will be made to any Participant with respect to forfeitures that arise out of his/her own Account. 

 

	 	(b)	Reallocation as additional Employer Contributions under Money Purchase Plan Adoption Agreement. The Employer may elect in AA §8-8 to reallocate forfeitures as additional Employer Contributions under
the Plan. If the Employer elects under the Money Purchase Plan Adoption Agreement to reallocate forfeitures as additional Employer Contributions, such amounts will be allocated in the ratio that the Plan Compensation of each Participant bears to the
Plan Compensation of all Participants. In applying the provisions of this subsection (b), no allocation of forfeitures will be made to any Participant with respect to forfeitures that arise out of his/her own Account. 

 

	 	(c)	Reduction of contributions. The Employer may elect in AA §8-8 to use forfeitures to reduce Employer Contributions and/or Matching Contributions under the Plan. If the Employer elects under the Profit
Sharing/401(k) Plan Adoption Agreement to use forfeitures to reduce contributions, the Employer may, in its discretion, use such forfeitures to reduce Employer Contributions, Matching Contributions, or both. The Employer may adjust its contribution
deposits in any manner, provided the total Employer Contributions made for the Plan Year properly take into account the forfeitures that are to be used to reduce such contributions for that Plan Year. For example, if the Plan is a Safe Harbor 401(k)
Plan, the Employer may designate that forfeitures are first used to reduce the Safe Harbor Employer Contribution or Safe Harbor Matching Contribution under the Plan. (See Section 6.04(i).) If contributions are allocated over multiple allocation
periods, the Employer may reduce its contribution for any allocation periods within the Plan Year in which the forfeitures are to be allocated so that the total amount allocated for the Plan Year is proper. 

 

	 	(d)	Payment of Plan expenses. The Employer may elect under AA §8-8 to first use forfeitures to pay Plan expenses for the Plan Year in which the forfeitures would otherwise be applied. If any forfeitures
remain after the payment of Plan expenses under this subsection, the remaining forfeitures will be allocated as selected under AA §8-8. This subsection (d) only applies to the extent Plan expenses are paid by the Plan. Nothing herein
affects the ability of the Employer to pay Plan expenses, as authorized under Section 11.05(a). 

  

	 	(e)	Forfeiture rules for prior contribution types. If the Plan holds Employer Contributions and/or Matching Contributions that are subject to a vesting schedule but the Plan no longer provides for such
contributions, any forfeitures related to such prior contributions may be reallocated as an additional Employer Contribution (in accordance with the formula selected under AA §6-2) or as an additional Matching Contribution (in accordance with
the formula selected under AA §6B-2), or may be used to reduce any fixed Employer Contribution or Matching Contribution, consistent with the provisions of subsection (c) above. If the Plan does not provide for either Employer Contributions
or Matching Contributions, the Employer may reallocate forfeitures of prior contributions as an Employer Contribution (using the pro rata allocation formula under AA §6-3(a)) or as a discretionary Matching Contribution under AA §6B-2(a).

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	69	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  
 SECTION 8 

PLAN DISTRIBUTIONS 
 Subject to the
Qualified Joint and Survivor Annuity Requirements under Section 9, a Participant may receive a distribution of his/her vested Account Balance at the time and in the manner provided under this Section 8. Upon reaching the Required Beginning
Date (defined in Section 8.12(d)(5)), a Participant must begin receiving distributions under the Plan (in accordance with the provisions of Section 8.12.) 
  

	8.01	Deferred distributions. A Participant must be permitted to receive a distribution from the Plan no later than the 60th day after the latest of the close of the Plan Year in which: 

 

	 	(a)	the Participant attains age 65 (or Normal Retirement Age, if earlier); 

  

	 	(b)	occurs the 10th anniversary of the year in which the Participant commenced participation in the Plan; or 

  

	 	(c)	the Participant terminates service with the Employer. 

 A failure by the Participant (and
spouse, if applicable) to consent to a distribution while a benefit is immediately distributable shall be deemed to be an election to defer commencement of payment of any benefit sufficient to satisfy this section. For this purpose, an Account
Balance is immediately distributable if any part of the Account Balance could be distributed to the Participant (or surviving spouse) before the Participant attains or would have attained if not deceased) the later of Normal Retirement Age or age
62. 
  

	8.02	Available Forms of Distribution. Subject to the Qualified Joint and Survivor Annuity (QJSA) rules described in Section 9, the Employer may elect under AA §9-1 the forms of distribution that are
available to a Participant or Beneficiary under the Plan. Different distribution options may apply depending on whether a distribution is made upon termination of employment, death, disability or as an in-service withdrawal. Available distribution
options under AA §9-1 may include a lump sum of all or a portion of the Participant’s vested Account Balance, installments, annuity payments, or any other form designated in AA §9-1. Any distribution options selected under the Plan
must comply with the required minimum distribution rules under Section 8.12. 

 If the Plan provides for installment
payments as an optional form of distribution, such payments may be made in monthly, quarterly, semi-annual, or annual payments over a period not exceeding the life expectancy of the Participant and his/her designated Beneficiary. The Plan
Administrator may permit a Participant or Beneficiary to accelerate the payment of all, or any portion, of an installment distribution. If the Plan provides for annuity payments, the Plan must purchase an annuity that provides for payments over a
period that does not extend beyond either the life of the Participant (or the lives of the Participant and his/her designated Beneficiary) or the life expectancy of the Participant (or the life expectancy of the Participant and his/her designated
Beneficiary). (The availability of installments and or annuity payments may be restricted under AA §9-1(c) of the Nonstandardized Adoption Agreement.) 

Regardless of the distribution options selected under AA §9-1, if the Plan is subject to the Joint and Survivor Annuity requirements (as
described in Section 9), the Plan must make distribution in the form of a QJSA (as defined in Section 9.02(a)) unless the Participant (and spouse, if the Participant is married) elects an alternative distribution form in accordance with a
Qualified Election (as defined in Section 9.04). 
  

	8.03	Amount Eligible for Distribution. For purposes of determining the amount a Participant or Beneficiary may receive as a distribution from the Plan, a Participant’s Account Balance is determined as of
the Valuation Date (as specified in AA §11-1) immediately preceding the date the Participant or Beneficiary receives his/her distribution from the Plan. For this purpose, the Account Balance must be
increased for any contributions allocated to the Participant’s Account since the most recent Valuation Date and must be reduced for any distributions made from the Participant’s Account since the most recent Valuation Date. A Participant
or Beneficiary does not share in any allocation of gains or losses attributable to the period between the most recent Valuation Date and the date of the distribution, unless provided otherwise under uniform funding and valuation procedures
established by the Plan Administrator. See Section 10.03. 

  

	8.04	Participant Consent. If the value of a Participant’s entire vested Account Balance exceeds the Involuntary Cash-Out threshold (as defined in subsection (a) below), the Participant must consent to
any distribution of such Account Balance prior to his/her Required Beginning Date (as defined in Section 8.12(d)(5)) or, if so provided in AA §9-5(d), as of the date the Participant attains (or would have attained if not deceased) the
later of Normal Retirement Age or age 62. If a distribution is subject to Participant consent, the Participant must consent in writing to the distribution within the 90-day period ending on the Annuity Starting Date (as defined in
Section 1.11). If the distribution is subject to the Qualified Joint and Survivor Annuity requirements under Section 9, the Participant’s spouse (if the Participant is married at the time of the distribution) also must consent to the
distribution in accordance with Section 9.04. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	70	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  

	 	(a)	Involuntary Cash-Out threshold. For purposes of determining whether a distribution is subject to the Participant consent requirements as described in Section 8.04, the Involuntary Cash-Out threshold
is $5,000 unless a lesser amount is designated under AA §9-5(a). (See Section 8.06 for a discussion of the Automatic Rollover rules that apply if a Participant does not consent to a distribution that does not exceed the Involuntary
Cash-Out threshold.) 

  

	 	(b)	Rollovers disregarded in determining value of Account Balance for Involuntary Cash-Outs. For purposes of determining whether a Participant’s vested Account Balance exceeds the Involuntary Cash-Out
threshold described in subsection (a), then effective for distributions made after December 31, 2001, the value of the Participant’s vested Account Balance shall be determined without regard to that portion of the Account Balance that is
attributable to Rollover Contributions (and earnings allocable thereto) within the meaning of Code §§402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16). The Employer may elect in AA §9-5(c) to include Rollover
Contributions (and earnings allocable thereto) in determining whether the Participant’s vested Account Balance exceeds the Involuntary Cash-Out threshold. 

  

	 	(c)	Participant notice. Prior to receiving a distribution from the Plan, a Participant must be notified of his/her right to defer any distribution from the Plan in accordance with the provisions under
Section 8.01. The notification shall include a general description of the material features and the relative values of the optional forms of benefit available under the Plan (consistent with the requirements under Code §417(a)(3)). The
notice must be provided no less than 30 days and no more than 90 days prior to the Participant’s Annuity Starting Date. However, distribution may commence less than 30 days after the notice is given, if the Participant is clearly informed of
his/her right to take 30 days after receiving the notice to decide whether or not to elect a distribution (and, if applicable, a particular distribution option), and the Participant, after receiving the notice, affirmatively elects to receive the
distribution prior to the expiration of the 30-day minimum period. (But see Section 9.02(b) for the rules regarding the timing of distributions when the Qualified Joint and Survivor Annuity requirements apply.) The notice requirements described
in this paragraph may be satisfied by providing a summary of the required information, so long as the conditions described in applicable regulations for the provision of such a summary are satisfied, and the full notice is also provided (without
regard to the 90-day period described in this subsection). 

  

	 	(d)	Special rules. The consent rules under this Section 8.04 apply to distributions made after the Participant’s termination of employment and to distributions made prior to the Participant’s
termination of employment. However, the consent of the Participant (and the Participant’s spouse, if applicable) shall not be required to the extent that a distribution is required to satisfy the required minimum distribution rules under
Section 8.12 or to satisfy the requirements of Code §415, as described in Section 5.03. A Participant also will not be required to consent to a corrective distribution of Excess Deferrals, Excess Contributions or Excess Aggregate
Contributions. 

  

	8.05	Direct Rollovers. This Section 8.05 applies to distributions made after December 31, 2001. Notwithstanding any provision in the Plan to the contrary, a Participant may elect, at the time and the
manner prescribed by the Plan Administrator, to have all or any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan in a Direct Rollover. If an Eligible Rollover Distribution is less than $500, the Participant
may not elect a Direct Rollover of only a portion of such distribution (i.e., a Participant must elect a complete Direct Rollover if the Eligible Rollover Distribution is less than $500). For purposes of this Section 8.05, a Participant
includes a Participant or former Participant. In addition, this Section applies to any distribution from the Plan made to a Participant’s surviving spouse or to a Participant’s spouse or former spouse who is the Alternate Payee under a
QDRO, as defined in Section 11.06(b)(3). 

  

	 	(a)	Definitions. 

  

	 	(1)	Eligible Rollover Distribution. An Eligible Rollover Distribution is any distribution of all or any portion of a Participant’s Account Balance, except an Eligible Rollover Distribution does not
include: 

  

	 	(i)	any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the Participant or the joint lives (or joint life
expectancies) of the Participant and the Participant’s Beneficiary, or for a specified period of ten years or more; 

  

	 	(ii)	any distribution to the extent such distribution is a required minimum distribution under Code §401(a)(9), as described under Section 8.12; 

 

	 	(iii)	any Hardship distribution, as described in Section 8.10(d); 

  

	 	(iv)	the portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to Employer securities); 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	71	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  

	 	(v)	any distribution if it is reasonably expected (at the time of the distribution) that the total amount the Participant will receive as a distribution during the calendar year will total less than $200; 

 

	 	(vi)	a distribution made to satisfy the requirements of Code §415 (as described in Section 5.03) or a distribution to correct Excess Deferrals, Excess Contributions or Excess Aggregate Contributions (as described
in Sections 5.02(b), 6.01(b)(2), and 6.02(b)(2)). 

  

	 	(2)	Eligible Retirement Plan. For purposes of applying the Direct Rollover provisions under this Section 8.05, an Eligible Retirement Plan is: 

 

	 	(i)	a qualified plan described in Code §401(a); 

  

	 	(ii)	an individual retirement account described in Code §408(a); 

  

	 	(iii)	an individual retirement annuity described in Code §408(b); 

  

	 	(iv)	an annuity plan described in Code §403(a); 

  

	 	(v)	an annuity contract described in Code §403(b); or 

  

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

 The definition of Eligible Retirement Plan also applies in
the case of a distribution to a surviving spouse, or to a spouse or former spouse who is the Alternate Payee under a QDRO, as defined in Section 11.06(b)(3). 

To the extent any portion of an Eligible Rollover Distribution is attributable to Roth Deferrals (as defined in Section 3.03(e)), an
Eligible Retirement Plan with respect to such portion of the distribution shall include only another designated Roth account of the Participant or a Roth IRA. To the extent any portion of an Eligible Rollover Distribution is attributable to
After-Tax Contributions, an Eligible Retirement Plan with respect to such portion of the distribution shall include only an individual retirement account or annuity described in Code §408(a) or (b) or a qualified Defined Contribution Plan
described in Code §401(a) or §403(a) that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such
distribution which is not includible in gross income. 
  

	 	(3)	Direct Rollover. A Direct Rollover is a payment made directly from the Plan to the Eligible Retirement Plan specified by the Participant. The Plan Administrator may develop reasonable procedures for
accommodating Direct Rollover requests. 

  

	 	(b)	Direct Rollover notice. A Participant entitled to an Eligible Rollover Distribution must receive a written explanation of his/her right to a Direct Rollover, the tax consequences of not making a Direct
Rollover, and, if applicable, any available special income tax elections. The notice must be provided within the same 30 – 90 day timeframe applicable to the Participant consent notice under Section 8.04(c). The Direct Rollover notice must
be provided to all Participants, unless the total amount the Participant will receive as a distribution during the calendar year is expected to be less than $200. 

If a Participant terminates employment with a total vested Account Balance that does not exceed the Involuntary Cash-Out threshold (as defined
in Section 8.04(a)) and the Participant does not respond to the Direct Rollover notice indicating whether a Direct Rollover is desired and the name of the Eligible Retirement Plan to which the Direct Rollover is to be made, the Plan
Administrator will distribute the Participant’s entire vested Account Balance in the form of an Automatic Rollover (pursuant to Section 8.06) no earlier than 30 days and no later than 90 days following the provision of the Direct Rollover
notice. (However, see Section 8.06(b) for special rules that apply to Involuntary Cash-Out Distributions below $1,000.) The Direct Rollover notice must describe the procedures for making an Automatic Rollover, including the name, address, and
telephone number of the IRA trustee and information regarding IRA maintenance and withdrawal fees and how the IRA funds will be invested. The Direct Rollover notice also must describe the timing of the Automatic Rollover and the Participant’s
ability to affirmatively opt out of the Automatic Rollover. 
  

	8.06	Automatic Rollover. The Automatic Rollover rules in this Section 8.06 are effective for all Involuntary Cash-Out Distributions (as defined in subsection (b)) made on or after March 28, 2005. See
Section 14.03(b)(4) for special rules that apply upon termination of the Plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	72	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  

	 	(a)	Automatic Rollover requirements. If a Participant is entitled to an Involuntary Cash-Out Distribution (as defined in subsection (b)), and the Participant does not elect to receive a distribution of such
amount (either as a Direct Rollover to an Eligible Retirement Plan or as a direct distribution to the Participant), then the Plan Administrator may pay the distribution in a Direct Rollover to an individual retirement plan (IRA) designated by the
Plan Administrator. (The Automatic Rollover provisions under this subsection (a) apply to any Involuntary Cash-Out Distribution for which the Participant fails to consent to a distribution, without regard to whether the Participant can be
located. See Section 7.10(c) for alternatives if the Participant cannot be located after a reasonable diligent search.) 

  

	 	(b)	Involuntary Cash-Out Distribution. An Involuntary Cash-Out Distribution is any distribution that is made from the Plan without the Participant’s consent. Unless elected otherwise under AA
§9-5(b), an Involuntary Cash-Out Distribution, for purposes of applying the Automatic Rollover requirements under this Section 8.06, does not include any amounts below $1,000. (See Section 8.04 for the Participant consent requirements
with respect to distributions under the Plan.) 

  

	 	(c)	Treatment of Rollover Contributions. Unless elected otherwise under AA §9-5(c), for purposes of determining whether a mandatory distribution is greater than $1,000, the portion of the
Participant’s distribution attributable to any Rollover Contribution is excluded. 

  

	8.07	Distribution Upon Termination of Employment. Subject to the required minimum distribution provisions under Section 8.12, a Participant who terminates employment for any reason (other than death) is
entitled to receive a distribution of his/her vested Account Balance in accordance with this Section 8.07. (See Section 8.08 for the applicable rules when a Participant dies before distribution of his/her vested Account Balance is
completed.) 

  

	 	(a)	Account Balance not exceeding $5,000. If a Participant’s vested Account Balance does not exceed $5,000 at the time of distribution, the only distribution option available under the Plan is a lump sum
option. The Participant will be eligible to receive a distribution of his/her vested Account Balance as of the date selected in AA §9-3(b) of the Nonstandardized Adoption Agreement or AA §9-4 of the Standardized Adoption Agreement. (The
Employer may elect in AA §9-5(a) to require a Participant to consent to a distribution where his/her vested Account Balance does not exceed $5,000. However this will not change the distribution options described in this subsection (a), unless
the Employer specifically modifies such options under AA §9-3(b)(4) of the Nonstandardized Adoption Agreement. See Section 8.04 for a further discussion of the consent requirements under the Plan.) 

 

	 	(b)	Account Balance exceeding $5,000. If a Participant’s vested Account Balance exceeds $5,000 at the time of distribution, the Participant may elect to receive a distribution of his/her vested Account
Balance in any form permitted under AA §9-1. The Participant will be eligible to receive a distribution of his/her vested Account Balance as of the date selected in AA §9-3. (See Section 8.04 for a discussion of the consent
requirements under the Plan.) 

  

	8.08	Distribution Upon Death. Subject to the required minimum distribution rules in Section 8.12, a Participant’s vested Account Balance will be distributed to the Participant’s Beneficiary(ies)
in accordance with this Section 8.08. (See subsection (c) for rules regarding the determination of Beneficiaries upon the death of the Participant.) The form of benefit payable with respect to a deceased Participant will depend on whether
the Participant dies before or after distribution of his/her Account Balance has commenced. 

  

	 	(a)	Death after commencement of benefits. If a Participant begins receiving a distribution of his/her benefits under the Plan, and subsequently dies prior to receiving the full value of his/her vested Account
Balance, the remaining benefit will continue to be paid to the Participant’s Beneficiary(ies) in accordance with the form of payment that has already commenced. If a Participant commences distribution prior to death only with respect to a
portion of his/her Account Balance, then the rules in subsection (b) apply to the rest of the Account Balance. 

  

	 	(b)	Death before commencement of benefits. If a Participant dies before commencing distribution of his/her benefits under the Plan, the form and timing of any death benefits will depend on whether the value of
the death benefit exceeds $5,000. In determining whether the value of the death benefit exceeds $5,000, if there is both a QPSA death benefit and a non-QPSA death benefit, each death benefit is valued separately to determine whether it exceeds
$5,000. 

  

	 	(1)	Death benefit not exceeding $5,000. If the value of the death benefit does not exceed $5,000, such benefit will be paid to the Participant’s Beneficiary(ies) in a single sum as soon as
administratively feasible following the Participant’s death. 

  

	 	(2)	Death benefit exceeding $5,000. If the value of the death benefit exceeds $5,000, the payment of the death benefit will depend on whether the Qualified Joint and Survivor Annuity requirements apply. See
Section 9 to determine whether the Qualified Joint and Survivor Annuity rules apply to a death distribution from the Plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	73	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  

	 	(i)	If the Qualified Joint and Survivor Annuity requirements do not apply, the entire death benefit is payable in the form and at the time described in subsection (ii)(B). 

 

	 	(ii)	If the Qualified Joint and Survivor Annuity requirements apply, the death benefit may consist of a QPSA death benefit (as described in Section 9.03(a)) and, if applicable, a non-QPSA death
benefit. 

  

	 	(A)	QPSA death benefit. Subject to the waiver procedures under Section 9.04(b), if the Participant is married at the time of death, the surviving spouse is entitled to a QPSA death benefit payable in
accordance with the provisions under Section 9.03. (See Section 9.04(c) for rules regarding the determination of a Participant’s marital status.) 

  

	 	(B)	Non-QPSA death benefits. If a Participant is not married at the time of death, the QPSA death benefit was waived under a Qualified Election, or if the QPSA death benefit is less than 100% of the
Participant’s vested Account Balance, then the non-QPSA death benefit is payable in the form and at the time described in this subsection (B). Any death benefit payable under this subsection (B) will be paid in a lump sum as soon as
administratively feasible following the Participant’s death. However, the death benefit may be payable in a different form if prescribed by the Participant’s Beneficiary designation, or the Beneficiary, before a lump sum payment of the
benefit is made, elects to receive the distribution in an alternative form of benefit permitted under Section 8.02. 

 In
no event will any death benefit be paid in a manner that is inconsistent with the required minimum distribution rules under Section 8.12. The Beneficiary of any pre-retirement death benefit described in this subsection (b) may postpone the
commencement of the death benefit to a date that is not later than the latest commencement date permitted under Section 8.12. 
  

	 	(c)	Determining a Participant’s Beneficiary. The determination of a Participant’s Beneficiary(ies) to receive any death benefits under the Plan will be based on the Participant’s Beneficiary
designation under the Plan. If a Participant does not designate a Beneficiary to receive the death benefits under the Plan, distribution will be made to the default Beneficiaries, as set forth in subsection (3) below. However, any designation
of a Beneficiary other than the Participant’s spouse, must satisfy the consent requirements under subsection (1) and (2) below. 

  

	 	(1)	Post-retirement death benefit. If a Participant dies after commencing distribution of benefits under the Plan (but prior to receiving a distribution of his/her entire vested Account Balance under the
Plan), the Beneficiary of any post-retirement death benefit is the Participant’s surviving spouse, unless (i) there is no surviving spouse, (ii) the surviving spouse has consented to the designation of an alternate Beneficiary(ies)
under a Qualified Election (as defined in Section 9.04), or (iii) the surviving spouse makes a valid disclaimer of the death benefit. If the Qualified Joint and Survivor Annuity requirements apply, the spouse is determined as of the
Annuity Starting Date for purposes of determining whether a valid election has been made to waive the post-retirement death benefit. If the Qualified Joint and Survivor Annuity requirements do not apply, the spouse is determined as of the
Participant’s date of death for purposes of determining whether a valid election has been made to waive the post-retirement death benefit. 

  

	 	(2)	Pre-retirement death benefit. If a Participant dies before commencing distribution of his/her benefits under the Plan, the determination of the Participant’s Beneficiary will be determined under
subsection (i) or (ii), as applicable. 

  

	 	(i)	If the Qualified Joint and Survivor Annuity requirements apply, the QPSA death benefit will be payable in accordance with Section 9.02. If a QPSA death benefit is payable under
Section 9.02, such benefit will be paid to the Participant’s surviving spouse, unless the spouse consents to the designation of an alternative Beneficiary pursuant to a Qualified Election under Section 9.04 or a valid disclaimer. If
the QPSA death benefit applies to less than 100% of the Participant’s vested Account Balance, the remaining death benefit is payable to any Beneficiary(ies) named in the Participant’s Beneficiary designation, without regard to whether
spousal consent is obtained for such designation. If a spouse does not properly consent to a Beneficiary designation, the QPSA waiver is invalid and the QPSA death benefit is still payable to the spouse, but the Beneficiary designation remains valid
with respect to any non-QPSA death benefit. 

  

	 	(ii)	If the Qualified Joint and Survivor Annuity requirements do not apply, the surviving spouse (determined at the time of the Participant’s death) will be treated as the sole Beneficiary, regardless of
any contrary Beneficiary designation, unless there is no surviving spouse, or the spouse has consented to the Beneficiary designation in a manner that is consistent with the requirements for a Qualified Election under Section 9.04 or makes a
valid disclaimer. (See Section 9.04(c) for rules regarding the determination of a Participant’s marital status.) 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	74	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  

	 	(3)	Default beneficiaries. To the extent a Beneficiary has not been named by the Participant (subject to the spousal consent rules discussed above) and is not designated under the terms of this Plan to receive
all or any portion of the deceased Participant’s death benefit, such amount shall be distributed to the Participant’s surviving spouse (if the Participant was married at the time of death). If the Participant does not have a surviving
spouse at the time of death, distribution will be made to the Participant’s surviving children, in equal shares. If the Participant has no surviving children, distribution will be made to the Participant’s estate. The Employer may modify
the default beneficiary rules described in this subparagraph by attaching appropriate language as an addendum to the Adoption Agreement. 

  

	 	(4)	Identification of Beneficiaries. The Plan Administrator may request proof of the Participant’s death and may require the Beneficiary to provide evidence of his/her right to receive a distribution from
the Plan in any form or manner the Plan Administrator may deem appropriate. The Plan Administrator’s determination of the Participant’s death and of the right of a Beneficiary to receive payment under the Plan shall be conclusive. If a
distribution is to be made to a minor or incompetent Beneficiary, payments may be made to the person’s legal guardian, conservator recognized under state law, or custodian in accordance with the Uniform Gifts to Minors Act or similar law as
permitted under the laws of the state where the Beneficiary resides. The Plan Administrator or Trustee will not be liable for any payments made in accordance with this subsection (4) and will not be required to make any inquiries with respect
to the competence of any person entitled to benefits under the Plan. 

  

	 	(5)	Death of Beneficiary. Unless specified otherwise in the Participant’s Beneficiary designation form, if a Beneficiary does not predecease the Participant but dies before distribution of the death
benefit is made to the Beneficiary, the death benefit will be paid to the Beneficiary’s estate. 

  

	 	(6)	Divorce or legal separation from spouse. If a Participant designates his/her spouse as Beneficiary and subsequent to such Beneficiary designation, the Participant and spouse are divorced or legally
separated, the designation of the spouse as Beneficiary under the Plan is automatically rescinded unless specifically provided otherwise under a divorce decree or QDRO, or unless the Participant enters into a new Beneficiary designation naming the
prior spouse as Beneficiary. 

  

	8.09	Distribution to Disabled Employees. Unless elected otherwise under AA §9-4 of the Nonstandardized Adoption Agreement, no special distribution rules apply to Disabled Employees. However, the Employer
may elect in AA §9-4 to permit a distribution at an earlier date for Disabled Employees. 

  

	8.10	In-Service Distributions. The Employer may elect under AA §10 to permit in-service distributions under the Plan. If an in-service distribution is not specifically permitted under AA §10, a
Participant may not receive a distribution from the Plan until termination of employment, death or disability. If the Plan permits a Participant to receive an in-service distribution, and such distribution is subject to the Qualified Joint and
Survivor Annuity requirements under Section 9, such distribution may be made only if the Participant’s spouse (if the Participant is married at the time of distribution) consents to such distribution in accordance with the requirements
under Section 9.04. 

  

	 	(a)	After-Tax Contributions and Rollover Contributions. A Participant may withdraw at any time, upon written request, all or any portion of his/her Account Balance attributable to After-Tax Contributions or
Rollover Contributions. Any amounts transferred to the Plan pursuant to a Qualified Transfer (as defined in Section 14.05(d)) also may be withdrawn at any time pursuant to a written request. No forfeiture will occur solely as a result of an
Employer’s withdrawal of After-Tax Contributions. (See Section 14.05 for a discussion of the distribution rules applicable to transferred Plan assets.) 

  

	 	(b)	Employer Contributions. The Employer may elect under AA §10 the extent to which in-service distributions will be permitted from Employer Contributions (including Matching Contributions, if applicable)
under the Plan. (See subsection (c) below for the in-service distribution rules applicable to Salary Deferrals, QNECs, QMACs and Safe Harbor Contributions under the Profit Sharing/401(k) Plan.) If permitted under AA §10 of the Profit
Sharing or Profit Sharing/401(k) Plan Adoption Agreement, Employer Contributions may be withdrawn upon the occurrence of a specified event (including a Hardship, as defined in subsection (d)) or upon the completion of a certain number of years,
provided no distribution on account of years may be made with respect to Employer Contributions that have been accumulated in the Plan for less than 2 years, unless the Participant has been a Participant in the Plan for at least 5 years. (See
Section 7.09 for special vesting rules that apply if a Participant takes an in-service distribution prior to becoming 100% vested in such contributions.) 

  

	 	(c)	 Salary Deferrals, QNECs, QMACs, and Safe Harbor Contributions. If the Employer has adopted the Profit Sharing/401(k) Plan Adoption
Agreement, any Salary Deferrals, QNECs, QMACs, or Safe Harbor Contributions 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	75	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  

	 	
(including any earnings on such amounts) generally may not be distributed prior to the Participant’s severance from employment, death, or disability. However, the Employer may elect under AA
§10 to permit an in-service distribution of such amounts upon attainment of a specified age (no earlier than age 59 1⁄2) or upon a Hardship (as defined in
subsection (d)). A Hardship distribution is not available with respect to QNECs, QMACs, or Safe Harbor Contributions. 

  

	 	(d)	Hardship distribution. The Employer may elect under AA §10 of the Profit Sharing or Profit Sharing/401(k) Plan Adoption Agreement to authorize an in-service distribution upon the occurrence of a
Hardship event. A Hardship distribution of Salary Deferrals must meet the requirements of a safe harbor Hardship as described under subsection (1) below. For other contribution types (except QNECs, QMACs, and Safe Harbor Contributions), the
Employer may elect to apply the safe harbor Hardship rules under subsection (1) or the non-safe harbor Hardship provisions under subsection (2) below. A Hardship distribution is not available for QNECs, QMACs or Safe Harbor Contributions.

  

	 	(1)	Safe harbor Hardship distribution. To qualify for a safe harbor Hardship, a Participant must demonstrate an immediate and heavy financial need, as described in subsection (i), and the distribution must be
necessary to satisfy such need, as described in subsection (ii). 

  

	 	(i)	Immediate and heavy financial need. To be considered an immediate and heavy financial need, the Hardship distribution must be made to satisfy one of the following financial needs: 

 

	 	(A)	to pay expenses incurred or necessary for medical care (as described in Code §213(d)) of the Participant, the Participant’s spouse or dependents (determined without regard to whether the expenses exceed 7.5%
of adjusted gross income); 

  

	 	(B)	for the purchase (excluding mortgage payments) of a principal residence for the Participant; 

  

	 	(C)	for payment of tuition and related educational fees (including room and board) for the next 12 months of post-secondary education for the Participant, the Participant’s spouse, children or dependents;

  

	 	(D)	to prevent the eviction of the Participant from, or a foreclosure on the mortgage of, the Participant’s principal residence; 

  

	 	(E)	to pay funeral or burial expenses for the Participant’s deceased parent, spouse, child or dependent; 

  

	 	(F)	to pay expenses to repair damage to the Participant’s principal residence that would qualify for a casualty loss deduction under Code §165 (determined without regard to whether the loss exceeds the 10% of
adjusted gross income limit); or 

  

	 	(G)	for any other event that the IRS recognizes as a safe harbor Hardship distribution event under ruling, notice or other guidance of general applicability. 

 

	 	    	The payment of funeral or burial expenses under subsection (E) and the payment of expenses to repair damage to a principal residence under subsection (F) only apply to Plan Years beginning on or after
January 1, 2006. For purposes of determining eligibility of a Hardship distribution under this subsection (i), a dependent is determined under Code §152. However, for taxable years beginning on or after January 1, 2005, the
determination of dependent for purposes of tuition and education fees under subsection (C) above will be made without regard to Code §152(b)(1), (b)(2), and (d)(1)(B) and the determination of dependent for purposes of funeral or burial
expenses under subsection (E) above will be made without regard to Code §152(d)(1)(B). 

  

	 	    	A Participant must provide the Plan Administrator with a written request for a Hardship distribution. The Plan Administrator may require written documentation, as it deems necessary, to sufficiently document the
existence of a proper Hardship event. 

  

	 	(ii)	Distribution necessary to satisfy need. A distribution will be considered as necessary to satisfy an immediate and heavy financial need of the Participant if: 

 

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

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	76	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  

	 	(B)	The Participant has obtained all available distributions, other than Hardship distributions, and all nontaxable loans under the Plan and all plans maintained by the Employer; 

 

	 	(C)	The Participant is suspended from making Salary Deferrals (and After-Tax Contributions) for 6 months (12 months, for Hardship distributions made before January 1, 2002) after the receipt of the Hardship
distribution; and 

  

	 	(D)	For Hardship distributions made before January 1, 2002, the Participant may not make Salary Deferrals for the taxable year immediately following the taxable year of the Hardship distribution in excess of the
Elective Deferral Dollar Limit reduced by the amount of such Participant’s Salary Deferrals for the taxable year of the Hardship distribution. 

  

	 	(2)	Non-safe harbor Hardship distribution. The Employer may elect in AA §10-1(d) of the Nonstandardized Profit Sharing or Profit Sharing/401(k) Plan Adoption Agreement to permit Participants to take a
Hardship distribution of Employer Contributions without satisfying the requirements of subsection (1) above. For purposes of determining whether a Hardship exists under this subsection (2), the same Hardship distribution events described in
subsection (1)(i) will qualify as a Hardship distribution event under this subsection (2). The Employer may modify the permissible Hardship distribution events under AA §10-1(i) of the Nonstandardized Profit Sharing or Profit
Sharing/401(k) Plan Adoption Agreement. A Hardship distribution under this subsection (2) need not satisfy the requirements under (1)(ii) above. A non-safe harbor Hardship distribution is not available for Salary Deferrals, QNECs, QMACs,
or Safe Harbor Contribution. 

  

	 	(3)	Amount available for Hardship distribution. A Participant may receive a Hardship distribution of any portion of his/her vested Employer Contribution Account or Matching Contribution Account (including
earnings thereon), as permitted under AA §10. A Participant may receive a Hardship distribution of Salary Deferrals provided such distribution, when added to other Hardship distributions from Salary Deferrals, does not exceed the total Salary
Deferrals the Participant has made to the Plan (increased by income allocable to such Salary Deferrals as of the later of December 31, 1988 or the end of the last Plan Year ending before July 1, 1989). 

 

	8.11	Sources of Distribution. Unless provided otherwise in separate administrative provisions adopted by the Plan Administrator, in applying the distribution provisions under this Section 8.11,
distributions will be made on a pro rata basis from all Accounts from which a distribution is permitted under this Section 8. Alternatively, the Plan Administrator may permit Participants to direct the Plan Administrator as to which Account the
distribution is to be made. Regardless of a Participant’s direction as to the source of any distribution, the tax effect of such a distribution will be governed by Code §72 and the regulations thereunder. 

 

	 	(a)	Exception for Hardship withdrawals. If the Plan permits a Hardship withdrawal from both Salary Deferrals (including Roth Deferrals) and Employer Contributions, a Hardship distribution will first be treated
as having been made from a Participant’s Employer Contribution Account and then from the Employer’s Matching Contribution Account, to the extent such Hardship distribution is available with respect to such Accounts. Only when all available
amounts have been exhausted under the Participant’s Employer Contribution Account and/or Matching Contribution Account will a Hardship distribution be made from a Participant’s Pre-Tax Salary Deferral Account and/or Roth Deferral Account.
(See subsection (b) below for the ordering rules for distributions from the Pre-Tax Salary Deferral and Roth Deferral Accounts.) The Plan Administrator may modify the ordering rules under this subsection (a) under separate administrative
procedures. 

  

	 	(b)	Roth Deferrals. If a Participant has both a Pre-Tax Salary Deferral Account and a Roth Deferral Account, withdrawals and loans from such Accounts will be made in accordance with this subsection (b).

  

	 	(1)	Distributions and withdrawals. Unless designated otherwise under AA §6A-5 or separate administrative procedures, if a Participant has both a Pre-Tax Salary Deferral Account and a Roth Deferral
Account, the Participant may designate the extent to which a distribution or withdrawal of Salary Deferrals will come from the Pre-Tax Salary Deferral Account or the Roth Deferral Account. Alternatively, the Employer may provide under AA §6A-5
of the Nonstandardized Profit Sharing/401(k) Plan Adoption Agreement (or under separate administrative procedures) that any distribution or withdrawal of Salary Deferrals will be made on a pro rata basis from the Pre-Tax Salary Deferral Account and
the Roth Deferral Account. Alternatively, the Employer may designate any other order of distribution and withdrawals under AA §6A-5 or separate administrative procedures. 

 

	 	(2)	 Distribution of Excess Deferrals, Excess Contributions or Excess Aggregate Contributions. Unless designated otherwise under AA
§6A-5 of the Profit Sharing/401(k) Plan Adoption Agreement or separate administrative procedures, if a Participant has both a Pre-Tax Salary Deferral Account and a Roth Deferral Account, and the Plan is required to make a corrective
distribution of Excess Deferrals or Excess Contributions to such Participant (in accordance with Section 5.02(b) or Section 6.01(b)(2)) or is required to make a 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	77	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  

	 	
distribution of Salary Deferrals as a correction of Excess Aggregate Contributions (in accordance with Section 6.02(b)(2)), the Participant may designate whether the Plan will make such
corrective distribution of Excess Deferrals or Excess Contributions from the Pre-Tax Salary Deferral Account or the Roth Deferral Account. Alternatively, the Employer may elect under AA §6A-5 of the Nonstandardized Profit Sharing/401(k) Plan
Adoption Agreement (or under separate administrative procedures) that corrective distributions of Salary Deferrals to correct Excess Deferrals, Excess Contributions, or Excess Aggregate Contributions will be made pro rata from the Pre-Tax Salary
Deferral Account and Roth Deferral Account or first from the Pre-Tax Salary Deferral Account or first from the Roth Deferral Account. (Unless designated otherwise under separate administrative procedures, if a Participant is permitted to designate
the extent to which a corrective distribution is made from the Pre-Tax Salary Deferral Account or the Roth Deferral Account, and the Participant fails to designate the appropriate Account by the date the corrective distribution is made from the
Plan, such corrective distribution will be made first from Pre-Tax Salary Deferral Account and then from the Roth Deferral Account.) 

  

	 	(c)	In-kind distributions. Nothing in this Section 8 precludes the Plan Administrator from making a distribution in the form of property, or other in-kind distribution. 

 

	8.12	Required Minimum Distributions. Unless specified otherwise under Appendix A of the Adoption Agreement, the provisions of this Section apply to calendar years beginning after December 31, 2002. A
Participant’s entire interest under the Plan will be distributed, or begin to be distributed, to the Participant no later than the Participant’s Required Beginning Date (as defined in Section (d)(5)). All distributions required under this
Section 8.12 will be determined and made in accordance with the regulations under Code §401(a)(9) and the minimum distribution incidental benefit requirement of Code §401(a)(9)(G). For purposes of applying the required minimum
distribution rules under this Section 8.12, any distribution made in a form other than a lump sum must be made over one of the following periods (or a combination thereof): (1) the life of the Participant; (2) the life of the
Participant and a Designated Beneficiary; (3) a period certain not extending beyond the life expectancy of the Participant; or (4) a period certain not extending beyond the joint and last survivor life expectancy of the Participant and a
Designated Beneficiary. 

  

	 	(a)	Death of Participant Before Distributions Begin. If the Participant dies before required distributions begin, the Participant’s entire interest will be distributed, or begin to be distributed, no
later than as follows: 

  

	 	(1)	Surviving spouse is sole Designated Beneficiary. Unless designated otherwise under AA §10-4 of the Nonstandardized Adoption Agreement, If the Participant’s surviving spouse is the
Participant’s sole Designated Beneficiary, the surviving spouse may elect to take distributions under the five-year rule (as described in subsection (e)(1) below) or under the life expectancy method. If the life expectancy method applies,
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. 

  

	 	(2)	Surviving spouse is not the sole Designated Beneficiary. Unless designated otherwise under AA §10-4 of the Nonstandardized Adoption Agreement, if the Participant’s surviving spouse is not the
Participant’s sole Designated Beneficiary, the Designated Beneficiary may elect to take distributions under the five-year rule (as described in subsection (e)(1) below) or under the life expectancy method. If the life expectancy method applies,
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. 

 

	 	(3)	No Designated Beneficiary. If there is no Designated Beneficiary as of the date of the Participant’s death who remains a Beneficiary as of September 30 of the year immediately 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. 

 

	 	(4)	Death of surviving spouse. 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 (a) (other than subsection (1)) will apply as if the surviving spouse were the Participant. 

  

	 	    	For purposes of this subsection (a) and AA §10-4, unless subsection (4) applies, distributions are considered to begin on the Participant’s Required Beginning Date. If subsection (4) applies,
distributions are considered to begin on the date distributions are required to begin to the surviving spouse under subsection (1) above. 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 subsection (1)), the date distributions are considered
to begin is the date distributions actually commence. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	78	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  

	 	(b)	Required Minimum Distributions during Participant’s lifetime. 

  

	 	(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: 

  

	 	(i)	the quotient obtained by dividing the Participant’s Account Balance by the distribution period set forth in the Uniform Lifetime Table found in Treas. Reg. §1.401(a)(9)-9, Q&A-2, using the
Participant’s age as of the Participant’s birthday in the Distribution Calendar Year; or 

  

	 	(ii)	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 Treas. Reg. §1.401(a)(9)-9, Q&A-3, using the Participant’s and spouse’s attained ages as of the Participant’s and spouse’s birthdays in the Distribution Calendar Year.

  

	 	(2)	Lifetime Required Minimum Distributions continue through year of Participant’s death. Required Minimum Distributions will be determined under this section (b) beginning with the first
Distribution Calendar Year and continuing up to, and including, the Distribution Calendar Year that includes the Participant’s date of death. 

  

	 	(c)	Required Minimum Distributions After Participant’s Death. 

  

	 	(1)	Death on or after date required distributions begin. 

  

	 	(i)	Participant survived by Designated Beneficiary. If the Participant dies on or after the date required 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: 

  

	 	(A)	The Participant’s remaining life expectancy is calculated in accordance with the Single Life Table found in Treas. Reg. §1.401(a)(9)-9, Q&A-1, using the age of the Participant in the year of death, reduced
by one for each subsequent year. 

  

	 	(B)	If the Participant’s surviving spouse is the Participant’s sole Designated Beneficiary, the remaining life expectancy of the surviving spouse is calculated using the Single Life Table found in Treas.
Reg. §1.401(a)(9)-9, Q&A-1, 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. 

  

	 	(C)	If the Participant’s surviving spouse is not the Participant’s sole Designated Beneficiary, the Designated Beneficiary’s remaining life expectancy is calculated under the Single Life Table using the age
of the Designated Beneficiary in the year following the year of the Participant’s death, reduced by one for each subsequent year. 

  

	 	(ii)	No Designated Beneficiary. If the participant dies on or after the date required distributions begin and there is no Designated Beneficiary as of the Participant’s date of death who remains a
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 under the Single Life Table calculated using the age of the Participant in the year of death, reduced by one for each subsequent year.

  

	 	(2)	Death before date required distributions begin. 

  

	 	(i)	Participant survived by Designated Beneficiary. Unless designated otherwise under AA §10-4 of the Nonstandardized Adoption Agreement, if the Participant dies before the date required 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 subsection (1). 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	79	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  

	 	(ii)	No Designated Beneficiary. If the Participant dies before the date distributions begin and there is no Designated Beneficiary as of the date of death of the Participant who remains a Designated Beneficiary
as of September 30 of the year following the year of the Participant’s death, distribution of the Participant’s entire interest must be completed by December 31 of the calendar year containing the fifth anniversary of the
Participant’s death. 

  

	 	(iii)	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 (a)(1), this subsection (2) will apply as if the surviving spouse were the
Participant. 

  

	 	(d)	Definitions. 

  

	 	(1)	Designated Beneficiary. A Beneficiary designated by the Participant (or the Plan), whose life expectancy may be taken into account to calculate minimum distributions, pursuant to Code §401(a)(9) and
Treas. Reg. §1.401(a)(9)-4. 

  

	 	(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 that 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 pursuant to Section (a). 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. 

  

	 	(3)	Life expectancy. For purposes of determining a Participant’s Required Minimum Distribution amount, life expectancy is computed using one of the following tables, as appropriate: (1) Single Life
Table, (2) Uniform Life Table, or (3) Joint and Last Survivor Table found in Treas. Reg. §1.401(a)(9)-9. 

  

	 	(4)	Account Balance. For purposes of determining a Participant’s Required Minimum Distribution, the Participant’s Account Balance is determined based on the Account Balance as of the last Valuation
Date in the calendar year immediately preceding the Distribution Calendar Year (the “valuation calendar year”) increased by the amount of any contributions or forfeitures allocated to the Account Balance as of dates in the calendar year
after the Valuation Date and decreased by distributions made in the 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)	Required Beginning Date. Unless designated otherwise under AA §10-3 of the Nonstandardized Adoption Agreement, a Participant’s Required Beginning Date under the Plan is: 

 

	 	(i)	For Five-Percent Owners. April 1 that follows the end of the calendar year in which the Participant attains age
70 1⁄2. 

  

	 	(ii)	For Participants other than Five-Percent Owners. April 1 that follows the end of the calendar year in which the later of the following two events occurs: 

 

	 	(A)	the Participant attains age 70 1⁄2 or 

  

	 	(B)	the Participant retires. 

 If a Participant is not a Five-Percent Owner for the Plan Year that
ends with or within the calendar year in which the Participant attains age 70-1/2, and the Participant has not retired by the end of such calendar year, his/her Required Beginning Date is April 1 that follows the end of the first subsequent
calendar year in which the Participant becomes a Five-Percent Owner or retires. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	80	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  

 A Participant may begin in-service distributions prior to his/her Required Beginning Date
only to the extent authorized under Section 8.10 and AA §10. However, if this Plan were amended to add the Required Beginning Date rules under this subsection (5), a Participant who attained age
70 1⁄2 prior to January 1, 1999 (or, if later, January 1 following the date the Plan is first amended to contain the Required Beginning Date rules
under this subsection (5)) may receive in-service minimum distributions in accordance with the terms of the Plan in existence prior to such amendment. 
  

	 	(iii)	Alternative Required Beginning Date for Participants other than Five-Percent Owners. The Employer may designate under AA §10-3 of the Nonstandardized Adoption Agreement to determine the Required
Beginning Date for Participants other than Five-Percent Owners without regard to the rule in subsection (ii) above. If so designated under AA §10-3, the Required Beginning Date for all Participants under the Plan will be April 1 of
the calendar year following attainment of age 70 1⁄2. 

  

	 	(6)	Five-Percent Owner. A Participant is a Five-Percent Owner for purposes of this Section if such Participant is a Five-Percent Owner (as defined in Section 1.65(a)) at any time during the Plan Year
ending with or within the calendar year in which the Participant attains age 70 1⁄2. Once distributions have begun to a Five-Percent Owner under this
Section 8.12, they must continue to be distributed, even if the Participant ceases to be a Five-Percent Owner in a subsequent year. 

  

	 	(e)	Special Rules. 

  

	 	(1)	Election to apply 5-year rule to required distributions after death. If the Participant dies before distributions begin and there is a Designated Beneficiary, the Employer may elect under AA §10-4 of
the Nonstandardized Adoption Agreement, instead of applying the provisions of subsections (a) and (c), to require the Participant’s entire interest to 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. 

  

	 	(2)	Election to allow Participants or Beneficiaries to elect 5-year rule. If a Participant or Designated Beneficiary is permitted under AA §10-4 to elect whether to apply the life expectancy rule under
subsection (a) above or the five year rule under subsection (1), 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 subsection (a) 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 the five-year rule under subsection (1) above. 

  

	 	(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 lump sum on or before the Required Beginning Date, as of
the first Distribution Calendar Year distributions will be made in accordance with Sections (a) and (c). 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 Code §401(a)(9) and the regulations. 

  

	 	(4)	Treatment of trust beneficiaries as Designated Beneficiaries. If a trust is properly named as a Beneficiary under the Plan, the beneficiaries of the trust will be treated as the Designated Beneficiaries of
the Participant solely for purposes of determining the distribution period under this 8.12 with respect to the trust’s interests in the Participant’s vested Account Balance. The beneficiaries of a trust will be treated as Designated
Beneficiaries for this purpose only if, during any period during which required minimum distributions are being determined by treating the beneficiaries of the trust as Designated Beneficiaries, the following requirements are met: 

 

	 	(i)	the trust is a valid trust under state law, or would be but for the fact there is no corpus; 

  

	 	(ii)	the trust is irrevocable or will, by its terms, become irrevocable upon the death of the Participant; 

  

	 	(iii)	the beneficiaries of the trust who are beneficiaries with respect to the trust’s interests in the Participant’s vested Account Balance are identifiable from the trust instrument; and 

 

	 	(iv)	the Plan Administrator receives the documentation described in subsection (5)(i) below. 

If the foregoing requirements are satisfied and the Plan Administrator receives such additional information as it may request, the Plan
Administrator may treat such beneficiaries of the trust as Designated Beneficiaries. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	81	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  

	 	(5)	Special rules applicable to trust beneficiaries. 

  

	 	(i)	Information that must be supplied to Plan Administrator. 

  

	 	(A)	Required minimum distribution before death where spouse is sole beneficiary. If a Participant designates a trust as the beneficiary of his/her entire benefit and the Participant’s spouse is the sole
beneficiary of the trust, the Participant must provide the information under (I) or (II) below to satisfy the information requirements under (4)(iv) above. 

 

	 	(I)	The Participant must provide to the Plan Administrator a copy of the trust instrument and agree that if the trust instrument is amended at any time in the future, the Participant will, within a reasonable time, provide
to the Plan Administrator a copy of each such amendment; or 

  

	 	(II)	The Participant must: 

  

	 	(a)	provide to the Plan Administrator a list of all of the beneficiaries of the trust (including contingent and remaindermen beneficiaries with a description of the conditions on their entitlement sufficient to establish
that the spouse is the sole beneficiary) for purposes of Code §401(a)(9); 

  

	 	(b)	certify that, to the best of the Participant’s knowledge, the list under subsection (a) is correct and complete and that the requirements of subsection (4) above are satisfied; 

 

	 	(c)	agree that, if the trust instrument is amended at any time in the future, the Participant will, within a reasonable time, provide to the Plan Administrator corrected certifications to the extent that the amendment
changes any information previously certified; and 

  

	 	(d)	agree to provide a copy of the trust instrument to the Plan Administrator upon demand. 

  

	 	(B)	Required minimum distribution after death. In order to satisfy the documentation requirement of subsection (4)(iv) above for required minimum distributions after the death of the Participant (or
spouse in a case to which Treas. Reg. §.401(a)(9)-3, A-5 applies), the trustee of the trust must satisfy the requirements of (I) or (II) by October 31 of the calendar year immediately following the calendar year in which the
Participant died. 

  

	 	(I)	The trustee of the trust must: 

  

	 	(a)	provide the Plan Administrator with a final list of all beneficiaries of the trust (including contingent and remaindermen beneficiaries with a description of the conditions on their entitlement) as of September 30
of the calendar year following the calendar year of the Participant’s death; 

  

	 	(b)	certify that, to the best of the trustee’s knowledge, the list in subsection (a) is correct and complete and that the requirements of subsection (4) above are satisfied; 

 

	 	(c)	and agree to provide a copy of the trust instrument to the Plan Administrator upon demand. 

  

	 	(II)	The trustee of the trust must provide the Plan Administrator with a copy of the actual trust document for the trust that is named as a beneficiary of the Participant under the Plan as of the Participant’s date of
death. 

  

	 	(ii)	Relief for discrepancy. If required minimum distributions are determined based on the information provided to the Plan Administrator in certifications or trust instruments described in subsection
(i) above, the Plan will not fail to satisfy Code §401(a)(9) merely because the actual terms of the trust instrument are inconsistent with the information in those certifications or trust instruments previously provided to the Plan
Administrator, provided the Plan Administrator reasonably relied on the information provided and the required minimum distributions for calendar years after the calendar year in which the discrepancy is discovered are determined based on the actual
terms of the trust instrument. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	82	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  

	 	(6)	Trust beneficiary qualifying for marital deduction. If a Beneficiary is a trust (other than an estate marital trust) that is intended to qualify for the federal estate tax marital deduction under Code
§2056 (“marital trust”), then: 

  

	 	(i)	in no event will the annual amount distributed from the Plan to the marital trust be less than the greater of: 

  

	 	(A)	all fiduciary accounting income with respect to such Beneficiary’s interest in the Plan, as determined by the trustee of the marital trust, or 

 

	 	(B)	the minimum distribution required under this Section 8.12; 

  

	 	(ii)	the trustee of the marital trust (or the trustee’s legal representative) shall be responsible for calculating the amount to be distributed under subsection (i) above and shall instruct the Plan Administrator
in writing to distribute such amount to the marital trust; 

  

	 	(iii)	the trustee of the marital trust may from time to time notify the Plan Administrator in writing to accelerate payment of all or any part of the portion of such beneficiary’s interest that remains to be distributed,
and may also notify the Plan Administrator to change the frequency of distributions (but not less often than annually); and 

  

	 	(iv)	the trustee of the marital trust shall be responsible for characterizing the amounts so distributed form the Plan as income or principle under applicable state laws. 

 

	 	(f)	Transitional Rule. Notwithstanding the other requirements of this Section 8.12, and subject to the Joint and Survivor Annuity Requirements under Section 9, distribution on behalf of any employee,
including a Five-Percent Owner, may be made in accordance with all of the following requirements (regardless of when such distribution commences): 

  

	 	(1)	The distribution by the Plan is one that would not have disqualified the Plan under Code §401(a)(9) as in effect prior to amendment by the Deficit Reduction Act of 1984. 

 

	 	(2)	The distribution is in accordance with a method of distribution designated by the Participant whose interest in the Plan is being distributed or, if the Participant is deceased, by a Beneficiary of such Participant.

  

	 	(3)	Such designation was in writing, was signed by the Participant or the beneficiary, and was made before January 1, 1984. 

  

	 	(4)	The Participant had accrued a benefit under the Plan as of December 31, 1983. 

  

	 	(5)	The method of distribution designated by the Participant or the beneficiary specifies the time at which distribution will commence, the period over which distributions will be made, and in the case of any distribution
upon the Participant’s death, the beneficiaries of the Participant listed in order of priority. 

 A distribution upon
death will not be covered by this transitional rule unless the information in the designation contains the required information described above with respect to the distributions to be made upon the death of the Participant. 

For any distribution which commences before January 1, 1984, but continues after December 31, 1983, the Participant, or the
Beneficiary, to whom such distribution is being made, will be presumed to have designated the method of distribution under which the distribution is being made if the method of distribution was specified in writing and the distribution satisfies the
requirements in subsections (1) and (5) above. 
 If a designation is revoked any subsequent distribution must satisfy the
requirements of Code §401(a)(9) and the proposed regulations thereunder. If a designation is revoked subsequent to the date distributions are required to begin, the Plan must distribute by the end of the calendar year following the calendar
year in which the revocation occurs the total amount not yet distributed which would have been required to have been distributed to satisfy Code §401(a)(9) and the proposed regulations thereunder, but for the TEFRA §242(b)(2) election. For
calendar years beginning after December 31, 1988, such distributions must meet the minimum distribution incidental benefit requirements. Any changes in the designation will be considered to be a revocation of the designation. However, the mere
substitution or addition of another Beneficiary (one not named in the designation) under the designation will not be considered to be a revocation of the designation, so long as such substitution or addition does not alter the period over which
distributions are to be made under the designation, directly or indirectly (for example, by altering the relevant measuring life). In the case in which an amount is transferred or rolled over from one plan to another plan, the rules in Treas. Reg.
§1.401(a)(9)-8, Q&A-14 and Q&A-15 shall apply. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	83	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 8 – Plan Distributions

  

	8.13	Correction of Qualification Defects. Nothing in this Section 8 precludes the Plan Administrator from making a distribution to a Participant to correct a qualification defect consistent with the
correction procedures under the IRS’ voluntary compliance programs. Thus, for example, if an Employee is permitted to enter the Plan prior to his/her proper Entry Date under Section 2.03(b) and the Plan Administrator determines that a
corrective distribution is a proper means of correcting the operational violation, nothing in this Section 8 would prevent the Plan from making such corrective distribution. Any such distribution must be made in accordance with the correction
procedures applicable under the IRS’ voluntary correction programs. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	84	 	

	
	 Prototype Defined Contribution Plan

Section 9 –Joint and Survivor Annuity Requirements

 SECTION 9 

JOINT AND SURVIVOR ANNUITY REQUIREMENTS 
  

	9.01	Application of Joint and Survivor Annuity Rules. The Qualified Joint and Survivor Annuity rules under this Section 9 will apply to any Participant who is credited with an Hour of Service with the
Employer on or after August 23, 1984. (Also see Section 9.05 for special transitional rules that may apply.) The application of the Joint and Survivor Annuity rules will differ based on the type of Plan involved. 

 

	 	(a)	Money Purchase Plan. If the Employer adopts the Money Purchase Plan Adoption Agreement, the Plan will be subject to the Joint and Survivor rules described under this Section 9. 

 

	 	(b)	Profit Sharing or Profit Sharing/401(k) Plan. If the Employer adopts the Profit Sharing or Profit Sharing/401(k) Plan Adoption Agreement, the Employer may elect under AA §9-2(a) of the Nonstandardized
Adoption Agreement to apply the Joint and Survivor Annuity requirements under this Section 9 to all Participants under the Plan. If the Employer adopts the Standardized Adoption Agreement or does not elect under AA §9-2(a) of the
Nonstandardized Adoption Agreement to apply the Joint and Survivor Annuity requirements to all Participants, such requirements will only apply to a distribution from the Plan if: 

 

	 	(1)	the distribution is actually made in the form of a life annuity; or 

  

	 	(2)	the distribution is made from benefits that were directly or indirectly transferred from a plan that was subject to the Joint and Survivor Annuity requirements at the time of the transfer; or 

 

	 	(3)	the distribution is made from benefits that are used to offset the benefits under another plan of the Employer that is subject to the Joint and Survivor Annuity requirements. 

 

	 	(c)	Exception to the Joint and Survivor Annuity Requirements. If, as of the Annuity Starting Date, the Participant’s vested Account Balance (for pre-death distributions) or the value of the QPSA death
benefit (for post-death distributions) does not exceed $5,000, the Participant or surviving spouse, as applicable, will receive a lump sum distribution pursuant to Section 8.07(a) or Section 8.08(b)(1), in lieu of any QJSA or QPSA
benefits. 

  

	 	(d)	Administrative procedures. The Plan Administrator may provide alternative procedures for applying the spousal consent requirements under this Section 9 provided such procedures are consistent with the
requirements under this Section 9. For example, the Plan Administrator may require under separate administrative procedures to require spousal consent to Participant distributions or may in a separate loan procedure require spousal consent
prior to granting a Participant loan, without subjecting the Plan to the Joint and Survivor Annuity requirements. 

  

	 	(e)	Accumulated deductible employee contributions. A distribution from or under a separate Account under a money purchase plan which is attributable solely to accumulated deductible employee contributions, as
defined in Code §72(o)(5)(B), is subject to the rules under subsection (b) above. 

  

	9.02	Pre-Death Distribution Requirements. If a pre-death distribution is subject to the Qualified Joint and Survivor Annuity requirements under this Section 9, the distribution will be paid in the form of
a Qualified Joint and Survivor Annuity, unless the Participant (and spouse, if the Participant is married) elects to receive the distribution in an alternative form. Any election of an alternative form of distribution must be pursuant to a Qualified
Election (as defined in Section 9.04). 

  

	 	(a)	Qualified Joint and Survivor Annuity (QJSA). A QJSA is an immediate annuity payable over the life of the Participant with a survivor annuity payable over the life of the spouse equal to 50% of the amount
of the annuity which is payable during the joint lives of the Participant and the spouse. The Employer may elect under AA §9-2(a) of the Nonstandardized Adoption Agreement to increase the percentage of the spouse’s survivor annuity to
100%, 75% or 66-2/3% (instead of 50%). If the Participant is not married as of the Annuity Starting Date, the QJSA is an immediate annuity payable over the life of the Participant. 

 

	 	(b)	Notice requirements. The Plan Administrator shall provide each Participant with a written explanation of: (1) the terms and conditions of the QJSA; (2) the Participant’s right to make and
the effect of an election to waive the QJSA form of benefit; (3) the rights of the Participant’s spouse; and (4) the right to make, and the effect of, a revocation of a previous election to waive the QJSA. The notice must be provided
to each Participant under the Plan no less than 30 days and no more than 90 days prior to the Annuity Starting Date. 

  

	 	    	 The Annuity Starting Date for a distribution in a form other than a QJSA may be less than 30 days after receipt of the written explanation described
in the preceding paragraph provided: (1) the Participant has been provided with information that clearly indicates that the Participant has at least 30 days to consider whether to waive the QJSA and elect (with spousal consent) a form of
distribution other than a QJSA; (2) the Participant is permitted to revoke any 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	85	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 9 – Joint and Survivor Annuity Requirements

 

	 	
affirmative distribution election at least until the Annuity Starting Date or, if later, at any time prior to the expiration of the 7-day period that begins the day after the explanation of the
QJSA is provided to the Participant; and (3) the Annuity Starting Date is after the date the written explanation was provided to the Participant. For distributions on or after December 31, 1996, the Annuity Starting Date may be a date
prior to the date the written explanation is provided to the Participant if the distribution does not commence until at least 30 days after such written explanation is provided, subject to the waiver of the 30-day period described above.

  

	 	(c)	Annuity Starting Date. The Annuity Starting Date is the date an Employee commences distributions from the Plan. If a Participant commences distribution with respect to a portion of his/her Account Balance,
a separate Annuity Starting Date applies to any subsequent distribution. If distribution is made in the form of an annuity, the Annuity Starting Date is the first day of the first period for which annuity payments are made. 

 

	9.03	Distributions After Death. If the Joint and Survivor Annuity requirements apply with respect to a distribution on behalf of a married Participant who dies before the Annuity Starting Date (as defined in
Section 9.02(c) above), the surviving spouse of that Participant is entitled to receive such distribution in the form of a QPSA, unless the Participant and spouse have waived the QPSA pursuant to a Qualified Election. Any portion of a
Participant’s vested Account Balance that is not payable to the surviving spouse as a QPSA will be payable under the rules described in Section 8.08(b)(2)(ii)(B). 

 

	 	(a)	Qualified Preretirement Survivor Annuity (QPSA). A QPSA is an annuity payable over the life of the surviving spouse that is purchased using 50% of the Participant’s vested Account Balance (that is
subject to the Qualified Joint and Survivor Annuity requirements) as of the date of death. The Employer may elect under AA §9-2(a)(3) of the Nonstandardized Adoption Agreement to increase the amount used to purchase the QPSA to 100% (instead of
50%) of the Participant’s vested Account Balance. To the extent that less than 100% of the Participant’s vested Account Balance is paid to the surviving spouse, any After-Tax Contributions will be allocated to the surviving spouse in the
same proportion as the After-Tax Contributions bear to the total vested Account Balance of the Participant. If elected under AA §9-2 of the Nonstandardized Adoption Agreement, a surviving spouse will not be entitled to a QPSA if the Participant
and surviving spouse were not married throughout the one year period ending on the date of the Participant’s death. 

  

	 	    	If a surviving spouse is entitled to a QPSA distribution, the surviving spouse may elect to receive such distribution at any time following the Participant’s death (subject to the required minimum distribution
rules under Section 8.12) and may elect to receive distribution in any form permitted under Section 8.01 of the Plan. A QPSA distribution will not commence to a surviving spouse without the consent of the surviving spouse prior to the date
the Participant would have reached Normal Retirement Age (or age 62, if later). If the QPSA death benefit has been waived, in accordance with the procedures in Section 9.04(b), then the portion of the Participant’s vested Account Balance
that would have been payable as a QPSA death benefit in the absence of such a waiver is treated as a non-QPSA death benefit payable under Section 8.08(b)(2)(ii)(B). 

 

	 	    	The QPSA death benefit may be payable to a non-spouse Beneficiary only if the spouse consents to the Beneficiary designation, pursuant to the Qualified Election requirements under Section 9.04, or makes a valid
disclaimer. The non-QPSA death benefit, if any, is payable to the person named in the Beneficiary designation, without regard to whether spousal consent is obtained for such designation. If a spouse does not properly consent to a Beneficiary
designation, the QPSA waiver is invalid, and the QPSA death benefit is still payable to the spouse, but the Beneficiary designation remains valid with respect to any non-QPSA death benefit. 

 

	 	(b)	Notice requirements. The Plan Administrator shall provide each Participant within the applicable period for such Participant a written explanation of the QPSA in such terms and in such manner as would be
comparable to the explanation provided for the QJSA in subsection (b) above. The applicable period for a Participant is whichever of the following periods ends last: (1) the period beginning with the first day of the Plan Year in which the
Participant attains age 32 and ending with the close of the Plan Year preceding the Plan Year in which the Participant attains age 35; (2) a reasonable period ending after the individual becomes a Participant; or (3) a reasonable period
ending after the joint and survivor annuity requirements first apply to the Participant. Notwithstanding the foregoing, notice must be provided within a reasonable period ending after separation from service in the case of a Participant who
separates from service before attaining age 35. 

  

	 	    	For purposes of applying the preceding paragraph, a reasonable period ending after the enumerated events described in (2) and (3) is the end of the two-year period beginning one year prior to the date the
applicable event occurs, and ending one year after that date. In the case of a Participant who separates from service before the Plan Year in which age 35 is attained, notice shall be provided within the two-year period beginning one year prior to
separation and ending one year after separation. If such a Participant thereafter returns to employment with the employer, the applicable period for such Participant shall be redetermined. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	86	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 9 – Joint and Survivor Annuity Requirements

 

	9.04	Qualified Election. A Participant (and the Participant’s spouse) may waive the QJSA or QPSA pursuant to a Qualified Election. A Qualified Election is a written election signed by both the Participant
and the Participant’s spouse (if applicable) that specifically acknowledges the effect of the election. The spouse’s consent must be witnessed by a plan representative or notary public. Any consent by a spouse under a Qualified Election
(or a determination that the consent of a spouse is not required) shall be effective only with respect to such spouse. If the Qualified Election permits the Participant to change a payment form or Beneficiary designation without any further consent
by the spouse, the Qualified Election must acknowledge that the spouse has the right to limit consent to a specific Beneficiary, and a specific form of benefit, as applicable, and that the spouse voluntarily elects to relinquish either or both of
such rights. A Participant or spouse may revoke a prior waiver of the QPSA benefit at any time before the commencement of benefits. Spousal consent is not required for a Participant to revoke a prior QPSA waiver. No consent obtained under this
provision shall be valid unless the Participant has received notice as provided in Section 9.02(b) or Section 9.03(b), as applicable. 

  

	 	(a)	QJSA. In the case of a waiver of the QJSA, the election must designate an alternative form of benefit payment that may not be changed without spousal consent (unless the spouse enters into a general
consent agreement expressly permitting the Participant to change the form of payment without any further spousal consent). Only the Participant needs consent to the commencement of a distribution in the form of a QJSA. 

 

	 	(b)	QPSA. In the case of a waiver of the QPSA, the election must be made on a timely basis and the election must designate a specific alternate Beneficiary, including any class of Beneficiaries or any
contingent Beneficiaries, which may not be changed without spousal consent (unless the spouse enters into a general consent agreement expressly permitting the Participant to change the Beneficiary designation without any further spousal consent). To
be timely, a Participant (and the Participant’s spouse) may waive the QPSA at any time during the period beginning on the first day of the Plan Year in which the Participant attains age 35 and ending on the date of the Participant’s death.
If a Participant separates from service prior to the first day of the Plan Year in which age 35 is attained, with respect to the Account Balance as of the date of separation, the election period begins on the date of separation. A Participant who
has not yet attained age 35 as of the end of a Plan Year may make a special Qualified Election to waive, with spousal consent, the QPSA for the period beginning on the date of such election and ending on the first day of the Plan Year in which the
Participant will attain age 35. Such election is not valid unless the Participant receives the proper notice required under Section 9.03(b). QPSA coverage is automatically reinstated as of the first day of the Plan Year in which the Participant
attains age 35. Any new waiver on or after such date must satisfy all the requirements for a Qualified Election. 

  

	 	(c)	Identification of surviving spouse. If it is established to the satisfaction of the Plan Administrator that there is no spouse or that the spouse cannot be located, any waiver signed by the Participant is
deemed to be a Qualified Election. 

  

	 	(1)	Definition of spouse. For this purpose, a Participant will be deemed to not have a spouse if the Participant is legally separated or has been abandoned and the Participant has a court order to such effect.
However, a former spouse of the Participant will be treated as the spouse or surviving spouse and any current spouse will not be treated as the spouse or surviving spouse to the extent provided under a QDRO. 

 

	 	(2)	One-year marriage rule. The Employer may elect under AA §9-2 of the Nonstandardized Adoption Agreement, for purposes of applying the provisions of this Section 9, that an individual will not be
considered the surviving spouse of the Participant if the Participant and the surviving spouse have not been married for the entire one-year period ending on the date of the Participant’s death. 

 

	9.05	Transitional Rules. Any living Participant not receiving benefits on August 23, 1984, who would otherwise not receive the benefits prescribed under this Section 9 must be given the opportunity to
elect to have the preceding provisions of this Section 9 apply if such Participant is credited with at least one Hour of Service under this Plan or a predecessor plan in a Plan Year beginning on or after January 1, 1976, and such
Participant had at least 10 years of vesting service when he or she separated from service. The Participant must be given the opportunity to elect to have this Section 9 apply during the period commencing on August 23, 1984, and ending on
the date benefits would otherwise commence to such Participant. A Participant described in this paragraph who has not elected to have this Section 9 apply is subject to the rules in this Section 9.05 instead. Also, a Participant who does
not qualify to elect to have this Section 9 apply because such Participant does not have at least 10 Years of Service for vesting purposes is subject to the rules of this Section 9.05. 

 

	    	Any living Participant not receiving benefits on August 23, 1984, who was credited with at least one Hour of Service under this Plan or a predecessor plan on or after September 2, 1974, and who is not
otherwise credited with any service in a Plan Year beginning on or after January 1, 1976, must be given the opportunity to have his/her benefits paid in accordance with the following paragraph. The Participant must be given the opportunity to
elect to have this Section 9.05 apply (other than the first paragraph of this Section) during the period commencing on August 23, 1984, and ending on the date benefits would otherwise commence to such Participant. 

 

	    	If, under either of the preceding two paragraphs, a Participant is subject to this Section 9.05, the following rules apply. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	87	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 9 – Joint and Survivor Annuity Requirements

 

	 	(a)	Automatic joint and survivor annuity. If benefits in the form of a life annuity become payable to a married Participant who: 

 

	 	(1)	begins to receive payments under the Plan on or after Normal Retirement Age; 

  

	 	(2)	dies on or after Normal Retirement Age while still working for the Employer; 

  

	 	(3)	begins to receive payments on or after the Qualified Early Retirement Age; or 

  

	 	(4)	separates from service on or after attaining Normal Retirement Age (or the Qualified Early Retirement Age) and after satisfying the eligibility requirements for the payment of benefits under the plan and thereafter dies
before beginning to receive such benefits; 

 then such benefits will be received under this plan in the form of a QJSA,
unless the Participant has elected otherwise during the election period. For this purpose, the election period must begin at least 6 months before the participant attains Qualified Early Retirement Age and end not more than 90 days before the
commencement of benefits. Any election hereunder will be in writing and may be changed by the Participant at any time. 
  

	 	(b)	Election of early survivor annuity. A Participant who is employed after attaining the Qualified Early Retirement Age will be given the opportunity to elect, during the election period, to have a survivor
annuity payable on death. If the Participant elects the survivor annuity, payments under such annuity must not be less than the payments that would have been made to the spouse under the QJSA if the Participant had retired on the day before his or
her death. Any election under this provision will be in writing and may be changed by the Participant at any time. For this purpose, the election period begins on the later of (1) the 90th day before the Participant attains the Qualified Early
Retirement Age, or (2) the date on which participation begins, and ends on the date the Participant terminates employment. 

  

	 	(c)	Qualified Early Retirement Age. The Qualified Early Retirement Age is the latest of: 

  

	 	(1)	the earliest date, under the plan, on which the Participant may elect to receive retirement benefits, 

  

	 	(2)	the first day of the 120th month beginning before the Participant reaches Normal Retirement Age, or 

  

	 	(3)	the date the Participant begins participation under the Plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	88	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 10 – Plan Accounting and Investment

 SECTION 10 

PLAN ACCOUNTING AND INVESTMENTS 
  

	10.01	Participant Accounts. The Plan Administrator will maintain a separate Account for each Participant to reflect the Participant’s entire interest under the Plan. The Plan Administrator may maintain any
(or all) of the following separate sub-Accounts: 

  

	 	•	 	Pre-Tax Deferral Account 

  

	 	•	 	Roth Deferral Account 

  

	 	•	 	Employer Contribution Account 

  

	 	•	 	Matching Contribution Account 

  

	 	•	 	Qualified Nonelective Contribution (QNEC) Account 

  

	 	•	 	Qualified Matching Contribution (QMAC) Account 

  

	 	•	 	Safe Harbor Employer Contribution Account 

  

	 	•	 	Safe Harbor Matching Contribution Account 

  

	 	•	 	After-Tax Contribution Account 

  

	 	•	 	Rollover Contribution Account 

  

	 	•	 	Transfer Account. 

 The Plan Administrator may establish other Accounts, as it
deems necessary, for the proper administration of the Plan. 
  

	10.02	Valuation of Accounts. A Participant’s portion of the Trust assets is determined as of each Valuation Date under the Plan. The value of a Participant’s Account consists of the fair market value
of the Participant’s share of the Trust assets. The Trustee must value Plan assets at least annually. The Trustee’s determination of the value of Trust assets shall be final and conclusive. 

 

	 	(a)	Periodic valuation. The Employer may elect under AA §11-1 or may elect operationally to value assets on a periodic basis. The Trustee and the Plan Administrator may adopt reasonable procedures for
performing such valuations. 

  

	 	(b)	Daily valuation. The Employer may elect under AA §11-1 or may elect operationally to value assets on a daily basis. The Plan Administrator may adopt reasonable procedures for performing such
valuations. Unless otherwise set forth in the written procedures, a daily valued Plan will have its assets valued at the end of each business day during which the New York Stock Exchange is open. The Plan Administrator has authority to interpret the
provisions of this Plan in the context of a daily valuation procedure. This includes, but is not limited to, the determination of the value of the Participant’s Account for purposes of Participant loans, distribution and consent rights, and
corrective distributions. 

  

	 	(c)	Interim valuations. The Plan Administrator may request the Trustee to perform interim valuations, provided such valuations do not result in discrimination in favor of Highly Compensated Employees.

  

	10.03	Adjustments to Participant Accounts. Unless the Plan Administrator adopts other reasonable administrative procedures, as of each Valuation Date under the Plan, each Participant’s Account is adjusted
in the following manner. 

  

	 	(a)	Distributions and forfeitures from a Participant’s Account. A Participant’s Account will be reduced by any distributions, forfeitures and other reductions from the Account since the previous
Valuation Date. 

  

	 	(b)	Life insurance premiums and dividends. A Participant’s Account will be reduced by the amount of any life insurance premium payments under the Plan made for the benefit of the Participant since the
previous Valuation Date. The Account will be credited with any dividends or credits paid on any life insurance policy held by the Trust for the benefit of the Participant. 

 

	 	(c)	Contributions and forfeitures allocated to a Participant’s Account. A Participant’s Account will be credited with any contribution, forfeiture or other additions allocated to the Participant
since the previous Valuation Date. 

  

	 	(d)	Net income or loss. A Participant’s Account will be adjusted for any net income or loss in accordance with any reasonable procedures that the Plan Administrator may establish. Such procedures may be
reflected in a funding agreement governing the applicable investments under the Plan. To the extent the Plan Administrator does not establish separate written procedures, net income or loss will be allocated to Participants’ Accounts in
accordance with the following provisions. 

  

	 	(1)	 Net income or loss attributable to General Trust Account. To the extent a Participant’s Account is invested as part of a General
Trust Account, such Account is adjusted for its allocable share of net income or loss experienced by the General Trust Account. The net income or loss of the General Trust Account is allocated to the Participant Accounts in the ratio that each
Participant’s Account bears to all Accounts, based on the value of each Participant’s Account as of the prior Valuation Date, as adjusted in subsections (a) - (c) above. In

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	89	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 10 – Plan Accounting and Investment

 

	 	
determining Participant Account Balances as of the prior Valuation Date, the Employer may apply a weighted average method that credits each Participant’s Account with a portion of the
contributions made since the prior Valuation Date. The Plan’s investment procedures may designate the specific type(s) of contributions eligible for a weighted allocation of net income or loss and may designate alternative methods for
determining the weighted allocation. If the Employer elects to apply a weighted average method, such method will be applied uniformly to all Participant Accounts under the General Trust Account. 

