Document:

Exhibit 10.18

 

VIRGINIA BANKERS ASSOCIATION

 

MODEL
NON-QUALIFIED DEFERRED COMPENSATION PLAN

 

FOR
DIRECTORS

 

(As Restated Effective January 1, 2008)

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	
        ARTICLE I

        Definition of Terms
	 
	1.1	Act	1
	1.2	Administrator	1
	1.3	Adoption Agreement	1
	1.4	Affiliate	1
	1.5	Beneficiary	2
	1.6	Benefit Commencement Date	2
	1.7	Board	2
	1.8	Change in Control	2
	1.9	Code	2
	1.10	Compensation	2
	1.11	Corporation	2
	1.12	Deferral Account or Deferral Accounts	2
	1.12(a)	Director Deferral Account	2
	1.12(b)	Predecessor Plan Account	2
	1.13	Deferral Benefit	2
	1.14	Deferred Compensation Election	2
	1.15	Deferral Contributions	3
	1.16	Director	3
	1.17	Effective Date	3
	1.18	Eligible Director	3
	1.19	Fund	3
	1.20	Participant	3
	1.21	Plan	3
	1.22	Plan Sponsor	3
	1.23	Plan Year	3
	1.24	Rabbi Trust	3
	1.25	Restated Plan	3
	1.26	Separation from Service	3
	1.27	Trustee	3
	1.28	Valuation Date	4
	1.29	VBA Plan	4
	 	 	 
	 	ARTICLE II	 
	 	Eligibility and Participation	 
	 	 	 
	2.1	Eligibility	4
	2.2	Notice and Election Regarding Active Participation	4
	2.3	Deferred Compensation Election	5
	2.4	Automatic Cancellation of Deferral Compensation Election upon Receipt of Hardship Withdrawal	5
	2.5	Cancellation of Election upon Occurrence of Disability	6
	2.6	Length of Participation	6
	2.7	Termination of Active Participation	6

 

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        ARTICLE III

        Determination of Deferral Benefits
	 
	 	 	 
	3.1	Deferral Benefit	6
	3.2	Deferral Account	6
	3.3	Contributions by Participants	7
	3.4	Subtractions from Deferral Account	7
	3.5	Crediting of Deemed Earnings to Deferral Account	7
	3.6	Expenses Charged to Accounts	7
	3.7	Equitable Adjustment in Case of Error Omission	8
	3.8	Statement of Benefits	8
	 	 	 
	 	ARTICLE IV	 
	 	Vesting	 
	 	 	 
	4.1	Vesting	8
	 	 	 
	 	ARTICLE V	 
	 	Beneficiary Designation and Death Benefit	 
	 	 	 
	5.1	Death after Benefit Commencement	8
	5.2	Death before Benefit Commencement	8
	5.3	Beneficiary Designation	8
	 	 	 
	 	ARTICLE VI	 
	 	Time and Form of Payment	 
	 	 	 
	6.1	Time of Payment of Deferral Benefit	9
	6.2	Form of Payment of Deferral Benefit	9
	6.3	Permissible Changes to Benefit Commencement Date and/or Form of Payment	9
	6.4	Transition Election Change	10
	6.5	Lump Sum Payments and Periodic Installments	10
	6.6	Permissible Cash-Out by Lump Sum Payment	10
	6.7	Benefit Determination and Payment Procedure	11
	6.8	Payments to Minors and Incompetents	12
	6.9	Distribution of Benefit When Distributee Cannot Be Located	12
	6.10	Claims Procedure	12
	 	 	 
	 	ARTICLE VII	 
	 	Withdrawals	 
	 	 	 
	7.1	Hardship Withdrawals	16
	7.2	No Other Withdrawals Permitted	16

 

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	 	ARTICLE VIII 

Funding	 
	 	 	 
	8.1	Funding	17
	8.2	Use of Rabbi Trust Permitted	17
	8.3	Fund Divisions	17
	8.4	Participant Investment Directions	17
	 	 	 
	 	ARTICLE IX	 
	 	Plan Administrator	 
	 	 	 
	9.1	Appointment of Plan Administrator	18
	9.2	Plan Sponsor as Plan Administrator	18
	9.3	Procedures if a Committee	18
	9.4	Action by Majority Vote if a Committee	18
	9.5	Appointment of Successors	18
	9.6	Duties and Responsibilities of Plan Administrator	18
	9.7	Power and Authority	19
	9.8	Availability of Records	19
	9.9	No Action with Respect to Own Benefit	19
	 	 	 
	 	ARTICLE X	 
	 	Amendment and Termination of Plan	 
	 	 	 
	10.1	Amendment or Termination of the Plan	19
	10.2	Effect of Corporation Merger, Consolidation or Liquidation	20
	 	 	 
	 	ARTICLE XI	 
	 	Adoption by Additional Corporations	 
	 	 	 
	11.1	Adoption by Additional Corporations	20
	11.2	Termination Events with Respect to Corporations Other Than the Plan Sponsor	20
	 	 	 
	 	ARTICLE XII	 
	 	Miscellaneous	 
	 	 	 
	12.1	Nonassignability	20
	12.2	Right to Require Information and Reliance Thereon	20
	12.3	Notices and Elections	21
	12.4	Delegation of Authority	21
	12.5	Service of Process	21
	12.6	Governing Law	21
	12.7	Binding Effect	21
	12.8	Severability	21
	12.9	No Effect on Employment Agreement	21
	12.10	Gender and Number	21

 

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	12.11	Titles and Captions 	21
	12.12	Construction 	21
	12.13	Nonqualified Deferred Compensation Plan Omnibus Provision 	22

 

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VIRGINIA BANKERS ASSOCIATION 

MODEL NON-QUALIFIED DEFERRED COMPENSATION PLAN 

FOR DIRECTORS 

(As Restated Effective January 1, 2008)

 

A Corporation desiring
to adopt the Plan should complete the necessary information in the Adoption Agreement. The Virginia Bankers Association cannot
guarantee that any Plan adopted by a Corporation will be deemed to satisfy, or will actually satisfy, the requirements of the Internal
Revenue Code applicable to deferred compensation plans for directors. Corporations considering the use of the Plan must recognize
that neither the Virginia Bankers Association nor its employees or representatives can give any legal advice as to the acceptability
or application of the Plan in any particular situation, and that they should consult their own attorney for such advice. The establishment,
operation, and the related tax consequences of the adoption and maintenance of a deferred compensation plan for directors are the
responsibilities of the Corporation and its own legal counsel.

 

Any plan restatement using
the form of this Model Non-Qualified Deferred Compensation Plan affects amounts that were deferred or that became vested on or
after January 1, 2005. The terms of this document are effective January 1, 2008. The plan has operated in good faith compliance
with the requirements of Code Section 409A between January 1, 2005 and December 31, 2007. Unless otherwise elected by the Corporation
in Option 3(b)(2)(C), all amounts deferred and vested prior to January 1, 2005 remain subject to the terms of the plan document
as effective December 31, 2004.

 

The form of this Model
Non-Qualified Deferred Compensation Plan is intended to satisfy the requirements of Section 409A of the Code and the guidance issued
thereunder and all provisions of the Plan shall be interpreted in a manner to satisfy such requirements.

 

ARTICLE I

Definition of Terms

 

The following words and
terms as used in this Plan shall have the meaning set forth below, unless a different meaning is clearly required by the context:

 

1.1           “Act”:
The Employee Retirement Income Security Act of 1974, as the same may be amended from time to time, or the corresponding sections
of any subsequent legislation which replaces it, and, to the extent not inconsistent therewith, the regulations issued thereunder.

 

1.2           "Administrator":
The Plan Administrator named and serving in accordance with ARTICLE IX hereof, and any successor or additional Administrator appointed
and serving in accordance herewith, all as selected in Option 2(b) of the Adoption Agreement or as appointed, resigned or removed
by separate instrument attached thereto.

 

1.3           "Adoption
Agreement": The adoption agreement, and any amendment thereto, which sets forth certain elections and representations
of the Corporation and by execution of which the Corporation adopts the Plan.

 

1.4           “Affiliate”:
The Corporation and each of the following business entities or other organizations (whether or not incorporated) which during the
relevant period is treated (but only for the portion of the period so treated and for the purpose and to the extent required to
be so treated) together with the Corporation as a single Corporation pursuant to the following sections of the Code (as modified
where applicable by Section 415(h) of the Code):

 

(i)          Any
corporation which is a member of a controlled group of corporations (as defined in Section 414(b) of the Code) which includes the
Corporation,

 

(ii)         Any
trade or business (whether or not incorporated) which is under common control (as defined in Section 414(c) of the Code) with the
Corporation,

 

    	 

    	 

    

 

1.5           “Beneficiary”:
The person or persons designated by a Participant or otherwise entitled pursuant to ARTICLE V to receive benefits under the Plan
attributable to such Participant after the death of such Participant.