 

	 	(2)	Net income or loss attributable to a Directed Account. If the Participant or Beneficiary is entitled to direct the investment of all or part of his/her Account (see Section 10.07), the Account (or the
portion of the Account which is subject to such direction) will be maintained as a Directed Account, which reflects the value of the directed investments as of any Valuation Date. The assets held in a Directed Account may be (but are not required to
be) segregated from the other investments held in the Trust. Net income or loss attributable to the investments made by a Directed Account is allocated to such Account in a manner that reasonably reflects the investment experience of such Directed
Account. Where a Directed Account reflects segregated investments, the manner of allocating net income or loss shall not result in a Participant (or Beneficiary) being entitled to distribution from the Directed Account that exceeds the value of such
Account as of the date of distribution. 

  

	10.04	Share or unit accounting. The Plan’s investment procedures may provide for share or unit accounting to reflect the value of Accounts, if such method is appropriate for the investments allocable to
such Accounts. 

  

	10.05	Suspense accounts. The Plan’s investment procedures also may provide for special valuation procedures for suspense accounts that are properly established under the Plan. 

 

	10.06	Investments under the Plan. 

  

	 	(a)	Investment options. The Trustee or other person(s) responsible for the investment of Plan assets is authorized to invest Plan assets in any prudent investment consistent with the funding policy of the Plan
and the requirements of ERISA. Investment options include, but are not limited to, the following: 

  

	 	•	 	common and preferred stock or other equity securities (including stock bought and sold on margin); 

  

	 	•	 	Qualifying Employer Securities and Qualifying Employer Real Property (to the extent permitted under subsection (c) below); 

  

	 	•	 	corporate bonds; 

  

	 	•	 	open-end or closed-end mutual funds (including funds for which a Prototype Sponsor, Trustee, or affiliate serves as investment advisor or other capacity); 

 

	 	•	 	money market accounts; 

  

	 	•	 	certificates of deposit; 

  

	 	•	 	debentures; 

  

	 	•	 	commercial paper; 

  

	 	•	 	put and call options; 

  

	 	•	 	limited partnerships; 

  

	 	•	 	mortgages; 

  

	 	•	 	U.S. Government obligations, including U.S. Treasury notes and bonds; 

  

	 	•	 	real and personal property having a ready market; 

  

	 	•	 	life insurance or annuity policies; 

  

	 	•	 	commodities; 

  

	 	•	 	savings accounts; 

  

	 	•	 	notes; and 

  

	 	•	 	securities issued by the Trustee and/or its affiliates, as permitted by law. 

  

	 	(b)	Common/collective trusts and collectibles. Plan assets may also be invested in a common/collective trust fund, or in a group trust fund that satisfies the requirements of IRS Revenue Ruling 81-100. All of
the terms and provisions of any such common/collective trust fund or group trust into which Plan assets are invested are incorporated by reference into the provisions of the Trust for this Plan. No portion of any voluntary, tax deductible Employee
contributions being held under the Plan (or any earnings thereon) may be invested in life insurance contracts or, as with any Participant-directed investment, in tangible personal property characterized by the IRS as a collectible.

  

	 	(c)	 Limitations on the investment in Qualifying Employer Securities and Qualifying Employer Real Property. The Trustee may invest in
Qualifying Employer Securities and Qualifying Employer Real Property within certain limits. Any such investment shall only be made upon written direction of the Employer who shall be solely responsible for the

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	90	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 10 – Plan Accounting and Investment

 

	 	
propriety of such investment. Additional directives regarding the purchase, sale, retention or valuing of such securities may be addressed in a funding policy, statement of investment policy, or
other separate procedures or documents governing the investment of Plan assets. 

  

	 	(1)	Profit Sharing Plan other than a 401(k) Plan. In the case of a Profit Sharing Plan (without a 401(k) feature), no limit applies to the percentage of Plan assets invested in Qualifying Employer Securities
and Qualifying Employer Real Property, except as provided in a funding policy, statement of investment policy, or other separate procedures or documents governing the investment of Plan assets. 

 

	 	(2)	401(k) Plan. With respect to the portion of the Plan consisting of amounts attributable to Salary Deferrals (including Roth Deferrals), no more than 10% of the fair market value of Plan assets attributable
to Salary Deferrals and Roth Deferrals may be invested in Qualifying Employer Securities and Qualifying Employer Real Property if the Employer, the Trustee, or a person other than the Participant requires any portion of the Salary Deferrals or Roth
Deferrals and attributable earnings to be invested in Qualifying Employer Securities or Qualifying Employer Real Property. 

  

	 	(i)	Exceptions to Limitation. The limitation in this subsection (2) shall not apply if any one of the conditions in subsections (A), (B) or (C) applies. 

 

	 	(A)	Investment of Salary Deferrals or Roth Deferrals in Qualifying Employer Securities or Qualifying Real Property is solely at the discretion of the Participant. 

 

	 	(B)	As of the last day of the preceding Plan Year, the fair market value of assets of all profit sharing plans and 401(k) plans of the Employer was not more than 10% of the fair market value of all assets under plans
maintained by the Employer. 

  

	 	(C)	The portion of a Participant’s Salary Deferrals or Roth Deferrals required to be invested in Qualifying Employer Securities and Qualifying Employer Real Property for the Plan Year does not exceed 1% of such
Participant’s Plan Compensation. 

  

	 	(ii)	No application to other contributions. The limitation in this subsection (2) has no application to Matching Contributions or Employer Contributions. Instead, the rules under subsection (1) above
apply for such contributions. 

  

	 	(3)	Money purchase plan. In the case of a money purchase plan, no more than 10% of the fair market value of Plan assets may be invested in Qualifying Employer Securities and Qualifying Employer Real Property.

  

	10.07	Participant-directed investments. If the Plan (by election in AA §C-1 or under separate investment procedures) permits Participant direction of investments, each Participant shall have the exclusive
right, in accordance with the provisions of the Plan, to direct the investment by the Trustee of all or a portion of the amounts allocated to the separate Accounts of the Participant under the Plan. All investment directions by Participants shall be
timely furnished to the Trustee by the Plan Administrator, except to the extent such directions are transmitted telephonically or otherwise by Participants directly to the Trustee or its delegate in accordance with rules and procedures established
and approved by the Plan Administrator and communicated to the Trustee. In making any investment of Plan assets, the Trustee shall be fully entitled to rely on such directions furnished to it by the Plan Administrator or by Participants in
accordance with the Plan Administrator’s approved rules and procedures, and shall be under no duty to make any inquiry or investigation with respect thereto. Except as otherwise provided in this Plan, neither the Trustee, the Employer, nor any
other fiduciary of the Plan will be liable to the Participant or Beneficiary for any loss resulting from action taken at the direction of the Participant. 

  

	 	(a)	Limits on participant investment direction. The Employer may elect under AA §C-1 or under separate investment procedures to limit Participant direction of investment to specific types of
contributions. If Participant investment direction is limited to specific investment options, it shall be the sole and exclusive responsibility of the Employer or Plan Administrator to select the investment options, and the Trustee shall not be
responsible for selecting or monitoring such investment options, unless the Trustee has otherwise agreed in writing. In no case may Participants direct that investments be made in collectibles, other than U.S. Government or State issued gold and
silver coins. (See Section 10.03(d)(2) for rules regarding allocation of net income or loss to a Directed Account.) 

  

	 	(b)	Failure to direct investment. If Participant direction of investments is permitted, the Plan Administrator will designate how accounts will be invested in the absence of proper affirmative direction from
the Participant. The Plan or Plan Administrator may designate a default fund under the Plan in which the Trustee shall deposit contributions to the Trust on behalf of Participants who have been identified by the Plan Administrator as having not
specified investment choices under the Plan. If the Trustee receives any contribution under the Plan that is not accompanied by instructions directing its investment, the Trustee shall immediately notify the Plan Administrator of that fact, and the
Trustee may, in its discretion, hold all or a portion of the contribution uninvested without liability for loss of income or appreciation pending receipt of proper investment directions. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	91	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 10 – Plan Accounting and Investment

 

	 	(c)	Trustee to follow Participant direction. To the extent the Plan allows Participant direction of investment, the Trustee is authorized to follow the Participant’s written direction (or other form of
direction deemed acceptable by the Trustee). A Directed Account will be established for the portion of the Participant’s Account that is subject to Participant direction of investment. The Trustee may decline to follow a Participant’s
investment direction to the extent such direction would: 

  

	 	(1)	result in a prohibited transaction; 

  

	 	(2)	cause the assets of the Plan to be maintained outside the jurisdiction of the U.S. courts; 

  

	 	(3)	jeopardize the Plan’s tax qualification; 

  

	 	(4)	be contrary to the Plan’s governing documents; 

  

	 	(5)	cause the assets to be invested in collectibles within the meaning of Code §408(m); 

  

	 	(6)	generate unrelated business taxable income; or 

  

	 	(7)	result (or could result) in a loss exceeding the value of the Participant’s Account. 

 The
Trustee will not be responsible for any loss or expense resulting from a failure to follow a Participant’s direction in accordance with the requirements of this paragraph. 

Participant directions will be processed as soon as administratively practicable following receipt of such directions by the Trustee. The
Trustee, Plan Administrator, or Employer will not be liable for a delay in the processing of a Participant direction that is caused by a legitimate business reason (including, but not limited to, a failure of computer systems or programs, failure in
the means of data transmission, the failure to timely receive values or prices, or other unforeseen problems outside of the control of the Trustee, Plan Administrator, or Employer). 

 

	 	(d)	ERISA §404(c) protection. If the Plan (by Employer election under AA §C-1(b)(2) or pursuant to the Plan’s investment procedures) is intended to comply with ERISA §404(c), the
Participant investment direction program adopted by the Plan Administrator should comply with applicable Department of Labor regulations. Compliance with ERISA §404(c) is not required for plan qualification purposes. The following information
is provided solely as guidance to assist the Plan Administrator in meeting the requirements of ERISA §404(c). Failure to meet any of the following safe harbor requirements does not impose any liability on the Plan Administrator (or any other
fiduciary under the Plan) for investment decisions made by Participants, nor does it mean that the Plan does not comply with ERISA §404(c). Nothing in this Plan shall impose any greater duties upon the Trustee with respect to the implementation
of ERISA §404(c) than those duties expressly provided for in procedures adopted by the Employer and agreed to by the Trustee. 

  

	 	(1)	Disclosure requirements. The Plan Administrator (or other Plan fiduciary who has agreed to perform this activity) shall provide, or shall cause a person designated to act on his behalf to provide, the
following information to Participants: 

  

	 	(i)	Mandatory disclosures. To satisfy the requirements of ERISA §404(c), the Participants must receive certain mandatory disclosures, including: 

 

	 	(A)	an explanation that the Plan is intended to be an ERISA §404(c) plan; 

  

	 	(B)	a description of the investment options under the Plan; 

  

	 	(C)	the identity of any designated Investment Managers that may be selected by the Participant; 

  

	 	(D)	any restrictions on investment selection or transfers among investment vehicles; 

  

	 	(E)	an explanation of the fees and expenses that may be charged in connection with the investment transactions; 

  

	 	(F)	the materials relating to voting rights or other rights incidental to the holding of an investment; 

  

	 	(G)	the most recent prospectus for an investment option which is subject to the Securities Act of 1933. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	92	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 10 – Plan Accounting and Investment

 

	 	(ii)	Disclosures upon request. In addition, a Participant must be able to receive upon request: 

  

	 	(A)	the current value of the Participant’s interest in an investment option; 

  

	 	(B)	the value and investment performance of investment alternatives available under the Plan; 

  

	 	(C)	the annual operating expenses of a designated investment alternative; and 

  

	 	(D)	copies of any prospectuses, or other material, relating to available investment options. 

  

	 	(2)	Diversified investment options. The Plan must provide at least three diversified investment options that offer a broad range of investment opportunity. Each of the investment opportunities must have
materially different risk and return characteristics. The procedure may allow investment under a segregated brokerage account. 

  

	 	(3)	Frequency of investment instructions. Participants must have the opportunity to give investment instructions as frequently as is appropriate to the volatility of the investment. For each investment option,
the frequency can be no less than quarterly. 

  

	10.08	Investment in Life Insurance. A group or individual life insurance policy purchased by the Plan may be issued on the life of a Participant, a Participant’s spouse, a Participant’s child or
children, a family member of the Participant, or any other individual with an insurable interest. If this Plan is a money purchase plan, a life insurance policy may only be issued on the life of the Participant. A life insurance policy includes any
type of policy, including a second-to-die policy, provided that the holding of a particular type of policy is not prohibited under rules applicable to qualified plans. 

 

	    	Any premiums on life insurance held for the benefit of a Participant will be charged against such Participant’s vested Account Balance. Unless directed otherwise, the Plan Administrator will reduce each of the
Participant’s Accounts under the Plan equally to pay premiums on life insurance held for such Participant’s benefit. Any premiums paid for life insurance policies must satisfy the incidental life insurance rules under subsection (a).

  

	 	(a)	Incidental Life Insurance Rules. Any life insurance purchased under the Plan must meet the following requirements: 

  

	 	(1)	Ordinary life insurance policies. The aggregate premiums paid for ordinary life insurance policies (i.e., policies with both nondecreasing death benefits and nonincreasing premiums) for the benefit of a
Participant shall not at any time exceed 49% of the aggregate amount of Employer Contributions (including Salary Deferrals) and forfeitures that have been allocated to the Account of such Participant. 

 

	 	(2)	Life insurance policies other than ordinary life. The aggregate premiums paid for term, universal or other life insurance policies (other than ordinary life insurance policies) for the benefit of a
Participant shall not at any time exceed 25% of the aggregate amount of Employer Contributions (including Salary Deferrals) and forfeitures that have been allocated to the Account of such Participant. 

 

	 	(3)	Combination of ordinary and other life insurance policies. The sum of one-half ( 1⁄2) of the aggregate premiums
paid for ordinary life insurance policies plus all the aggregate premiums paid for any other life insurance policies for the benefit of a Participant shall not at any time exceed 25% of the aggregate amount of Employer Contributions (including
Salary Deferrals) and forfeitures which have been allocated to the Account of such Participant. 

  

	 	(4)	Exception for certain Profit Sharing and 401(k) Plans. If the Plan is a Profit Sharing Plan or a Profit Sharing/401(k) Plan, the limitations in this Section do not apply to the extent life insurance
premiums are paid only with Employer Contributions and forfeitures that have been accumulated in the Participant’s Account for at least two years or are paid with respect to a Participant who has been a Participant for at least five years. For
purposes of applying this special limitation, Employer Contributions do not include any Salary Deferrals, QMACs, QNECs or Safe-Harbor Contributions under a 401(k) plan. 

 

	 	(5)	Exception for After-Tax Contributions and Rollover Contributions. The Plan Administrator also may invest, with the Participant’s consent, any portion of the Participant’s After-Tax Contribution
Account or Rollover Contribution Account in a group or individual life insurance policy for the benefit of such Participant, without regard to the incidental life insurance rules under this Section. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	93	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 10 – Plan Accounting and Investment

 

	 	(b)	Ownership of Life Insurance Policies. The Trustee is the owner of any life insurance policies purchased under the Plan. Any life insurance policy purchased under the Plan must designate the Trustee as
owner and beneficiary under the policy. The Trustee will pay all proceeds of any life insurance policies to the Beneficiary of the Participant for whom such policy is held in accordance with the distribution provisions under Section 8 and the
Joint and Survivor Annuity requirements under Section 9. In no event shall the Trustee retain any part of the proceeds from any life insurance policies for the benefit of the Plan. 

 

	 	(c)	Evidence of Insurability. Prior to purchasing a life insurance policy, the Plan Administrator may require the individual whose life is being insured to provide evidence of insurability, such as a physical
examination, as may be required by the Insurer. 

  

	 	(d)	Distribution of Insurance Policies. Life insurance policies under the Plan, which are held on behalf of a Participant, must be distributed to the Participant or converted to cash upon the later of the
Participant’s Annuity Starting Date (as defined in Section 1.11) or termination of employment. Any life insurance policies that are held on behalf of a terminated Participant must continue to satisfy the incidental life insurance rules
under subsection (a). If a life insurance policy is purchased on behalf of an individual other than the Participant, and such individual dies, the Participant may withdraw any or all life insurance proceeds from the Plan, to the extent such proceeds
exceed the cash value of the life insurance policy determined immediately before the death of the insured individual. 

  

	 	(e)	Discontinuance of Insurance Policies. Investments in life insurance may be discontinued at any time, either at the direction of the Trustee or other fiduciary responsible for making investment decisions.
If the Plan provides for Participant direction of investments, life insurance as an investment option may be eliminated at any time by the Plan Administrator. Where life insurance investment options are being discontinued, the Plan Administrator, in
its sole discretion, may offer the sale of the insurance policies to the Participant, or to another person, provided that the prohibited transaction exemption requirements prescribed by the Department of Labor are satisfied. 

 

	 	(f)	Protection of Insurer. An Insurer (as defined in Section 1.68) that issues a life insurance policy under the terms of this Section 10.08, shall not be responsible for the validity of this Plan
and shall be protected and held harmless for any actions taken or not taken by the Trustee or any actions taken in accordance with written directions from the Trustee or the Employer (or any duly authorized representatives of the Trustee or
Employer). An Insurer shall have no obligation to determine the propriety of any premium payments or to guarantee the proper application of any payments made by the insurance company to the Trustee. 

 

	 	The	Insurer is not and shall not be considered a party to this Plan and is not a fiduciary with respect to the Plan solely as a result of the issuance of life insurance policies under this Section 10.08.

  

	 	(g)	No Responsibility for Act of Insurer. Neither the Employer, the Plan Administrator nor the Trustee shall be responsible for the validity of the provisions under a life insurance policy issued under this
Section 10.08 or for the failure or refusal by the Insurer to provide benefits under such policy. The Employer, the Plan Administrator and the Trustee are also not responsible for any action or failure to act by the Insurer or any other person
which results in the delay of a payment under the life insurance policy or which renders the policy invalid or unenforceable in whole or in part. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	94	 	

	
	 Prototype Defined Contribution Plan

Section 11 – Plan Administration and Special Operating Rules

 SECTION 11 

PLAN ADMINISTRATION AND OPERATION 
  

	11.01	Plan Administrator. The Employer is the Plan Administrator, unless the Employer designates in writing an alternative Plan Administrator. The Plan Administrator has the responsibilities described in
this Section 11. 

  

	11.02	Designation of Alternative Plan Administrator. The Employer may designate another person or persons as he Plan Administrator by name, by reference to the person or group of persons holding a
particular position, by reference to a procedure under which the Plan Administrator is designated, or by reference to a person or group of persons charged with the specific responsibilities of Plan Administrator. 

 

	 	(a)	Acceptance of responsibility by designated Plan Administrator. If the Employer designates an alternative Plan Administrator, the designated Plan Administrator must accept its responsibilities in
writing. The Employer and the designated Plan Administrator jointly will determine the time period for which the alternative Plan Administrator will serve. 

  

	 	(b)	Multiple alternative Plan Administrators. If the Employer designated more than one person as an alternative Plan Administrator, such Plan Administrators shall act by majority vote, unless the group
delegates particular Plan Administrator duties to a specific person. 

  

	 	(c)	Resignation or removal of designated Plan Administrator. A designated Plan Administrator may resign by delivering a written notice of resignation to the Employer. The Employer may remove a designated Plan
Administrator by delivering a written notice of removal. If a designated Plan Administrator resigns or is removed, and no new alternative Plan Administrator is designated, the Employer is the Plan Administrator. 

 

	 	(d)	Employer responsibilities. If the Employer designates an alternative Plan Administrator, the Employer will provide in a timely manner all appropriate information necessary for the Plan Administrator to
perform its duties. This information includes, but is not limited to, Participant compensation data, Employee employment, service and termination information, and other information the Plan Administrator may require. The Plan Administrator may rely
on the accuracy of any information and data provided by the Employer. 

  

	 	(e)	Indemnification of Plan Administrator. The Employer will indemnify, defend and hold harmless the Plan Administrator (including the individual members of any administrative committee appointed by the
Employer to handle administrative functions of the Plan or any Employees who have administrative responsibility for the Plan) with respect to any liability, loss, damage or expense resulting from any act or omission (except willful misconduct or
gross negligence) in their official capacities in the administration of this Trust or Plan, including attorney, accountant and advisory fees and all other expenses reasonably incurred in their defense. The indemnification provisions of this Section
do not relieve any person from any liability under ERISA for breach of a fiduciary duty. Furthermore, the Employer may execute a written agreement further delineating the indemnification agreement of this Section, provided the agreement is
consistent with and does not violate ERISA. 

  

	11.03	Named Fiduciary. The Plan Administrator is the Named Fiduciary for the Plan, unless the Plan Administrator specifically names another person or persons as Named Fiduciary and the designated person
accepts its responsibilities as Named Fiduciary in writing. The Plan must always have at least one Named Fiduciary. 

  

	11.04	Duties, Powers and Responsibilities of the Plan Administrator. The Plan Administrator will administer the Plan for the exclusive benefit of the Plan Participants and Beneficiaries, and in accordance
with the terms of the Plan. If the terms of the Plan are unclear, the Plan Administrator may interpret the Plan, provided such interpretation is consistent with the rules of ERISA and Code §401 and is performed in a uniform and
nondiscriminatory manner. This right to interpret the Plan is an express grant of discretionary authority to resolve ambiguities in the Plan document and to make discretionary decisions regarding the interpretation of the Plan’s terms,
including who is eligible to participate under the Plan, and the benefit rights of a Participant or Beneficiary. Unless an interpretation or decision is determined to be arbitrary and capricious, the Plan Administrator will not be held liable for
any interpretation of the Plan terms or decision regarding the application of a Plan provision. 

  

	 	(a)	Delegation of duties, powers and responsibilities. The Plan Administrator may delegate its duties, powers or responsibilities to one or more persons. Such delegation must be in writing and accepted by the
person or persons receiving the delegation. The Employer must agree to such delegation by an alternative Plan Administrator. 

  

	 	(b)	Specific Plan Administrator responsibilities. The Plan Administrator has the general responsibility to control and manage the operation of the Plan. This responsibility includes, but is not limited to, the
following: 

  

	 	(1)	To interpret and enforce the provisions of the Plan, including those related to Plan eligibility, vesting and benefits; 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	95	 	

	
	 Prototype Defined Contribution Plan

Section 11 – Plan Administration and Special Operating Rules

 

	 	(2)	To communicate with the Trustee and other responsible persons with respect to the crediting of Plan contributions, the disbursement of Plan distributions and other relevant matters; 

 

	 	(3)	To develop separate procedures (if necessary) consistent with the terms of the Plan to assist in the administration of the Plan, including the adoption of a separate or modified loan policy (see Section 13),
procedures for direction of investment by Participants (see Section 10.07), procedures for determining whether domestic relations orders are QDROs (see Section 11.06), and procedures for the determination of investment earnings to be
allocated to Participants’ Accounts (see Section 10.03(d)); 

  

	 	(4)	To maintain all records necessary for tax and other administration purposes; 

  

	 	(5)	To furnish and to file all appropriate notices, reports and other information to Participants, Beneficiaries, the Employer, the Trustee and government agencies (as necessary); 

 

	 	(6)	To provide information relating to Plan Participants and Beneficiaries; 

  

	 	(7)	To retain the services of other persons, including Investment Managers, attorneys, consultants, advisers and others, to assist in the administration of the Plan; 

 

	 	(8)	To review and decide on claims for benefits under the Plan; 

  

	 	(9)	To correct any defect or error in the operation of the Plan; 

  

	 	(10)	To establish a “funding policy and method” for the Plan for purposes of ensuring the Plan is satisfying its financial objectives and is able to meet its liquidity needs; and 

 

	 	(11)	To suspend contributions, including Salary Deferrals and/or After-Tax Contributions, on behalf of any or all Highly Compensated Employees, if the Plan Administrator reasonably believes that such contributions will cause
the Plan to discriminate in favor of Highly Compensated Employees. See Sections 6.01(c) and 6.02(c). 

  

	11.05	Plan Administration Expenses. 

  

	 	(a)	Reasonable Plan administration expenses. All reasonable expenses related to plan administration will be paid from Plan assets, except to the extent the expenses are paid (or reimbursed) by the
Employer. For this purpose, Plan expenses include, but are not limited to, all reasonable costs, charges and expenses incurred by the Trustee in connection with the administration of the Trust (including such reasonable compensation to the Trustee
as may be agreed upon from time to time between the Employer or Plan Administrator and the Trustee and any fees for legal services rendered to the Trustee). If liquid assets of the Trust are insufficient to cover the fees of the Trustee or the Plan
Administrator, then Trust assets shall be liquidated to the extent necessary for such fees. In the event any part of the Trust becomes subject to tax, all taxes incurred will be paid from the Trust. 

 

	 	(b)	Plan expense allocation. The Plan Administrator will allocate plan expenses among the accounts of Plan Participants. The Plan Administrator has authority to allocate these expenses either proportionally
based on the value of the Account Balances or pro rata based on the number of Participants in the Plan. The Plan Administrator will determine the proper method for allocating expenses in accordance with such reasonable nondiscriminatory rules as the
Plan Administrator deems appropriate under the circumstances. Unless the Plan Administrator decides otherwise, the following expenses will be allocated to the Participant’s Account relative to which the expense is incurred: distribution
expenses, including those relating to lump sums, installments, QDROs, hardship, in-service and required minimum distributions; loan expenses; participant direction expenses, including brokerage fees; and benefit calculations. 

 

	 	(c)	Expenses related to administration of former Employee or surviving spouse. If the Plan is making distributions to a former Employee or surviving spouse, the Plan may charge reasonable Plan administrative
expenses to the Account of that former Employee or surviving spouse, but only if the administrative expenses are on a pro rata basis, Under the pro rata basis, the expenses are based on the amount in each account of a former Employee or surviving
spouse receiving benefits from the Plan. The Plan Administrator may use another reasonable basis for charging the expenses, provided it complies with the requirements of Title I of ERISA) In any event, the allocation of plan expenses must meet the
nondiscrimination rules of § 401(a)(4).) 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	96	 	

	
	 Prototype Defined Contribution Plan

Section 11 – Plan Administration and Special Operating Rules

 

	11.06	Qualified Domestic Relations Orders (QDROs). 

  

	 	(a)	In general. The Plan Administrator must develop written procedures for determining whether a domestic relations order is a QDRO and for administering distributions under a QDRO. For this purpose, the Plan
Administrator may use the default QDRO procedures set forth in subsection (h) below or may develop separate QDRO procedures. 

  

	 	(b)	Definitions related to Qualified Domestic Relations Orders (QDROs). 

  

	 	(1)	QDRO. A QDRO is a domestic relations order that creates or recognizes the existence of an Alternate Payee’s right to receive, 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. (See Code §414(p).) The QDRO must contain certain information and meet other requirements described in this Section 11.06. 

 

	 	(2)	Domestic relations order. A domestic relations order is a judgment, decree, or order (including the approval of a property settlement) that is made pursuant to state domestic relations law (including
community property law). 

  

	 	(3)	Alternate Payee. An Alternate Payee must be a spouse, former spouse, child, or other dependent of a Participant. 

  

	 	(c)	Recognition as a QDRO. To be a QDRO, an order must be a domestic relations order (as defined in subsection (b)(2) above) that relates to the provision of child support, alimony payments, or
marital property rights for the benefit of an Alternate Payee. The Plan Administrator is not required to determine whether the court or agency issuing the domestic relations order had jurisdiction to issue an order, whether state law is correctly
applied in the order, whether service was properly made on the parties, or whether an individual identified in an order as an Alternate Payee is a proper Alternate Payee under state law. 

 

	 	(d)	Contents of QDRO. A QDRO must contain the following information: 

  

	 	(1)	the name and last known mailing address of the Participant and each Alternate Payee; 

  

	 	(2)	the name of each plan to which the order applies; 

  

	 	(3)	the dollar amount or percentage (or the method of determining the amount or percentage) of the benefit to be paid to the Alternate Payee; and 

 

	 	(4)	the number of payments or time period to which the order applies. 

  

	 	(e)	Impermissible QDRO provisions. 

  

	 	(1)	The order must not require the Plan to provide an Alternate Payee or Participant with any type or form of benefit, or any option, not otherwise provided under the Plan; 

 

	 	(2)	The order must not require the Plan to provide for increased benefits (determined on the basis of actuarial value); 

  

	 	(3)	The order must not require the Plan to pay benefits to an Alternate Payee that are required to be paid to another Alternate Payee under another order previously determined to be a QDRO; and 

 

	 	(4)	The order must not require the Plan to pay benefits to an Alternate Payee in the form of a Qualified Joint and Survivor Annuity for the lives of the Alternate Payee and his or her subsequent spouse. 

 

	 	(f)	Immediate distribution to Alternate Payee. Even if a Participant is not eligible to receive an immediate distribution from the Plan, an Alternate Payee may receive a QDRO benefit immediately in a lump sum,
provided such distribution is consistent with the QDRO provisions. 

  

	 	(g)	Fee for QDRO determination. The Plan Administrator may condition the making of a QDRO determination on the payment of a fee by a Participant or an Alternate Payee (either directly or as a charge against
the Participant’s Account). 

  

	 	(h)	Default QDRO procedure. If the Plan Administrator chooses this default QDRO procedure or if the Plan Administrator does not establish a separate QDRO procedure, this subsection (h) will apply as the
procedure the Plan Administrator will use to determine whether a domestic relations order is a QDRO. This default QDRO procedure incorporates the requirements set forth below. 

 

	 	(1)	Access to information. The Plan Administrator will provide access to Plan and Participant benefit information sufficient for a prospective Alternate Payee to prepare a QDRO. Such information might include
the summary plan description, other relevant plan documents, and a statement of the Participant’s benefit entitlements. The disclosure of this information is conditioned on the prospective Alternate Payee providing to the Plan Administrator
information sufficient to reasonably establish that the disclosure request is being made in connection with a domestic relations order. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	97	 	

	
	 Prototype Defined Contribution Plan

Section 11 – Plan Administration and Special Operating Rules

 

	 	(2)	Notifications to Participant and Alternate Payee. The Plan Administrator will promptly notify the affected Participant and each Alternate Payee named in the domestic relations order of the receipt
of the order. The Plan Administrator will send the notification to the address included in the domestic relations order. Along with the notification, the Plan Administrator will provide a copy of the Plan’s procedures for determining whether a
domestic relations order is a QDRO. 

  

	 	(3)	Alternate Payee representative. The prospective Alternate Payee may designate a representative to receive copies of notices and Plan information that are sent to the Alternate Payee with respect to the
domestic relations order. 

  

	 	(4)	Evaluation of domestic relations order. Within a reasonable period of time, the Plan Administrator will evaluate the domestic relations order to determine whether it is a QDRO. A reasonable period will
depend on the specific circumstances. The domestic relations order must contain the information described in subsection (d). If the order is only deficient in a minor respect, the Plan Administrator may supplement information in the order from
information within the Plan Administrator’s control or through communication with the prospective Alternate Payee. 

  

	 	(i)	Separate accounting. Upon receipt of a domestic relations order, the Plan Administrator will separately account for and preserve the amounts that would be payable to an Alternate Payee until a
determination is made with respect to the status of the order. During the period in which the status of the order is being determined, the Plan Administrator will take whatever steps are necessary to ensure that amounts that would be payable to the
Alternate Payee, if the order were a QDRO, are not distributed to the Participant or any other person. The separate accounting requirement may be satisfied, at the Plan Administrator’s discretion, by a segregation of the assets that are subject
to separate accounting. 

  

	 	(ii)	Separate accounting until the end of “18 month period”. The Plan Administrator will continue to separately account for amounts that are payable under the QDRO until the end of an “18-month
period.” The “18-month period” will begin on the first date following the Plan’s receipt of the order upon which a payment would be required to be made to an Alternate Payee under the order. If, within the “18-month
period,” the Plan Administrator determines that the order is a QDRO, the Plan Administrator must pay the Alternate Payee in accordance with the terms of the QDRO. If, however, the Plan Administrator determines within the “18-month
period” that the order is not a QDRO, or, if the status of the order is not resolved by the end of the “18-month period,” the Plan Administrator may pay out the amounts otherwise payable under the order to the person or persons who
would have been entitled to such amounts if there had been no order. If the order is later determined to be a QDRO, the order will apply only prospectively; that is, the Alternate Payee will be entitled only to amounts payable under the order after
the subsequent determination. 

  

	 	(iii)	Preliminary review. The Plan Administrator will perform a preliminary review of the domestic relations order to determine if it is a QDRO. If this preliminary review indicates the order is deficient in
some manner, the Plan Administrator will allow the parties to attempt to correct any deficiency before issuing a final decision on the domestic relations order. The ability to correct is limited to a reasonable period of time. 

 

	 	(iv)	Notification of determination. The Plan Administrator will notify in writing the Participant and each Alternate Payee of the Plan Administrator’s decision as to whether a domestic relations order is a
QDRO. In the case of a determination that an order is not a QDRO, the written notice will contain the following information: 

  

	 	(A)	references to the Plan provisions on which the Plan Administrator based its decision; 

  

	 	(B)	an explanation of any time limits that apply to rights available to the parties under the Plan (such as the duration of any protective actions the Plan Administrator will take); and 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	98	 	

	
	 Prototype Defined Contribution Plan

Section 11 – Plan Administration and Special Operating Rules

 

	 	(C)	a description of any additional material, information, or modifications necessary for the order to be a QDRO and an explanation of why such material, information, or modifications are necessary. 

 

	 	(v)	Treatment of Alternate Payee. If an order is accepted as a QDRO, the Plan Administrator will act in accordance with the terms of the QDRO as if it were a part of the Plan. An Alternate Payee will be
considered a Beneficiary under the Plan and be afforded the same rights as a Beneficiary. The Plan Administrator will provide any appropriate disclosure information relating to the Plan to the Alternate Payee. 

 

	11.07	Claims Procedure. The Plan Administrator shall establish a procedure for benefit claims consistent with the requirements of ERISA Reg. §2560.503-1. The Plan Administrator is authorized to conduct an
examination of the relevant facts to determine the merits of a Participant’s or Beneficiary’s claim for Plan benefits. The claims procedure must incorporate the following guidelines: 

 

	 	(a)	Filing a claim. The claims procedure will set forth a reasonable means for a Participant or Beneficiary to file a claim for benefits under the Plan. 

 

	 	(b)	Plan Administrator’s decision. The Plan Administrator must provide a claimant with written notification of the Plan Administrator’s decision relating to a claim within a reasonable period of time
(not more than 90 days unless special circumstances require an extension to process the claim) after the claim was filed. If the claim is denied, the notification must set forth the reasons for the denial, specific reference to pertinent Plan
provisions on which the denial is based, a description of any additional information necessary for the claimant to perfect the claim, and the steps the claimant must take to submit the claim for review. 

 

	 	(c)	Review procedure. The claims procedure will provide a claimant a reasonable opportunity to have a full and fair review of a denied claim. Such procedure shall allow a review upon a written application, for
the claimant to review pertinent documents, and to allow the claimant to submit written comments to the Plan Administrator. The procedure may establish a limited period (not less than 60 days after the claimant receives written notification of the
denial of the claim) for the claimant to request a review of the claim denial. 

  

	 	(d)	Decision on review. If a claimant requests a review, the Plan Administrator must respond promptly to the request. Unless special circumstances exist (such as the need for a hearing), the Plan Administrator
must respond in writing within 60 days of the date the claimant submitted the review application. The response must explain the Plan Administrator’s decision on review. 

 

	11.08	Operational Rules for Short Plan Years. The following operational rules apply if the Plan has a Short Plan Year. A Short Plan Year is any Plan Year that is less than a 12-month period, either because of
the amendment of the Plan Year, or because the Effective Date of a new Plan is less than 12 months prior to the end of the first Plan Year. 

  

	 	(a)	If the Plan is amended to create a Short Plan Year, and an Eligibility Computation Period or Vesting Computation Period is based on the Plan Year, the applicable computation period begins on the first day of the Short
Plan Year, but such period ends on the day which is 12 months from the first day of such Short Plan Year. Thus, the computation period that begins on the first day of the Short Plan Year overlaps with the computation period that starts on the first
day of the next Plan Year. This rule applies only to an Employee who has at least one Hour of Service during the Short Plan Year. 

If a Plan has an initial Short Plan Year, the rule in the above paragraph applies only for purposes of determining an Employee’s Vesting
Computation Period and only if the Employer elects under AA §8-4 to exclude service earned prior to the adoption of the Plan. For eligibility and vesting (where service prior to the adoption of the Plan is not ignored), if the Eligibility
Computation Period or Vesting Computation Period is based on the Plan Year, the applicable computation period will be determined on the basis of the Plan’s normal Plan Year, without regard to the initial short Plan Year. 

 

	 	(b)	If Employer Contributions are allocated for a Short Plan Year, any allocation condition under AA §6-6 or AA §6B-7 (under the Profit Sharing/401(k) Plan Adoption Agreement) that requires a Participant to
complete a specified number of Hours of Service to receive an allocation of such Employer Contributions will not be prorated as a result of such Short Plan Year unless otherwise specified in AA §6-6 or AA §6B-7, if applicable.

  

	 	(c)	If the permitted disparity method is used to allocate any Employer Contributions made for a Short Plan Year, the Integration Level will be prorated to reflect the number of months (or partial months) included in the
Short Plan Year. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	99	 	

	
	 Prototype Defined Contribution Plan

Section 11 – Plan Administration and Special Operating Rules

 

	 	(d)	The Compensation Limit, as defined in Section 1.24, will be prorated to reflect the number of months (or partial months) included in the Short Plan Year unless the compensation used for such Short Plan Year is a
period of 12 months. (See Section 6.04(j)(1) for special rules that apply for the first year of a Safe Harbor 401(k) Plan.) 

In all other respects, the Plan shall be operated for the Short Plan Year in the same manner as for a 12-month Plan Year, unless the context
requires otherwise. If the terms of the Plan are ambiguous with respect to the operation of the Plan for a Short Plan Year, the Plan Administrator has the authority to make a final determination on the proper interpretation of the Plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	100	 	

	
	 Prototype Defined Contribution Plan

Section 12 – Trust Provisions

 SECTION 12 

TRUST PROVISIONS 
  

	12.01	Establishment of Trust. In conjunction with the establishment of this Plan, the Employer and the Trustee agree to establish and maintain a domestic Trust in the United States consisting of such sums as
shall from time to time be paid to the Trustee under the Plan and such earnings, income and appreciation as may accrue thereon. The Trustee shall carry out the duties and responsibilities herein specified, but shall be under no duty to determine
whether the amount of any contribution by the Employer or any Participant is in accordance with the terms of the Plan, nor shall the Trustee be responsible for the collection of any contributions required under the Plan. 

The Trust shall be held, invested, reinvested and administered by the Trustee in accordance with the terms of the Plan and this Agreement
solely in the interest of Participants and their Beneficiaries and for the exclusive purpose of providing benefits to Participants and their Beneficiaries and defraying reasonable expenses of administering the Plan. Except as provided in
Section 15.02, no assets of the Plan shall inure to the benefit of the Employer. 
  

	12.02	Types of Trustees. The Trustee identified in the Trustee Declaration page under the Adoption Agreement shall act either as a Directed Trustee or as a Discretionary Trustee, as designated on the Trustee
Declaration page. 

  

	 	(a)	Directed Trustee. A Directed Trustee is subject to the direction of the Plan Administrator, the Employer, a properly appointed Investment Manager, a Named Fiduciary, or Plan Participant. A Directed Trustee
does not have any discretionary authority with respect to the investment of Plan assets. In addition, a Directed Trustee is not responsible for the propriety of any directed investment made pursuant to this Section and shall not be required to
consult or advise the Employer regarding the investment quality of any directed investment held under the Plan. 

  

	 	(1)	Delegation of powers. The Directed Trustee shall be advised in writing regarding the retention of investment powers by the Employer or the appointment of an Investment Manager or other Named Fiduciary with
power to direct the investment of Plan assets. Any such delegation of investment powers will remain in force until such delegation is revoked or amended in writing. The Employer is deemed to have retained investment powers under this subsection to
the extent the Employer directs the investment of Participant Accounts for which affirmative investment direction has not been received. 

  

	 	(2)	Direction of Trustee. The Employer is a Named Fiduciary for investment purposes if the Employer directs investments pursuant to this subsection. Any investment direction shall be made in writing by the
Employer, Investment Manager, or Named Fiduciary, as applicable. A Directed Trustee must act solely in accordance with the direction of the Plan Administrator, the Employer, any employees or agents of the Employer, a properly appointed Investment
Manager or other fiduciary of the Plan, a Named Fiduciary, or Plan Participants. (See Section 10.07 for a discussion of the Trustee’s responsibilities with regard to Participant directed investments.) 

 

	 	(3)	Restriction on Trustee. The Employer may direct the Directed Trustee to invest in any media in which the Trustee may invest, as described in Section 12.03(b). However, the Employer may not borrow from
the Trust or pledge any of the assets of the Trust as security for a loan to itself; buy property or assets from or sell property or assets to the Trust; charge any fee for services rendered to the Trust; or receive any services from the Trust on a
preferential basis. 

  

	 	(b)	Discretionary Trustee. A Discretionary Trustee has exclusive authority and discretion with respect to the investment, management or control of Plan assets. Notwithstanding a Trustee’s designation as a
Discretionary Trustee, a Trustee’s discretion is limited, and the Trustee shall be considered a Directed Trustee, to the extent the Trustee is subject to the direction of the Plan Administrator, the Employer, a properly appointed Investment
Manager, or a Named Fiduciary under an agreement between the Plan Administrator and the Trustee. A Trustee also is considered a Directed Trustee to the extent the Trustee is subject to investment direction of Plan Participants. (See
Section 10.07 for a discussion of the Trustee’s responsibilities with regard to Participant-directed investments.) 

  

	12.03	Responsibilities of the Trustee. In addition to the powers, rights and responsibilities enumerated under this Section, the Trustee has all powers necessary to carry out its duties in a prudent manner. The
Trustee’s powers, rights and responsibilities may be modified, supplemented or limited by a separate trust agreement, investment policy, funding agreement, or other binding document entered into between the Trustee and the Plan Administrator or
Employer. Such binding document must designate the Trustee’s responsibilities with respect to the Plan. A separate trust agreement, investment policy, funding agreement, or other binding document must be consistent with the terms of this Plan
and must comply with all qualification requirements under the Code and regulations. To the extent the exercise of any power, right or responsibility is subject to discretion, such exercise by a Directed Trustee must be made at the direction of the
Plan Administrator, the Employer, an Investment Manager, a Named Fiduciary, or Plan Participant. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	101	 	

	
	 Prototype Defined Contribution Plan

Section 12 – Trust Provisions

  

	 	(a)	Responsibilities regarding administration of Trust. 

  

	 	(1)	The Trustee, the Employer and the Plan Administrator shall each discharge their assigned duties and responsibilities under this Agreement and the Plan solely in the interest of Participants and their Beneficiaries in
the following manner: 

  

	 	(i)	for the exclusive purpose of providing benefits to Participants and their Beneficiaries and defraying reasonable expenses of administering the Plan; 

 

	 	(ii)	with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like
character and with like aims; 

  

	 	(iii)	by diversifying the available investments under the Plan so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so; and 

 

	 	(iv)	in accordance with the provisions of the Plan insofar as they are consistent with the provisions of ERISA. 

  

	 	(2)	The Trustee will receive all contributions, earnings and other amounts made to and under the terms of the Plan. The Trustee is not obligated in any manner to ensure that such amounts are correct in amount or that such
amounts comply with the terms of the Plan, the Code or ERISA. In addition, the Trustee is under no obligation to compel the Employer to make contributions to the Trust. The Trustee is not liable for the manner in which such amounts are deposited or
the allocation between Participant’s Accounts, to the extent the Trustee follows the written direction of the Plan Administrator or Employer. 

  

	 	(3)	The Trustee will make distributions from the Trust in accordance with the written directions of the Plan Administrator or other authorized representative. To the extent the Trustee follows such written direction, the
Trustee is not obligated in any manner to ensure a distribution complies with the terms of the Plan, that a Participant or Beneficiary is entitled to such a distribution, or that the amount distributed is proper under the terms of the Plan. If there
is a dispute as to a payment from the Trust, the Trustee may decline to make payment of such amounts until the proper payment of such amounts is determined by a court of competent jurisdiction, or the Trustee has been indemnified to its
satisfaction. 

  

	 	(4)	The Trustee may employ agents, attorneys, accountants and other third parties to provide counsel on behalf of the Plan, where the Trustee deems advisable. The Trustee may reimburse such persons from the Trust for
reasonable expenses and compensation incurred as a result of such employment. The Trustee shall not be liable for the actions of such persons, provided the Trustee acted prudently in the employment and retention of such persons. In addition, the
Trustee will not be liable for any actions taken as a result of good faith reliance on the advice of such persons. 

  

	 	(5)	The Trustee shall keep full and accurate accounts of all receipts, investments, disbursements and other transactions hereunder, including such specific records as may be agreed upon in writing between the Employer and
the Trustee. All such accounts, books and records shall be open to inspection and audit at all reasonable times by any authorized representative of the Trustee or the Plan Administrator. A Participant may examine only those individual account
records pertaining directly to him. 

  

	 	(6)	Except as provided in Section 15.02, at no time prior to the satisfaction of all liabilities with respect to Participants and their Beneficiaries under the Plan shall any part of the corpus or income of the Fund be
used for, or diverted to, purposes other than for the exclusive benefit of Participants or their Beneficiaries, or for defraying reasonable expenses of administering the Plan. 

 

	 	(b)	Responsibilities regarding investment of Plan assets. 

  

	 	(1)	The Trustee shall be responsible for holding the assets of the Trust in accordance with the provisions of this Plan. 

  

	 	(2)	The Trustee may invest and reinvest, manage and control the Plan assets in a manner that is consistent with the Plan’s funding policy and investment objectives of the Plan. The Trustee may invest in any investment,
as authorized under this subsection (b), which the Trustee deems advisable and prudent, subject to the proper written direction of the Plan Administrator, the Employer, a properly appointed Investment Manager, a Named Fiduciary or a Plan
Participant. The Trustee is not liable for the investment of Plan assets to the extent the Trustee is following the proper direction of the Plan Administrator, the Employer, a Participant, an Investment Manager, or other person or persons duly
appointed by the Employer to provide investment direction. In addition, the Trustee does not guarantee the Trust in any manner against investment loss or depreciation in asset value, or guarantee the adequacy of the Trust to meet and discharge any
or all liabilities of the Plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	102	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 12 – Trust Provisions

  

	 	(3)	The Trustee may hold any securities or other property in the name of the Trustee or in the name of the Trustee’s nominee, and may hold any investments in bearer form, provided the books and records of the Trustee
at all times show such investment to be part of the Trust. If securities are held on behalf of the Plan in the name of the Trustee’s nominee, such securities must be held by: 

 

	 	(i)	A bank or trust company that is subject to supervision by the United States or a State, or a nominee of such bank or trust company; 

  

	 	(ii)	A broker or dealer registered under the Securities Exchange Act of 1934, or a nominee of such broker or dealer; or 

  

	 	(iii)	A “clearing agency” as defined in section 3(a)(23) of the Securities Exchange Act of 1934, or its nominee. 

  

	 	(4)	The Trustee may retain such portion of the Plan assets in cash or cash balances as the Trustee may, from time to time, deem to be in the best interests of the Plan, without liability for interest thereon.

  

	 	(5)	The Trustee may collect and receive any and all moneys and other property due the Plan and to settle, compromise, or submit to arbitration any claims, debts, or damages with respect to the Plan, and to commence or
defend on behalf of the Plan any lawsuit, or other legal or administrative proceedings. 

  

	 	(6)	The Trustee may pay expenses out of Plan assets as necessary to administer the Trust and as authorized under the Plan. 

  

	 	(7)	The Trustee may borrow or raise money on behalf of the Plan in such amount, and upon such terms and conditions, as the Trustee deems advisable. The Trustee may issue a promissory note as Trustee to secure the repayment
of such amounts and may pledge all, or any part, of the Trust as security. 

  

	 	(8)	The Trustee is authorized to execute, acknowledge and deliver all documents of transfer and conveyance, receipts, releases, and any other instruments that the Trustee deems necessary or appropriate to carry out its
powers, rights and duties hereunder. 

  

	 	(9)	The Trustee, upon the written direction of the Plan Administrator, is authorized to enter into a transfer agreement with the Trustee of another qualified retirement plan and to accept a transfer of assets from such
retirement plan on behalf of any Employee of the Employer. The Trustee is also authorized, upon the written direction of the Plan Administrator, to transfer some or all of a Participant’s vested Account Balance to another qualified retirement
plan on behalf of such Participant. A transfer agreement entered into by the Trustee does not affect the Plan’s status as a Prototype Plan. 

  

	 	(10)	If the Employer maintains more than one Plan, the assets of such Plans may be commingled for investment purposes. The Trustee must separately account for the assets of each Plan. A commingling of assets does not cause
the Trusts maintained with respect to the Employer’s Plans to be treated as a single Trust, except as provided in a separate document authorized in the first paragraph of this Section 12.03. 

 

	 	(11)	If the Trustee is a bank or similar financial institution, the Trustee is authorized to invest in any type of deposit of the Trustee (including its own money market fund) at a reasonable rate of interest.

  

	 	(12)	The Trustee is authorized to invest Plan assets in a common/collective trust fund, or in a group trust fund that satisfies the requirements of IRS Revenue Ruling 81-100. All of the terms and provisions of any such
common/collective trust fund or group trust into which Plan assets are invested are incorporated by reference into the provisions of the Trust for this Plan. 

  

	 	(13)	The Trustee must be bonded as required by applicable law. The bonding requirements shall not apply to a bank, insurance company, or similar financial institution that satisfies the requirements of §412(a)(2) of
ERISA. 

  

	12.04	 Voting and Other Rights Related to Employer Stock. Each Participant or Beneficiary of a deceased Participant (referred to herein
collectively as Participant) shall have the right to direct the Trustee as to the manner of voting and the exercise of all other rights which a shareholder of record has with respect to shares (and fractional shares) of Employer Stock which have
been allocated to the Participant’s separate account including, but not limited to, the right to sell or retain shares in a public or private tender offer. All shares (and fractional shares) of Employer Stock for which the Trustee has not
received timely 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	103	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 12 – Trust Provisions

  

 Participant directions shall be voted or exercised by the Trustee in the same proportion as
the shares (and fractional shares) of Employer Stock for which the Trustee received timely Participant directions, except in the case where to do so would be inconsistent with the provisions of Title I of ERISA. All reasonable efforts shall be made
to inform each Participant that shares of Employer Stock for which the Trustee does not receive Participant direction shall be voted pro rata in proportion to the shares for which the Trustee has received Participant direction. 

Notwithstanding anything to the contrary, in the event of a tender offer for Employer Stock, the Trustee shall interpret a Participant’s
silence as a direction not to tender the shares of Employer Stock allocated to the Participant’s separate account and, therefore, the Trustee shall not tender any shares (or fractional shares) of Employer Stock for which it does not receive
timely directions to tender such shares (or fractional shares) from Participants, except in the case where to do so would be inconsistent with the provisions of Title I of ERISA. Furthermore, tender offer materials provided to Participants shall
specifically inform Participants that the Trustee shall interpret a Participant’s silence as a direction not to tender the Participant’s shares of Employer Stock. 

Information relating to the purchase, holding and sale of securities and the exercise of voting, tender and other similar rights with respect
to Employer Stock by Participants and Beneficiaries shall be maintained in accordance with procedures that are designed to safeguard the confidentiality of such information, except to the extent necessary to comply with Federal laws or State laws
not preempted by ERISA. The Trustee shall be the fiduciary who is responsible for ensuring that such procedures are sufficient to safeguard the confidentiality of the information described above, and that such procedures are followed. 

 

	12.05	Responsibilities of the Employer. The Employer will provide to the Trustee written notification of the appointment of any person or persons as Plan Administrator, Investment Manager, or other Plan
fiduciary, and the names, titles and authorities of any individuals who are authorized to act on behalf of such persons. The Trustee shall be entitled to rely upon such information until it receives written notice of a change in such appointments or
authorizations. 

 The Employer may authorize the Trustee to enter into a merger agreement with the Trustee of another plan to
effect such merger or consolidation. A merger agreement entered into by the Trustee is not part of this Plan and does not affect the assets transferred to this Plan from another plan. 

 

	12.06	Effect of Plan Amendment. Any amendment that affects the rights, duties or responsibilities of the Trustee or Plan Administrator may only be made with the Trustee’s or Plan Administrator’s
written consent. Any amendment to the Plan must be in writing and a copy of the resolution (or similar instrument) setting forth such amendment (with the applicable effective date of such amendment) must be delivered to the Trustee.

  

	12.07	More than One Trustee. If the Plan has more than one person acting as Trustee, the Trustees may allocate the Trustee responsibilities by mutual agreement and Trustee decisions will be made by a majority
vote (unless otherwise agreed to by the Trustees) or as otherwise provided in a separate trust agreement or other binding document. 

  

	12.08	Annual Valuation. The Plan assets will be valued at least on an annual basis. The Employer may designate more frequent Valuation Dates under AA §11-1. Notwithstanding any election under AA §11-1,
the Trustee and Plan Administrator may agree to value the Trust on a more frequent basis, and/or to perform an interim valuation of the Trust. 

  

	12.09	Reporting to Plan Administrator and Employer. Within 120 days after the end of each Plan Year or within 120 days after its removal or resignation, the Trustee shall file with the Plan Administrator a
written account of the administration of the Trust showing all transactions effected by the Trustee from the last preceding accounting to the end of such Plan Year or date of removal or resignation. The accounting will include a statement of cash
receipts, disbursements and other transactions effected by the Trustee since the date of its last accounting, and such further information as the Trustee and/or Employer deems appropriate. Upon approval of such accounting by the Plan Administrator,
neither the Employer nor the Plan Administrator shall be entitled to any further accounting by the Trustee. The Plan Administrator may approve such accounting by written notice of approval delivered to the Trustee or by failure to express objection
to such accounting in writing delivered to the Trustee within 90 days from the date on which the accounting is delivered to the Plan Administrator. The Trustee shall have sixty (60) days following its receipt of a written disapproval from the
Employer to provide the Employer with a written explanation of the terms in question. If the Employer again disapproves of the accounting, the Trustee may file its accounting with a court of competent jurisdiction for audit and adjudication.

  

	12.10	Reasonable Compensation. The Trustee shall be paid reasonable compensation in an amount agreed upon by the Plan Administrator and Trustee. The Trustee also will be reimbursed for any reasonable expenses or
fees incurred in its function as Trustee. An individual Trustee who is already receiving full-time pay as an Employee of the Employer may not receive any additional compensation for services as Trustee. The Plan will pay the reasonable compensation
and expenses incurred by the Trustee, unless the Employer pays such compensation and expenses. Any compensation or expense paid directly by the Employer to the Trustee is not an Employer Contribution to the Plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	104	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 12 – Trust Provisions

  

	12.11	Resignation and Removal of Trustee. The Trustee may resign at any time by delivering to the Employer a written notice of resignation at least thirty (30) days prior to the effective date of such
resignation, unless the Employer consents in writing to a shorter notice period. The Employer and Trustee may agree to a longer notification period prior to the resignation of the Trustee The Employer may remove the Trustee at any time, with or
without cause, by delivering written notice to the Trustee at least 30 days prior to the effective date of such removal. The Employer may remove the Trustee upon a shorter written notice period if the Employer reasonably determines such shorter
period is necessary to protect Plan assets. Upon the resignation, removal, death or incapacity of a Trustee, the Employer may appoint a successor Trustee which, upon accepting such appointment, will have all the powers, rights and duties conferred
upon the preceding Trustee. In the event there is a period of time following the effective date of a Trustee’s removal or resignation before a successor Trustee is appointed, the Employer is deemed to be the Trustee. During such period, the
Trust continues to be in existence and legally enforceable, and the assets of the Plan shall continue to be protected by the provisions of the Trust. 

  

	12.12	Indemnification of Trustee. Except to the extent that it is judicially determined that the Trustee has acted with gross negligence or willful misconduct, the Employer shall indemnify the Trustee (whether
or not the Trustee has resigned or been removed) against any liabilities, losses, damages, and expenses, including attorney, accountant, and other advisory fees, incurred as a result of: 

 

	 	(a)	any action of the Trustee taken in good faith in accordance with any information, instruction, direction, or opinion given to the Trustee by the Employer, the Plan Administrator, Investment Manager, Named Fiduciary or
legal counsel of the Employer, or any person or entity appointed by any of them and authorized to give any information, instruction, direction, or opinion to the Trustee; 

 

	 	(b)	the failure of the Employer, the Plan Administrator, Investment Manager, Named Fiduciary or any person or entity appointed by any of them to make timely disclosure to the Trustee of information which any of them or any
appointee knows or should know if it acted in a reasonably prudent manner; or 

  

	 	(c)	any breach of fiduciary duty by the Employer, the Plan Administrator, Investment Manager, Named Fiduciary or any person or entity appointed by any of them, other than such a breach which is caused by any failure of the
Trustee to perform its duties under this Trust. 

  

	12.13	Liability of Trustee. The duties and obligations of the Trustee shall be limited to those expressly imposed upon it by this Plan document and Trust or as subsequently agreed upon by the parties.
Responsibility for administrative duties required under the Plan or applicable law not expressly imposed upon or agreed to by the Trustee shall rest solely with the Plan Administrator and the Employer. 

The Employer agrees that the Trustee shall have no liability with regard to the investment or management of illiquid Plan assets transferred
from a prior Trustee, and shall have no responsibility for investments made before the transfer of Plan assets to it, or for the viability or prudence of any investment made by a prior Trustee, including those represented by assets now transferred
to the custody of the Trustee, or for any dealings whatsoever with respect to Plan assets before the transfer of such assets to the Trustee. The Employer shall indemnify and hold the Trustee harmless for any and all claims, actions or causes of
action for loss or damage, or any liability whatsoever relating to the assets of the Plan transferred to the Trustee by any prior Trustee of the Plan, including any liability arising out of or related to any act or event, including prohibited
transactions, occurring prior to the date the Trustee accepts such assets, including all claims, actions, causes of action, loss, damage, or any liability whatsoever arising out of or related to that act or event, although that claim, action, cause
of action, loss, damage, or liability may not be asserted, may not have accrued, or may not have been made known until after the date the Trustee accepts the Plan assets. Such indemnification shall extend to all applicable periods, including periods
for which the Plan is retroactively restated to comply with any tax law or regulation. 
  

	12.14	Appointment of Custodian. The Plan Administrator may appoint a Custodian to hold all or any portion of the Plan assets. A Custodian has the powers, rights and responsibilities similar to those of a
Directed Trustee. The Custodian will be protected from any liability with respect to actions taken pursuant to the direction of the Trustee, Plan Administrator, the Employer, an Investment Manager, a Named Fiduciary or other third party with
authority to provide direction to the Custodian. The Custodian may designate its acceptance of the responsibilities and obligations described under this Plan document by executing the Trustee Declaration Page. The Employer also may enter into a
separate agreement with the Custodian. Such separate agreement must be consistent with the responsibilities and obligations set forth in this Plan document. If there is no Custodian that will be executing the Trustee Declaration, the provisions of
the Trustee Declaration addressing the Custodian (i.e., the Custodian signature provisions) may be removed from the Trustee Declaration Page. 

  

	12.15	 Modification of Trust Provisions. The Employer may amend the administrative trust or custodial provisions under this Plan (such as
provisions relating to investments and the duties of trustees), provided the amended provisions are not in conflict with any other provision of the Plan and do not cause the plan to fail to qualify under Code §401(a). The Employer may document
any amendment modifying the trust or custodial provisions under this Plan or other overriding language in an Addendum to the Adoption Agreement. If the Employer adopts the Standardized Adoption Agreement, the Employer may amend the trust or

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	105	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 12 – Trust Provisions

  

	 	
custodial provisions provided such amendment merely involves the specification of the names of the Plan, Employer, Trustee or Custodian, Plan Administrator and other fiduciaries, the Trust year,
or the name of any pooled Trust in which the Plan will participate. 

  

	12.16	Custodial Accounts, Annuity Contracts and Insurance Contracts. As provided under Code §401(f), a custodial account, an annuity contract or a contract issued by an Insurer is treated as a qualified
trust under the Plan if (i) the custodial account or contract would, except for the fact that it is not a trust, constitute a qualified trust under Code §401(a) and (ii) in the case of a custodial account the assets therof are held by
a bank (as defined in Code §408(n)) or another person who demonstrates to the IRS that the manner in which the assets are held are consistent with the requirements of Code §401(a). 

No insurance contract will be purchased under the Plan unless such contract or a separate definite written agreement between the Employer and
the Insurer provides that: (1) no value under contracts providing benefits under the Plan or credits determined by the Insurer (on account of dividends, earnings, or other experience rating credits, or surrender or cancellation credits) with
respect to such contracts may be paid or returned to the Employer or diverted to or used for other than the exclusive benefit of the Participants or their Beneficiaries. However, any contribution made by the Employer because of a mistake of fact
must be returned to the Employer within one year of the contribution. 
 If this Plan is funded by individual contracts that provide a
Participant’s benefit under the plan, such individual contracts shall constitute the Participant’s Account Balance. If this Plan is funded by group contracts, under the group annuity or group insurance contract, premiums or other
consideration received by the insurance company must be allocated to Participants’ accounts under the Plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	106	 	

 Prototype Defined Contribution Plan 

Section 13 – Participant Loans 

 
 SECTION 13 

PARTICIPANT LOANS 
  

	13.01	Availability of Participant Loans. The Employer may elect under Appendix B of the Adoption Agreement to permit Participants to take loans from their vested Account Balance under the Plan. If the Employer
elects to permit loans under the Plan, the Employer may elect to use the default loan policy under this Section 13, as modified under Appendix B of the Adoption Agreement, or may establish an outside loan policy for purposes of administering
Participant loans under the Plan. If the Employer adopts a separate written loan policy, the terms of such separate loan policy will control over the terms of this Plan with respect to the administration of any Participant loans. Any separate
written loan policy must satisfy the requirements under Code §72(p) and the regulations thereunder. 

 Participant loans
under this Section 13 are available to Participants and Beneficiaries who are parties in interest (as defined in ERISA §3(14)). Unless modified in a separate loan policy, any reference to Participant under this Section is a reference to a
Participant or Beneficiary who is a party in interest. 
 To receive a Participant loan, a Participant must sign a promissory note along with
a pledge or assignment of the portion of the Account Balance used for security on the loan. The loan will be evidenced by a legally enforceable agreement which specifies the amount and term of the loan, and the repayment schedule. 

 

	13.02	Must be Available in Reasonably Equivalent Manner. Participant loans must be made available to Participants in a reasonably equivalent manner. Participant loans will not be made available to Highly
Compensated Employees in an amount greater than the amount made available to other Employees. The Employer may elect under AA §B-7 to limit the availability of Participant loans to specified events. For example, the Employer may limit the
availability of Participant loans to the occurrence of a hardship event as described in Section 8.10(d)(1)(i). 

  

	13.03	Loan Limitations. A Participant loan may not be made to the extent such loan (when added to the outstanding balance of all other loans made to the Participant) exceeds the lesser of: 

 

	 	(a)	$50,000 (reduced by the excess, if any, of the Participant’s highest outstanding balance of loans from the Plan during the one-year period ending on the day before the date on which such loan is made, over the
Participant’s outstanding balance of loans from the Plan as of the date such loan is made) or 

  

	 	(b)	one-half ( 1⁄2) of the Participant’s vested Account Balance, determined as of the Valuation Date coinciding with or
immediately preceding such loan, adjusted for any contributions or distributions made since such Valuation Date. 

 In applying
the limitations under this Section 13.03, all plans maintained by the Employer are aggregated and treated as a single plan. In addition, any assignment or pledge of any portion of the Participant’s interest in the Plan and any loan,
pledge, or assignment with respect to any insurance contract purchased under the Plan will be treated as loan under this Section. 
  

	13.04	Limit on Amount and Number of Loans. Unless elected otherwise under AA §B4 and/or AA §B-6, or under a separate written loan policy, a Participant may not receive a Participant loan of less than
$1,000 nor may a Participant have more than one Participant loan outstanding at any time. 

  

	 	(a)	Loan renegotiation. A Participant may renegotiate a loan without violating the one outstanding loan requirement to the extent such renegotiated loan is a new loan (i.e., the renegotiated loan separately
satisfies the reasonable interest rate requirement under Section 13.05, the adequate security requirement under Section 13.06, and the periodic repayment requirement under Section 13.07) and the renegotiated loan does not exceed the
limitations under Section 13.03 above, treating both the replaced loan and the renegotiated loan as outstanding at the same time. However, if the term of the renegotiated loan does not end later than the original term of the replaced loan, the
replaced loan may be ignored in applying the limitations under Section 13.03 above. 

  

	 	(b)	Participant must be creditworthy. The Plan Administrator may refuse to make a loan to any Participant who is determined to be not creditworthy. For this purpose, a Participant is not creditworthy if, based
on the facts and circumstances, it is reasonable to believe that the Participant will not repay the loan. A Participant who has defaulted on a previous loan from the Plan and has not repaid such loan (with accrued interest) at the time of any
subsequent loan will be treated as not creditworthy until such time as the Participant repays the defaulted loan (with accrued interest). 

  

	13.05	Reasonable Rate of Interest. All Participant loans will be charged a reasonable rate of interest. For this purpose, the interest rate charged on a Participant loan must be commensurate with the interest
rates charged by persons in the business of lending money for loans under similar circumstances. The Employer may identify alternative methods for determining a reasonable rate of interest under AA §B-5 or under a separate written loan policy.
The Plan Administrator must periodically review its interest rate assumptions to ensure the interest rate charged on Participant loans is reasonable. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	107	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 13 – Participant Loans

  

 If a Participant is in “military service” while he/she has an outstanding
Participant loan, the applicable interest charged on such loan during the period while the Participant is in “military service” will not exceed 6% per year provided the Participant provides written notice and a copy of his/her call-up
or extension orders to the Plan Administrator within 180 days following the Participant’s termination or release from “military service.” For this purpose, “military service” is as defined in the Soldier’s and
Sailor’s Civil Relief Act of 1940 as modified by the Servicemembers Civil Relief Act of 2003. The Participant may voluntarily waive this 6% interest limitation and the Plan Administrator may petition the court to retain the original interest
rate if the ability to repay is not affected by the Participant’s activation to military duty. 
  

	13.06	Adequate Security. All Participant loans must be adequately secured. The Participant’s vested Account Balance shall be used as security for a Participant loan provided the outstanding balance of all
Participant loans made to such Participant does not exceed 50% of the Participants vested Account Balance, determined immediately after the origination of each loan, and if applicable, the spousal consent requirements described in Section 13.08
have been satisfied. The Plan Administrator (with the consent of the Trustee) may require a Participant to provide additional collateral to receive a Participant loan if the Plan Administrator determines such additional collateral is required to
protect the interests of Plan Participants. A separate loan policy or written modifications to this loan policy may prescribe alternative rules for obtaining adequate security. However, the 50% rule in this paragraph may not be replaced with a
greater percentage. 

  

	13.07	Periodic Repayment. A Participant loan must provide for level amortization with payments to be made not less frequently than quarterly. A Participant loan must be payable within a period not exceeding five
(5) years from the date the Participant receives the loan from the Plan, unless the loan is for the purchase of the Participant’s principal residence, in which case the loan may be payable within ten (10) years or such longer period
that is commensurate with the repayment period permitted by commercial lenders for similar loans. Loan repayments must be made through payroll withholding, except to the extent the Plan Administrator determines payroll withholding is not practical
given the level of a Participant’s wages, the frequency with which the Participant is paid, or other circumstances. 

  

	 	(a)	Unpaid leave of absence. A Participant with an outstanding Participant loan may suspend loan payments to the Plan for up to 12 months for any period during which the Participant is on an unpaid leave of
absence. Upon the Participant’s return to employment (or after the end of the 12-month period, if earlier), the Participant’s outstanding loan will be reamortized over the remaining period of such loan to make up for the missed payments.
The reamortized loan may extend beyond the original loan term so long as the loan is paid in full by whichever of the following dates comes first: (1) the date which is five (5) years from the original date of the loan (or the end of the
suspension, if sooner), or (2) the original loan repayment deadline (or the end of the suspension period, if later) plus the length of the suspension period. 

 

	 	(b)	Military leave. A Participant with an outstanding Participant loan also may suspend loan payments for any period such Participant is on military leave, in accordance with Code §414(u)(4). Upon the
Participant’s return from military leave (or the expiration of five years from the date the Participant began his/her military leave, if earlier), loan payments will recommence under the amortization schedule in effect prior to the
Participant’s military leave, without regard to the five-year maximum loan repayment period. Alternatively, the loan may be reamortized to require a different level of loan payment, as long as the amount and frequency of such payments are not
less than the amount and frequency under the amortization schedule in effect prior to the Participant’s military leave. 

  

	13.08	Spousal Consent. If this Plan is subject to the Joint and Survivor Annuity requirements under Section 9, a Participant may not use his/her Account Balance as security for a Participant loan unless the
Participant’s spouse, if any, consents to the use of such Account Balance as security for the loan. The spousal consent must be made within the 90-day period ending on the date the Participant’s Account Balance is to be used as security
for the loan. Spousal consent is not required, however, if the value of the Participant’s total vested Account Balance does not exceed $5,000. If the Plan is not subject to the Joint and Survivor Annuity requirements under Section 9, a
spouse’s consent is not required to use a Participant’s Account Balance as security for a Participant loan, regardless of the value of the Participant’s Account Balance. 

Any spousal consent required under this Section must be in writing, must acknowledge the effect of the loan, and must be witnessed by a plan
representative or notary public. Any such consent to use the Participant’s Account Balance as security for a Participant loan is binding with respect to the consenting spouse and with respect to any subsequent spouse as it applies to such loan.
A new spousal consent will be required if the Account Balance is subsequently used as security for a renegotiation, extension, renewal, or other revision of the loan. A new spousal consent also will be required only if any portion of the
Participant’s Account Balance will be used as security for a subsequent Participant loan. 
  

	13.09	 Designation of Accounts. Unless designated otherwise under AA §B-8 or under a separate loan procedure, Participant loans will first
be taken proportionately from the Participant’s Employer Contribution Account and Matching Contribution Account, to the extent the Participant has a vested interest in such Accounts and subject to the loan limits under Section 13.03. If a
Participant’s total vested Account Balance attributable to the Employer Contribution and Matching Contribution Accounts is not sufficient to satisfy the amount of the loan, the Participant loan will next be taken from the Participant’s
Salary Deferral Account. If the Plan provides for both Pre-Tax Deferrals and Roth Deferrals, the loan will be taken first from the Pre-Tax 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	108	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 13 – Participant Loans

  

 Deferral Account. The Employer may elect under separate loan procedures to modify this
provision with respect to the Pre-Tax and Roth Deferral Account, including allowing the Participant to designate the extent to which the loan will be made from Pre-Tax or Roth Deferral Accounts. Finally, the loan will be taken from the
Participant’s Rollover Contribution Account. 
 A Participant loan will be treated as a segregated investment on behalf of the
individual Participant for whom the loan is made. Each payment of principal and interest paid by a Participant on his/her Participant loan shall be credited to the Participant’s Accounts and investment funds within such Accounts in the same
manner as allocated under the above paragraph. 
  

	13.10	Procedures for Loan Default. A Participant will be considered to be in default with respect to a loan if any scheduled repayment with respect to such loan is not made by the end of the calendar quarter
following the calendar quarter in which the missed payment was due. 

 If a Participant defaults on a Participant loan, the
Plan may not offset the Participant’s Account Balance until the Participant is otherwise entitled to an immediate distribution of the portion of the Account Balance which will be offset and such amount being offset is available as security on
the loan, pursuant to Section 13.06. For this purpose, a loan default is treated as an immediate distribution event to the extent the law does not prohibit an actual distribution of the type of contributions which would be offset as a result of
the loan default (determined without regard to the consent requirements under Sections 8.04 and 9.04, so long as spousal consent was properly obtained at the time of the loan, if required under Section 13.08). The Participant may repay the
outstanding balance of a defaulted loan (including accrued interest through the date of repayment) at any time. 
 Pending the offset of a
Participant’s Account Balance following a defaulted loan, the following rules apply to the amount in default. 
  

	 	(a)	Interest continues to accrue on the amount in default until the time of the loan offset or, if earlier, the date the loan repayments are made current or the amount is satisfied with other collateral. 

 

	 	(b)	A subsequent offset of the amount in default is not reported as a taxable distribution, except to the extent the taxable portion of the default amount was not previously reported by the Plan as a taxable distribution.

  

	 	(c)	The post-default accrued interest included in the loan offset is not reported as a taxable distribution at the time of the offset. 

A separate loan policy or written modifications to this loan policy may modify the procedures for determining a loan default. 

 

	13.11	Termination of Employment. 

  

	 	(a)	Offset of outstanding loan. A Participant loan becomes due and payable in full immediately upon the Participant’s termination of employment. Upon a Participant’s termination, the Participant may
repay the entire outstanding balance of the loan (including any accrued interest) within a reasonable period following termination of employment. If the Participant does not repay the entire outstanding loan balance, the Participant’s vested
Account Balance will be reduced by the remaining outstanding balance of the loan (without regard to the consent requirements under Sections 8.04 and 9.04, so long as spousal consent was properly obtained at the time of the loan, if required under
Section 13.08), to the extent such Account Balance is available as security on the loan, pursuant to Section 13.06, and the remaining vested Account Balance will be distributed in accordance with the distribution provisions under
Section 8. If the outstanding loan balance of a deceased Participant is not repaid, the outstanding loan balance shall be treated as a distribution to the Participant and shall reduce the death benefit amount payable to the Beneficiary under
Section 8.08. 

  

	 	(b)	Direct Rollover. Upon termination of employment, a Participant may request a Direct Rollover of the loan note (provided the distribution is an Eligible Rollover Distribution as defined in
Section 8.05(a)(1)) to another qualified plan which agrees to accept a Direct Rollover of the loan note. A Participant may not engage in a Direct Rollover of a loan to the extent the Participant has already received a deemed distribution with
respect to such loan. (See the rules regarding deemed distributions upon a loan default under Section 13.10.) 

  

	 	(c)	Modified loan policy. A separate loan policy or written modifications to this loan policy may modify this Section 13.11, including, but not limited to: (1) a provision to permit loan repayments
to continue beyond termination of employment; (2) to prohibit the Direct Rollover of a loan note; and (3) to provide for other events that may accelerate the Participant’s repayment obligation under the loan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	109	 	

	
	 Prototype Defined Contribution Plan

Section 14 – Plan Amendments, Termination, Mergers and Transfers

 SECTION 14 

PLAN AMENDMENTS, TERMINATION, MERGERS AND TRANSFERS 
  

	14.01	Plan Amendments. 

  

	 	(a)	Amendment by the Prototype Sponsor. The Prototype Sponsor (as defined in Section 1.98) may amend the Plan on behalf of all adopting Employers, including those Employers who have adopted the Plan prior
to the amendment, for changes in the Code, regulations, revenue rulings, and other statements published by the Internal Revenue Service, including model, sample or other required good faith amendments (but only if their adoption will not cause such
Plan to be individually designed), and for corrections of prior approved plans. These amendments will be applied to all Employers who have adopted the Plan. 

If the Prototype Plan is amended by the mass submitter, the mass submitter is treated as the agent of the Prototype Sponsor. If the Prototype
Sponsor does not adopt any amendments made by the mass submitter, the Prototype Plan will no longer be identical to or a minor modifier of the mass submitter Prototype Plan. 
  

	 	(b)	Amendment by the Employer. The Employer shall have the right at any time to amend the Adoption Agreement in the following manner without affecting the Plan’s status as a Prototype Plan. (The ability
to amend the Plan as authorized under this subsection (b) applies only to the Employer that executes the Employer Signature Page of the Adoption Agreement. Any amendment to the Plan by the Employer under this subsection (b) also applies to
any other Employer that participates under the Plan as a Participating Employer.) 

  

	 	(1)	The Employer may change any optional selections under the Adoption Agreement. 

  

	 	(2)	The Employer may add overriding language to the Adoption Agreement when such language is necessary to satisfy Code §415 or Code §416 because of the required aggregation of multiple plans. 

 

	 	(3)	The Employer may change the administrative selections under Appendix C of the Adoption Agreement by replacing the appropriate page(s) within the Adoption Agreement. Such amendment does not require reexecution of the
Employer Signature Page of the Adoption Agreement. 