 

1.6           "Benefit
Commencement Date": The date or dates designated or provided for in Option 5 of the Adoption Agreement.

 

1.7           “Board”:
The present and any succeeding Board of Directors of the Plan Sponsor, unless such term is used with respect to a particular Corporation
and its Directors or Participants, in which event it shall mean the present and any succeeding Board of Directors of that Corporation.

 

1.8           “Change
in Control”: A change in the ownership of the Plan Sponsor as defined in Treasury Regulation Section 1.409A-3(i)(5) or
its successor or as otherwise defined as a special provision in the Option 3(b)(2)(C) of the Adoption Agreement.

 

1.9           “Code”:
The Internal Revenue Code of 1986, as the same may be amended from time to time, or the corresponding section of any subsequent
Internal Revenue Code, and, to the extent not inconsistent therewith, regulations issued thereunder.

 

1.10        "Compensation":
A Participant's (i) retainers as more specifically designated by the Corporation in Option 4(a) of the Adoption Agreement (referred
to as "Retainer") and (ii) fees as more specifically designated by the Corporation in Option 4(a) of the Adoption Agreement
(collectively referred to as "Fees").

 

1.11        “Corporation”:
The Plan Sponsor and those Corporations, named in Option 1(f) of the Adoption Agreement adopting the Plan, collectively, unless
the context indicates otherwise.

 

1.12        “Deferral
Account” or “Deferral Accounts”: The unfunded, bookkeeping account(s) maintained on the books of the Corporation
for a Participant which reflects his interest in amounts attributable to Deferral Contributions under the Plan made by or on behalf
of the Participant and the earnings attributable thereto consisting of the following:

 

1.12(a)         “Director
Deferral Account”: The account or accounts of a Participant under the Plan attributable to his Director Deferral Contributions
to the Plan and the earnings attributable thereto. A separate subdivision of each account shall be maintained for each Plan Year.

 

1.12(b)         "Predecessor
Plan Account": The account or accounts of a Participant attributable to any elective or non-elective deferral of remuneration
by or on behalf of the Participant under any "top-hat" deferred compensation plan previously maintained by the Corporation
that is merged into or transferred to the Plan.

 

1.12(c)         Each
Deferral Account shall be divided into subdivisions reflecting deferral amounts and the earnings attributable thereto for each
separate Plan Year.

 

1.12(d)         For
purposes of this restatement of the Plan, unless elected by the Plan Sponsor in Option 3(b)(2)(C) of the Adoption Agreement, Deferral
Accounts do not include accounts under the Plan attributable to amounts deferred and vested before January 1, 2005. Such accounts
are considered grandfathered and are subject to the rules of Plan as in effective December 31, 2004.

 

1.13          “Deferral
Benefit”: The sum of the vested balances of Participant’s Deferral Accounts under the Plan as of the most recent
Valuation Date (or as otherwise provided herein).

 

1.14          “Deferred
Compensation Election”: The election made by the Participant pursuant to paragraph 2.3 of the Plan.

 

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1.15        “Deferral
Contributions”: That portion of a Participant’s Compensation which is deferred under the Plan.

 

1.16        “Director”:
An individual who is a member of the Board of the Corporation.

 

1.17          "Effective
Date":

 

1.17(a)      The
"Effective Date of the Plan": With respect to each Corporation shall be that date or dates specified in Option
3(a) (or in Option 1(f), in the case of an adopting Corporation) of the Adoption Agreement.

 

1.17(b)     The
"Effective Date of the Restatement of the Plan": With respect to each Corporation shall be that date or dates
specified in Option 3(b) of the Adoption Agreement.

 

1.18        "Eligible
Director": Any Director included within the definition of Eligible Director as specified in Option 4(b) of the Adoption
Agreement.

 

1.19         “Fund”:

 

1.19(a)    If
a trust fund is established and maintained for the Plan, that trust fund, which shall consist of the Fund divisions described in
paragraph 8.3. Notwithstanding the foregoing, any reference to the Fund is intended only for purposes of providing a measurement
of benefits and account balances under the Plan and is not intended to segregate assets or identify assets that may or must be
used to satisfy benefit liabilities under the Plan.

 

1.19(b)    If
a trust fund is not established and maintained for the Plan pursuant to a Trust Agreement, that separate bookkeeping account maintained
by the Plan Sponsor to make deemed investments of contributions to the Plan, which shall consist of the Fund divisions described
in paragraph 8.3.

 

1.20        “Participant”:
An Eligible Director or other person qualified to participate in the Plan for so long as he is considered a Participant as provided
in ARTICLE II hereof.

 

1.21        "Plan":
This Agreement, including the Appendices hereto, as contained herein or duly amended all as adopted by the Corporation through
the Adoption Agreement.

 

1.22       "Plan
Sponsor": The Corporation named in Option 1(a) of the Adoption Agreement.

 

1.23       "Plan
Year": The twelve consecutive month period commencing upon the first day of January of each year provided, however in
the event that this is a Restated Plan which was maintained previously on the basis of a different Plan Year, the prior Plan Year
and short Plan Year needed to effect the Plan Year change shall be as set forth in Option 4(c) of the Adoption Agreement.

 

1.24       “Rabbi
Trust”: A trust fund described in paragraph 8.2 and established or maintained for the Plan.

 

1.25        "Restated
Plan": The Plan, if it is indicated in Option 3(b) of the Adoption Agreement that the Plan is adopted as an amendment
or restatement of a deferred compensation plan for directors previously maintained by the Corporation.

 

1.26        “Separation
from Service”: The death or resignation or removal as a Director. With respect to a Director who provides services for
the Corporation both as an employee and a Director, to the extent permitted in Section 409A of the Code, services as an employee
shall not be taken into account in determining whether a Participant has experienced a Separation from Service under this Plan.

 

1.27        “Trustee”:
The person(s) serving from time to time as trustee of the Fund pursuant to any Rabbi Trust.

 

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1.28        "Valuation
Date": Each business day (based on the days the underlying investment funds are valued and transactions are effectuated
in the applicable financial markets) of the Plan Year (which Valuation Date is sometimes referred to as a “daily” Valuation
Date), or such other dates as the Administrator may designate from time to time.

 

1.29        "VBA
Plan": The Virginia Bankers Association Master Defined Contribution Plan and Trust.

 

ARTICLE II

Eligibility and Participation

 

2.1          Eligibility.
Each Eligible Director shall be eligible to participate in the Plan effective as provided for in Option 4(d) of the Adoption Agreement.

 

2.2          Notice
and Election Regarding Active Participation.

 

2.2(a)     The
Administrator shall give notice of eligibility to each Eligible Director who is anticipated to be eligible to make Deferral Contributions
to the Plan within a reasonable period of time prior to the effective date of eligibility for coverage as described in paragraph
2.1.

 

2.2(b)     With
respect to the Plan Year in which the Effective Date or the effective date of coverage as described in Option 4(d) of the Adoption
Agreement occurs (“first year of eligibility”), in order to make Deferral Contributions with respect to such Plan Year,
an Eligible Director who is a newly Eligible Director must file a Deferred Compensation Election with the Administrator within
30 days of such Effective Date or effective date of coverage. The Deferred Compensation Election shall be effective to defer Compensation
for services performed for periods after the period in which it is filed. For this purpose:

 

(i)          Compensation
based on a performance period (such as a Retainer) is deemed earned ratably throughout the period for which earned.

 

(ii)         An
Eligible Director’s first year of eligibility is the year in which he first becomes eligible to participate in any account
balance type deferred compensation plan within the meanings of Section 409A of the Code maintained by the Corporation or any Affiliate.

 

(iii)        If
all amounts owed the Eligible Director from all account balance plans maintained by the Plan Sponsor and its Affiliates subject
to Section 409A of the Code have been paid to the Eligible Director and if the Eligible Director has become ineligible to accrue
further benefits, then if he thereafter becomes an Eligible Director, the year in which he again becomes an Eligible Director may
be treated as his first year of eligibility.

 

(iv)        If
a Participant is not an Eligible Director for at least twenty-four (24) consecutive months, then if he thereafter becomes
an Eligible Director, the year in which he again becomes an Eligible Director may be treated as his first year of eligibility.

 

2.2(c)     With
respect to Plan Years beginning on or after the first year of eligibility as described in subparagraph 2.2(b), in order to make
Deferral Contributions with respect to a Plan Year, an Eligible Director must file a Deferred Compensation Election with the Administrator
prior the annual filing deadline established by the Administrator, which deadline must be in the calendar year immediately preceding
the year to which the Compensation relates. The Deferred Compensation Election shall be effective as of the first day of the Plan
Year in which the services that give rise to the Salary to be deferred are rendered.

 

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2.3           Deferred
Compensation Election.

 

2.3(a)     Subject
to the restrictions and conditions hereinafter provided, an Eligible Director shall be entitled to elect to defer, as an Deferral
Contribution with respect to a Plan Year, an amount of his Compensation which is specified by and in accordance with his direction
in his Deferred Compensation Election for such Plan Year. Any such election must be filed with the Administrator at the time required
under paragraph 2.2.