  

	 	(4)	The Employer may amend administrative provisions of the trust or custodial document, including the name of the Plan, Employer, Trustee or Custodian, Plan Administrator and other fiduciaries, the trust year, and the name
of any pooled trust in which the Plan’s trust will participate. 

  

	 	(5)	The Employer may add certain sample or model amendments published by the IRS which specifically provide that their adoption will not cause the Plan to be treated as an individually designed plan. 

 

	 	(6)	The Employer may add or change provisions permitted under the Plan and/or specify or change the effective date of a provision as permitted under the Plan and correct obvious and unambiguous typographical errors and/or
cross-references that merely correct a reference but that do not in any way change the original intended meaning of the provisions. 

  

	 	(7)	The Employer may adopt any amendments that it deems necessary to satisfy the requirements for resolving qualification failures under the IRS’ compliance resolution programs. 

 

	 	(8)	The Employer may adopt an amendment to cure a coverage or nondiscrimination testing failure, as permitted under applicable Treasury regulations. 

The Employer may amend the Plan at any time for any other reason, including a waiver of the minimum funding requirement under Code
§412(d). If such amendment is not deemed to be significant, the Plan will not lose its status as a Prototype Plan. However, if the Employer modifies the language of the Plan or Adoption Agreement (other than the completion of optional
selections (e.g., Describe lines), the Employer will not be able to rely on the Favorable IRS Letter issued with respect to the Plan and will need to submit the Plan to the IRS for a favorable determination letter to retain reliance. 

 

	 	(c)	 Reduction of accrued benefit. No amendment to the plan shall be effective to the extent that it has the effect of reducing a
Participant’s accrued benefit. Notwithstanding the preceding sentence, a Participant’s Account Balance may be reduced to the extent permitted under statute (e.g., Code §412(c)(8)), regulations (e.g., Treas. Reg. §1.411(d)-4), or
other IRS guidance of general applicability. For this purpose, a Plan amendment (or other transaction having the effect of a Plan amendment, such as a merger, acquisition, plan transfer, or similar transaction) shall have the effect of reducing a
Participant’s accrued benefit to the extent such amendment eliminates or reduces a protected benefit (as defined in Code §411(d)(6)) with respect to benefits accrued prior to the adoption date (or effective date, if later) of the

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	110	 	

	
	 Prototype Defined Contribution Plan

Section 14 – Plan Amendments, Termination, Mergers and Transfers

 

 Plan amendment. If the adoption of this Plan will result in the elimination of a protected
benefit, the Employer may preserve such protected benefit by identifying the protected benefit in accordance with AA §11-7 of the Nonstandardized Adoption Agreement. Failure to identify protected benefits under the Adoption Agreement will not
override the requirement that such protected benefits be preserved under this Plan. The availability of each optional form of benefit under the Plan must not be subject to Employer discretion. 

If the Plan is a Profit Sharing Plan or a Profit Sharing/401(k) Plan, the Employer may eliminate or restrict the ability of a Participant to
receive payment of his/her Account Balance under a particular form of benefit for distributions with annuity starting dates after the date the amendment is adopted if, after the amendment is effective with respect to the Participant, the Participant
has the ability to elect to receive distribution in the form of a lump sum 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 the timing of payments after
commencement. 
  

	 	(d)	Effective Date of Plan Amendments. If the Plan is restated or amended, such restatement or amendment is generally effective as of the Effective Date of the restatement or amendment (as
designated on the Employer Signature Page with respect to such amendment), except where the context indicates a reference to an earlier Effective Date. The Employer may designate special effective dates for individual provisions under the Plan where
provided in the Adoption Agreement or under Appendix A of the Adoption Agreement. 

  

	 	(1)	Retroactive Effective Date. If the Plan is amended retroactively (e.g., to add language required to comply with IRS guidance or law), the provisions of this Plan generally override the provisions of any
prior Plan. However, if the provisions of this Plan are different from the provisions of the Employer’s prior plan and, after the retroactive Effective Date of this Plan, the Employer operated in compliance with the provisions of the prior
plan, the provisions of such prior plan are incorporated into this Plan for purposes of determining whether the Employer operated the Plan in compliance with its terms, provided operation in compliance with the terms of the prior plan do not violate
any qualification requirements under the Code, regulations, or other IRS guidance. 

  

	 	(2)	Retroactive effect of EGTRRA provisions. This Plan is designed to comply with the Code, regulations, and general guidance applicable to qualified retirement plans, including the provisions of the Economic
Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). If this Plan is being restated or amended to comply with the provisions of EGTRRA, the Plan contains special effective dates for such provisions that apply with respect to such provisions.
If the Plan is amended within the remedial amendment period for retroactive compliance with the EGTRRA provisions, the special effective dates for such provisions (as described below) will apply, even if such special effective dates precede the
Effective Date of the amendment designated on the Employer Signature Page of the Adoption Agreement. Thus, if the Plan is being restated or amended to comply with EGTRRA, and Effective Date of this restatement or amendment is later than the special
effective date applicable to of any of the EGTRRA provisions described below, such special effective dates will apply and any prior plan being replaced by this Plan will be considered to have been timely amended for the EGTRRA provisions.

 The following provisions contain special effective dates for purposes of complying with the requirements of EGTRRA: 

 

	 	(i)	Compensation Limit. The increase in the Compensation Limit to $200,000, as described in Section 1.24, is effective for Plan Years beginning on or after January 1, 2002. 

 

	 	(ii)	Rollovers disregarded for purposes of Involuntary Cash-Outs. Section 8.04(b) provides that, effective for distributions made after December 31, 2001, Rollover Contributions are disregarded in
applying the Involuntary Cash-Out provisions of the Plan. 

  

	 	(iii)	Hardship provisions. The hardship provisions under Sections 8.10(d)(1)(ii)(C) and (D) modify the suspension requirements applicable to Safe Harbor hardship distributions, effective for Hardship
distributions made on or after January 1, 2002. 

  

	 	(iv)	Catch-Up Contributions. Section 3.03(d) sets forth the provisions applicable to Catch-Up Contributions under the Plan. To the extent Catch-Up Contributions are authorized under the Plan, the Catch-Up
Contribution provisions are effective for calendar years beginning on or after January 1, 2002. 

  

	 	(v)	Loans to owner-employees and shareholder-employees. If the Plan permits Participant loans, then effective for Participant loans made after December 31, 2001, any Plan provisions prohibiting loans to
owner-employee or Shareholder-Employee shall cease to apply. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	111	 	

	
	 Prototype Defined Contribution Plan

Section 14 – Plan Amendments, Termination, Mergers and Transfers

 

	 	(vi)	Maximum Permissible Amount. The Maximum Permissible Amount described in Section 5.03(c)(6) is modified effective for Limitation Years beginning on or after January 1, 2002. 

 

	 	(vii)	Top Heavy provisions. Section 4 sets forth the rules applicable to Top Heavy Plans, as modified by EGTRRA. To the extent applicable, the provisions under Section 4 are effective for Plan Years
beginning on or after January 1, 2002. 

  

	 	(viii)	Safe Harbor provisions. Section 6.04(i) provides that, effective for years beginning after December 31, 2001, a Safe Harbor Plan that only provides for Safe Harbor Contributions is deemed to
satisfy the Top Heavy requirements. 

  

	 	(ix)	Vesting schedule for Matching Contributions. The vesting schedule applicable to Matching Contributions is modified effective for Plan Years beginning on or after January 1, 2002. 

 

	 	(x)	Direct Rollovers. The Direct Rollover provisions under Section 8.05 are effective for distributions made after December 31, 2001. 

 

	 	(xi)	Multiple use test. The multiple use test described under Treas. Reg. §1.401(m)(2) does not apply for any Plan Year beginning on or after January 1, 2002. 

 

	 	(xii)	Distribution of Salary Deferrals, QNECs, QMACs and Safe Harbor Contributions. The provisions under Section 8.10(c) allowing for distribution of Salary Deferrals, QNECs, QMACs, and Safe Harbor
Contribution upon severance of employment is effective for distributions occurring on or after January 1, 2002. 

  

	 	(3)	Merged plans. Except for retroactive application of the EGTRRA provisions pursuant to subsection (2) above, if one or more qualified retirement plans have been merged into this Plan, the provisions of
the merging plan(s) will remain in full force and effect until the Effective Date of the plan merger(s), unless provided otherwise under Appendix A of the Adoption Agreement. 

 

	14.02	Amendment to Correct Coverage or Nondiscrimination Violation. 

  

	 	(a)	Amendment within correction period under Treas. Reg. §1.401(a)(4)-11(g). If the Plan fails the minimum coverage test under Code §410(b) or the nondiscrimination requirements under Code
§401(a)(4) for any Plan Year, the Employer may amend the Plan to correct the coverage or nondiscrimination violation within 9 1⁄2 months after the end of
the Plan Year, as permitted under Treas. Reg. §1.401(a)(4)-11(g). 

  

	 	(b)	Fail-Safe Coverage Provision. If the Employer has elected to apply a last day of the Plan Year allocation condition and/or an Hours of Service allocation condition, the Employer may elect under AA
§11-5 of the Nonstandardized Adoption Agreement to apply the Fail-Safe Coverage Provision described in this subsection (b). Under the Fail-Safe Coverage Provision, if the Plan fails to satisfy the ratio percentage coverage requirements under
Code §410(b) for a Plan Year due to the application of a last day of the Plan Year allocation condition and/or an Hours of Service allocation condition, such allocation condition(s) will be automatically eliminated for the Plan Year for certain
Employees, under the process described in subsections (1) through (2) below, until enough Employees are benefiting under the Plan so that the ratio percentage test of Treasury Regulation §1.410(b)-2(b)(2) is satisfied.

 If the Employer elects to have the Fail-Safe Coverage Provision apply, such provision automatically applies for any Plan
Year for which the Plan does not satisfy the ratio percentage coverage test under Code §410(b). (Except as provided in the following paragraph, the Plan may not use the average benefits test to comply with the minimum coverage requirements if
the Fail-Safe Coverage Provision is elected.) The Plan satisfies the ratio percentage test if the percentage of the Nonhighly Compensated Employees under the Plan is at least 70% of the percentage of the Highly Compensated Employees who benefit
under the Plan. An Employee is benefiting for this purpose only if he/she actually receives an allocation of Employer Contributions or forfeitures or, if testing coverage of a 401(m) arrangement (i.e., a Plan that provides for Matching Contributions
and/or After-Tax Contributions), the Employee would receive an allocation of Matching Contributions by making the necessary contributions or the Employee is eligible to make After-Tax Contributions. To determine the percentage of Nonhighly
Compensated Employees or Highly Compensated Employees who are benefiting, the following Employees are excluded for purposes of applying the ratio percentage test: (i) Employees who have not satisfied the Plan’s minimum age and service
conditions under Section 2.03; (ii) Nonresident Alien Employees; (iii) Union Employees; and (iv) Employees who terminate employment during the Plan Year with less than 501 Hours of Service and do not benefit under the Plan. 

Under the Fail-Safe Coverage Provision, certain Employees who are not benefiting for the Plan Year as a result of a last day of the Plan Year
allocation condition or an Hours of Service allocation condition will participate under the Plan 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	112	 	

	
	 Prototype Defined Contribution Plan

Section 14 – Plan Amendments, Termination, Mergers and Transfers

 

 
based on whether such Employees are Category 1 Employees or Category 2 Employees. If after applying the Fail-Safe Coverage Provision, the Plan does not satisfy the ratio percentage coverage test,
the Fail-Safe Coverage Provision does not apply, and the Plan may use any other available method (including the average benefit test) to satisfy the minimum coverage requirements under Code §410(b). 

 

	 	(1)	Service-based method. 

  

	 	(i)	Category 1 Employees – Nonhighly Compensated Employees who are still employed by the Employer on the last day of the Plan Year but who failed to satisfy the Plan’s Hours of Service condition. The
Hours of Service allocation condition will first be eliminated for Category 1 Employees (who did not receive an allocation under the Plan due to the Hours of Service allocation condition) beginning with the Category 1 Employee(s) credited with the
most Hours of Service for the Plan Year and continuing with the Category 1 Employee(s) with the next most Hours of Service until the ratio percentage test is satisfied. If two or more Category 1 Employees have the same number of Hours of Service,
the allocation condition will be eliminated for those Category 1 Employees starting with the Category 1 Employee(s) with the lowest Plan Compensation. If the Plan still fails to satisfy the ratio percentage test after all Category 1 Employees
receive an allocation, the Plan proceeds to Category 2 Employees. 

  

	 	(ii)	Category 2 Employees - Nonhighly Compensated Employees) who terminated employment during the Plan Year with more than 500 Hours of Service. The last day of the Plan Year allocation condition will then be
eliminated for Category 2 Employees (who did not receive an allocation under the Plan due to the last day of the Plan Year allocation condition) beginning with the Category 2 Employee(s) who terminated employment closest to the last day of the Plan
Year and continuing with the Category 2 Employee(s) with a termination of employment date that is next closest to the last day of the Plan Year until the ratio percentage test is satisfied. If two or more Category 2 Employees terminate employment on
the same day, the allocation condition will be eliminated for those Category 2 Employees starting with the Category 2 Employee(s) with the lowest Plan Compensation. 

 

	 	(2)	Special rule for Top Heavy Plans. In applying the Fail-Safe Coverage Provision under this Section 14.02, if the Plan is a Top-Heavy Plan, the Employer may first eliminate the Hours of Service
allocation condition for all Non-Key Employees who are Nonhighly Compensated Employees, prior to applying the Fail-Safe Coverage Provisions described above. 

  

	14.03	Plan Termination. The Employer may terminate this Plan at any time by delivering to the Trustee and Plan Administrator written notice of such termination. 

 

	 	(a)	Full and immediate vesting. Upon a full or partial termination of the Plan (or in the case of a Profit Sharing Plan, the complete discontinuance of contributions), all amounts credited to an affected
Participant’s Account become 100% vested, regardless of the Participant’s vested percentage determined under Section 7.02. The Plan Administrator has discretion to determine whether a partial termination has occurred.

  

	 	(b)	Distribution upon Plan termination. Upon the termination of the Plan, the Plan Administrator shall direct the distribution of Plan assets to Participants in accordance with the provisions under
Section 8. For purposes of applying the provisions of this subsection (b), distribution may be delayed until the Employer receives a favorable determination letter from the IRS as to the qualified status of the Plan upon termination, provided
the determination letter request is made within a reasonable period following the termination of the Plan. 

  

	 	(1)	General distribution procedures. Upon termination of the Plan, distribution shall be made to Participants with vested Account Balances of $5,000 or less in lump sum as soon as administratively feasible
following the Plan termination, regardless of any contrary election under AA §9. No consent is necessary for a distribution of a vested Account Balance of $5,000 or less. For Participants with vested Account Balances in excess of $5,000,
distribution will be made through the purchase of deferred annuity contracts which protect all protected benefits under the Plan (as defined in Code §411(d)(6)), unless a Participant elects to receive an immediate distribution in any form of
payment permitted under the Plan. If an immediate distribution is elected in a form other than a lump sum, the distribution will be satisfied through the purchase of an immediate annuity contract. Distributions will be made as soon as
administratively feasible following the Plan termination, regardless of any contrary election under AA §9. 

  

	 	(2)	 Special rule for certain Profit Sharing Plans. If this Plan is a Profit Sharing Plan or Profit Sharing/401(k) Plan, distribution will be
made to all Participants in the form of a lump sum, without consent, as soon as administratively feasible following the termination of the Plan, without regard to the value of the Participants’ vested Account Balance. This special rule applies
only if the Plan does not provide for an annuity option under 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	113	 	

	
	 Prototype Defined Contribution Plan

Section 14 – Plan Amendments, Termination, Mergers and Transfers

 

	 	
AA §9-1 and the Employer (or any Related Employer) does not maintain another Defined Contribution Plan (other than an ESOP defined in Code §4975(e)(8)) at any time between the
termination of the Plan and the distribution. If the Employer (or Related Employer) maintains another Defined Contribution Plan (other than an ESOP), then the Participant’s Account Balance will be transferred, without the Participant’s
consent, to the other plan, if the Participant does not consent to an immediate distribution (to the extent consent is required under subsection (1). 

  

	 	(3)	Special rules for 401(k) Plans. If this Plan is a Profit Sharing/401(k) Plan, a distribution of Salary Deferrals, QMACs, QNECs, and Safe Harbor Contributions may be distributed in a lump sum upon Plan
termination only if the Employer does not maintain another Defined Contribution Plan (other than an ESOP (as defined in Code §4975(e)(7) or §409(a)), a SEP (as defined in Code §408(k)), a SIMPLE IRA (as defined in Code §408(p)),
a plan or contract described in Code §403(b) or a plan described in Code §457(b) or (f)), at any time during the period beginning on the date of termination and ending 12 months after the final distribution of all Plan assets. This
subsection (3) will not apply to restrict distribution upon termination of the Plan if at all times during the 24-month period beginning 12 months before the Plan termination, fewer than 2% of the Participants under the Profit Sharing/401(k)
Plan are eligible under the other Defined Contribution Plan. This subsection (3) also will not apply to the extent a Participant may take a distribution under another permissible distribution event. 

 

	 	(4)	Missing Participants. Upon termination of the Plan, if any Participant cannot be located after a reasonable diligent search (as defined in Section 7.10(c)(1)), the Plan Administrator may make a direct
rollover to an IRA selected by the Plan Administrator. For this purpose, the Plan Administrator will adopt procedures similar to the procedures required under Section 8.06 for making Automatic Rollovers in applying the provisions under this
subsection (4). An Automatic Rollover under this subsection (4) may be made on behalf of any missing Participant, regardless of the value of his/her vested Account Balance under the Plan. 

 

	 	(c)	Termination upon merger, liquidation or dissolution of the Employer. The Plan shall terminate upon the liquidation or dissolution of the Employer or the death of the Employer (if the Employer is a sole
proprietor) provided however, that in any such event, arrangements may be made for the Plan to be continued by any successor to the Employer. 

  

	14.04	Merger or Consolidation. In the event the Plan is merged or consolidated with another plan, each Participant must be entitled to a benefit immediately after such merger or consolidation that is at least
equal to the benefit the Participant would have been entitled to had the Plan terminated immediately before such merger or consolidation. 

If the Employer’s amends the Plan from one type of Defined Contribution Plan (e.g., a Money Purchase Plan) into another type of Defined
Contribution Plan (e.g., a Profit Sharing Plan) will not result in a partial termination or any other event that would require full vesting of some or all Plan Participants. 
  

	14.05	Transfer of Assets. The Plan may accept a transfer of assets from another qualified retirement plan on behalf of any Employee, even if such Employee is not eligible to receive other contributions under the
Plan. If a transfer of assets is made on behalf of an Employee prior to the Employee’s becoming a Participant, the Employee shall be treated as a Participant for all purposes with respect to such transferred amount. Any assets transferred to
this Plan from another plan must be accompanied by written instructions designating the name of each Employee for whose benefit such amounts are being transferred, the current value of such assets, and the sources from which such amounts are
derived. The Plan Administrator will deposit any transferred assets in the appropriate Participant’s Transfer Account. The Transfer Account will contain any sub-Accounts necessary to separately track the sources of the transferred assets. Each
sub-Account will be treated in the same manner as the corresponding Plan Account. 

 The Plan Administrator may refuse to
accept a transfer of assets if the Plan Administrator reasonably believes the transfer (1) is not being made from a proper qualified plan; (2) could jeopardize the tax-exempt status of the Plan; or (3) could create adverse tax
consequences for the Plan or the Employer. Prior to accepting a transfer of assets, the Plan Administrator may require evidence documenting that the transfer of assets meets the requirements of this Section. The Trustee will have no responsibility
to determine whether the transfer of assets meets the requirements of this Section; to verify the correctness of the amount and type of assets being transferred to the Plan; or to perform a due diligence review with respect to such transfer. 

 

	 	(a)	Protected benefits. Except in the case of a Qualified Transfer (as defined in subsection (d) below), a transfer of assets is initiated at the Plan level and does not require Participant or spousal
consent. If the Plan Administrator directs the Trustee to accept a transfer of assets to this Plan, the Participant on whose behalf the transfer is made retains all protected benefits (as defined in Code §411(d)(6)) that applied to such
transferred assets under the transferor plan. 

  

	 	(b)	 Application of QJSA requirements. Except in the case of a Qualified Transfer (as defined in subsection (d)), if the Plan accepts a
transfer of assets from another plan which is subject to the Qualified Joint and Survivor Annuity requirements (as described in Section 9), the amounts transferred to this Plan continue to be subject to the QJSA

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	114	 	

	
	 Prototype Defined Contribution Plan

Section 14 – Plan Amendments, Termination, Mergers and Transfers

 

	 	
requirements. If this Plan is not otherwise subject to the QJSA requirements (as determined under AA §9-2), the QJSA requirements apply only to the extent the transferred amounts were
subject to the Qualified Joint and Survivor Annuity requirements under the transferor plan. The Employer must maintain such amounts in a separate Transfer Account under this Plan in order to apply the QJSA rules to such transferred amounts. The
Employer may override this default rule by checking AA §9-2(a) of the Nonstandardized Profit Sharing Plan or Profit Sharing/401(k) Plan Adoption Agreement thereby subjecting the entire Plan to the QJSA requirements. 

 

	 	(c)	Transfers from a Defined Benefit Plan, Money Purchase Plan or 401(k) Plan. 

  

	 	(1)	Transfer from Defined Benefit Plan. The Plan will not accept a transfer of assets from a Defined Benefit Plan unless such transfer qualifies as a Qualified Transfer (as defined in subsection
(d) below) or the assets transferred from the Defined Benefit Plan are in the form of paid-up annuity contracts which protect all of the Participant’s protected benefits (as defined under Code §411(d)(6)) under the Defined Benefit
Plan. 

 However, the Plan may accept a transfer of assets from a Defined Benefit Plan maintained by the Employer in order to
comply with the qualified replacement plan requirements under Code §4980(d) (relating to the excise tax on reversions from a qualified plan). A transfer made pursuant to Code §4980(d) will be allocated as Employer Contributions either in
the Plan Year in which the transfer occurs, or over a period of Plan Years (not exceeding the maximum period permitted under Code §4980(d)), as provided in the applicable transfer agreement. To the extent a transfer described in this paragraph
is not totally allocable in the Plan Year in which the transfer occurs, the portion which is not allocable will be credited to a suspense account until allocated in accordance with the transfer agreement. 

 

	 	(2)	Transfer from Money Purchase Plan. If this Plan is a Profit Sharing Plan or a 401(k) Plan and the Plan accepts a transfer of assets from a money purchase plan (other than as a Qualified Transfer as defined
in subsection (d) below), the amounts transferred (and any gains attributable to such transferred amounts) continue to be subject to the distribution restrictions applicable to money purchase plan assets under the transferor plan. Such amounts
may not be distributed for reasons other than death, disability, attainment of Normal Retirement Age, or termination of employment, regardless of any distribution provisions under this Plan that would otherwise permit a distribution prior to such
events. 

  

	 	(3)	401(k) Plan. If the Plan accepts a transfer of Salary Deferrals, QMACs, QNECs, or Safe Harbor Contributions from a 401(k) plan, such amounts retain their character under this Plan and such amounts
(including any allocable gains or losses) remain subject to the distribution restrictions applicable to such amounts under the Code. If the Plan accepts a transfer of Roth Deferrals, the Plan must continue to apply the Roth Deferral rules (as
described in Section 3.03(e)) to such transferred Roth Deferrals. 

  

	 	(d)	Qualified Transfer. The Plan may eliminate certain protected benefits (as provided under subsection (3) below) related to plan assets that are received in a Qualified Transfer from another plan. A
Qualified Transfer is a plan-to-plan transfer of a Participant’s benefits that meets the requirements under subsection (1) or (2) below. 

  

	 	(1)	Elective transfer. A plan-to-plan transfer of a Participant’s benefits from another qualified plan is a Qualified Transfer if such transfer satisfies the following requirements. 

 

	 	(i)	The Participant must have the right to receive an immediate distribution of his/her benefits under the transferor plan at the time of the Qualified Transfer. For transfers that occur on or after January 1, 2002,
the Participant must not be eligible at the time of the Qualified Transfer to take an immediate distribution of his/her entire benefit in a form that would be entirely eligible for a Direct Rollover. 

 

	 	(ii)	The Participant on whose behalf benefits are being transferred must make a voluntary, fully informed election to transfer his/her benefits to this Plan. 

 

	 	(iii)	The Participant must be provided an opportunity to retain the protected benefits under the transferor plan. This requirement is satisfied if the Participant is given the option to receive an annuity that protects all
protected benefits under the transferor plan or the option of leaving his/her benefits in the transferor plan. 

  

	 	(iv)	The Participant’s spouse must consent to the Qualified Transfer if the transferor plan is subject to the Joint and Survivor Annuity requirements under Section 9. The spouse’s consent must satisfy the
requirements for a Qualified Election under Section 9.04. 

  

	 	(v)	The amount transferred (along with any contemporaneous Direct Rollover) must not be less than the value of the Participant’s vested benefit under the transferor plan. 

 

	 	(vi)	The Participant must be fully vested in the transferred benefit. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	115	 	

	
	 Prototype Defined Contribution Plan

Section 14 – Plan Amendments, Termination, Mergers and Transfers

 

	 	(2)	Transfer upon specified events. A plan-to-plan transfer of a Participant’s entire benefit (other than amounts the Plan accepts as a Direct Rollover) from another Defined Contribution Plan that is made
in connection with an asset or stock acquisition, merger, or other similar transaction involving a change in the Employer or is made in connection with a Participant’s change in employment status that causes the Participant to become ineligible
for additional allocations under the transferor plan, is a Qualified Transfer if such transfer satisfies the following requirements: 

  

	 	(i)	The Participant need not be eligible for an immediate distribution of his/her benefits under the transferor plan. 

  

	 	(ii)	The Participant on whose behalf benefits are being transferred must make a voluntary, fully informed election to transfer his/her benefits to this Plan. 

 

	 	(iii)	The Participant must be provided an opportunity to retain the protected benefits under the transferor plan. This requirement is satisfied if the Participant is given the option to receive an annuity that protects all
protected benefits under the transferor plan or the option of leaving his/her benefits in the transferor plan. 

  

	 	(iv)	The benefits must be transferred between plans of the same type. To satisfy this requirement, the transfer must satisfy the following requirements: 

 

	 	(A)	To accept a Qualified Transfer under this subsection (2) from a money purchase plan, this Plan also must be a money purchase plan. 

 

	 	(B)	To accept a Qualified Transfer under this subsection (2) from a 401(k) plan, this Plan also must be a 401(k) plan. 

  

	 	(C)	To accept a Qualified Transfer under this subsection (2) from a profit sharing plan, this Plan may be any type of Defined Contribution Plan. 

 

	 	(3)	Treatment of Qualified Transfer. 

  

	 	(i)	Rollover Contribution Account. If the Plan Administrator directs the Trustee to accept on behalf of a Participant a transfer of assets that qualifies as a Qualified Transfer, the Plan Administrator will
treat such amounts as a Rollover Contribution and will deposit such amounts in the Participant’s Rollover Contribution Account. A Qualified Transfer may include benefits derived from After-Tax Contributions. 

 

	 	(ii)	Elimination of protected benefits. If the Plan accepts a Qualified Transfer, the Plan does not have to protect any protected benefits (defined under Code §411(d)(6)) derived from the transferor plan.
However, if the Plan accepts a Qualified Transfer that meets the requirements for a transfer under subsection (2) above, the Plan must continue to protect the QJSA benefit if the transferor plan is subject to the QJSA requirements

  

	 	(e)	Trustee’s right to refuse transfer. If the assets to be transferred to the Plan under this Section 14.05 are not susceptible to proper valuation and identification or are of such a nature that
their valuation is incompatible with other Plan assets, the Trustee may refuse to accept the transfer of all or any specific asset, or may condition acceptance of the assets on the sale or disposition of any specific asset. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	116	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 15 – Miscellaneous

 SECTION 15 

MISCELLANEOUS 
  

	15.01	Exclusive Benefit. Plan assets will not be used for, or diverted to, a purpose other than the exclusive benefit of Participants or their Beneficiaries. 

No amendment may authorize or permit any portion of the assets held under the Plan to be used for or diverted to a purpose other than the
exclusive benefit of Participants or their Beneficiaries, except to the extent such assets are used to pay taxes or administrative expenses of the Plan. An amendment also may not cause or permit any portion of the assets held under the Plan to
revert to or become property of the Employer. 
  

	15.02	Return of Employer Contributions. Upon written request by the Employer, the Trustee must return any Employer Contributions provided that the circumstances and the time frames described below are satisfied.
The Trustee may request the Employer to provide additional information to ensure the amounts may be properly returned. Any amounts returned shall not include earnings, but must be reduced by any losses. 

 

	 	(a)	Mistake of fact. Any Employer Contributions made because of a mistake of fact must be returned to the Employer within one year of the contribution. 

 

	 	(b)	Disallowance of deduction. Employer Contributions to the Trust are made with the understanding that they are deductible. In the event the deduction of an Employer Contribution is disallowed by the IRS,
such contribution (to the extent disallowed) must be returned to the Employer within one year of the disallowance of the deduction. 

  

	 	(c)	Failure to initially qualify. Employer Contributions to the Plan are made with the understanding, in the case of a new Plan, that the Plan satisfies the qualification requirements of Code §401(a) as
of the Plan’s Effective Date. In the event that the Internal Revenue Service determines that the Plan is not initially qualified under the Code, any Employer Contributions (and allocable earnings) made incident to that initial qualification
must be returned to the Employer within one year after the date the initial qualification is denied, but only if the application for the qualification is made by the time prescribed by law for filing the employer’s return for the taxable year
in which the plan is adopted, or such later date as the Secretary of the Treasury may prescribe. 

  

	15.03	Alienation or Assignment. Except as permitted under applicable statute or regulation, a Participant or Beneficiary may not assign, alienate, transfer or sell any right or claim to a benefit or distribution
from the Plan, and any attempt to assign, alienate, transfer or sell such a right or claim shall be void, except as permitted by statute or regulation. Any such right or claim under the Plan shall not be subject to attachment, execution,
garnishment, sequestration, or other legal or equitable process. This prohibition against alienation or assignment also applies to the creation, assignment, or recognition of a right to a benefit payable with respect to a Participant pursuant to a
domestic relations order, unless such order is determined to be a QDRO pursuant to Section 11.06, or any domestic relations order entered before January 1, 1985. 

 

	15.04	Participants’ Rights. The adoption of this Plan by the Employer does not give any Participant, Beneficiary, or Employee a right to continued employment with the Employer and does not affect the
Employer’s right to discharge an Employee or Participant at any time. This Plan also does not create any legal or equitable rights in favor of any Participant, Beneficiary, or Employee against the Employer, Plan Administrator or Trustee. Unless
the context indicates otherwise, any amendment to this Plan is not applicable to determine the benefits accrued (and the extent to which such benefits are vested) by a Participant or former Employee whose employment terminated before the effective
date of such amendment, except where application of such amendment to the terminated Participant or former Employee is required by statute, regulation or other guidance of general applicability. Where the provisions of the Plan are ambiguous as to
the application of an amendment to a terminated Participant or former Employee, the Plan Administrator has the authority to make a final determination on the proper interpretation of the Plan. 

 

	15.05	Military Service. To the extent required under Code §414(u), an Employee who returns to employment with the Employer following a period of qualified military service will receive any contributions,
benefits and service credit required under Code §414(u), provided the Employee satisfies all applicable requirements under the Code and regulations. 

  

	15.06	Annuity Contract. Any annuity contract distributed under the Plan must be nontransferable. In addition, the terms of any annuity contract purchased and distributed to a Participant or to a
Participant’s spouse must comply with all requirements under this Plan. 

  

	15.07	Use of IRS Compliance Programs. Nothing in this Plan document should be construed to limit the availability of the IRS’ voluntary compliance programs, An Employer may take
whatever corrective actions are permitted under the IRS voluntary compliance programs, as is deemed appropriate by the Plan Administrator or Employer. If the Employer’s Plan fails to attain or retain qualification, such Plan will no longer
participate in this Prototype Plan and will be considered an individually designed plan. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	117	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Section 15 – Miscellaneous

  

	15.08	Governing Law. The provisions of this Plan shall be construed, administered, and enforced in accordance with the provisions of applicable Federal Law and, to the extent applicable, the
laws of the state in which the Trustee has its principal place of business. The foregoing provisions of this Section shall not preclude the Employer and the Trustee from agreeing to a different state law with respect to the construction,
administration and enforcement of the Plan. 

  

	15.09	Waiver of Notice. Any person entitled to a notice under the Plan may waive the right to receive such notice, to the extent such a waiver is not prohibited by law, regulation or other pronouncement.

  

	15.10	Use of Electronic Media. The Plan Administrator may use telephonic or electronic media to satisfy any notice requirements required by this Plan, to the extent permissible under regulations (or other
generally applicable guidance). In addition, a Participant’s consent to immediate distribution, as required by Section 8.04, may be provided through telephonic or electronic means, to the extent permissible under regulations (or other
generally applicable guidance). The Plan Administrator also may use telephonic or electronic media to conduct plan transactions such as enrolling participants, making (and changing) salary reduction elections, electing (and changing) investment
allocations, applying for Plan loans, and other transactions, to the extent permissible under regulations (or other generally applicable guidance). 

  

	15.11	Severability of Provisions. In the event that any provision of this Plan shall be held to be illegal, invalid or unenforceable for any reason, the remaining provisions under the Plan shall be construed as
if the illegal, invalid or unenforceable provisions had never been included in the Plan. 

  

	15.12	Binding Effect. The Plan, and all actions and decisions made thereunder, shall be binding upon all applicable parties, and their heirs, executors, administrators, successors and assigns. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	118	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 16 – Participation by Participating Employers

  
 SECTION 16 

PARTICIPATING EMPLOYERS 
  

	16.01	Participation by Participating Employers. A Related Employer (as defined in Section 1.107) may elect to participate under this Plan by executing a Participating Employer Adoption Page under the
Adoption Agreement. A Related Employer may not contribute to this Plan unless it executes the Participating Employer Adoption Page. 

  

	16.02	Participating Employer Adoption Page. 

  

	 	(a)	Application of Plan provisions. By executing a Participating Employer Adoption Page, a Related Employer adopts all the provisions of the Plan, including the elective choices made by the signatory Employer
under the Adoption Agreement. 

  

	 	(b)	Plan amendments. In addition, a Participating Employer is bound by any amendments made to the Plan in accordance with Section 14.01. 

 

	 	(c)	Trustee designation. The Participating Employer agrees to use the same Trustee as is designated on the Trustee Declaration under the Agreement, except as provided in a separate trust agreement.

  

	16.03	Compensation of Related Employers. In applying the provisions of this Plan, Total Compensation (as defined in Section 1.126) includes amounts earned with a Related Employer, regardless of whether such
Related Employer executes a Participating Employer Adoption Page. The Employer may elect under AA §5-2(h) of the Nonstandardized Adoption Agreements to exclude amounts earned with a Related Employer that does not execute a Participating
Employer Adoption Page for purposes of determining an Employee’s Plan Compensation. 

  

	16.04	Allocation of Contributions and Forfeitures. Unless selected otherwise under the Participating Employer Adoption Page, any contributions made by a Participating Employer (and any forfeitures relating to
such contributions) will be allocated to all Participants employed by the Employer and Participating Employers in accordance with the provisions under this Plan. A Participating Employer may elect under the Participating Employer Adoption Page to
allocate its contributions (and forfeitures relating to such contributions) only to the Participants employed by the Participating Employer making such contributions. If so elected, Employees of the Participating Employer will not share in an
allocation of contributions (or forfeitures relating to such contributions) made by any other Participating Employer (except in such individual’s capacity as an Employee of that other Participating Employer). Thus, for example, a Participating
Employer may make a different discretionary contribution and allocate such contribution only to its Employees. Where contributions are allocated only to the Employees of a contributing Participating Employer, a separate accounting must be maintained
of Employees’ Account Balances attributable to the contributions of a particular Participating Employer. This separate accounting is necessary only for contributions that are not 100% vested, so that the allocation of forfeitures attributable
to such contributions can be allocated for the benefit of the appropriate Employees. An election to allocate contributions and forfeitures only to the Participants employed by the Participating Employer making such contributions will preclude the
Plan from satisfying the nondiscrimination safe harbor rules under Treas. Reg. §1.401(a)(4)-2 and may require additional nondiscrimination testing. 

  

	16.05	Discontinuance of Participation by a Participating Employer. A Participating Employer may discontinue its participation under the Plan at any time. To document a Participating Employer’s cessation of
participation, the following procedures should be followed: (1) the Participating Employer should adopt a resolution that formally terminates active participation in the Plan as of a specified date, (2) the Employer that has executed the
Employer Signature Page of the Adoption Agreement should reexecute such page, indicating an amendment by page substitution through the deletion of the Participating Employer Adoption Page executed by the withdrawing Participating Employer, and
(3) the withdrawing Participating Employer should provide any notices to its Employees that are required by law. Discontinuance of participation means that no further benefits accrue after the effective date of such discontinuance with respect
to employment with the withdrawing Participating Employer. The portion of the Plan attributable to the withdrawing Participating Employer may continue as a separate plan, under which benefits may continue to accrue, through the adoption by the
Participating Employer of a successor plan (which may be created through the execution of a separate Adoption Agreement by the Participating Employer) or by spin-off of the portion of the Plan attributable to such Participating Employer followed by
a merger or transfer into another existing plan, as specified in a merger or transfer agreement. 

  

	16.06	Operational Rules for Related Employer Groups. If an Employer has one or more Related Employers, the Employer and such Related Employer(s) constitute a Related Employer group. In such case, the following
rules apply to the operation of the Plan. 

  

	 	(a)	If the term “Employer” is used in the context of administrative functions necessary to the operation, establishment, maintenance, or termination of the Plan, only the Employer executing the Employer Signature
Page under the Adoption Agreement, and any Related Employer executing a Participating Employer Adoption Page, is treated as the Employer. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	119	 	

			
	 	 	 Prototype Defined Contribution Plan

Section 16 – Participation by Participating Employers

 

	 	(b)	Hours of Service are determined by treating all members of the Related Employer group as the Employer. 

  

	 	(c)	The term Excluded Employee is determined by treating all members of the Related Employer group as the Employer, except as specifically provided in the Plan. 

 

	 	(d)	Compensation is determined by treating all members of the Related Employer group as the Employer, except as specifically provided in the Plan. 

 

	 	(e)	An Employee is not treated as terminated from employment if the Employee is employed by any member of the Related Employer group. 

  

	 	(f)	The Code §415 Limitation described in Section 5.03 and the Top Heavy Plan rules described in Section 4 are applied by treating all members of the Related Employer group as the Employer. 

In all other contexts, the term “Employer” generally means a reference to all members of the Related Employer group, unless the
context requires otherwise. If the terms of the Plan are ambiguous with respect to the treatment of the Related Employer group as the Employer, the Plan Administrator has the authority to make a final determination on the proper interpretation of
the Plan. 
  

	16.07	Special Rules for Standardized Adoption Agreement. If the Employer adopts a Standardized Adoption Agreement, each Related Employer (who has Employees who may be eligible to participate in the Plan) is
required to execute a Participating Employer Adoption Page. If a Related Employer fails to execute a Participating Employer Adoption Page, the Plan will be treated as an individually-designed plan, except as provided in subsections (a) and
(b) below. A Related Employer will not be treated as a Participating Employer absent the completion of a Participating Employer Adoption Page by such Related Employer. 

 

	 	(a)	Change in status - new Related Employer. If an Employer becomes a new Related Employer after the Effective Date of the Adoption Agreement by reason of an acquisition or disposition of stock or assets, a
merger, or similar transaction, the new Related Employer must execute a Participating Employer Adoption Page no later than the end of the transition period described in Code §410(b)(6)(C). The new Related Employer must become a Participating
Employer with respect to the Plan no later than the first day of the Plan Year that begins after such transition period ends. If the transition period in Code §410(b)(6)(C) is not applicable, the new Related Employer must become a Participating
Employer as of the first day of the Plan Year beginning after the Employer becomes a Related Employer. If the new Related Employer properly executes a Participating Employer Adoption Page, the Plan will retain its status as a Prototype Plan and the
Employer (including any Participating Employers) may continue to rely on the Favorable IRS Letter issued to the Prototype Sponsor. If the new Related Employer does not properly execute a Participating Employer Adoption Page in accordance with the
requirements of this subsection (a), the Plan will be treated as an individually-designed plan for any period of noncompliance. 

  

	 	(b)	Change in status – cessation of Related Employer relationship. If a Related Employer ceases to be part of a Related Employer group with the Employer that signs the Employer Signature Page, the
provisions of Section 16.05, relating to discontinuance of participation, apply. If the former Related Employer properly withdraws from the Prototype Plan, as provided in Section 16.05, the Plan will retain its status as a Prototype Plan
and the Employer (including any Participating Employers) may continue to rely on the Favorable IRS Letter issued to the Prototype Sponsor. If the former Related Employer does not properly withdraw from the Plan, the Plan will be treated as an
individually-designed plan for any period of noncompliance. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	120	 	

					
	 	 	 	 	 Prototype Defined Contribution Plan

Appendix A: Actuarial Factors

  
 APPENDIX A 

ACTUARIAL FACTORS 
 (For
use with age-based allocation formula) 
 Actuarial Factor Table. The following table sets forth Actuarial Factors based on a testing age
of 65, an interest rate of 8.5% and a UP-1984 mortality table. The Actuarial Factors in this table must be modified if the Employer uses a testing age other than age 65 or selects a different interest rate or mortality table under AA §6-3(e).
To determine a Participant’s Actuarial Factor, use the factor corresponding to the number of years to the Participant’s testing age. The number of years to the testing age is determined by counting the number of years from the last day of
the current plan year to the last day of the plan year in which the Participant reaches the testing age. If the Participant has reached the testing age as of the last day of the current Plan Year, the number of years is 0 for that year and all
subsequent years. 
  

							
	Years to Testing
Age	 	Actuarial
Factor	 	Years to Testing
Age	 	Actuarial
Factor
	0	 	0.07949	 	25	 	0.01034
	1	 	0.07326	 	26	 	0.00953
	2	 	0.06752	 	27	 	0.00878
	3	 	0.06223	 	28	 	0.00810
	4	 	0.05736	 	29	 	0.00746
	5	 	0.05286	 	30	 	0.00688
	6	 	0.04872	 	31	 	0.00634
	7	 	0.04490	 	32	 	0.00584
	8	 	0.04139	 	33	 	0.00538
	9	 	0.03814	 	34	 	0.00496
	10	 	0.03516	 	35	 	0.00457
	11	 	0.03240	 	36	 	0.00422
	12	 	0.02986	 	37	 	0.00389
	13	 	0.02752	 	38	 	0.00358
	14	 	0.02537	 	39	 	0.00330
	15	 	0.02338	 	40	 	0.00304
	16	 	0.02155	 	41	 	0.00280
	17	 	0.01986	 	42	 	0.00258
	18	 	0.01831	 	43	 	0.00238
	19	 	0.01687	 	44	 	0.00219
	20	 	0.01555	 	45	 	0.00202
	21	 	0.01433	 	46	 	0.00186
	22	 	0.01321	 	47	 	0.00172
	23	 	0.01217	 	48	 	0.00158
	24	 	0.01122	 	49	 	0.00146

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	121	 	

	
	 Prototype Defined Contribution Plan

Appendix B: Interim Amendment #1 – Final §415 and §411(d)(6) Regulations and Relief for Hurricanes Katrina, Wilma and
Rita

  
 APPENDIX B 

INTERIM AMENDMENT #1 

FINAL §415 AND §411(d)(6) REGULATIONS AND RELIEF FOR HURRICANES KATRINA, WILMA AND RITA 

 

	B-1.01	Compliance with Plan Qualification Requirements. The provisions of this Appendix B (and the elective provisions under AA §IA1) are intended to qualify as a good-faith amendment to document the
Plan’s compliance with the final regulations under Code §415 and the provisions of Section 1400Q of the Gulf Opportunity Zone Act of 2005. The provisions of this Appendix B supersede any contrary provisions under the Plan. The
provisions under this Appendix B and the provisions of AA§ IA1 are incorporated into the document as of May 1, 2008 for all Plans adopted on or after such date. 

 

	B-2.01	Effective Date of Amendments. 

  

	 	(a)	Code §415 regulations. Unless specifically designated otherwise, the amendments under Section B-3.01 addressing the provisions under the final Code §415 regulations are effective for Limitation
Years beginning on or after July 1, 2007. 

  

	 	(b)	Code §411(d)(6) regulations. The amendments under Section B-3.02 addressing the application of the anti-cutback rules under Code §411(d)(6) are effective for Plan amendments adopted after
August 9, 2006. 

  

	 	(c)	Hurricane Katrina, Wilma and Rita amendments. The amendments under Section B-3.03 addressing the provisions of Section 1400Q of the Gulf Opportunity Zone Act of 2005 relating to distributions and
loans made to Participants residing in areas affected by Hurricanes Katrina, Rita and Wilma are only effective to the extent a distribution or loan has been made to a qualified individual pursuant to the provisions of Section B-3.03.

  

	B-3.01	Final Regulations Under Code §415. 

  

	 	(a)	Post-Severance Compensation. Effective for the first limitation year beginning on or after July 1, 2007 (or any other date designated in AA §IA1-1(c)), Total Compensation (as defined in
Section 1.126) includes compensation that is paid after an Employee severs employment with the Employer, provided the compensation is paid by the later of
2 1⁄2 months after severance from employment with the Employer maintaining the Plan or the end of the Limitation Year that includes such date of severance from
employment. For this purpose, compensation paid after severance of employment may only be included in Total Compensation to the extent such amounts would have been included as compensation if they were paid prior to the Employee’s severance
from employment. 

 For purposes of applying this subsection (a), unless designated otherwise under AA §IA1-1(a), the
following amounts that are paid after a Participant’s severance of employment are included in Total Compensation: 
  

	 	(1)	Regular pay. Compensation for services during the Employee’s regular working hours, or compensation for services outside the Employee’s regular working hours (such as overtime or shift
differential), commissions, bonuses, or other similar payments; 

  

	 	(2)	Unused leave payments. Payment for unused accrued bona fide sick, vacation, or other leave, but only if the Employee would have been able to use the leave if employment had continued; and

  

	 	(3)	Deferred compensation. Payments received by an Employee pursuant to a nonqualified unfunded deferred compensation plan, but only if the payment would have been paid to the Employee at the same time if the
Employee had continued in employment and only to the extent that the payment is includible in the Employee’s gross income. 

Other post-severance payments (such as severance pay, parachute payments within the meaning of Code §280G(b)(2), or post-severance
payments under a nonqualified unfunded deferred compensation plan that would not had been paid if the Employee had continued in employment) are not included as Total Compensation, even if such amounts are paid within the time period described in
this subsection (a). 
 
 In determining the amount of a
Participant’s Employer Contributions, Matching Contributions or Salary Deferrals, Plan Compensation may not include any amounts that do not satisfy the requirements of this subsection (a) or subsection (b). If Total Compensation is defined
to include post-severance compensation, the Employer may elect to exclude all such compensation paid after termination of employment from the definition of Plan Compensation under AA §5-2(j) or may elect to exclude any of the specific types of
post-severance compensation defined in subsections (1), (2) and/or (3) above, by designating such compensation types under AA §5-2(k). The exclusion of post-severance compensation from the definition of Plan Compensation that is
otherwise includible in Total Compensation may cause the Plan to fail the nondiscriminatory compensation rules under Treas. Reg. §1.414(s)-1. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	122	 	

	
	 Prototype Defined Contribution Plan

Appendix B: Interim Amendment #1 – Final §415 and §411(d)(6) Regulations and Relief for Hurricanes Katrina, Wilma and
Rita

  

	 	(b)	Continuation payments for military service and disabled Participants. 

  

	 	(1)	Payments for military service. Unless designated otherwise under AA §IA1-1(b)(1), Total Compensation does not include any payments to an individual who does not currently perform services for the
Employer by reason of qualified military service (as defined in Code §414(u)(1)) to the extent those payments do not exceed the amounts the individual would have received if the individual had continued to perform services for the Employer
rather than entering qualified military service. If so elected under AA §IA1-1(b)(1), such amounts will be included as Total Compensation, notwithstanding the rules under subsection (a). 

 

	 	(2)	Payments following permanent and total disability. Unless designated otherwise under AA §IA1-1(b)(2), Total Compensation does not include compensation paid to a Participant who is permanently and
totally disabled (as defined in Code §22(e)(3)). If elected under AA §IA1-1(b)(2), the Plan may take into account compensation the Participant would have received for the year if the Participant was paid at the rate of compensation paid
immediately before becoming permanently and totally disabled (if such compensation is greater than the Participant’s compensation determined without regard to this subsection (2)), provided contributions made with respect to amounts treated as
compensation under this subsection (2) are nonforfeitable when made. 

 If so elected under AA §IA1-1(b)(2), such
amounts will be included as Total Compensation, notwithstanding the rules under subsection (a). The Employer may elect under AA §IA1-1(b)(2) to apply this rule only to Nonhighly Compensated Employees or to all Participants. 

 

	 	(c)	Definition of Compensation. The definition of compensation under Treas. Reg. §1.415-2(b) includes amounts that are includible in the gross income of an Employee under the rules of Code §409A or
§457(f)(1)(A) or because the amounts are constructively received by the Employee. 

  

	 	(d)	Few weeks rule. If elected under the Adoption Agreement, Total Compensation for a Limitation Year may include amounts earned during that Limitation Year but not paid during that Limitation Year solely
because of the timing of pay periods and pay dates if: 

  

	 	(1)	These amounts are paid during the first few weeks of the next limitation year; 

  

	 	(2)	The amounts are included on a uniform and consistent basis with respect to all similarly situated employees; and 

  

	 	(3)	No compensation is included in more than one limitation year. 

  

	 	(e)	Restorative payments. Restorative payments are not considered Annual Additions for any Limitation Year. For this purpose, restorative payments are payments made to restore losses to the Plan resulting from
actions (or a failure to act) by a fiduciary for which there is a reasonable risk of liability under Title I of ERISA or under other applicable federal or state law, where Participants who are similarly situated are treated similarly with respect to
the payments. Examples of restorative payments include payments made pursuant to a Department of Labor order, the Department of Labor’s Voluntary Fiduciary Correction Program, or a court-approved settlement, to restore losses to the Plan on
account of the breach of fiduciary duty (other than a breach of fiduciary duty arising from failure to remit contributions to the Plan). Payments made to the Plan to make up for losses due merely to market fluctuations and other payments that are
not made on account of a reasonable risk of liability for breach of a fiduciary duty under Title I of ERISA are not restorative payments and generally constitute contributions that give rise to Annual Additions. 

 

	 	(f)	Corrective provisions. The Plan is amended to eliminate any specific correction methods for correcting excess annual additions. If the Plan is eligible for self correction under Rev. Proc. 2006-27 (or
successive guidance), the Employer may use reasonable correction methods (including the correction methods described in § 1.415-6(b)(6) of the 1981 IRS regulations) to the extent permitted under the IRS correction program. 

 

	 	(g)	Change of Limitation Year. Where there is a change of Limitation Year, a “short” Limitation Year exists for the period beginning with the first day of the Limitation Year and ending on the
day before the change in Limitation Year is effective. For this purpose, if the Plan is terminated effective as of a date other than the last day of the Limitation Year, the Plan is treated as if it were amended to change its Limitation Year.

 
  

	B-3.02	Protection of Benefits under Code §411(d)(6). 

  

	 	(a)	 Amendment of vesting schedule. If the Plan’s vesting schedule is amended or the Plan is amended in any way that directly or
indirectly affects the computation of a Participant’s nonforfeitable percentage, or if the Plan is deemed amended by an automatic change to or from a top-heavy vesting schedule, in the case of an Employee who is a

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	123	 	

	
	 Prototype Defined Contribution Plan

Appendix B: Interim Amendment #1 – Final §415 and §411(d)(6) Regulations and Relief for Hurricanes Katrina, Wilma and
Rita

  

	 	
Participant as of the later of the date such amendment or change is adopted or the date it becomes effective, the nonforfeitable percentage (determined as of such date) of such Employee’s
account balance will not be less than the percentage computed under the Plan without regard to such amendment or change. With respect to benefits accrued as of the later of the adoption or effective date of the amendment, the vested percentage of
each Participant will be the greater of the vested percentage under the old vesting schedule or the vested percentage under the new vesting schedule. 

  

	 	(b)	Reduction of accrued benefit. A Plan amendment may not decrease the accrued benefit of any Participant, except as provided in Code §412(c)(8), ERISA §4281, or other applicable law For purposes of
this section, a plan amendment includes any changes to the terms of a plan, including changes resulting from a merger, consolidation, or transfer (as defined in Code §414(l)) or a Plan termination. The rules of this subsection (b) apply to
a Plan amendment that decreases a Participant’s benefit, or otherwise places greater restrictions or conditions on a Participant’s right to protected benefits, even if the amendment merely adds a restriction or condition that is permitted
under the vesting rules in Code §411. However, such an amendment does not violate this subsection (b) to the extent it applies with respect to benefits that accrue after the applicable amendment date. An amendment that satisfies the
applicable requirements under DOL Reg. §2530.203-2(c) relating to Vesting Computation Periods does not fail to satisfy the requirements of this subsection (b) merely because the amendment changes the Plan’s Vesting Computation Period.

  

	B-3.03	Special Distribution and Loan Rules for Participants Affected by Hurricanes Katrina, Rita, And Wilma. 

  

	 	(a)	In general. This Section B-3.03 sets forth the provisions of Section 1400Q of the Gulf Opportunity Zone Act of 2005 relating to distributions and loans made to Participants residing in areas affected
by Hurricanes Katrina, Rita and Wilma. The provisions of this Section B-3.03 will apply only to the extent a distribution or loan has been made to a qualified individual pursuant to the provisions of this Section B-3.03. If the Plan does not
operationally apply the rules under this Section B-3.03, such provisions do not apply to the Plan. To the extent this Section B-3.03 applies to the Plan, the provisions of this Section B-3.03 supersede any inconsistent provisions of the Plan or loan
program. 

  

	 	(b)	Tax-favored withdrawals of Qualified Hurricane Distributions. 

  

	 	(1)	Eligibility for Qualified Hurricane Distribution. A Qualified Individual may take a Qualified Hurricane Distribution without regard to any distribution restrictions otherwise applicable under the Plan. A
Qualified Hurricane Distribution is not subject to the early distribution penalty under Code §72(t). 

  

	 	(i)	Definition of Qualified Hurricane Distribution. A Qualified Hurricane Distribution is a distribution to a qualified individual as described in Code §1400Q(a)(4)(A). 

 

	 	(ii)	Limit on amount of Qualified Hurricane Distributions. The aggregate amount of Qualified Hurricane Distributions received by an individual for any taxable year (from all plans maintained by the Employer and
any member of a controlled group which includes the Employer) may not exceed the excess (if any) of $100,000, over the aggregate amounts treated as Qualified Hurricane Distributions received by such individual for all prior taxable years.

  

	 	(2)	Income inclusion spread over 3-year period. Unless a qualified individual elects not to have this paragraph apply for any taxable year, a Qualified Hurricane Distribution is not required to be included in
gross income for the taxable year of distribution but shall be included in gross income ratably over the 3-taxable year period beginning with the taxable year of the distribution. 

 

	 	(3)	Repayment of Qualified Hurricane Distribution. A Participant who received a Qualified Hurricane Distribution from the Plan or another eligible retirement plan (as defined in Code §402(c)(8)(B)) may,
at any time during the 3-year period beginning on the day after the receipt of such distribution, make one or more rollover contributions to the Plan in an aggregate amount that does not exceed the amount of such Qualified Hurricane Distribution.
This subsection (3) only applies if the Plan permits rollover contributions. 

  

	 	(c)	Recontributions of qualified hardship distributions. A Participant who received a qualified hardship distribution (as described in Code §1400Q(b)(2)), may make one or more rollover contributions to
the Plan during the applicable period (as described in Code §1400Q(b)(3)), in an aggregate amount not to exceed the amount of such qualified hardship distribution. This subsection (c) only applies if the Plan permits rollover
contributions. 

 
  

	 	(d)	Special loan rules. 

  

	 	(1)	 Increased Participant loan limits. Notwithstanding the Participant loan limitations under the Plan, for purposes of determining the
maximum amount of a Participant loan for a qualified individual (as defined in Code §1400Q(c)(3)) during the applicable period (described in Code §1400Q(c)(4)), the loan limits under

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	124	 	

	
	 Prototype Defined Contribution Plan

Appendix B: Interim Amendment #1 – Final §415 and §411(d)(6) Regulations and Relief for Hurricanes Katrina, Wilma and
Rita

  

	 	
Section 13.03 of the Plan shall be applied by substituting “$100,000” for “$50,000” under Section 13.03(a) and “the Participant’s vested Account
Balance” for “one-half ( 1⁄2) of the Participant’s vested Account Balance” under Section 13.03(b). 

 

	 	(2)	Delayed loan repayment date. If a qualified individual has an outstanding Participant loan on or after the Qualified Beginning Date described below, and the due date for repayment of such loan occurs
during the period beginning on the qualified beginning date (as defined in Code §1400Q(c)(4)) and ending on December 31, 2006: 

  

	 	(i)	the due date for repayment of the Participant loan shall be delayed for 1 year; 

  

	 	(ii)	any subsequent repayments with respect to such loan shall be appropriately adjusted to reflect the delay in the due date under subsection (i) and any interest accruing during such delay; and 

 

	 	(iii)	in determining the 5-year period and the term of the loan under Section 13.07 of the Plan, the 1-year delay period described in subsection (i) shall be disregarded. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	125	 	

	
	 Prototype Defined Contribution Plan

Appendix C: Interim Amendment #2 – Pension Protection Act of 2006 (PPA)

  
 APPENDIX C 

INTERIM AMENDMENT #2 

PENSION PROTECTION ACT OF 2006 (PPA) 
  

	C-1.01	Compliance with Pension Protection Act of 2006. The provisions of this Appendix C (and the elective provisions under AA §IA2) are intended to qualify as a good-faith amendment to document the
Plan’s compliance with the plan qualification requirements under the Pensions Protection Act of 2006 (PPA) and other IRS guidance. This amendment supersedes any contrary provisions under the Plan. The provisions under this Appendix C and the
provisions of AA§ IA2 are incorporated into the document as of May 1, 2008 for all Plans adopted on or after such date. 

  

	C-2.01	Qualification Requirements under PPA. 

  

	 	(a)	Vesting Requirements. Effective for Plan Years beginning on or after January 1, 2007, any employer contributions under the Plan will vest in accordance with the vesting schedule designated under AA
§IA2-1. This subsection (a) does not apply to the extent the Plan does not provide for Employer Contributions. 

  

	 	(1)	Permissible vesting schedules. Effective for Plan Years beginning on or after January 1, 2007, any Employer Contributions provided under the Plan must vest in accordance with either a three-year cliff
vesting schedule or a six-year graded vesting schedule. Under the 3-year cliff vesting schedule, an Employee is 100% vested after 3 Years of Service. Prior to the third Year of Service, the vesting percentage is zero. Under the 6-year graded vesting
schedule, an Employee vests in his/her Employer Contribution Account in the following manner: 

 After 2 Years of Service
– 20% vesting 
 After 3 Years of Service – 40% vesting 

After 4 Years of Service – 60% vesting 

After 5 Years of Service – 80% vesting 

After 6 Years of Service – 100% vesting 
  

	 	(2)	Application of vesting schedule. Any vesting schedule designated under AA §IA2-1(a) does not apply to any Employee that does not complete an Hour of Service for vesting purposes in a Plan Year
beginning on or after January 1, 2007. In applying the vesting schedule, the Plan will take into account all vesting service under the Plan, unless designated otherwise under AA §8-4. If AA §IA2-1(b) is selected, the vesting schedule
designated under AA §IA2-1(a) will apply only to Employer Contributions made for Plan Years beginning on or after January 1, 2007. 

  

	 	(3)	Vesting schedule elections. If the vesting schedule applicable to Employer Contributions under AA §8-2 already satisfies the requirements under subsection (1) above, that vesting schedule may
continue to apply and the Employer is not required to make an election under AA §1A1-1. 

  

	 	(b)	Direct Rollover by Non-Spouse Beneficiary. Unless elected otherwise under AA §IA2-2, effective for distributions made on or after January 1, 2007, a non-spouse beneficiary (as defined in Code
§401(a)(9)(E)) may elect to directly rollover an Eligible Rollover Distribution to an individual retirement account under Code §408(a) or an individual retirement annuity under Code §408(b). In order to be able to roll over the
distribution, the distribution otherwise must satisfy the definition of an Eligible Rollover Distribution (as defined in Section 8.05(a)(1)). In applying this subsection (b), a non-spouse rollover will not be subject to the direct rollover
requirements under Code §401(a)(31), the rollover notice requirements under Code §402(f) or the mandatory withholding requirements under Code §3405(c). 

 

	 	(c)	Hardship Distributions. 

  

	 	(1)	Application of hardship distributions rules with respect to primary beneficiaries. If elected under AA §IA2-3, if the Plan otherwise permits Hardship distributions based on the safe harbor hardship
provisions under Section 8.10(d)(1), the existence of an immediate and heavy financial need under 8.10(d)(1)(i) may be determined with respect to a primary beneficiary under the Plan. For this purpose, a primary beneficiary is an individual who
is named as a beneficiary under the Plan and has an unconditional right to all or a portion of a Participant’s Account Balance upon the death of the Participant. Hardship distributions with respect to primary beneficiaries under this subsection
(1) are limited to hardship distributions on account of medical expenses, educational expenses and funeral expenses (as described in Section 8.10(d)(1)(i)(A), (C) and (E)). Any Hardship distribution with respect to a primary
beneficiary must satisfy all the other requirements applicable to Hardship distributions under Section 8.10(d) of the Plan. 

  

	 	(2)	Election to apply hardship distribution rules with respect to primary beneficiaries. Unless specifically elected under AA §IA2-3, the Hardship distribution provisions of the Plan do not apply with
respect to primary beneficiaries. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	126	 	

			
	 Prototype Defined Contribution Plan

Appendix C: Interim Amendment #2 – Pension Protection Act of 2006 (PPA)

 

	 	(d)	Direct Rollover of Non-Taxable Amounts. Notwithstanding any other provision of the Plan, effective for taxable years beginning on or after January 1, 2007, an Eligible Rollover Distribution may
include the portion of any distribution that is not includible in gross income. For this purpose, an Eligible Retirement Plan includes a Defined Contribution or Defined Benefit Plan qualified under Code §401(a) and a tax-sheltered annuity plan
under Code §403(b), provided the rollover is accomplished through a direct rollover and the recipient Eligible Retirement Plan separately accounts for any amounts attributable to the rollover of any nontaxable distribution and earnings thereon.

  

	 	(e)	Rollovers to Roth IRA. For distributions occurring on or after January 1, 2008, a Participant or beneficiary (including a non-spousal beneficiary to the extent permitted under subsection
(b) above), may rollover an Eligible Rollover Distribution (as defined in Section 8.05(a)(1)) to a Roth IRA, provided the Participant (or beneficiary) satisfies the requirements for making a Roth contribution under Code
§408A(c)(3)(B). Any amounts rolled over to a Roth IRA will be included in gross income to the extent such amounts would have been included in gross income if not rolled over (as required under Code §408A(d)(3)(A)). For purposes of this
subsection (e), the Plan Administrator is not responsible for assuring the Participant (or beneficiary) is eligible to make a rollover to a Roth IRA. 

  

	 	(f)	Distribution Notice Periods. Notwithstanding any other provision of the Plan, effective for Plan Years beginning on or after January 1, 2007, the period for providing the rollover notice as required
under Code §402(f) (see Section 8.05(b)}, the period for providing the notice regarding Participant (and spousal) consent as required under Code §417 (see Section 9.02(b)) and the pe\riod for providing the notice of a
Participant’s right to defer receipt of a distribution under Code §411(a)(11) (see Section 8.04(c)) will be no less than 30 days and no more than 180 days before the date of distribution. 

 

	 	(g)	Content of Notice of a Participant’s Right to Defer Receipt of a Distribution. Effective for Plan Years beginning on or after January 1, 2007, the notice relating to a Participant’s right to
defer receipt of a distribution under Code §411(a)(11) must include a description of the consequences of a Participant’s decision not to defer the receipt of a distribution. 

 

	 	(h)	Qualified Domestic Relations Orders. Effective April 6, 2007, a domestic relations order otherwise meeting the requirements to be a qualified domestic relations order (QDRO) under Code §414(p)(3)
shall not fail to be treated as a QDRO solely because: 

  

	 	(1)	the order is issued after, or revises, another domestic relations order or QDRO; or 

  

	 	(2)	of the time at which the order is issued, including orders issued after the death of the Participant. 

Any QDRO described in this subsection (h) shall be subject to the same requirements and protections which apply to QDROs under Code
§414(p)(7). 
  

	 	(i)	Diversification Requirements for Defined Contribution Plans Invested in Employer Securities. For Plan Years beginning on or after January 1, 2007, the following rules apply with respect to Defined
Contribution Plans that provide for the investment of Plan assets in publicly-traded Employer securities. 

  

	 	(1)	Employer Contributions invested in Employer securities. If any portion of the Account of a Participant attributable to Employer Contributions (other than Salary Deferrals) is invested in Employer
securities, if the Participant (including a beneficiary of such Participant) has completed at least 3 Years of Service for vesting purposes, such Participant may elect to direct the Plan to divest any such securities and to reinvest an equivalent
amount in other investment options meeting the requirements of subsection (4). 

  

	 	(2)	Salary Deferrals and After-Tax Contributions invested in Employer securities. If any portion of the Account of a Participant attributable to Salary Deferrals or Employee contributions (under the Profit
Sharing/401(k) Plan) is invested in Employer securities, such Participant may elect to direct the Plan to divest any such securities and to reinvest an equivalent amount in other investment options meeting the requirements of subsection (4).

  

	 	(3)	Phase-in of diversification requirements. To the extent Employer securities are acquired with Employer Contributions during a Plan Year beginning before January 1, 2007, the provisions under
subsection (1) above shall only apply a percentage of such securities (applied separately for each class of securities), as determined below. 

  

	 	(i)	Phase-in percentage. For purposes of applying the phase-in rules under this subsection (3), the phase-in rules apply to the following percentage of Employer securities based on the Plan Year for which
these requirements apply. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	127	 	

	
	 Prototype Defined Contribution Plan

Appendix C: Interim Amendment #2 – Pension Protection Act of 2006 (PPA)

 

					
	 Plan Year
	  	Applicable Percentage	 
		
	 2007
	  	 	33	  
	 2008
	  	 	66	  
	 2009 and later
	  	 	100	  

  

	 	(ii)	Exception for certain Participants over age 55. The phase-in rules under this subsection (3) will not apply to Participants who have attained age 55 and completed at least 3 Years of Service for
vesting purposes before the first Plan Year beginning on or after January 1, 2006. 

  

	 	(4)	Investment options. The requirements of this Section C-2.01(i) are met if the Plan offers not less than three (3) investment options, in addition to Employer securities, to which the Participant may
direct the proceeds from the divestment of employer securities pursuant to this paragraph, each of which is diversified and has materially different risk and return characteristics. The Plan may provide reasonable limits on the time for divestment
and reinvestment opportunities, provided such limits allow for at least quarterly divestment and reinvestment opportunities. Except as provided in regulations, the Plan may not impose restrictions or conditions on the investment of Employer
securities which are not imposed on the investment of other Plan assets, other than restrictions or conditions imposed by reason of the application of securities laws or other guidance. 

 

	 	(5)	Exceptions for certain plans. The diversification requirements under this Section C-2.01(i) do not apply to: 

  

	 	(i)	One-participant plans. A plan that on the first day of the Plan Year covered only one individual (or the individual and the individual’s spouse) and the individual owned 100 percent of the
Employer (whether or not incorporated), or covered only one or more partners (or partners and their spouses) and such plan: 

  

	 	(A)	meets the minimum coverage requirements of Code §410(b) without being combined with any other plan of the Employer; 

  

	 	(B)	does not provide benefits to anyone except the individual (and the individual’s spouse) or the partners (and their spouses); 

 

	 	(C)	does not cover any Related Employers (as defined in Section 1.107); and 

  

	 	(D)	does not cover an Employer that uses the services of Leased Employees (within the meaning of Code §414(n)). 

  

	 	(ii)	Certain employee stock ownership plans. An employee stock ownership plan (“ESOP”) if: (i) there are no contributions to such plan (or allocable earnings) attributable to elective
deferrals or matching contributions, and (ii) such plan is not aggregated (pursuant to Code §414(l)) with any other defined contribution plan or defined benefit plan maintained by the same Employer. 

 

	 	(6)	Certain plans treated as holding publicly-traded Employer securities. Except as provided in regulations, a plan holding Employer securities which are not publicly traded Employer securities
shall be treated as holding publicly-traded Employer securities if any Employer corporation, or any or any member of a controlled group of corporations which includes such Employer corporation, has issued a class of stock which is a publicly traded
Employer security. This subsection (6) will not apply if no Employer corporation, or parent corporation of an Employer corporation (as defined in Code §424(e)), has issued any publicly-traded Employer security, and no Employer corporation,
or parent corporation of an Employer corporation, has issued any special class of stock which grants particular rights to, or bears particular risks for, the holder or issuer with respect to any corporation described in this subsection
(6) which has issued any publicly-traded Employer security. For purposes of this subsection (6), the term controlled group of corporations has the meaning given such term by Code §1563(a), except that 50% shall be substituted for 80% each
place it appears. 

  

	 	(j)	In-Service Distributions from Pension Plans. Unless elected otherwise under AA §IA2-4, for Plan Years beginning after January 1, 2007, if the Plan is a pension plan (e.g., a money purchase
plan or a plan that holds transferred assets from a money purchase plan), a Participant may not receive an in-service distribution of his/her vested Account Balance prior to attainment of Normal Retirement Age (to the extent permitted under AA
§10-1). 

  

	 	(k)	Penalty-Free Withdrawals for Individuals Called to Active Duty. Effective September 11, 2001, the distribution provisions applicable to elective deferrals include a Qualified Reservist Distribution,
as defined in subsection (1) below. If a Participant takes a Qualified Reservist Distribution, such distributions will not be subject to the 10% penalty tax under Code §72(t). 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	128	 	

	
	 Prototype Defined Contribution Plan

Appendix C: Interim Amendment #2 – Pension Protection Act of 2006 (PPA)

 

	 	(1)	Qualified Reservist Distribution. For purposes of this subsection (k), a Qualified Reservist Distribution means any distribution to an individual if: 

 

	 	(i)	such distribution is from amounts attributable to elective deferrals described in Code §402(g)(3)(A) or (C) or Code §501(c)(18)(D)(iii), 

 

	 	(ii)	such individual was (by reason of being a member of a reserve component (as defined in §101 of Title 37 of the United States Code)) ordered or called to active duty for a period in excess of 179 days or for
an indefinite period, and 

  

	 	(iii)	such distribution is made during the period beginning on the date of such order or call and ending at the close of the active duty period. 

 

	 	(2)	Active duty. For purposes of this subsection (k), a Qualified Reservist Distribution will only be available for individuals who are ordered or called into active duty after September 11, 2001, and
before December 31, 2007. 

  

	 	(l)	Qualified Optional Survivor Annuity. If the Plan is subject to the Qualified Joint and Annuity requirements pursuant to Section 9.01, effective for distributions with an Annuity Starting Date in Plan
Years beginning on or after January 1, 2008, in addition to the QJSA form of benefit (as set forth in AA §9-2), a Participant (and spouse) may elect to receive distribution in the form of a Qualified Optional Survivor Annuity (QOSA). For
this purpose, the QOSA is an annuity for the life of the Participant with a survivor annuity for the life of the Participant’s spouse that is equal to the “applicable percentage” of the amount of the annuity that is payable during the
joint lives of the Participant and the spouse and is the actuarial equivalent of a single life annuity for the life of the Participant 

If the survivor annuity provided by the QJSA under the Plan is less than 75% of the annuity payable during the joint lives of the Participant
and spouse, the “applicable percentage” is 75%. If the survivor annuity provided by the QJSA under the Plan is greater than or equal to 75% of the annuity payable during the joint lives of the Participant and spouse, the “applicable
percentage” is 50%. 
 In applying the provisions under this subsection (l), a Participant (and spouse) may only waive out of the QJSA
pursuant to a Qualified Election (as defined in Section 9.04). Under the Qualified Election provisions under Section 9.04, the QOSA form of benefit is treated as a QJSA form of benefit for purposes of determining whether spousal consent is
required with respect to a waiver of the QJSA in favor of the QOSA form of benefit. Thus, no spousal consent is required to waive out of the QJSA form of benefit in favor of an actuarially equivalent QOSA form of benefit. 

 

	C-2.02	Special Rules for Eligible Automatic Contribution Arrangement. Effective for Plan Years beginning on or after January 1, 2008, if the Plan provides for an automatic deferral election provision under
AA §6A-8 or a Qualified Automatic Contribution Arrangement under AA §IA2-6, and such automatic deferral election qualifies as an Eligible Automatic Contribution Arrangements (EACA), the Plan may provide for special permissible withdrawals
(as set forth in subsection (b) below) and will qualify for the special delayed testing date for purposes of making refunds of Excess Contributions and/or Excess Aggregate Contributions (as described in subsection (c) below). To qualify as
an EACA, the Plan must satisfy the provisions of subsection (a) for the entire Plan Year. The Plan may qualify as both a QACA under Section C-2.03 and an EACA under this Section C-2.02. 

 

	 	(a)	Definition of Eligible Automatic Contribution Arrangement. The Plan will qualify as an EACA under this Section C-2.02 if the Plan provides for an automatic deferral election (as described in subsection
(1)) and provides, in the absence of an investment election by the Participant, that Salary Deferrals are invested in accordance with DOL regulations under ERISA §404(c)(5). In addition, an annual written notice must be provided in
accordance with subsection (2) below. 

  

	 	(1)	Automatic deferral election. To qualify as an EACA, each Employee eligible to participate in the Plan, in the absence of an affirmative election, must be treated as having elected to make Salary Deferrals
in an amount equal to a uniform percentage of Plan Compensation (as set forth in AA §6A-8). The automatic deferral election ceases to apply with respect to any Employee who makes an affirmative election (that remains in effect) to make Salary
Deferrals in a different amount or percentage of Plan Compensation or to not have any Salary Deferrals made on his/her behalf. For this purpose, an automatic deferral election will not fail to be a uniform percentage of Plan Compensation merely
because: 

  

	 	(i)	The deferral percentage varies based on the number of years an eligible Employee has participated in the Plan (e.g., due to the application of an automatic increase provisions); 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	129	 	

	
	 Prototype Defined Contribution Plan

Appendix C: Interim Amendment #2 – Pension Protection Act of 2006 (PPA)

 

	 	(ii)	The automatic deferral election does not reduce a Salary Deferral election in effect immediately prior to the effective date of the automatic deferral election; 

 

	 	(iii)	The rate of Salary Deferrals is limited so as not to exceed the limits of Code §§401(a)(17), 402(g) (determined with or without Catch-Up Contributions) and 415; or 

 

	 	(iv)	The automatic deferral election is not applied during the period an employee is not permitted to make Salary Deferrals pursuant to Section 8.10(d)(1)(ii)(C). 

 

	 	(2)	Annual notice requirement. Each eligible Employee must receive a written notice describing the Participant’s rights and obligations under the Plan which is sufficiently accurate and comprehensive to
apprise the Employee of such rights and obligations, and is written in a manner calculated to be understood by the average Plan Participant. 

  

	 	(i)	Contents of annual notice. To qualify as an EACA, the annual notice must contain the same information as applies for purposes of the safe harbor notice described under Section 6.04(a)(4). However, to
qualify as an EACA, the annual notice must also include a description of: 

  

	 	(A)	the level of Salary Deferrals which will be made on the Employee’s behalf if the Employee does not make an affirmative election; 

 

	 	(B)	the Employee’s right under the EACA to elect not to have Salary Deferrals made on the Employee’s behalf (or to elect to have such Salary Deferrals made in a different amount or percentage of Plan
Compensation); 

  

	 	(C)	how contributions under the EACA will be invested and, if the Plan provides for Participant direction of investment, how Salary Deferrals made pursuant to an automatic deferral election will be invested in the absence
of an investment election by the Employee; and 

  

	 	(D)	the Employee’s right to make a permissible withdrawal (as described under subsection (b) below), if applicable, and the procedures to elect such a withdrawal. 

 

	 	(ii)	Timing of annual notice. The annual notice described under this subsection (2) must be provided at the same time and in the same manner as the annual safe harbor notice described in
Section 6.04(a)(4). The annual notice must be provided within a reasonable period before the beginning of each Plan Year (or, in the year an Employee becomes an eligible Employee, within a reasonable period before the Employee becomes an
eligible Employee). In addition, a notice satisfies the timing requirements only if it is provided sufficiently early so that the Employee has a reasonable period of time after receipt of the notice and before the first Salary Deferral made under
the arrangement to make an alternative deferral election. 

 The annual notice will be deemed timely if it is provided to each
eligible Employee at least 30 days (and no more than 90 days) before the beginning of each Plan Year. In the case of an Employee who does not receive the notice within such period because the Employee becomes an eligible Employee after the 90th day
before the beginning of the Plan Year, the timing requirement is deemed to be satisfied if the notice is provided no more than 90 days before the Employee becomes an eligible Employee (and no later than the date the Employee becomes an eligible
Employee). 
  

	 	(b)	Permissible Withdrawals under Eligible Automatic Contribution Arrangement. If so elected under AA §IA2-5 of the Profit Sharing/401(k) Adoption Agreement, effective for Plan Years beginning on or after
January 1, 2008, any Employee who has Salary Deferrals contributed to the Plan pursuant to an automatic deferral election under the EACA may elect to withdraw such contributions (and earnings attributable thereto) in accordance with the
requirements of this subsection (b). A permissible withdrawal under this subsection (b) may be made without regard to any elections under AA §10 and will not cause the Plan to fail the prohibition on in-service distribution applicable to
Salary Deferrals under Section 8.10(c). In addition, such withdrawal may be made without regard to any notice or consent otherwise required under Code §401(a)(11) or §417. Any Salary Deferrals that are distributed under this
subsection (b) are not taken into account under the ADP Test (as described in Section 6.01(a)) or under the ACP Test (as described in Section 6.02(a)) for the Plan Year for which the Salary Deferrals were made or for any other Plan
Year. 

  

	 	(1)	Amount of distribution. A distribution satisfies the requirement of this subsection (b) if the distribution is equal to the amount of Salary Deferrals made pursuant to the automatic deferral election
through the effective date of the withdrawal election (as described in subsection (2)) adjusted for allocable gains and losses as of the date of the distribution. For this purpose, allocable gains and losses are determined in the same manner as
for corrective distributions of Excess Contributions (as described in Section 6.01(b)(2)(ii)). 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	130	 	

	
	 Prototype Defined Contribution Plan

Appendix C: Interim Amendment #2 – Pension Protection Act of 2006 (PPA)

 

 The distribution amount determined under this subsection (1) may be reduced by any
generally applicable fees. However, the Plan may not charge a greater fee for a permissible distribution under this subsection (b) than applies with respect to other Plan distributions. 

 

	 	(2)	Timing. An election to withdraw Salary Deferrals under this subsection (b) must be made no later than 90 days after the date of the first default Salary Deferral under the EACA. The date of the first
default Salary Deferral is the date that the Plan Compensation from which such Salary Deferrals are withheld would otherwise have been included in gross income. The effective date of an election described in this subsection (b) cannot be later
than the last day of the payroll period that begins after the date the election is made. 

  

	 	(3)	Tax consequences of permissible withdrawal. Any amount distributed under this subsection (b) is includible in the eligible Employee’s gross income for the taxable year in which the distribution
is made. However, the portion of any distribution consisting of Roth Deferrals is not included in an Employee’s gross income a second time. In addition, a permissible withdrawal under this subsection (b) is not subject to any penalty tax
under Code §72(t). 

  

	 	(4)	Forfeiture of matching contributions. In the case of any withdrawal made under this subsection (b), any Matching Contributions made with respect to such withdrawn Salary Deferrals must be forfeited.

  

	 	(c)	Expansion of corrective distribution period for Eligible Automatic Contribution Arrangements. If the Plan qualifies as an EACA (as defined in subsection C-2.02 above), the corrective distribution
provisions applicable to Excess Contributions and Excess Aggregate Contributions under Sections 6.01(b)(2) and 6.02(b)(2) are modified to allow a corrective distribution no later than 6 months (instead of
2 1⁄2 months) after the last day of the Plan Year in which such excess amounts arose to avoid the 10% excise tax with respect to such corrective distributions.
This subsection (c) is effective for corrective distributions made for Plan Years beginning on or after January 1, 2008. 

  

	 	(d)	Preemption of state law. In applying the provisions of this Section C-2.02, any law of a State which would directly or indirectly prohibit or restrict the inclusion of an automatic contribution arrangement
shall be superseded. 

  

	C-2.03	Qualified Automatic Contribution Arrangements. The Employer may elect in AA §IA2-4 of the Profit Sharing/401(k) Adoption Agreement to apply the Qualified Automatic Contribution Arrangement (QACA)
provisions under this Section C-2.03. The ADP Test described in Section 6.01(a) is deemed to be satisfied for any Plan Year in which the Plan qualifies as a QACA. In addition, if Matching Contributions are made for such Plan Year, the ACP Test
described in Section 6.02 is deemed satisfied with respect to such contributions if the conditions of subsection 6.04(g) are satisfied. 

For purposes of this Section C-2.03, a QACA is any cash or deferred arrangement which meets the requirements of Section 6.04, as modified
under subsections (a) - (e) below, for the entire Plan Year. The election under AA §IA2-6 to apply the QACA provisions will apply without regard to any contrary elections under AA §6A. 

 

	 	(a)	Automatic deferral. To qualify as a QACA, the Plan must provide for an automatic deferral election (as defined in Section C-2.02(a)(1) above) equal to a qualified percentage of Plan Compensation. For this
purpose, a qualified percentage is, with respect to any Employee, a uniform percentage of Plan Compensation that does not exceed 10%, and which is at least: 

  

	 	(1)	3% during the period that begins when the Employee first participates in the QACA and ending on the last day of the following Plan Year, 

 

	 	(2)	4% during the first Plan Year following the Plan Year described in subsection (1), 

  

	 	(3)	5% during the second Plan Year following the Plan Year described in subsection (2), and 

  

	 	(4)	6% during any subsequent Plan Year. 

  

	 	(b)	Eligible Employees. In applying the automatic deferral provisions under this C-2.03, the automatic deferral election described under subsection (a) must apply to all eligible Employees without taking
into account any Employee who: 

  

	 	(1)	was eligible to participate in the Plan (or a predecessor Plan) immediately prior to the effective date of the QACA, and 

  

	 	(2)	had an affirmative election in effect on such effective date (which remains in effect) either to: 

  

	 	(i)	make Salary Deferrals in a specified amount or percentage of Plan Compensation, or 

  

	 	(ii)	not have any Salary Deferrals made on his/her behalf. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	131	 	

	
	 Prototype Defined Contribution Plan

Appendix C: Interim Amendment #2 – Pension Protection Act of 2006 (PPA)

 

	 	(c)	QACA Safe Harbor Contribution. To qualify as a QACA, the Employer must provide a QACA Safe Harbor Employer Contribution or a QACA Safe Harbor Matching Contribution to Nonhighly Compensated Employees under
the Plan. 

  

	 	(1)	QACA Safe Harbor Employer Contribution. The Employer may elect under AA §IA2-6(b)(2) of the Profit Sharing/401(k) Plan to make a QACA Safe Harbor Employer Contribution of at least 3% of Plan
Compensation. 

  

	 	(2)	QACA Safe Harbor Matching Contribution. The Employer may elect under AA §IA2-6(b)(1) of the Profit Sharing/401(k) Plan to make a QACA Safe Harbor Matching Contribution with respect to each
Participant’s Salary Deferrals under the Plan. The Employer may elect to provide a basic QACA Safe Harbor Matching Contribution, an enhanced QACA Safe Harbor Matching Contribution, or a tiered QACA Safe Harbor Matching Contribution.

  

	 	(i)	Basic Safe Harbor Matching Contribution. Under the basic QACA Safe Harbor Matching Contribution formula, each eligible Participant (as defined in AA §IA2-6(c)) will receive a Safe Harbor Matching
Contribution equal to: 

  

	 	(A)	100% of a Participant’s Salary Deferrals that do not exceed 1% of the Participant’s Plan Compensation plus 

  

	 	(B)	50% of a Participant’s Salary Deferrals that exceed 1% of the Participant’s Plan Compensation but that do not exceed 6% of the Participant’s Plan Compensation. 

 

	 	(ii)	Enhanced Safe Harbor Matching Contribution. Under the enhanced QACA Safe Harbor Matching Contribution formula, the Safe Harbor Matching Contribution must not be less, at each level of Salary Deferrals,
than the amount required under the basic QACA Safe Harbor Matching Contribution formula under subsection (i) above. Under the enhanced Safe Harbor Matching Contribution formula, the rate of Matching Contributions may not increase as an
Employee’s rate of Salary Deferrals increase. 

  

	 	(A)	Contributions for Highly Compensated Employees. The Plan will not fail to be a QACA merely because Highly Compensated Employees also receive a QACA Safe Harbor Matching Contribution under the Plan.
However, a QACA Safe Harbor Matching Contribution will not satisfy this Section if any Highly Compensated Employee is eligible for a higher rate of QACA Safe Harbor Matching Contribution than is provided for any Nonhighly Compensated Employee who
has the same rate of Salary Deferrals. 

  

	 	(B)	Period for making QACA Safe Harbor Matching Contribution. In determining a Participant’s QACA Safe Harbor Matching Contributions, the Employer may elect under AA §IA2-6(b)(1)(ii) to determine the
QACA Safe Harbor Matching Contribution on the basis of Salary Deferrals the Participant makes during the Plan Year. Alternatively, the Employer may elect to determine the QACA Safe Harbor Matching Contribution on a payroll, monthly, or quarterly
basis. 

  

	 	(iii)	Two-year cliff vesting. A Participant must be 100% vested in any QACA Safe Harbor Contributions under subsection (c) above upon the completion of two (2) Years of Service. Any additional amounts
contributed under the Plan may be subject to any vesting schedule described under Section 7.02. For this purpose, a QACA Safe Harbor Contribution is treated as a separate contribution source for purposes of applying the rules under
Section 7.09 relating to the amendment of a vesting schedule. 

  

	 	(d)	Distribution restrictions. Distributions of the QACA Safe Harbor Contribution must be restricted in the same manner as Salary Deferrals under Section 8.10(c), except that such contributions may not be
distributed upon Hardship. 

  

	 	(e)	Annual notice. Each eligible Employee must receive a written notice as described in Section C-2.02(a)(2) above. 

  

	C-3.01	Modifications to Rules Applicable to Corrective Distributions under ADP Test and ACP Test. 

  

	 	(a)	Elimination of “gap period” earnings. For Plan Years beginning on or after January 1, 2008, the method for determining allocable income or loss attributable to a corrective distribution of
Excess Contributions or Excess Aggregate Contributions as set forth in Sections 6.01(b)(2)(ii) and 6.02(b)(2)(ii) is amended to provide that only allocable gain or loss through the end of the Plan Year must be taken into account. Thus, effective for
Plan Years beginning on or after January 1, 2008, “gap period” income need not be included in determining the amount of a corrective distribution of Excess Contributions or Excess Aggregate Contributions. See Sections 6.01(b)(2)(ii)
and 6.02(b)(2)(ii) for rules for determining allocable income and loss for corrective distributions made for Plan Years beginning before January 1, 2008. 

  

	 	(b)	Year of inclusion. For Plan Years beginning on or after January 1, 2008, a corrective distribution of Excess Contributions (and allocable income) is includible in the Employee’s gross income for
the Employee’s taxable year in which distributed, regardless of when such corrective distribution is made during the Plan Year. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	132	 	

	
	 Prototype Defined Contribution Plan

Appendix C: Interim Amendment #2 – Pension Protection Act of 2006 (PPA)

 

	C-3.02	Gap Period Income for Corrective Distributions of Excess Deferrals. A corrective distribution of Excess Deferrals (as described in Section 5.02(b)) must include any allocable gain or loss for the
taxable year in which the Excess Deferrals are contributed to the Plan. The gain or loss allocable to Excess Deferrals may be determined in any reasonable manner, provided the manner used to determine allocable gain or loss is applied consistently
for all Participants and in a manner that is reasonably reflective of the method used by the Plan for allocating income to Participants’ Accounts. 

  

	 	(a)	Method of allocating gain or loss. For corrective distributions of Excess Deferrals made in a taxable year beginning on or after January 1, 2007, the income allocable to Excess Deferrals is equal to
(A) the sum of the allocable for the taxable year plus (B) to the extent the Excess Deferrals are or will be credited with gain or loss for the gap period (i.e., the Plan contains a Valuation Date during the gap period), the allocable gain
or loss determined for the gap period. For this purpose, the gap period is the period after the close of the taxable year and prior to the distribution of Excess Deferrals. The Plan will not fail to use a reasonable method for computing the income
allocable to Excess Deferrals merely because the income allocable to Excess Deferrals is determined as of a Valuation Date that occurs no more than 7 days before the date of the distribution. (For Plan Years beginning before January 1, 2006,
income or loss allocable to the period between the end of the Plan Year and the date of distribution can be disregarded in determining income or loss.) 

  

	 	(b)	Alternative method of allocating taxable year gain or loss. The gain or loss attributable to Excess Deferrals for the taxable year may be determined by multiplying the gain or loss for the taxable year
allocable to Elective Deferrals by a fraction, the numerator of which is the Excess Deferrals for the Employee for the taxable year, and the denominator of which is the Employee’s Account Balance attributable to Elective Deferrals as of the
beginning of the taxable year, plus the Employee’s Elective Deferrals for the taxable year. 

  

	 	(c)	Alternative method for allocating plan year and gap period income. The Plan may determine the allocable gain or loss for the aggregate of the taxable year and the gap period by applying the alternative
method under subsection (b) above to this aggregate period. This is accomplished by substituting the gain or loss for the taxable year and the gap period for the gain or loss for the taxable year and by substituting the Elective Deferrals for
the taxable year and the gap period for the Elective Deferrals for the taxable year in determining the fraction that is multiplied by that gain or loss. 

  

	C-4.01	Reasonable Normal Retirement Age. If the Plan is a Money Purchase Plan or is a Profit Sharing Plan or Profit Sharing/ 401(k) Plan that accepted a transfer of assets from a pension plan (e.g., a money
purchase plan or target benefit plan), then effective May 22, 2007 (for Plans initially adopted on or after May 22, 2007) and effective for the first Plan Year beginning on or after July 1, 2008 (for Plans initially adopted prior to
May 22, 2007), the Normal Retirement Age applicable under AA §7-1 must be reasonably representative of the typical retirement age for the industry in which the Plan Participants work. For this purpose, a Normal Retirement Age of age 62 or
above will be deemed to be a reasonable Normal Retirement Age and a Normal Retirement Age under age 55 will be presumed not to satisfy this requirement. If the Plan is amended to change the Normal Retirement Age to comply with the requirements of
this Section (c), such amendment may not result in a violation of Code §§411(a)(9), 411(a)(10), 411(d)(6) or 4980F. Thus, for example, the vested percentage of any Participant may not be reduced solely by a change in the Normal Retirement
Age. For this purpose, the amendment to a later Normal Retirement Age will not violate the anti-cutback requirements of Code §411(d)(6) merely because it eliminates the right to an in-service distribution prior to the later Normal Retirement
Age. 

  

	C-5.01	IRS Guidance Relating to Plan Qualification Requirements. 

  

	 	(a)	Mid-Year Changes to Safe Harbor 401(k) Plan. A Plan will not fail to satisfy the requirements of Code §401(k)(12) relating to safe-harbor 401(k) plans because of the adoption during the Plan Year of a
provision to apply the hardship distribution provisions of the Plan to primary beneficiaries or a provision to implement a qualified Roth contribution program as described in Code §402A. 

 

	 	(b)	Partial Termination. In determining whether a Plan has experienced a partial termination as described under Code §411(d)(3), the Plan Administrator will apply the principals set
forth under IRS Revenue Ruling 2007-43. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	133	 	

	
	 Prototype Defined Contribution Plan

Appendix D: Interim Amendment #3 – HEART Act, WRERA and Other IRS Guidance

  
 APPENDIX D 

INTERIM AMENDMENT #3 

HEROES EARNINGS ASSISTANCE AND RELIEF (HEART) ACT OF 2008, WORKER, RETIREE, AND EMPLOYER RECOVERY ACT OF 2008 (WRERA) AND OTHER IRS GUIDANCE

  

	D-1.01	Compliance with Plan Qualification Requirements. The provisions of this Appendix D and the elective Adoption Agreement provisions are intended to qualify as a good-faith amendment to document the
Plan’s compliance with the requirements under the Heroes Earnings Assistance and Relief (HEART) Act of 2008, the Worker, Retiree, and Employer Recovery Act of 2008 (WRERA) and other IRS guidance, and the final regulations regarding automatic
contribution arrangements. This amendment supersedes any contrary provisions under the Plan. The provisions under this Appendix D and the Adoption Agreement elections are incorporated into the document as of December 1, 2009 for all Plans
adopted on or after such date. 

  

	D-2.01	Requirements under Heroes Earnings Assistance and Relief (HEART) Act of 2008. 

  

	 	(a)	Death Benefits under Qualified Military Service. In the case of a Participant who dies while performing qualified military service (as defined in Code §414(u)), the survivors of the Participant are
entitled to any additional benefits (other than benefit accruals relating to the period of qualified military service) provided under the Plan as though the Participant resumed and then terminated employment on account of death. This provision is
effective with respect to deaths occurring on or after January 1, 2007. 

  

	 	(b)	Benefit Accruals. If elected under AA §IA3-1(a), for benefit accrual purposes, the Plan will treat an individual who dies or becomes disabled (as defined under the terms of the Plan) while performing
qualified military service (as defined in Code §414(u)) with respect to the Employer, as if the individual has resumed employment in accordance with the individual’s reemployment rights under chapter 43 of title 38, United States Code, on
the day preceding death or disability (as the case may be) and terminated employment on the actual date of death or disability. This provision is effective with respect to deaths and disabilities occurring on or after January 1, 2007.

  

	 	(1)	This subsection (b) shall apply only if all individuals performing qualified military service with respect to the Employer maintaining the plan who die or became disabled as a result of performing qualified
military service prior to reemployment by the employer are credited with service and benefits on reasonably equivalent terms. 

  

	 	(2)	The amount of employee contributions and the amount of elective deferrals of an individual treated as reemployed under this subsection (b) shall be determined on the basis of the individual’s average actual
employee contributions or elective deferrals for the lesser of: 

  

	 	(i)	the 12-month period of service with the Employer immediately prior to qualified military service, or 

  

	 	(ii)	if service with the Employer is less than such 12-month period, the actual length of continuous service with the Employer. 

  

	 	(c)	Differential Pay. Effective for years beginning on or after January 1, 2009, in the case of an individual who receives Differential Pay from the Employer: 

 

	 	(1)	such individual will be treated as an Employee of the Employer making the payment, and 

  

	 	(2)	the Differential Pay shall be treated as wages and will be included in calculating an Employee’s Total Compensation under the Plan. 

If all Employees performing service in the Uniformed Services are entitled to receive Differential Pay on reasonably equivalent terms and are
eligible to make contributions based on the payments on reasonably equivalent terms, the Plan shall not be treated as failing to meet the requirements of any provision described in Code §414(u)(1)(C) by reason of any contribution or benefit
based on Differential Pay. However, for purposes of applying this subparagraph, the provisions of Code §§410(b)(3), (4), and (5) shall apply. The Employer may elect to exclude Differential Pay from the definition of Plan Compensation
under AA §IA3-1(b). 
 For purposes of this subsection (c), Differential Pay means any payment which is made by an Employer to an
individual while the individual is performing service in the Uniformed Services while on active duty for a period of more than 30 days, and represents all or a portion of the wages the individual would have received from the Employer if the
individual were performing services for the Employer. In applying the provisions of this subsection (c), Uniformed Services are services as described in Code §3401(h)(2)(A). 

Notwithstanding the provisions of this subsection (c), an individual shall be treated as having been severed from employment during any period
the individual is performing service in the Uniformed Services for purposes of receiving 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	134	 	

	
	 Prototype Defined Contribution Plan

Appendix D: Interim Amendment #3 – HEART Act, WRERA and Other IRS Guidance

 

 
a Plan distribution under Code §401(k)(2)(B)(i)(I). If an individual elects to receive a distribution by reason of this paragraph, the individual may not make Salary Deferrals or Employee
After-Tax Contributions under the Plan during the 6-month period beginning on the date of the distribution. 
  

	 	(d)	Penalty-Free Withdrawals for Individuals Called to Active Duty. Section C-2.01(k) of the Plan is amended to make the penalty-free withdrawal provisions for qualified reservist distributions permanent.
Accordingly, the definition of active duty under Section C-2.01(k)(2) of the Plan is amended to read as follows: 

  

	 	“(2)	Active duty. For purposes of this subsection (k)C-2.01(k), a Qualified Reservist Distribution will only be available for individuals who are ordered or called into active duty after September 11,
2001.” 

  

	D-2.02	Requirements under Worker Retiree and Employer Recovery Act of 2008 (WRERA) and Other IRS Guidance. 

  

	 	(a)	Waiver of Required Minimum Distributions. For calendar year 2009, the Required Minimum Distribution rules under Section 8.12 of the Plan will not apply. In applying the provisions of Section 8.12
of the Plan for the 2009 Distribution Calendar Year, 

  

	 	(1)	the Required Beginning Date with respect to any individual shall be determined without regard to this subsection (a) for purposes of applying this paragraph for Distribution Calendar Years after 2009, and

  

	 	(2)	required distributions to a beneficiary upon the death of the Participant shall be determined without regard to calendar year 2009. 

A Participant or beneficiary who would have been required to receive a Required Minimum Distribution for the 2009 Distribution Calendar Year
but for the enactment of Code §401(a)(9)(H) (“2009 RMD”), may elect whether or not to receive the 2009 RMD (or any portion of such distribution). A distribution of the 2009 RMD or a series of substantially equal distributions (that
include the 2009 RMDs) made at least annually and expected to last for the life (or life expectancy) of the participant, the joint lives (or joint life expectancy) of the participant and the participant’s designated beneficiary, or for a period
of at least 10 years, will be treated as an Eligible Rollover Distribution. However, if all or any portion of a distribution during 2009 is treated as an Eligible Rollover Distribution but would not be so treated if the Required Minimum Distribution
requirements under Section 8.12 of the Plan had applied during 2009, such distribution shall not be treated as an Eligible Rollover Distribution for purposes of Code §§401(a)(31), 402(f) or 3405(c). (See Notice 2009-82 for
transitional rules that apply for purposes of applying the rollover rules to the distribution of 2009 RMDs.) 
  

	 	(b)	Elimination of “Gap Period” Earnings. The method for determining allocable income or loss attributable to a corrective distribution of Excess Deferrals under Code §402(g) is clarified to
provide that only allocable gain or loss through the end of the Plan Year must be taken into account. Thus, “gap period” income need not be included in determining the amount of a corrective distribution of Excess Deferrals.

  

	 	(c)	Transfer of Plan to Unrelated Employer. The Employer may not transfer sponsorship of the Plan to an unrelated employer if the transfer is not in connection with a transfer of business assets or operations
from the Employer to the unrelated taxpayer. 

  

	D-2.03	Final Automatic Contribution Regulations. 

  

	 	(a)	Definition of Eligible Automatic Contribution Arrangement (EACA). Section C-2.02(a) of the Plan is amended to modify the definition of an Eligible Automatic Contribution Arrangement (EACA). Section
C-2.02(a)(1) of the Plan requires that to qualify as an EACA, the automatic contribution arrangement must apply to all eligible Employees who have not entered into an affirmative deferral election. Under this subsection (a), the definition of an
EACA is modified to allow the Employer to designate the Employees eligible to participate in the EACA. Thus, a Plan will not fail to be an EACA merely because an election is made in AA §6A-8 to apply the automatic contribution arrangement only
to a limited group of Employees. However, if the Plan otherwise qualifies as an EACA but the automatic contribution arrangement does not apply to all eligible Employees (who have not entered into an affirmative deferral election), the Plan will not
qualify for the extended 6-month correction period described in Section C-202(c) of the Plan. 

  

	 	(b)	Annual EACA notice. Section C-2.02(a)(2)(ii) of the Plan is amended to clarify that the annual EACA notice only needs to be provided to those Employees who are covered under the EACA. In addition, Section
C-2.02(a)(2)(ii) of the Plan is amended to clarify that if it is impractical to provide the annual EACA notice to a newly eligible Participant before the date such individual becomes eligible to participate under the Plan, the notice will be treated
as timely if it is provided as soon as practicable after such date and the Employee is permitted to defer from Plan Compensation earned beginning on the date of participation. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	135	 	

	
	 Prototype Defined Contribution Plan

Appendix D: Interim Amendment #3 – HEART Act, WRERA and Other IRS Guidance

 

	 	(c)	Permissible Withdrawals under Eligible Automatic Contribution Arrangement. Section C-2.02(b)(2) of the Plan is amended to provide that a permissible withdrawal election must be effective no later than the
pay date for the second payroll period that begins after the election is made or, if earlier, the first pay date that occurs at least 30 days after the election is made. The Employer may designate an alternative period for making permissive
withdrawals under AA §IA3-3(a). If an Employee does not make automatic deferrals to the Plan for an entire Plan Year (e.g., due to termination of employment), the Plan may allow such Employee to take a permissive withdrawal, but only with
respect to default contributions made after the Employee’s return to employment. 

  

	 	(d)	Qualified Automatic Contribution Arrangement (QACA). 

  

	 	(1)	Automatic increase. Section C-2.03(a) of the Plan is amended to clarify that any required increase in the minimum deferral percentages described under Section C-2.03(a) is applied from the date a
Participant first begins making automatic deferrals under the QACA. 

  

	 	(2)	Treatment of rehires. Section C-2.03(a) of the Plan is amended to clarify that the minimum deferral percentages are determined based on the date the Participant first begins making automatic deferrals
under the Plan, without regard to whether the Employee continues to be eligible to make contributions after such date. Thus, the minimum percentage is generally determined based on the number of years since an Employee first has automatic deferrals
made under the QACA. However, if an Employee does not make automatic deferrals to the Plan for an entire Plan Year (e.g., due to termination of employment), the Plan may treat such Employee as having a new initial period for determining the minimum
required default percentage under Section C-2.03(a) of the Plan (if such Employee recommences making default contributions under the QACA), regardless of what minimum percentage would otherwise apply to that Employee. The provisions of this
subsection (2) will automatically apply, unless designated otherwise under AA §IA3-3(b). 

  

	 	(3)	Definition of Plan Compensation. For Plan Years beginning on or after January 1, 2010, the definition of Plan Compensation used for purposes of determining default contributions under a QACA must
satisfy the safe harbor requirements under Treas. Reg. §1.401(k)-3(b)(2). For this purpose, if the Plan defines Plan Compensation in a manner that does not satisfy the safe harbor requirements under Treas. Reg. §1.401(k)-3(b)(2), effective
for the first Plan Year beginning on or after January 1, 2010, the definition of Plan Compensation used for determining default contributions will automatically be modified so that any exclusions that cause the definition of Plan Compensation
to fail the safe harbor requirements will apply only to Highly Compensated Employees. 

  

					
	© Copyright 2008	 	 	 	Defined Contribution Basic Plan Document
		 	136EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

AMENDED AND RESTATED CREDIT AGREEMENT 

among 
 CUMULUS MEDIA INC., 

CUMULUS MEDIA HOLDINGS INC., 
 as
Borrower, 
 CERTAIN LENDERS, 

JPMORGAN CHASE BANK, N.A. 
 as
Administrative Agent, 
 ROYAL BANK OF CANADA, 

and 
 MACQUARIE CAPITAL (USA)
INC., 
 as Co-Syndication Agents, 

and 
 CREDIT SUISSE AG, CAYMAN
ISLANDS BRANCH, FIFTH THIRD BANK, 
 GOLDMAN SACHS BANK USA 

and 
 ING CAPITAL LLC, 

as Co-Documentation Agents 
 Dated
as of December 23, 2013 
  
  

J.P. MORGAN SECURITIES LLC, 
 RBC
CAPITAL MARKETS*, 
 and 

MACQUARIE CAPITAL (USA) INC., 
 as
Joint Lead Arrangers and Joint Bookrunners 
 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, FIFTH THIRD BANK, 

GOLDMAN SACHS BANK USA 
 and 

ING CAPITAL LLC, 
 as 

Joint Bookrunners 
  

 

	*	RBC Capital Markets is a brand name for the capital markets businesses of Royal Bank of Canada and its Affiliates. 

  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 SECTION 1.
	  	DEFINITIONS	  	 	1	  
	 1.1  
	  	Defined Terms	  	 	1	  
	 1.2  
	  	Other Definitional Provisions	  	 	39	  
			
	 SECTION 2.
	  	AMOUNT AND TERMS OF THE TERM LOAN COMMITMENTS	  	 	39	  
			
	 2.1  
	  	Term Loans	  	 	39	  
	 2.2  
	  	Repayment of Term Loans	  	 	40	  
	 2.3  
	  	Proceeds of Term Loans	  	 	40	  
			
	 SECTION 3.
	  	AMOUNT AND TERMS OF REVOLVING CREDIT COMMITMENTS	  	 	40	  
			
	 3.1  
	  	Revolving Credit Commitments	  	 	40	  
	 3.2  
	  	Proceeds of Revolving Credit Loans	  	 	41	  
	 3.3  
	  	Issuance of Letters of Credit	  	 	41	  
	 3.4  
	  	Participating Interests	  	 	42	  
	 3.5  
	  	Procedure for Opening Letters of Credit	  	 	42	  
	 3.6  
	  	Payments in Respect of Letters of Credit	  	 	42	  
	 3.7  
	  	Swing Line Commitment	  	 	43	  
	 3.8  
	  	Participations	  	 	44	  
			
	 SECTION 4.
	  	GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT	  	 	44	  
			
	 4.1  
	  	Procedure for Borrowing by the Borrower	  	 	44	  
	 4.2  
	  	Repayment of Loans; Evidence of Debt	  	 	46	  
	 4.3  
	  	Conversion Options	  	 	46	  
	 4.4  
	  	Changes of Commitment Amounts	  	 	47	  
	 4.5  
	  	Optional Prepayments	  	 	47	  
	 4.6  
	  	Mandatory Prepayments	  	 	48	  
	 4.7  
	  	Interest Rates and Payment Dates	  	 	49	  
	 4.8  
	  	Computation of Interest and Fees	  	 	49	  
	 4.9  
	  	Commitment Fees	  	 	50	  
	 4.10
	  	Certain Fees	  	 	50	  
	 4.11
	  	Letter of Credit Fees	  	 	50	  
	 4.12
	  	Obligations Absolute	  	 	51	  
	 4.13
	  	Assignments	  	 	51	  
	 4.14
	  	Participations	  	 	51	  
	 4.15
	  	Inability to Determine Interest Rate for Eurodollar Loans	  	 	52	  
	 4.16
	  	Pro Rata Treatment and Payments	  	 	52	  
	 4.17
	  	Illegality	  	 	53	  
	 4.18
	  	Requirements of Law	  	 	54	  
	 4.19
	  	Indemnity	  	 	55	  
	 4.20
	  	Taxes	  	 	56	  
	 4.21
	  	Defaulting Lender	  	 	59	  
	 4.22
	  	Mitigation; Replacement of Lenders	  	 	60	  
	 4.23
	  	Prepayments Below Par	  	 	61	  
	 4.24
	  	Extensions of Term Loans and Revolving Credit Commitments	  	 	63	  
	 4.25
	  	Incremental Facility	  	 	65	  

  
 i 

							
	 	  	 	  	Page	 
			
	 SECTION 5.
	  	REPRESENTATIONS AND WARRANTIES	  	 	66	  
			
	 5.1  
	  	Financial Condition	  	 	66	  
	 5.2  
	  	Corporate Existence; Compliance with Law	  	 	67	  
	 5.3  
	  	Corporate Power; Authorization	  	 	67	  
	 5.4  
	  	Enforceable Obligations	  	 	67	  
	 5.5  
	  	No Legal Bar	  	 	67	  
	 5.6  
	  	No Material Litigation	  	 	68	  
	 5.7  
	  	Investment Company Act	  	 	68	  
	 5.8  
	  	Federal Regulation	  	 	68	  
	 5.9  
	  	No Default or Breach	  	 	68	  
	 5.10
	  	Taxes	  	 	68	  
	 5.11
	  	Subsidiaries; Loan Parties	  	 	68	  
	 5.12
	  	Ownership of Property; Liens; Licenses	  	 	69	  
	 5.13
	  	Intellectual Property	  	 	69	  
	 5.14
	  	Labor Matters	  	 	69	  
	 5.15
	  	ERISA	  	 	69	  
	 5.16
	  	Environmental Matters	  	 	70	  
	 5.17
	  	Disclosure	  	 	70	  
	 5.18
	  	Security Documents	  	 	70	  
	 5.19
	  	Solvency	  	 	71	  
	 5.20
	  	Use of Proceeds	  	 	71	  
	 5.21
	  	Patriot Act	  	 	71	  
	 5.22
	  	Anti-Corruption Laws and Sanctions	  	 	71	  
			
	 SECTION 6.
	  	CONDITIONS PRECEDENT	  	 	72	  
			
	 6.1  
	  	Conditions to Initial Loans and Letters of Credit	  	 	72	  
	 6.2  
	  	Conditions to All Loans and Letters of Credit after the Restatement Effective Date	  	 	74	  
			
	 SECTION 7.
	  	AFFIRMATIVE COVENANTS	  	 	74	  
			
	 7.1  
	  	Financial Statements	  	 	75	  
	 7.2  
	  	Certificates; Other Information	  	 	76	  
	 7.3  
	  	Payment of Obligations	  	 	77	  
	 7.4  
	  	Conduct of Business; Maintenance of Existence; Compliance	  	 	77	  
	 7.5  
	  	Maintenance of Property; Insurance	  	 	77	  
	 7.6  
	  	Inspection of Property; Books and Records; Discussions; Annual Meetings	  	 	78	  
	 7.7  
	  	Notices	  	 	78	  
	 7.8  
	  	Environmental Laws	  	 	79	  
	 7.9  
	  	[Reserved]	  	 	79	  
	 7.10
	  	Additional Loan Parties; Pledge of Stock of Additional Subsidiaries; Additional Collateral, etc.	  	 	79	  
	 7.11
	  	Broadcast License Subsidiaries	  	 	80	  
	 7.12
	  	[Reserved]	  	 	81	  
	 7.13
	  	Ratings	  	 	81	  
	 7.14
	  	Designation of Subsidiaries	  	 	81	  
	 7.15
	  	Anti-Corruption Laws and Sanctions	  	 	82	  

  
 ii 

							
	 	  	 	  	Page	 
	 SECTION 8.
	  	NEGATIVE COVENANTS.	  	 	82	  
	 8.1    
	  	Financial Condition Covenants	  	 	82	  
	 8.2    
	  	Indebtedness	  	 	83	  
	 8.3    
	  	Limitation on Liens	  	 	85	  
	 8.4    
	  	Limitation on Contingent Obligations	  	 	88	  
	 8.5    
	  	Prohibition of Fundamental Changes	  	 	89	  
	 8.6    
	  	Prohibition on Sale of Assets	  	 	89	  
	 8.7    
	  	Limitation on Investments, Loans and Advances	  	 	92	  
	 8.8    
	  	Limitation on Restricted Payments	  	 	95	  
	 8.9    
	  	Transactions with Affiliates	  	 	97	  
	 8.10  
	  	Limitation on Sales and Leasebacks	  	 	98	  
	 8.11  
	  	Fiscal Year	  	 	98	  
	 8.12  
	  	Negative Pledge Clauses	  	 	98	  
	 8.13  
	  	Clauses Restricting Subsidiary Distributions	  	 	98	  
	 8.14  
	  	FCC Licenses	  	 	99	  
	 8.15  
	  	Certain Payments of Indebtedness	  	 	99	  
	 8.16  
	  	Amendment of Material Documents	  	 	100	  
			
	 SECTION 9.
	  	EVENTS OF DEFAULT	  	 	100	  
			
	 SECTION 10.
	  	THE ADMINISTRATIVE AGENT AND THE ISSUING LENDER	  	 	103	  
	 10.1  
	  	Appointment	  	 	103	  
	 10.2  
	  	Delegation of Duties	  	 	103	  
	 10.3  
	  	Exculpatory Provisions	  	 	104	  
	 10.4  
	  	Reliance by the Administrative Agent	  	 	104	  
	 10.5  
	  	Notice of Default	  	 	104	  
	 10.6  
	  	Non-Reliance on Administrative Agent and Other Lenders	  	 	104	  
	 10.7  
	  	Indemnification	  	 	105	  
	 10.8  
	  	Administrative Agent in its Individual Capacity	  	 	105	  
	 10.9  
	  	Successor Administrative Agent	  	 	105	  
	 10.10
	  	Issuing Lender as Issuer of Letters of Credit	  	 	106	  
	 10.11
	  	No Other Agent Duties, Etc.	  	 	106	  
			
	 SECTION 11.
	  	MISCELLANEOUS	  	 	106	  
	 11.1  
	  	Amendments and Waivers	  	 	106	  
	 11.2  
	  	Notices	  	 	109	  
	 11.3  
	  	No Waiver; Cumulative Remedies	  	 	110	  
	 11.4  
	  	Survival of Representations and Warranties	  	 	110	  
	 11.5  
	  	Payment of Expenses	  	 	110	  
	 11.6  
	  	Successors and Assigns; Participations; Purchasing Lenders	  	 	112	  
	 11.7  
	  	Adjustments; Set-off	  	 	116	  
	 11.8  
	  	Counterparts	  	 	117	  
	 11.9  
	  	Integration	  	 	117	  
	 11.10
	  	GOVERNING LAW; NO THIRD PARTY RIGHTS	  	 	117	  
	 11.11
	  	SUBMISSION TO JURISDICTION; WAIVERS	  	 	118	  
	 11.12
	  	Acknowledgements	  	 	118	  
	 11.13
	  	Releases of Guarantees and Liens	  	 	119	  
	 11.14
	  	[Reserved]	  	 	119	  
	 11.15
	  	Confidentiality	  	 	119	  

  
 iii 

							
	 	  	 	  	Page	 
	 11.16
	  	Usury Savings	  	 	120	  
	 11.17
	  	Severability	  	 	120	  
	 11.18
	  	Patriot Act	  	 	120	  
	 11.19
	  	Reaffirmation Agreement; Consents	  	 	120	  
	 11.20
	  	No Novation	  	 	121	  

  
 iv 

 SCHEDULES: 
  

			
	 Schedule 1.1A
	  	Commitments
	 Schedule 1.1B
	  	Mortgaged Properties
	 Schedule 3.1
	  	Letters of Credit
	 Schedule 5.6
	  	Litigation
	 Schedule 5.9
	  	No Default
	 Schedule 5.11(a)
	  	Domestic Subsidiaries
	 Schedule 5.11(b)
	  	Foreign Subsidiaries
	 Schedule 5.11(c)
	  	Loan Parties
	 Schedule 5.12
	  	FCC Licenses
	 Schedule 5.16
	  	Environmental Matters
	 Schedule 5.18
	  	Financing Statements and Other Filings
	 Schedule 7.11
	  	FCC Licenses
	 Schedule 8.2
	  	Existing Indebtedness
	 Schedule 8.3
	  	Existing Liens
	 Schedule 8.4
	  	Existing Contingent Obligations
	 Schedule 8.6
	  	Stations in Trust
	 Schedule 8.7
	  	Existing Investments, Loans and Advances
	 Schedule 8.9
	  	Transactions with Affiliates
		
	 EXHIBITS:
	  	
		
	 Exhibit A
	  	Form of Guarantee and Collateral Agreement
	 Exhibit B-1
	  	Form of Parent Closing Certificate
	 Exhibit B-2
	  	Form of Borrower Closing Certificate
	 Exhibit B-3
	  	Form of Subsidiary Guarantor Closing Certificate
	 Exhibit C
	  	Form of L/C Participation Certificate
	 Exhibit D
	  	Form of Assignment and Assumption
	 Exhibit E
	  	Forms of Exemption Certificate
	 Exhibit F
	  	Form of Swing Line Loan Participation Certificate
	 Exhibit G
	  	Form of Discounted Prepayment Option Notice
	 Exhibit H
	  	Form of Lender Participation Notice
	 Exhibit I
	  	Form of Discounted Voluntary Prepayment Notice
	 Exhibit J
	  	Form of Solvency Certificate
	 Exhibit K
	  	Form of Revolving Lender Addendum
	 Exhibit L
	  	Form of Term Lender Addendum
	 Exhibit M
	  	Form of Reaffirmation Agreement

  
 v 

 AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”), dated as of
December 23, 2013, among CUMULUS MEDIA INC., a Delaware corporation (“Parent”), CUMULUS MEDIA HOLDINGS INC., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or
entities from time to time parties hereto (the “Lenders”), JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders, Royal Bank of Canada and Macquarie Capital (USA) Inc., as co-syndication agents, and Credit Suisse AG,
Cayman Islands Branch, Fifth Third Bank, Goldman Sachs Bank USA and ING Capital LLC, as co-documentation agents. 
 WHEREAS, the Borrower
entered into the First Lien Credit Agreement, dated as of September 16, 2011, as amended and restated as of December 20, 2012 and as further amended as of May 31, 2013 (the “Existing Credit Agreement”), with the
several lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and certain other parties; 
 WHEREAS, the parties have
agreed to amend and restate the Existing Credit Agreement as provided in this Agreement, which Agreement shall become effective upon the satisfaction of the conditions set forth in Section 6.1; 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto hereby
agree that on the Restatement Effective Date (as defined below) the Existing Credit Agreement shall be amended and restated in its entirety as follows: 

SECTION 1. DEFINITIONS 

1.1 Defined Terms. As used in this Agreement, the terms defined in the preamble or recitals hereto shall have the meanings set forth
therein, and the following terms shall have the following meanings: 
 “ABR”: for any day, a rate per annum
(rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus 1/2 of 1% and (c) the Eurodollar Rate for a
Eurodollar Loan with a one-month interest period commencing on such day plus 1%. For purposes hereof: “Prime Rate” shall mean the rate of interest per annum publicly announced from time to time by JPMCB as its prime rate in effect at its
principal office in New York City (the Prime Rate not being intended to be the lowest rate of interest charged by JPMCB in connection with extensions of credit to debtors); and “Federal Funds Effective Rate” shall mean, for any day, the
weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day which is a Business Day, the average of the quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. If for any
reason the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the Federal Funds Effective Rate, for any reason, including the inability or failure of the
Administrative Agent to obtain sufficient quotations in accordance with the terms hereof, the ABR shall be determined without regard to clause (b) of the first sentence of this definition, as appropriate, until the circumstances giving rise to
such inability no longer exist. For purposes of this definition, the Eurodollar Rate shall be determined using the Eurodollar Rate as otherwise determined by the Administrative 

 
Agent in accordance with the definition of Eurodollar Rate, except that (x) if a given day is a Business Day, such determination shall be made on such day (rather than two Business Days
prior to the commencement of an Interest Period) or (y) if a given day is not a Business Day, the Eurodollar Rate for such day shall be the rate determined by the Administrative Agent pursuant to preceding clause (x) for the most recent
Business Day preceding such day. Any change in the ABR due to a change in the Prime Rate, the Federal Funds Effective Rate or the Eurodollar Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate,
the Federal Funds Effective Rate or the Eurodollar Rate, respectively. Notwithstanding the foregoing in respect of any Term Loans that are ABR Loans, ABR shall at all times not be less than 2.00%. 

“ABR Loans”: Loans whose interest rate is based on the ABR. 

“Acceptable Discount”: as defined in subsection 4.23. 

“Acceptance Date”: as defined in subsection 4.23. 

“Acquired Business”: WestwoodOne, Inc. (f/k/a Dial Global, Inc.). 

“Acquisition”: the acquisition of the Acquired Business by the Borrower. 

“Act”: as defined in subsection 11.18. 

“Additional Lender”: as defined in subsection 4.25. 

“Adjustment Date”: as defined in the definition of “Pricing Grid” in this subsection 1.1. 

“Administrative Agent”: JPMCB, together with its affiliates, in its capacity as administrative agent for the
Lenders hereunder, and its successors in such capacity as provided in Section 10. 
 “Affiliate”: of
any Person (a) any Person (other than a Subsidiary) which, directly or indirectly, is in control of, is controlled by, or is under common control with such Person, or (b) any Person who is a director or officer (i) of such Person,
(ii) of any Subsidiary of such Person or (iii) of any Person described in clause (a) above. For purposes of this definition, “control” of a Person shall mean the power, direct or indirect, either to (x) vote 10% or more
of the securities having ordinary voting power for the election of directors of such Person, or (y) direct or cause the direction of the management and policies of such Person whether by contract or otherwise. 

“Affiliated Debt Fund”: any Affiliate of the Permitted Owners that (i) is a Debt Fund and (ii) with
respect to which (x) such Permitted Owner and investment vehicles managed or advised by such Permitted Owner that are not engaged primarily in making, purchasing, holding or otherwise investing in commercial loans, bonds and similar extensions
of credit in the ordinary course of business do not make investment decisions for such entity, and (y) the Permitted Owner does not, directly or indirectly, possess the power to direct or cause the direction of the investment policies for such
entity. 

  
 2 

 “Affiliated Lender”: the Permitted Owners and any Affiliate of
the Permitted Owners (including the Borrower and its Subsidiaries).
 “Aggregate Exposure”: with respect to
any Lender at any time, an amount equal to the sum of such Lender’s Aggregate Revolving Credit Extensions of Credit plus such Lender’s participating interests in Swing Line Loans. 

“Aggregate Revolving Credit Extensions of Credit”: at any particular time, the sum of (a) the aggregate
then outstanding principal amount of the Revolving Credit Loans, (b) the aggregate amount then available to be drawn under all outstanding Letters of Credit and (c) the aggregate amount of Revolving L/C Obligations. 

“Agreement”: as defined in the preamble hereto. 

“Anti-Corruption Laws”: all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its
Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Applicable Discount”: as
defined in subsection 4.23. 
 “Applicable Margin”: (a) for each Revolving Credit Loan, 3.25% per
annum in the case of a Eurodollar Loan or 2.25% per annum in the case of an ABR Loan, (b) for each Term Loan, 3.25% per annum in the case of a Eurodollar Loan or 2.25% per annum in the case of an ABR Loan and (c) for each
Swing Line Loan, 2.25% per annum. Notwithstanding the foregoing, the Applicable Margin in respect of any tranche of Extended Revolving Credit Commitments or any Extended Term Loans or Revolving Credit Loans made pursuant to any Extended
Revolving Credit Commitments shall be the applicable percentages per annum set forth in the relevant Extension Offer. 

“Approved Fund”: as defined in subsection 11.6(c). 

“Arrangers”: J.P. Morgan Securities LLC, RBC Capital Markets, and Macquarie Capital (USA) Inc., in their
capacity as arrangers of the Commitments (as defined in the Existing Credit Agreement). 
 “ASC”: the FASB
Accounting Standards Codification. 
 “Asset Sale”: any sale, sale-leaseback, assignment, conveyance,
transfer or other disposition by any Group Member of any of its property or assets (except sales, assignments, conveyances, transfers and other dispositions permitted by subsection 8.6 (other than clauses (e), (f), (g), (o) and
(w) thereof). 
 “Assignee”: as defined in subsection 11.6(c). 

  
 3 

 “Assignment and Assumption”: an Assignment and Assumption substantially in the
form of Exhibit D hereto. 
 “Available Amount”: as of any date of determination, an amount equal to the sum of: 

(a) $100,000,000; plus 

(b) the Cumulative Retained Excess Cash Flow Amount; plus 

(c) 50% of the sum of (without duplication): 

(i) the Net Proceeds received after the Restatement Effective Date and on or prior to such date (other than any Net Proceeds
applied for Investments under subsection 8.7(t), Restricted Payments under subsection 8.8(c) or subsection 8.8(h) or prepayments of Indebtedness under subsection 8.15(b)(iv)) from any Capital Stock Issuance (other than any such issuance to a Group
Member), including any sale of treasury Capital Stock, but excluding any issuance of Disqualified Stock; provided that the Net Proceeds thereof have been contributed by Parent in cash as common equity to the Borrower; 

(ii) the net cash proceeds received after the Restatement Effective Date and on or prior to such date from any capital
contribution to the Borrower (other than any Specified Equity Contribution and any capital contributions applied pursuant to subsection 8.2(p)) or to any Restricted Subsidiary; provided that any such capital contribution is from a Person
other than a Group Member; 
 (iii) the aggregate amount received after the Restatement Effective Date and on or prior to
such date by the Borrower or any Restricted Subsidiary in cash from any dividend or other distribution by an Unrestricted Subsidiary; 

(iv) the net cash proceeds received after the Restatement Effective Date and on or prior to such date by the Borrower or any
Restricted Subsidiary from the issuance of convertible or exchangeable debt securities that have been converted into or exchanged for Capital Stock of a Group Member (other than Disqualified Stock); 

(v) the aggregate amount received in cash or Cash Equivalents after the Restatement Effective Date and on or prior to such
date by the Borrower or any Restricted Subsidiary in connection with the sale, transfer or other disposition of its ownership interest in any existing joint venture that is not a Subsidiary or in any Unrestricted Subsidiary, in each case, to the
extent of the Investment in such joint venture or Unrestricted Subsidiary (with the amount of such Investment being calculated in accordance with the last sentence of subsection 8.7); 

  
 4 

 (vi) the aggregate amount received in cash or Cash Equivalents after the
Restatement Effective Date and on or prior to such date by the Borrower or any Restricted Subsidiary in connection with the sale, transfer or other disposition to a Person (other than a Group Member) of any Investment made in reliance on subsection
8.7(r) and repurchases and redemptions (other than by a Group Member) of such Investments from the Borrower or its Restricted Subsidiaries and repayments of loans or advances (other than by a Group Member) that constitute Investments made in
reliance on subsection 8.7(r); provided that such amount shall not exceed the amount of such initial Investment made in reliance on subsection 8.7(r); and 

(vii) the amount equal to the net reduction in Investments made by the Borrower or any Restricted Subsidiaries in any Person
resulting from the redesignation of Unrestricted Subsidiaries as Restricted Subsidiaries or the merger or consolidation of an Unrestricted Subsidiary with and into the Borrower or any of its Restricted Subsidiaries not to exceed the amount of
Investments previously made by the Borrower or any Restricted Subsidiary in such Unrestricted Subsidiary (with the amount of such Investments being calculated in accordance with the last sentence of subsection 8.7); minus 

(d) the amount of any Investments made in reliance on subsection 8.7(r) prior to such date and any Restricted Payments made in
reliance on subsection 8.8(b) prior to such date. 
 “Available Revolving Credit Commitment”: as to any
Lender, at a particular time, an amount equal to the excess, if any, of (a) the amount of such Lender’s Revolving Credit Commitment at such time less (b) the sum of (i) the aggregate unpaid principal amount at such time of all
Revolving Credit Loans made by such Lender pursuant to subsection 3.1, (ii) such Lender’s L/C Participating Interest in the aggregate amount available to be drawn at such time under all outstanding Letters of Credit, (iii) such
Lender’s Revolving Credit Commitment Percentage of the aggregate outstanding amount of Revolving L/C Obligations and (iv) such Lender’s Revolving Credit Commitment Percentage of the aggregate unpaid principal amount at such time of
all Swing Line Loans, provided that for purposes of calculating Available Revolving Credit Commitments pursuant to subsection 4.9 the amount referred to in this clause (iv) shall be zero; collectively, as to all the Lenders, the
“Available Revolving Credit Commitments”. 
 “Bankruptcy Code”: the United States
Bankruptcy Code, as now or hereafter in effect, or any successor statute. 
 “Bankruptcy Event”: with
respect to any Person, such Person or its Parent Entity becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person
charged with the reorganization or liquidation of its business appointed for it, provided that a Bankruptcy Event shall not result solely by virtue of (i) any ownership interest, or the acquisition of any ownership interest, in such
Person by a Governmental Authority or instrumentality thereof or (ii) in the case of a solvent Person, the precautionary appointment of an administrator, guardian, custodian or other similar official by a Governmental Authority or
instrumentality thereof under or 

  
 5 

 
based on the law of the country where such Person is subject to home jurisdiction supervision if applicable law requires that such appointment not be publicly disclosed and such appointment has
not been publicly disclosed, in any such case where such action does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its
assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person or its Parent Entity. 

“Benefited Lender”: as defined in subsection 11.7 hereof. 

“Board”: the Board of Governors of the Federal Reserve System of the United States (or any successor). 

“Borrower”: as defined in the preamble hereto. 

“Borrowing Date”: any Business Day, or, in the case of Eurodollar Loans, any Working Day, specified in a
notice pursuant to (a) subsection 3.7 or 4.1 as a date on which the Borrower requests JPMCB to make Swing Line Loans or the Lenders to make Revolving Credit Loans hereunder or (b) subsection 3.5 as a date on which the Borrower requests the
Issuing Lender to issue a Letter of Credit hereunder. 
 “Breakage Event”: as defined in subsection 4.19
hereof. 
 “Broadcast Assets”: all or substantially all the assets used and useful in the operation of a
Station pursuant to an FCC License, including such FCC License. 
 “Broadcast Cash Flow”: for any period,
Consolidated EBITDA for such period plus, to the extent deducted in calculating such Consolidated EBITDA, corporate level general and administrative expenses of the Borrower and the Subsidiary Guarantors for such period (calculated in a manner
consistent with the calculation of such expenses in the consolidated financial statements of the Borrower for such period). 

“Broadcast License Subsidiary”: a wholly-owned Subsidiary of the Borrower that (a) owns or holds no
material assets other than FCC Licenses and related rights and (b) has no material liabilities other than (i) trade payables incurred in the ordinary course of business and (ii) tax liabilities, other governmental charges and other
liabilities incidental to the ownership or holding of such licenses and related rights. 
 “Business
Acquisition”: any Permitted Acquisition and any other acquisition permitted under subsection 8.7 pursuant to which the Borrower or any of its Restricted Subsidiaries acquires any business, division or line of business or all or
substantially all of the outstanding Capital Stock of any corporation or other entity (other than any director’s qualifying shares or any options for equity interests that cannot, as a matter of law, be cancelled, redeemed or otherwise
extinguished without the express agreement of the holder thereof at or prior to acquisition) or any Station and Broadcast Assets related thereto. 

  
 6 

 “Business Day”: a day other than a Saturday, Sunday or other day
on which commercial banks in New York City are authorized or required by law to close. 
 “California
Property”: the property located at 3321 S. La Cienega Boulevard, Los Angeles, California 90016. 
 “Capital
Expenditures”: for any period, all amounts (other than those arising from the acquisition or lease of businesses and assets which are permitted by subsection 8.7) which are set forth on the consolidated statement of cash flows of the
Borrower for such period as “capital expenditures” in accordance with GAAP. 
 “Capital Lease
Obligations”: as to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are
required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time
determined in accordance with GAAP. Notwithstanding anything else set forth herein, any lease that was or would have been treated as an operating lease under GAAP as in effect on the Restatement Effective Date that would become or be treated as a
capital lease solely as a result of a change in GAAP after the Restatement Effective Date shall always be treated as an operating lease for all purposes and at all times under this Agreement. 

“Capital Stock”: any and all shares, interests, participations or other equivalents (however designated) of
capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing; provided, that any instrument evidencing
Indebtedness convertible or exchangeable for Capital Stock shall not be deemed to be Capital Stock, unless and until any such instruments are so converted or exchanged. 

“Capital Stock Issuance”: any issuance by Parent of its Capital Stock in a public or private offering. 

“Cash Collateralize”: to pledge and deposit with or deliver to the Administrative Agent, for the benefit of
the Administrative Agent, Issuing Lender or Swing Line Lender (as applicable) and the Lenders, as collateral for L/C Exposure, Obligations in respect of Swing Line Loans, obligations of Lenders to fund participations in respect of either thereof or
prepayment obligations (as the context may require), cash or deposit account balances, in each case pursuant to documentation in form and substance satisfactory to (a) the Administrative Agent and (b) the applicable Issuing Lender or the
Swing Line Lender, as applicable (which documents are hereby consented to by the Lenders). 
 “Cash
Equivalents”: 
 (a) United States dollars; 

(b) securities issued or directly and fully and unconditionally guaranteed or insured by the U.S. government or any agency or
instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition; 

  
 7 

 (c) certificates of deposit, time deposits and eurodollar time deposits with
maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than
$300,0000,000; 
 (d) repurchase obligations for underlying securities of the types described in clauses (b) and
(c) entered into with any financial institution meeting the qualifications specified in clause (c) above and in U.S. dollars; 

(e) commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P and in each case maturing within 24 months
after the date of creation thereof, in U.S. dollars; 
 (f) marketable short-term money market and similar securities having
a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and in each case maturing
within 24 months after the date of creation thereof and in U.S. dollars; 
 (g) investment funds investing substantially all
of their assets in securities of the types described in clauses (a) through (f) above; 
 (h) readily marketable
direct obligations issued by any state, commonwealth or territory of the United States or any political subdivision or taxing authority thereof having an investment grade rating from either Moody’s or S&P with maturities of 24 months or
less from the date of acquisition; 
 (i) Indebtedness or Preferred Stock issued by Persons with a rating of “A” or
higher from S&P or “A2” or higher from Moody’s with maturities of 24 months or less from the date of acquisition and in each case in U.S. dollars; 

(j) Investments with weighted average maturities of 12 months or less from the date of acquisition in money market funds rated
AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s and in each case in U.S. dollars; and 

(k) credit card receivables and debit card receivables so long as such are considered cash equivalents under GAAP and are so
reflected on the Borrower’s balance sheet. 
 Notwithstanding the foregoing, Cash Equivalents shall include amounts
denominated in currencies other than U.S. dollars; provided that such amounts are converted into U.S. dollars as promptly as practicable and in any event within ten Business Days following the receipt of such amounts. 

“Change in Control”: (a) the acquisition of ownership, directly or indirectly, beneficially or of record,
by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the Restatement Effective Date), of Capital Stock representing

  
 8 

 
more than 35% of the aggregate ordinary active voting power represented by the issued and outstanding Capital Stock of Parent (other than such an acquisition by a Permitted Owner);
(b) occupation of a majority of the seats (other than vacant seats) on the board of directors of Parent by Persons who were neither (i) nominated by the board of directors of the Parent nor (ii) appointed by directors so nominated;
(c) the acquisition of direct or indirect Control of Parent by any Person or group (other than such an acquisition by a Permitted Owner) or (d) the failure of Parent to own, directly and of record, 100% of the Capital Stock of the
Borrower. 
 “Change in Law”: with respect to any Lender, the adoption of any law, rule, regulation, policy,
guideline or directive (whether or not having the force of law) or any change therein or in the interpretation or application thereof by any Governmental Authority, including the issuance of any final rule, regulation or guideline by any regulatory
agency having jurisdiction over such Lender or, in the case of subsection 4.18, any corporation controlling such Lender; provided however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless
of the date enacted, adopted or issued. 
 “Closing Date”: the date on which each of the conditions
precedent to the effectiveness of this Agreement contained in subsection 6.1 were satisfied, which date is September 16, 2011. 

“Code”: the Internal Revenue Code of 1986, as amended from time to time. 

“Collateral”: all property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is
purported to be created by any Security Document. 
 “Commercial L/C”: a commercial documentary Letter of
Credit under which the relevant Issuing Lender agrees to make payments in Dollars for the account of the Borrower, on behalf of the Borrower or any Restricted Subsidiary thereof, in respect of obligations of the Borrower or any Restricted Subsidiary
thereof in connection with the purchase of goods or services in the ordinary course of business. 
 “Commitment Fee
Rate”: 0.50% per annum; provided, that on and after the first Adjustment Date occurring after the completion of the first full fiscal quarter of the Borrower ending after the Restatement Effective Date, the Commitment Fee Rate
will be determined pursuant to the Pricing Grid. 
 “Commitment Percentage”: with respect to any Lender, the
Term Loan Commitment Percentage and the Revolving Credit Commitment Percentage of such Lender, as the context may require. 

  
 9 

 “Commitments”: the collective reference to the Term Loan
Commitments, the Swing Line Commitment, the Revolving Credit Commitments and any Extended Revolving Credit Commitment; individually, a “Commitment”. 

“Commodity Exchange Act”: the Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to time,
and any successor statute. 
 “Communications Act”: the Communications Act of 1934, as amended, 47 U.S.C.
§151 et seq. 
 “Conduit Lender”: any special purpose corporation organized and administered by any
Lender for the purpose of making Loans otherwise required to be made by such Lender and designated by such Lender in a written instrument, subject to the consent of the Administrative Agent and the Borrower (which consent shall not be unreasonably
withheld); provided, that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such
Loan, and the designating Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and waivers required or requested under this Agreement with respect to its Conduit Lender, and provided,
further, that no Conduit Lender shall (a) be entitled to receive any greater amount pursuant to subsections 4.17, 4.18, 4.19 or 4.20 than the designating Lender would have been entitled to receive in respect of the extensions of credit
made by such Conduit Lender or (b) be deemed to have any Commitment. 
 “Consolidated Current Assets”:
at any date, all amounts (other than cash and Cash Equivalents) that would, in conformity with GAAP, be set forth opposite the caption “total current assets” (or any like caption) (other than trade assets and barter assets) on a
consolidated balance sheet of the Borrower and its Restricted Subsidiaries at such date. 
 “Consolidated Current
Liabilities”: at any date, all amounts that would, in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption) (other than trade liabilities and barter liabilities) on a
consolidated balance sheet of the Borrower and its Restricted Subsidiaries at such date, but excluding (a) the current portion of any Funded Debt of the Borrower and its Restricted Subsidiaries and (b) without duplication of clause
(a) above, all Indebtedness consisting of Revolving Credit Loans or Swing Line Loans to the extent otherwise included therein. 

“Consolidated EBITDA”: for any period of the Borrower and its Restricted Subsidiaries, the consolidated net
income ((i) including net income and losses from discontinued operations, (ii) excluding all income tax expense or benefit to the extent that the effect of such item has entered into the determination of consolidated net income whether based on
income, profits or capital, including federal, foreign state, franchise, excise and similar taxes and foreign withholding taxes paid or accrued during such period, including any penalties and interest relating to any tax examinations,
(iii) excluding extraordinary items, as well as unusual gains, losses and charges and gains and losses arising from the proposed or actual disposition of material assets (what 

  
 10 

 
constitutes material assets to be reasonably determined by the Borrower in good faith) whether such losses or gains are classified as discontinued operations, continuing operations or
extraordinary items, (iv) excluding minority interest and (v) excluding to the extent reflected in the statement of consolidated net income for such period, the sum of (a) interest expense (net of interest income), including costs
recognized from interest rate hedges, amortization and write offs of debt discount and debt issuance costs and commissions, discounts and other fees and charges associated with Letters of Credit, (b) depreciation and amortization expenses
whether such expenses are classified as discontinued operations or continuing operations including acceleration thereof and including the amortization of the increase in inventory, if any, resulting from the application of ASC 805, “Business
Combinations” for transactions contemplated by this Agreement (including any Business Acquisitions), (c) any impairment expense or write-off with respect to goodwill, other intangible assets, long-lived asset, joint ventures, assets held
for sale, variable interest entities resulting from the application of ASC 810, “Consolidation,” and investment in debt and equity securities pursuant to GAAP, (d) compensation expenses arising from the sale of stock, the granting of
stock options, restricted stock, restricted stock units, dividends on unvested shares, the granting of stock appreciation rights, termination of stock based rewards in connection with the Plan and similar stock based arrangements, (e) the
excess of the expense in respect of post-retirement benefits and post-employment benefits accrued under ASC 715, “Compensation—Retirement Benefits” and ASC 712, “Compensation—Nonretirement Postemployment Benefits” over
the cash expense in respect of such post-retirement benefits and post-employment benefits, (f) all non-cash gains or losses incurred in connection with the disposition of assets, (g) all costs relating to hedging arrangements or the
unwinding of hedging arrangements, (h) other non-cash expenses or charges, including asset retirement obligations and supplemental executive retirement obligations, (i) non-recurring expenses recognized for restructuring costs, including
but not limited to severance costs, relocation costs, integration and facilities costs, signing costs, retention or completion bonuses, transition costs and litigation expenses (including judgment and settlement amounts relating to any Business
Acquisition), provided that any restructuring costs added back pursuant to this clause (i) (1) in respect of the Acquisition (x) shall not exceed $25,000,000 in the aggregate during the term of this Agreement and (y) shall
be incurred within 24 months after the Restatement Effective Date, (2) in respect of all other restructuring costs, shall not exceed $5,000,000 in any four fiscal quarter period and (3) in respect of litigation expenses shall not exceed
$3,000,000 in the aggregate during the term of this Agreement, (j) cost-savings and synergies that are reasonably identifiable, factually supportable and projected by the Borrower in good faith to be realized as a result of the Acquisition
(calculated on a pro forma basis as though such costs savings and synergies had been realized on the first day of the relevant Test Period), net of the amount of actual benefits realized in respect thereof, provided that the aggregate amount added
back pursuant to this clause (j) shall not exceed (i) $40,500,000 in respect of the Test Period ending December 31, 2013, (ii) $35,400,000 in respect of the Test Period ending March 31, 2014, (iii) $30,375,000 in
respect of the Test Period ending June 30, 2014, (iv) $25,300,000 in respect of the Test Period ending September 30, 2014, (v) $20,250,000 in respect of the Test Period ending December 31, 2014, (vi) $15,200,000 in
respect of the Test Period ending March 31, 2015, (vii) $10,125,000 in respect of the Test 

  
 11 

 
Period ending June 30, 2015, (viii) $5,000,000 in respect of the Test Period ending September 30, 2015 and (ix) $0 in respect of any Test Period ending thereafter, (k) to
the extent covered by insurance under which the insurer has been properly notified and has not denied or contested coverage, expenses with respect to liability or casualty events or business interruption, (l) all non-recurring transactional
costs and any fees or expenses incurred or paid by the Borrower or any of its Restricted Subsidiaries in connection with this Agreement and the other Loan Documents, any Business Acquisition, any Investment, the disposition of material assets, the
amendment or modification of any debt instrument, the incurrence of Indebtedness permitted to be incurred by this Agreement (including a refinancing thereof) and the issuance of any Capital Stock (in each case, whether or not successful) permitted
to be issued by this Agreement, (m) cost-savings and synergies that are reasonably identifiable, factually supportable and projected by the Borrower in good faith to be realized as a result of mergers and other business combinations, Permitted
Acquisitions, divestitures, insourcing initiatives, cost savings initiatives and other similar initiatives consummated after the Restatement Effective Date, in each case permitted by this Agreement (calculated on a pro forma basis as though such
costs savings and synergies had been realized on the first day of the relevant Test Period), net of the amount of actual benefits realized in respect thereof, provided that actions in respect of such cost-savings and synergies have been
taken; provided further that no cost savings and synergies shall be added back pursuant to this clause (m) to the extent duplicative of any expenses or charges otherwise added to Consolidated EBITDA, whether through a pro forma
adjustment or otherwise, for such period or duplicative of amounts previously added to Consolidated EBITDA for other periods, (n) monitoring fees, management fees or similar fees paid to Affiliates during such period, in an aggregate amount not
to exceed $2,500,000 in any fiscal year of the Borrower, (o) interest-equivalent costs associated with any Receivables Facility for such period, whether accounted for as interest expense or loss on the sale of receivables, in each case to the
extent deducted in calculating consolidated net income for such period, and (p) any charges, expenses and write-offs deducted in calculating consolidated net income for such period for purchase accounting adjustments; provided that
Consolidated EBITDA shall be decreased by the amount of any dividends or distributions made to Parent to pay expenses that otherwise would have been expenses of the Borrower; provided further that Consolidated EBITDA for any such period shall
exclude the cumulative effect of changes in GAAP or accounting principle(s) subsequent to the Closing Date. 
 The financial
results of Unrestricted Subsidiaries, joint ventures and variable interest entities shall be excluded in calculating “Consolidated EBITDA” except that Consolidated EBITDA for any period shall be increased by the amount of cash dividends
paid by such Unrestricted Subsidiaries, joint ventures and variable interest entities to the Borrower or any of its wholly-owned Restricted Subsidiaries. 

For the purposes of calculating Consolidated EBITDA for any Test Period pursuant to any determination (i) if at any time
during such Test Period or subsequent to such Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, the Borrower or any Restricted Subsidiary shall have made any Material Disposition, the
Consolidated EBITDA for such Test Period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the property 

  
 12 

 
that is the subject of such Material Disposition for such Test Period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Test Period and
(ii) if during such Test Period or subsequent to such Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, the Borrower or any Restricted Subsidiary shall have made a Material
Acquisition, Consolidated EBITDA for such Test Period shall be calculated after giving pro forma effect thereto as if such Material Acquisition occurred on the first day of such Test Period. As used in this Agreement, “Material
Acquisition” means (i) the acquisition of any separate asset, business or lines of business for a purchase price (or in the case of a Permitted Asset Swap, the value of the assets subject to such Permitted Asset Swap) in excess of
$25,000,000 and (ii) the designation of any Unrestricted Subsidiary as a Restricted Subsidiary to the extent permitted hereunder; and “Material Disposition” means (i) any sale or other disposition of property or series of related
sales or dispositions of property that yields gross proceeds to the Borrower or any of its Restricted Subsidiaries in excess of $25,000,000 and (ii) the designation of any Restricted Subsidiary as an Unrestricted Subsidiary to the extent
permitted hereunder. Calculations of Consolidated EBITDA shall take into account any identifiable cost savings from Material Acquisitions and Material Dispositions documented to the reasonable satisfaction of the Administrative Agent. 

Notwithstanding anything to the contrary contained herein, for the purposes of determining Consolidated EBITDA under this
Agreement for any period that includes any of the fiscal quarters ended December 31, 2012, March 31, 2013 and June 30, 2013 and September 30, 2013, Consolidated EBITDA for such fiscal quarters shall be $115,687,900.00,
$75,982,940.00, $119,487,560.00 and $104,315,000.00 respectively. 
 “Consolidated First Lien Debt”: at any
date, Consolidated Total Indebtedness that is secured by a first priority Lien on any of the assets of the Borrower or any of its Restricted Subsidiaries. 

“Consolidated First Lien Net Leverage Ratio”: as of any date of determination, the ratio of
(a) Consolidated First Lien Debt (provided that Indebtedness under clause (b) of the definition of Indebtedness shall only be included to the extent of any unreimbursed drawings under any letter of credit) less the aggregate amount of
unrestricted cash and Cash Equivalents of the Borrower and the Subsidiary Guarantors up to a maximum amount of $75,000,000 (or, solely for purposes of Section 8.1, $100,000,000), in each case as of such date, to (b) Consolidated EBITDA for
the Test Period most recently ended prior to such date for which financial statements have been delivered. 

“Consolidated Senior Secured Debt”: as of any date of determination, Consolidated Total Indebtedness secured
by a Lien on any of the assets of the Borrower or any of its Restricted Subsidiaries. 
 “Consolidated Senior Secured
Leverage Ratio”: as of any date of determination, the ratio of (a) Consolidated Senior Secured Debt (provided that Indebtedness under clause (b) of the definition of Indebtedness shall only be included to the extent of any
unreimbursed drawings under any letter of credit) as of such date to (b) Consolidated EBITDA for the Test Period most recently ended prior to such date. 

  
 13 

 “Consolidated Senior Secured Net Leverage Ratio”: as of any date
of determination, the ratio of (a) Consolidated Senior Secured Debt (provided that Indebtedness under clause (b) of the definition of Indebtedness shall only be included to the extent of any unreimbursed drawings under any letter of
credit) less the aggregate amount of unrestricted cash and Cash Equivalents of the Borrower and the Subsidiary Guarantors up to a maximum amount of $75,000,000, in each case as of such date, to (b) Consolidated EBITDA for the Test Period
most recently ended prior to such date for which financial statements have been delivered. 
 “Consolidated Term
Indebtedness”: as of any date of determination, for the Borrower and its Restricted Subsidiaries on a consolidated basis, the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including
Obligations with respect to the Term Facility hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments; provided that Consolidated Term Indebtedness shall not include the outstanding
principal amount of any loans of a revolving nature (including the Revolving Credit Loans). 
 “Consolidated Total
Indebtedness”: as of any date of determination, all Indebtedness of the Borrower and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP; provided that Consolidated Total Indebtedness shall not
include Indebtedness in respect of any letter of credit or bank guaranty except to the extent of any unreimbursed amounts thereunder. 

“Consolidated Total Leverage Ratio”: as of any date of determination, the ratio of (a) Consolidated Total
Indebtedness (provided that Indebtedness under clause (b) of the definition of Indebtedness shall only be included to the extent of any unreimbursed drawings under any letter of credit) as of such date to (b) Consolidated EBITDA for
the Test Period most recently ended prior to such date for which financial statements have been delivered. 

“Consolidated Total Net Leverage Ratio”: as of any date of determination, the ratio of (a) Consolidated
Total Indebtedness (provided that Indebtedness under clause (b) of the definition of Indebtedness shall only be included to the extent of any unreimbursed drawings under any letter of credit) less the aggregate amount of
unrestricted cash and Cash Equivalents of the Borrower and the Subsidiary Guarantors up to a maximum amount of (i) $100,000,000 for purposes of Section 8.1 or (ii) $75,000,000 for all other purposes, in each case as of such date, to
(b) Consolidated EBITDA for the Test Period most recently ended prior to such date for which financial statements have been delivered. 

“Consolidated Working Capital”: at any date, the excess of Consolidated Current Assets on such date minus
Consolidated Current Liabilities on such date. 

  
 14 

 “Contingent Obligation”: as to any Person, any obligation of
such Person guaranteeing or in effect guaranteeing any Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of such
Person, whether or not contingent (a) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (b) to advance or supply funds (i) for the purchase or payment of any such primary
obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (c) to purchase property, securities or services primarily for the purpose
of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (d) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect
thereof; provided, however, that the term Contingent Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Contingent Obligation shall be deemed to be
an amount equal to the stated or determinable amount (based on the maximum reasonably anticipated net liability in respect thereof as determined by the Borrower in good faith) of the primary obligation or portion thereof in respect of which such
Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated net liability in respect thereof (assuming such Person is required to perform thereunder) as determined by the Borrower in good faith. 

“Contractual Obligation”: as to any Person, any provision of any security issued by such Person or of any
agreement, instrument or undertaking to which such Person is a party or by which it or any of the property owned by it is bound. 

“Control”: the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Crestview”: collectively, Crestview Radio Investors, LLC and its Affiliates. 

“Cumulative Retained Excess Cash Flow Amount”: at any date of determination, an amount equal to the aggregate
cumulative sum of the Retained Percentage of Excess Cash Flow for the Excess Cash Flow Periods ended on or prior to such date. 

“Debt Fund”: bona fide debt fund or an investment vehicle that is engaged in the making, purchasing, holding
or otherwise investing in commercial loans, bonds and similar extensions of credit in the ordinary course of business. 

“Declined Prepayment Amount”: as defined in subsection 4.6(f). 

“Default”: any of the events specified in Section 9, whether or not any requirement for the giving of
notice, the lapse of time, or both, has been satisfied. 
 “Defaulting Lender”: any Lender that, in the
reasonable determination of the Administrative Agent, (a) has failed, within three Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its

  
 15 

 
participations in Letters of Credit or Swing Line Loans or (iii) pay over to any Lender Party any other amount required to be paid by it hereunder, unless, in the case of clause
(i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular
default, if any) has not been satisfied or waived in accordance with subsection 11.1, (b) has notified the Borrower or any Lender Party in writing that it does not intend or expect to comply with any of its funding obligations under this
Agreement (unless such writing indicates that such position is based on such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied
or waived in accordance with subsection 11.1), (c) has failed, within three Business Days after written request by the Administrative Agent, the Issuing Lender, the Swing Line Lender or the Borrower, acting in good faith, to provide a
certification in writing from an authorized officer of such Lender that it will comply with its obligations to fund prospective Loans and participations in then outstanding Letters of Credit and Swing Line Loans under this Agreement, provided that
such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a
Bankruptcy Event. 
 “Discount Range”: as defined in subsection 4.23. 

“Discounted Prepayment Option Notice”: as defined in subsection 4.23. 

“Discounted Voluntary Prepayment”: as defined in subsection 4.23. 

“Discounted Voluntary Prepayment Notice”: as defined in subsection 4.23. 