 

2.3(b)     Deferred
Compensation Elections shall be subject to the following rules:

 

(i)           A
separate Deferred Compensation Election must be filed for each Plan Year;

 

(ii)          Each
Deferred Compensation Election must specify the following:

 

(A)         The
amount or percentage of the Deferral Contribution for the applicable period;

 

(B)         The
Compensation from which the Deferral Contribution shall be withheld, if appropriate;

 

(C)         If
Option 5(a)(2) of the Adoption Agreement is selected, the Benefit Commencement Date, which date (I) may be one of the dates permitted
in Option 5(a)(2) of the Adoption Agreement, and (II) shall be irrevocable;

 

(D)         If
Option 5(b)(2) of the Adoption Agreement is selected, the form of payment and if periodic installments are elected, the duration
and frequency of the installments which (I) shall be the same for all Deferral Contributions made and Deferral Benefits payable
with respect to a Plan Year, and (II) shall be irrevocable;

 

(E)         If
permitted in Option 5(a)(2)(v), whether the Benefit Commencement Date to be applicable to the Deferral Account related to the Plan
Year shall be upon a Change in Control, if a Change in Control occurs prior to the Benefit Commencement Date otherwise elected;

 

(F)         The
Plan Year to which it relates; and

 

(G)         Such
other information as the Administrator may require.

 

(iii)         A
Participant shall have no unilateral right to change or terminate his Deferred Contribution Election for a year once the election
filing deadline has passed.

 

2.3(c)     Each
Deferral Contribution is intended to be an elective compensation reduction amount which shall be deducted from a Participant's
Compensation otherwise payable to him for a Plan Year by way of Retainers or Fees. Unless otherwise approved by the Administrator,
Deferral Contributions shall be withheld on a pro rata basis throughout the Plan Year (or remainder of the Plan Year, in the case
of a Director who first becomes a Participant during the Plan Year as of a date other than the first day of the Plan Year, in the
case of the Plan Year which contains the Effective Date of the Plan which is a date other than the first day of a Plan Year) to
which the Deferral Contributions relate.

 

2.4           Automatic
Cancellation of Deferred Compensation Election upon Receipt of Hardship Withdrawal. A Participant’s Deferred Compensation
Election in effect at the time of a severe hardship withdrawal from the Plan shall be cancelled (rather than postponed or delayed)
prospectively so that no further deferrals from his Fees or Retainers shall be made during the remainder of the Plan Year in which
the withdrawal occurred.

 

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2.5           Cancellation
of Election upon Occurrence of Disability.

 

2.5(a)      If
elected in Option 4(e) of the Adoption Agreement, a Participant’s Deferred Compensation Election in effect at the time of
the commencement of a Disability as defined in this paragraph shall be cancelled (rather than postponed or delayed) prospectively
so that no further deferrals from his Fees or Retainers shall be made during the remainder of the Plan Year provided such cancellation
occurs by the later of the end of the Participant’s taxable year or the fifteenth (15th) day of the third (3rd)
month following the date the Participant incurs the Disability.

 

2.5(b)      For
purposes hereof, Disability shall mean any medically determinable physical or mental impairment which results in the Participant’s
inability to perform the duties of his position or any substantially similar position and can be expected to result in death or
to last for a continuous period of not less than six (6) months. The determination of disability shall be made by the Administrator,
on the advice of one or more physicians appointed and approved by the Corporation, and the Administrator shall have the right to
require further medical examinations from time to time to determine whether there has been any change in the Participant's physical
condition.

 

2.6           Length
of Participation. Each Eligible Director shall automatically become a Participant in the Plan upon his timely filing
a Deferred Compensation Election or other election to participate and remain a Participant as long as he is entitled to future
benefits under the terms of the Plan.

 

2.7           Termination
of Active Participation. Subject to compliance with Section 409A of the Code and paragraphs
2.4 or 2.5, a Participant who is an active Participant for an applicable contribution election period (that is, the calendar year
generally or the period for which Retainers are determined, as applicable) shall cease to be an active Participant for the applicable
year or period, as the case may be, if and when he ceases to be an Eligible Director during the applicable year or period, in which
case he may not again become an active Participant until a subsequent calendar year. A leave of absence (whether paid or unpaid)
which does not result in a Separation from Service shall not be considered cessation of status as an Eligible Director for this
purpose.

 

ARTICLE III

Determination of Deferral Benefits

 

3.1           Deferral
Benefit. For purposes hereof, a Participant’s Deferral Benefit shall be the sum of the vested balances in
his Director Deferral Account and his Predecessor Plan Account at the time in question.

 

3.2           Deferral
Account.

 

3.2(a)      The
Corporation shall establish and maintain on its books Deferral Accounts (and appropriate subdivisions thereof) for each Participant
to reflect the Participant’s benefits under the Plan.

 

3.2(b)      The
balance in the Director Deferral Account of a Participant shall consist of his Deferral Contributions made to the Plan pursuant
to paragraph 3.3, subtractions pursuant to paragraph 3.4, and deemed earnings or losses thereon determined pursuant to paragraph
3.5.

 

3.2(c)      The
balance in the Predecessor Plan Account of a Participant shall consist of balances transferred to the Plan on the Participant’s
behalf, subtractions pursuant to paragraph 3.4, and deemed earnings or losses thereon determined pursuant to paragraph 3.5.

 

3.2(d)      Unless
otherwise elected in Option 3(b)(2)(C) of the Adoption Agreement, the Corporation shall segregate the Deferral Accounts of its
Participants attributable to contributions that are vested as of December 31, 2004 from the Deferral Accounts of its Participants
attributable contributions that are not vested as of December 31, 2004 and contributions made on and after January 1, 2005. The
terms of the Plan in effect on and after January 1, 2005 shall only apply to contributions not vested as of December 31, 2004 and
to contributions made on and after January 1, 2005.

 

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3.3           Contributions
by Participants.

 

3.3(a)      An
active Participant shall elect to make Deferral Contributions from his Compensation equal to that portion of his Compensation as
is permitted to be contributed and as is specified by him in his Deferred Compensation Election.

 

3.3(b)      Each
Deferral Contribution is intended to be an elective compensation reduction contribution which shall be withheld from a Participant’s
Compensation otherwise payable to him for the applicable contribution election period.

 

3.3(c)      Deferral
Contributions made by a Participant shall be credited to his Director Deferral Account as of the date an amount equal to each Deferral
Contribution is credited on the accounting records of the Plan as directed by the Administrator, which date shall be no later than
the end of the calendar month following the month the Compensation from which such contribution is deducted would otherwise have
been paid to him and may be as soon as the date as of which the amount is otherwise payable to the Participant.

 

3.4           Subtractions
from Deferral Account. All distributions (including any withheld income or other taxes) and withdrawals shall be
subtracted from a Participant’s Deferral Account and the applicable subdivision thereof when made. All Plan and Fund administrative
expenses charged to a Participant’s Deferral Account shall be subtracted as directed by the Administrator.

 

3.5           Crediting
of Deemed Earnings to Deferral Account.

 

3.5(a)      As
of each Valuation Date, there shall be credited to each Participant’s Deferral Account an amount representing deemed earnings
or loss on the “valuation balance” of each such account in accordance with procedures adopted for the Plan by the Administrator
from time to time.

 

3.5(b)      Such
deemed earnings or loss shall be determined as follows:

 

(i)          For
periods during which a Fund is maintained and Plan benefits may be paid therefrom because the Plan
Sponsor or any other Corporation is not insolvent, such earnings or loss shall be based on the net investment rate of return or
loss of the Fund division(s) in which the Participant’s Deferral Benefit under the Plan is considered invested for the period,
determined separately for each Fund division and the portion of the Participant’s Deferred Benefit considered invested in
each such Fund division, based on the Participant’s applicable or deemed investment directions pursuant to paragraph 9.4.
The net investment rate of return or loss means earnings or loss (including valuation changes and charges for expenses) for the
period of the Fund compared to the aggregate valuation balances sharing in those earnings or loss.

 

(ii)         For
periods during which the Fund is not maintained or Plan benefits may not be paid therefrom because the Plan Sponsor or any
other Corporation is insolvent, such earnings or loss shall be based on an annual rate determined for each Plan Year and equal
to the 1 year U.S. Treasury Rate as of the December 31 immediately preceding the Plan Year.

 

3.5(c)      Notwithstanding
the other provisions of this ARTICLE III, whenever the Plan accounting is based on daily Valuation Dates, the valuation adjustments
to Participants’ accounts shall be effected on such basis and subject to such rules and procedures as the Administrator may
determine to reflect daily accounting.