“Disqualified Lenders”: those Persons whose primary business consists of broadcasting, local media and
advertising who are identified in writing by the Borrower to the Administrative Agent prior to the Restatement Effective Date, as such list may be supplemented after the Restatement Effective Date as reasonably agreed by the Administrative Agent,
and will be made available to the Lenders by the Administrative Agent upon request. 
 “Disqualified
Person”: as defined in the definition of “Eligible Assignee”. 
 “Disqualified Stock”:
with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily
redeemable (other than solely as a result of a change of control or asset sale) pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely as a result of a change of control or asset
sale), in whole or in part, in each case prior to the date that is 180 days after the Term Loan Maturity Date (or, if later, the maturity date of any Extended Term Loans); provided, however, that if such Capital Stock is issued to any
plan for the benefit of employees of Parent or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by Parent or its Subsidiaries in
order to satisfy applicable statutory or regulatory obligations. 

  
 16 

 “Divestiture Trust”: a trust (a) created by or on behalf of
the Borrower or any Restricted Subsidiary to hold and ultimately sell assets in conjunction with the Acquisition, any Business Acquisition or any sale or other disposition pursuant to Section 8.6(e) or (g) hereof to ensure compliance with
the Communications Act or FCC rules and policies and (b) that is independently owned and managed by a Person unaffiliated with the Borrower or any Restricted Subsidiary. 

“Dollars” and “$”: dollars in lawful currency of the United States of America. 

“Domestic Subsidiary”: any Subsidiary of the Borrower other than a Foreign Subsidiary. 

“ECF Percentage”: 50%; provided, that, with respect to any fiscal year of the Borrower, the ECF
Percentage shall be reduced to (a) 25% if the Consolidated First Lien Net Leverage Ratio as of the last day of such fiscal year is less than 4.00 to 1.00 but greater than or equal to 3.00 to 1.00 and (b) 0% if the Consolidated First Lien
Net Leverage Ratio as of the last day of such fiscal year is less than 3.00 to 1.00. 
 “Eligible Assignee”:
(a) a Lender, (b) a Lender Affiliate, (c) an Approved Fund and (d) any other Person (other than Parent); provided that “Eligible Assignee” shall not in any event include (i) a natural person, (ii) a
Disqualified Lender or (iii) any holding company, trust or investment vehicle for the primary benefit of a natural person (including relatives of such person), other than any such entity that (w) has not been formed for the primary purpose
of acquiring Loans or Commitments under this Agreement, (x) is managed by a professional adviser (other than such natural person or any such relatives) having significant experience in the business of making or purchasing commercial loans,
(y) has assets of greater than $25,000,000 and (z) has significant business activities that consist of making or purchasing (by assignment as principal) commercial loans and similar extensions of credit (any of the Persons described in
clauses (i) through (iii) above, a “Disqualified Person”). 
 “Environmental
Laws”: any and all applicable Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees or requirements of any Governmental Authority regulating, relating to or imposing liability or standards
of conduct concerning human health or the protection of the environment, including Materials of Environmental Concern, as now or may at any time hereafter be in effect. 

“ERISA”: the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Affiliate”: any trade or business (whether or not incorporated) that, together with any Loan Party, is
treated as a single employer under Section 414 of the Code. 
 “Eurocurrency Reserve Requirements”: for
any day, as applied to a Eurodollar Loan, the aggregate (without duplication) of the rates (expressed as a decimal) of reserve requirements current on such day (including basic, supplemental, marginal and

  
 17 

 
emergency reserves under any regulations of the Board or other Governmental Authority having jurisdiction with respect thereto), as now and from time to time hereafter in effect, dealing with
reserve requirements prescribed for Eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D of such Board) maintained by a member bank of the Federal Reserve System. 

“Eurodollar Base Rate”: with respect to each day during any Interest Period for any Eurodollar Loan, the rate
per annum determined on the basis of the rate for deposits in Dollars for a period equal to such Interest Period commencing on the first day of such Interest Period appearing on the Reuters Screen LIBOR01 Page as of 11:00 a.m., London time, two
Working Days prior to the beginning of such Interest Period. In the event that such rate does not appear on the Reuters Screen LIBOR01 Page (or otherwise on such screen), the “Eurodollar Base Rate” shall be determined by reference to such
other comparable publicly available service for displaying eurodollar rates as may be reasonably selected by the Administrative Agent or, in the absence of such availability, by reference to the rate at which JPMCB is offered Dollar deposits at or
about 10:00 A.M., New York City time, two Working Days prior to the beginning of such Interest Period in the interbank eurodollar market where the foreign currency and exchange operations in respect of its Eurodollar Loans then are being conducted
for delivery on the first day of such Interest Period for the number of days comprised therein and in an amount comparable to the amount of its Eurodollar Loan to be outstanding during such Interest Period. 

“Eurodollar Lending Office”: the office of each Lender which shall be maintaining its Eurodollar Loans. 

“Eurodollar Loans”: Loans at such time as they are made and/or being maintained at a rate of interest based
upon a Eurodollar Rate. 
 “Eurodollar Rate”: with respect to each day during each Interest Period
pertaining to a Eurodollar Loan, a rate per annum determined for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 
  

					
		 	 Eurodollar Base Rate
	  	
		 	1.00 – Eurocurrency Reserve Requirement	  	

 ; provided that (i) in respect of any Term Loans that are Eurodollar Loans, the Eurodollar Rate
shall be at all times not less than 1.00% and (ii) in respect of any Revolving Credit Loans that are Eurodollar Loans, the Eurodollar Rate shall not be less than zero. 

“Event of Default”: any of the events specified in Section 9, provided that any requirement for
the giving of notice, the lapse of time, or both, has been satisfied. 
 “Excess Cash Flow”: for any fiscal
year of the Borrower, the excess, if any, of (a) the sum, without duplication, of (i) consolidated net income of the Borrower for such period, adjusted to exclude any cash gains or losses attributable to any Asset Sale, (ii) the
amount of all non-cash charges (including depreciation and amortization) deducted in arriving at such consolidated net income, (iii) decreases in Consolidated Working Capital 

  
 18 

 
for such period, and (iv) the aggregate net amount of non cash loss on the disposition of property by the Borrower and its Restricted Subsidiaries during such period (other than sales of
inventory in the ordinary course of business), to the extent deducted in arriving at such consolidated net income less (b) the sum, without duplication, of (i) the amount of all non-cash credits included in arriving at such consolidated
net income, (ii) the aggregate amount actually paid by the Borrower and its Restricted Subsidiaries in cash during such period on account of Capital Expenditures (excluding the principal amount of Indebtedness incurred in connection with such
expenditures and any such expenditures financed with the proceeds of any Reinvestment Deferred Amount), (iii) the aggregate amount of all regularly scheduled principal payments of Funded Debt (including the Loans) of the Borrower and its
Restricted Subsidiaries made during such period (other than in respect of any revolving credit facility (including the Revolving Credit Facility) to the extent there is not an equivalent permanent reduction in commitments thereunder),
(iv) increases in Consolidated Working Capital for such period, (v) the aggregate net amount of non-cash gain on the disposition of property by the Borrower and its Restricted Subsidiaries during such period (other than sales of inventory
in the ordinary course of business), to the extent included in arriving at such consolidated net income, (vi) the aggregate amount actually paid by the Borrower and its Restricted Subsidiaries in cash during such period on account of
professional fees that have not been deducted in the calculation of consolidated net income for such period and (vii) the aggregate amount of any premium, make-whole or penalty payments actually paid in cash by the Borrower and its Restricted
Subsidiaries during such period and financed with internally generated cash flow of the Borrower and its Restricted Subsidiaries that are made in connection with the prepayment of Indebtedness to the extent such payments are not expensed during such
period or are not deducted in calculating Consolidated Net Income; provided that amounts deducted pursuant to this clause (vii) shall not exceed $25,000,000 in the aggregate during the term of this Agreement. 

“Excess Cash Flow Application Date”: as defined in subsection 4.6(c). 

“Excess Cash Flow Period”: each fiscal year of the Borrower, commencing with the fiscal year ending
December 31, 2013. 
 “Excluded Swap Obligation”: with respect to any Guarantor, (a) any Swap
Obligation if, and to the extent that, and only for so long as, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, as applicable, such Swap Obligation (or any guarantee thereof)
is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure to
constitute an “eligible contract participant,” as defined in the Commodity Exchange Act and the regulations thereunder, at the time the guarantee of (or grant of such security interest by, as applicable) such Guarantor becomes or would
become effective with respect to such Swap Obligation or (b) any other Swap Obligation designated as an “Excluded Swap Obligation” of such Guarantor as specified in any agreement between the relevant Loan Parties and counterparty
applicable to such Swap Obligations, and agreed by the Administrative Agent. If a Swap Obligation arises under a master agreement governing more than one Swap, such exclusion shall apply only to the portion of such Swap Obligation that is
attributable to Swaps for which such guarantee or security interest is or becomes illegal. 

  
 19 

 “Existing Credit Agreement”: as defined in the recitals hereto.

 “Existing Letters of Credit”: as defined in subsection 3.3(c). 

“Existing Revolving Loans”: “Revolving Loans” outstanding under the Existing Credit Agreement
immediately prior to the Restatement Effective Date. 
 “Existing Term Lender”: a “Term Lender”
under the Existing Credit Agreement. 
 “Existing Term Loans”: “Term Loans” outstanding under the
Existing Credit Agreement immediately prior to the Restatement Effective Date. 
 “Extended Revolving Credit
Commitment”: as defined in subsection 4.24(a). 
 “Extended Term Loans”: as defined in subsection
4.24(a). 
 “Extension”: as defined in subsection 4.24(a). 

“Extension Offer”: as defined in subsection 4.24(a). 

“Facility”: each of (a) the Term Loan Commitments and Term Loans made thereunder (the “Term
Facility”) and (b) the Revolving Credit Commitments and the extensions of credit made thereunder (the “Revolving Credit Facility”). 

“FASB”: the Financial Accounting Standards Board 

“FATCA”: Sections 1471 through 1474 of the Code, as of the Restatement Effective Date, and any regulations or
official interpretations thereof. 
 “FCC”: the Federal Communications Commission or any Governmental
Authority succeeding to the Federal Communications Commission. 
 “FCC Licenses”: a license issued by the
FCC under Part 73 of Title 47 of the Code of Federal Regulations and held by the Borrower or any Restricted Subsidiary. 

“Fee Letter”: that certain Fee Letter, dated as of December 3, 2013, among Parent, the Borrower, JPMorgan
Chase Bank, N.A. and JPMorgan Securities LLC. 
 “Foreign Subsidiary”: any Subsidiary of the Borrower
(a) which is organized under the laws of any jurisdiction outside the United States (within the meaning of Section 7701(a)(9) of the Code), or (b) whose principal assets consist of capital stock or other equity interests of one or
more Persons which conduct the major portion of their business outside the United States (within the meaning of Section 7701(a)(9) of the Code). 

  
 20 

 “Funded Debt”: as to any Person, all Indebtedness of such Person
that matures more than one year from the date of its creation or matures within one year from such date but is renewable or extendible, at the option of such Person, to a date more than one year from such date or arises under a revolving credit or
similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date, including all current maturities and current sinking fund payments in respect of such Indebtedness whether or not required
to be paid within one year from the date of its creation and, in the case of the Borrower, Indebtedness in respect of the Loans and any Permitted Refinancings thereof. 

“GAAP”: generally accepted accounting principles in the United States as in effect from time to time. In the
event that any “Accounting Change” (as defined below) shall occur and such change results in a material change in the method of calculation of financial covenants, standards or terms in this Agreement, then the Borrower and the
Administrative Agent agree, upon the request of the Borrower or the Administrative Agent, respectively, to enter into negotiations in order to amend such provisions of this Agreement so as to reflect equitably such Accounting Changes with the
desired result that the criteria for evaluating the Borrower’s financial condition shall be the same after such Accounting Changes as if such Accounting Changes had not been made. In the event a request for an amendment has been made pursuant
to the prior sentence, until such time as such an amendment shall have been executed and delivered by the Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to
be calculated or construed as if such Accounting Changes had not occurred. “Accounting Changes” refers to changes in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial
Accounting Standards Board of the American Institute of Certified Public Accountants or, if applicable, the SEC. 

“GE Receivables Facility”: the receivables securitization facility with General Electric Capital Corporation
dated as of December 6, 2013. 
 “Gleiser Note”: the promissory note dated as of November 21,
2003, made by Gleiser Communications, LLC, as the same may be amended or otherwise modified prior to and after the Restatement Effective Date. 

“Governmental Authority”: any nation or government, any state or other political subdivision thereof and any
entity exercising executive, legislative, taxing, judicial, regulatory or administrative functions of or pertaining to government (including the FCC). 

“Group Members”: collectively, the Borrower and any of its Restricted Subsidiaries. 

“Guarantee and Collateral Agreement”: the Guarantee and Collateral Agreement executed and delivered by Parent,
the Borrower and each Subsidiary Guarantor, substantially in the form of Exhibit A (it being understood and agreed that, notwithstanding anything that may be to the contrary herein, the Guarantee and Collateral

  
 21 

 
Agreement shall not require the pledge of (x) any of the outstanding Capital Stock of, or other equity interests in, any Subsidiary of the Borrower which is owned by a Foreign Subsidiary of
the Borrower or (y) more than 66% of the outstanding voting stock of any “first tier” Foreign Subsidiary of the Borrower). 

“Guarantors”: as defined in the Guarantee and Collateral Agreement. 

“Incremental Facility”: as defined in subsection 4.25(a). 

“Incremental Facility Amendment”: as defined in subsection 4.25(b). 

“Incremental Facility Closing Date”: as defined in subsection 4.25(b). 

“Incremental Leverage Test”: as defined in subsection 4.25(a). 

“Incremental Notes”: as defined in subsection 8.2(q). 

“Incremental Revolving Facility”: as defined in subsection 4.25(a). 

“Incremental Term Facility”: as defined in subsection 4.25(a). 

“Indebtedness”: of any Person, at any particular date, (a) all indebtedness of such Person for borrowed
money or for the deferred purchase price of property or services (other than current trade payables or liabilities and deferred payment for services to employees or former employees incurred in the ordinary course of business and payable in
accordance with customary practices and other deferred compensation arrangements), (b) obligations with respect to all letters of credit issued for the account of such Person, (c) all liabilities (other than Lease Obligations) secured by
any Lien on any property owned by such Person, to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof, (d) Capital Lease Obligations of such
Person, (e) all indebtedness of such Person arising under bankers’ acceptance facilities, (f) all obligations of such Person in respect of Disqualified Stock and (g) for the purposes of Section 9(e) only, all obligations of
such Person in respect of Swap Agreements; but, in each case, excluding (w) any net working capital adjustments or earnouts in connection with any permitted Investment under subsection 8.7 or disposition of assets permitted under subsection
8.6, (x) customer deposits and interest payable thereon in the ordinary course of business and (y) trade and other accounts and accrued expenses payable in the ordinary course of business in accordance with customary trade terms and in the
case of both clauses (x) and (y) above, which are not overdue for a period of more than 90 days or, if overdue for more than 90 days, as to which a dispute exists and adequate reserves in conformity with GAAP have been established on the
books of such Person and (z) Indebtedness that has been defeased or satisfied and discharged in accordance with the terms of the documents governing such Indebtedness. The amount of any net obligations under any Swap Agreement on any date shall
be deemed to be the Swap Termination Value thereof as of such date. The amount of Indebtedness of any Person for purposes of clause (c) shall be deemed to be equal to the lesser of (i) the aggregate amount of the applicable liabilities and
(ii) the fair market value of the property encumbered thereby as determined by such Person in good faith. 

  
 22 

 “Insolvent” or “Insolvency”: with respect to a
Multiemployer Plan, the condition that such plan is insolvent within the meaning of Section 4245 of ERISA. 

“Intellectual Property”: the collective reference to all rights, priorities and privileges relating to
intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, technology, know-how and processes, and all
rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

“Interest Payment Date”: (a) as to any ABR Loan (other than any Swing Line Loan), the last day of each
March, June, September and December to occur while such Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or less, the last day of such Interest Period,
(c) as to any Eurodollar Loan having an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period, (d) as to
any Loan (other than any Revolving Credit Loan that is an ABR Loan and any Swing Line Loan), the date of any repayment or prepayment made in respect thereof and (e) as to any Swing Line Loan, the day that such Loan is required to be repaid.

 “Interest Period”: with respect to any Eurodollar Loan: 

(a) initially, the period commencing on the Borrowing Date or the effective date of the most recent conversion or continuation
of such Eurodollar Loan, as the case may be, and ending one, two, three or six months (or, if made available by all relevant Lenders, twelve months) thereafter as selected by the Borrower in its notice of borrowing or notice of conversion, as the
case may be, given with respect thereto; provided that with respect to the borrowing on the Restatement Effective Date, the Interest Period may be less than one month if so selected by the Borrower in its notice of borrowing; and 

(b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan
and ending one, two, three or six months (or, if made available by all relevant Lenders, any period not longer than twelve months) thereafter as selected by the Borrower by irrevocable notice to the Administrative Agent not less than three Working
Days prior to the last day of the then current Interest Period with respect to such Eurodollar Loan; 
 provided that the foregoing
provisions relating to Interest Periods are subject to the following: 
 (i) if any Interest Period would otherwise end on a
day which is not a Working Day, that Interest Period shall be extended to the next succeeding Working Day, unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest Period
shall end on the immediately preceding Working Day; 
 (ii) the Borrower may not select an Interest Period under a particular
Facility that would extend beyond the Revolving Credit Termination Date or beyond the Term Loan Maturity Date, as the case may be (or, with respect to any Extended Loan, the maturity date with respect thereto), or if the Revolving Credit Termination
Date or Term Loan Maturity Date (or maturity date with respect to any Extended Loan), as applicable, shall not be a Working Day, on the next preceding Working Day; 

  
 23 

 (iii) if the Borrower shall fail to give notice as provided above in clause (b),
it shall be deemed to have selected a conversion of a Eurodollar Loan into an ABR Loan (which conversion shall occur automatically and without need for compliance with the conditions for conversion set forth in subsection 4.3); 

(iv) any Interest Period that begins on the last day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the last Working Day of a calendar month; and 

(v) the Borrower shall select Interest Periods so as not to require a prepayment (to the extent practicable) or a scheduled
payment of a Eurodollar Loan during an Interest Period for such Eurodollar Loan. 
 “Investments”: as
defined in subsection 8.7. 
 “Issuing Lender”: JPMCB or any other Lender (or their respective Affiliates)
which agrees to be an Issuing Lender and is designated by the Borrower and the Administrative Agent as an Issuing Lender, as issuer of Letters of Credit. 

“JPMCB”: JPMorgan Chase Bank, N.A. 

“L/C Application”: a letter of credit application in the Issuing Lender’s then customary form for the
type of letter of credit requested. 
 “L/C Exposure”: at any time, an amount equal to the sum of
(a) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to subsection 3.6. 

“L/C Participating Interest”: an undivided participating interest in the face amount of each issued and
outstanding Letter of Credit and the L/C Application relating thereto. 
 “L/C Participation Certificate”: a
certificate in substantially the form of Exhibit C hereto. 
 “Lease Obligations”: of the Borrower and its
Subsidiaries, as of the date of any determination thereof, the rental commitments of the Borrower and its Subsidiaries determined on a consolidated basis, if any, under leases for real and/or personal property (net of rental commitments from
sub-leases thereof), excluding Capital Lease Obligations. 
 “Lender Affiliate”: (a) any Affiliate of
any Lender, (b) any Person that is administered or managed by any Lender and that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business and
(c) with respect to any Lender which is a fund that invests in commercial loans and similar extensions of credit, any other fund that invests in commercial loans and similar extensions of credit and is managed or advised by the same investment
advisor as such Lender or by an Affiliate of such Lender or investment advisor. 

  
 24 

 “Lender Participation Notice”: as defined in subsection 4.23.

 “Lender Party”: the Administrative Agent, the Issuing Lender, the Swing Line Lender or any other Lender.

 “Lenders”: as defined in the preamble hereto; provided that unless the context otherwise requires,
each reference herein to the Lenders shall be deemed to include any Conduit Lender. 
 “Letters of Credit”:
a letter of credit issued by an Issuing Lender pursuant to the terms of subsection 3.3. 
 “Lien”: any
mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional
sale or other title retention agreement and any financing lease having substantially the same economic effect as any of the foregoing). 

“Loan Documents”: the collective reference to this Agreement, the Notes, the Guarantee and Collateral
Agreement, any amendment or modification entered into in connection with any Incremental Facility or Extension, any Mortgage or other security document executed and delivered pursuant to the terms of subsection 7.10, and any intercreditor agreement,
if applicable. 
 “Loans”: the collective reference to the Term Loans, the Revolving Credit Loans and the
Swing Line Loans; individually, a “Loan”. 
 “Loan Parties”: Parent and each of its
Restricted Subsidiaries that is a party, or which at any time becomes a party, to a Loan Document. 
 “Majority
Revolving Lenders”: the holders of more than 50% of the Revolving Credit Commitments (or if the Revolving Credit Commitments have been cancelled (i) the aggregate then outstanding principal amount of the Revolving Credit Loans,
(ii) the L/C Participating Interests in the aggregate amount then available to be drawn under all outstanding Letters of Credit, (iii) the aggregate then outstanding principal amount of Revolving L/C Obligations and (iv) the aggregate
amount represented by the agreements of the Lenders in subsections 3.7(b) and (d) with respect to the Swing Line Loans then outstanding or the Swing Line Loan Participation Certificates then outstanding). 

“Majority Term Lenders”: the holders of more than 50% of the Term Loans. 

“Material Acquisition”: as defined in the definition of “Consolidated EBITDA”. 

“Material Adverse Effect”: any event, development or circumstance that has had or could reasonably be expected
to have a material adverse effect on (a) the business, 

  
 25 

 
results of operations, property or financial condition of the Borrower and its Restricted Subsidiaries taken as a whole or (b) the validity or enforceability of any of the Loan Documents or
the rights and remedies of the Administrative Agent and the Lenders thereunder. 
 “Material Disposition”:
as defined in the definition of “Consolidated EBITDA”. 
 “Materials of Environmental Concern”:
any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in, or which form the basis of liability under, any Environmental
Law, including asbestos, polychlorinated biphenyls and urea-formaldehyde insulation, medical waste and radioactive materials. 

“Minimum Extension Condition”: as defined in subsection 4.24(b). 

“Minimum Tranche Amount”: as defined in subsection 4.24(b). 

“Moody’s”: Moody’s Investors Service, Inc. and any successor to its rating agency business. 

“Mortgaged Properties”: the Properties listed on Schedule 1.1B, as to which the Administrative Agent for the
benefit of the Lenders shall be granted a Lien pursuant to the Mortgages. 
 “Mortgages”: each of the
mortgages and deeds of trust (if any) made by any Loan Party in favor of, or for the benefit of, the Administrative Agent for the benefit of the Lenders, each in form and substance reasonably satisfactory to the Administrative Agent. 

“Multiemployer Plan”: a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which a Loan
Party or any ERISA Affiliate has (or within the past 6 years has had) an obligation to contribute pursuant to a collective bargaining agreement to which such Loan Party or ERISA Affiliate is a party. 

“Net Proceeds”: (a) in connection with any Asset Sale or any Recovery Event, the proceeds thereof in the
form of cash and Cash Equivalents (including any such proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise, but only as and when received)
actually received by any Group Member, net of attorneys’ fees, accountants’ fees, investment banking fees, amounts required to be applied to the repayment of Indebtedness secured by a Lien expressly permitted hereunder on any asset that is
the subject of such Asset Sale or Recovery Event (other than any Lien pursuant to a Security Document), any reserves required to be maintained in connection therewith in accordance with GAAP and other customary fees and expenses actually incurred in
connection therewith and net of taxes paid or reasonably estimated to be payable as a result thereof (after taking into account (i) any available tax credits or deductions that would not otherwise have been utilized during the taxable period
during which such Asset Sale or Recovery Event occurs and (ii) any tax sharing arrangements with a Person other than Parent or any of its Restricted Subsidiaries) and (b) in connection with any

  
 26 

 
issuance or sale of Capital Stock or any incurrence of Indebtedness, the proceeds thereof in the form of cash and Cash Equivalents received from such issuance or incurrence, net of
attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred in connection therewith. 

“Non-Broadcast Assets”: as defined in subsection 8.6(e). 

“Non-Excluded Taxes”: as defined in subsection 4.20(a). 

“Non-Significant Subsidiary”: at any time, any Restricted Subsidiary (other than any Broadcast License
Subsidiary) which (i) at such time has total assets (including the total assets of any of its Subsidiaries), together with the total assets of any other Restricted Subsidiaries that are Non-Significant Subsidiaries, of less than 5% of the total
assets of the Borrower and its Restricted Subsidiaries and (ii) has accrued revenues (including the accrued revenues of any of its Subsidiaries), together with the accrued revenues of any other Restricted Subsidiaries that are Non-Significant
Subsidiaries, for the most recently ended twelve-month period of less than 5% of the total revenues of the Borrower and its Restricted Subsidiaries. 

“Non-U.S. Lender”: as defined in subsection 4.20(g). 

“Notes”: the collective reference to any promissory notes evidencing Loans. 

“Obligations”: the unpaid principal of and interest on the Loans and all other obligations and liabilities of
the Borrower to the Administrative Agent or any Lenders (or, in the case of Specified Swap Agreements and Specified Cash Management Agreements, any Affiliate of any Lender) (including interest accruing after the maturity of the Loans and interest
accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, related to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such
proceeding), whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, the Loans, the other Loan Documents, any Letter of
Credit or L/C Application, any Specified Swap Agreement, any Specified Cash Management Agreement or any other document made, delivered or given in connection therewith, whether on account of principal, interest, reimbursement obligations, other
fees, indemnities, costs, expenses (including all fees and disbursements of counsel to the Administrative Agent or any Lender or any such Affiliate) or otherwise. 

“Offered Loans”: as defined in subsection 4.23. 

“Original Credit Agreement”: the First Lien Credit Agreement dated as of the Closing Date among Parent, the
Borrower, the Administrative Agent and the other parties thereto. 
 “Other Taxes”: any and all present or
future stamp or documentary Taxes or any other similar excise or property Taxes, charges or similar levies arising from any payment 

  
 27 

 
made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document including any interest, additions to Tax or penalties
applicable thereto. 
 “Parent”: as defined in the preamble hereto. 

“Parent Entity”: with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a
subsidiary. 
 “Participant Register”: as defined in subsection 11.6(b). 

“Participants”: as defined in subsection 11.6(b). 

“Participating Lender”: any Lender (other than the Issuing Lender with respect to such Letter of Credit) with
respect to its L/C Participating Interest in each Letter of Credit. 
 “PBGC”: the Pension Benefit Guaranty
Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor). 
 “Permitted
Acquisition”: any acquisition permitted by subsection 8.7(k). 
 “Permitted Asset Swap”: as defined
in subsection 8.6(q). 
 “Permitted Owner”: (a) the Principal, (b) with respect to the Principal,
(i) any spouse or immediate family member of the Principal or (ii) any trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners, owners or Persons beneficially holding an 80% or more controlling interest
of which consist of the Principal and/or such other Persons referred to in the immediately preceding clause (b)(i), (c) Crestview, or (d) any Person Controlled by, or under common Control with, the Principal or Crestview. 

“Permitted Refinancing”: with respect to all or any portion of any Indebtedness, any modification,
refinancing, refunding, renewal or extension of such Indebtedness; provided that (i) the principal amount thereof does not exceed the principal amount of the Indebtedness so modified, refinanced, refunded, renewed or extended (plus any
accrued but unpaid interest, fees and redemption premiums payable by the terms of such Indebtedness thereon and reasonable expenses incurred in connection therewith), (ii) other than with respect to a Permitted Refinancing in respect of
Indebtedness permitted pursuant to subsection 8.2(j), such modification, refinancing, refunding, renewal or extension has a final maturity date equal to or later than the final maturity date of, and has a weighted average life to maturity equal to
or greater than the weighted average life to maturity of, the Indebtedness being modified, refinanced, refunded, renewed or extended, (iii) if the Indebtedness being modified, refinanced, refunded, renewed or extended is subordinated in right
of payment to the Obligations, such modification, refinancing, refunding, renewal or extension is subordinated in right of payment to the Obligations on terms at least as favorable on the whole to the Lenders as those contained in the documentation
governing the Indebtedness being modified, refinanced, refunded, 

  
 28 

 
renewed or extended, (iv) the terms and conditions of any such modified, refinanced, refunded, renewed or extended Indebtedness are market terms on the date of issuance (as determined in
good faith by the Borrower) or are not, taken as a whole, materially more restrictive than the covenants and events of default contained in this Agreement (as determined in good faith by the Borrower), provided that if such Indebtedness
contains any financial maintenance covenants, such covenants shall not be tighter than those contained in this Agreement, (v) such modification, refinancing, refunding, renewal or extension shall not be incurred by a Person who is not a
Subsidiary Guarantor (unless such Indebtedness being refinanced was originally incurred or guaranteed by a Person who was not a Subsidiary Guarantor), (vi) at the time thereof, no Default or Event of Default shall have occurred and be
continuing and (vii) to the extent that the Liens securing the Indebtedness being refinanced are subordinated to the Liens securing the Obligations, any Lien securing such refinancing Indebtedness is subordinated to the Liens securing the
Obligations on terms at least as favorable (when taken as a whole) to the Lenders as those contained in the applicable subordination language (if any) for the Indebtedness being refinanced; provided further that with respect to any Permitted
Refinancing of the Facilities (any such Permitted Refinancing Indebtedness, “Loan Refinancing Debt”), (x) other than amortization, pricing or maturity date, such Loan Refinancing Debt shall, with respect to all periods prior to
the latest maturity date of Loans outstanding at the time of incurrence of such Loan Refinancing Debt, have the same terms as the Term Facility or Revolving Credit Facility, as applicable, or (taken as a whole) such terms that are not materially
more favorable to the lenders providing such Loan Refinancing Debt than those applicable to the Term Facility or Revolving Credit Facility, as applicable, and (y) any Loan Refinancing Debt that is secured shall be subject to an intercreditor
agreement reasonably satisfactory to the Administrative Agent. 
 “Person”: an individual, partnership,
corporation, business trust, joint stock company, trust, limited liability company, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

“Plan”: any employee pension benefit plan (as defined in Section 3(2) of ERISA, but excluding any
Multiemployer Plan) in respect of which any Loan Party or any ERISA Affiliate is, or if such Plan were terminated, would under Section 4062 or 4069 of ERISA be deemed to be, an “employer” (as defined in Section 3(5) of ERISA).

 “Pledged Stock”: as defined in the Guarantee and Collateral Agreement. 

“Preferred Stock”: any Capital Stock with preferential rights of payment of dividends or upon liquidation,
dissolution or winding up. 
 “Pricing Grid”: with respect to the Commitment Fee Rate, the table set forth
below: 

  
 29 

			
	 Consolidated First Lien Net Leverage Ratio
	  	Commitment Fee Rate
	 Greater than 3.50:1.00
	  	0.50%
	 Less than or equal to

3.50:1.00
	  	0.375%

 For the purposes of the Pricing Grid, changes in the Commitment Fee Rate resulting from changes in the
Consolidated First Lien Net Leverage Ratio shall become effective on the date (the “Adjustment Date”) that is three Business Days after the date on which financial statements are delivered to the Lenders pursuant to Section 7.1
and shall remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to above are not delivered within the time periods specified in Section 7.1, then, until the date that is three
Business Days after the date on which such financial statements are delivered, the highest rate set forth in the table above shall apply. In addition, at all times while an Event of Default shall have occurred and be continuing, the highest rate set
forth in the table above shall apply. 
 “Principal”: Lewis W. Dickey, Jr. 

“Prohibited Transaction”: as defined in Section 406 of ERISA and Section 4975(f)(3) of the Code.

 “Properties”: each parcel of real property currently or previously owned or operated by any Group Member.

 “Proposed Discounted Prepayment Amount”: as defined in subsection 4.23. 

“Qualifying Lender”: as defined in subsection 4.23. 

“Qualifying Loan”: as defined in subsection 4.23. 

“Rating Agencies”: Moody’s and S&P, or if Moody’s or S&P or both shall not make a rating on
the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Borrower which shall be substituted for Moody’s or S&P or both, as the case may be. 

“Reaffirmation Agreement”: the Reaffirmation Agreement to be executed and delivered by Parent, the Borrower
and each Subsidiary Guarantor, substantially in the form of Exhibit M. 
 “Receivables Facility”: any of one
or more receivables financing facilities, as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, the obligations of which are non-recourse (except for customary representations, warranties, covenants and
indemnities made in connection with such facilities) to the Borrower and its Restricted Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Borrower or any Restricted Subsidiary sells its accounts receivable to either (a) a
Person that is not a Restricted Subsidiary or (b) a Receivables Subsidiary that in turn 

  
 30 

 
funds such purchase by purporting to sell its accounts receivable to a Person that is not a Restricted Subsidiary or by borrowing from such a Person or from another Receivables Subsidiary that in
turn funds itself by borrowing from such a Person. 
 “Receivables Subsidiary”: any Subsidiary formed for
the purpose of facilitating or entering into one or more Receivables Facilities, and in each case engages only in activities reasonably related or incidental thereto; provided that each Receivables Subsidiary shall at all times be 100% owned
by a Loan Party. 
 “Recovery Event”: any settlement of or payment in respect of any property or casualty
insurance claim or any condemnation proceeding relating to any asset of any Group Member. 
 “Refunded Swing Line
Loans “: as defined in subsection 3.7. 
 “Register”: as defined in subsection 11.6(d). 

“Regulation U”: Regulation U of the Board, as from time to time in effect. 

“Reinvestment Deferred Amount”: with respect to any Reinvestment Event, the aggregate Net Proceeds received by
the Borrower or any Subsidiary in connection therewith that are not applied to prepay the Term Loans pursuant to subsection 4.6(b). 

“Reinvestment Event”: any Asset Sale or Recovery Event in respect of which the Borrower has exercised its
Reinvestment Rights in accordance with subsection 4.6(b). 
 “Reinvestment Prepayment Amount”: with respect
to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to acquire, improve or repair assets useful in the business of the Borrower or any Restricted
Subsidiary. 
 “Reinvestment Prepayment Date”: with respect to any Reinvestment Event, the earlier of
(a) the date occurring twelve months after such Reinvestment Event (or, if the Borrower enters into a legally binding commitment to reinvest the Net Proceeds from such Reinvestment Event within such 12-month period, the date that is 12 months
after entry into such legally binding commitment) and (b) the date on which the Borrower shall have conclusively determined not to acquire, improve or repair assets useful in the Borrower’s or any Restricted Subsidiary’s business with
all or any portion of the relevant Reinvestment Deferred Amount. 
 “Reinvestment Rights”: if no Event of
Default has occurred and is continuing at the time of receipt of Net Proceeds of a Reinvestment Event, except as provided in subsection 8.6(e) or subsection 8.10, the right of the Borrower (directly or indirectly through a Restricted Subsidiary) to
use all or a specified portion of the Net Proceeds of an Asset Sale or Recovery Event to acquire, improve or repair assets useful in its business (including the acquisition of Equity Interests in a Person owning assets useful in its business;
provided that such Person becomes a Restricted Subsidiary). 

  
 31 

 “Related Document”: any agreement, certificate, document or
instrument relating to a Letter of Credit. 
 “Reorganization”: with respect to a Multiemployer Plan, the
condition that such plan is in reorganization as such term is used in Section 4241 of ERISA. 
 “Replaced Term
Loans”: as defined in subsection 11.1. 
 “Replacement Term Loans”: as defined in subsection 11.1.

 “Replaced Revolving Facility”: as defined in subsection 11.1. 

“Replacement Revolving Facility”: as defined in subsection 11.1. 

“Reportable Event”: any “reportable event,” as defined in Section 4043(c) of ERISA or the
regulations issued thereunder, with respect to a Single Employer Plan, other than those events as to which the 30-day notice period has been waived pursuant to applicable regulations as in effect on the Restatement Effective Date. 

“Required Lenders”: at a particular time Lenders that hold more than 50% of (a) the aggregate then
outstanding principal amount of the Term Loans and (b) the Revolving Credit Commitments or if the Revolving Credit Commitments have been cancelled (i) the aggregate then outstanding principal amount of the Revolving Credit Loans,
(ii) the L/C Participating Interests in the aggregate amount then available to be drawn under all outstanding Letters of Credit, (iii) the aggregate then outstanding principal amount of Revolving L/C Obligations and (iv) the aggregate
amount represented by the agreements of the Lenders in subsections 3.7(b) and (d) with respect to the Swing Line Loans then outstanding or the Swing Line Loan Participation Certificates then outstanding. 

“Requirement of Law”: as to any Person, the Certificate of Incorporation and By-Laws or other organizational
or governing documents of such Person, and any law, treaty, rule or regulation (including Environmental Laws) or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any
of its property or to which such Person or any of its property is subject. 
 “Responsible Officer”: the
chief executive officer or the chief operating officer of the Borrower or, with respect to financial matters, the chief financial officer of the Borrower. 

“Restatement Arrangers”: J.P. Morgan Securities LLC, RBC Capital Markets, and Macquarie Capital (USA) Inc., in
their capacity as arrangers of the Term Loan Commitments. 
 “Restatement Bookrunners”: Credit Suisse AG,
Cayman Islands Branch, Fifth Third Bank, Goldman Sachs Bank USA and ING Capital LLC, in their capacity as bookrunners in respect of the Term Loan Commitments. 

  
 32 

 “Restatement Effective Date”: the date on which each of the
conditions precedent to the effectiveness of this Agreement contained in subsection 6.1 has been either satisfied or waived, which date is December 23, 2013. 

“Restricted Payments”: as defined in subsection 8.8. 

“Restricted Subsidiary”: any Subsidiary of Parent other than an Unrestricted Subsidiary. Unless the context
otherwise requires, all references to “Restricted Subsidiary” in this Agreement and the other Loan Documents shall be deemed to be a reference to a Restricted Subsidiary of the Borrower. 

“Retained Percentage”: with respect to any Excess Cash Flow Period, (a) 100% minus (b) the ECF
Percentage with respect to such Excess Cash Flow Period. 
 “Revolving Commitment Conversion Amount”: with
respect to any Revolving Lender, as defined on such Lender’s Revolving Lender Addendum as its “Revolving Commitment Conversion Amount”. 

“Revolving Credit Commitment”: as to any Lender, its obligations to make Revolving Credit Loans to the
Borrower pursuant to subsection 3.1, and to purchase its L/C Participating Interest in any Letter of Credit in an aggregate amount not to exceed at any time the amount set forth opposite such Lender’s name in Schedule 1.1A under the heading
“Revolving Credit Commitment” and in an aggregate amount not to exceed at any time the amount equal to such Lender’s Revolving Credit Commitment Percentage of the aggregate Revolving Credit Commitments, as the aggregate Revolving
Credit Commitments may be reduced or adjusted from time to time pursuant to this Agreement; collectively, as to all the Lenders, the “Revolving Credit Commitments”. The Revolving Credit Commitments as of the Restatement Effective
Date shall be $200,000,000. 
 “Revolving Credit Commitment Percentage”: as to any Lender at any time, the
percentage which such Lender’s Revolving Credit Commitment constitutes of all of the Revolving Credit Commitments (disregarding any Defaulting Lender’s Revolving Credit Commitment) (or, if the Revolving Credit Commitments shall have been
terminated, the percentage of the outstanding Aggregate Revolving Credit Extensions of Credit and Swing Line Loans constituted by such Lender’s Aggregate Revolving Credit Extensions of Credit and participating interest in Swing Line Loans
giving effect to any assignments and to any Lender’s status as a Defaulting Lender at the time of determination). 

“Revolving Credit Commitment Period”: the period from and including the Restatement Effective Date to but not
including the Revolving Credit Termination Date. 
 “Revolving Credit Facility”: as defined in the
definition of “Facility”. 
 “Revolving Credit Loan” and “Revolving Credit
Loans”: as defined in subsection 3.1. 
 “Revolving Credit Termination Date”: the earlier of
(i) December 23, 2018 or if such day is not a Business Day, the first Business Day thereafter and (ii) any other date 

  
 33 

 
on which the Revolving Credit Commitments shall terminate hereunder; provided that if on the date that is 91 days prior to the scheduled maturity date of the Senior Notes (such date, the
“Springing Maturity Date”) the aggregate principal amount of the Senior Notes is in excess of $200,000,000, the Revolving Credit Termination Date shall be the Springing Maturity Date. 

“Revolving L/C Obligations”: the obligations of the Borrower to reimburse the Issuing Lender for any payments
made by an Issuing Lender under any Letter of Credit that have not been reimbursed by the Borrower pursuant to subsection 3.6. 

“Revolving Lender”: each Lender that has a Revolving Credit Commitment or that holds Revolving Credit Loans.

 “Revolving Lender Addendum”: either a “Revolving Converting Lender” Addendum or a
“Revolving New Lender” Addendum, substantially in the form of Exhibit K-1 or Exhibit K-2, respectively. 

“S&P”: Standard & Poor’s Financial Services LLC and any successor to its rating agency
business. 
 “Sanctions”: economic or financial sanctions or trade embargoes imposed, administered or
enforced from time to time by the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State. 

“Sanctioned Country”: at any time, a country or territory which is the subject or target of any Sanctions.

 “Sanctioned Person”: at any time, (a) any Person listed in any Sanctions-related list of designated
Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person controlled by any
such Person. 
 “SEC Filings”: any public filings that Parent or the Acquired Business has made on form 10K,
10Q or 8K pursuant to the U.S. federal securities statutes, rules or regulations prior to the Restatement Effective Date. 

“Second Lien Credit Agreement”: the Second Lien Credit Agreement, dated as of the Closing Date, among Parent,
the Borrower, the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent and the other agents party thereto. 

“Second Lien Loans”: the “Loans” as such term is defined in the Second Lien Credit Agreement. 

“Securitization Repurchase Obligation”: any obligation of a seller of accounts receivable in a receivables
Facility to repurchase accounts receivable arising as a result of a breach of a representation, warranty, covenant or indemnity made or given in connection with a Receivables Facility, including as a result of a receivable or portion thereof
becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by any failure to take action by or any other event relating to the seller. 

  
 34 

 “Security Documents”: the collective reference to the Guarantee
and Collateral Agreement, the Mortgages and all other security documents hereafter delivered to the Administrative Agent granting a Lien on any property of any Person to secure the obligations and liabilities of any Loan Party under any Loan
Document. 
 “Senior Notes”: the senior notes issued under and as defined in that certain Indenture dated as
of March 13, 2011 among Parent, the Subsidiaries of Parent party thereto and U.S. Bank National Association, as trustee (as amended, modified or supplemented from time to time). 

“Single Employer Plan”: any Plan subject to the provisions of Title IV of ERISA or Section 412 of the
Code or Section 302 of ERISA. 
 “Solvent”: when used with respect to any Person, means that, as of any
date of determination, (a) the amount of the present fair saleable value of the assets of such Person will, as of such date, exceed the amount of all liabilities of such Person, contingent or otherwise, as of such date, as such quoted terms are
determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will
be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and
(d) such Person will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, (ii) “claim” means any (x) right to payment, whether or not
such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach
gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured and (iii) “present fair saleable value” and
“liabilities of such Person, contingent or otherwise” shall, in each case, be determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors. 

“Specified Cash Management Agreement”: any agreement providing for treasury, depositary, purchasing card or
cash management services, including in connection with any automated clearing house transfers of funds or any similar transactions between the Borrower or any Subsidiary Guarantor and any Lender or Affiliate thereof. 

“Specified Equity Contribution”: as defined in subsection 8.1. 

“Specified Swap Agreement”: any Swap Agreement in respect of interest rates, currency exchange rates or
commodity prices entered into by the Borrower or any Subsidiary Guarantor and any Person that is a Lender or an Affiliate of a Lender at the time such Swap Agreement is entered into. 

“Springing Maturity Date”: as defined in the definition of Revolving Credit Termination Date. 

  
 35 

 “Standby L/C”: an irrevocable standby or direct pay Letter of
Credit under which the Issuing Lender agrees to make payments in Dollars for the account of the Borrower on behalf of the Borrower or any Restricted Subsidiary thereof, in respect of obligations of the Borrower or a Restricted Subsidiary thereof
incurred for general corporate purposes, including for insurance purposes or in respect of advance payments or as bid or performance bonds. 

“Station”: a broadcast radio station operated pursuant to an FCC License. 

“Subordinated Indebtedness”: any Indebtedness of the Borrower or its Restricted Subsidiaries which is
subordinated in right of payment to the Obligations. 
 “Subsidiary”: as to any Person, a corporation,
partnership or other entity of which shares of Capital Stock or other equity interests having ordinary voting power (other than Capital Stock or other equity interests having such power only by reason of the happening of a contingency) to elect a
majority of the board of directors or other managers of such corporation, partnership or other entity are at the time owned, directly or indirectly, or the management of which is otherwise controlled, directly or indirectly, or both, by such Person.
Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower. 

“Subsidiary Guarantor”: any Restricted Subsidiary which enters into the Guarantee and Collateral Agreement
pursuant to clause (a) of subsection 6.1 or subsection 7.10(a) (it being understood and agreed that no Foreign Subsidiary of the Borrower shall, in any case, enter into the Guarantee and Collateral Agreement pursuant to subsection 7.10(a)).

 “Suspension Period”: any day on which no Revolving Credit Loans, Swing Line Loans, Revolving L/C
Obligations or Letters of Credit are outstanding, other than Letters of Credit that have been Cash Collateralized on terms reasonably satisfactory to the Administrative Agent in an amount equal to at least 103% of the undrawn amount thereof. 

“Swap”: any agreement, contract, or transaction that constitutes a “swap” within the meaning of
section 1a(47) of the Commodity Exchange Act. 
 “Swap Agreement”: any agreement with respect to any swap,
forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or
measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by
current or former directors, officers, employees or consultants of the Borrower or any of its Subsidiaries shall be a “Swap Agreement”. 

“Swap Obligation”: with respect to any person, any obligation to pay or perform under any Swap. 

  
 36 

 “Swap Termination Value”: in respect of any one or more Swap
Agreements, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements have been closed out and termination value(s) determined
in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Agreement, as determined based upon one or more
mid-market or other readily available quotations provided by any recognized dealer in such Swap Agreements (which may include a Lender or any Affiliate of a Lender). 

“Swing Line Commitment”: JPMCB’s obligation to make Swing Line Loans pursuant to subsection 3.7. 

“Swing Line Exposure”: at any time, the aggregate principal amount of all Swing Line Loans outstanding at such
time. The Swing Line Exposure of any Lender at any time shall equal its Revolving Credit Commitment Percentage of the aggregate Swing Line Exposure at such time. 

“Swing Line Lender”: at any time the Lender then having an obligation to make Swing Line Loans under this
Agreement. 
 “Swing Line Loan” and “Swing Line Loans”: as defined in subsection 3.7(a).

 “Swing Line Loan Participation Certificate”: a certificate in substantially the form of Exhibit F hereto.

 “Taxes”: any present or future taxes, levies, imposts, duties, deductions, withholdings, assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Facility”: as defined in the definition of “Facility”. 

“Term Lender”: each Lender that has a Term Loan Commitment or that holds a Term Loan. 

“Term Lender Addendum”: either a “Term Loan Converting Lender” Addendum or a “Term Loan Funding
Lender” Addendum, substantially in the form of Exhibit L-1 or Exhibit L-2, respectively. 
 “Term Loan
Commitment”: as to any Lender, the obligation of such Lender, if any, to make a Term Loan to the Borrower hereunder and/or in the case of Existing Term Lenders, convert its Existing Term Loan into a Term Loan hereunder, in each case on the
Restatement Effective Date, expressed as an amount representing the maximum principal amount of the Term Loan to be made or converted by such Lender hereunder. The amount of each Term Lender’s Term Loan Commitment on the Restatement Effective
Date is as set forth on its Term Lender Addendum. The Term Loan Commitment as of the Restatement Effective Date shall be $2,025,000,000. 

  
 37 

 “Term Loan Commitment Conversion Amount”: with respect to any
Term Lender, as defined on such Lender’s Term Lender Addendum as its “Term Loan Commitment Conversion Amount”. 

“Term Loan Commitment Funding Amount”: as to any Lender, the portion (if any) of its Term Loan Commitment that
appears under the heading “Term Loan Commitment Funding Amount” on its Term Lender Addendum. 
 “Term Loan
Commitment Percentage”: as to any Lender, the percentage which such Lender’s Term Loan constitutes of the aggregate then outstanding principal amount of Term Loans. 

“Term Loan Converting Lender”: any Term Lender with a Term Loan Commitment Conversion Amount (in its capacity
as such). 
 “Term Loan Funding Lender”: any Term Lender with a Term Loan Commitment Funding Amount (in its
capacity as such). 
 “Term Loan Maturity Date”: the earlier of (i) December 23, 2020 or if such
day is not a Business Day, the first Business Day thereafter and (ii) any other date on which the Term Loan Commitments shall terminate hereunder; provided that if on the Springing Maturity Date, the aggregate principal amount of the
Senior Notes is in excess of $200,000,000, the Term Loan Maturity Date shall be the Springing Maturity Date. 
 “Term
Loan Standstill Period”: as defined in Section 9(c). 
 “Term Loans”: the Loans made pursuant
to Section 2.1. 
 “Test Period”; the most recent period of four consecutive fiscal quarters of the
Borrower ended on or prior to such time (taken as one accounting period) in respect of which financial statements for each quarter or fiscal year in such period have been delivered pursuant to subsection 7.1(a) or 7.1(b), as applicable. 

“Transactions”: the entering into of the Loan Documents and the initial borrowings hereunder, the payment in
full of the indebtedness outstanding under the Second Lien Credit Agreement and the payments of fees, commissions and expenses in connection with each of the foregoing. 

“Transferee”: as defined in subsection 11.6(f). 

“Type”: as to any Loan, its nature as an ABR Loan or a Eurodollar Loan. 

“UCC”: the Uniform Commercial Code as in effect, from time to time, in the State of New York; provided
that, if perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC”
means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 

  
 38 

 “Unrestricted Subsidiary”: any Subsidiary of the Borrower
designated by the board of directors of the Borrower as an Unrestricted Subsidiary pursuant to subsection 7.14. 

“Withdrawal Liability”: liability to a Multiemployer Plan as a result of a complete withdrawal or a partial
withdrawal from such Multiemployer Plan, as such terms are defined in Title IV of ERISA. 
 “Working Day”:
any Business Day which is a day for trading by and between banks in Dollar deposits in the interbank Eurodollar market. 
 1.2 Other
Definitional Provisions. Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the Notes, any other Loan Document or any certificate or other document made or delivered pursuant
hereto. 
 (a) As used herein and in the Notes, any other Loan Document and any certificate or other document made or delivered pursuant
hereto, accounting terms relating to the Borrower and its Subsidiaries not defined in subsection 1.1 and accounting terms partly defined in subsection 1.1 to the extent not defined, shall have the respective meanings given to them under GAAP.
Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election
under ASC 825 “Financial Instruments” (or any other ASC having a similar result or effect) to value any Indebtedness or other liabilities of Parent, the Borrower or any Subsidiary at “fair value”, as defined therein. 

(b) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement, and section, subsection, schedule and exhibit references are to this Agreement unless otherwise specified. 

(c)(i) The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”, (ii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have
correlative meanings), (iii) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Capital Stock,
securities, revenues, accounts, leasehold interests and contract rights, and (iv) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as
amended, supplemented, restated or otherwise modified from time to time. 
 (d) The meanings given to terms defined herein shall be equally
applicable to the singular and plural forms of such terms. 
 SECTION 2. AMOUNT AND TERMS OF THE TERM LOAN COMMITMENTS 

2.1 Term Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to (i) make a term loan to the
Borrower on the Restatement Effective Date in an amount 

  
 39 

 
equal to its Term Loan Commitment Funding Amount and/or (ii) convert its Existing Term Loans into Term Loans in an amount equal to its Term Loan Commitment Conversion Amount. Amounts repaid
or prepaid in respect of Term Loans may not be reborrowed. The Term Loans may from time to time be (a) Eurodollar Loans or (b) ABR Loans or (c) a combination thereof, as determined by the Borrower and notified to the Administrative
Agent in accordance with subsections 4.1 and 4.3. 
 2.2 Repayment of Term Loans. The Borrower shall repay the Term Loans in
consecutive quarterly installments on the last day of each fiscal quarter (or, in the case of the last installment, the Term Loan Maturity Date), commencing on March 31, 2014, each of which installments shall be in an aggregate principal amount
equal to 0.25% of the original aggregate principal amount of the Term Loans on the Restatement Effective Date; provided that with respect to the installment payable on the Term Loan Maturity Date, such installment shall be in an amount equal
to the then outstanding principal amount of the Term Loans. 
 2.3 Proceeds of Term Loans. The Borrower shall use the proceeds of the
Term Loans to satisfy the condition in Section 6.3(a), to pay fees, commissions and expenses in connection therewith and with the amendment and restatement of the Existing Credit Agreement and to repay in full the Second Lien Loans under the
Second Lien Credit Agreement. 
 SECTION 3. AMOUNT AND TERMS OF REVOLVING CREDIT COMMITMENTS 

3.1 Revolving Credit Commitments. (a) Subject to the terms and conditions hereof, each Lender severally agrees to extend credit,
in an aggregate amount not to exceed such Lender’s Revolving Credit Commitment, to the Borrower from time to time on any Borrowing Date during the Revolving Credit Commitment Period by purchasing an L/C Participating Interest in each Letter of
Credit issued by the Issuing Lender and by making loans to the Borrower (“Revolving Credit Loans”) from time to time. Notwithstanding the foregoing, in no event shall (i) any Revolving Credit Loan or Swing Line Loan be made, or
any Letter of Credit be issued, if, after giving effect to such making or issuance and the use of proceeds thereof as irrevocably directed by the Borrower, the sum of the Aggregate Revolving Credit Extensions of Credit and the aggregate outstanding
principal amount of the Swing Line Loans would exceed the aggregate Revolving Credit Commitments or if subsection 3.7 would be violated thereby, (ii) any Revolving Credit Loan or Swing Line Loan be made, or any Letter of Credit be issued, if
the amount of such Loan to be made or any Letter of Credit to be issued would, after giving effect to the use of proceeds, if any, thereof, exceed the Available Revolving Credit Commitments or (iii) Revolving Credit Loans in excess of
$200,000,000 in the aggregate be made on the Restatement Effective Date (unless otherwise agreed to by all of the Arrangers). During the Revolving Credit Commitment Period, the Borrower may use the Revolving Credit Commitments by borrowing,
prepaying the Revolving Credit Loans or Swing Line Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof, and/or by having the Issuing Lenders issue Letters of Credit, having such Letters of Credit expire
undrawn upon or if drawn upon, reimbursing the relevant Issuing Lender for such drawing, and having the Issuing Lenders issue new Letters of Credit. The Revolving Credit Loans may from time to time be (a) Eurodollar Loans or (b) ABR Loans
or (c) a combination thereof, as determined by the Borrower and notified to the Administrative Agent in accordance with subsections 4.1 and 4.3. 

(b) Each borrowing of Revolving Credit Loans pursuant to the Revolving Credit Commitments shall be in an aggregate principal amount of the
lesser of (i) $1,000,000, or a whole multiple of $1,000,000 in excess thereof, and (ii) the Available Revolving Credit Commitments, except that any borrowing of a Revolving Credit Loan to be used solely to pay a like amount of Swing Line
Loans may be in the aggregate principal amount of such Swing Line Loans. 

  
 40 

 3.2 Proceeds of Revolving Credit Loans. The Borrower shall use the proceeds of the
Revolving Credit Loans to (a) make payments to the Issuing Lender to reimburse the Issuing Lender for drawings made under the Letters of Credit, (b) repay Swing Line Loans and Revolving Credit Loans after the Restatement Effective Date,
and (c) finance the general working capital needs and general corporate purposes of the Borrower or any of its Subsidiaries. 
 3.3
Issuance of Letters of Credit. (a) The Borrower may from time to time request any Issuing Lender to issue a Letter of Credit, which may be either a Standby L/C or a Commercial L/C, by delivering to the Administrative Agent at its address
specified in subsection 11.2 and the Issuing Lender an L/C Application completed to the satisfaction of the Issuing Lender, together with the proposed form of the Letter of Credit (which shall comply with the applicable requirements of paragraph
(b) below) and such other certificates, documents and other papers and information as the Issuing Lender may reasonably request; provided that if the Issuing Lender informs the Borrower that it is for any reason unable to open such
Letter of Credit, the Borrower may request another Lender to open such Letter of Credit upon the same terms offered to the initial Issuing Lender and if such other Lender agrees to issue such Letter of Credit each reference to the Issuing Lender for
purposes of the Loan Documents shall be deemed to be a reference to such Lender. 
 (b) Each Letter of Credit issued hereunder shall, among
other things, (i) be in such form requested by the Borrower as shall be acceptable to the Issuing Lender in its sole discretion and (ii) have an expiry date occurring not later than the earlier of (w) 365 days after the date of
issuance of such Letter of Credit (or, in the case of a renewal or extension, 365 days after such renewal or extension) and (x) 15 Business Days prior to the Revolving Credit Termination Date; provided that any Letter of Credit with a
one year term may provide for the renewal thereof for additional one year periods (but not beyond the date that is 15 Business Days prior to the Revolving Credit Termination Date, except to the extent Cash Collateralized or backstopped (including as
provided herein) pursuant to arrangements reasonably acceptable to the relevant Issuing Lenders, in each case for all relevant period beyond the date that is 15 Business Days prior to the Revolving Credit Termination Date). Unless otherwise
expressly agreed by the Issuing Lender, when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the “International Standby Practices 1998 published by the Institute of
International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) or the rules of the Uniform Customs and Practice for Documentary Credit, as most recently published by the International
Chamber of Commerce (the “UCP Rules”) shall apply to each Standby L/C, and (ii) the UCP Rules shall apply to each Commercial L/C. 

(c) The letters of credit set forth on Schedule 3.1 which remain outstanding on the Restatement Effective Date (the “Existing Letters
of Credit”) shall be deemed to be Letters of Credit issued under this Agreement on the Restatement Effective Date. Without limiting the foregoing (i) each such Existing Letter of Credit shall be included in the calculation of the L/C
Exposure, (ii) all liabilities of the Borrower and the other Loan Parties with respect to such Existing Letters of Credit shall constitute Obligations and (iii) each Lender shall have reimbursement obligations with respect to such Existing
Letters of Credit as provided in subsection 3.6(b). 
 (d) If the maturity date in respect of any tranche of Revolving Credit Commitments
occurs prior to the expiration of any Letter of Credit, then (i) if one or more other tranches of Revolving Credit Commitments in respect of which the maturity date shall not have occurred are then in effect, (x) outstanding Revolving
Credit Loans shall be repaid pursuant to subsection 4.5 on such maturity date in an amount sufficient to permit the reallocation of the L/C Exposure relating to the outstanding Letters of Credit contemplated by clause (y) below and
(y) such Letters of Credit shall automatically be deemed to have been issued (including for purposes of the obligations of the Revolving Lenders to purchase participations therein and to make Revolving Credit Loans and payments in respect
thereof pursuant to 

  
 41 

 
subsection 3.4) under (and ratably participated in by Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating tranches up to an aggregate amount not to exceed the
aggregate principal amount of the unutilized Revolving Credit Commitments thereunder at such time (it being understood that (A) the participations therein of Revolving Lenders under the maturing tranche shall be correspondingly released and
(B) no partial face amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause (i), but without limiting the obligations with respect thereto, the Borrower shall
Cash Collateralize any such Letter of Credit. If, for any reason, such Cash Collateral is not provided or the reallocation does not occur, the Revolving Lenders under the maturing tranche shall continue to be responsible for their participating
interests in the Letters of Credit; provided that, notwithstanding anything to the contrary contained herein, upon any subsequent repayment of the Revolving Loans, the reallocation set forth in clause (i) shall automatically occur to the
extent of such repayment (it being understood that no partial face amount of any Letter of Credit may be so reallocated). Except to the extent of reallocations of participations pursuant to clause (i) of the second preceding sentence, the
occurrence of a maturity date with respect to a given tranche of Revolving Credit Commitments shall have no effect upon (and shall not diminish) the percentage participations of the Revolving Lenders in any Letter of Credit issued before such
maturity date. Commencing with the maturity date of any tranche of Revolving Credit Commitments, the sublimit for Letters of Credit under any tranche of Revolving Credit Commitments that has not so then matured shall be as agreed with the Lenders
under such extended tranche; provided that in no event shall such sublimit be less than the sum of (x) the L/C Exposure of the Revolving Lenders under such extended tranche immediately prior to such maturity date and (y) the face
amount of the Letters of Credit reallocated to such extended tranche pursuant to clause (i) above (assuming Revolving Credit Loans are repaid in accordance with clause (i)(x)). 

(e) In the event of any conflict between the terms hereof and the terms of any L/C Application, the terms hereof shall control. 

3.4 Participating Interests. Effective in the case of each Letter of Credit opened by the Issuing Lender as of the date of the opening
thereof, the Issuing Lender agrees to allot and does allot, to itself and each other Lender, and each Lender severally and irrevocably agrees to take and does take in such Letter of Credit and the related L/C Application, an L/C Participating
Interest in a percentage equal to such Lender’s Revolving Credit Commitment Percentage. 
 3.5 Procedure for Opening Letters of
Credit . Upon receipt of any L/C Application from the Borrower in respect of a Letter of Credit, the Issuing Lender will promptly notify the Administrative Agent thereof. The Issuing Lender will process such L/C Application, and the other
certificates, documents and other papers delivered to the Issuing Lender in connection therewith, upon receipt thereof in accordance with its customary procedures and, subject to the terms and conditions hereof, shall promptly open such Letter of
Credit by issuing the original of such Letter of Credit to the beneficiary thereof and by furnishing a copy thereof to the Borrower; provided that no such Letter of Credit shall be issued (a) if the amount of such requested Letter of
Credit, together with the sum of (i) the aggregate unpaid amount of Revolving L/C Obligations outstanding at the time of such request and (ii) the maximum aggregate amount available to be drawn under all Letters of Credit outstanding at
such time, would exceed $30,000,000 or (b) if subsection 3.1 would be violated thereby. 
 3.6 Payments in Respect of Letters of
Credit. (a) The Borrower agrees to reimburse the Issuing Lender, through the Administrative Agent, for any payment made by the Issuing Lender under any Letter of Credit not later than 12:00 Noon, New York City time, on (i) the Business
Day that the Borrower receives notice of such draft, if such notice is received on such day prior to 10:00 A.M., New York City time, or (ii) if clause (i) above does not apply, the Business Day immediately following the day that the
Borrower receives such notice. Interest shall be payable on any such unreimbursed amounts from 

  
 42 

 
the date of such payment until reimbursement in full thereof at a rate per annum equal to (A) until the Business Day next succeeding the date on which the relevant notice is received by the
Borrower, the ABR plus the Applicable Margin for Revolving Credit Loans which are ABR Loans and (B) on such date and thereafter, the ABR plus the Applicable Margin for Revolving Credit Loans which are ABR Loans plus 2%. 

(b) In the event that the Issuing Lender makes a payment under any Letter of Credit and is not reimbursed in full therefor in accordance with
the terms of this Agreement (or in the event that any reimbursement received by the Issuing Lender shall be required to be returned by it at any time), the Issuing Lender will promptly notify each other Lender with a Revolving Credit Commitment
through the Administrative Agent. Forthwith upon its receipt of any such notice, each other Lender with a Revolving Credit Commitment will transfer to the Issuing Lender, through the Administrative Agent, in immediately available funds, an amount
equal to such other Lender’s pro rata share of the Revolving L/C Obligation arising from such unreimbursed payment. Upon its receipt from such other Lender of such amount and a request of such Lender, the Issuing Lender will complete, execute
and deliver to such other Lender an L/C Participation Certificate dated the date of such receipt and in such amount. 
 (c) Whenever, at any
time after the Issuing Lender has made a payment under any Letter of Credit and has received from any other Lender such other Lender’s pro rata share of the Revolving L/C Obligation arising therefrom, the Issuing Lender receives any
reimbursement on account of such Revolving L/C Obligation or any payment of interest on account thereof, the Issuing Lender will distribute to such other Lender, through the Administrative Agent, its pro rata share thereof in like funds as received
(appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s participating interest was outstanding and funded); provided that, in the event that the receipt by the Issuing Lender of
such reimbursement or such payment of interest (as the case may be) is required to be returned, such other Lender will return to the Issuing Lender, through the Administrative Agent, any portion thereof previously distributed by the Issuing Lender
to it in like funds as such reimbursement or payment is required to be returned by the Issuing Lender. 
 3.7 Swing Line Commitment.
(a) Subject to the terms and conditions hereof, JPMCB agrees to make swing line loans (individually, a “Swing Line Loan”; collectively, the “Swing Line Loans”) to the Borrower from time to time during the
Revolving Credit Commitment Period in an aggregate principal amount at any one time outstanding not to exceed $30,000,000; provided that at no time may the sum of the aggregate outstanding principal amount of the Swing Line Loans and the
Aggregate Revolving Credit Extensions of Credit exceed the Revolving Credit Commitments. Amounts borrowed by the Borrower under this subsection may be repaid and, through but excluding the Revolving Credit Termination Date, reborrowed. The Swing
Line Loans shall be ABR Loans, and shall not be entitled to be converted into Eurodollar Loans. The Borrower shall give JPMCB irrevocable notice (which notice must be received by JPMCB prior to 1:00 p.m., New York City time) on the requested
Borrowing Date specifying the amount of each requested Swing Line Loan, which shall be in the minimum amount of $250,000 or a whole multiple thereof. The proceeds of each Swing Line Loan will be made available by JPMCB to the Borrower by crediting
the account of the Borrower at JPMCB with such proceeds. The proceeds of Swing Line Loans may be used solely for the purposes referred to in subsection 3.2. 

(b) JPMCB at any time in its sole and absolute discretion may, and on the thirtieth day (or if such day is not a Business Day, the next
Business Day) after the Borrowing Date with respect to any Swing Line Loans shall, on behalf of the Borrower (which hereby irrevocably directs JPMCB to act on its behalf), request each Lender, including JPMCB, to make a Revolving Credit Loan (which
shall be initially an ABR Loan) in an amount equal to such Lender’s Revolving Credit Commitment Percentage of the amount of such Swing Line Loans (the “Refunded Swing Line Loans”) outstanding on the date such

  
 43 

 
notice is given. Unless any of the events described in Section 9(f) shall have occurred (in which event the procedures of clause (c) of this subsection shall apply) each Lender shall
make the proceeds of its Revolving Credit Loan available to JPMCB for the account of JPMCB at the office of JPMCB located at 270 Park Avenue, New York, New York 10017 prior to 12:00 Noon (New York City time) in funds immediately available on the
Business Day next succeeding the date such notice is given. The proceeds of such Revolving Credit Loans shall be immediately applied to repay the Refunded Swing Line Loans. 

(c) If prior to the making of a Revolving Credit Loan pursuant to clause (b) of this subsection one of the events described in
Section 9(f) shall have occurred, each Lender will, on the date such Loan would otherwise have been made, purchase an undivided participating interest in the Refunded Swing Line Loans in an amount equal to its Revolving Credit Commitment
Percentage of such Refunded Swing Line Loans. Each Lender will immediately transfer to JPMCB, in immediately available funds, the amount of its participation and upon receipt thereof JPMCB will deliver to such Lender a Swing Line Loan Participation
Certificate dated the date of receipt of such funds and in such amount. 
 (d) Whenever, at any time after JPMCB has received from any
Lender such Lender’s participating interest in a Swing Line Loan, JPMCB receives any payment on account thereof, JPMCB will distribute to such Lender its participating interest in such amount (appropriately adjusted, in the case of interest
payments, to reflect the period of time during which such Lender’s participating interest was outstanding and funded) in like funds as received; provided, however, that in the event that such payment received by JPMCB is required
to be returned, such Lender will return to JPMCB any portion thereof previously distributed by JPMCB to it in like funds as such payment is required to be returned by JPMCB. 

(e) If the maturity date shall have occurred in respect of any tranche of Revolving Credit Commitments at a time when another tranche or
tranches of Revolving Credit Commitments is or are in effect with a longer maturity date, then on the earliest occurring maturity date all then outstanding Swing Line Loans shall be repaid in full on such date (and there shall be no adjustment to
the participations in such Swing Line Loans as a result of the occurrence of such maturity date); provided, however, that if on the occurrence of such earliest maturity date (after giving effect to any repayments of Revolving Credit
Loans and any reallocation of Letter of Credit participations as contemplated in subsection 3.3(d)), there shall exist sufficient unutilized Extended Revolving Credit Commitments so that the respective outstanding Swing Line Loans could be incurred
pursuant the Extended Revolving Credit Commitments which will remain in effect after the occurrence of such maturity date, then there shall be an automatic adjustment on such date of the participations in such Swing Line Loans and same shall be
deemed to have been incurred solely pursuant to the relevant Extended Revolving Credit Commitments, and such Swing Line Loans shall not be so required to be repaid in full on such earliest maturity date. 

3.8 Participations. Each Lender’s obligation to purchase participating interests pursuant to subsection 3.4 and clauses
(b) and (c) of subsection 3.7 is absolute and unconditional as set forth in subsection 4.14. 
 SECTION 4. GENERAL
PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT 
 4.1 Procedure for Borrowing by the Borrower. (a) The Borrower may
borrow under the Commitments on any Working Day, if the borrowing is of Eurodollar Loans, or on any Business Day, if the borrowing is of ABR Loans. With respect to any borrowings, the Borrower shall give the Administrative Agent irrevocable notice
(which notice must be received by the Administrative Agent (i) with respect to any Loans to be made on the Restatement Effective Date (including any Existing Term Loans to be converted to Term Loans on the Restatement Effective Date)
(x) prior to 3:00 P.M., New 

  
 44 

 
York City time one Working Day prior to the Restatement Effective Date if all or any part of the Loans are to be Eurodollar Loans and (y) prior to 9:00 A.M. New York City time on the
Restatement Effective Date if the borrowing is to be solely of ABR Loans and (ii) with respect to any Loans to be made after the Restatement Effective Date, prior to 1:00 P.M., New York City time, (x) three Working Days prior to the
requested Borrowing Date if all or any part of the Loans are to be Eurodollar Loans and (y) one Business Day prior to the requested Borrowing Date if the borrowing is to be solely of ABR Loans) specifying (A) the amount of the borrowing,
(B) whether such Loans are initially to be Eurodollar Loans or ABR Loans, or a combination thereof, (C) if the borrowing is to be entirely or partly Eurodollar Loans, the length of the Interest Period for such Eurodollar Loans, and
(D) if the borrowing is to be made after the Restatement Effective Date, the amount of such borrowing to be constituted by Revolving Credit Loans. Upon receipt of such notice the Administrative Agent shall promptly notify each Lender (which
notice shall in any event be delivered to each Lender by 4:00 P.M., New York City time, on such date or, in the case of Loans to be made on the Restatement Effective Date, promptly following receipt thereof by the Administrative Agent). On the
Restatement Effective Date, (i) the Existing Term Loans of each Term Loan Converting Lender shall be converted into a Term Loan in an amount equal to such Term Lender’s Term Loan Commitment Conversion Amount and (ii) not later than
12:00 Noon, New York City time, on the Restatement Effective Date, each Term Loan Funding Lender and each Revolving Lender shall make available to the Administrative Agent at the office of the Administrative Agent specified in subsection 11.2 (or at
such other location as the Administrative Agent may direct) an amount in immediately available funds equal to the amount of the Loan to be made by such Lender. With respect to any borrowing after the Restatement Effective Date, not later than 12:00
Noon, New York City time, on the Borrowing Date specified in such notice, each Lender shall make available to the Administrative Agent at the office of the Administrative Agent specified in subsection 11.2 (or at such other location as the
Administrative Agent may direct) an amount in immediately available funds equal to the amount of the Loan to be made by such Lender. Subject to subsection 3.7(b), Loan proceeds received by the Administrative Agent hereunder shall promptly be made
available to the Borrower by the Administrative Agent’s crediting the account of the Borrower, at the office of the Administrative Agent specified in subsection 11.2, with the aggregate amount actually received by the Administrative Agent from
the Lenders and in like funds as received by the Administrative Agent. On the Restatement Effective Date, all Existing Revolving Loans shall be deemed repaid and such portion thereof that were ABR Loans shall be reborrowed as ABR Loans by the
Borrower and such portion thereof that were Eurodollar Loans shall be reborrowed as Eurodollar Loans by the Borrower (it being understood that for each tranche of Existing Revolving Loans that were Eurodollar Loans, (x) the initial Interest
Period for the relevant reborrowed Eurodollar Loans shall equal the remaining length of the Interest Period for such tranche and (y) the Eurodollar Rate for the relevant reborrowed Eurodollar Loans during such initial Interest Period shall be
the Eurodollar Rate for such tranche immediately prior to the Restatement Effective Date) and any Revolving Lenders that are not Existing Revolving Lenders shall advance funds to the Administrative Agent no later than 12:00 Noon, New York City time
on the Restatement Effective Date as shall be required to repay the Revolving Loans of Existing Revolving Lenders such that each Revolving Lender’s share of outstanding Revolving Loans on the Restatement Effective Date is equal to its Revolving
Credit Commitment Percentage (after giving effect to the Restatement Effective Date). 
 (b) Any borrowing of Eurodollar Loans by the
Borrower hereunder shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, (i) the aggregate principal amount of all Eurodollar Loans having the same Interest Period shall not be less than
$1,000,000, or a whole multiple of $1,000,000 in excess thereof, and (ii) no more than five Interest Periods shall be in effect at any one time with respect to Eurodollar Loans which are Term Loans and no more than five Interest Periods shall
be in effect at any one time with respect to Eurodollar Loans which are Revolving Credit Loans. 

  
 45 

 4.2 Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally
promises to pay to the Administrative Agent for the account of each Lender (i) the then unpaid principal amount of each Revolving Credit Loan of such Lender (other than any Revolving Credit Loan made under any Extended Revolving Credit
Commitment) on the Revolving Credit Termination Date (or such earlier date on which the Revolving Credit Loans become due and payable pursuant to Section 9), (ii) the then unpaid principal amount of the Term Loan of such Lender (other than
Extended Term Loans), in accordance with the applicable amortization schedule set forth in subsection 2.2 (or the then unpaid principal amount of such Term Loans, on the date that any or all of the Loans become due and payable pursuant to
Section 9), (iii) the then unpaid principal amount of each Revolving Credit Loan under an Extended Revolving Credit Commitment of such Lender on the respective maturity date applicable thereto (or such earlier date on which the Loans
become due and payable pursuant to Section 9) and (iv) the then unpaid principal amount of any Extended Term Loan of such Lender, in accordance with the amortization schedule and maturity date applicable thereto (or the then unpaid
principal amount of such Extended Term Loan, on the date that any or all of the Loans become due and payable pursuant to Section 9). The Borrower hereby further agrees to pay interest on the unpaid principal amount of the Loans from time to
time outstanding from the date hereof until payment in full thereof at the rates per annum, and on the dates, set forth in subsection 4.7. 

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrower to such
Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. 

(c) The Administrative Agent shall maintain the Register pursuant to subsection 11.6(d), and a subaccount therein for each Lender, in which
shall be recorded (i) the amount of each Loan made hereunder, the Type thereof and each Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each
Lender hereunder and (iii) both the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender’s share thereof. 

(d) The entries made in the Register and the accounts of each Lender maintained pursuant to subsection 4.2(c) shall, to the extent permitted
by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to maintain the Register
or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to such Borrower by such Lender in accordance with the terms of this Agreement. 

4.3 Conversion Options. The Borrower may elect from time to time to convert Eurodollar Loans into ABR Loans by giving the
Administrative Agent irrevocable notice of such election, to be received by the Administrative Agent prior to 12:00 Noon, New York City time, at least three Working Days prior to the proposed conversion date, provided that any such conversion
of Eurodollar Loans shall only be made on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert all or a portion of the ABR Loans then outstanding to Eurodollar Loans by giving the
Administrative Agent irrevocable notice of such election, to be received by the Administrative Agent prior to 12:00 Noon, New York City time, at least three Working Days prior to the proposed conversion date, specifying the Interest Period selected
therefor, and, if no Event of Default has occurred and is continuing, such conversion shall be made on the requested conversion date or, if such requested conversion date is not a Working Day, on the next succeeding Working Day. Upon receipt of any
notice pursuant to this subsection 4.3, the Administrative Agent shall promptly, but in any event by 4:00 P.M., New York City time, notify each Lender thereof. All or any part of the outstanding Loans 

  
 46 

 
(other than Swing Line Loans) may be converted as provided herein, provided that partial conversions of Loans shall be in the aggregate principal amount of $1,000,000, or a whole multiple
of $1,000,000 in excess thereof, and the aggregate principal amount of the resulting Eurodollar Loans outstanding in respect of any one Interest Period shall be at least $1,000,000 or a whole multiple of $1,000,000 in excess thereof. 

4.4 Changes of Commitment Amounts. (a) The Borrower shall have the right, upon not less than three Business Days’ notice to
the Administrative Agent, to terminate or, from time to time, reduce the Revolving Credit Commitments subject to the provisions of this subsection 4.4. To the extent, if any, that the sum of the amount of the Revolving Credit Loans, Swing Line
Loans, and Revolving L/C Obligations then outstanding and the amounts available to be drawn under outstanding Letters of Credit exceeds the amount of the Revolving Credit Commitments as then reduced, the Borrower shall be required to make a
prepayment equal to such excess amount, the proceeds of which shall be applied first, to payment of the Swing Line Loans then outstanding, second, to payment of the Revolving Credit Loans then outstanding, third, to payment of any Revolving L/C
Obligations then outstanding, and last, to Cash Collateralize any outstanding Letters of Credit. Any such termination of the Revolving Credit Commitments shall be accompanied by prepayment in full of the Revolving Credit Loans, Swing Line Loans and
Revolving L/C Obligations then outstanding and by Cash Collateralization of any outstanding Letter of Credit. Upon termination of the Revolving Credit Commitments any Letter of Credit then outstanding which has been so Cash Collateralized shall no
longer be considered a “Letter of Credit”, as defined in subsection 1.1 and any L/C Participating Interests heretofore granted by the Issuing Lender to the Lenders in such Letter of Credit shall be deemed terminated (subject to automatic
reinstatement in the event that such Cash Collateral is returned and the Issuing Lender is not fully reimbursed for any such Revolving L/C Obligations) but the Letter of Credit fees payable under subsection 4.11 shall continue to accrue to the
Issuing Lender (or, in the event of any such automatic reinstatement, as provided in subsection 4.11) with respect to such Letter of Credit until the expiry thereof. 

(b) Interest accrued on the amount of any partial prepayment pursuant to this subsection 4.4 to the date of such partial prepayment shall be
paid on the Interest Payment Date next succeeding the date of such partial prepayment. In the case of the termination of the Revolving Credit Commitments, interest accrued on the amount of any prepayment relating thereto and any unpaid commitment
fee accrued hereunder shall be paid on the date of such termination. Any such partial reduction of the Revolving Credit Commitments shall be in an amount of $1,000,000 or a whole multiple of $1,000,000 in excess thereof, and shall reduce permanently
the Revolving Credit Commitments. 
 4.5 Optional Prepayments. (a) The Borrower may at any time and from time to time prepay
Loans, in whole or in part, upon at least one Business Days’ irrevocable notice to the Administrative Agent in the case of ABR Loans and two Working Days’ irrevocable notice to the Administrative Agent in the case of Eurodollar Loans and
specifying the date and amount of prepayment; provided that Eurodollar Loans prepaid on other than the last day of any Interest Period with respect thereto shall be prepaid subject to the provisions of subsection 4.16. Upon receipt of such
notice the Administrative Agent shall promptly notify each Lender thereof. If such notice is given, the Borrower shall make such prepayment, and the payment amount specified in such notice shall be due and payable, on the date specified therein.
Accrued interest on any Notes or on the amount of any Loans paid in full pursuant to this subsection 4.5 shall be paid on the date of such prepayment. Accrued interest on the amount of any partial prepayment shall be paid on the Interest Payment
Date next succeeding the date of such partial prepayment. Partial prepayments shall be in an aggregate principal amount equal to the lesser of (A) $1,500,000 or a whole multiple of $1,000,000 in excess thereof and (B) the aggregate unpaid
principal amount of the applicable Loans, as the case may be. Any amount prepaid on account of Term Loans may not be reborrowed. Partial prepayments of the Term Loans pursuant to this subsection 4.5 shall be applied as directed by the Borrower. 

  
 47 

 (b) In the event of any prepayment of Term Loans made with the proceeds of any Indebtedness
(other than proceeds of Revolving Credit Loans) having a lower effective yield (taking into account applicable interest rate, including floors, original issue discount (“OID”) and fees, with OID and fees being equated to interest rate
based on a four-year life to maturity) than the effective yield (taking into account applicable interest rate, including floors, OID and fees, with OID and fees being equated to interest rate based on a four-year life to maturity) for the Term Loans
on or prior to the date that is six months following the Restatement Effective Date, the Borrower shall pay to the applicable Lenders with respect to such Term Loans a prepayment premium equal to 1% of the principal amount of the Term Loans so
prepaid. 
 (c) Notwithstanding anything to the contrary contained in this Agreement, the Borrower may rescind any notice of prepayment
under this subsection 4.5 if such prepayment would have resulted from a refinancing of all of the Facilities, which refinancing shall not be consummated or shall otherwise be delayed. 

4.6 Mandatory Prepayments. (a) In the event of any incurrence of Indebtedness by any Group Member (other than Indebtedness of any
Group Member permitted to be issued under subsection 8.2), an amount equal to 100% of the Net Proceeds of such Indebtedness incurrence shall on the date of such Indebtedness incurrence be applied to the prepayment of the Term Loans as set forth in
subsection 4.6(d). 
 (b) In the event of receipt by any Group Member of Net Proceeds from any Asset Sale or Recovery Event (in excess of
$7,500,000 in the aggregate for all Asset Sales and Recovery Events per fiscal year) by any Group Member then, unless the Borrower exercises its Reinvestment Rights in respect thereof, an amount equal to 100% of the Net Proceeds of such Asset Sale
or Recovery Event shall on the date of such receipt be applied to the prepayment of the Term Loans as set forth in subsection 4.6(d); provided that notwithstanding the foregoing, on each Reinvestment Prepayment Date, an amount equal to the
Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event shall be applied toward the prepayment of the Term Loans as set forth in subsection 4.6(d). 

(c) If, for any fiscal year of the Borrower commencing with the fiscal year ending December 31, 2013, there shall be Excess Cash Flow,
the Borrower shall, on the relevant Excess Cash Flow Application Date, apply toward the prepayment of the Term Loans the ECF Percentage of such Excess Cash Flow less (solely to the extent not funded by the proceeds of Indebtedness)
(x) the aggregate amount of all optional prepayments of Term Loans pursuant to subsection 4.5 or subsection 4.23 made during such fiscal year (including, with respect to the fiscal year ending December 31, 2013, any optional prepayments of
Term Loans (as defined in the Existing Credit Agreement) during such fiscal year) (provided that with respect to any prepayment pursuant to subsection 4.23, the aggregate amount of such prepayment for purposes of this clause shall be the
amount of the Borrower’s cash payment in respect of such prepayment) and (y) the aggregate amount of all optional repayments of Revolving Credit Loans pursuant to subsection 4.5 made during such fiscal year that are accompanied by an
equivalent permanent reduction in the Revolving Credit Commitments. Each such prepayment shall be made on a date (an “Excess Cash Flow Application Date”) no later than ten Business Days after the earlier of (i) the date on
which the financial statements of the Borrower referred to in subsection 7.1, for the fiscal year with respect to which such prepayment is made, are required to be delivered to the Lenders and (ii) the date such financial statements are
actually delivered. 
 (d) Partial prepayments of the Term Loans pursuant to subsection 4.6 shall be applied first, to the next eight
installments thereof scheduled to be paid in direct order, and second, to the remaining installments on a pro rata basis (other than the repayment to be made on the Term Loan Maturity Date); provided that prepayments of Eurodollar
Loans pursuant to this subsection 4.6, if not on 

  
 48 

 
the last day of the Interest Period with respect thereto, shall, at the Borrower’s option, as long as no Event of Default has occurred and is continuing, be prepaid subject to the provisions
of subsection 4.19 or such prepayment (after application to any ABR Loans, in the case of prepayments by the Borrower) shall be deposited with the Administrative Agent as Cash Collateral for such Eurodollar Loans on terms reasonably satisfactory to
the Administrative Agent and thereafter shall be applied to the prepayment of the Eurodollar Loans on the last day of the respective Interest Periods for such Eurodollar Loans next ending most closely to the date of receipt of such Net Proceeds.
After such application, unless a Default or an Event of Default shall have occurred and be continuing, any remaining interest earned on such Cash Collateral shall be paid to the Borrower. 

(e) Except as set forth in subsection 4.19, all payments made under this subsection 4.6 will be without penalty or premium. 

(f) Notwithstanding anything to the contrary contained in this subsection 4.6, if any Term Lender shall notify the Administrative Agent
(i) on the date of such prepayment, with respect to any prepayment under subsection 4.6(a) or (b) or (ii) at least one Business Day prior to the date of a prepayment under subsection 4.6(c) that it wishes to decline its share of such
prepayment, such share (the “Declined Prepayment Amount”) shall be retained by the Borrower. 
 (g) Upon the Revolving
Credit Termination Date the Borrower shall, with respect to each then outstanding Letter of Credit, if any, either (i) cause such Letter of Credit to be cancelled without such Letter of Credit being drawn upon or (ii) collateralize the
Revolving L/C Obligations with respect to such Letter of Credit with cash or a letter of credit issued by banks or a bank satisfactory to the Administrative Agent on terms reasonably satisfactory to the Administrative Agent. 

4.7 Interest Rates and Payment Dates. (a) Each Eurodollar Loan shall bear interest for each day during each Interest Period with
respect thereto on the unpaid principal amount thereof at a rate per annum equal to the Eurodollar Rate determined for such Interest Period plus the Applicable Margin. 

(b) ABR Loans shall bear interest for the period from and including the date thereof until maturity thereof on the unpaid principal amount
thereof at a rate per annum equal to the ABR plus the Applicable Margin. 
 (c) Upon the occurrence of an Event of Default under
Section 9(f) or, at the election of the Required Lenders if all or a portion of (i) the principal amount of any of the Loans or Revolving L/C Obligations or (ii) any interest payable thereon, shall not be paid when due (whether at the
stated maturity, by acceleration or otherwise), any overdue amount under the Loan Documents shall, without limiting the rights of the Lenders under Section 9, bear interest at a rate per annum which is (x) in the case of overdue principal
or Revolving L/C Obligations, 2% above the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection or (y) in the case of overdue interest, fees and other amounts, 2% above the rate described in
paragraph (b) of this subsection for Revolving Credit Loans, in each case from the date of such nonpayment until such amount is paid in full (as well after as before judgment). 

(d) Interest shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph
(c) of this subsection shall be payable on demand by the Administrative Agent made at the request of the Required Lenders. 
 4.8
Computation of Interest and Fees. (a) Interest in respect of ABR Loans at any time the ABR is calculated based on the Prime Rate and all fees hereunder shall be calculated on the basis 

  
 49 

 
of a 365 or 366, as the case may be, day year for the actual days elapsed. Interest in respect of Eurodollar Loans and ABR Loans at any time the ABR is not calculated based on the Prime Rate
shall be calculated on the basis of a 360 day year for the actual days elapsed. The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on
a Loan resulting from a change in the ABR shall become effective as of the opening of business on the day on which such change in the ABR becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of
the effective date and the amount of each such change. 
 (b) Each determination of an interest rate by the Administrative Agent pursuant to
any provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the
quotations used by the Administrative Agent in determining the Eurodollar Rate. 
 4.9 Commitment Fees. (a) Subject to paragraph
(b) of this subsection 4.9, the Borrower agrees to pay to the Administrative Agent, for the account of each Lender, a commitment fee from and including the Restatement Effective Date to but excluding the Revolving Credit Termination Date on the
sum of such Lender’s Available Revolving Credit Commitment outstanding from time to time, at the Commitment Fee Rate. 
 (b) The
commitment fee provided for in this subsection 4.9 shall be payable quarterly in arrears on the last day of each fiscal quarter ending after the Restatement Effective Date and on the Revolving Credit Termination Date. 

4.10 Certain Fees. The Borrower agrees to pay to the Administrative Agent for its own account a non-refundable agent’s fee in the
amount and payable on such dates as is separately agreed to by the Borrower and the Administrative Agent. 
 4.11 Letter of Credit
Fees. (a) In lieu of any letter of credit commissions and fees provided for in any L/C Application relating to Letters of Credit (other than standard administrative, issuance, amendment and negotiation fees), the Borrower agrees to pay the
Administrative Agent a Letter of Credit fee, for the account of the Issuing Lender and the Participating Lenders, (i) with respect to each Standby L/C, on the average outstanding amount available to be drawn under each Standby L/C at a rate per
annum equal to the Applicable Margin for Revolving Credit Loans which are Eurodollar Loans in effect at such time, whether or not there are any such Eurodollar Loans outstanding at such time, payable in arrears, on the last day of each fiscal
quarter of the Borrower and on the Revolving Credit Termination Date and (ii) with respect to each Commercial L/C, on the aggregate face amount of each Commercial L/C at a rate equal to the Applicable Margin for Revolving Credit Loans which are
Eurodollar Loans in effect at such time, whether or not there are any such Eurodollar Loans outstanding at such time, payable on the date such Commercial L/C is issued. 

In addition, the Borrower shall pay to the Issuing Lender (i) with respect to each Standby L/C, in arrears on the last day of each fiscal
quarter of the Borrower and on the Revolving Credit Termination Date with respect to the Revolving Credit Commitments, a fee equal to 0.125% per annum on the average outstanding amount available to be drawn under such Standby L/C, solely for
its own account as Issuing Lender of such Standby L/C and not on account of its L/C Participating Interest therein and (ii) with respect to each Commercial L/C, on the date such Commercial L/C is issued, a fee to equal to 0.125% on the
aggregate face amount of such Commercial L/C, solely for its own account as Issuing Lender of such Commercial L/C and not on account of its L/C Participating Interest therein. 

  
 50 

 (b) In connection with any payment of fees pursuant to this subsection 4.11, the Administrative
Agent agrees to provide to the Borrower a statement of any such fees so paid; provided that the failure by the Administrative Agent to provide the Borrower with any such invoice shall not relieve the Borrower of its obligation to pay such
fees. 
 (c) In addition to the foregoing fees, the Borrower shall pay or reimburse the Issuing Lender for any taxes, fees, charges,
expenses or other costs as are incurred or charged by the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 

4.12 Obligations Absolute. The payment obligations of the Borrower under this Agreement with respect to the Letters of Credit shall be
unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following circumstances: 

(i) the existence of any claim, set-off, defense or other right which the Borrower or any of its Subsidiaries may have at any time against
any beneficiary, or any transferee, of any Letter of Credit (or any Persons for whom any such beneficiary or any such transferee may be acting), the Issuing Lender, the Administrative Agent or any Lender, or any other Person, whether in connection
with this Agreement, the Related Documents, any Loan Documents, the transactions contemplated herein, or any unrelated transaction; 
 (ii)
any statement or any other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 

(iii) payment by the Issuing Lender under any Letter of Credit against presentation of a draft or certificate which does not comply with the
terms of such Letter of Credit, except where such payment constitutes gross negligence or willful misconduct on the part of the Issuing Lender; or 

(iv) any other circumstances or happening whatsoever, whether or not similar to any of the foregoing, except for any such circumstances or
happening constituting gross negligence or willful misconduct on the part of the Issuing Lender. 
 4.13 Assignments. No
Participating Lender’s participation in any Letter of Credit or any of its rights or duties hereunder shall be subdivided, assigned or transferred (other than in connection with a transfer of part or all of such Participating Lender’s
Revolving Credit Commitment in accordance with subsection 11.6) without the prior written consent of the Issuing Lender, which consent will not be unreasonably withheld or delayed. Such consent may be given or withheld without the consent or
agreement of any other Participating Lender. Notwithstanding the foregoing, a Participating Lender may subparticipate its Participating Interest without obtaining the prior written consent of the Issuing Lender. 

4.14 Participations. Each Lender’s obligation to purchase participating interests pursuant to subsection 3.4 shall be absolute and
unconditional and shall not be affected by any circumstance, including (i) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Issuing Lender, the Borrower or any other Person for any reason
whatsoever; (ii) the occurrence or continuance of a Default or an Event of Default; (iii) any adverse change in the condition (financial or otherwise) of the Borrower; (iv) any breach of this Agreement by the Borrower or any other
Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

  
 51 

 4.15 Inability to Determine Interest Rate for Eurodollar Loans. In the event that the
Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower) that (a) by reason of circumstances affecting the interbank eurodollar market generally, adequate and reasonable means do not
exist for ascertaining the Eurodollar Rate for any Interest Period with respect to (i) proposed Loans that the Borrower has requested be made as Eurodollar Loans, (ii) any Eurodollar Loans that will result from the requested conversion of
all or part of ABR Loans into Eurodollar Loans or (iii) the continuation of any Eurodollar Loan as such for an additional Interest Period, (b) the Eurodollar Rate determined or to be determined for any Interest Period will not adequately
and fairly reflect the cost to Lenders constituting the Required Lenders of maintaining their affected Eurodollar Loans during such Interest Period by reason of circumstances affecting the interbank eurodollar market generally or (c) dollar
deposits in the relevant amount and for the relevant period with respect to any such Eurodollar Loan are not available to any of the Lenders in their respective Eurodollar Lending Offices’ interbank eurodollar market, the Administrative Agent
shall forthwith give notice of such determination, confirmed in writing, to the Borrower and the Lenders at least one day prior to, as the case may be, the requested Borrowing Date, the conversion date or the last day of such Interest Period. If
such notice is given, (i) any requested Eurodollar Loans shall be made as ABR Loans, (ii) any ABR Loans that were to have been converted to Eurodollar Loans shall be continued as ABR Loans and (iii) any outstanding Eurodollar Loans
shall be converted, on the last day of the then current Interest Period applicable thereto, into ABR Loans. Until such notice has been withdrawn by the Administrative Agent, no further Eurodollar Loans shall be made and no ABR Loans shall be
converted to Eurodollar Loans. 
 4.16 Pro Rata Treatment and Payments. (a) Each borrowing of any Loan (other than Swing Line
Loans) and each payment by the Borrower on account of any fee hereunder (other than as set forth in subsections 4.10 and 4.11) and any reduction of the Revolving Credit Commitments shall be made pro rata according to the relevant Commitment
Percentages of the Lenders entitled or obligated thereto. Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Loans (other than Swing Line Loans and other than as set forth in subsections 4.6,
4.17, 4.18 and 4.19) shall be made pro rata according to the relevant Commitment Percentages of the Lenders entitled thereto. All payments (including prepayments) to be made by the Borrower on account of principal, interest and fees shall be made
without set-off or counterclaim and shall be made to the Administrative Agent, for the account of the Lenders, at the Administrative Agent’s office located at 1111 Fannin Street, 8th Floor,
Houston, Texas 77002, in lawful money of the United States of America and in immediately available funds. The Administrative Agent shall promptly distribute such payments ratably to each Lender in like funds as received. If any payment hereunder
(other than payments on Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at
the then applicable rate during such extension. If any payment on a Eurodollar Loan becomes due and payable on a day other than a Working Day, the maturity thereof shall be extended to the next succeeding Working Day and, with respect to payments of
principal, interest thereon shall be payable at the then applicable rate during such extension unless the result of such extension would be to extend such payment into another calendar month in which event such payment shall be made on the
immediately preceding Working Day. 
 (b) Unless the Administrative Agent shall have been notified in writing by any Lender prior to a
Borrowing Date that such Lender will not make the amount which would constitute its relevant Commitment Percentage of the borrowing on such date available to the Administrative Agent, the Administrative Agent may assume that such Lender has made
such amount available to the Administrative Agent on such Borrowing Date in accordance with subsection 4.1 and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is
made available to the Administrative Agent by such Lender on a date after such Borrowing Date, such Lender shall pay to the Administrative Agent on demand an amount equal to the 

  
 52 

 
product of (i) the daily average Federal funds rate during such period as quoted by the Administrative Agent, times (ii) the amount of such Lender’s relevant Commitment Percentage
of such borrowing, times (iii) a fraction the numerator of which is the number of days that elapse from and including such Borrowing Date to the date on which such Lender’s relevant Commitment Percentage of such borrowing shall have become
immediately available to the Administrative Agent and the denominator of which is 360. A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this subsection 4.16(b) shall be conclusive, absent
manifest error. If such Lender’s relevant Commitment Percentage of such borrowing is not in fact made available to the Administrative Agent by such Lender within three Business Days of such Borrowing Date, the Administrative Agent shall be
entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans hereunder, on demand, from the Borrower without prejudice to any rights which the Borrower or the Administrative Agent may have against such Lender
hereunder. Nothing contained in this subsection 4.16(b) shall relieve any Lender which has failed to make available its ratable portion of any borrowing hereunder from its obligation to do so in accordance with the terms hereof. 

(c) The failure of any Lender to make the Loan to be made by it on any Borrowing Date shall not relieve any other Lender of its obligation, if
any, hereunder to make its Loan on such Borrowing Date, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on such Borrowing Date. 

(d) All payments and prepayments (other than mandatory prepayments as set forth in subsection 4.6 and other than prepayments as set forth in
subsection 4.18 with respect to increased costs) of Eurodollar Loans hereunder shall be in such amounts and be made pursuant to such elections so that, after giving effect thereto, the aggregate principal amount of all Eurodollar Loans with the same
Interest Period shall not be less than $1,000,000 or a whole multiple of $1,000,000 in excess thereof. 
 (e) Notwithstanding anything to
the contrary contained in this subsection 4.16 or elsewhere in this Agreement, the Borrower may (i) make prepayments of Term Loans at a discount to the par value of such Loans and on a non pro rata basis in accordance with subsection 4.23,
(ii) purchase Term Loans on a non pro rata basis in accordance with subsection 11.6 and (iii) extend the final maturity of Term Loans and/or Revolving Credit Commitments in connection with an Extension that is permitted under subsection
4.24 without being obligated to effect such extensions on a pro rata basis among the Lenders (it being understood that no such extension (x) shall constitute a payment or prepayment of any Term Loans or Revolving Credit Loans, as applicable,
for purposes of this subsection or (y) shall reduce the amount of any scheduled amortization payment due under subsection 2.2, except that the amount of any scheduled amortization payment due to a Lender of Extended Term Loans may be reduced to
the extent provided pursuant to the express terms of the respective Extension Offer) without giving rise to any violation of this subsection or any other provision of this Agreement. Furthermore, the Borrower may take all actions contemplated by
(A) subsection 4.23 in connection with the prepayment of Term Loans at a discount to the par value of such Loans, (B) subsection 4.24 in connection with any Extension (including modifying pricing, amortization and repayments or prepayments
of Extended Revolving Credit Commitments or Extended Term Loans) and (C) subsection 11.6 in connection with the purchase of Term Loans on a non pro rata basis and, in each case, such actions taken in accordance with subsection 4.23, 4.24 and
11.6, as applicable, shall be permitted hereunder, and the differing or non pro rata payments contemplated therein shall be permitted without giving rise to any violation of this subsection or any other provision of this Agreement. 

4.17 Illegality. Notwithstanding any other provisions herein, if any Change in Law occurring after the date that any lender becomes a
Lender party to this Agreement shall make it unlawful for such Lender to maintain Eurodollar Loans as contemplated by this Agreement, the commitment of such Lender hereunder to make Eurodollar Loans or to convert all or a portion of ABR Loans into

  
 53 

 
Eurodollar Loans shall forthwith be cancelled and such Lender’s Loans then outstanding as Eurodollar Loans, if any, shall, if required by law and if such Lender so requests, be converted
automatically to ABR Loans on the date specified by such Lender in such request. To the extent that such affected Eurodollar Loans are converted into ABR Loans, all payments of principal which would otherwise be applied to such Eurodollar Loans
shall be applied instead to such Lender’s ABR Loans. The Borrower hereby agrees promptly to pay any Lender, upon its demand, any additional amounts necessary to compensate such Lender for any costs incurred by such Lender in making any
conversion in accordance with this subsection 4.17 including, but not limited to, any interest or fees payable by such Lender to lenders of funds obtained by it in order to make or maintain its Eurodollar Loans hereunder (such Lender’s notice
of such costs, as certified to the Borrower through the Administrative Agent, to be conclusive absent manifest error). 
 4.18
Requirements of Law. (a) In the event that, at any time after the Restatement Effective Date any Change in Law or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or
other Governmental Authority: 
 (i) does or shall subject any Lender, Transferee or Issuing Lender to any taxes with respect to this
Agreement, any Note, any Eurodollar Loans or any Letter of Credit made by it or change the basis of taxation of payments to such Lender in respect thereof (other than (A) Non-Excluded Taxes covered by subsection 4.20 or Other Taxes or
(B) the imposition of, or change in the rate of, any taxes excluded from the definition of “Non-Excluded Taxes” pursuant to subsection 4.20(a)); 

(ii) does or shall impose, modify or hold applicable any reserve, special deposit, compulsory loan, liquidity requirement or similar
requirement against assets held by, or deposits or other liabilities in or for the account of, advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Lender which are not otherwise included in the
determination of the Eurodollar Rate; or 
 (iii) does or shall impose on such Lender any other condition; 

and the result of any of the foregoing is to increase the cost to such Lender (or, in the case of (i), to such Lender, Transferee or Issuing Lender) of
converting, renewing or maintaining advances or extensions of credit or to reduce any amount receivable hereunder, in each case, in respect of its Eurodollar Loans or, in the case of (i), any Loans or issuing or participating Letters of Credit,
then, in any such case, the Borrower shall promptly pay such Lender (or, in the case of (i), such Lender, Transferee or Issuing Lender), on demand, any additional amounts necessary to compensate such Lender (or, in the case of (i), such Lender,
Transferee or Issuing Lender) on an after-tax basis for such additional cost or reduced amount receivable (other than (A) Non-Excluded Taxes covered by subsection 4.20 or Other Taxes or (B) the imposition of, or change in the rate of, any
taxes excluded from the definition of “Non-Excluded Taxes” pursuant to subsection 4.20(a)) which such Lender (or, in the case of (i), such Lender, Transferee or Issuing Lender) deems to be material as determined by such Lender (or, in the
case of (i), such Lender, Transferee or Issuing Lender) with respect to such Eurodollar Loans or, in the case of (i), any Loans or issuing or participating Letters of Credit, together with interest on each such amount from the date demanded until
payment in full thereof at a rate per annum equal to the ABR plus the Applicable Margin (which Applicable Margin shall, with respect to Letters of Credit, be the Applicable Margin with respect to Revolving Credit ABR Loans). 

(b) In the event that at any time after the Restatement Effective Date any Change in Law with respect to any Lender or the Issuing Lender
shall, in the opinion of such Lender or the Issuing Lender, as the case may be, have the effect of reducing the rate of return on such Lender’s, the Issuing Lender’s or such corporation’s capital, as the case may be, as a consequence
of the obligations of such 

  
 54 

 
Lender or the Issuing Lender, as the case may be, hereunder to a level below that which such Lender, the Issuing Lender or such corporation, as the case may be, could have achieved but for such
Change in Law (taking into account such Lender’s, the Issuing Lender’s or such corporation’s policies, as the case may be, with respect to capital adequacy) by an amount deemed by such Lender or the Issuing Lender, as the case may be,
to be material, then from time to time following notice by such Lender or the Issuing Lender, as the case may be, to the Borrower of such Change in Law as provided in paragraph (c) of this subsection 4.18, within 15 days after demand by such
Lender or the Issuing Lender, as the case may be, the Borrower shall pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender, the Issuing Lender or such corporation, as the case
may be, on an after-tax basis for such reduction. 
 (c) If any Lender or the Issuing Lender becomes entitled to claim any additional
amounts pursuant to this subsection 4.18, it shall promptly notify the Borrower through the Administrative Agent, of the event by reason of which it has become so entitled. If any Lender has notified the Borrower through the Administrative Agent of
any increased costs pursuant to paragraph (a) of this subsection 4.18, the Borrower at any time thereafter may, upon at least two Working Days’ notice to the Administrative Agent (which shall promptly notify the Lenders thereof), and
subject to subsection 4.19, prepay or convert into ABR Loans all (but not a part) of the Eurodollar Loans then outstanding. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of paragraph (a) of this
subsection 4.18 or entitling a Lender to receive additional amounts under paragraph (a) or (c) of subsection 4.20 with respect to such Lender, it will, if requested by the Borrower, and to the extent permitted by law or by the relevant
Governmental Authority, endeavor in good faith to avoid or minimize the increase in costs, reduction in payments, or payment of additional amounts resulting from such event (including endeavoring to change its Eurodollar Lending Office or any other
lending office); provided, however, that such avoidance or minimization can be made in such a manner that such Lender, in its sole determination, suffers no economic, legal or regulatory disadvantage. 

(d) A certificate submitted by such Lender, through the Administrative Agent, to the Borrower shall be conclusive in the absence of manifest
error. The covenants contained in this subsection 4.18 shall survive the termination of this Agreement and repayment of the outstanding Loans. 

(e) The Borrower agrees that the provisions of the foregoing paragraphs (a) and (b) and the provisions of each L/C Application
providing for reimbursement or payment to the Issuing Lender in the event of the imposition or implementation of, or increase in, any reserve, special deposit, capital adequacy or similar requirement in respect of the Letter of Credit relating
thereto shall apply equally to each Participating Lender in respect of its L/C Participating Interest in such Letter of Credit, as if the references in such paragraphs and provisions referred to, where applicable, such Participating Lender or any
corporation controlling such Participating Lender. 
 4.19 Indemnity. The Borrower agrees to indemnify each Lender and to hold such
Lender harmless from any loss or expense which such Lender may sustain or incur as a consequence of (a) default by the Borrower in payment of the principal amount of or interest on any Eurodollar Loans of such Lender, including, but not limited
to any such loss or expense arising from interest or fees payable by such Lender to lenders of funds obtained by it in order to make or maintain its Eurodollar Loans hereunder, (b) default by the Borrower in making a conversion of ABR Loans to
Eurodollar Loans after the Borrower has given notice in accordance with subsection 4.1 or in continuing Eurodollar Loans for an additional Interest Period after the Borrower has given a notice in accordance with clause (b) of the definition of
Interest Period, (c) default by the Borrower in making a borrowing of Eurodollar Loans after the Borrower has given a notice in accordance with subsection 4.1 or in making any prepayment of Eurodollar Loans after the Borrower has given a notice
in accordance with subsection 4.3 or (d) a payment or prepayment of a Eurodollar Loan or conversion of any Eurodollar Loan into an ABR Loan, in 

  
 55 

 
either case on a day which is not the last day of an Interest Period with respect thereto (any of the events referred to in clauses (b), (c) or (d), a “Breakage Event”). In
the case of a Breakage Event, such loss or expense shall include an amount equal to the excess, as reasonably determined by such Lender of (i) the cost of obtaining funds for the Eurocurrency Loan that is the subject of such Breakage Event for
the period from the date of such Breakage Event to the last day of the Interest Period in effect (or that would have been in effect) for such Loan over (ii) the amount of interest likely to be realized by such Lender in redeploying the funds
released or not utilized by reason of such Breakage Event for such period, but such loss or expense shall not, in any event, include any lost profit or loss of Applicable Margin. A certificate of any Lender setting forth any amount or amounts that
such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. This covenant shall survive termination of this Agreement and payment of the outstanding Obligations. 

4.20 Taxes. (a) All payments made by or on behalf of any Loan Party under this Agreement or any other Loan Document shall be made
free and clear of, and without deduction or withholding for or on account of, any present or future income, stamp or other Taxes, excluding net income taxes, branch profit taxes, franchise taxes and other similar taxes imposed as a result of a
present or former connection between the Administrative Agent or such Lender and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than any such connection
arising solely from the Administrative Agent or such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Loan Document); provided that, if any such non-excluded
Taxes (“Non-Excluded Taxes”) or Other Taxes are required to be withheld from any amounts payable to the Administrative Agent or any Lender, as determined in good faith by the applicable withholding agent, (i) such amounts shall
be paid to the relevant Governmental Authority in accordance with applicable law and (ii) the amounts so payable by the applicable Loan Party to the Administrative Agent or such Lender shall be increased to the extent necessary to yield to the
Administrative Agent or such Lender (after payment of all Non-Excluded Taxes and Other Taxes) interest or any such other amounts payable hereunder at the rates or in the amounts specified in this Agreement as if such withholding or deduction had not
been made; provided further, however, that Non-Excluded Taxes shall not include any amounts (x) that are attributable to such Lender’s failure to comply with the requirements of paragraph (f), (g), (h) or (i) of this
subsection 4.20 or (y) that are United States federal withholding taxes imposed by a Requirement of Law in effect (including FATCA) at the time (and, in the case of FATCA, including any future regulations of official interpretations thereof) a
Non-U.S. Lender becomes a party hereto (or designates a new lending office) that do not arise as a result of a change in the jurisdiction of incorporation or the operations of a Loan Party, except to the extent that such Non-U.S. Lender (or its
assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts with respect to such withholding taxes under this subsection 4.20. 

(b) In addition, the Loan Parties shall pay any Other Taxes to the relevant Governmental Authority if and to the extent required by applicable
law. 
 (c) Whenever any Non-Excluded Taxes or Other Taxes are payable by a Loan Party, as promptly as possible thereafter such Loan Party
shall send to the Administrative Agent for its own account or for the account of the relevant Lender, as the case may be, a copy of a receipt received by such Loan Party showing payment thereof. If (i) a Loan Party fails to pay any Non-Excluded
Taxes or Other Taxes when due to the appropriate taxing authority, (ii) a Loan Party fails to remit to the Administrative Agent the required receipts or other reasonably requested documentary evidence or (iii) any Non-Excluded Taxes or
Other Taxes are imposed directly upon the Administrative Agent or any Lender (other than in the case of (iii) any interest or penalties attributable to the gross negligence or willful misconduct of the Administrative Agent or such Lender), the
Loan Parties shall indemnify the Administrative Agent and the Lenders for such amounts and any incremental taxes, interest or penalties that may become payable by the Administrative Agent or any Lender as a result of any such failure, in the case of
(i) and (ii), or any such direct imposition, in the case of (iii). 

  
 56 

 (d) If any Lender Party determines, in its sole discretion exercised in good faith, that it has
received a refund of any Non-Excluded Taxes as to which it has been indemnified pursuant to this subsection 4.20 (including additional amounts paid pursuant to this subsection 4.20), it shall pay to the indemnifying party an amount equal to such
refund (but only to the extent of indemnity payments made under this subsection with respect to the Non-Excluded Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Non-Excluded Taxes) of such indemnified party and
without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid to such
indemnified party pursuant to the previous sentence (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this subsection 4.20(d), in no event will any indemnified party be required to pay any amount to any indemnifying party pursuant to this subsection 4.20(d) if such payment would place such indemnified
party in a less favorable position (on a net after-Tax basis) than such indemnified party would have been in if the Tax giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional
amounts with respect to such Tax had never been paid. This subsection 4.20(d) shall not be construed to require any indemnified party to make available its tax returns (or any other information relating to its taxes which it deems confidential) to
the indemnifying party or any other Person. 
 (e) Each Lender shall indemnify the Administrative Agent for the full amount of any Taxes
(i) that are attributable to such Lender or (ii) that are attributable to such Lender’s failure to comply with the provisions of subsection 11.6(b) relating to the maintenance of a Participant Register, in either case, that are
payable or paid by the Administrative Agent, together with all interest, penalties, reasonable costs and expenses arising therefrom or with respect thereto, as determined by the Administrative Agent in good faith. A certificate as to the amount of
such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender
under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this subsection 4.20(e). 

(f) If a payment made to a Lender under this Agreement or any other Loan Document would be subject to United States federal withholding tax
imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent, such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower or the Administrative Agent to comply with its obligations under
FATCA, to determine that such Lender has or has not complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this subsection 4.20(f), “FATCA” shall
include any amendments made to FATCA after the Restatement Effective Date. 
 (g) Each Lender, Assignee and Participant that is not a
citizen or resident of the United States of America, a corporation, partnership or other entity created or organized in or under the laws of the United States of America, or an estate or trust that is subject to United States federal income taxation
regardless of the source of its income (a “Non-U.S. Lender”) shall deliver to the Borrower and 

  
 57 

 
the Administrative Agent, and if applicable, the assigning Lender (or, in the case of a Participant, to the Lender from which the related participation shall have been purchased) on or before the
date on which it becomes a party to this Agreement (or, in the case of a Participant, on or before the date on which such Participant purchases the related participation) and from time or time thereafter upon the request of the Borrower or the
Administrative Agent: 
 (i) two duly completed and signed copies of either Internal Revenue Service Form W-8BEN (relating to such Non-U.S.
Lender and entitling it to a complete exemption from, or a reduced rate of, United States federal withholding tax on all amounts to be received by such Non-U.S. Lender pursuant to this Agreement and the other Loan Documents), Form W-8ECI (relating
to all amounts to be received by such Non-U.S. Lender pursuant to this Agreement and the other Loan Documents) or Form W-8IMY (together with any applicable underlying Internal Revenue Service forms, which together entitle such Non-U.S. Lender to a
complete exemption from, or a reduced rate of, United States Federal withholding tax on all amounts to be received by such Non-U.S. Lender pursuant to this Agreement and the other Loan Documents), or successor and related applicable forms, as the
case may be; or 
 (ii) in the case of a Non-U.S. Lender that is not a “bank” within the meaning of Section 881(c)(3)(A) of
the Code and that does not comply with the requirements of clause (i) hereof, (x) a statement in the form of the applicable Exhibit E (or such other form of statement as shall be reasonably requested by the Borrower from time to time) to
the effect that such Non-U.S. Lender is eligible for a complete exemption from, or a reduced rate of, United States federal withholding tax under Section 871(h) or 881(c) of the Code, and (y) two duly completed and signed copies of the
applicable Internal Revenue Service Form W-8 or successor and related applicable form; 
 In addition, each Non-U.S. Lender agrees (i) to deliver to
the Borrower and the Administrative Agent, and if applicable, the assigning Lender (or, in the case of a Participant, to the Lender from which the related participation shall have been purchased) two further duly completed and signed copies of such
Form W-8BEN, W-8IMY or W-8ECI or such other Internal Revenue Service forms required to be delivered pursuant to this subsection 4.20, as the case may be, or successor and related applicable forms, on or before the date that any such form expires or
becomes obsolete and promptly after the occurrence of any event requiring a change from the most recent form(s) previously delivered by it to the Borrower and the Administrative Agent (or, in the case of a Participant, to the Lender from which the
related participation shall have been purchased) in accordance with applicable United States laws and regulations, and (ii) to notify promptly the Borrower and the Administrative Agent (or, in the case of a Participant, the Lender from which
the related participation shall have been purchased) if it is no longer able to deliver, or if it is required to withdraw or cancel, any form or statement previously delivered by it pursuant to this subsection 4.20(g). Notwithstanding any other
provision of this subsection 4.20, a Non -U.S. Lender shall not be required to deliver any form pursuant to this subsection 4.20 that such Non -U.S. Lender is not legally able to deliver. 

(h) A Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the jurisdiction in which the
Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, as
reasonably requested by the Borrower or the Administrative Agent, or as specified in the proceeding in the preceding paragraph, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made
without withholding or at a reduced rate; provided that such Lender is legally entitled to complete, execute and deliver such documentation and in such Lender’s judgment such completion, execution or submission would not materially
prejudice the legal or commercial position of such Lender. 

  
 58 

 (i) Each Lender, Assignee and Participant that is not a Non-U.S. Lender shall, on or before the
date that such Lender becomes a party to this Agreement, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (or, in the case of a Participant, to the Lender from whom the related Participation was
purchased), two duly completed and signed copies of Internal Revenue Service Form W-9, certifying that such Person is exempt from United States back-up withholding tax. Each such Lender, Assignee or Participant shall deliver further documentation in
accordance with the previous sentence at the time(s) specified by subsection 4.20(g). 
 (j) The agreements in this subsection 4.20 shall
survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 
 4.21 Defaulting
Lender. Notwithstanding any provision of this Agreement to the contrary, if any Revolving Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Revolving Lender is a Defaulting Lender: 

(a) fees shall cease to accrue on the Revolving Credit Commitment of such Defaulting Lender pursuant to subsection 4.9; 

(b) the Aggregate Exposure of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders have
taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to subsection 11.1), provided that any waiver, amendment or modification (i) which requires the consent of all Lenders or each affected Lender
which affects such Defaulting Lender differently than other affected Lenders or (ii) increases or extends such Defaulting Lender’s Commitment, reduces or excuses the principal amount of, or interest or fees payable on, Loans or Letter of
Credit disbursements or postpones the scheduled date of payment as to such Defaulting Lender shall require the consent of such Defaulting Lender; 

(c) if any Swing Line Exposure or L/C Exposure exists at the time such Revolving Lender becomes a Defaulting Lender then: 

(i) all or any part of the Swing Line Exposure and L/C Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting
Lenders in accordance with their respective Revolving Credit Commitment Percentages but only to the extent the sum of all non-Defaulting Lenders’ Aggregate Revolving Credit Extensions of Credit and participations in Swing Line Loans plus such
Defaulting Lender’s Swing Line Exposure and L/C Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving Commitments; 

(ii) if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within three
Business Days following notice by the Administrative Agent (x) first, prepay such Swing Line Exposure and (y) second, Cash Collateralize for the benefit of the Issuing Lender only the Borrower’s obligations corresponding
to such Defaulting Lender’s L/C Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) for so long as such L/C Exposure is outstanding; 

(iii) if the Borrower Cash Collateralizes any portion of such Defaulting Lender’s L/C Exposure pursuant to clause (ii) above, the
Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to subsection 4.11 with respect to such Defaulting Lender’s L/C Exposure during the period such Defaulting Lender’s L/C Exposure is Cash Collateralized; 

(iv) if the L/C Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders
pursuant to subsection 4.9 and subsection 4.11 shall be adjusted in accordance with such non-Defaulting Lenders’ Revolving Credit Commitment Percentages; and 

  
 59 

 (v) if all or any portion of such Defaulting Lender’s L/C Exposure is neither reallocated
nor Cash Collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Lender or any other Lender hereunder, all letter of credit fees payable under subsection 4.11 with respect to
such Defaulting Lender’s L/C Exposure shall be payable to the Issuing Lender until and to the extent that such L/C Exposure is reallocated and/or Cash Collateralized; and 

(d) so long as such Lender is a Defaulting Lender, the Swing Line Lender shall not be required to fund any Swing Line Loan and the Issuing
Lender shall not be required to issue, amend or increase any Letter of Credit, unless it has received assurances satisfactory to it that non-Defaulting Lenders will cover the related exposure and/or Cash Collateral will be provided by the Borrower,
and participating interests in any newly made Swing Line Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with subsection 4.21(c)(i) (and such Defaulting Lender shall not
participate therein). 
 In the event that the Administrative Agent, the Borrower, the Swing line Lender and the Issuing Lender each agrees that a
Defaulting Lender has adequately remedied all matters that caused such Revolving Lender to be a Defaulting Lender, then the Swing Line Exposure and L/C Exposure of the Revolving Lenders shall be readjusted to reflect the inclusion of such Revolving
Lender’s Commitment and on such date such Revolving Lender shall purchase at par such of the Revolving Loans of the other Revolving Lenders (other than Swing Line Loans) as the Administrative Agent shall determine may be necessary in order for
such Revolving Lender to hold such Revolving Loans in accordance with its Revolving Credit Commitment Percentage. 
 4.22 Mitigation;
Replacement of Lenders. (a) If any Lender requests compensation under subsection 4.18, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
subsection 4.20, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates,
if, in the reasonable judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to subsection 4.18 or subsection 4.20, as applicable, in the future and (ii) would not subject such Lender
to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b) If any Lender requests compensation under subsection 4.18, or if the Borrower is required to pay any additional amount to any Lender or
any Governmental Authority for the account of any Lender pursuant to subsection 4.20, or if any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent,
require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in subsection 11.6), all its interests, rights and obligations under this Agreement to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that (A) (i) the Borrower shall have received the prior written consent of the Administrative Agent (and, if a Revolving Credit
Commitment is being assigned, each Issuing Lender and the Swing Line Lender), which consent shall not unreasonably be withheld or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its
Loans, participations in Letters of Credit funded under subsection 3.6(b) and participations in Swing Line Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to

  
 60 

 
the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts), (iii) the Borrower or such assignee shall have paid to the
Administrative Agent the processing and recordation fee specified in subsection 11.6(d) and (iv) in the case of any such assignment resulting from a claim for compensation under subsection 4.18 or payments required to be made pursuant to
subsection 4.20, such assignment will result in a material reduction in such compensation or payments and (B) substantially concurrently with satisfaction of the requirements set forth in clause (A) of this proviso, such Lender shall be
deemed to have assigned and delegated its interests, rights and obligations under this Agreement and such Lender shall not be required to execute the Assignment and Assumption in connection therewith. A Lender shall not be required to make any such
assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise (including as a result of any action taken by such Lender under paragraph (a) above), the circumstances entitling the Borrower to require such
assignment and delegation cease to apply. 
 4.23 Prepayments Below Par. (a) Notwithstanding anything to the contrary set forth
in this Agreement (including subsection 4.16(a) or 11.7(a)) or any other Loan Document, the Borrower shall have the right at any time and from time to time to prepay Term Loans to the Lenders at a discount to the par value of such Loans and on a non
pro rata basis (each, a “Discounted Voluntary Prepayment”) pursuant to the procedures described in this subsection 4.23, provided that (A) on the date of the Discounted Prepayment Option Notice and after giving effect to
the Discounted Voluntary Prepayment, no more than $50,000,000 shall be outstanding in Revolving Credit Loans and Swing Line Loans, (B) the proceeds of Revolving Credit Loans are not used to make such Discounted Voluntary Prepayment,
(C) any Discounted Voluntary Prepayment shall be offered to all Term Lenders of a particular tranche on a pro rata basis, (D) the Borrower shall deliver to the Administrative Agent, together with each Discounted Prepayment Option Notice, a
certificate of a Responsible Officer of the Borrower (1) stating that no Event of Default has occurred and is continuing or would result from the Discounted Voluntary Prepayment, (2) stating that each of the conditions to such Discounted
Voluntary Prepayment contained in this subsection 4.23 has been satisfied and (3) specifying the aggregate principal amount of Term Loans to be prepaid pursuant to such Discounted Voluntary Prepayment and (E) the aggregate amount of Term
Loans prepaid pursuant to this subsection 4.23 (valued at the par amount thereof) shall not exceed 50% of the initial aggregate principal amount of the Term Loans. 

(b) To the extent the Borrower seeks to make a Discounted Voluntary Prepayment, the Borrower will provide written notice to the Administrative
Agent substantially in the form of Exhibit G hereto (each, a “Discounted Prepayment Option Notice”) that the Borrower desires to prepay Term Loans in an aggregate principal amount specified therein by the Borrower (each, a
“Proposed Discounted Prepayment Amount”), in each case at a discount to the par value of such Loans as specified below. The Proposed Discounted Prepayment Amount of any Loans shall not be less than $10,000,000 (unless otherwise
agreed by the Administrative Agent). The Discounted Prepayment Option Notice shall further specify with respect to the proposed Discounted Voluntary Prepayment (A) the Proposed Discounted Prepayment Amount for Loans to be prepaid, (B) a
discount range (which may be a single percentage) selected by the Borrower with respect to such proposed Discounted Voluntary Prepayment equal to a percentage of par of the principal amount of the Loans to be prepaid (the “Discount
Range”), and (C) the date by which Lenders are required to indicate their election to participate in such proposed Discounted Voluntary Prepayment, which shall be at least five Business Days following the date of the Discounted
Prepayment Option Notice (the “Acceptance Date”). 
 (c) Upon receipt of a Discounted Prepayment Option Notice, the
Administrative Agent shall promptly notify each applicable Lender thereof. On or prior to the Acceptance Date, each such Lender may specify by written notice substantially in the form of Exhibit H hereto (each, a “Lender Participation
Notice”) to the Administrative Agent (A) a maximum discount to par (the “Acceptable Discount”) within the Discount Range (for example, a Lender specifying a discount to par of 20% would

  
 61 

 
accept a purchase price of 80% of the par value of the Loans to be prepaid) and (B) a maximum principal amount (subject to rounding requirements specified by the Administrative Agent) of the
Loans to be prepaid held by such Lender with respect to which such Lender is willing to permit a Discounted Voluntary Prepayment at the Acceptable Discount (“Offered Loans”). Based on the Acceptable Discounts and principal amounts
of the Loans to be prepaid specified by the Lenders in the applicable Lender Participation Notice, the Administrative Agent, in consultation with the Borrower, shall determine the applicable discount for such Loans to be prepaid (the
“Applicable Discount”), which Applicable Discount shall be (A) the percentage specified by the Borrower if the Borrower has selected a single percentage pursuant to subsection 4.23(b) for the Discounted Voluntary Prepayment or
(B) otherwise, the highest Acceptable Discount at which the Borrower can pay the Proposed Discounted Prepayment Amount in full (determined by adding the principal amounts of Offered Loans commencing with the Offered Loans with the highest
Acceptable Discount); provided, however, that in the event that such Proposed Discounted Prepayment Amount cannot be repaid in full at any Acceptable Discount, the Applicable Discount shall be the lowest Acceptable Discount specified
by the Lenders that is within the Discount Range. The Applicable Discount shall be applicable for all Lenders who have offered to participate in the Voluntary Discounted Prepayment and have Qualifying Loans (as defined below). Any Lender with
outstanding Loans to be prepaid whose Lender Participation Notice is not received by the Administrative Agent by the Acceptance Date shall be deemed to have declined to accept a Discounted Voluntary Prepayment of any of its Loans at any discount to
their par value within the Applicable Discount. 
 (d) The Borrower shall make a Discounted Voluntary Prepayment by prepaying those Loans to
be prepaid (or the respective portions thereof) offered by the Lenders (“Qualifying Lenders”) that specify an Acceptable Discount that is equal to or greater than the Applicable Discount (“Qualifying Loans”) at the
Applicable Discount, provided that if the aggregate proceeds required to prepay all Qualifying Loans (disregarding any interest payable at such time) would exceed the amount of aggregate proceeds required to prepay the Proposed Discounted
Prepayment Amount, such amounts in each case calculated by applying the Applicable Discount, the Borrower shall prepay such Qualifying Loans ratably among the Qualifying Lenders based on their respective principal amounts of such Qualifying Loans
(subject to rounding requirements specified by the Administrative Agent). If the aggregate proceeds required to prepay all Qualifying Loans (disregarding any interest payable at such time) would be less than the amount of aggregate proceeds required
to prepay the Proposed Discounted Prepayment Amount, such amounts in each case calculated by applying the Applicable Discount, the Borrower shall prepay all Qualifying Loans. 

(e) Each Discounted Voluntary Prepayment shall be made within five Business Days of the Acceptance Date (or such later date as the
Administrative Agent shall reasonably agree, given the time required to calculate the Applicable Discount and determine the amount and holders of Qualifying Loans), without premium or penalty (and not subject to subsection 4.19), upon irrevocable
notice substantially in the form of Exhibit I hereto (each a “Discounted Voluntary Prepayment Notice”), delivered to the Administrative Agent no later than 1:00 p.m. New York City Time, three Business Days prior to the date of such
Discounted Voluntary Prepayment, which notice shall specify the date and amount of the Discounted Voluntary Prepayment and the Applicable Discount determined by the Administrative Agent. Upon receipt of any Discounted Voluntary Prepayment Notice,
the Administrative Agent shall promptly notify each relevant Lender thereof. If any Discounted Voluntary Prepayment Notice is given, the amount specified in such notice shall be due and payable to the applicable Lenders, subject to the Applicable
Discount on the applicable Loans, on the date specified therein together with accrued interest (on the par principal amount) to but not including such date on the amount prepaid. The par principal amount of each Discounted Voluntary Prepayment of a
Term Loan shall be applied ratably to reduce the remaining installments of such Term Loans. 

  
 62 

 (f) To the extent not expressly provided for herein, each Discounted Voluntary Prepayment shall
be consummated pursuant to reasonable procedures (including as to timing, rounding, minimum amounts, Type and Interest Periods and calculation of Applicable Discount in accordance with subsection 4.23(c) above) established by the Administrative
Agent and the Borrower. 
 (g) Prior to the delivery of a Discounted Voluntary Prepayment Notice, (A) upon written notice to the
Administrative Agent, the Borrower may withdraw or modify its offer to make a Discounted Voluntary Prepayment pursuant to any Discounted Prepayment Option Notice and (B) no Lender may withdraw its offer to participate in a Discounted Voluntary
Prepayment pursuant to any Lender Participation Notice unless the terms of such proposed Discounted Voluntary Prepayment have been modified by the Borrower after the date of such Lender Participation Notice. 

(h) Nothing in this subsection 4.23 shall require the Borrower to undertake any Discounted Voluntary Prepayment. 

4.24 Extensions of Term Loans and Revolving Credit Commitments. (a) Notwithstanding anything to the contrary in this Agreement,
pursuant to one or more offers (each, an “Extension Offer”) made from time to time by the Borrower to all Lenders of Term Loans with a like maturity date or Revolving Credit Commitments with a like maturity date, in each case on a
pro rata basis (based on the aggregate outstanding principal amount of the respective Term Loans or Revolving Credit Commitments with a like maturity date, as the case may be) and on the same terms to each such Lender, the Borrower is hereby
permitted to consummate from time to time transactions with individual Lenders that accept the terms contained in such Extension Offers to extend the maturity date of each such Lender’s Term Loans and/or Revolving Credit Commitments and
otherwise modify the terms of such Term Loans and/or Revolving Credit Commitments pursuant to the terms of the relevant Extension Offer (including by increasing the interest rate or fees payable in respect of such Term Loans and/or Revolving Credit
Commitments (and related outstandings) and/or modifying the amortization schedule in respect of such Lender’s Term Loans) (each, an “Extension”, and each group of Term Loans or Revolving Credit Commitments, as applicable, in
each case as so extended, as well as the original Term Loans and the original Revolving Credit Commitments (in each case not so extended), being a “tranche”; any Extended Term Loans shall constitute a separate tranche of Term Loans from
the tranche of Term Loans from which they were converted, and any Extended Revolving Credit Commitments shall constitute a separate tranche of Revolving Commitments from the tranche of Revolving Commitments from which they were converted), so long
as the following terms are satisfied: (i) no Default or Event of Default shall have occurred and be continuing at the time the offering document in respect of an Extension Offer is delivered to the Lenders, (ii) except as to interest
rates, fees and final maturity (which shall be determined by the Borrower and set forth in the relevant Extension Offer), the Revolving Credit Commitment of any Revolving Lender that agrees to an extension with respect to such Revolving Credit
Commitment extended pursuant to an Extension (an “Extended Revolving Credit Commitment”), and the related outstandings, shall be a Revolving Credit Commitment (or related outstandings, as the case may be) with the same terms as the
original Revolving Credit Commitments (and related outstandings); provided that (x) subject to the provisions of subsections 3.3(d) and 3.7(e) to the extent dealing with Swing Line Loans and Letters of Credit which mature or expire after
a maturity date when there exist Extended Revolving Commitments with a longer maturity date, all Swing Line Loans and Letters of Credit shall be participated in on a pro rata basis by all Lenders with Revolving Credit Commitments in accordance with
their Revolving Credit Commitment Percentages (and except as provided in subsections 3.3(d) and 3.7(e), without giving effect to changes thereto on an earlier maturity date with respect to Swing Line Loans and Letters of Credit theretofore incurred
or issued) and all borrowings under Revolving Credit Commitments and repayments thereunder shall be made on a pro rata basis (except for (A) payments of interest and fees at different rates on Extended Revolving Credit Commitments (and related
outstandings) and (B) repayments required upon the maturity date of the non-extending Revolving Credit Commitments) and 

  
 63 

 
(y) at no time shall there be Revolving Credit Commitments hereunder (including Extended Revolving Credit Commitments and any original Revolving Credit Commitments) which have more than three
different maturity dates, (iii) except as to interest rates, fees, amortization, final maturity date, premium, required prepayment dates and participation in prepayments (which shall, subject to immediately succeeding clauses (iv), (v) and
(vi), be determined between the Borrower and set forth in the relevant Extension Offer), the Term Loans of any Term Lender that agrees to an extension with respect to such Term Loans extended pursuant to any Extension (“Extended Term
Loans”) shall have the same terms as the tranche of Term Loans subject to such Extension Offer until the maturity of such Term Loans, (iv) the final maturity date of any Extended Term Loans shall be no earlier than the then latest
maturity date hereunder and the amortization schedule applicable to Term Loans pursuant to subsection 2.2 for periods prior to the Term Loan Maturity Date, as applicable, may not be increased, (v) the weighted average life of any Extended Term
Loans shall be no shorter than the remaining weighted average life of the Term Loans extended thereby, (vi) any Extended Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any
voluntary or mandatory repayments or prepayments hereunder, in each case as specified in the respective Extension Offer, (vii) if the aggregate principal amount of Term Loans (calculated on the face amount thereof) or Revolving Credit
Commitments, as the case may be, in respect of which Term Lenders or Revolving Lenders, as the case may be, shall have accepted the relevant Extension Offer shall exceed the maximum aggregate principal amount of Term Loans or Revolving Credit
Commitments, as the case may be, offered to be extended by the Borrower pursuant to such Extension Offer, then the Term Loans or Revolving Credit Loans, as the case may be, of such Term Lenders or Revolving Lenders, as the case may be, shall be
extended ratably up to such maximum amount based on the respective principal amounts (but not to exceed actual holdings of record) with respect to which such Term Lenders or Revolving Lenders, as the case may be, have accepted such Extension Offer,
(viii) all documentation in respect of such Extension shall be consistent with the foregoing, (ix) any applicable Minimum Extension Condition shall be satisfied unless waived by the Borrower and (x) the Minimum Tranche Amount shall be
satisfied unless waived by the Administrative Agent. 
 (b) With respect to all Extensions consummated by the Borrower pursuant to this
subsection, (i) such Extensions shall not constitute voluntary or mandatory payments or prepayments for purposes of subsection 4.4, 4.5 or 4.6 and (ii) no Extension Offer is required to be in any minimum amount or any minimum increment,
provided that (x) the Borrower may at its election specify as a condition (a “Minimum Extension Condition”) to consummating any such Extension that a minimum amount (to be determined and specified in the relevant
Extension Offer in the Borrower’s sole discretion and may be waived by the Borrower) of Term Loans or Revolving Credit Commitments (as applicable) of any or all applicable tranches be tendered and (y) no tranche of Extended Term Loans
shall be in an amount of less than $50,000,000 (or, if less, the then aggregate outstanding amount of the Term Loans) (the “Minimum Tranche Amount”), unless such Minimum Tranche Amount is waived by the Administrative Agent. The
Administrative Agent and the Lenders hereby consent to the transactions contemplated by this subsection (including, for the avoidance of doubt, payment of any interest, fees or premium in respect of any Extended Term Loans and/or Extended Revolving
Credit Commitments on such terms as may be set forth in the relevant Extension Offer) and hereby waive the requirements of any provision of this Agreement (including subsection 4.4, 4.5 or 4.6 and 4.16(a)) or any other Loan Document that may
otherwise prohibit any such Extension or any other transaction contemplated by this Section. 
 (c) No consent of any Lender or the
Administrative Agent shall be required to effectuate any Extension, other than (A) the consent of each Lender agreeing to such Extension with respect to one or more of its Term Loans and/or Revolving Credit Commitments (or a portion thereof)
and (B) with respect to any Extension of the Revolving Credit Commitments, the consent of the Issuing Lender and the Swing Line Lender, which consent shall not be unreasonably withheld or delayed. All

  
 64 

 
Extended Term Loans, Extended Revolving Credit Commitments and all obligations in respect thereof shall be Obligations under this Agreement and the other Loan Documents that are secured by the
Collateral on a pari passu basis with all other applicable Obligations under this Agreement and the other Loan Documents. The Lenders hereby irrevocably authorize the Administrative Agent to enter into amendments to this Agreement and the other Loan
Documents with the Borrower as may be necessary in order to establish new tranches or sub-tranches in respect of Revolving Credit Commitments or Term Loans so extended and such technical amendments as may be necessary or appropriate in the
reasonable opinion of the Administrative Agent and the Borrower in connection with the establishment of such new tranches or sub-tranches, in each case on terms consistent with this subsection. Without limiting the foregoing, in connection with any
Extensions the respective Loan Parties shall (at their expense) amend (and the Administrative Agent is hereby directed to amend) any Mortgage that has a maturity date prior to the then latest maturity date so that such maturity date is extended to
the then latest maturity date (or such later date as may be advised by local counsel to the Administrative Agent). 
 (d) In connection with
any Extension, the Borrower shall provide the Administrative Agent at least 5 Business Days’ (or such shorter period as may be agreed by the Administrative Agent) prior written notice thereof, and shall agree to such procedures (including
regarding timing, rounding and other adjustments and to ensure reasonable administrative management of the credit facilities hereunder after such Extension), if any, as may be established by, or acceptable to, the Administrative Agent, in each case
acting reasonably to accomplish the purposes of this subsection. 
 4.25 Incremental Facility. (a) The Borrower may from time to
time amend this Agreement in order to provide to the Borrower increased revolving commitments (each, an “Incremental Revolving Facility”) and additional term loan facilities and/or increased term loan commitments in respect of the
Term Facility or any other existing term loan facility hereunder (each, an “Incremental Term Facility”; together with any Incremental Revolving Facility, the “Incremental Facilities”), provided that the
aggregate principal amount of the Incremental Facilities pursuant to this Section 4.25 shall not exceed (A) together with the aggregate initial principal amount of any Incremental Notes incurred pursuant to clause (A)(i) of the proviso to
Section 8.2(q), $200,000,000 plus (B) an additional amount if, after giving effect to such additional amount, on a pro forma basis the Consolidated Senior Secured Leverage Ratio (assuming, (x) if such Incremental Facility is an
Incremental Revolving Facility, such Incremental Revolving Facility is fully drawn as of such date and (y) that any indebtedness incurred under an Incremental Facility is senior secured debt; whether or not such debt is senior or secured) does
not exceed 4.75:1.00 as of the last day of the most recently ended fiscal quarter. Each Incremental Facility shall be in a minimum aggregate principal amount of $25,000,000. Each Incremental Facility will be secured and guaranteed with the other
Facilities on a pari passu basis. Each Incremental Term Facility must have a weighted average life to maturity which is the same or longer than the then remaining weighted average life to maturity of the Term Facility and a final maturity no earlier
than the Term Loan Maturity Date. Incremental Facilities will be entitled to prepayments and voting rights on the same basis as the comparable Facility unless the applicable Incremental Facility Activation Notice specifies a lesser treatment. Each
Incremental Revolving Facility shall have the same terms as the Revolving Credit Facility and upon effectiveness of any Incremental Revolving Facility, the commitments thereunder shall be Revolving Credit Commitments for all purposes hereunder.
Other than amortization, pricing or maturity date, each Incremental Term Facility shall have the same terms as the Term Facility or such terms as are reasonably satisfactory to the Administrative Agent and the Borrower, provided that if the
Applicable Margin (which, for such purposes only, shall be deemed to include all upfront or similar fees or original issue discount payable to all Lenders providing such Incremental Term Facility and any Eurodollar or ABR floor applicable to such
Incremental Term Facility but excluding any ticking fees, arrangement fees and other fees not paid to the makers of such loans generally) relating to any Incremental Term Facility exceeds the Applicable Margin (which, for such purposes only, shall
be deemed to include all upfront or similar fees or original issue discount payable to all Lenders providing 

  
 65 

 
the Term Facility, and any Eurodollar or ABR floor applicable to the Term Facility) relating to the Term Facility immediately prior to the effectiveness of the applicable Incremental Term
Facility by more than 0.50%, the Applicable Margin relating to the Term Facility shall be adjusted to be equal to the Applicable Margin (which, for such purposes only, shall be deemed to include all upfront or similar fees or original issue discount
payable to all Lenders providing such Incremental Term Facility and any Eurodollar or ABR floor applicable to such Incremental Facility) relating to such Incremental Term Facility minus 0.50%. In the case of any Incremental Term Facility that
increases the term loan commitments under the Term Facility or any other existing term loan facility, the manner in which such increase is implemented shall be reasonably satisfactory to the Administrative Agent. An Incremental Facility may be made
available under this Agreement only if, after giving effect thereto and the use of proceeds thereof no Default or Event of Default exists (or with respect to any use of an Incremental Term Facility for a Permitted Acquisition that requires limited
conditionality, no Default or Event of Default exists at the time of entry into the applicable acquisition agreement for such Permitted Acquisition). 

(b) An Incremental Facility shall be made available hereunder upon delivery to the Administrative Agent of notice thereof executed by the
Borrower. Any additional bank, financial institution, existing Lender or other Person that elects to extend loans or commitments under an Incremental Facility shall be reasonably satisfactory to the Borrower (any such bank, financial institution,
existing Lender or other Person being called an “Additional Lender”) and, if not already a Lender, shall become a Lender under this Agreement pursuant to an amendment (an “Incremental Facility Amendment”) to this
Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, such Additional Lender and the Administrative Agent. No Incremental Facility Amendment shall require the consent of any Lenders other than the Additional Lenders with
respect to such Incremental Facility Amendment. No Lender shall be obligated to provide any Incremental Facility, unless it so agrees. Commitments in respect of any Incremental Facility shall become Commitments under this Agreement. An Incremental
Facility Amendment may, without the consent of any other Lenders, effect such amendments to any Loan Documents as may be necessary or appropriate, in the opinion of the Administrative Agent, to effect the provisions of this subsection (including to
provide for voting provisions applicable to the Additional Lenders). The effectiveness of any Incremental Facility Amendment shall, unless otherwise agreed to by the Administrative Agent and the Additional Lenders, be subject to the satisfaction on
the date thereof (each, an “Incremental Facility Closing Date”) of each of the conditions set forth in subsection 6.2 (it being understood that all references to “Borrowing Date” in subsection 6.2 shall be deemed to refer
to the Incremental Facility Closing Date). The proceeds of any Incremental Facility will be used only for general corporate purposes (including acquisitions permitted under subsection 8.7). 

SECTION 5. REPRESENTATIONS AND WARRANTIES 

In order to induce the Lenders to enter into this Agreement and to make the Loans and to induce the Issuing Lender to issue, and the
Participating Lenders to participate in, the Letters of Credit, the Borrower hereby represents and warrants to each Lender and the Administrative Agent, on the date of each Loan made or Letter of Credit issued, that: 

5.1 Financial Condition. (a) (i) The audited consolidated balance sheet of Parent and its Subsidiaries at December 31,
2010, December 31, 2011 and December 31, 2012 and the related consolidated statements of operations, stockholders’ equity and cash flows for the fiscal years ended on such dates, reported on by certified public accountants of
nationally recognized standing and (ii) the unaudited consolidated balance sheet of Parent and its Subsidiaries at March 31, 2013, June 30, 2013 and September 30, 2013 and the related consolidated statements of operations
and cash flows for the fiscal periods ended on such dates, fairly present in all material respects (except, with respect to interim reports, for normal year-end adjustments and the absence of footnotes) the consolidated financial position of 

  
 66 

 
Parent and its Subsidiaries as at such date, and the consolidated results of their operations and cash flows for the fiscal periods then ended and, in the case of the statements referred to in
the foregoing clause (ii), the portion of the fiscal year through March 31, 2013 or June 30, 2013, as applicable, in each case, in accordance with GAAP consistently applied throughout the periods involved (except as noted therein). 

(b) No Change. Since December 31, 2012, there has been no development or event that has had or could reasonably be expected to
have a Material Adverse Effect. 
 5.2 Corporate Existence; Compliance with Law. Each Group Member (a) is a Person duly
organized or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, (b) has the requisite power and authority and the legal right to own and operate its property, to lease the
property it operates and to conduct the business in which it is currently engaged, except to the extent that the failure to possess such power and authority and such legal right would not, in the aggregate, have a Material Adverse Effect,
(c) is duly qualified and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification, except where the failure to be so qualified would not
have a Material Adverse Effect and (d) is in compliance with all applicable Requirements of Law (including occupational safety and health, health care, pension, certificate of need, the Comprehensive Environmental Response, Compensation and
Liability Act, any so-called “Superfund” or “Superlien” law, or any applicable federal, state, local or other statute, law, ordinance, code, rule, regulation, order or decree regulating, relating to, or imposing liability or
standards of conduct concerning, any Materials of Environmental Concern), except to the extent that the failure to comply therewith would not, in the aggregate, have a Material Adverse Effect. 

5.3 Corporate Power; Authorization. (a) Each Loan Party has the requisite power and authority and the legal right to make, deliver
and perform the Loan Documents to which it is a party and, in the case of the Borrower, to obtain extensions of credit hereunder. Each Loan Party has taken all necessary corporate or other organizational action to authorize the execution, delivery
and performance of the Loan Documents to which it is a party and in case of the Borrower, to authorize the extensions of credit on the terms and conditions of this Agreement. 

(b) No consent or authorization of, or filing with, notice to or other act by or in respect of, any Person (including any Governmental
Authority) is required in connection with the extensions of credit hereunder or with the execution, delivery, performance by any Loan Party, validity or enforceability of this Agreement or any Loan Document to the extent that it is a party thereto,
or the guarantee of the Obligations pursuant to the Guarantee and Collateral Agreement, except (i) such as have been obtained or made and are in full force and effect, (ii) filings necessary to perfect Liens created under the Loan
Documents and (iii) those consents, authorizations, filings and notices, the failure of which to obtain or make could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

5.4 Enforceable Obligations. Each of the Loan Documents has been duly executed and delivered on behalf of each Loan Party party thereto
and each of such Loan Documents constitutes the legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

5.5 No Legal Bar. The execution, delivery and performance of each Loan Document, the guarantee of the Obligations pursuant to the
Guarantee and Collateral Agreement, the use 

  
 67 

 
of proceeds of the Loans and of drawings under the Letters of Credit will not violate any Requirement of Law or any Contractual Obligation applicable to or binding upon any Group Member or any of
its properties or assets, which violations, individually or in the aggregate, would have a Material Adverse Effect, and will not result in the creation or imposition (or the obligation to create or impose) of any Lien (other than any Liens created
pursuant to the Loan Documents) on any of its or their respective properties or assets. 
 5.6 No Material Litigation. Except as
disclosed in the SEC Filings or on Schedule 5.6, no litigation or investigation known to the Borrower through receipt of written notice or proceeding of or by any Governmental Authority or any other Person is pending against any Group Member,
(a) with respect to the validity, binding effect or enforceability of any Loan Document, or with respect to the Loans made hereunder, or the use of proceeds thereof or (b) which would have a Material Adverse Effect. 

5.7 Investment Company Act. No Group Member is required to be registered as an “investment company” (as the quoted term is
defined or used in the Investment Company Act of 1940, as amended). 
 5.8 Federal Regulation. No part of the proceeds of any of the
Loans, and no other extensions of credit hereunder, will be used for any purpose which violates, or which would be inconsistent with, the provisions of Regulation T, U or X of the Board. No Group Member is engaged or will engage, principally or as
one of its important activities, in the business of extending credit for the purpose of “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under said Regulation U.

 5.9 No Default or Breach. Except as set forth in the SEC Filings made prior to the Restatement Effective Date or on Schedule 5.9,
no Group Member is in default or breach (i) in the payment or performance of any of its Contractual Obligations (other than Indebtedness) in any respect which would have a Material Adverse Effect, or (ii) under any condition, term or
requirement of any FCC License or any order, award or decree of any Governmental Authority or arbitrator binding upon or affecting it or by which any of its properties or assets may be bound or affected in any respect which would have a Material
Adverse Effect. 
 5.10 Taxes. Each Group Member has paid all Taxes shown to be due and payable on its Tax returns or extension
requests or on any assessments made against it or any of its property and all other Taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than those the amount or validity of which is currently being
contested in good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided in the books of such Group Member), except any such Taxes, fees or charges, the payment of which, or the failure to pay,
would not have a Material Adverse Effect; and, to the knowledge of the Borrower, no claims are being asserted with respect to any such Taxes, fees or other charges (other than those the amount or validity of which is currently being contested in
good faith by appropriate proceedings and with respect to which reserves in conformity with GAAP have been provided in the books of the applicable Group Member), except as to any such Taxes, fees or other charges, the payment of which, or the
failure to pay, would not have a Material Adverse Effect. 
 5.11 Subsidiaries; Loan Parties. As of the Restatement Effective Date,
(a) the Subsidiaries of Parent listed on Schedule 5.11(a) constitute all of the Domestic Subsidiaries of Parent, (b) the Subsidiaries listed on Schedule 5.11(b) constitute all of the Foreign Subsidiaries of Parent and (c) the Loan
Parties listed on Schedule 5.11(c) constitute all of the Loan Parties. As of the Restatement Effective Date, Schedule 5.11(a) identifies all of the Broadcast License Subsidiaries and the Unrestricted Subsidiaries. 

  
 68 

 5.12 Ownership of Property; Liens; Licenses. (a) Except as disclosed in Schedule 8.3
hereof, each Group Member has good and marketable title to, or valid and subsisting leasehold interests in, all its real property used by such Group Member in the operation of its business, and good title to all its respective other owned property,
except where the failure to have such title or interest would not have a Material Adverse Effect. All such real property and other owned property is free and clear of any Liens, other than Liens permitted by subsection 8.3. 

(b) As of the Restatement Effective Date, Schedule 5.12 sets forth all FCC Licenses held by any Group Member (and the respective holders of
such FCC Licenses) and all other licenses and permits issued by any Governmental Authority which are held by any Group Member that are in effect as of the Restatement Effective Date and are material to the business of the Group Members. Each of the
foregoing FCC Licenses, and each other license or permit from a Governmental Authority that is material to the business of the Group Members, is valid and in full force and effect, and except as disclosed on Schedule 5.12, the Group Members are in
compliance in all material respects with the terms and conditions thereof and any requirements under applicable FCC regulation. 
 5.13
Intellectual Property. Each Group Member owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted except where the failure to do so could not reasonably be expected to have a
Material Adverse Effect. No claim that could reasonably be expected to have a Material Adverse Effect has been asserted and is pending by any Person challenging or questioning the use of any Intellectual Property or the validity or effectiveness of
any Intellectual Property, nor does the Borrower know of any valid basis for any such claim. The use of Intellectual Property by the Group Members does not infringe on the rights of any Person in a manner that could reasonably be expected to have a
Material Adverse Effect. 
 5.14 Labor Matters. Except as, in the aggregate, could not reasonably be expected to have a Material
Adverse Effect: (a) there are no strikes or other labor disputes against any Group Member pending or, to the knowledge of the Borrower, threatened; (b) hours worked by and payment made to employees of any Group Member have not been in
violation of the Fair Labor Standards Act or any other applicable Requirement of Law dealing with such matters; and (c) all payments due from any Group Member on account of insurance coverage, other contributions or liabilities associated with
employee health and welfare benefit plans have been paid or accrued as a liability on the books of such Group Member. 
 5.15 ERISA.
Except as would not have a Material Adverse Effect: (i) each Loan Party and each ERISA Affiliate is in compliance with the applicable provisions of ERISA and of the Code relating to Plans; (ii) no Reportable Event or non-exempt Prohibited
Transaction has occurred or is reasonably expected to occur with respect to any Plan; (iii) there has been no determination that any Single Employer Plan is, or is expected to be, in “at risk” status (within the meaning of
Section 430 of the Code or Section 303 of ERISA); (iv) no Lien in favor of the PBGC or any Single Employer Plan has been imposed upon any Loan Party or any ERISA Affiliate that remains unsatisfied; (v) no Loan Party and no ERISA
Affiliate has received from the PBGC or a plan administrator any notice relating to an intention to terminate any Single Employer Plan or to appoint a trustee to administer any Single Employer Plan under Section 4042 of ERISA; (vi) no Loan
Party and no ERISA Affiliate has incurred any Withdrawal Liability that remains unsatisfied; and (vii) no Loan Party and no ERISA Affiliate has received any notice concerning the imposition of Withdrawal Liability or any determination that a
Multiemployer Plan is, or is expected to be, Insolvent, in Reorganization, terminated or in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA). 

  
 69 

 5.16 Environmental Matters. (a) Except as disclosed in the SEC Filings or on Schedule
5.16, to the knowledge of the Borrower, the Properties do not contain any Materials of Environmental Concern in concentrations which constitute a violation of, or would reasonably be expected to give rise to liability under, Environmental Laws that
would have a Material Adverse Effect. 
 (b) The Properties and all operations at the Properties are in compliance with all applicable
Environmental Laws, except for failure to be in compliance that would not have a Material Adverse Effect, and there is no contamination at, under or about the Properties that would have a Material Adverse Effect. 