 

3.6           Expenses
Charged to Accounts. Notwithstanding any other provision of the Plan to the contrary, expenses
incurred in the administration of the Plan and the Rabbi Trust may be charged to Deferral Accounts on either a pro rata basis or
a per capita basis, and/or may be charged to the Deferral Account of the affected Participant(s) and Beneficiary(ies) (which term
is intended to include any alternate payee(s)) on a usage basis (rather than to all Deferral Accounts), as directed by the Administrator.
Without limiting the foregoing, some or all of the reasonable expenses attendant to the determinations needed with respect to and
making of withdrawals, the calculation of benefits payable under different Plan distribution options and the distribution of Plan
benefits may be charged directly to the Deferral Account of the affected Participant and Beneficiary, and different rules (i.e.,
pro rata, per capita, or direct charge to Deferral Accounts) may apply to different groupings of Participants and Beneficiaries.

 

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3.7           Equitable
Adjustment in Case of Error or Omission. Where an error or omission is discovered in the Deferral Account of a Participant,
the Administrator shall be authorized to make such equitable adjustment as the Administrator deems appropriate.

 

3.8           Statement
of Benefits. Within a reasonable time after the end of each calendar quarter and at the date a Participant’s
Deferral Benefit or Death Benefit becomes payable under the Plan, the Administrator shall provide to each Participant (or, if deceased,
to his Beneficiary) a statement of the benefit under the Plan.

 

ARTICLE IV

Vesting

 

4.1           Vesting.
A Participant's rights to the balance in his Deferral Accounts and Deferral Benefit shall be fully vested and nonforfeitable at
all times, and his Separation from Service shall not diminish the amount payable to the Participant or his Beneficiary.

 

ARTICLE V

Beneficiary Designation and Death Benefit

 

5.1           Death
after Benefit Commencement. Upon the death of a Participant after his benefit becomes payable in periodic installments,
the amounts of any periodic installments remaining unpaid shall be paid to his Beneficiary over the remaining term certain for
such installments.

 

5.2           Death
before Benefit Commencement. If a Participant dies before his vested Deferral Benefit has begun to be paid
to him, his vested Deferral Benefit under the Plan shall be paid to his Beneficiary at the time and in the manner described in
ARTICLE VI.

 

5.3           Beneficiary
Designation.

 

5.3(a)      Each
Participant shall be entitled to designate a Beneficiary hereunder by filing a designation in writing with the Administrator on
the form provided for such purpose. Any Beneficiary designation made hereunder shall be effective only if signed and dated by the
Participant and delivered to the Administrator prior to the time of the Participant's death. Any Beneficiary designation hereunder
shall remain effective until changed or revoked hereunder.

 

5.3(b)      Any
Beneficiary designation may include multiple, contingent or successive Beneficiaries and may specify the proportionate distribution
to each Beneficiary.

 

5.3(c)      A
Beneficiary designation may be changed by the Participant at any time, or from time to time, by filing a new designation in writing
with the Administrator.

 

5.3(d)      If
a Participant dies without having designated a Beneficiary, or if the Beneficiary so designated has predeceased the Participant
or cannot be located by the Administrator, then the Participant's spouse or, if none, the executor or the administrator of his
estate shall be deemed to be his Beneficiary.

 

5.3(e)      If
a Beneficiary of the Participant shall survive the Participant but shall die before the Participant's entire benefit under the
Plan has been distributed, then, absent any other provision by the Participant, the unpaid balance thereof shall be distributed
to the such other beneficiary named by the deceased Beneficiary to receive his interest or, if none, to the estate of the deceased
Beneficiary. If multiple beneficiaries are designated, absent any other provision by the Participant, those named or the survivor
of them shall share equally in any amounts payable hereunder.

 

    	8

    	 

    

 

ARTICLE VI

Time and Form of Payment

 

6.1           Time
of Payment of Deferral Benefit.

 

6.1(a)      A
Participant's Deferral Benefit, if any, shall become payable to the Participant, if then alive, on his Benefit Commencement Date.

 

6.1(b)      In
the event of the Participant's death before his Benefit Commencement Date, the Participant's Deferral Benefit shall become payable
to the Beneficiary on the first day of the calendar quarter following the date of the Participant's death.

 

6.1(c)      If
Option 5(a)(1) of the Adoption Agreement is selected, the Benefit Commencement date shall be the first day of the calendar quarter
next following the date selected in Option 5(a)(1) of the Adoption Agreement.

 

6.1(d)      If
Option 5(a)(2) of the Adoption Agreement is selected, the Participant may select the Benefit Commencement Date within the guidelines
set forth in Option 5(a)(2) of the Adoption Agreement. The Benefit Commencement Date for any subdivision of the Corporation Deferral
Account related to a Plan Year shall be the same as that provided for or elected under the Plan for the subdivision of a Participant’s
Deferral Account related to the same Plan Year.

 

6.2           Form
of Payment of Deferral Benefit.

 

6.2(a)      If
Option 5(b)(1) of the Adoption Agreement is selected, a Participant shall be paid the Deferral Benefit, if any, to which he is
entitled, commencing at the applicable time provided in paragraph 6.1, in the form selected by the Corporation in Option 5(b)(1)
of the Adoption Agreement and, if applicable, over a period selected by the Corporation in Option 5(b)(1) of the Adoption Agreement.

 

6.2(b)      If
Option 5(b)(2) of the Adoption Agreement is selected, a Participant shall be paid the Deferral Benefit, if any, to which he is
entitled, commencing at the applicable time provided in paragraph 6.1, in the form selected by the Participant within the guidelines
set forth in Option 5(b)(2) of the Adoption Agreement.

 

6.2(c)      If
Option 5(c)(1) of the Adoption Agreement is selected, in the event of the Participant's death before his Benefit Commencement Date,
the Beneficiary shall be paid the Deferral Benefit, if any, to which he is entitled, commencing at the applicable time provided
in paragraph 6.1, in the form selected by the Corporation in Option 5(c)(1) of the Adoption Agreement and, if applicable, over
a period selected by the Corporation in Option 5(c)(1) of the Adoption Agreement.

 

6.2(d)      If
Option 5(c)(2) of the Adoption Agreement is selected, in the event of the Participant's death before his Benefit Commencement Date,
the Beneficiary shall be paid the Deferral Benefit, if any, to which he is entitled, commencing at the applicable time provided
in paragraph 6.1, in the form selected by the Participant within the guidelines set forth in Option 5(c)(2) of the Adoption Agreement.

 

6.3           Permissible
Changes to Benefit Commencement Date and/or Form of Payment. Any election of a Benefit Commencement Date applicable
to a subdivision of a Deferral Account or a form of payment applicable to a subdivision of a Deferral Account may be changed only
if the election to change: (a) is not effective until at least twelve (12) months after the date filed, (b) delays the Benefit
Commencement Date for at least 5 years, and (c) is filed at least twelve (12) months before benefits would otherwise commence.
For purposes of changes to the time or form of payment, in the event a Participant elects to receive payment of his benefit in
periodic installments, the installment payment as a whole will be treated as a single payment.

 

    	9

    	 

    

 

6.4           Transition
Election Changes. If permitted by the Plan Sponsor in Option 8 of the Adoption Agreement, prior to December 31,
2007, a Participant who made a Deferral Election for the Plan Year 2005, 2006 and/or 2007 may elect a new Benefit Commencement
Date and/or a different form of payment applicable to a subdivision of his Deferral Account related to any or all of such Plan
Years in accordance with the following provisions:

 

6.4(a)      No
such change may accelerate payments into the 2007 Plan Year that were not otherwise scheduled to be made during such year.

 

6.4(b)      No
such change may delay payment into a later Plan Year that were otherwise scheduled to be paid during the 2007 Plan Year.

 

6.4(c)      A
separate change election may be made for the subdivision of his Deferral Account related to each of the Plan Years or one change
election shall be applicable to the subdivisions of his Deferral Account related to all three Plan Years, as selected by the Plan
Sponsor in Option 8(a)(2).

 

6.4(d)      The
Benefit Commencement Date and the form of payment that may be elected shall be one that is permitted under the provisions of this
restatement of the Plan.

 

6.4(e)      If
a Participant does not file an election to change the Benefit Commencement Date and/or the form of payment, then the provisions
of the original deferral election shall govern the time and form of payment.

 

6.5           Lump
Sum Payments and Periodic Installments.

 

6.5(a)      If
a lump sum payment is permitted under the Plan, the amount of a lump sum payment to or with respect to a Participant shall be determined
by reference to the Deferral Benefit as of the last Valuation Date (or other time of valuation hereunder) immediately preceding
the date of payment.

 

6.5(b)      If
periodic installment payments are permitted under the Plan, the amount of each periodic installment payment shall be the lesser
of:

 

(i)          The
quotient obtained by dividing (A) the amount of such Participant’s vested Deferral Account held in the applicable subdivision,
determined as though a lump sum payment were being made as of the last Valuation Date of the calendar quarter preceding the date
of payment of such installment, by (B) the number of installment payments then remaining to be made; or

 

(ii)         The
amount of such vested Deferral Benefit at such time.

 

6.5(c)      In
the event that a Participant who has begun to receive periodic installment payments again becomes an Director of the Corporation,
his periodic installments shall continue regardless of his return to service with the Corporation.

 

6.6           Permissible
Cash-Out by Lump Sum Payment. Notwithstanding the time and form of benefit payment provisions of paragraphs 6.1
and 6.2, a Participant’s vested Deferral Benefit may be cashed-out in a lump sum payment in an amount equal to the vested
balance in the Participant’s Deferral Accounts if (i) the payment will constitute a payout of the Participant’s entire
interest in this Plan and all similar arrangements that would constitute a nonqualified deferred compensation plan under Treasury
Regulation 1.409A-1(c); (ii) the payment is made on or before the later of December 31 of the calendar year in which the Participant’s
Separation from Service occurs, or the fifteenth (15th) day of the third (3rd) month following the Participant’s
Separation from Service; and (iii) the payment of the entire vested Deferral Benefit is not over the limit set forth in Code Section
402(g) applicable to the Plan Year in which the cash-out occurs.

 

    	10

    	 

    

 

6.7           Benefit
Determination and Payment Procedure.

 

6.7(a)      The
Administrator shall make all determinations concerning eligibility for benefits under the Plan, the time or terms of payment, and
the form or manner of payment to the Participant or the Participant’s Beneficiary, in the event of the death of the Participant.
The Administrator shall promptly notify the Corporation and, where payments are to be made from a Rabbi Trust, the trustee thereof
of each such determination that benefit payments are due and provide to the Corporation and, where applicable, such trustee all
other information necessary to allow the Corporation or such trustee, as the case may be, to carry out said determination, whereupon
the Corporation or such trustee, as the case may be, shall pay such benefits in accordance with the Administrator’s determination.

 

6.7(b)      Benefit
payments shall normally be made from the Fund to such payee(s), in such amounts, at such times and in such manner as the Administrator
shall from time to time direct; provided, however, that the Corporation may advance any payment due subject to a right of reimbursement
from the Fund. The payor may reserve such reasonable amount as it shall deem necessary, based upon information provided by the
Administrator upon which the payor may rely, to pay any income or other taxes attributable to the payment or required to be withheld
from the payment. If any payment is returned unclaimed, the payor shall notify the Administrator and shall dispose of the payment
as the Administrator shall direct.

 

6.7(c)      Notwithstanding
the foregoing provisions of this paragraph:

 

(i)           Payment
may be delayed for a reasonable period in the event the payment is not administratively practical due to events beyond the recipient’s
control such as where the recipient is not competent to receive the benefit payment, there is a dispute as to amount due or the
proper recipient of such benefit payment, additional time is needed to calculate the payment, or the payment would jeopardize the
solvency of the Corporation.

 

(ii)          Payment
shall be delayed in the following circumstances:

 

(A)         Where
the Administrator reasonably anticipates that a delay in payment is necessary to comply with Federal securities laws or other applicable
laws; or

 

(B)         Where
the Administrator reasonably determines that a delay is permissible for other events or conditions under applicable published guidance
of the Internal Revenue Service for Section 409A of the Code;

 

provided that any payment delayed by operation
of this clause (ii) will be made at the earliest date at which the Administrator reasonably anticipates that the payment will not
be limited or will cease to be so delayed.

 

6.7(d)      Notwithstanding
any other provision of the Plan, the Administrator shall delay any benefit payment (including any withdrawal pursuant to ARTICLE
VIII) if in the Administrator’s judgment the payment would not be deductible under Section 162(m) of the Code and the delay
will permit the deductibility of the payment, in which case the delayed payment shall be made as soon as it is possible to do so
within the deduction limits of Section 162(m) of the Code but in no event later then the end of the Plan Sponsor’s fiscal
year in which the Corporation or the Administrator reasonably anticipates, or should reasonable anticipate, that the payment would
be deductible or, any earlier time required under Section 409A of the Code.

 

6.7(e)      The
Corporation or Trustee may deduct from payments under the Plan any federal, state or local withholding or other taxes or charges
that it is required to deduct under applicable law.

 

    	11

    	 

    

 

6.8           Payments
to Minors and Incompetents. If a Participant or Beneficiary entitled to receive any benefits hereunder is a minor
or is adjudged to be legally incapable of giving valid receipt and discharge for such benefits, or is deemed so by the Administrator,
benefits will be paid to such person as the Administrator may designate for the benefit of such Participant or Beneficiary. Such
payments shall be considered a payment to such Participant or Beneficiary and shall, to the extent made, be deemed a complete discharge
of any liability for such payments under the Plan.

 

6.9           Distribution
of Benefit When Distributee Cannot Be Located. The Administrator shall make all reasonable attempts to determine
the whereabouts of a Participant entitled to benefits under the Plan, including the mailing by certified mail of a notice to the
last known address shown on the Corporation’s or the Administrator’s records. If the Administrator is unable to locate
such a Participant entitled to benefits hereunder, the Corporation will issue a payment in the appropriate amount and in the name
of the Participant, and the Corporation will retain such benefit payment on behalf of the Participant, subject to any applicable
statute of escheats.

 

6.10      Claims
Procedure.

 

6.10(a)      A
Participant or Beneficiary (the “claimant”) shall have the right to request any benefit under the Plan by filing a
written claim for any such benefit with the Administrator on a form provided or approved by the Administrator for such purpose.
The Administrator (or a claims fiduciary appointed by the Administrator) shall give such claim due consideration and shall either
approve or deny it in whole or in part. The following procedure shall apply:

 

(i)          The
Administrator (or a claims fiduciary appointed by the Administrator) may schedule and hold a hearing.

 

(ii)         If
the claim is not a Disability Benefit Claim, within ninety (90) days following receipt of such claim by the Administrator, notice
of any approval or denial thereof, in whole or in part, shall be delivered to the claimant or his duly authorized representative
or such notice of denial shall be sent by mail (postage prepaid) to the claimant or his duly authorized representative at the address
shown on the claim form or such individual’s last known address. The aforesaid ninety (90) day response period may be extended
to one hundred eighty (180) days after receipt of the claimant’s claim if special circumstances exist and if written notice
of the extension to one hundred eighty (180) days indicating the special circumstances involved and the date by which a decision
is expected to be made is furnished to the claimant or his duly authorized representative within ninety (90) days after receipt
of the claimant’s claim.

 

(iii)        If
the claim is a Disability Benefit Claim, within forty-five (45) days following receipt of such claim by the Administrator, notice
of any approval or denial thereof, in whole or in part, shall be delivered to the claimant or his duly authorized representative
or such notice of denial shall be sent by mail to the claimant or his duly authorized representative at the address shown on the
claim form or such individual’s last known address. The aforesaid forty-five (45) day response period may be extended to
seventy-five (75) days after receipt of the claimant’s claim if it is determined that such an extension is necessary due
to matters beyond the control of the Plan and if written notice of the extension to seventy-five (75) days indicating the circumstances
involved and the date by which a decision is expected to be made is furnished to the claimant or his duly authorized representative
within forty-five (45) days after receipt of the claimant’s claim. Thereafter, the aforesaid seventy-five (75) day response
period may be extended to one hundred five (105) days after receipt of the claimant’s claim if it is determined that such
an extension is necessary due to matters beyond the control of the Plan and if written notice of the extension to one hundred five
(105) days indicating the circumstances involved and the date by which a decision is expected to be made is furnished to the claimant
or his duly authorized representative within seventy-five (75) days after receipt of the claimant’s claim. In the event of
any such extension, the notice of extension shall specifically explain, to the extent applicable, the standards on which entitlement
to a benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information needed to resolve
those issues, and the claimant shall be afforded at least forty-five (45) days within which to provide any specified information
which is to be provided by the claimant.

 

    	12

    	 

    

 

(iv)        Any
notice of denial shall be written in a manner calculated to be understood by the claimant and shall:

 

(A)         Set
forth a specific reason or reasons for the denial,

 

(B)         Make
reference to the specific provisions of the Plan document or other relevant documents, records or information on which the denial
is based,

 

(C)         Describe
any additional material or information necessary for the claimant to perfect the claim and explain why such material or information
is necessary,

 

(D)         Explain
the Plan’s claim review procedures, including the time limits applicable to such procedures (which are generally contained
in subparagraph 6.10(b)), and provide a statement of the claimant’s right to bring a civil action in state or federal court
under Section 502(a) of the Act following an adverse determination on review of the claim denial,

 

(E)         In
the case of a Disability Benefit Claim, if an internal rule, guideline, protocol, or other similar criterion was relied upon in
making the adverse determination, either provide the specific rule, guideline, protocol or other similar criterion, or provide
a statement that such a rule, guideline, protocol or other similar criterion was relied upon in making the adverse determination
and that a copy of such rule, guideline, protocol or other criterion will be provided free of charge to the claimant or his duly
authorized representative upon request in writing, and

 

(F)         In
the case of a Disability Benefit Claim, if the adverse benefit determination is based on a medical necessity or experimental treatment
or similar exclusion or limit, either provide an explanation of the scientific or clinical judgment for the determination, applying
the terms of the Plan to the claimant’s medical circumstances, or provide a statement that such explanation will be provided
free of charge upon request in writing.