(c) No Group Member has received any written notice of violation, alleged violation, non-compliance, liability or potential liability
regarding environmental matters or compliance with Enviro 
 nmental Laws with regard to the Properties that would have a Material Adverse
Effect, nor does the Borrower have knowledge that any such action is being contemplated, considered or threatened. 
 (d) There are no
judicial proceedings or governmental or administrative actions pending or threatened under any Environmental Law to which any Group Member is or will be named as a party with respect to the Properties that would have a Material Adverse Effect, nor
are there any consent decrees or other decrees, consent orders, administrative orders or other orders under any Environmental Law with respect to the Properties that would have a Material Adverse Effect. 

5.17 Disclosure. None of the written reports, financial statements, certificates or other written information (other than projections,
budgets or other estimates or forward-looking statements or information of a general economic or industry nature or reports or studies prepared by third parties that were not expressly commissioned by a Group Member (collectively, the
“Projections”)), taken as a whole, furnished by or on behalf of any Group Member to the Administrative Agent or any Lender prior to the Restatement Effective Date in connection with the transactions contemplated by this Agreement or
any other Loan Document or delivered hereunder or thereunder (as modified or supplemented by other information so furnished prior to the Restatement Effective Date) contains any material misstatement of fact or omits to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not materially misleading; provided that, with respect to Projections, the Borrower represents only that such information was prepared in
good faith based upon assumptions believed by the Borrower to be reasonable at the time such Projections were prepared, it being understood that Projections by their nature are uncertain and no assurance is given that the results reflected in such
Projections will be achieved. 
 5.18 Security Documents. (a) The Guarantee and Collateral Agreement is effective to create in
favor of the Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). In the case of the Pledged
Stock that are Securities (as defined in the UCC) described in the Guarantee and Collateral Agreement, when stock certificates representing such Pledged Stock are delivered to the Administrative Agent (together with a properly completed and signed
stock power or endorsement), and in the case of the other Collateral in which a security interest can be perfected under the relevant UCC by filing a UCC financing statement and described in the Guarantee and Collateral Agreement, when financing
statements and other filings specified on Schedule 5.18 in appropriate form are filed in the offices specified on Schedule 5.18, the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and security interest in, all right,
title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the Guarantee and Collateral Agreement), in each case prior and superior in right to any other Person (except, in the
case of Collateral other than Pledged Stock, Liens permitted by subsection 8.3 and, in the case of Collateral consisting of Pledged Stock, inchoate Liens arising by operation of law). 

  
 70 

 (b) Each of the Mortgages upon proper filing is effective to create in favor of the
Administrative Agent, for the benefit of the Lenders, a legal, valid and enforceable security interest in the Mortgaged Properties described therein and proceeds thereof except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law), and when the Mortgages are
filed in the appropriate recording offices, each such Mortgage shall constitute a fully perfected (if and to the extent perfection may be achieved by such filings) Lien on, and security interest in, all right, title and interest of the Loan Parties
in the Mortgaged Properties and the proceeds thereof, as security for the Obligations (as defined in the relevant Mortgage), in each case prior and superior in right to any other Person (except that the security interest created in such real
property and the Mortgaged Property may be subject to the Liens permitted by subsection 8.3). 
 5.19 Solvency. As of the Restatement
Effective Date and after giving effect to the Transactions, the Borrower and its Restricted Subsidiaries, on a consolidated basis, are Solvent. 

5.20 Use of Proceeds. The proceeds of the Term Loans to be made on the Restatement Effective Date shall be used to satisfy the
condition in Section 6.1(a), to pay related fees and expenses in connection therewith and in connection with the amendment and restatement of the Existing Credit Agreement and to repay in full the Second Lien Loans of the Borrower under the
Second Lien Credit Agreement. The proceeds of the Revolving Credit Loans to be made on the Restatement Effective Date shall be used to repay Existing Revolving Loans. The proceeds of the Revolving Credit Loans made after the Restatement Effective
Date and the Swing Line Loans shall be used for working capital and general corporate purposes. 
 5.21 Patriot Act. To the extent
applicable, each Group Member is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B,
Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (ii) the Act. No part of the proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental official or
employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United
States Foreign Corrupt Practices Act of 1977, as amended. 
 5.22 Anti-Corruption Laws and Sanctions. The Borrower has implemented
and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its
Subsidiaries and their respective officers and employees, and to the knowledge of the Borrower, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower,
any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit
facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds or other transaction contemplated by the Credit Agreement will violate Anti-Corruption Laws or applicable Sanctions. 

  
 71 

 SECTION 6. CONDITIONS PRECEDENT 

6.1 Conditions to Initial Loans and Letters of Credit. The obligation of each Lender to have made its Loans on the Restatement Effective
Date and the obligation of the Issuing Lenders to have issued any Letter of Credit on the Restatement Effective Date is subject to the satisfaction or waiver, immediately prior to or concurrently with the making of such Loans or the issuance of such
Letter of Credit, as the case may be, of the following conditions precedent: 
 (a) Credit Agreement; Revolving and Term Lender Addenda;
Reaffirmation Agreement. The Administrative Agent shall have received (i) this Agreement, executed and delivered by the Administrative Agent, the Borrower and Required Lenders (as defined in the Existing Credit Agreement) and reasonably
satisfactory evidence that (x) all Existing Term Loans shall have been paid in full or will be paid in full substantially simultaneously with the effectiveness of this Agreement, or replaced with Term Loans hereunder (and all accrued interest
thereon and other amounts outstanding in respect thereof shall have been paid in full) and (y) all Existing Revolving Loans shall be deemed repaid and such portion thereof that were ABR Loans shall be reborrowed as ABR Loans by the Borrower and
such portion thereof that were Eurodollar Loans shall be reborrowed as Eurodollar Loans by the Borrower, (ii) Revolving Lender Addenda to this Agreement, executed and delivered by Persons with aggregate Revolving Credit Commitments of
$200,000,000, (iii) Term Lender Addenda to this Agreement, executed and delivered by Persons with aggregate Term Loan Commitment Conversion Amounts and Term Loan Commitment Funding Amounts of $2,025,000,000 and (iv) the Reaffirmation
Agreement, executed and delivered by Parent, the Borrower and each Subsidiary Guarantor. 
 (b) Fees. The Administrative Agent shall
have received for the account of the Restatement Arrangers, the Restatement Bookrunners or the Lenders, or for its own account, as the case may be, all fees and expenses payable to the Lenders, the Restatement Arrangers, the Restatement Bookrunners
and the Administrative Agent on or prior to the Restatement Date and invoiced at least one Business Day prior to the Restatement Effective Date. 

(c) Legal Opinion. The Administrative Agent shall have received, dated the Restatement Effective Date and addressed to the
Administrative Agent and the Lenders, an opinion of Jones Day, counsel to the Borrower, in form and substance reasonably satisfactory to the Administrative Agent. Such opinion shall also cover such other matters incident to the transactions
contemplated by this Agreement as the Administrative Agent shall reasonably require. 
 (d) Closing Certificates. The Administrative
Agent shall have received a closing certificate of Parent, the Borrower and each Subsidiary Guarantor, dated the Restatement Effective Date, substantially in the form of Exhibits B-1, B-2 and B-3 hereto, respectively, with appropriate insertions and
attachments, reasonably satisfactory in form and substance to the Administrative Agent and its counsel, executed by the Chief Executive Officer or any Vice President and the Secretary or any Assistant Secretary of Parent, the Borrower and each
Subsidiary Guarantor respectively. 
 (e) Organizational Documents. The Administrative Agent shall have received true and correct
copies of the Certificate of Incorporation and By-laws or Operating Agreement of each Loan Party, certified as to authenticity by the Secretary or Assistant Secretary of each such Loan Party. 

(f) Corporate Documents. The Administrative Agent shall have received copies of certificates from the Secretary of State or other
appropriate authority of such jurisdiction, evidencing the good standing or existence of each Loan Party in its jurisdiction of incorporation or organization. 

  
 72 

 (g) Pledged Stock; Stock Powers; Pledged Notes. The Administrative Agent shall have
(i) received the certificates representing the shares pledged pursuant to the Guarantee and Collateral Agreement, together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor
thereof, and (ii) received the promissory notes pledged pursuant to the Guarantee and Collateral Agreement, endorsed in blank by a duly authorized officer of the pledgor thereof. 

(h) Filings. All necessary or advisable filings shall have been duly made or made available to the Administrative Agent or its counsel
to create a perfected first priority Lien on and security interest in all Collateral in which a security interest can be perfected by filing a UCC-1 financing statement, and all such Collateral shall be free and clear of all Liens, except Liens
permitted by subsection 8.3. 
 (i) Lien Searches. The Administrative Agent shall have received the results of a recent Lien search
with respect to each Loan Party, and such search shall reveal no Liens on any of the assets of the Loan Parties except for Liens permitted by subsection 8.3 or otherwise reasonably acceptable to the Administrative Agent or discharged on or prior to
the Restatement Effective Date pursuant to documentation reasonably satisfactory to the Administrative Agent. 
 (j) Representations and
Warranties. Each of the representations and warranties made in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of the Restatement Effective Date as if made on and as of such date (unless stated to
relate to a specific earlier date, in which case, such representations and warranties shall be true and correct in all material respects as of such earlier date). 

(k) No Default or Event of Default. No Default or Event of Default shall have occurred and be continuing at the time of, or after
giving effect to this Agreement and the loans to be made hereunder on the Restatement Effective Date. 
 (l) Indebtedness under Second
Lien Credit Agreement. The Indebtedness under the Second Lien Credit Agreement shall have been repaid in full and all liens incurred in respect of such Indebtedness have been released. 

(m) Corporate Ratings. The Borrower shall have used commercially reasonable efforts to maintain a corporate family and/or corporate
credit rating for the Borrower and a rating for the Term Loan Facility, in each case from each of S&P and Moody’s. 
 (n) Flood
determinations and insurance. The Administrative Agent shall have received (i) a “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property and (ii) in the
event any such property is located in an area identified by the Federal Emergency Management Agency (or any successor agency) as a special flood hazard area, (x) a notice about special flood hazard area status and flood disaster assistance,
duly executed by the Borrower, (y) evidence of flood insurance with a financially sound and reputable insurer, naming the Administrative Agent, as mortgagee, in an amount and otherwise in form and substance reasonably satisfactory to the
Administrative Agent, and (z) evidence of the payment of premiums in respect thereof in form and substance reasonably satisfactory to the Administrative Agent. 

(o) Patriot Act. Before the end of the third Business Day prior to the Restatement Effective Date, the Administrative Agent shall have
received all documentation and other information, which has been requested in writing at least five Business Days prior to the Restatement Effective Date, required by regulatory authorities under applicable “know your customer” and
anti-money laundering rules and regulations, including the Patriot Act. 

  
 73 

 (p) Solvency Certificate. The Administrative Agent shall have received a solvency
certificate in substantially the form attached hereto as Exhibit J from the Chief Financial Officer of the Borrower that shall certify as to the solvency of the Borrower and its Restricted Subsidiaries on a consolidated basis after giving effect to
the Transactions. 
 For purposes of determining compliance with the conditions specified in this subsection 6.1, each Lender that has
signed this Agreement shall be deemed to have consented to, approved, accepted or be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the
Administrative Agent shall have received notice from such Lender prior to the proposed Restatement Effective Date specifying its objection thereto. 

6.2 Conditions to All Loans and Letters of Credit after the Restatement Effective Date The obligation of each Lender to make any Loan
(other than (i) any Revolving Credit Loan the proceeds of which are to be used to repay Refunded Swing Line Loans or (ii) as agreed by the Administrative Agent and the Additional Lenders as set forth in subsection 4.25(b)) and the
obligation of each Issuing Lender to issue any Letter of Credit, in each case after the Restatement Effective Date, is subject to the satisfaction of the following conditions precedent on the relevant Borrowing Date: 

(a) Representations and Warranties. Each of the representations and warranties made in or pursuant to the Loan Documents shall be true
and correct in all material respects on and as of the date of such Loan (or such Letter of Credit) as if made on and as of such date (unless stated to relate to a specific earlier date, in which case, such representations and warranties shall be
true and correct in all material respects as of such earlier date). 
 (b) No Default or Event of Default. No Default or Event of
Default shall have occurred and be continuing on such date or after giving effect to the Loan to be made or the Letter of Credit to be issued on such Borrowing Date. 

(c) Financial Covenant. The Borrower shall be in pro forma compliance with the financial covenant set forth in subsection 8.1 as of the
last day of the most recently ended fiscal quarter after giving effect to the Loan to be made or the Letter of Credit to be issued on such Borrowing Date; provided that in determining such financial covenant, the proceeds of any Loan to be
made on such Borrowing Date shall be excluded in the calculation of unrestricted cash and Cash Equivalents. 
 Each borrowing by the
Borrower hereunder (other than (i) any borrowing of any Revolving Credit Loan the proceeds of which are used to repay funded Swing Line Loans and (ii) as agreed by the Administrative Agent and the Additional Lenders as set forth in
subsection 4.25(b)) and the issuance of each Letter of Credit by each Issuing Lender hereunder, in each case after the Restatement Effective Date, shall constitute a representation and warranty by the Borrower as of the date of such borrowing or
issuance that the conditions in clauses (a) through (c) of this subsection 6.2 have been satisfied. 
 SECTION 7.
AFFIRMATIVE COVENANTS 
 From and after the Restatement Effective Date, so long as the Commitments remain in effect or any Loan or
Note or Revolving L/C Obligation remains outstanding and unpaid, any amount remains available to be drawn under any Letter of Credit (unless the L/C Exposure related thereto has been fully Cash Collateralized) or any other amount is owing to any
Lender (other than (i) under any 

  
 74 

 
Specified Swap Agreement or Specified Cash Management Agreement and (ii) indemnities and other contingent liabilities not then due and payable that survive repayment of the Loans), the
Issuing Lender or the Administrative Agent hereunder, the Borrower hereby agrees that it shall, and, in the case of the agreements contained in subsections 7.3, 7.4, 7.5, 7.6, 7.7, 7.8, 7.9, and 7.11 cause each of its Restricted Subsidiaries to, and
Parent hereby agrees (solely with respect to subsection 7.10) that it shall and shall cause each of its Restricted Subsidiaries to: 
 7.1
Financial Statements. Furnish to the Administrative Agent (with sufficient copies for each Lender) or otherwise make available as described in the last sentence of subsection 7.2: 

(a) as soon as available, but in any event within 90 days after the end of each fiscal year of the Borrower, a copy of the consolidated
balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related consolidated statements of operations, stockholders’ equity and cash flows for such year, setting forth in each case in comparative form
the figures for the previous year, reported on without a “going concern” or like qualification or exception, or qualification arising out of the scope of the audit, by certified public accountants of nationally recognized standing not
unacceptable to the Administrative Agent; and 
 (b) as soon as available, but in any event not later than 60 days after the end of each of
the first three quarterly periods of each fiscal year of the Borrower, the unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries at the end of such quarter and the related unaudited consolidated statements of
operations and cash flows of the Borrower and its consolidated Subsidiaries for such applicable period and the portion of the fiscal year through the end of such quarter, setting forth in each case in comparative form, the figures for the previous
year, certified by a Responsible Officer as being fairly stated in all material respects (subject to normal year-end audit adjustments and the absence of footnotes); 

all financial statements shall be prepared in reasonable detail in accordance with GAAP (provided, that interim statements may be condensed and may
exclude footnote disclosure and are subject to year-end adjustment) applied consistently throughout the periods reflected therein and with prior periods (except as concurred in by such accountants or officer, as the case may be, and disclosed
therein and except that interim financial statements need not be restated for changes in accounting principles which require retroactive application, and operations which have been discontinued (as defined in ASC 360, “Property, Plant and
Equipment”) during the current year need not be shown in interim financial statements as such either for the current period or comparable prior period). 

In the event the Borrower changes its accounting methods because of changes in GAAP, or any change in GAAP occurs which increases or diminishes the protection
and coverage afforded to the Lenders under current GAAP accounting methods, the Borrower or the Administrative Agent, as the case may be, may request of the other parties to this Agreement an amendment of the financial covenants contained in this
Agreement to reflect such changes in GAAP and to provide the Lenders with protection and coverage equivalent to that existing prior to such changes in accounting methods or GAAP, and each of the Borrower, the Administrative Agent and the Lenders
agree to consider such request in good faith. 
 Documents required to be delivered pursuant to this subsection 7.1 and subsection 7.2 below (to the extent
any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which Parent or the Borrower posts such documents, or
provides a link thereto, on Parent’s or the Borrower’s website on the Internet at www.cumulus.com or (ii) on which such documents are posted on Parent’s or the Borrower’s behalf on an Internet or intranet website, if any, to
which each Lender and the Administrative Agent have access (whether a commercial or public third-party website or whether sponsored by the 

  
 75 

 
Administrative Agent (including the website of the SEC at http://www.sec.gov)); provided that (x) in each case, other than with respect to regular periodic reporting, the Borrower
shall notify the Administrative Agent of the posting of any such documents and (y) in the case of documents required to be delivered pursuant to subsection 7.2, at the request of the Administrative Agent, the Borrower shall furnish to the
Administrative Agent a hard copy of such document. Each Lender shall be solely responsible for timely accessing posted documents and maintaining its copies of such documents. 

7.2 Certificates; Other Information. Furnish to the Administrative Agent or otherwise make available as described in the last sentence
of subsection 7.2: 
 (a) concurrently with the delivery of the consolidated financial statements referred to in subsection 7.1(a), a letter
from the independent certified public accountants reporting on such financial statements stating that in making the examination necessary to express their opinion on such financial statements nothing came to their attention to cause them to believe
that the Borrower failed to comply with the terms, covenants, provisions or conditions of subsection 8.1 insofar as they relate to financial and accounting matters (subject to customary qualifications), except as specified in such letter;
provided, that this delivery shall not be required if such accountants do not provide such letters generally; 
 (b) within five
(5) Business Days following delivery of the financial statements referred to in subsections 7.1(a) and 7.1(b), a certificate of the Responsible Officer of the Borrower (i) stating that, to the best of such officer’s knowledge, such
officer has obtained no knowledge of any Default or Event of Default except as specified in such certificate, (ii) showing in detail as of the end of the related fiscal period the figures and calculations supporting such statement in respect of
subsection 8.1 and (iii) in the case of financial statements under subsection 7.1(a), beginning with the financial statements for the fiscal year ending December 31, 2013, setting forth reasonably detailed calculations of Excess Cash Flow;

 (c) promptly upon receipt thereof, copies of all final reports submitted to the Borrower by independent certified public accountants in
connection with each annual, interim or special audit of the books of the Borrower made by such accountants, including any final comment letter submitted by such accountants to management in connection with their annual audit; 

(d) promptly upon their becoming available, copies of all financial statements, reports, notices and proxy statements and all regular and
periodic reports and all final registration statements and final prospectuses, if any, filed by Parent or any of its Restricted Subsidiaries with any securities exchange or with the Securities and Exchange Commission or any Governmental Authority
succeeding to any of its functions; 
 (e) concurrently with the delivery of the financial statements referred to in subsections 7.1(a) and
7.1(b), a management summary describing and analyzing the performance of the Borrower and its Subsidiaries during the periods covered by such financial statements; provided, however, that such management summary need not be furnished so long
as Parent or the Borrower is a reporting company under the Securities Exchange Act of 1934, as amended; 
 (f) concurrently with the
delivery of the consolidated financial statements referred to in subsection 7.1(a), but in any event within 90 days after the beginning of each fiscal year of the Borrower to which such budget relates, an annual operating budget of the Borrower and
its Subsidiaries, on a consolidated basis; 

  
 76 

 (g) promptly following any request by the Administrative Agent therefor, copies of any documents
or notices described in Sections 101(k) or 101(l) of ERISA that any Loan Party or any ERISA Affiliate may request with respect to any Multiemployer Plan; provided, that if the Loan Parties or their ERISA Affiliates have not requested such
documents or notices from the administrator or sponsor of an applicable Multiemployer Plan, then Borrower shall cause the Loan Parties and/or their ERISA Affiliates to promptly make a request for such documents or notices from the administrator or
sponsor of such Multiemployer Plan and Borrower shall provide copies of such documents and notices promptly after receipt thereof; and 

(h) promptly, such additional financial and other information as the Administrative Agent or any Lender (through the Administrative Agent) may
from time to time reasonably request. 
 The requirements of subsections 7.1 and 7.2 above shall be deemed to be satisfied if Parent or the
Borrower shall have made such materials available to the Administrative Agent, including by electronic transmission, within the time periods specified therefor and pursuant to procedures approved by the Administrative Agent, or by filing such
materials by electronic transmission with the Securities and Exchange Commission, in which case “delivery” of such statements for purposes of subsections 7.2(a) and 7.1(b) shall mean making such statements available in such fashion. 

7.3 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may
be, all of its Tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, except (a) when the amount or validity thereof is currently being contested in good faith by appropriate proceedings and
reserves in conformity with GAAP with respect thereto have been provided on the books of the applicable Group Member, as the case may be and (b) to the extent the failure to pay or discharge the same could not reasonably be expected to have a
Material Adverse Effect. 
 7.4 Conduct of Business; Maintenance of Existence; Compliance. Continue to engage in business conducted
or proposed to be conducted by the Borrower and its Restricted Subsidiaries on the Restatement Effective Date or any business that is similar, reasonably related, incidental, complementary or ancillary thereto, including without limitation in
broadcasting and other media businesses, and preserve, renew and keep in full force and effect its legal existence and take all reasonable action to maintain all rights, privileges, franchises, accreditations, certifications, authorizations,
licenses, permits, approvals and registrations, necessary or desirable in the normal conduct of its business except for rights, privileges, franchises, accreditations, certifications, authorizations, licenses, permits, approvals and registrations
the loss of which would not in the aggregate have a Material Adverse Effect, and except as otherwise permitted by this Agreement; and comply with all applicable Requirements of Law and Contractual Obligations except to the extent that the failure to
comply therewith would not, in the aggregate, have a Material Adverse Effect. 
 7.5 Maintenance of Property; Insurance.
(a) Except if the failure to do so could not reasonably be expected to result in a Material Adverse Effect, keep all property useful and necessary in its business in good working order and condition (ordinary wear and tear, casualty and
condemnation excepted). 
 (b) Maintain with financially sound and reputable insurance companies (provided that if any such insurance
company shall at any time cease to be financially sound and reputable, there shall be no breach of this provision in the event that the Borrower promptly (and in any event within forty-five (45) days of such date) obtains insurance from an
alternative insurance carrier that is financially sound and reputable) insurance with respect to its properties in at least such amounts (after giving effect to any self-insurance reasonable and customary for similarly situated Persons engaged in
the same or similar businesses as the Borrower and its Subsidiaries in the same geographic locales) and against at least such risks as are customarily insured against in the same general area by companies engaged in the same or similar business.

  
 77 

 (c) Maintain casualty and property insurance for which the Borrower shall (i) use
commercially reasonable efforts to cause such insurance to provide that no cancellation, material reduction in amount or material change in coverage thereof shall be effective until at least thirty (30) days after receipt by the Administrative
Agent of written notice thereof, and (ii) name the Administrative Agent as insured party or loss payee. 
 (d) Upon request by the
Administrative Agent, the Borrower shall deliver to the Administrative Agent information in reasonable detail as to the insurance maintained by the Group Members. 

7.6 Inspection of Property; Books and Records; Discussions; Annual Meetings. (a) Keep proper books of record and account in which
full, true and correct in all material respects entries are made of all material dealings and transactions in relation to its business and activities which permit financial statements to be prepared in conformity with GAAP and all Requirements of
Law; and permit representatives of the Administrative Agent upon reasonable notice to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time during normal business hours and as
often as may reasonably be desired upon reasonable notice (but no more than once per annum unless an Event of Default has occurred and is continuing), and to discuss the business, operations, properties and financial and other condition of Parent
and its Restricted Subsidiaries with officers and employees thereof and with their independent certified public accountants (with, at the option of the Borrower, an officer of the Borrower present) upon reasonable advance notice to the Borrower.

 (b) Within 120 days after the end of each fiscal year of the Borrower, at the request of the Administrative Agent, hold a meeting at a
mutually agreeable location, venue and time or, at the option of the Administrative Agent, by conference call (the reasonable costs of such venue or call to be paid by the Borrower) with all Lenders who choose to attend such meeting at which meeting
shall be reviewed, to the extent permitted by applicable Requirements of Law (including applicable national security laws, directives, policies, rules, regulations and procedures), the financial results of the previous fiscal year and the financial
condition of Parent and its Restricted Subsidiaries and the operating budget presented for the current fiscal year of the Borrower. 
 7.7
Notices. Promptly give notice to the Administrative Agent (who shall deliver to each Lender) upon a Responsible Officer obtaining knowledge of: 

(a) the occurrence of any Default or Event of Default; 

(b) any litigation, investigation or proceeding which may exist at any time between Parent and any of its Restricted Subsidiaries and any
Governmental Authority, or receipt of any notice of any environmental claim or assessment against Parent or any of its Restricted Subsidiaries by any Governmental Authority, which in any such case would reasonably be expected to have a Material
Adverse Effect; 
 (c) any litigation or proceeding affecting Parent or any of its Restricted Subsidiaries (i) in which more than
$35,000,000 of the amount claimed is not covered by insurance or (ii) in which injunctive or similar relief is sought which if obtained would reasonably be expected to have a Material Adverse Effect; 

  
 78 

 (d) the occurrence of any Reportable Event that, alone or together with any other Reportable
Events that have occurred, would reasonably be expected to result in a Material Adverse Effect, and in addition to such notice, deliver to the Administrative Agent and each Lender whichever of the following may be applicable: (A) a certificate
of the Responsible Officer of the Borrower setting forth details as to such Reportable Event and the action that the Loan Party or ERISA Affiliate proposes to take with respect thereto, together with a copy of any notice of such Reportable Event
that may be required to be filed with the PBGC, or (B) any notice delivered by the PBGC in connection with such Reportable Event; 

(e) the occurrence of any event which could reasonably be expected to have a material adverse effect on the aggregate value of the Collateral
or on the security interests created by the Guarantee and Collateral Agreement; and 
 (f) any development or event that has had or could
reasonably be expected to have a Material Adverse Effect. 
 Each notice pursuant to this subsection 7.7 shall be accompanied by a statement of the
Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and (in the cases of clauses (a) through (f)) stating what action the Borrower proposes to take with respect thereto. 

7.8 Environmental Laws. Except to the extent the failure to do so could not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect: 
 (a) Comply with, and take commercially reasonable steps to cause all tenants and subtenants, if
any, to comply with, all applicable Environmental Laws, and obtain and comply with and maintain, and take commercially reasonable steps to cause all tenants and subtenants to obtain and comply with and maintain, any and all licenses, approvals,
notifications, registrations or permits required by applicable Environmental Laws. 
 (b) Conduct and complete all investigations, studies,
sampling and testing, and all remedial, removal and other actions to the extent required under Environmental Laws and promptly comply with all legally binding lawful orders and directives of all Governmental Authorities regarding Environmental Laws.

 7.9 [Reserved]. 

7.10 Additional Loan Parties; Pledge of Stock of Additional Subsidiaries; Additional Collateral, etc. (a) With respect to any new
wholly-owned Subsidiary of Parent (other than a Foreign Subsidiary, a Non-Significant Subsidiary, a Broadcast License Subsidiary, a Receivables Subsidiary or an Unrestricted Subsidiary, or any other Subsidiary with respect to which, in the
reasonable judgment of the Administrative Agent, determined in consultation with the Borrower, the burden, cost or consequences (including any material adverse tax consequences) of such Subsidiary providing a guarantee of the Obligations shall be
excessive in view of the benefits to be obtained by the Lenders therefrom) created or acquired after the Restatement Effective Date (including as a result of the consummation of any Business Acquisition) (which, for purposes of this clause
(a) shall include any existing wholly-owned Subsidiary that ceases to be a Foreign Subsidiary, a Non-Significant Subsidiary, a Broadcast License Subsidiary, a Receivables Subsidiary or an Unrestricted Subsidiary), promptly cause such Subsidiary
to become a party to the Guarantee and Collateral Agreement, which shall be accompanied by such resolutions, incumbency certificates and legal opinions as are reasonably requested by the Administrative Agent; provided that if any Subsidiary
of Parent (including any Foreign Subsidiary, Non-Significant Subsidiary, Broadcast License Subsidiary, Receivables Subsidiary and Unrestricted Subsidiary) shall guarantee obligations in respect of the Senior Notes or any Permitted Refinancing
thereof, such Subsidiary shall promptly become a party to the Guarantee and Collateral Agreement. 

  
 79 

 (b) (i) Pledge the Capital Stock, or other equity interests and intercompany indebtedness, owned
by any Loan Party that is created or acquired after the Restatement Effective Date pursuant to the Guarantee and Collateral Agreement (it being understood and agreed that, notwithstanding anything that may be to the contrary herein, this subsection
7.10(b) shall not require any Loan Party to pledge more than 66% of the outstanding voting stock of any of its Foreign Subsidiaries) and (ii) with regard to any property acquired by any Loan Party after the Restatement Effective Date (other
than property described in paragraphs (b)(i) or (c)) (x) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems necessary or advisable
to grant to the Administrative Agent, for the benefit of the Lenders, a security interest in such property in accordance with the Guarantee and Collateral Agreement and (y) take all actions necessary or advisable to grant to the Administrative
Agent, for the benefit of the Lenders, a perfected first priority security interest in such property, including the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral
Agreement or by law or as may be requested by the Administrative Agent. 
 (c) With respect to any fee interest in any real property having
a value (together with improvements thereof) of at least $25,000,000 acquired after the Restatement Effective Date by any Loan Party (unless subject to a Lien permitted under subsections 8.3(f) or 8.3(h)), promptly (i) execute and deliver a
first priority Mortgage, in favor of the Administrative Agent, for the benefit of the Lenders, covering such real property; provided that the California Property shall not be subject to this clause (i) unless a Loan Party owns such property on
the date that is six months following the Restatement Effective Date (or such later date as agreed by the Administrative Agent), (ii) if requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage
insurance covering such real property in an amount at least equal to the purchase price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent) as well as a current ALTA survey thereof, together with
a surveyor’s certificate, in each case, if available, and (y) any consents or estoppels reasonably deemed necessary or advisable by the Administrative Agent in connection with such Mortgage, each of the foregoing in form and substance
reasonably satisfactory to the Administrative Agent, (iii) deliver the items required by subsection 6.1(n)(ii), (iv) with respect to such real property and (iv) if requested by the Administrative Agent, deliver to the Administrative
Agent legal opinions relating to the matters described above, which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Administrative Agent. 

7.11 Broadcast License Subsidiaries. (a) Unless the Borrower shall reasonably determine with the consent of the Administrative
Agent (such consent not to be unreasonably delayed, conditioned or withheld) that doing so would cause undue expense or effort for the Borrower or its Subsidiaries, and except with respect to the FCC Licenses listed on Schedule 7.11, cause all FCC
Licenses for all Stations owned by the Borrower or its Subsidiaries (other than any Station which the Borrower or any Subsidiary has placed in a Divestiture Trust) to be held at all times by one or more Broadcast License Subsidiaries;
provided, that with regard to any FCC Licenses for Stations acquired by the Borrower or its Subsidiaries after the Restatement Effective Date, the foregoing requirement shall be deemed satisfied if such FCC Licenses are, promptly following
the acquisition of the respective Stations, assigned to and subsequently held by one or more Broadcast License Subsidiaries. 
 (b) Ensure
that each Broadcast License Subsidiary engages only in the business of holding FCC Licenses and rights and activities related thereto. 

  
 80 

 (c) Ensure that the property of each Broadcast License Subsidiary is not commingled with the
property of Parent, the Borrower or any Subsidiary other than Broadcast License Subsidiaries or otherwise remains clearly identifiable. 

(d) Ensure that no Broadcast License Subsidiary has any Indebtedness, guarantees or other liabilities except for the liabilities expressly
permitted to be incurred in accordance with the definition of “Broadcast License Subsidiary”. 
 (e) Ensure that no Broadcast
License Subsidiary creates, incurs, assumes or suffers to exist any Liens upon any of its property, assets, income or profits, whether now owned or hereafter acquired, except non-consensual Liens arising by operation of law. 

7.12 [Reserved] 
 7.13
Ratings. Use commercially reasonable efforts to obtain and maintain a corporate family and/or corporate credit rating, as applicable, and ratings in respect of the Facilities, in each case from each of S&P and Moody’s. 

7.14 Designation of Subsidiaries. (a) The board of directors of the Borrower may at any time designate any Restricted Subsidiary
(other than a Broadcast License Subsidiary) as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that (i) immediately before and after such designation, no Default or Event of Default shall
have occurred and be continuing, (ii) no Subsidiary may be designated as an Unrestricted Subsidiary if it has Indebtedness with recourse to Parent or any of its Restricted Subsidiaries, (ii) no Subsidiary may be designated as an
Unrestricted Subsidiary if it was previously designated an Unrestricted Subsidiary, (iv) no Subsidiary may be designated as an Unrestricted Subsidiary if it is party to any agreement or contract with Parent or any of its Restricted
Subsidiaries, unless the terms of such agreement are no less favorable to Parent or such Restricted Subsidiary, as applicable, than those that might be obtained from an unaffiliated third-party, (v) no Subsidiary may be designated as an
Unrestricted Subsidiary if such Subsidiary is a Person with respect to which Parent or any of its Restricted Subsidiaries has any direct or indirect obligation to make capital contributions or to maintain such Subsidiary’s financial condition,
(vi) no Subsidiary may be designated an Unrestricted Subsidiary if after giving effect to such designation, the Consolidated Total Net Leverage Ratio as of such date would exceed the ratio set forth opposite the next succeeding fiscal quarter
end in subsection 8.1 and (vii) no Unrestricted Subsidiary may engage in any transaction described in subsections 8.8 (with respect to the prepayment of any Senior Notes) or 8.15 if the Borrower is prohibited from engaging in such transaction.

 (b) The designation of any Subsidiary as an Unrestricted Subsidiary shall constitute an Investment by the Borrower therein, at the date
of designation in an amount equal to the fair market value of the Borrower’s investment therein as determined in good faith by the board of directors of the Borrower. The designation of any Unrestricted Subsidiary as a Restricted Subsidiary
shall, at the time of such designation, constitute the incurrence of any Indebtedness or Liens of such Subsidiary existing at such time. Upon a redesignation of any Subsidiary as a Restricted Subsidiary, the Borrower shall be deemed to continue to
have a permanent Investment in an Unrestricted Subsidiary in an amount (if positive) equal to (a) the Borrower’s Investment in such Subsidiary at the time of such redesignation less (b) the fair market value of the net assets
of such Subsidiary at the time of such redesignation. Any property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer, in each case as determined in good faith by the board of
directors of the Borrower. 

  
 81 

 7.15 Anti-Corruption Laws and Sanctions. The Borrower will maintain in effect and enforce
policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

SECTION 8. NEGATIVE COVENANTS. 

From and after the Restatement Effective Date, the Borrower hereby agrees that it shall not, and shall not permit any of its Restricted
Subsidiaries to, directly or indirectly so long as the Commitments remain in effect or any Loan or Note or Revolving L/C Obligation remains outstanding and unpaid, any amount remains available to be drawn under any Letter of Credit (unless the L/C
Exposure related thereto has been fully Cash Collateralized) or any other amount is owing to any Lender (other than (i) under any Specified Swap Agreements or Specified Cash Management Agreements and (ii) indemnities and other contingent
liabilities not then due and payable that survive repayment of the Loans), the Issuing Lender or the Administrative Agent hereunder: 
 8.1
Financial Condition Covenants. Permit, other than during a Suspension Period, the Consolidated First Lien Net Leverage Ratio as of the last day of any fiscal quarter set forth below to be greater than the ratio set forth opposite such date
below: 
  

			
	 Period
	  	Consolidated First Lien Net
Leverage Ratio
	 December 31, 2014
	  	5.75 to 1.00
	 March 31, 2015
	  	5.50 to 1.00
	 June 30, 2015
	  	5.50 to 1.00
	 September 30, 2015
	  	5.50 to 1.00
	 December 31, 2015
	  	5.50 to 1.00
	 March 31, 2016
	  	5.00 to 1.00
	 June 30, 2016
	  	5.00 to 1.00
	 September 30, 2016
	  	5.00 to 1.00
	 December 31, 2016
	  	5.00 to 1.00
	 March 31, 2017
	  	4.50 to 1.00
	 June 30, 2017
	  	4.50 to 1.00
	 September 30, 2017
	  	4.25 to 1.00
	 December 31, 2017
	  	4.25 to 1.00
	 March 31, 2018 and thereafter
	  	4.00 to 1.00

 Solely for purposes of determining compliance with the financial covenant set forth herein, any cash equity
contribution (which equity shall be common equity or other equity that is not Disqualified Stock) made to the Borrower during the period commencing 15 days prior to the end of the relevant fiscal quarter and on or prior to the day that is 10
Business Days after the day on which financial statements are required to be delivered pursuant to subsection 7.1(a) or subsection 7.1(b), as applicable, shall, at the request of Borrower, be included in the calculation of Consolidated EBITDA for
the purposes of determining compliance with the financial covenant set forth herein for periods including such fiscal quarter (any such equity contribution so included in the calculation of Consolidated EBITDA, a “Specified Equity
Contribution”); provided that (a) in each four fiscal quarter-period there shall be a period of at least two fiscal quarters in which no Specified Equity Contribution is made and there shall not be more than five Specified
Equity Contributions during the term of this Agreement, (b) the amount of any Specified Equity Contribution shall be no greater than the amount required to cause the Borrower to be in compliance with the financial covenant set forth herein and
(c) upon the Administrative Agent’s 

  
 82 

 
receipt of any such request of Borrower to include any Specified Equity Contribution in the calculation of Consolidated EBITDA, until the 10th
Business Day after the applicable day on which financial statements are required to be delivered pursuant to subsection 7.1(a) or subsection 7.1(b), as applicable, no Lender Party shall exercise any right to accelerate the Loans or terminate the
Commitments and no Lender Party shall exercise any right to foreclose on or take possession of the Collateral solely on the basis of an Event of Default having occurred and being continuing as a result of a breach of this subsection 8.1. For the
avoidance of doubt, all Specified Equity Contributions shall be disregarded for all other purposes of this Agreement. 
 8.2
Indebtedness. Create, incur, assume or suffer to exist any Indebtedness, except: 
 (a) (i) Indebtedness of the Loan Parties under
this Agreement (including Indebtedness in respect of Letters of Credit or any Incremental Facility) and Permitted Refinancings thereof; 

(b) Indebtedness of the Borrower to any Restricted Subsidiary and of any Restricted Subsidiary to any other Restricted Subsidiary;
provided that (i) any such Indebtedness owed by a Loan Party to a Person that is not a Loan Party shall be unsecured and subordinated in right of payment to the payment in full of the Obligations on terms reasonably satisfactory to the
Administrative Agent and (ii) Indebtedness of Restricted Subsidiaries that are not Subsidiary Guarantors to the Borrower or any Subsidiary Guarantor must also be permitted under subsection 8.7; 

(c) Indebtedness of the Borrower or any of its Restricted Subsidiaries in respect of any foreign currency exchange contracts, interest rate
swap arrangements or other derivative contracts or transactions, other than any such contracts, arrangements or transactions entered into by the Borrower or any of its Restricted Subsidiaries for speculative purposes; 

(d) Indebtedness of the Borrower or any of its Restricted Subsidiaries consisting of reimbursement obligations under surety, indemnity,
performance, release and appeal bonds, in each case required in the ordinary course of business or in connection with the enforcement of rights or claims of the Borrower and its Restricted Subsidiaries, and letters of credit obtained in support
thereof in the ordinary course of business; 
 (e) existing Indebtedness of the Borrower or any of its Restricted Subsidiaries listed on
Schedule 8.2 hereto including any extension or renewals or refinancing thereof, provided the principal amount thereof is not increased; 

(f) (i) any Indebtedness of any Person that becomes a Restricted Subsidiary in connection with a Permitted Acquisition after the Closing Date,
(ii) any Indebtedness of any Person that is assumed by a Restricted Subsidiary in connection with an acquisition of assets by such Restricted Subsidiary in connection with a Permitted Acquisition after the Closing Date, and (iii) any
Permitted Refinancing in respect of any Indebtedness set forth in the immediately preceding clauses (i) and (ii); provided that (x) in the case of clauses (i) and (ii) such Indebtedness exists at the time of such Permitted
Acquisition and is not created in contemplation of or in connection with such Permitted Acquisition, (y) the aggregate principal amount of all Indebtedness of Restricted Subsidiaries that are not Subsidiary Guarantors outstanding under this
clause (f) shall not exceed $75,000,000 at any time and (z) no Group Member (other than such Person that becomes a Restricted Subsidiary of the Borrower or the Restricted Subsidiary, as the case may be, that so assumes such Person’s
Indebtedness) shall guarantee or otherwise become liable for the payment of such Indebtedness; 

  
 83 

 (g) letters of credit of the Borrower and its Restricted Subsidiaries; provided that the
aggregate face amount of such letters of credit shall not exceed $10,000,000 outstanding at any time; 
 (h) Indebtedness of the Borrower in
respect of the Senior Notes outstanding on the Restatement Effective Date and any Permitted Refinancing thereof; 
 (i) Indebtedness
consisting of promissory notes issued by the Borrower and its Subsidiaries to current or former directors, officers, employees, members of management or consultants of such person (or their respective estate, heirs, family members, spouse or former
spouse) to finance the repurchase of shares of Parent permitted by subsection 8.8; 
 (j) (i) Indebtedness of the Borrower or any Restricted
Subsidiary (including Capital Lease Obligations) incurred to finance the acquisition, construction, repair, replacement, lease or improvement of fixed or capital assets (or the purchase of the Capital Stock of any Person owning such assets) in an
amount not to exceed $100,000,000 at any time outstanding; provided that such Indebtedness is incurred prior to or within 365 days after the applicable acquisition, construction, repair, replacement or improvement, (ii) Indebtedness
arising out of sale-leaseback transactions permitted hereunder and (iii) any Permitted Refinancing of any Indebtedness set forth in the immediately preceding clauses (i) and (ii); 

(k) cash management obligations and other Indebtedness of the Borrower and any Restricted Subsidiaries in respect of netting services,
overdraft protections, employee credit card programs, automatic clearing house arrangements and other similar arrangements in each case in connection with deposit accounts; 

(l) unsecured Indebtedness arising from agreements of the Borrower and its Restricted Subsidiaries providing for seller financing, deferred
purchase price, contingent liabilities in respect of any indemnification obligations, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with any Business Acquisition; provided,
however, that (i) such Indebtedness is not reflected on the balance sheet of the Borrower or any of its Restricted Subsidiaries prepared in accordance with GAAP (contingent obligations referred to in a footnote to financial statements
and not otherwise reflected on the balance sheet will not be deemed to be reflected on such balance sheet for purposes of this clause (i)), (ii) with respect to a disposition, the maximum assumable liability in respect of all such Indebtedness
shall at no time exceed the gross proceeds including non-cash proceeds (the fair market value of such non-cash proceeds being measured at the time received and without giving effect to any subsequent changes in value) actually received by the
Borrower and its Restricted Subsidiaries in connection with such disposition and (iii) as of the date of incurrence of any Indebtedness under this clause (l), the Consolidated Total Net Leverage Ratio (determined (i) on a pro forma
basis, after giving effect to the incurrence of such Indebtedness, and (ii) excluding the proceeds of such Indebtedness in the calculation of unrestricted cash and Cash Equivalents) of the Borrower and the Subsidiary Guarantors as of such date)
is less than or equal to 6.25 to 1.00; 
 (m) Indebtedness of the Borrower or any of its Restricted Subsidiaries consisting of
(i) financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(n) Indebtedness of the Borrower or any of its Restricted Subsidiaries incurred pursuant to the GE Receivables Facility or any other
Receivables Facility, in an aggregate amount outstanding not to exceed $50,000,000 at any time; 

  
 84 

 (o) Indebtedness of the Borrower or any of its Restricted Subsidiaries; provided that, as
of the date of incurrence of any such Indebtedness, the Consolidated Total Net Leverage Ratio (determined (i) on a pro forma basis, after giving effect to the incurrence of such Indebtedness, and (ii) excluding the proceeds of such
Indebtedness in the calculation of unrestricted cash and Cash Equivalents) of the Borrower and the Subsidiary Guarantors as of such date is less than or equal to 6.25 to 1.00; 

(p) other unsecured Indebtedness of the Borrower or any of its Restricted Subsidiaries in an aggregate principal amount not to exceed, at any
time, the sum of (i) $100,000,000 and (ii) the aggregate amount of cash capital contributions (other than any Specified Equity Contribution and any cash capital contributions included in the calculation of the Available Amount to the
extent such cash capital contributions have been applied pursuant to the definition of Available Amount to make an Investment pursuant to subsection 8.7(r) or a Restricted Payment pursuant to subsection 8.8(b) received by the Borrower after the
Closing Date; and 
 (q) junior lien secured or unsecured notes (such notes, “Incremental Notes”); provided that
(A) the aggregate initial principal amount of all Incremental Notes shall not exceed (i) together with the aggregate initial principal amount of all Incremental Facilities incurred pursuant to Section 4.25, $200,000,000 plus
(ii) an additional amount if, after giving effect to such additional amount, on a pro forma basis the Consolidated Senior Secured Leverage Ratio as of the last day of the most recently ended fiscal quarter does not exceed 4.75:1.00 (assuming
all such additional amounts were senior secured debt, whether or not such debt is senior or secured) and (B) such Incremental Notes do not mature on or prior to the date that is 91 days following the final stated maturity date of, or have a
shorter weighted average life than, the Term Loans; 
 provided that the aggregate amount of Indebtedness of Restricted Subsidiaries that are not
Subsidiary Guarantors (other than Indebtedness set forth on Schedule 8.2 and any Permitted Refinancings thereof) shall not exceed $100,000,000 at any time. 

8.3 Limitation on Liens. Create, incur, assume or suffer to exist any Lien upon any of its property, assets, income or profits, whether
now owned or hereafter acquired, except: 
 (a) Liens for taxes, assessments or other governmental charges not yet overdue by more than 30
days or not yet payable or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower or such Subsidiary, as the case may be, in accordance with GAAP;

 (b) carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s or other like Liens
arising by operation of law, in each case in the ordinary course of business in respect of obligations which are not yet due and payable or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect
thereto are maintained on the books of the Borrower or such Subsidiary, as the case may be, in accordance with GAAP; 
 (c) (i) pledges or
deposits in connection with workmen’s compensation, unemployment insurance and other social security legislation and/or securing liability for reimbursement or indemnification obligations of insurance carriers providing property, casualty or
liability insurance to the Borrower or any Restricted Subsidiary; 
 (d) (i) easements, right-of-way, zoning, other land use regulations and
similar restrictions and other similar encumbrances or title defects incurred, or leases or subleases granted to others, in the ordinary course of business, which, in the aggregate do not materially detract from the value of the property subject
thereto or do not interfere with or adversely affect in any material respect the ordinary conduct of the business of the Borrower and its Restricted Subsidiaries taken as a whole and (ii) any exceptions set forth in any title policies with
respect to Mortgaged Properties; 

  
 85 

 (e) (i) Liens pursuant to the Loan Documents; 

(f) Liens on assets of entities or Persons which become Restricted Subsidiaries of the Borrower after the Closing Date; provided that
such Liens exist at the time such entities or Persons become Subsidiaries and are not created in anticipation thereof; 
 (g) Liens on
documents of title and the property covered thereby securing Indebtedness in respect of the Letters of Credit which are Commercial L/Cs; 

(h) Liens securing any Indebtedness permitted under subsection 8.2(j); provided that (i) such security interests and the
Indebtedness secured thereby are incurred prior to or within 365 days after such acquisition or the completion of such construction or improvement, (ii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing,
repairing, replacing, leasing or improving such fixed or capital assets and (iii) such security interests shall not apply to any other property or assets of the Borrower or any Restricted Subsidiary (other than proceeds and products thereof);
provided, that individual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment provided by such lender on customary terms; 

(i) existing Liens described in Schedule 8.3 and renewals thereof; provided that no such Lien is spread to cover any additional
property after the Restatement Effective Date other than proceeds and products thereof and that the amount secured thereby is not increased (except in accordance with subsection 8.3(z)); 

(j) Liens securing arrangements permitted by the proviso contained in subsection 8.10; 

(k) deposits to secure the performance of bids, trade contracts (other than for borrowed money), leases, licenses, statutory obligations,
surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
 (l) Liens
securing Indebtedness owing to the Borrower or any Subsidiary Guarantor under subsection 8.2(b); 
 (m) any Lien existing on any property or
asset prior to the acquisition thereof by the Borrower or any Restricted Subsidiary or existing on any property or asset of any Person that becomes a Restricted Subsidiary after the Closing Date prior to the time such Person becomes a Restricted
Subsidiary (including in connection with any acquisition permitted under subsection 8.7); provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Restricted
Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Restricted Subsidiary (other than proceeds or products thereof) and other than after-acquired property subject to a Lien
securing such Indebtedness, the terms of which Indebtedness require or include a pledge of after-acquired property (it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have
applied but for such acquisition) and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person becomes a Restricted Subsidiary, as the case may be, and extensions, renewals and
replacements thereof that do not increase the outstanding principal amount thereof; 
 (n) Liens securing Indebtedness of the Borrower or
any Restricted Subsidiary incurred pursuant to subsection 8.2(n); 

  
 86 

 (o) Liens securing any Permitted Refinancing permitted under subsection 8.2; provided that
such security interests shall not apply to any property or assets that were not collateral for the Indebtedness being refinanced; 
 (p)
Liens securing obligations of the Borrower or any Restricted Subsidiary incurred in the ordinary course of business in an aggregate amount not to exceed $75,000,000 at any time; 

(q) Liens securing judgments for the payment of money not constituting an Event of Default under Section 9(h) so long as such Liens (to
the extent covering Collateral) are junior to the Liens created pursuant to the Security Documents; 
 (r) leases, licenses, subleases or
sublicenses granted to others in the ordinary course of business and not interfering in any material respect with the business of the Borrower or any of its Restricted Subsidiaries; 

(s) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection,
and (ii) in favor of a banking or other financial institution arising as a matter of law or granted in the ordinary course of business and under customary general terms and conditions encumbering deposits (including the right of set-off) and
which are within the general parameters customary in the banking industry; provided that, in the case of this clause (ii), unless such Liens are non-consensual and arise by operation of law, in no case shall any such Liens secure (either
directly or indirectly) the repayment of any Indebtedness for borrowed money; 
 (t) Liens (i) on cash advances in favor of the seller
of any property to be acquired in an Investment permitted pursuant to subsections 8.7(c), 8.7(k), 8.7(r), 8.7(t) or 8.7(u) to be applied against the purchase price for such Investment, or (ii) consisting of an agreement to dispose of any
property in a disposition permitted under subsection 8.6, in each case, solely to the extent such Investment or disposition, as the case may be, would have been permitted on the date of the creation of such Lien; 

(u) purported Liens evidenced by the filing of precautionary Uniform Commercial Code financing statements relating solely to operating leases
of personal property entered into by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business; 
 (v) any
interest or title of a lessor, sublessor, licensee, sublicensee, licensor or sublicensor under any lease, sublease, license or sublicense arrangement (including software and other technology licenses) entered into by the Borrower or any other
Restricted Subsidiary in the ordinary course of its business and which could not reasonably be expected, either individually or in the aggregate, to have a Material Adverse Effect; 

(w) Liens on Cash Collateral granted in favor of any Lenders and/or the Issuing Lender created as a result of any requirement to Cash
Collateralize pursuant to this Agreement; 
 (x) Liens solely on any cash earnest money deposits made by the Borrower or any of its
Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted under this Agreement; 
 (y) Liens on cash
or Cash Equivalents used to defease or to satisfy and discharge Indebtedness, provided that such defeasance or satisfaction and discharge is permitted hereunder; 

  
 87 

 (z) other Liens securing Indebtedness of the Borrower or any Restricted Subsidiary;
provided that (i) with respect to any Liens securing Indebtedness on a pari passu basis with the Liens securing the Obligations, at the time of incurrence of such Lien, the Consolidated First Lien Net Leverage Ratio as of such date
(determined on a pro forma basis, after giving effect to the incurrence of any Indebtedness and such Lien (but excluding the proceeds of any such Indebtedness in the calculation of unrestricted cash and Cash Equivalents)) is less than
or equal to 4.00 to 1.00 and (ii) otherwise, the Consolidated Senior Secured Net Leverage Ratio as of such date (determined on a pro forma basis, after giving effect to the incurrence of any Indebtedness and such Lien (but
excluding the proceeds of any such Indebtedness in the calculation of unrestricted cash and Cash Equivalents)) is less than or equal to 5.00 to 1.00; provided further that the Liens securing such Indebtedness are pari passu with, or
junior to, the Liens securing the Obligations, and such Liens shall be subject to an intercreditor agreement reasonably satisfactory to the Administrative Agent; 

(aa) Liens granted by any Receivables Subsidiary on any accounts receivable of such Receivables Subsidiary or accounts into which collections
or proceeds of such accounts receivable are deposited, in each case arising in connection with a Receivables Facility; and 
 (bb) Liens
securing Incremental Notes, provided that such Incremental Notes shall be secured only by Liens that are junior to the Liens securing the Obligations and such Liens shall be subject to intercreditor arrangements reasonably satisfactory to the
Administrative Agent. 
 8.4 Limitation on Contingent Obligations. Create, incur, assume or suffer to exist any Contingent Obligation
except: 
 (a) guarantees by the Borrower or any Restricted Subsidiaries of obligations to third parties made in the ordinary course of
business in connection with relocation of employees of the Borrower or any of its Restricted Subsidiaries; 
 (b) guarantees by the Borrower
and its Restricted Subsidiaries incurred in the ordinary course of business for an aggregate amount not to exceed $30,000,000 at any one time; 

(c) existing Contingent Obligations described in Schedule 8.4 including any extensions or renewals thereof; 

(d) Contingent Obligations of the Borrower or any of its Restricted Subsidiaries in respect of any foreign currency exchange contracts,
interest rate swap arrangements or other derivative contracts or transactions, other than any such contracts, arrangements or transactions entered into by the Borrower or any of its Restricted Subsidiaries for speculative purposes; 

(e) Contingent Obligations of any Subsidiary Guarantor pursuant to the Guarantee and Collateral Agreement; 

(f) guarantees by the Borrower and its Restricted Subsidiaries of (i) Indebtedness of the Borrower and its Restricted Subsidiaries
permitted under subsection 8.2 (other than clause (f) thereof) and (ii) obligations (other than Indebtedness) of the Borrower and its Restricted Subsidiaries not prohibited hereunder; provided that (i) any guarantee by the
Borrower or a Restricted Subsidiary of Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor shall only be permitted to the extent permitted by subsection 8.7(b) and (ii) with respect to any guarantee by a Subsidiary
Guarantor, if the Indebtedness so guaranteed is subordinated in right of payment to the Obligations, such guarantee shall be subordinated in right of payment to the guarantee of the Obligations on terms at least as favorable on the whole to the
Lenders as those contained in the documentation governing the Indebtedness being guaranteed; 

  
 88 

 (g) guarantees by the Borrower and any Subsidiary Guarantor of the obligations under the Senior
Notes and any Permitted Refinancing thereof; and 
 (h) guarantees by the Borrower or any Restricted Subsidiary of Indebtedness permitted
under subsection 8.2(f), so long as such guarantee is permitted by the terms of such subsection. 
 8.5 Prohibition of Fundamental
Changes. Enter into any transaction of acquisition of, or merger or consolidation or amalgamation with, any other Person (including any Restricted Subsidiary or Affiliate of Parent or any of its Subsidiaries), or transfer all or substantially
all of its assets to any Unrestricted Subsidiary or Foreign Subsidiary, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or engage in any business other than business conducted or proposed to be conducted by the
Borrower and its Restricted Subsidiaries on the Restatement Effective Date or any business that is similar, reasonably related, incidental, complementary or ancillary thereto, including without limitation in broadcasting and other media businesses,
except for (a) the transactions otherwise permitted pursuant to subsections 8.6 and 8.7; provided that the Borrower may not merge, consolidate or amalgamate with any Person unless the Borrower is the continuing or surviving Person,
(b) the liquidation or dissolution of any Restricted Subsidiary if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders, (c)(i)
any Restricted Subsidiary that is not a Subsidiary Guarantor may merge, amalgamate or consolidate with or into any other Restricted Subsidiary (provided that in any such transaction involving a Subsidiary Guarantor, a Subsidiary Guarantor
must be the continuing or surviving Person) and (ii) the Borrower or any Restricted Subsidiary may change its legal form if the Borrower determines in good faith that such action is in the best interest of the Borrower and its Restricted
Subsidiaries and is not materially disadvantageous to the Lenders (it being understood that in the case of any change in legal form, a Subsidiary that is a Subsidiary Guarantor will remain a Subsidiary Guarantor unless such Subsidiary Guarantor is
otherwise permitted to cease being a Subsidiary Guarantor hereunder) and (d) any Restricted Subsidiary may dispose of any or all of its assets to the Borrower or to another Restricted Subsidiary (upon voluntary liquidation or otherwise);
provided that if the transferor in such a transaction is a Subsidiary Guarantor, then (i) the transferee or assignee must be a Subsidiary Guarantor or the Borrower or (ii) to the extent constituting an Investment, such Investment
must be a permitted Investment in or Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor in accordance with subsections 8.2 and 8.7 respectively or pursuant to a disposition permitted by subsection 8.6. 

8.6 Prohibition on Sale of Assets. Convey, sell, lease, assign, transfer or otherwise dispose of any of its property, business or
assets (including tax benefits, receivables and leasehold interests), whether now owned or hereafter acquired except: 
 (a) the sale or
other disposition by the Borrower or any of its Restricted Subsidiaries of any personal property that, in the reasonable judgment of the Borrower, has become uneconomic, obsolete or worn out or no longer used or useful in the conduct of the business
of the Borrower or any Restricted Subsidiaries, and which is disposed of in the ordinary course of business; 
 (b) sales of inventory by
the Borrower or any of its Restricted Subsidiaries made in the ordinary course of business; 
 (c) any Restricted Subsidiary may sell,
lease, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower or a wholly-owned Restricted Subsidiary that is a Domestic Subsidiary of the Borrower (including by way of merging such
Subsidiary into another wholly-owned Restricted Subsidiary that is a Domestic Subsidiary or the Borrower) or make any investment permitted by subsection 8.7, and any Restricted Subsidiary may sell or otherwise dispose of, or part with control of any
or all of, the stock of any Restricted Subsidiary to the Borrower, to a 

  
 89 

 
wholly-owned Restricted Subsidiary that is a Domestic Subsidiary of the Borrower or to any other Restricted Subsidiary to the extent such transfer constitutes an investment permitted by
subsection 8.7; provided that in either case such transfer shall not cause such wholly-owned Domestic Subsidiary to become a Foreign Subsidiary and provided further that no such transaction may be effected if it would result in
the transfer of any assets of, or any stock of, a Restricted Subsidiary to another Restricted Subsidiary whose Capital Stock has not been pledged to the Administrative Agent or which has pledged a lesser percentage of its Capital Stock to the
Administrative Agent than was pledged by the transferor Restricted Subsidiary unless, in any such case, after giving effect to such transaction, the stock of such other Restricted Subsidiary is not required to be pledged under the definition of
Guarantee and Collateral Agreement or under subsection 7.10(b); 
 (d) any Foreign Subsidiary of the Borrower may sell, lease, transfer or
otherwise dispose of any or all of its assets (upon voluntary liquidation or by merger, consolidation, transfer of assets, or otherwise) to the Borrower or a wholly-owned Restricted Subsidiary and any Foreign Subsidiary of the Borrower may sell or
otherwise dispose of, or part control of any or all of, the Capital Stock of, or other equity interests in, any Foreign Subsidiary of the Borrower to a wholly-owned Restricted Subsidiary; provided that in either case such transfer shall not
cause a Domestic Subsidiary to become a Foreign Subsidiary; 
 (e) the sale or other disposition by the Borrower or any of its Restricted
Subsidiaries of other assets consummated after the Restatement Effective Date, provided that (i) such sale or other disposition shall be made for fair value on an arm’s-length basis, (ii) with respect to the sale or other
disposition of Broadcast Assets, if the consideration for such sale or other disposition exceeds $10,000,000, the consideration for such sale or other disposition consists of at least 75% in cash and Cash Equivalents (provided that to the
extent the consideration for all such sales or other dispositions made in reliance on this clause (e) of Broadcast Assets for which the consideration was $10,000,000 or less exceeds $50,000,000 in the aggregate, the consideration for any sale
or other disposition of a Broadcast Asset made thereafter in reliance on this clause (e) shall consist of at least 75% in cash and Cash Equivalents), (iii) with respect to the sale or other disposition of assets that are not Broadcast
Assets (“Non-Broadcast Assets”), to the extent the aggregate consideration for all such sales or other dispositions of Non-Broadcast Assets made in reliance on this clause (e) exceeds $25,000,000 in the aggregate, the
consideration for such sale or other disposition consists of at least 75% in cash and Cash Equivalents and (iv) at any time that the Consolidated Total Leverage Ratio for the Test Period most recently ended is greater than 5.00 to 1.00 and the
Borrower has sold or disposed of assets in reliance on this clause (e) and subsection 8.6(f) in excess of $500,000,000 in the aggregate, the Reinvestment Rights provided in subsection 4.6(b) shall only be available to the extent that, at the
time of receipt of such Net Proceeds, no Term Loans remain outstanding; 
 (f) the one-time sale or other disposition by the Borrower or any
of its Restricted Subsidiaries of a Non-Broadcast Asset, provided that (i) such sale or other disposition shall be made for fair value on an arm’s-length basis, (ii) the Consolidated EBITDA of the Borrower and its Restricted
Subsidiaries generated by such Non-Broadcast Asset for the Test Period most recently ended represents less than 5% of the Consolidated EBITDA of the Borrower and its Restricted Subsidiaries for such Test Period, (iii) at any time that the
Consolidated Total Leverage Ratio for the Test Period most recently ended is greater than 5.00 to 1.00 and the Borrower has sold or disposed of assets in reliance on this clause (f) and subsection 8.6(e) in excess of $500,000,000 in the
aggregate, the Reinvestment Rights provided in subsection 4.6(b) shall only be available to the extent that, at the time of receipt of such Net Proceeds, no Term Loans remain outstanding and (iv) substantially concurrently with the consummation
of such sale or other disposition, the Borrower shall provide the Administrative Agent with a certificate of a Responsible Officer certifying that such sale or other disposition is being effected pursuant to this clause (f) and that such sale
or other disposition complies with the provisions of this clause (f); 

  
 90 

 (g) the sale or other disposition by the Borrower or any of its Restricted Subsidiaries (or a
Divestiture Trust which holds assets) of (x) Stations (and related Broadcast Assets) listed on Schedule 8.6 or (y) Stations (and related Broadcast Assets) or other assets acquired in any acquisition permitted under subsection 8.7, in each
case to the extent such sale or other disposition is required by applicable law or rule, regulation or order of the FCC; provided that (i) any such sale or other disposition shall be made for fair value on an arms’ length basis,
(ii) if the consideration for such sale or other disposition exceeds $15,000,000, the consideration for such sale or other disposition consists of at least 75% in cash and Cash Equivalents, and (iii) the Net Proceeds from such sale or
other disposition shall be applied in accordance with subsection 4.6; 
 (h) dispositions by the Borrower or any of its Restricted
Subsidiaries of past due accounts receivable in connection with the collection, write down or compromise thereof; 
 (i) leases, subleases,
or sublicenses of property by the Borrower or any of its Restricted Subsidiaries, and dispositions of intellectual property by the Borrower or any of its Restricted Subsidiaries in the ordinary course of business, in each case that do not materially
interfere with the business of the Borrower and its Restricted Subsidiaries, and dispositions of intellectual property under a research or development agreement in which the other party receives a license to intellectual property that results from
such agreement; 
 (j) transfers by the Borrower or any of its Restricted Subsidiaries of property subject to any casualty event, including
any condemnation, taking or similar event and any destruction, damage or any other casualty loss; 
 (k) dispositions by the Borrower or any
of its Restricted Subsidiaries in the ordinary course of business consisting of the abandonment of intellectual property which, in the reasonable good faith determination of the Borrower or any of its Restricted Subsidiaries, are uneconomical,
negligible, obsolete or otherwise not material in the conduct of its business; 
 (l) sales by the Borrower or any of its Restricted
Subsidiaries of immaterial non-core assets acquired in connection with a Business Acquisition which are not used in the business of the Borrower and its Restricted Subsidiaries; 

(m) any disposition by the Borrower or any of its Restricted Subsidiaries of real property to a Governmental Authority as a result of a
condemnation of such real property; 
 (n) exclusive or non-exclusive licenses or similar agreements entered into by the Borrower or any of
its Restricted Subsidiaries in respect of intellectual property; 
 (o) the sale of any equity interest in an Unrestricted Subsidiary; 

(p) any disposition, assignment or writedown by the Borrower or any of its Restricted Subsidiaries of the Gleiser Note; 

(q) substantially concurrent sales, transfers and other dispositions by the Borrower or any of its Restricted Subsidiaries of business assets
to the extent the assets provided by the Borrower or the applicable Restricted Subsidiary, as the case may be, are exchanged substantially simultaneously for business assets of comparable or greater usefulness to the business of the Borrower,
provided that (i) no more than 30% of any consideration given by the Borrower or its Restricted Subsidiaries for such asset swap consists of cash or Cash Equivalents and (ii) the Borrower or such Restricted Subsidiary receives
consideration at least equal to the fair market value (as determined in good faith by the Borrower) of the assets sold, transferred or otherwise disposed of (each such asset swap, a “Permitted Asset Swap”); 

  
 91 

 (r) to the extent constituting dispositions, mergers, consolidations and liquidations permitted
by subsection 8.5, Restricted Payments permitted by subsection 8.8, Investments permitted by Section 8.7 (other than Section 8.7(i)) and Liens permitted by subsection 8.3; 

(s) dispositions by the Borrower or any of its Restricted Subsidiaries of cash and Cash Equivalents; 

(t) dispositions by the Borrower or any of its Restricted Subsidiaries of Investments in joint ventures to the extent required by, or made
pursuant to customary buy/sell arrangements between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 

(u) the unwinding by the Borrower or any of its Restricted Subsidiaries of any Swap Agreement in accordance with its terms; 

(v) terminations of leases, subleases, licenses and sublicenses by the Borrower or any of its Restricted Subsidiaries in the ordinary course
of business; 
 (w) sale leasebacks by the Borrower or any of its Restricted Subsidiaries permitted by subsection 8.10; and 

(x) sales, transfers and dispositions by the Borrower or any of its Restricted Subsidiaries of accounts receivable pursuant to a Receivables
Facility. 
 8.7 Limitation on Investments, Loans and Advances. Make any advance, loan, extension of credit or capital contribution
to, or purchase any stock, bonds, notes, debentures or other securities of, or any assets constituting a business unit of, or make or maintain any other investment in, any Person (all of the foregoing, “Investments”), except: 

(a) (i) loans or advances by the Borrower or any of its Restricted Subsidiaries in respect of intercompany accounts attributable to the
operation of the Borrower’s cash management system and (ii) loans or advances by the Borrower or any of its Restricted Subsidiaries to a Subsidiary Guarantor (or a Restricted Subsidiary that would be a Subsidiary Guarantor but for the
lapse of time until such Restricted Subsidiary is required to be a Subsidiary Guarantor); 
 (b) Investments by the Borrower and its
Restricted Subsidiaries in Subsidiaries of the Borrower that are not Subsidiary Guarantors; provided that at all times the aggregate amount of all such Investments at any time outstanding, together with any guarantees by the Borrower and its
Restricted Subsidiaries of Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor, shall not exceed $25,000,000; 
 (c)
Investments by the Borrower and the Restricted Subsidiaries, not otherwise described in this subsection 8.7, in the Borrower or in Subsidiary Guarantors (or a Subsidiary that would be a Subsidiary Guarantor but for the lapse of time until such
Subsidiary is required to be a Subsidiary Guarantor) that otherwise are not prohibited under the terms of this Agreement; 
 (d) any
Restricted Subsidiary of the Borrower may make Investments in the Borrower (by way of capital contribution or otherwise); 

  
 92 

 (e) the Borrower and its Restricted Subsidiaries may invest in, acquire and hold (i) Cash
Equivalents and cash and (ii) other cash equivalents invested in or held with any financial institutions to the extent such amounts under this clause (ii) do not exceed $5,000,000 per individual institution and $25,000,000 in the aggregate
at any one time; 
 (f) the Borrower or any of its Restricted Subsidiaries may make travel and entertainment advances and relocation loans
in the ordinary course of business to officers, employees and agents of the Borrower or any such Restricted Subsidiary not to exceed $10,000,000 in the aggregate at any one time; 

(g) the Borrower or any of its Restricted Subsidiaries may make payroll advances in the ordinary course of business; 

(h) the Borrower or any of its Restricted Subsidiaries may acquire and hold receivables owing to it, if created or acquired in the ordinary
course of business and payable or dischargeable in accordance with customary trade terms (provided that nothing in this clause shall prevent the Borrower or any Restricted Subsidiary from offering such concessionary trade terms, or from
receiving such investments or any other investments in connection with the bankruptcy or reorganization of their respective suppliers or customers or the settlement of disputes with such customers or suppliers arising in the ordinary course of
business, as management deems reasonable in the circumstances); 
 (i) the Borrower and its Restricted Subsidiaries may make Investments in
connection with asset sales permitted by subsection 8.6(e), (f) or (g) or to which the Required Lenders consent; 
 (j) existing
Investments of the Borrower described in Schedule 8.7; 
 (k) the Borrower and its Restricted Subsidiaries may in a single transaction or
series of related transactions, make acquisitions (by merger, purchase, lease (including any lease that contains up-front payments and/or buyout options) or otherwise) of any business, division or line of business or all or substantially all of the
outstanding Capital Stock of any corporation or other entity (other than any director’s qualifying shares or any options for equity interests that cannot, as a matter of law, be cancelled, redeemed or otherwise extinguished without the express
agreement of the holder thereof at or prior to acquisition) or any Station and Broadcast Assets related thereto as long as (i) immediately after giving effect thereto, no Default or Event of Default shall have occurred and be continuing
(provided that this clause (i) shall not apply with respect to any acquisition made pursuant to a legally binding commitment entered into at a time when no Default existed or would result from the making of such acquisition),
(ii) as of the date of such acquisition, the Consolidated First Lien Net Leverage Ratio (determined on a pro forma basis, after giving effect to such acquisition and any incurrence of Indebtedness in connection therewith (but
excluding the proceeds of any such Indebtedness in the calculation of unrestricted cash and Cash Equivalents)) is less than or equal to the greater of (A) the Consolidated First Lien Net Leverage Ratio as of the last day of the most recently
ended fiscal quarter and (B) 5.00 to 1.00, (iii) all actions required to be taken with respect to any acquired assets or acquired or newly formed Subsidiary under subsection 7.10 shall be taken substantially simultaneously with
consummation of such acquisition (or such longer period of time as the Administrative Agent shall agree in its sole discretion), (iv) any acquisition of an Unrestricted Subsidiary pursuant to this clause (k) shall be an Investment
permitted by a provision of this subsection 8.7 (other than this clause (k)), (v) any such newly acquired Subsidiary shall not be liable for any Indebtedness except for Indebtedness permitted by subsection 8.2 and (vi) with respect to any
such acquisition that involves aggregate consideration in excess of $20,000,000, the Borrower has delivered to the Administrative Agent a certificate of a Responsible Officer to the effect set forth in clauses (i) through (v) above,
together with all relevant 

  
 93 

 
financial information for the Person or assets to be acquired; provided that the aggregate consideration (whether cash or property, as valued in good faith by the board of directors of the
Borrower) given by the Borrower and its Restricted Subsidiaries for all acquisitions consummated after the Restatement Effective Date in reliance on this clause (k) of Persons that do not, upon the acquisition thereof, become Subsidiary
Guarantors shall not exceed the greater of (x) $35,000,000 and (y) 1% of Consolidated Total Assets; 
 (l) (i) Investments by the
Borrower and any Restricted Subsidiaries in any business, division, line of business or Person acquired pursuant to a Permitted Acquisition so long as the conditions to the making of any Permitted Acquisition set forth in subsection 8.7(k) are
satisfied mutatis mutandis with respect to the making of such Investment and (ii) Investments of any Person in existence at the time such Person becomes a Restricted Subsidiary pursuant to a Business Acquisition (provided
that such Investment was not made in connection with or anticipation of such Person becoming a Restricted Subsidiary); 
 (m) the Borrower
and its Restricted Subsidiaries may make loans or advances to, or acquisitions or other Investments in, other Persons (exclusive of (i) Unrestricted Subsidiaries and (ii) Persons which are, or become, Foreign Subsidiaries) that constitute
or are in connection with joint ventures, provided the amount of such Investments shall not exceed in the aggregate $30,000,000 at any time outstanding for Investments made with cash or Cash Equivalents and $20,000,000 at any time outstanding
for other Investments; 
 (n) the Borrower and its Restricted Subsidiaries may make loans or advances to, or other Investments in, or
otherwise transfer funds (including by way of repayment of loans or advances) to, Foreign Subsidiaries that are Restricted Subsidiaries (including new Foreign Subsidiaries that are to become Restricted Subsidiaries); provided the amount of
such Investments shall not exceed in the aggregate $5,000,000 at any time outstanding; 
 (o) the Borrower or any of its Restricted
Subsidiaries may acquire obligations of one or more directors, officers, employees, members or management or consultants of any of the Borrower or its Restricted Subsidiaries in connection with such person’s acquisition of shares of the
Borrower, so long as no cash is actually advanced by the Borrower or any of its Restricted Subsidiaries to such persons in connection with the acquisition of any such obligations; 

(p) the Borrower and its Restricted Subsidiaries may acquire assets with the Net Proceeds from Asset Sales in accordance with the reinvestment
rights provided under subsection 4.6(b); 
 (q) the Borrower and its Restricted Subsidiaries may acquire assets under a Permitted Asset
Swap; 
 (r) the Borrower and its Restricted Subsidiaries may make other Investments in an aggregate amount not to exceed the Available
Amount at such time; 
 (s) [Reserved]; 

(t) the Borrower and its Restricted Subsidiaries may make Investments to the extent the consideration paid therefor consists solely of
(i) Capital Stock, which is not Disqualified Stock, of any Restricted Subsidiary or (ii) the Net Proceeds of any substantially concurrent issuance of Capital Stock, which is not Disqualified Stock, by Parent or any Restricted Subsidiary
(other than any issuance the proceeds of which have been included in the calculation of the Available Amount to the extent such proceeds have been applied pursuant to the definition of “Available Amount” to make an Investment pursuant to
subsection 8.7(r) or a Restricted Payment pursuant to subsection 8.8(b), have been applied for 

  
 94 

 
Restricted Payments under subsection 8.8(c) or subsection 8.8(h) or have been applied for prepayments of Indebtedness under subsection 8.15(b)(iv)); provided that, (x) immediately
before and after making such Investment, no Default or Event of Default shall have occurred and be continuing), (y) in the case of clause (ii) in respect of an issuance by Parent, the proceeds thereof have been contributed by Parent in
cash as common equity to the Borrower or such Restricted Subsidiary and (z) in the case of clause (ii), such issuance is to a Person other than a Group Member; and 

(u) the Borrower and its Restricted Subsidiaries may make other Investments not to exceed at any time outstanding, together with all other
Investments made in reliance on this clause (u), the greater of (i) $150,000,000 and (ii) the lesser of (x) 33% of consolidated total assets of the Borrower and its Restricted Subsidiaries as of the most recently ended fiscal quarter
of the Borrower for which financial statements have been delivered pursuant to subsection 7.1(a) or 7.1(b), as applicable, and (y) $450,000,000; and 

(v) (i) the Borrower and its Restricted Subsidiaries may (x) make Investments in a Receivables Subsidiary in connection with a
Receivables Facility; provided that any such Investment in a Receivables Subsidiary is in the form of a contribution of additional accounts receivable or as customary Investments in a Receivables Subsidiary in connection with a Receivables
Facility and (y) make other customary Investments in connection with a Receivables Facility and (ii) a Receivables Subsidiary may purchase accounts receivable pursuant to a Securitization Repurchase Obligation in connection with a
Receivables Facility. 
 For purposes of calculating the amount of any Investment, such amount shall equal (x) the amount actually invested less
(y) any repayments, interest, returns, profits, dividends, distributions, income and similar amounts actually received in cash from such Investment (from dispositions or otherwise) (which amount referred to in this clause (y) shall not
exceed the amount of such Investment at the time such Investment was made). The amount of any consideration paid for any Investment consisting of the provision of services or the transfer of non-cash assets shall be equal to the fair market value of
such services or non-cash assets, as the case may be, as determined by the Borrower in good faith. 
 8.8 Limitation on Restricted
Payments. Declare any dividends on any shares of any class of stock of any Group Member, or make any payment on account of, or set apart assets for a sinking or other analogous fund for, the purchase, redemption, retirement or other acquisition
of any shares of any class of stock of any Group Member, whether now or hereafter outstanding, or make any other distribution in respect thereof, either directly or indirectly, whether in cash or property or in obligations of the Borrower or any of
its Restricted Subsidiaries, or make any optional payment or prepayment on the principal of the Senior Notes or any Permitted Refinancing of the Senior Notes or redeem or otherwise acquire, purchase or defease any Senior Notes or any Permitted
Refinancing thereof (all of the foregoing being referred to herein as “Restricted Payments”); except that: 
 (a) (i) any
Group Member may declare or pay dividends to the Borrower or any Subsidiary Guarantor, (ii) any Group Member that is not a Loan Party may declare or pay dividends to any other Group Member that is not a Loan Party and (iii) any Restricted
Subsidiary may declare and pay dividends ratably with respect to its Capital Stock; 
 (b) so long as no Default or Event of Default then
exists or would result therefrom, the Borrower may make Restricted Payments in an aggregate amount not to exceed the Available Amount; provided that any usage of the Available Amount (other than clause (a) of the definition thereof)
shall be permitted only if the Borrower could incur $1 of additional Indebtedness under subsection 8.2(o) (with the Consolidated Total Net Leverage Ratio for such purpose being calculated (i) after giving pro forma effect to the
making of such Restricted Payment and any Indebtedness incurred in connection therewith and (ii) excluding the proceeds of such Indebtedness in the determination of unrestricted cash and Cash Equivalents)); 

  
 95 

 (c) so long as no Default or Event of Default then exists or would result therefrom, the Borrower
may, or may pay dividends or make distributions to Parent to permit Parent to, purchase its common stock or common stock options from former officers or employees of any Group Member upon the death, disability or termination of employment of such
officer or employee, provided, that the amount of payments made under this clause (c) after the Restatement Effective Date shall not exceed $5,000,000 in the aggregate in any fiscal year of the Borrower (with unused amounts in any fiscal
year being carried over to succeeding fiscal years subject to a maximum (without giving effect to the following proviso) of $10,000,000 in any fiscal year of the Borrower); provided further that such amount in any fiscal year may be increased
by an amount not to exceed (i) the Net Proceeds from the sale of Capital Stock (other than Disqualified Stock) of Parent to any employee, member or the board of directors or consultant of any Group Member that occurs after the Restatement
Effective Date, solely to the extent such Net Proceeds (x) have been contributed by Parent in cash as common equity to the Borrower and (y) have not been (A) included in the calculation of the Available Amount and applied to make an
Investment pursuant to subsection 8.7(r) or a Restricted Payment pursuant to subsection 8.8(b), (B) applied for Investments under subsection 8.7(t) or Restricted Payments under subsection 8.8(h) or (C) applied to make a prepayment of
Indebtedness under subsection 8.15(b)(iv); plus (ii) the cash proceeds of key man life insurance policies received by the Borrower or its Restricted Subsidiaries after the Restatement Effective Date; less (iii) the amount of
any Restricted Payments previously made with the cash proceeds described in clauses (i) and (ii); 
 (d) so long as no Default or Event
of Default then exists or would result therefrom, the Borrower may, or may pay dividends or make distributions to Parent to permit Parent to, make payments and/or net shares under employee benefit plans to settle option price payments owed by
employees and directors with respect thereto, make payments in respect of or purchase restricted stock units and similar stock based awards thereunder and to settle employees’ and directors’ federal, state and income tax liabilities (if
any) related thereto, provided that the aggregate amount of such payments made by the Borrower after the Restatement Effective Date shall not exceed $5,000,000 in any fiscal year (with unused amounts in any fiscal year of the Borrower being
carried over to succeeding fiscal years subject to a maximum of $10,000,000 in any fiscal year); 
 (e) [Reserved]; 

(f) so long as no Default or Event of Default then exists or would result therefrom, any Group Member may make dividends or distributions
within 60 days after the date of declaration thereof, if at the date of declaration such payment would have complied with the provisions of this Agreement; 

(g) so long as no Default or Event of Default then exists or would result therefrom, the Borrower and its Restricted Subsidiaries may,
directly (in the case of the Borrower) or indirectly (in the case of any Restricted Subsidiaries), make distributions to Parent to permit Parent to make cash payments in lieu of the issuance of fractional shares or interests in connection with the
exercise of warrants, options or other rights or securities convertible into or exchangeable for Capital Stock of Parent; provided that any such cash payment shall not be for the purpose of evading the limitations of this covenant; 

(h) the Borrower may make payments in respect of the Senior Notes and any Permitted Refinancing thereof and redeem, repurchase, retire or
acquire any Capital Stock of Parent in exchange for, or out of the Net Proceeds of, the substantially concurrent sale or issuance (other than to 

  
 96 

 
any Group Member) of Capital Stock (other than any Disqualified Stock) of Parent, solely to the extent such Net Proceeds (i) have been contributed by Parent in cash as common equity to the
Borrower and (ii) have not been (A) included in the calculation of the Available Amount and applied to make an Investment pursuant to subsection 8.7(r) or a Restricted Payment pursuant to subsection 8.8(b), (B) applied for Restricted
Payments under subsection 8.8(c) or applied for Investments under subsection 8.7(t) or (C) applied to a prepayment of Indebtedness under subsection 8.15(b)(iv); 

(i) the Borrower and its Restricted Subsidiaries may convert or exchange all or any part of the Senior Notes or any Permitted Refinancings
thereof to Capital Stock (other than Disqualified Stock) of Parent; 
 (j) the Borrower and its Restricted Subsidiaries may make payments in
respect of the Senior Notes and any Permitted Refinancing thereof (i) in connection with any refinancing of the Senior Notes or any Permitted Refinancing thereof permitted pursuant to the terms hereof or (ii) so long as (x) no Default
or Event of Default then exists or would result therefrom and (y) as of the date of such payment, the Consolidated First Lien Net Leverage Ratio (determined on a pro forma basis, after giving effect to the prepayment of such Indebtedness and
any Indebtedness incurred in connection with such prepayment) is less than or equal to 4.00 to 1.00; 
 (k) the Borrower may pay dividends
or make distributions to Parent to permit Parent (i) to pay corporate overhead expenses incurred in the ordinary course of business and (ii) to pay amounts required for Parent to pay federal, state and local income Taxes imposed directly
on Parent to the extent such Taxes are attributable to the income of the Borrower and its Restricted Subsidiaries (including, without limitation, by virtue of Parent being the common parent of a consolidated or combined Tax group of which the
Borrower and/or its Restricted Subsidiaries are members); provided that the amount of any such dividends or distributions (plus any Taxes payable directly by the Borrower and its Restricted Subsidiaries) shall not exceed the amount of such
Taxes that would have been payable directly by the Borrower and/or its Restricted Subsidiaries had the Borrower been the common parent of a separate Tax group that included only the Borrower and its Restricted Subsidiaries; and 

(l) so long as no Default or Event of Default exists or would result therefrom, the Borrower may make payments in respect of the Senior Notes
and any Permitted Refinancing thereof in an aggregate amount not to exceed the Declined Prepayment Amount. 
 8.9 Transactions with
Affiliates. Enter into after the Restatement Effective Date any transaction, including any purchase, sale, lease or exchange of property or the rendering of any service, with any Affiliate (other than the Borrower or any Subsidiary Guarantor)
except (a) for transactions which are otherwise not prohibited under this Agreement and which are upon fair and reasonable terms no less favorable in any material respect to the Borrower or such Restricted Subsidiary than it would obtain in a
hypothetical comparable arm’s length transaction with a Person not an Affiliate, (b) so long as no Event of Default under Section 9(a) or (f) has occurred and is continuing, the payment of monitoring fees, management fees or
similar fees to Affiliates of the Borrower in an aggregate amount not to exceed $2,500,000 during any fiscal year of the Borrower (it being understood that any such fees (within the annual cap) that are accrued and unpaid while an Event of Default
under Section 9(a) or (f) continues may be paid at such time that no Event of Default under Section 9(a) or (f) is continuing, whether in the fiscal year of the Borrower when such fees were originally due and payable or in any
subsequent fiscal year of the Borrower), (c) the reasonable and customary fees payable to the directors of the Group Members and reimbursement of reasonable out-of-pocket costs of the directors of the Group Members, (d) the payment of
reasonable and customary indemnities to the directors, officers and employees of the Group Members in the ordinary course of business and (e) as permitted under subsection 8.2(b), subsection 8.3(l), subsections 8.4(a) and (f), subsection
8.6(c), subsection 8.7(c) and (d) and subsection 8.8 or (f) as set forth on Schedule 8.9. 