 

6.10(b)      A
Participant or Beneficiary whose claim filed pursuant to subparagraph 6.10(a) has been denied, in whole or in part, may, within
sixty (60) days (or one hundred eighty (180) days in the case of a Disability Benefit Claim) following receipt of notice of such
denial, make written application to the Administrator for a review of such claim, which application shall be filed with the Administrator.
For purposes of such review, the following procedure shall apply:

 

(i)          The
Administrator (or a claims fiduciary appointed by the Administrator) may schedule and hold a hearing.

 

(ii)         The
claimant or his duly authorized representative shall be provided the opportunity to submit written
comments, documents, records, and other information relating to the claim for benefits.

 

(iii)        The
claimant or his duly authorized representative shall be provided, upon request in writing and free of charge, reasonable access
to, and copies of, all documents, records, and other information relevant to such claim and may submit to the Administrator written
comments, documents, records, and other information relating to such claim.

 

(iv)        The
Administrator (or a claims fiduciary appointed by the Administrator) shall make a full and fair review
of any denial of a claim for benefits, which shall include:

 

(A)         Taking
into account all comments, documents, records, and other information submitted by the claimant or his duly authorized representative
relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination,
and

 

    	13

    	 

    

 

(B)         In
the case of a Disability Benefit Claim:

 

(I)         Providing
for a review that does not afford deference to the initial claim denial and that is conducted by an appropriate named fiduciary
of the Plan who is neither the individual who made the claim denial that is the subject of the review, nor the subordinate of such
individual,

 

(II)        In
making its decision on a review of any claim denial that is based in whole or in part on a medical judgment, including determinations
with regard to whether a particular treatment, drug, or other item is experimental, investigational, or not medically necessary
or appropriate, consulting with a health care professional who has appropriate training and experience in the field of medicine
involved in the medical judgment,

 

(III)       Providing
to the claimant or his authorized representative, either upon request in writing and free of charge or automatically, the identification
of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with the claim denial that is the
subject of the review, without regard to whether the advice was relied upon in making the benefit determination, and

 

(IV)        Ensuring
that the health care professional engaged for purposes of a consultation under clause (iv)(B)(II) of this subparagraph shall be
an individual who is neither an individual who was consulted in connection with the claim denial that is the subject of the review,
nor the subordinate of any such individual.

 

(v)          If
the claim is not a Disability Benefit Claim, the decision on review shall be issued promptly, but no later than sixty (60) days
after receipt by the Administrator of the claimant’s request for review, or one hundred twenty (120) days after such receipt
if a hearing is to be held or if other special circumstances exist and if written notice of the extension to one hundred twenty
(120) days indicating the special circumstances involved and the date by which a decision is expected to be made on review is furnished
to the claimant or his duly authorized representative within sixty (60) days after the receipt of the claimant’s request
for a review.

 

(vi)         If
the claim is a Disability Benefit Claim, the decision on review shall be issued promptly, but no later than forty-five (45) days
after receipt by the Administrator of the claimant’s request for review, or ninety (90) days after such receipt if a hearing
is to be held or if other special circumstances exist and if written notice of the extension to ninety (90) days indicating the
special circumstances involved and the date by which a decision is expected to be made on review is furnished to the claimant or
his duly authorized representative within forty-five (45) days after the receipt of the claimant’s request for a review.

 

(vii)        The
decision on review shall be in writing, shall be delivered or mailed by the Administrator to the claimant or his duly authorized
representative in the manner prescribed in subparagraph 6.10(a) for notices of approval or denial of claims, shall be written in
a manner calculated to be understood by the claimant and shall in the case of an adverse determination:

 

(A)         Include
the specific reason or reasons for the adverse determination,

 

(B)         Make
reference to the specific provisions of the Plan on which the adverse determination is based,

 

(C)         Include
a statement that the claimant is entitled to receive, upon request in writing and free of charge, reasonable access to, and copies
of, all documents, records, and other information relevant to the claimant’s claim for benefits,

 

    	14

    	 

    

 

(D)         Include
a statement of the claimant’s right to bring a civil action in state or federal court under Section 502(a) of the Act following
the adverse determination on review,

 

(E)         In
the case of a Disability Benefit Claim, if an internal rule, guideline, protocol, or other similar criterion was relied upon in
making the adverse determination, either provide the specific rule, guideline, protocol or other similar criterion, or provide
a statement that such a rule, guideline, protocol or other similar criterion was relied upon in making the adverse determination
and that a copy of such rule, guideline, protocol or other criterion will be provided free of charge to the claimant or his duly
authorized representative upon request in writing,

 

(F)         In
the case of a Disability Benefit Claim, if the adverse benefit determination is based on a medical necessity or experimental treatment
or similar exclusion or limit, either provide an explanation of the scientific or clinical judgment for the determination, applying
the terms of the Plan to the claimant’s medical circumstances, or provide a statement that such explanation will be provided
free of charge upon request in writing, and

 

(G)         In
the case of a Disability Benefit Claim, provide the following statement (if applicable and appropriate): “You and your plan
may have other voluntary alternative dispute resolution options, such as mediation. One way to find out what may be available is
to contact your local U.S. Department of Labor Office and your State insurance regulatory agency.”

 

The Administrator’s
decision made in good faith shall be final.

 

6.10(c)    The
period of time within which a benefit determination initially or on review is required to be made shall begin at the time the
claim or request for review is filed in accordance with the procedures of the Plan, without regard to whether all the information
necessary to make a benefit determination accompanies the filing. In the event that a period of time is extended as permitted
pursuant to this paragraph due to the failure of a claimant or his duly authorized representative to submit information necessary
to decide a claim or review, the period for making the benefit determination shall be tolled from the date on which the notification
of the extension is sent to the claimant or his duly authorized representative until the date on which the claimant or his duly
authorized representative responds to the request for additional information.

 

6.10(d)    For
purposes of the Plan’s claims procedure:

 

(i)          A
“Disability Benefit Claim” is a claim for a Plan benefit whose availability is conditioned on a determination of disability
and where the Plan’s claim’s adjudicator must make a determination of disability in order to decide the claim. A claim
is not a Disability Benefit Claim where the determination of disability is made by a party (other than the Plan’s claim’s
adjudicator or other fiduciary) outside the Plan for purposes other than making a benefit determination under the Plan (such as
a determination of disability by the Social Security Administration or under the Employer’s long term disability plan).

 

(ii)         A
document, record, or other information shall be considered “relevant” to a claimant’s claim if such document,
record, or other information (A) was relied upon in making the benefit determination, (B) was submitted, considered, or generated
in the course of making the benefit determination, without regard to whether such document, record, or other information was relied
upon in making the benefit determination, (C) demonstrates compliance with the administrative processes and safeguards required
in making the benefit determination, or (D) in the case of a Disability Benefit Claim, constitutes a statement of policy or guidance
with respect to the Plan concerning the denied treatment option or benefit for the claimant’s diagnosis, without regard to
whether such advice or statement was relied upon in making the benefit determination.

 

    	15

    	 

    

 

6.10(e) The
Administrator may establish reasonable procedures for determining whether a person has been authorized to act on behalf of a claimant.

 

ARTICLE VII

Withdrawals

 

7.1           Hardship
Withdrawals.

 

7.1(a)     If
permitted in Option 6 of the Adoption Agreement, in the event of any Unforeseeable Emergency and upon written request of the Participant
(or, if subsequent to his death, his Beneficiary), the Administrator in its sole discretion may direct the payment in one lump
sum to the Participant or his Beneficiary of all or any portion of the Participant’s vested Deferral Benefit which the Administrator
determines is necessary to alleviate the financial need related to the Unforeseeable Emergency. For purposes hereof:

 

(i)          An
“Unforeseeable Emergency” means an unforeseeable emergency as defined in Section 409A of the Code and generally
means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s
spouse, the Participant’s Beneficiary, or the Participant’s dependent (as defined in Section 152 of the Code, without
regard to Section 152(b)(1), (b)(2), and (d)(1)(B)) thereof); loss of the Participant’s or the Participant’s Beneficiary’s
property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for
example, not as a result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result
of events beyond the control of the Participant or Beneficiary.

 

(ii)         The
existence of an Unforeseeable Emergency shall be determined by the Administrator on the basis of the facts and circumstances of
each case.

 

(iii)        Distributions
because of an Unforeseeable Emergency must be limited to the amount reasonably necessary to satisfy the need (which may include
amounts necessary to pay any Federal, state, local, or foreign income taxes or penalties reasonably anticipated to result from
the distribution), taking in to account the potential that the need is or may be relieved through reimbursement or compensation
by insurance or otherwise, by liquidation of the Participant’s, to the extent the liquidation of such assets would not cause
an Unforeseeable Emergency, or by cessation of deferrals under the Plan (if the Plan provides for cancellation of a deferral election
upon a payment due to an Unforeseeable Emergency). The determination of amounts reasonably necessary to satisfy the need is not
required to take into account any additional compensation that, due to the Unforeseeable Emergency, is available under another
nonqualified deferred compensation plan but has not actually been paid, or that is available, due to the Unforeseeable Emergency,
under another plan that would provide for deferred compensation except due to the application of the effective date provisions
of Section 409A of the Code.

 

(iv)        Examples
of what may be considered an Unforeseeable Emergency include the imminent foreclosure of or eviction from the Participant’s
or Participant’s Beneficiary’s primary residence, the need to pay for medical expenses, including non-refundable deductibles,
as well as for the costs of prescription drug medication, the need to pay for the funeral expenses of the Participant’s spouse,
Beneficiary, or the Participant’s dependent (as defined in Section 152 of the Code, without regard to Section 152(b)(1),
(b)(2), and (d)(1)(B)) thereof).

 

(v)         Except
as otherwise provided in clause (iii) of this subparagraph, the purchase of a home and the payment of college tuition are not Unforeseeable
Emergencies.

 

7.2           No
Other Withdrawals Permitted. No withdrawals or other distributions shall be permitted except as provided
in ARTICLE VI or paragraph 7.1.

 

    	16

    	 

    

 

ARTICLE VIII

Funding

 

8.1           Funding.

 

8.1(a)     The
undertaking to pay benefits hereunder shall be an unfunded obligation payable solely from the general assets of the Corporation
and subject to the claims of the Corporation’s creditors. The Deferral Accounts shall be maintained as book reserve accounts
solely for accounting purposes.

 

8.1(b)     Except
as provided in the Rabbi Trust established as permitted in paragraph 8.2, nothing contained in the Plan and no action taken pursuant
to the provisions of the Plan shall create or be construed to create a trust of any kind or a fiduciary relationship between the
Corporation and the Participant or his Beneficiary or any other person. To the extent that any person acquires a right to receive
payments from the Corporation under the Plan, such rights shall be no greater than the right of any unsecured general creditor
of the Corporation.

 

8.1(c)     Where
more than one Corporation participates in the Plan, the funding and payment provisions hereof shall apply separately to each such
Corporation.

 

8.1(d)     The
Plan Sponsor may in its discretion make the payment of any or all benefits under the Plan in lieu of payment by one or more Corporation.
Where the Plan Sponsor makes payments on behalf of other Corporations, the Plan Sponsor may require contributions by participating
Corporations to the Plan Sponsor at such times (whether before, at or after the time of payment), in such amounts and or such basis
as it may from time to time determine in order to defray the cost of benefits and administration of the Plan.

 

8.2           Use
of Rabbi Trust Permitted. Notwithstanding any provision herein to the contrary, the Plan Sponsor may in its sole
discretion elect to establish and fund a Rabbi Trust for the purpose of providing benefits under the Plan.

 

8.3           Fund
Divisions.

 

8.3(a)     It
is contemplated that the Fund will be considered to be held in divisions (sometimes referred to as “divisions of the Fund”,
“Fund divisions” or “investments funds” herein) as hereinafter provided, and each Participant’s Deferral
Benefit shall be subdivided to reflect its deemed interest in each Fund division.

 

8.3(b)    The
Administrator shall establish from time to time the Fund divisions which shall be maintained in the Fund

 

8.3(c)     If
the Plan Sponsor permits investment in a Company Stock Fund, the availability, restrictions, limitations and special rules relating
to such investment shall be established by the Plan Sponsor from time to time and communicated to Participants and to the Administrator.

 

8.4          Participant
Investment Directions. The Deferral Benefit of a Participant in the Plan shall be divided or allocated to reflect
the amount of each such Participant’s deemed interest in each Fund division as hereinafter provided for the purpose of determining
the earnings or loss to be credited to his account, but any such direction shall not give the Participant any right, title or interest
in any specific asset or assets of the Fund.

 

8.4(a)     If
permitted in Option 7(a) of the Adoption Agreement, upon becoming a Participant without a contribution investment direction in
force, a Participant may direct that future contributions and Deferral Account balances shall be invested in the funds available
for directed investment selected in Option 7(b) of the Adoption Agreement by filing an “investment direction” with
the Administrator in accordance with the procedures established by the Administrator. The Administrator (or its designee) generally
will process investment directions on a current basis after received, but shall not be obligated to process any investment directions
on a retroactive basis.

 

    	17

    	 

    

 

8.4(b)     If
or to the extent a Participant (or if deceased, his Beneficiary) has no investment direction in effect, his Deferral Accounts shall
be invested in the default fund designated by the Administrator from time to time.

 

8.4(c)     The
Administrator may, on a uniform and non-discriminatory basis from time to time, set or change the advance notice requirement for
effecting investment directions, may limit the number of investment direction changes made in a Plan Year, may limit investment
directions, if any, which can be made by telephone, electronically or through the internet, may impose blackout periods for changes,
may temporarily or permanently suspend the offering of an investment fund, and generally may change any of the investment direction
procedures or options from time to time and at any time.

 

ARTICLE IX

Plan Administrator

 

9.1           Appointment
of Plan Administrator. The Plan Sponsor may appoint one or more persons to serve as the Plan
Administrator (the “Administrator”) for the purpose of carrying out the
duties specifically imposed on the Administrator by the Plan and the Code. In the event more than one person is appointed, the
persons shall form a committee for the purpose of functioning as the Administrator of the Plan. The person or committeemen serving
as Administrator shall serve for indefinite terms at the pleasure of the Plan Sponsor, and may, by thirty (30) days prior written
notice to the Plan Sponsor, terminate such appointment. The Plan Sponsor shall inform the Trustee of any such appointment or termination,
and the Trustee may assume that any person appointed continues in office until notified of any change.

 

9.2           Plan
Sponsor as Plan Administrator. In the event that no Administrator is appointed or in office pursuant to
paragraph 9.1, the Plan Sponsor shall be the Administrator.

 

9.3           Procedure
if a Committee. If the Administrator is a committee, it shall appoint from its members a Chairman and a Secretary.
The Secretary shall keep records as may be necessary of the acts and resolutions of such committee and be prepared to furnish reports
thereof to the Plan Sponsor and the Trustee. Except as otherwise provided, all instruments executed on behalf of such committee
may be executed by its Chairman or Secretary, and the Trustee may assume that such committee, its Chairman or Secretary are the
persons who were last designated as such to them in writing by the Plan Sponsor or its Chairman or Secretary.

 

9.4           Action
by Majority Vote if a Committee. If the Administrator is a committee, its action in all matters, questions and decisions
shall be determined by a majority vote of its members qualified to act thereon. They may meet informally or take any action without
the necessity of meeting as a group.

 

9.5           Appointment
of Successors. Upon the death, resignation or removal of a person serving as, or on a committee
which is, the Administrator, the Corporation may, but need not, appoint a successor.

 

9.6           Duties
and Responsibilities of Plan Administrator. The Administrator shall have the following duties and responsibilities
under the Plan:

 

9.6(a)     The
Administrator shall be responsible for the fulfillment of all relevant reporting and disclosure requirements set forth in the Plan,
the Code and the Act, the distribution thereof to Participants and their Beneficiaries and the filing thereof with the appropriate
governmental officials and agencies.

 

9.6(b)     The
Administrator shall maintain and retain necessary records respecting its administration of the Plan and matters upon which disclosure
is required under the Plan, the Code and the Act.

 

9.6(c)     The
Administrator shall make any elections for the Plan required to be made by it under the Plan, the Code and the Act.

 

    	18

    	 

    

 

9.6(d)     The
Administrator is empowered to settle claims against the Plan and to make such equitable adjustments in a Participant’s or
Beneficiary’s rights or entitlements under the Plan as it deems appropriate in the event an error or omission is discovered
or claimed in the operation or administration of the Plan.

 

9.6(e)     The
Administrator may construe the Plan, correct defects, supply omissions or reconcile inconsistencies to the extent necessary to
effectuate the Plan and such action shall be conclusive.

 

9.7           Power
and Authority.

 

9.7(a)     The
Administrator is hereby vested with all the power and authority necessary in order to carry out its duties and responsibilities
in connection with the administration of the Plan imposed hereunder. For such purpose, the Administrator shall have the power to
adopt rules and regulations consistent with the terms of the Plan.

 

9.7(b)     The
Administrator shall exercise its power and authority in its discretion. It is intended that a court review of the Administrator's
exercise of its power and authority with respect to matters relating to claims for benefits by, and to eligibility for participation
in and benefits of, Participants and Beneficiaries shall be made only on an arbitrary and capricious standard.

 

9.8           Availability
of Records. The Corporation and the Trustee shall, at the request of the Administrator, make available necessary
records or other information they possess which may be required by the Administrator in order to carry out its duties hereunder.