  
 97 

 8.10 Limitation on Sales and Leasebacks. Enter into any arrangement with any Person
providing for the leasing by any Group Member of real or personal property which has been or is to be sold or transferred by such Group Member to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the
security of such property or rental obligations of such Group Member, provided that the Borrower or any of its Restricted Subsidiaries may enter into such arrangements covering property with an aggregate fair market value not exceeding
$150,000,000 during the term of this Agreement if the Net Proceeds from such sale leaseback arrangements are applied to the prepayment of Term Loans in accordance with the provisions of subsection 4.6(b); provided that the Reinvestment Rights
provided in subsection 4.6(b) shall not be available with respect to such Net Proceeds. 
 8.11 Fiscal Year. Permit the fiscal year
for financial reporting purposes of the Borrower to end on a day other than December 31, unless the Borrower shall have given at least 45 days prior written notice to the Administrative Agent. 

8.12 Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement that prohibits or limits (other than a
dollar limit, provided that such dollar limit is sufficient in amount to allow at all times the Liens to secure the Obligations) the ability of any Group Member to create, incur, assume or suffer to exist any Lien upon any of its property or
revenues, whether now owned or hereafter acquired, to secure its obligations under the Loan Documents to which it is a party other than (a) this Agreement, the other Loan Documents and the Senior Notes (and any agreement governing any Permitted
Refinancing in respect of the Loans or the Senior Notes, so long as any such prohibition or limitation contained in such refinancing agreement is not materially less favorable to the Lenders that that which exists as of the Restatement Effective
Date), (b) any agreements governing any secured Indebtedness otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby), (c) an agreement prohibiting only the
creation of Liens securing Subordinated Indebtedness, (d) pursuant to applicable law, (e) restrictions by reason of customary provisions restricting assignments, subletting or other transfers contained in leases, licenses and other similar
agreements entered into in the ordinary course of business (provided that such restrictions are limited to the property or assets secured by such Liens or the property or assets subject to such leases, licenses, or similar agreements, as the
case may be), (f) any prohibition or limitation that consists of customary restrictions and conditions contained in any agreement relating to the sale or sale-leaseback of any property permitted under this Agreement, (g) documents,
agreements or constituent documents governing joint ventures, (h) any agreement in effect at the time a Restricted Subsidiary becomes a Restricted Subsidiary as long as such agreement was not entered into in contemplation of such Person
becoming a Restricted Subsidiary, (i) agreements permitted under subsection 8.10, (j) restrictions arising in connection with cash or other deposits permitted under subsections 8.3 and 8.7 and limited to such cash or deposits and
(k) customary non-assignment provisions in contracts entered into in the ordinary course of business. 
 8.13 Clauses Restricting
Subsidiary Distributions. Enter into or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to (a) make Restricted Payments in respect of any Capital Stock of such
Subsidiary held by, or pay any Indebtedness owed to, the Borrower or any other Restricted Subsidiary, (b) make loans or advances to, or other Investments in, the Borrower or any other Restricted Subsidiary or (c) transfer any of its assets
to the Borrower or any other Restricted Subsidiary, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents or the Senior Notes (or any agreement governing any Permitted
Refinancing in respect of the Loans or the Senior Notes, so long as 

  
 98 

 
any such restriction contained in such refinancing agreement is not materially less favorable to the Lenders that that which exists as of the Restatement Effective Date), (ii) any
restrictions with respect to a Restricted Subsidiary imposed pursuant to an agreement that has been entered into in connection with the disposition of all or substantially all of the Capital Stock or all or substantially all of the assets of such
Restricted Subsidiary, (iii) applicable law, (iv) restrictions in effect on the Restatement Effective Date contained in the agreements governing the Indebtedness in effect on the Restatement Effective Date and in any agreements governing
any refinancing thereof if such restrictions are no more restrictive than those contained in the agreements as in effect on the Restatement Effective Date governing the Indebtedness being renewed, extended or refinanced, (v) customary
non-assignment provisions with respect to contracts, leases or licensing agreements entered into by the Borrower or any of its Restricted Subsidiaries, in each case entered into in the ordinary course of business, (vi) customary provisions in
joint venture agreements and other similar agreements entered into in the ordinary course of business, (vii) Liens permitted under subsection 8.3 and any documents or instruments governing the terms of any Indebtedness or other obligations
secured by any such Liens; provided that such prohibitions or restrictions apply only to the assets subject to such Liens; (viii) any encumbrance or restriction with respect to a Restricted Subsidiary pursuant to an agreement relating to
any Capital Stock or Indebtedness incurred by such Restricted Subsidiary on or prior to the date on which such Restricted Subsidiary was acquired by the Borrower and outstanding on such date as long as such agreement was not entered into in
contemplation of such Person becoming a Restricted Subsidiary, (ix) any customary restriction on cash or other deposits imposed under agreements entered into in the ordinary course of business or net worth provisions in leases and other
agreements entered into in the ordinary course of business, (x) provisions with respect to dividends, the disposition or distribution of assets or property in joint venture agreements, license agreements, asset sale agreements, sale-leaseback
agreements, stock sale agreements and other similar agreements entered into in the ordinary course of business; (xi) restrictions on deposits imposed under contracts entered into in the ordinary course of business; and (xii) any
restrictions under any Indebtedness permitted by subsection 8.2 if such restrictions are no more restrictive to the Borrower and its Restricted Subsidiaries than those contained under this Agreement. 

8.14 FCC Licenses. Cause any of the FCC Licenses to be held at any time by any Person other than the Borrower or any of its
wholly-owned Restricted Subsidiaries that are Domestic Subsidiaries (with an exception for those Stations held in a Divestiture Trust pursuant to rule, regulation or order of the FCC). 

8.15 Certain Payments of Indebtedness. (a) Make any payment in violation of any of the subordination provisions of any
Subordinated Indebtedness or any payment of regularly scheduled interest or principal on any Subordinated Indebtedness at any time after the occurrence and during the continuation of an Event of Default under Section 9(a); or (b) make any
payment or prepayment (including payments as a result of acceleration thereof) on any Subordinated Indebtedness or redeem or otherwise acquire, purchase or defease any Subordinated Indebtedness, except that (i) any Group Member may make any
such payment in connection with any refinancing of any Subordinated Indebtedness permitted pursuant to the terms hereof; (ii) any Group Member may make payments in respect of any Subordinated Indebtedness so long as (x) no Default or Event
of Default then exists or would result therefrom and (y) as of the date of such payment, the Consolidated First Lien Net Leverage Ratio (determined on a pro forma basis, after giving effect to the prepayment of such Indebtedness and any
Indebtedness incurred in connection with such prepayment) is less than or equal to 4.00 to 1.00; (iii) any Group Member may prepay any Subordinated Indebtedness out of the Net Proceeds of the substantially concurrent sale or issuance (other
than to any Group Member) of Capital Stock (other than any Disqualified Stock) of Parent, solely to the extent such Net Proceeds (x) have been contributed by Parent in cash as common equity to the Borrower and (y) have not been
(1) included in the calculation of the Available Amount and applied to make an Investment pursuant to subsection 8.7(r) or a Restricted Payment pursuant to subsection 8.8(b) or (2) applied for Restricted Payments under subsections 8.8(c)
or 

  
 99 

 
8.8(h) or applied for Investments under subsection 8.7(t), and (iv) the Borrower and its Restricted Subsidiaries may convert or exchange all or any portion of any Subordinated Indebtedness
to Capital Stock (other than Disqualified Stock) of Parent. 
 8.16 Amendment of Material Documents. Amend, modify, waive or
otherwise change, or consent or agree to any material amendment, modification, waiver or other change to (a) its certificate of incorporation, by-laws or other organizational documents, (b) any indenture, credit agreement or other document
entered into to evidence or govern the terms of any Indebtedness identified on Schedule 8.2 or permitted to be created, incurred or assumed pursuant to subsection 8.2 and, in each case, any indenture, credit agreement or other document entered into
with respect to any extension, renewal, replacement or refinancing thereof or (c) any document entered into to evidence or govern the terms of any Preferred Stock, in each case except for any such amendment, modification or waiver that,
(i) would not, in any material respect, adversely affect the interests of the Lenders and (ii) would otherwise not be prohibited hereunder. 

SECTION 9. EVENTS OF DEFAULT. 

Upon the occurrence of any of the following events: 

(a) The Borrower shall fail to (i) pay any principal of any Loan or Note or Revolving L/C Obligation when due in accordance with the
terms hereof or (ii) pay any interest on any Loan or any other amount payable hereunder within three Business Days after any such interest or other amount becomes due in accordance with the terms thereof or hereof; or 

(b) Any representation or warranty made or deemed made by any Loan Party in any Loan Document or which is contained in any certificate,
guarantee, document or financial or other statement furnished under or in connection with this Agreement shall prove to have been incorrect in any material respect on or as of the date made or deemed made; or 

(c) Any Loan Party shall default in the observance or performance of any agreement contained in subsection 3.3(d), 7.7(a) or Section 8 of
this Agreement; provided that a default by the Borrower under subsection 8.1 shall not constitute an Event of Default with respect to the Term Facility or any Term Loans unless and until the Majority Revolving Lenders shall have terminated
their Revolving Credit Commitments and declared all amounts under the Revolving Credit Facility to be due and payable (such period commencing with a default under subsection 8.1 and ending on the date on which the Majority Revolving Lenders with
respect to the Revolving Credit Facility terminate and accelerate the Revolving Credit Facility, the “Term Loan Standstill Period”); or 

(d) Any Loan Party shall default in the observance or performance of any other agreement contained in any Loan Document, and such default
shall continue unremedied for a period of 30 days after written notice thereof from the Administrative Agent to the Borrower; or 
 (e)
Parent or any of its Restricted Subsidiaries shall (A) default in any payment of principal of or interest on any Indebtedness (other than the Loans, the Revolving L/C Obligations and any intercompany debt) or in the payment of any Contingent
Obligation (other than in respect of the Loans, the Revolving L/C Obligations or any intercompany debt) in respect of Indebtedness, beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness or such
Contingent Obligation was created; or (B) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or Contingent Obligation in respect of Indebtedness or contained in any instrument or
agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to 

  
 100 

 
cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such Contingent Obligation (or a trustee or agent on behalf of such holder or holders or
beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to become due prior to its stated maturity, any applicable grace period having expired, or such Contingent Obligation to become payable, any applicable
grace period having expired, provided that the aggregate principal amount of all such Indebtedness and Contingent Obligations (without duplication of any Indebtedness and Contingent Obligations in respect thereof) which would then become due
or payable as described in this Section 9(e) would equal or exceed $35,000,000; or 
 (f) (i) Parent or any of its Restricted
Subsidiaries (other than any Non-Significant Subsidiary) shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or
relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other
relief with respect to it or a material portion of its assets, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for it or for all or any substantial part of its assets, or Parent or any of its Restricted
Subsidiaries (other than any Non-Significant Subsidiary) shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against Parent or any of its Restricted Subsidiaries (other than any Non-Significant
Subsidiary) any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or
unbonded for a period of 60 days; or (iii) there shall be commenced against Parent or any of its Restricted Subsidiaries (other than any Non-Significant Subsidiary) any case, proceeding or other action seeking issuance of a warrant of
attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within
60 days from the entry thereof; or (iv) Parent or any of its Restricted Subsidiaries (other than any Non-Significant Subsidiary) shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
acts set forth in clause (i), (ii), or (iii) above; or (v) Parent or any of its Restricted Subsidiaries (other than any Non-Significant Subsidiary) shall generally not, or shall be unable to, or shall admit in writing its inability to, pay
its debts as they become due; or 
 (g) (i) A Reportable Event shall have occurred; (ii) any Plan that is intended to be qualified
under Section 401(a) of the Code shall lose its qualification; (iii) a non-exempt Prohibited Transaction shall have occurred with respect to any Plan; (iv) any Loan Party or any ERISA Affiliate shall have failed to make by its due
date a required installment under Section 430(j) of the Code with respect to any Single Employer Plan or a required contribution to a Multiemployer Plan, in either case whether or not waived; (v) a determination shall have been made that
any Single Employer Plan is, or is expected to be, in “at risk” status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (vi) any Loan Party or any ERISA Affiliate shall have incurred any liability
under Title IV of ERISA with respect to the termination of any Single Employer Plan, including but not limited to the imposition of any Lien in favor of the PBGC or any Single Employer Plan; (vii) any Loan Party or any ERISA Affiliate shall
have been notified by the sponsor of a Multiemployer Plan that it has incurred or will be assessed Withdrawal Liability to such Multiemployer Plan and such Loan Party or ERISA Affiliate does not have reasonable grounds for contesting such Withdrawal
Liability or is not contesting such Withdrawal Liability in a timely and appropriate manner; or (viii) any Loan Party or any ERISA Affiliate shall have received from the sponsor of a Multiemployer Plan a determination that such Multiemployer
Plan is, or is expected to be, Insolvent, in Reorganization, terminated, or in “endangered” or “critical” status (within the meaning of Section 432 of the Code or Section 305 of ERISA; and in each case in clauses
(i) through (viii) above, such event or condition, together with all other such events or conditions if any, would result in a Material Adverse Effect; or 

  
 101 

 (h) One or more judgments or decrees shall be entered against Parent or any of its Restricted
Subsidiaries involving in the aggregate a liability (not paid or fully covered by insurance) of $35,000,000 or more to the extent that all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within the
time required by the terms of such judgment; or 
 (i) Except as contemplated by this Agreement or as provided in subsection 11.1, the
guarantee contained in Section 2 of the Guarantee and Collateral Agreement shall cease, for any reason, to be in full force and effect or any Loan Party shall so assert in writing; or 

(j) Except as contemplated by this Agreement or as provided in subsection 11.1, any Grantor (as defined in the Guarantee and Collateral
Agreement) shall breach any covenant or agreement contained in the Guarantee and Collateral Agreement with the effect that the Guarantee and Collateral Agreement shall cease to be in full force and effect or the Lien granted thereby shall cease to
be a Lien with the priority purported to be created thereby, in each case other than with respect to items of Collateral not exceeding $2,500,000 in the aggregate or any Loan Party shall assert in writing that the Guarantee and Collateral Agreement
is no longer in full force and or effect or the Lien granted by the Guarantee and Collateral Agreement is no longer of the priority purported to be created thereby; provided that there shall be no Event of Default under this Section 9(j)
to the extent such Event of Default arises from the failure of the Administrative Agent to file financing statements or continuation statements under the Uniform Commercial Code in respect of any Lien granted by the Guarantee and Collateral
Agreement; or 
 (k) A Change in Control shall occur; or 

(l) The loss, revocation or suspension of, or any material impairment in the ability to use, any one or more FCC Licenses with respect to any
Station of the Borrower or any Restricted Subsidiary generating collective Broadcast Cash Flow equal to or greater than 15% of the total Broadcast Cash Flow of the Borrower and the Subsidiary Guarantors; 

then, and in any such event, (a) if such event is an Event of Default with respect to the Borrower specified in clause (i) or (ii) of paragraph
(f) above, automatically (i) the Commitments and the Issuing Lender’s obligation to issue Letters of Credit shall immediately terminate and the Loans hereunder (with accrued interest thereon) and all other amounts owing under this
Agreement and the Loans shall immediately become due and payable, and (ii) all obligations of the Borrower in respect of the Letters of Credit, although contingent and unmatured, shall become immediately due and payable and the Issuing
Lender’s obligation to issue Letters of Credit shall immediately terminate; (b) if such event is an Event of Default arising from a breach of subsection 8.1, any or all of the following actions may be taken: (X) (i) with the
consent of the Majority Revolving Lenders, the Administrative Agent may, or upon the request of the Majority Revolving Lenders, the Administrative Agent shall, by notice to the Borrower declare the Revolving Credit Commitments to and the Issuing
Lender’s obligation to issue Letters of Credit to be terminated forthwith, whereupon the Revolving Credit Commitments and such obligation shall immediately terminate; and (ii) with the consent of the Majority Revolving Lenders, the
Administrative Agent may, or upon the request of the Majority Revolving Lenders, the Administrative Agent shall, by notice to the Borrower, (A) declare the Revolving Credit Loans hereunder (with accrued interest thereon) and all other amounts
owing under the Loan Documents with respect to the Revolving Credit Facility under this Agreement and the other Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable and (B) declare all or
any portion of the obligations of the Borrower in respect of the Letters of Credit, although contingent and unmatured, to be due and payable forthwith, whereupon the same shall immediately become due and payable and/or demand that the Borrower
discharge any or all of the obligations supported by the Letters of Credit by paying or prepaying any amount due or to become due in respect of such obligations; and (Y) subject to the provisoin

  
 102 

 
paragraph (c) above and the expiration of the Term Loan Standstill Period (if applicable), with the consent of the Majority Term Lenders, the Administrative Agent may, or upon the request of
the Majority Term Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Term Loans hereunder (with accrued interest thereon) and all other amounts owing with respect to the Term Facility under this Agreement and the other
Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable; and (c) if such event is any other Event of Default, so long as any such Event of Default shall be continuing, either or both of the
following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower declare the Commitments and the
Issuing Lender’s obligation to issue Letters of Credit to be terminated forthwith, whereupon the Commitments and such obligation shall immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative Agent may,
or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower (A) declare all or a portion of the Loans of all Lenders hereunder (with accrued interest thereon) and all other amounts owing under this
Agreement and such Loans to be due and payable forthwith, whereupon the same shall immediately become due and payable, and (B) declare all or a portion of the obligations of the Borrower in respect of the Letters of Credit, although contingent
and unmatured, to be due and payable forthwith, whereupon the same shall immediately become due and payable and/or demand that the Borrower discharge any or all of the obligations supported by the Letters of Credit by paying or prepaying any amount
due or to become due in respect of such obligations. All payments under this Section 9 on account of undrawn Letters of Credit shall be made by the Borrower directly to a cash collateral account established by the Administrative Agent for such
purpose for application to the Borrower’s Revolving L/C Obligations as drafts are presented under the Letters of Credit, with the balance, if any, to be applied to the Borrower’s obligations under this Agreement and the Loans as the
Administrative Agent shall determine with the approval of the Required Lenders. Except as expressly provided above in this Section 9, presentment, demand, protest and all other notices of any kind are hereby expressly waived. 

SECTION 10. THE ADMINISTRATIVE AGENT AND THE ISSUING LENDER 

10.1 Appointment. Each Lender hereby irrevocably designates and appoints JPMCB as the Administrative Agent under this Agreement and
irrevocably authorizes JPMCB as Administrative Agent for such Lender to take such action on its behalf under the provisions of the Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative
Agent by the terms of the Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into the Loan Documents or otherwise
exist against the Administrative Agent. 
 10.2 Delegation of Duties. The Administrative Agent may execute any of its duties under
this Agreement and each of the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Without limiting the foregoing, the Administrative Agent may
appoint any of its affiliates as its agent to perform the functions of the Administrative Agent hereunder relating to the advancing of funds to the Borrower and distribution of funds to the Lenders and to perform such other related functions of the
Administrative Agent hereunder as are reasonably incidental to such functions. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care, except as
otherwise provided in subsection 10.3. 

  
 103 

 10.3 Exculpatory Provisions. Neither the Administrative Agent nor any of its officers,
directors, employees, agents, attorneys-in-fact, Affiliates or Subsidiaries shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with the Loan Documents (except for its or such
Person’s own gross negligence or willful misconduct), or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in the Loan
Documents or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, the Loan Documents or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of the Loan Documents or for any failure of any Loan Party to perform its obligations thereunder. The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance
or performance of any of the agreements contained in, or conditions of, any Loan Document, or to inspect the properties, books or records of any Loan Party. 

10.4 Reliance by the Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying,
upon any Note, writing, resolution, notice, consent, certificate, affidavit, letter, cablegram, telegram, telecopy, electronic transmission, telex or teletype message, statement, order or other document or conversation believed by it to be genuine
and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by the Administrative Agent.
The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative
Agent shall be fully justified in failing or refusing to take any action under any Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, where unanimous consent of the Lenders is expressly required
hereunder, such Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The
Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under any Loan Document in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant
thereto shall be binding upon all the Lenders and all future holders of the Notes. 
 10.5 Notice of Default. The Administrative
Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has received written notice from a Lender or the Borrower referring to this Agreement, describing
such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall promptly give notice thereof to the Lenders. The
Administrative Agent shall take such action with respect to such Default or Event of Default as shall be directed by the Required Lenders; provided that (i) the Administrative Agent shall not be required to take any action that exposes
the Administrative Agent to liability or that is contrary to this Agreement or applicable law and (ii) unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to)
take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

10.6 Non-Reliance on Administrative Agent and Other Lenders. Each Lender expressly acknowledges that neither the Administrative Agent
nor any of its officers, directors, employees, agents, attorneys-in-fact, Subsidiaries or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of
the Loan Parties, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative
Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of an investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan
Parties and made its 

  
 104 

 
own decision to make its Loans hereunder and participate in the Letters of Credit and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon
the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under the Loan
Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties. Except for notices, reports and other documents
expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, financial
condition, assets, liabilities, net assets, properties, results of operations, value, prospects and other condition or creditworthiness of the Loan Parties which may come into the possession of the Administrative Agent or any of its officers,
directors, employees, agents, attorneys-in-fact, Affiliates or Subsidiaries. 
 10.7 Indemnification. The Lenders severally agree to
indemnify the Administrative Agent in its capacity as such (to the extent not reimbursed by the Loan Parties and without limiting the obligation of the Loan Parties to do so), ratably (determined at the time such indemnity is sought) according to
the respective amounts of their respective Commitments (or, to the extent such Commitments have been terminated, according to the respective outstanding principal amounts of the Loans and obligations, whether as Issuing Lender or a Participating
Lender, with respect to Letters of Credit), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including at any
time following the payment of the Loans) be imposed on, incurred by or asserted against the Administrative Agent in any way relating to or arising out of the Loan Documents or any documents contemplated by or referred to herein or the transactions
contemplated hereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s gross negligence or willful misconduct. The agreements contained in this subsection 10.7 shall survive the payment of the
Notes and all other amounts payable hereunder. 
 10.8 Administrative Agent in its Individual Capacity. The Administrative Agent and
its Affiliates and Subsidiaries may make loans to, accept deposits from and generally engage in any kind of business with the Loan Parties as though the Administrative Agent were not the Administrative Agent hereunder. With respect to its Loans made
or renewed by it, any Note issued to it and any Letter of Credit issued by or participated in by it, the Administrative Agent shall have the same rights and powers, duties and liabilities under the Loan Documents as any Lender and may exercise the
same as though it were not Administrative Agent and the terms “Lender” and “Lenders” shall include the Administrative Agent in its individual capacities. 

10.9 Successor Administrative Agent. The Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the
Lenders. If the Administrative Agent shall resign as Administrative Agent under the Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders which successor agent shall (unless an Event of
Default under Section 9(a) or Section 9(f) shall have occurred and be continuing) be approved by the Borrower (which approval shall not be unreasonably withheld or delayed) whereupon such successor agent shall succeed to the rights, powers
and duties of the Administrative Agent and the term “Administrative Agent” shall mean such successor agent effective upon its appointment, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall
be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Notes. If no successor agent has accepted appointment as Administrative Agent by
the date 

  
 105 

 
that is 30 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the
Lenders shall assume and perform all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. After any retiring Administrative Agent’s resignation
hereunder as Administrative Agent, the provisions of this Section 10 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under the Loan Documents. 

10.10 Issuing Lender as Issuer of Letters of Credit. Each Lender hereby acknowledges that the provisions of this Section 10 shall
apply to the Issuing Lender, in its capacity as issuer of any Letter of Credit, in the same manner as such provisions are expressly stated to apply to the Administrative Agent. 

10.11 No Other Agent Duties, Etc.. Anything herein to the contrary notwithstanding, none of the Persons acting as co-syndication agent,
co-documentation agent, joint lead arranger or bookrunner listed on the cover page hereof or otherwise herein shall have any powers, duties or responsibilities under any of the Loan Documents, except in its capacity as the Administrative Agent, the
Issuing Lender, the Swing Line Lender or any other Lender. 
 SECTION 11. MISCELLANEOUS 

11.1 Amendments and Waivers. No Loan Document or any terms thereof may be amended, supplemented, waived or modified except in accordance
with the provisions of this subsection 11.1. Except as expressly set forth in this Agreement, neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended, supplemented or modified except pursuant to
a document in writing entered into by the Required Lenders and the Loan Parties that are party hereto or thereto, as applicable; provided, however, that: 

(a) no such waiver and no such amendment, supplement or modification shall (i) directly or indirectly release all or substantially all of
the Collateral or all or substantially all of the Guarantors from their obligations under the Guarantee and Collateral Agreement or (ii) reduce any percentage specified in the definition of Required Lenders, in each case without the written
consent of all Lenders; 
 (b) no such waiver and no such amendment, supplement or modification shall (i) extend the scheduled maturity
of any Loan or scheduled installment of any Loan or reduce any scheduled installment of any Loan or reduce the principal amount thereof or extend the expiry date of any Letter of Credit beyond the Revolving Credit Termination Date, or reduce the
rate (provided that only the consent of the Required Lenders shall be necessary to amend the default rate provided in subsection 4.7(c) or to waive any obligation of the Borrower to pay interest at such default rate) or extend the time of payment of
interest thereon, or change the method of calculating interest thereon, or reduce the amount or extend the time of payment of any fee payable to the Lenders hereunder, or increase the amount of any Commitment of any Lender without the consent of
each Lender directly and adversely affected thereby (except that any amendment or modification of the financial covenant or defined terms used in the financial covenant in this Agreement shall not constitute a reduction in the rate of interest or
fees for purposes of this clause (i)), (ii) amend, modify or waive any provision of this subsection 11.1 or consent to the assignment or transfer by any Loan Party of any of its rights and obligations under any Loan Document without the consent
of all Lenders, (iii) amend, modify or waive subsection 4.16(a) in a manner that would by its terms alter the pro rata sharing of payments required thereby or (iv) amend, modify or waive Section 6.5 of the Guarantee and Collateral
Agreement with respect to the priority of payments set forth therein, in each case, without the written consent of each Lender directly and adversely affected thereby; provided, 

  
 106 

 
that any such waiver, amendment, supplement or modification may be made without the consent of the Required Lenders if such waiver, amendment, supplement or modification otherwise satisfies the
requirements of this clause (b); 
 (c) no such waiver and no such amendment, supplement or modification shall amend subsection 3.3(d)
without the consent of Lenders holding more than 50% of the Revolving Credit Commitments in respect of the applicable maturing Revolving Credit Commitments (or if the Revolving Credit Commitments in respect of such maturing tranche have been
cancelled the sum of (i) the L/C Participating Interests in the aggregate amount then available to be drawn under all outstanding Letters of Credit issued in respect of such maturing tranche and (ii) the aggregate then outstanding
principal amount of Revolving L/C Obligations in respect of such maturing tranche); 
 (d) no such waiver and no such amendment, supplement
or modification shall amend, modify or waive any provision of Section 10 or subsection 4.21 without the written consent of the then Issuing Lender and the Administrative Agent; and 

(e) this Agreement and the other Loan Documents may be amended solely with the consent of the Administrative Agent to incorporate the terms of
any Incremental Facility or to establish an Extension permitted by subsection 4.24. 
 Notwithstanding anything to the contrary contained
herein, any amendment, modification or waiver of any provision of subsection 8.1 (and any defined terms solely as used therein) or any other provision to any Loan Document that has been added solely for the benefit of the Revolving Credit Facility
(as may be agreed between the Majority Revolving Lenders and the Borrower) shall require the written consent of the Majority Revolving Lenders (and only the Majority Revolving Lenders) and each Loan Party party hereto. For the avoidance of doubt, it
is understood and agreed that the Required Lenders may not, and nor shall the consent of the Required Lenders be needed to, amend, modify or waive any provision of subsection 8.1 (or any defined term as used therein) or any other provision to any
Loan Document that has been added solely for the benefit of the Revolving Credit Facility (as may be agreed between the Majority Revolving Lenders and the Borrower). 

Any such waiver and any such amendment, supplement or modification described in this subsection 11.1 shall apply equally to each of the
Lenders and shall be binding upon each Loan Party, the Lenders, the Administrative Agent and all future holders of the Loans. No waiver, amendment, supplement or modification of any Letter of Credit shall extend the expiry date thereof without the
written consent of the Participating Lenders. In the case of any waiver, the Borrower, the Lenders and the Administrative Agent shall be restored to their former position and rights hereunder and under the outstanding Loans, and any Default or Event
of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon. 

Furthermore, notwithstanding the foregoing, the Administrative Agent, with the consent of the Borrower, may amend, modify or supplement any
Loan Document without the consent of any Lender or the Required Lenders in order to correct, amend or cure any ambiguity, inconsistency or defect or correct any typographical error or other manifest error in any Loan Document. 

In connection with any proposed amendment, modification, waiver or termination (a “Proposed Change”) requiring the consent of
all Lenders or all affected Lenders, if the consent of the Required Lenders to such Proposed Change is obtained, but the consent to such Proposed Change of other Lenders whose consent is required is not obtained (any such Lender whose consent is not
obtained as described in this subsection 11.1 being referred to as a “Non-Consenting Lender”), then, the Borrower 

  
 107 

 
may, at its sole expense and effort, upon notice to such Non-Consenting Lender and the Administrative Agent, require such Non-Consenting Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in subsection 11.6), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender
accepts such assignment), provided that (i) (a) the Borrower shall have received the prior written consent of the Administrative Agent (and, if a Revolving Credit Commitment is being assigned, each Issuing Lender and the Swing Line
Lender), which consent shall not unreasonably be withheld or delayed, (b) such Non-Consenting Lender shall have received payment of an amount equal to the outstanding principal amount of its Loans, participations in Letters of Credit funded
under subsection 3.6(b) and participations under Swing Line Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or
the Borrower (in the case of all other amounts), (c) the Borrower or such assignee shall have paid to the Administrative Agent the processing and recordation fee specified in subsection 11.6(d) and (d) such assignee has consented to the
Proposed Change and (ii) substantially concurrently with satisfaction of the requirements set forth in clause (i) of this proviso, such Non-Consenting Lender shall be deemed to have assigned and delegated its interests, rights and
obligations under this Agreement and such Non-Consenting Lender shall not be required to execute the Assignment and Assumption in connection therewith. If the Proposed Change to which the Non-Consenting Lender withholds consent would reduce the
Applicable Margin for the period on or prior to the first anniversary of the Restatement Effective Date, the Borrower shall be required to pay such Non-Consenting Lender a 1% premium on the amount of such Non-Consenting Lender’s Loans in
connection with any assignment thereof pursuant to this paragraph. 

  
 108 

 Notwithstanding the foregoing, this Agreement may be amended (x) with the written consent of
the Administrative Agent, the Borrower and the Lenders providing the relevant Replacement Term Loans (as defined below) to permit the refinancing, replacement or modification of all or any portion of the outstanding Term Loans or the term loans
under any Incremental Term Facility (“Replaced Term Loans”) with a replacement term loan hereunder (“Replacement Term Loans”); provided, that (a) the aggregate principal amount of such Replacement Term
Loans shall not exceed the aggregate principal amount of such Replaced Term Loans, (b) the terms of Replacement Term Loans are (excluding pricing, fees, rate floors and optional prepayment or redemption terms), taken as a whole, no more
favorable to the lenders providing such Replacement Term Loans than those applicable to the Replaced Term Loans (other than any covenants or other provisions applicable only to periods after the later of the Term Loan Maturity Date and the Revolving
Credit Termination Date), (c) the maturity date of such Replacement Term Loans shall not be earlier than the maturity date of the Replaced Term Loans and (d) the weighted average life to maturity of such Replacement Term Loans shall not be
shorter than the weighted average life to maturity of such Replaced Term Loans at the time of such refinancing and (y) with the written consent of the Administrative Agent, the Borrower and the Lenders providing the relevant Replacement
Revolving Facility (as defined below) to permit the refinancing, replacement or modification of all or any portion of the Revolving Facility or any Incremental Revolving Facility (a “Replaced Revolving Facility”) with a replacement
revolving facility hereunder (a “Replacement Revolving Facility”); provided that (a) the aggregate amount of such Replacement Revolving Facility shall not exceed the aggregate amount of such Replaced Revolving Facility,
(b) the termination date of such Replacement Revolving Facility shall be no earlier than the termination date of the Replaced Revolving Facility and (c) the terms of any such Replacement Revolving Facility are (excluding pricing, fees,
rate floors and optional prepayment or redemption terms), taken as a whole, no more favorable to the lenders providing such Replacement Revolving Facility than those applicable to the Replaced Revolving Facility (other than any covenants or other
provisions applicable only to periods after the later of the Term Loan Maturity Date and the Revolving Credit Termination Date). 
 11.2
Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy or electronic transmission), and, unless otherwise expressly provided herein, shall be deemed to
have been duly given or made when delivered by hand on a Business Day during recipient’s normal business hours, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when sent on a
Business Day and received during recipient’s normal business hours with confirmation of receipt received, addressed as follows in the case of each Loan Party and the Administrative Agent, and as set forth on its signature page hereto in the
case of any Lender, or to such other address as may be hereafter notified by the respective parties hereto and any future holders of the Loans: 
  

			
	The Borrower:	  	Cumulus Media Holdings Inc.
		  	3280 Peachtree Road, N.W., Suite 2300
		  	Atlanta, Georgia 30305
		  	Attention: General Counsel
		  	Telecopy: (404) 260-6877
		
	In the case of the Borrower,
with a copy to:	  	Jones Day
		  	1420 Peachtree Street, N.E., Suite 800
		  	Atlanta, Georgia 30309
		  	Attention: John E. Zamer, Esq.
		  	Telecopy: (404) 581-8330

  
 109 

			
	The Administrative Agent:	  	JPMorgan Chase Bank, N.A.
		  	Loan and Agency Services Group
		  	500 Stanton Christiana Road, Ops 2, floor 2
		  	Newark, DE, 19713-2107
		  	Attention: Jonathan Krepol
		  	Telecopy: (302) 634-3301
		
	With copies to:	  	JPMorgan Chase Bank, N.A.
		  	383 Madison Avenue, 24th Floor
		  	New York, New York 10179
		  	Telecopy: (212) 270-5127

 provided that the failure to provide the copies of notices to the Borrower provided for in this subsection 11.2 shall
not result in any liability to the Administrative Agent or any Lender. 
 Notices and other communications to the Lenders hereunder may be
delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to subsections 3.3, 3.7, 4.1, 4.3, 4.4, 4.5 and 4.6 unless
otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to
procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. 
 11.3
No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the Loan Documents, shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and
privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 
 11.4
Survival of Representations and Warranties. All representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the
execution and delivery of this Agreement, the making of the Loans, Letters of Credit and other extensions of credit hereunder. 
 11.5
Payment of Expenses. The Borrower agrees: 
 (a) to pay or reimburse the Administrative Agent, the Issuing Lender, the Arrangers, the
Restatement Arrangers, the Restatement Bookrunners and their respective Affiliates for all of their reasonable out-of-pocket costs and expenses incurred in connection with the preparation, execution and delivery of, any amendment, supplement or
modification to, or any waiver of, this Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby,
including the reasonable fees and disbursements (including filing and recording fees and expenses) of counsel to the Administrative Agent, the Arrangers, the Restatement Arrangers, the Restatement Bookrunners and the Lenders (which shall be limited
to one counsel, FCC counsel and, if necessary, one local counsel in any relevant jurisdiction and expenses attributable to processing primary assignments and, solely in case of any actual or perceived conflict of interest, one additional counsel to
the affected Lenders taken as a whole); 

  
 110 

 (b) to pay or reimburse the Lenders and the Administrative Agent for all their reasonable
out-of-pocket costs and expenses incurred in connection with, and to pay, indemnify, and hold the Administrative Agent and the Lenders harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever arising out of or in connection with, the enforcement or preservation of any rights under any Loan Document and any such other documents or any workout or
restructuring of the Loan Documents, limited to out-of-pocket costs, fees, disbursements and other charges of one counsel, FCC counsel and one local counsel in any relevant jurisdiction for the Administrative Agent and the Lenders taken as a whole
(and, solely in case of any actual or perceived conflict of interest, one additional counsel to the affected Lenders taken as a whole) incurred in connection with the foregoing and in connection with advising the Administrative Agent with respect to
its rights and responsibilities under this Agreement, the other Loan Documents and the documentation relating thereto. 
 (c) to pay,
indemnify, and to hold the Administrative Agent and each Lender harmless from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying similar fees, if any, which may be payable or
determined to be payable in connection with the execution and delivery of, or consummation of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan
Document and any such other documents; and 
 (d) to pay, indemnify, and hold the Administrative Agent, each Arranger, each Restatement
Arranger, each Restatement Bookrunner, the Issuing Lender and each Lender and their respective officers, directors, employees, affiliates, advisors, controlling persons and agents (each an “Indemnitee”) harmless from and against any
and all other liabilities, obligations, losses, damages (including punitive damages), penalties, fines, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (including reasonable experts’ and
consultants’ fees and limited to reasonable fees and disbursements of one counsel, one FCC counsel and, if necessary, one local counsel in each appropriate jurisdiction, in each case for all Indemnitees taken as a whole (and, solely in the case
of any actual or perceived conflict of interest where the Indemnitee affected by such conflict of interest informs the Borrower of such conflict and thereafter retains its own counsel, of another firm of counsel for such affected Indemnitee) and
third party claims for personal injury or real or personal property damage) which may be incurred by or asserted against the Administrative Agent, any Arranger, any Restatement Arranger, any Restatement Bookrunner or any Lender (x) arising out
of or in connection with any investigation, litigation or proceeding related to this Agreement, the other Loan Documents, the Loans, the actual or proposed use of proceeds of the Loans, or any of the other transactions contemplated hereby or
thereby, whether or not the Administrative Agent, any Arranger, any Restatement Arranger, any Restatement Bookrunner or any of the Lenders is a party thereto, (y) with respect to any environmental matters, any environmental compliance expenses
and remediation expenses in connection with the presence, suspected presence, release or suspected release of any Materials of Environmental Concern in or into the air, soil, groundwater, surface water or improvements at, on, about, under, or within
the Properties, or any portion thereof, or elsewhere in connection with the transportation of Materials of Environmental Concern to or from the Properties, in each case to the extent required under Environmental Laws, or (z) without limiting
the generality of the foregoing, by reason of or in connection with the execution, performance, delivery, enforcement or administration, of this Agreement, the other Credit Agreement and any such other documents, or transfer of, or payment or
failure to make payments under, Letters of Credit (all the foregoing in this clause (d), collectively, the “indemnified liabilities”), provided that the Borrower shall have no obligation hereunder to any Indemnitee
(x) with respect to indemnified liabilities to the extent they are found by a final, non-appealable judgment of a court to arise from the gross negligence or willful misconduct of, or material breach by, such Indemnitee, (y) under this
subsection 11.5 for any taxes other than Other Taxes or taxes derived from a non-tax claim or (z) with respect to indemnified liabilities arising out of a dispute solely between Indemnified Parties not involving

  
 111 

 
an act or omission by the Borrower or any of its Affiliates (other than any such indemnified liabilities asserted against any Indemnitee in its capacity, or in fulfilling its role, as an agent,
Arranger, Restatement Arranger, Restatement Bookrunner or similar role for any Facility (including any Incremental Facility)). All amounts due under this subsection 11.5 shall be payable not later than 10 days after written demand therefor. The
agreements in this subsection 11.5 shall survive repayment of the Loans and all other amounts payable hereunder. 
 11.6 Successors and
Assigns; Participations; Purchasing Lenders. 
 (a) This Agreement shall be binding upon and inure to the benefit of Parent, the
Borrower, the Lenders and the Administrative Agent, all future holders of the Loans, and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Lender that issues any Letter of Credit), except that
(i) the Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and
void) and (ii) no Lender may assign or otherwise transfer its rights and obligations hereunder except in accordance with this Section. 

(b) Any Lender other than a Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell
to one or more banks or other financial institutions or Lender Affiliates (other than a Disqualified Person or an Affiliated Lender (other than an Affiliated Debt Fund)) (“Participants”) participating interests in any Loan owing to
such Lender, any participating interest of such Lender in the Letters of Credit, any Note held by such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the other Loan Documents. Notwithstanding anything
to the contrary in the immediately preceding sentence, each Lender shall have the right to sell one or more participations in all or any part of its Loans or any other Obligation to one or more lenders or other Persons that provide financing to such
Lender in the form of sales and repurchases of participations without having to satisfy the foregoing requirements. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under this
Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement and the
other Loan Documents and the Borrower and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. Any
agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided, that such agreement may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly and adversely affected
thereby pursuant to Section 11.1(b) and (2) directly affects such Participant. The Borrower agrees that if amounts outstanding under this Agreement and the Loans are due and unpaid, or shall have been declared or shall have become due and
payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement and any Loan to the same extent as if the amount of its
participating interest were owing directly to it as a Lender under this Agreement or any Loan; provided that such Participant shall only be entitled to such right of setoff if it shall have agreed in the agreement pursuant to which it shall
have acquired its participating interest to share with the Lenders the proceeds thereof, as provided in subsection 11.7. The Borrower also agrees that each Participant shall be entitled to the benefits of, and shall be subject to the limitations of,
subsections 4.17, 4.18, 4.19 and 4.20 with respect to its participation in the Letters of Credit and the Loans outstanding from time to time; provided that no Participant shall be entitled to receive (i) any greater amount pursuant to
such subsections than the transferor Lender would have been entitled to receive in respect of the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred or
(ii)

  
 112 

 
the benefits of subsection 4.20 unless such Participant complies with subsections 4.20(f), 4.20(g), 4.20(h) and 4.20(i) as if it were a Lender. Each Lender that sells a participation, acting
solely for this purpose as an agent of the Borrower, shall maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other
obligations under this Agreement (the “Participant Register”). No Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person except to the extent such disclosure is necessary to
establish that any Loan, Letter of Credit or Note is in registered form under Section 5f.103.1(c) of the U.S. Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender, each Loan
Party and the Administrative Agent shall treat each person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary.

 (c) Any Lender other than any Conduit Lender may, in the ordinary course of its business and in accordance with applicable law, with the
prior written consent (not to be unreasonably withheld or delayed) of: 
 (i) the Administrative Agent; provided that
no consent of the Administrative Agent shall be required for an assignment of all or a portion of a Term Loan to a Lender, a Lender Affiliate or an Approved Fund; 

(ii) the Swing Line Lender and the Issuing Lenders; provided that no consent of the Swing Line Lender or Issuing Lenders
shall be required for an assignment of Term Loan only; and 
 (iii) the Borrower; provided that (A) (i) no
consent of the Borrower shall be required for an assignment to a Lender, a Lender Affiliate or an Approved Fund or (ii) if an Event of Default under Section 9(a) or (f) has occurred and is continuing and (B) the Borrower shall be
deemed to have consented to any assignment unless the Borrower has objected thereto by written notice to the Administrative Agent within 10 Business Days after having received notice thereof, 

sell to any Eligible Assignee (an “Assignee”), all or any part of its rights and obligations under this Agreement, the Notes and the other
Loan Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest, pursuant to an Assignment and Assumption executed by such Assignee, such assigning Lender (except as otherwise permitted by subsection 4.22 and
subsection 11.1) and, to the extent their consent is required, the Borrower, the Swing Line Lender, the Issuing Lenders and the Administrative Agent, and delivered to the Administrative Agent for its acceptance and recording in the Register (as
defined below); provided that (A) each such sale pursuant to this subsection 11.6(c) of less than all of a Lender’s rights and obligations (I) to a Person which is not then a Lender, a Lender Affiliate or an Approved Fund shall
be of Commitments and/or Loans of not less than $5,000,000 (or in the case of the Term Facility, $1,000,000) and (II) to a Person which is then a Lender, a Lender Affiliate or an Approved Fund may be in any amount and (B) each Assignee shall
comply with the provisions of subsection 4.20 hereof; provided, further that the foregoing shall not prohibit a Lender from selling participating interests in accordance with subsection 11.6(a) in all or any portion of its Loans
(without duplication). For purposes of clause (A) of the first proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution,
delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Assumption, (x) the Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Assumption, have
the rights and obligations of a Lender hereunder with the Commitments and Loans as set forth therein, and (y) the assigning Lender thereunder shall, to the extent of the interest transferred, as reflected in such Assignment and Assumption, be

  
 113 

 
released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all or the remaining portion of an assigning Lender’s rights and obligations
under this Agreement, such assigning Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of subsections 4.17, 4.18, 4.19, 4.20 and 11.5). Such Assignment and Assumption shall be deemed to amend this Agreement to
the extent, and only to the extent, necessary to reflect the addition of such Assignee and the resulting adjustment of Commitment Percentages arising from the purchase by such Assignee of all or a portion of the rights and obligations of such
assigning Lender under this Agreement. Notwithstanding the foregoing, any Conduit Lender may assign at any time to its designating Lender hereunder without the consent of the Borrower or the Administrative Agent any or all of the Loans it may have
funded hereunder and pursuant to its designation agreement and without regard to the limitations set forth in the first sentence of this subsection 11.6(c); provided that such designating Lender complies with subsection 4.20 and shall not be
entitled to receive any greater amounts under this Agreement (including subsections 4.18 and 4.20) than the assigning Conduit Lender was entitled to receive immediately prior to such assignment in respect of the Loans subject to such assignment.

 Notwithstanding anything to the contrary set forth in this Agreement (including subsection 4.16(a) or 11.7(a)) or any other Loan
Document, any Lender may assign all or any portion of its rights and obligations under this Agreement, the Notes and the other Loan Documents and, with respect to the Letters of Credit, such Lender’s L/C Participating Interest to an Affiliated
Lender; provided that any such assignment (other than any such assignment to an Affiliated Debt Fund) shall be subject to the following additional conditions: (1) no Event of Default under Section 9(a) or (f) shall have
occurred and be continuing immediately before and after giving effect to such assignment, (2) after giving effect to such assignment and to all other assignments with all Affiliated Lenders, the aggregate principal amount of all Term Loans then
held by all Affiliated Lenders shall not exceed 25% of the aggregate unpaid principal amount of the Term Loans then outstanding, (3) the Affiliated Lender shall execute a waiver in form and substance reasonably satisfactory to the
Administrative Agent that it shall have no right whatsoever so long as such Person is an Affiliated Lender (i) to vote as a Lender with respect to any amendment, modification, waiver, consent or other such action with respect to any of the
terms of this Agreement or any other Loan Document (it being understood that such interest will be deemed voted in the same proportion as the allocation of voting with respect to such matter by those Lenders who are not Affiliated Lenders),
provided that, notwithstanding the foregoing, (x) such Affiliated Lender shall be permitted to vote as a Lender if such amendment, modification, waiver, consent or other such action (A) requires the vote of all Lenders or all
affected Lenders and all other Lenders or all other affected Lenders, as the case may be, have given their consent thereto, or (B) disproportionately affects such Affiliated Lender in its capacity as a Lender as compared to other Lenders that
are not Affiliated Lenders and (y) no amendment, modification, waiver, consent or other action shall deprive any Affiliated Lender of its share of any payments which the Lenders are entitled to share on a pro rata basis hereunder without
consent of such Affiliated Lender, (ii) subject to subclause (i) of clause (3) of this paragraph, to otherwise vote as a Lender on any matter related to this Agreement or any other Loan Document, (iii) to, in its capacity as a
Lender, attend (or receive any notice of) any meeting, conference call or correspondence with the Administrative Agent or any Lender or receive any information from the Administrative Agent or any Lender, (iv) to receive advice of counsel to
the Administrative Agent or to Lenders other than Affiliated Lenders or to challenge the Lenders’ attorney-client privilege or (v) to make or bring any claim, in its capacity as a Lender, against the Administrative Agent or any Lender with
respect to the duties and obligations of such Persons under the Loan Documents (except with respect to rights expressly retained under subclause (i) of clause (3) of this paragraph), (4) each Affiliated Lender shall acknowledge and
agree that the Loans owned by it shall be non-voting under sections 1126 and 1129 of the Bankruptcy Code in the event that any proceeding thereunder shall be instituted by or against any Group Member, or, alternatively, to the extent that the
foregoing non-voting designation is deemed unenforceable for any reason, each Affiliated Lender shall vote in such proceedings in the same proportion as the allocation of voting with respect to such matter by those Lenders who are not Affiliated
Lenders, except to the extent 

  
 114 

 
that any plan of reorganization proposes to treat the obligations held by such Affiliated Lender in a manner that is less favorable in any material respect to such Affiliated Lender than the
proposed treatment of similar obligations held by Lenders that are not Affiliated Lenders, (5) no Revolving Credit Commitments, Revolving Credit Loans or L/C Participating Interests shall be assigned to any Affiliated Lender; (6) any Loans
assigned to the Borrower or any Subsidiary shall be cancelled promptly upon such assignment and (7) no proceeds of Revolving Credit Loans shall be used by the Borrower or any Subsidiary to purchase Term Loans; provided further
that any assignment to an Affiliated Debt Fund shall be subject to the condition that Affiliated Debt Funds shall not account for 49.9% or more of the amounts included in determining whether the Required Lenders (or the Majority Term Lenders in
respect of the Term Facility) have consented to any amendment, modification or waiver pursuant to Section 11.1. 
 For the purposes of
this subsection 11.6, “Approved Fund” means any Person (other than a Disqualified Person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its
business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an affiliate of an entity that administers or manages a Lender. 

(d) The Administrative Agent acting on behalf of and as agent for the Borrower, shall maintain at the address of the Administrative Agent
referred to in subsection 11.2 a copy of each Assignment and Assumption delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, the principal amount (and
stated interest) of any Term Loans, Swing Line Loans and/or Revolving Credit Loans owing to, and if such Lender has any Revolving Credit Commitments and/or the L/C Participating Interests owing to each Lender. The entries in the Register shall be
conclusive, in the absence of manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans or L/C Participating Interests recorded therein for all
purposes of this Agreement, notwithstanding any notice to the contrary. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No assignment shall be
effective for purposes of this agreement unless it has been recorded in the Register as provided in this paragraph. 
 (e) Upon its receipt
of an Assignment and Assumption executed by an assigning Lender, an Assignee and any other party required to executed such Assignment and Assumption pursuant to this subsection 11.6, together with payment to the Administrative Agent of a
registration and processing fee of $3,500, the Administrative Agent shall (i) promptly accept such Assignment and Assumption and (ii) on the effective date determined pursuant thereto, record the information contained therein in the
Register and give notice of such acceptance and recordation to the Lenders and the Borrower. The Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in which the Assignee designates one or
more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Affiliates and their related parties or their respective securities) will be made available and who may
receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

(f) The Borrower authorizes each Lender to disclose to any Participant or Assignee (each, a “Transferee”) and any prospective
Transferee or to any pledgee referred to in subsection 11.6(g) or to any direct or indirect contractual counterparty in swap agreements or such contractual counterparty’s professional advisor (so long as such contractual counterparty or
professional advisor to such contractual counterparty agrees to be bound by confidentiality provisions at least as restrictive as those of subsection 11.15) any and all financial information in such Lender’s possession concerning the Borrower
and its Subsidiaries which has been delivered to such Lender by or on behalf of the Borrower pursuant to this Agreement or which has been delivered to such Lender by or on behalf of the Borrower in connection with such Lender’s credit
evaluation of the Borrower and its Subsidiaries and Affiliates prior to becoming a party to this Agreement; provided that no such information shall be provided by any Lender to any Disqualified Lender. 

  
 115 

 (g) For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this
subsection concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including any pledge or assignment (i) by a Lender of any Loan or Note to
any Federal Reserve Bank or central bank having jurisdiction over such lender in accordance with applicable law and (ii) by a Lender Affiliate which is a fund to its trustee in support of its obligations to its trustee; provided that any
transfer of Loans or Notes upon, or in lieu of, enforcement of or the exercise of remedies under any such pledge shall be treated as an assignment thereof which shall not be made without compliance with the requirements of this subsection 11.6. 

(h) The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate
transactions of the type described in paragraph (g) above. 
 (i) The Borrower, each Lender and the Administrative Agent hereby
confirms that it will not institute against a Conduit Lender or join any other Person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy or similar
law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however (i) that each Lender designating any Conduit Lender hereby agrees to indemnify, save
and hold harmless each other party hereto for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period forbearance and (ii) the foregoing shall not prohibit or
limit the ability of any such Person to file claims against a Conduit Lender in connection with any such proceeding. 
 11.7 Adjustments;
Set-off. 
 (a) Except as otherwise expressly set forth in this Agreement (including subsections 4.23, 4.24 and 11.6), if any Lender (a
“Benefited Lender”) shall at any time receive any payment of all or part of any of its Term Loans, Revolving Credit Loans (other than payment of Swing Line Loans) or L/C Participating Interests, as the case may be, or interest
thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 9(f), or otherwise) in a greater proportion than any such payment to
and collateral received by any other Lender, if any, in respect of such other Lender’s L/C Participating Interests, Term Loans or Revolving Credit Loans, as the case may be, or interest thereon, such Benefited Lender shall purchase for cash
from the other Lenders such portion of each such other Lender’s L/C Participating Interests, Term Loans or Revolving Credit Loans, as the case may be, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds
thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment
or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest; provided, further, that to the extent
prohibited by applicable law as described in the definition of “Excluded Swap Obligation”, no amounts received from, or set off with respect to, any Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor. The
Borrower agrees that each Lender so purchasing a portion of another Lender’s Loans and/or L/C Participating Interests may exercise all rights of payment (including rights of set-off) with respect to such portion as fully as if such Lender were
the direct holder of such portion. The Administrative Agent shall promptly give the Borrower notice of any set-off, provided that the failure to give such notice shall not affect the validity of such set-off. 

  
 116 

 (b) Upon the occurrence of an Event of Default specified in Section 9(a) or
Section 9(f), the Administrative Agent and each Lender are hereby irrevocably authorized at any time and from time to time without notice to the Borrower, any such notice being hereby waived by the Borrower, to set off and appropriate and apply
any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured,
at any time held or owing by the Administrative Agent or such Lender or any of their respective Affiliates to or for the credit or the account of the Borrower or any part thereof in such amounts as the Administrative Agent or such Lender may elect,
on account of the liabilities of the Borrower hereunder and under the other Loan Documents and claims of every nature and description of the Administrative Agent or such Lender against the Borrower in any currency, whether arising hereunder, or
otherwise, under any other Loan Document as the Administrative Agent or such Lender may elect, whether or not the Administrative Agent or such Lender has made any demand for payment and although such liabilities and claims may be contingent or
unmatured. The Administrative Agent and each Lender shall notify the Borrower promptly of any such setoff made by it and the application made by it of the proceeds thereof, provided that the failure to give such notice shall not affect the
validity of such setoff and application. The rights of the Administrative Agent and each Lender under this paragraph are in addition to other rights and remedies (including other rights of setoff) which the Administrative Agent or such Lender may
have. 
 11.8 Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate
counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent. This
Agreement shall become effective with respect to the Borrower, the Administrative Agent and the Lenders when the Administrative Agent shall have received a signature page of this Agreement executed by the Borrower and the Lenders, or, in the case of
any Lender, shall have received telephonic confirmation from such Lender stating that such Lender has executed counterparts of this Agreement or the signature pages hereto and sent the same to the Administrative Agent. Delivery of an executed
signature page of this Agreement by e-mail or facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. 

11.9 Integration. Except for matters set forth in the Fee Letter, this Agreement and the other Loan Documents represent the entire
agreement of the Loan Parties, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative
to the subject matter hereof or thereof not expressly set forth or referred to herein or in the other Loan Documents. 
 11.10 GOVERNING
LAW; NO THIRD PARTY RIGHTS. THIS AGREEMENT AND THE LOANS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND THE LOANS SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK. THIS AGREEMENT IS SOLELY FOR THE BENEFIT OF THE PARTIES HERETO AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, AND, EXCEPT AS SET FORTH IN SUBSECTION 11.6, NO OTHER PERSONS SHALL HAVE ANY RIGHT, BENEFIT, PRIORITY OR INTEREST UNDER, OR BECAUSE OF
THE EXISTENCE OF, THIS AGREEMENT. 

  
 117 

 11.11 SUBMISSION TO JURISDICTION; WAIVERS. EACH PARTY TO THIS AGREEMENT HEREBY
IRREVOCABLY AND UNCONDITIONALLY: 
 (i) SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO
THIS CREDIT AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE EXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, THE
COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND THE APPELLATE COURTS FROM ANY THEREOF; 
 (ii)
CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS, AND WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN
AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME; 
 (iii) AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION
OR PROCEEDING MAY BE EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO SUCH PARTY AT ITS ADDRESS SET FORTH IN SUBSECTION 11.2 OR AT SUCH OTHER ADDRESS OF WHICH THE
ADMINISTRATIVE AGENT SHALL HAVE BEEN NOTIFIED PURSUANT THERETO; 
 (iv) AGREES THAT NOTHING CONTAINED HEREIN SHALL AFFECT THE
RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION; 

(v) WAIVES, TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LEGAL ACTION OR
PROCEEDING REFERRED TO IN THIS SECTION ANY SPECIAL, INDIRECT, PUNITIVE OR CONSEQUENTIAL DAMAGES; PROVIDED, HOWEVER, THAT NOTHING CONTAINED IN THIS CLAUSE (v) SHALL LIMIT OR IMPAIR THE BORROWER’S INDEMNIFICATION OR REIMBURSEMENT
OBLIGATIONS UNDER SUBSECTION 11.5 IN RESPECT OF ANY THIRD PARTY CLAIMS ALLEGING SUCH SPECIAL, INDIRECT, PUNITIVE OR CONSEQUENTIAL DAMAGES; AND 

(vi) EACH PARTY HERETO UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING REFERRED TO IN PARAGRAPH
(a) ABOVE. 
 11.12 Acknowledgements. Each of Parent and the Borrower hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; 

(b) none of the Administrative Agent or any Lender has any fiduciary relationship to any Loan Party, and the relationship between the
Administrative Agent and the Lenders, on the one hand, and the Loan Parties, on the other hand, is solely that of creditor and debtor; and 

  
 118 

 (c) no joint venture exists among the Lenders or among any Loan Parties and the Lenders. 

11.13 Releases of Guarantees and Liens. 

(a) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Administrative Agent is hereby irrevocably
authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by subsection 11.1) and the Administrative Agent hereby agrees to take any action requested by the Borrower having the effect of
releasing or evidencing the release of any collateral or guarantee obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with subsection
11.1 or (ii) under the circumstances described in paragraph (b) below. 
 (b) At such time as the Loans, the L/C Obligations and
the other obligations under the Loan Documents (other than obligations under or in respect of Specified Swap Agreements or Specified Cash Management Agreements and contingent indemnity obligations not due and payable) shall have been paid in full in
cash, the Commitments have been terminated and no Letters of Credit shall be outstanding, the collateral shall be released from the Liens created by the Guarantee and Collateral Agreement, and the Guarantee and Collateral Agreement and all
obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Loan Party under the Guarantee and Collateral Agreement shall terminate, all without delivery of any instrument or performance of any
act by any Person. 
 11.14 [Reserved]. 

11.15 Confidentiality. Each of the Administrative Agent and each Lender agrees to keep confidential all non-public information provided
to it by any Loan Party, the Administrative Agent or any Lender pursuant to or in connection with this Agreement; provided that nothing herein shall prevent the Administrative Agent or any Lender from disclosing any such information
(a) to the Administrative Agent or any other Lender, (b) subject to an agreement to comply with confidentiality provisions at least as restrictive as those of this Section, to any actual or prospective Transferee or any pledgee referred to
in subsection 11.6(g) or any direct or indirect counterparty to any swap agreement (or any professional advisor to such counterparty), (c) to its Affiliates or to its employees, directors, agents, attorneys, accountants and other professional
advisors or those of any of its Affiliates (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential), (d) upon the
request or demand of any Governmental Authority, (e) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (f) if requested or required to do so in
connection with any litigation or similar proceeding, (g) that has been publicly disclosed (other than in violation of this subsection 11.15), (h) to the National Association of Insurance Commissioners or any similar organization or any
nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender (it being understood that any rating agency to whom such disclosure is
made will be informed of the confidential nature of such information and instructed to keep such information confidential) or (i) in connection with the exercise of any remedy hereunder or under any other Loan Document; provided that,
unless prohibited by applicable law or court order, such Lender or the Administrative Agent shall use reasonable efforts to notify the Borrower of any disclosure pursuant to clauses (d) or (e). 

Each Lender acknowledges that information furnished to it pursuant to this Agreement or the other Loan Documents may include material
non-public information concerning the Borrower and its Affiliates and their related parties or their respective securities, and confirms that it has developed 

  
 119 

 
compliance procedures regarding the use of material non-public information and that it will handle such material non-public information in accordance with those procedures and applicable law,
including Federal and state securities laws. 
 All information, including requests for waivers and amendments, furnished by the Borrower or
the Administrative Agent pursuant to, or in the course of administering, this Agreement or the other Loan Documents will be syndicate-level information, which may contain material non-public information about the Borrower and its Affiliates and
their related parties or their respective securities. Accordingly, each Lender represents to the Borrower and the Administrative Agent that it has identified in its administrative questionnaire a credit contact who may receive information that may
contain material non-public information in accordance with its compliance procedures and applicable law, including Federal and state securities laws. 

11.16 Usury Savings. Notwithstanding any other provision herein, the aggregate interest rate charged hereunder, including all charges
or fees in connection therewith deemed in the nature of interest under applicable law, shall not exceed the Highest Lawful Rate (as such term is defined below). If the rate of interest (determined without regard to the preceding sentence) under this
Agreement at any time exceeds the Highest Lawful Rate (as defined below), the outstanding amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals the amount of
interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect. In addition, if and when the Loans made hereunder are repaid in full the total interest due hereunder (taking
into account the increase provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, then to the extent permitted by
law, the Borrower shall pay to the Administrative Agent an amount equal to the difference between the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in effect.
Notwithstanding the foregoing, it is the intention of the Lenders and the Borrower to conform strictly to any applicable usury laws. Accordingly, if any Lender contracts for, charges, or receives any consideration which constitutes interest in
excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender’s option be applied to the outstanding amount of the Loans made hereunder or be refunded to the Borrower. As
used in this paragraph, the term “Highest Lawful Rate” means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged, or received under the laws applicable to such Lender which are
presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws now allow.

11.17 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 11.18 Patriot Act. Each Lender that is subject to the requirements of the USA Patriot
Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies
the Borrower and each other Loan Party, which information includes the name and address of the Borrower and each other Loan Party and other information that will allow such Lender to identify the Borrower and each other Loan Party in accordance with
the Act. 
 11.19 Reaffirmation Agreement; Consents. 

(a) Each Lender hereby consents to the amendments to the Security Documents and the other Loan Documents set forth in the Reaffirmation
Agreement. 

  
 120 

 (b) The Required Lenders (as defined in the Existing Credit Agreement) hereby waive the
requirement for two Working Days’ notice with respect to any optional prepayment of Loans (as defined in the Existing Credit Agreement) on the Restatement Effective Date. 

11.20 No Novation. The terms and conditions of the Existing Credit Agreement are amended as set forth in, and restated in their
entirety and superseded by, this Agreement. Nothing in this Agreement shall be deemed to be a novation of any of the Obligations as defined in the Existing Credit Agreement. Notwithstanding any provision of this Agreement or any other Loan Document
or instrument executed in connection herewith, the execution and delivery of this Agreement and the incurrence of Obligations hereunder shall be in substitution for, but not in payment of, the Obligations owed by the Loan Parties under the Existing
Credit Agreement. From and after the Restatement Effective Date, each reference to the “Agreement”, “Credit Agreement” or other reference originally applicable to the Existing Credit Agreement contained in any Loan Document shall
be a reference to this Agreement, as amended, supplemented, restated or otherwise modified from time to time. 
 [REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK] 

  
 121 

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

			
	CUMULUS MEDIA INC.
		
	By:	 	 /s/ Richard S. Denning

	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President
	
	CUMULUS MEDIA HOLDINGS INC.
		
	By:	 	 /s/ Richard S. Denning

	Name:	 	Richard S. Denning
	Title:	 	Senior Vice President

 Credit Agreement Signature Page 

 
			
	JPMORGAN CHASE BANK, N.A., as
	 Administrative Agent and Issuing Lender

		
	By:	 	 /s/ Tina Ruyter

	Name:	 	Tina Ruyter
	Title:	 	Executive Director

 Credit Agreement Signature Page 

 
			
	JPMORGAN CHASE BANK, N.A., as
	 a Lender

		
	By:	 	 /s/ Tina Ruyter

	Name:	 	Tina Ruyter
	Title:	 	Executive Director

 Credit Agreement Signature Page 

 
			
	ROYAL BANK OF CANADA, as a Lender
		
	By:	 	 /s/ William Caggiano

	Name:	 	William Caggiano
	Title:	 	Authorized Signatory

 
			
	MIHI LLC, as a Lender
		
	By:	 	 /s/ Andrew Underwood

	Name:	 	Andrew Underwood
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Ayesha Farooqi

	Name:	 	Ayesha Farooqi
	Title:	 	Authorized Signatory

  
 Term Loan Funding Lender
Addendum 

 
			
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	 /s/ Robert Ehudin

	Name:	 	Robert Ehudin
	Title:	 	Authorized Signatory

  
 Term Loan Funding Lender
Addendum 

 
			
	FIFTH THIRD BANK, as a Lender
		
	By:	 	 /s/ Holly Sims

	Name:	 	Holly Sims
	Title:	 	Vice President

  
 Term Loan Funding Lender
Addendum 

 
			
	ING CAPITAL LLC, as a Lender
		
	By:	 	 /s/ William C. James

	Name:	 	William C. James
	Title:	 	Managing Director

  
 Term Loan Funding Lender
Addendum 

 
			
	 CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

as a Lender

		
	By:	 	 /s/ Christopher Day

	Name:	 	Christopher Day
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Samuel Miller

	Name:	 	Samuel Miller
	Title:	 	Authorized Signatory

  
 Term Loan Funding Lender
Addendum 

 TERM LENDER ADDENDUM 

(TERM LOAN FUNDING LENDER) 

Reference is made to the Amended and Restated Credit Agreement, dated as of December 23, 2013 (the “Credit Agreement”), among
Cumulus Media Inc., Cumulus Media Holdings Inc. (the “Borrower”), the Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents party thereto. Capitalized terms not defined herein shall have the
meanings ascribed to them in the Credit Agreement. 
 Upon execution and delivery of this Term Lender Addendum by the undersigned, the
undersigned hereby: 
 (A) commits to make on the Restatement Effective Date a Term Loan in amount set forth on Schedule 1 under the
heading “Term Loan Commitment Funding Amount”; and 
 (B) agrees to all of the provisions of the Credit Agreement and acknowledges
that it will become (or continue to be) a party to the Credit Agreement as of the Restatement Effective Date as a Lender. 
 To the extent
that the undersigned is an Existing Term Lender, the undersigned hereby consents to the amendment and restatement of the Existing Credit Agreement in the form of the Credit Agreement. 

IN WITNESS WHEREOF, the parties hereto have caused this Term Lender Addendum to be duly executed and delivered by their proper and duly
authorized officers as of this day of December, 2013. 
  

			
	 JPMorgan Chase Bank, NA

	(Name of Lender)
		
	By:	 	 /s/ Tina Ruyter

	Name:	 	Tina Ruyter
	Title:	 	Executive Director

  
 Term Loan Funding Lender
Addendum 

			
	Acknowledged and Accepted by:
	
	 JPMORGAN CHASE BANK, N.A.,
 as
Administrative Agent

		
	By:	 	 /s/ Tina Ruyter

	Name:	 	Tina Ruyter
	Title:	 	Executive Director

 [Term Loan Funding Lender Addendum Signature Page] 

 Schedule 1 
  

	
	 Term Loan Commitment Funding Amount
  

$2,025,000,000

 [Term Loan Funding Lender Addendum Signature Page]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]