 

9.9           No
Action with Respect to Own Benefit. No Administrator who is a Participant shall take any part as the Administrator
in any discretionary action in connection with his participation as an individual. Such action shall be taken by the remaining
Administrator, if any, or otherwise by the Plan Sponsor.

 

ARTICLE X

Amendment and Termination of Plan

 

10.1         Amendment
or Termination of the Plan.

 

10.1(a)    The
Plan may be terminated at any time by the Board, subject to the restrictions imposed by and consistent with applicable provisions
of Section 409A of the Code. The Plan may be amended in whole or in part from time to time by the Board effective as of any date
specified, subject to the restrictions imposed by and consistent with applicable provisions of Section 409A of the Code. No amendment
or termination shall operate to decrease a Participant’s vested Deferral Benefit as of the earlier of the date on which the
amendment or termination is approved by the Board or the date on which an instrument of amendment or termination is signed on behalf
of the Plan Sponsor. No amendment shall increase the Trustee’s duties or obligations or decrease its compensation unless
contained in an amendment of, or document expressly pertaining to, the Rabbi Trust which includes the Trustee’s written consent
or for which the Trustee’s written consent is separately obtained. Any such termination of or amendment to the Plan may provide
for the acceleration of payment of benefits under the Plan to one or more Participants or Beneficiaries. Any such termination of
or amendment to the Plan shall be in writing and shall be adopted pursuant to action by the Board (including pursuant to any standing
authorization for any officer, director or committee to adopt amendments) in accordance with its applicable procedures, including
where applicable by majority vote or consent in writing.

 

10.1(b)    In
addition, and as an alternative, to amendment of the Plan by action of the Board, but subject to the limitations on amendment contained
in subparagraph 10.1(a), the Administrator shall be and is hereby authorized to adopt on behalf of the Board and to execute any
technical amendment or amendments to the Plan which in the opinion of counsel for the Plan Sponsor are required by law and are
deemed advisable by the Administrator and to so adopt and execute any other discretionary amendment or amendments to the Plan which
are deemed advisable by the Administrator so long as any such amendments do not, in view of the Administrator, materially affect
the eligibility, vesting or benefit accrual or allocation provisions of the Plan.

 

    	19

    	 

    

 

10.1(c)   Termination
of the Plan shall mean termination of active participation by Participants, but shall not mean immediate payment of all vested
Deferral Benefits unless the Plan Sponsor so directs, subject to the restrictions imposed by and consistent with applicable provisions
of Section 409A of the Code. On termination of the Plan, the Board of the Plan Sponsor may provide for the acceleration of payment
of the vested Deferral Benefits of all affected Participants on such basis as it may direct.

 

10.2        Effect
of Corporation Merger, Consolidation or Liquidation. Notwithstanding the foregoing provisions of this ARTICLE X,
the merger or liquidation of any Corporation into any other Corporation or the consolidation of two (2) or more of the Corporations
shall not cause the Plan to terminate with respect to the merging, liquidating or consolidating Corporations, provided that the
Plan has been adopted or is continued by and has not terminated with respect to the surviving or continuing Corporation.

 

ARTICLE XI

Participation by Additional Corporations

 

11.1         Adoption
by Additional Corporations. Any Affiliate of the Plan Sponsor may adopt the Plan with the consent of the Board of
the Plan Sponsor and approval by its Board.

 

11.2         Termination
Events with Respect to Corporations Other Than the Plan Sponsor.

 

11.2(a)     The
Plan shall terminate with respect to any Corporation other than the Plan Sponsor, and such Corporation shall automatically cease
to be a participating Corporation in the Plan, upon the happening of any of the following events, subject to the restrictions imposed
by and consistent with applicable provisions of Section 409A of the Code:

 

(i)          The
Corporation’s ceasing to be an Affiliate.

 

(ii)         Action
by the Board or Chief Executive Officer of the Plan Sponsor terminating an Corporation’s participation in the Plan and specifying
the date of such termination. Notice of such termination shall be delivered to the Administrator and the former participating Corporation.

 

11.2(b)   Termination
of the Plan with respect to any Corporation shall mean termination of active participation of the Participants employed by such
Corporation, but shall not mean immediate payment of all vested Deferral Benefits with respect to the Directors of such Corporation
unless the Plan Sponsor so directs consistent with applicable provisions of Section 409A of the Code. On termination of the Plan
with respect to any Corporation, the Administrator may provide for the acceleration of payment of the vested Deferral Benefits
of all affected Participants of that former participating Corporation on such basis as it may direct.

 

ARTICLE XII

Miscellaneous

 

12.1       Nonassignability.
The interests of each Participant under the Plan are not subject to claims of the Participant's creditors; and neither the
Participant, nor his Beneficiary, shall have any right to sell, assign, transfer or otherwise convey the right to receive any payments
hereunder or any interest under the Plan, which payments and interest are expressly declared to be nonassignable and nontransferable.

 

12.2         Right
to Require Information and Reliance Thereon. The Corporation and Administrator shall have the right to require any
Participant, Beneficiary or other person receiving benefit payments to provide it with such information, in writing, and in such
form as it may deem necessary to the administration of the Plan and may rely thereon in carrying out its duties hereunder. Any
payment to or on behalf of a Participant or Beneficiary in accordance with the provisions of the Plan in good faith reliance upon
any such written information provided by a Participant or any other person to whom such payment is made shall be in full satisfaction
of all claims by such Participant and his Beneficiary; and any payment to or on behalf of a Beneficiary in accordance with the
provision so the Plan in good faith reliance upon any such written information provided by such Beneficiary or any other person
to whom such payment is made shall be in full satisfaction of all claims by such Beneficiary.

 

    	20

    	 

    

 

12.3         Notices
and Elections.

 

12.3(a)     Except
as provided in subparagraph 12.3(b), all notices required to be given in writing and all elections, consents, applications and
the like required to be made in writing, under any provision of the Plan, shall be invalid unless made on such forms as may be
provided or approved by the Administrator and, in the case of a notice, election, consent or application by a Participant
or Beneficiary, unless executed by the Participant or Beneficiary giving such notice or making such election, consent or application.

 

12.3(b)     Subject
to limitations under applicable provisions of the Code or the Act, the Administrator is authorized in its discretion to accept
other means for receipt of effective notices, elections, consents, applications and/or other forms or communications by Participants
and/or Beneficiaries, including but not limited to electronic transmissions through interactive on-line transmissions, e-mail,
voice mail, recorded messages on electronic telephone systems, and other permissible methods, on such basis and for such purposes
as it determines from time to time.

 

12.4         Delegation
of Authority. Whenever the Plan Sponsor or any other Corporation is permitted or required to perform any act, such
act may be performed by its President or Chief Executive Officer or other person duly authorized by its President or Chief Executive
Officer or the Board of the Corporation.

 

12.5         Service
of Process. The Administrator shall be the agent for service of process on the Plan.

 

12.6         Governing
Law. The Plan shall be construed, enforced and administered in accordance with the laws of the Commonwealth of Virginia,
and any federal law which preempts the same.

 

12.7         Binding
Effect. The Plan shall be binding upon and inure to the benefit of the Corporation, its successors and assigns,
and the Participant and his heirs, executors, administrators and legal representatives.

 

12.8         Severability.
If any provision of the Plan should for any reason be declared invalid or unenforceable by a court of competent jurisdiction, the
remaining provisions shall nevertheless remain in full force and effect.

 

12.9         No
Effect on Employment Agreement. The Plan shall not be considered or construed to modify, amend or supersede any
employment or other agreement between the Corporation and the Participant heretofore or hereafter entered into unless so specifically
provided.

 

12.10       Gender
and Number. In the construction of the Plan, the masculine shall include the feminine or neuter and the singular
shall include the plural and vice-versa in all cases where such meanings would be appropriate.

 

12.11       Titles
and Captions. Titles and captions and headings herein have been inserted for convenience of reference only and are
to be ignored in any construction of the provisions hereof.

 

12.12       Construction.
The Plan and Fund are intended to be construed as a “plan which is unfunded and is maintained by the Corporation primarily
for the purpose of providing deferred compensation for a select group of management or highly compensated employees,” within
the meaning of Sections 201(2), 301(a)(3), and 401(a)(1) of the Act, as amended, and shall be interpreted and administered accordingly.
Likewise, the Plan is also intended to comply with Section 409A of the Code and shall be interpreted and administered accordingly.

 

    	21

    	 

    

 

12.13       Nonqualified
Deferred Compensation Plan Omnibus Provision.

 

12.13(a)  It
is intended that any compensation, benefits or other remuneration which is provided pursuant to or in connection with the Plan
which is considered to be nonqualified deferred compensation subject to Code Section 409A shall be provided and paid in a manner,
and at such time and in such form, as complies with the applicable requirements of Section 409A of the Code to avoid a plan failure
described in Section 409A(a)(1) of the Code, including without limitation, deferring payment until the occurrence of a specified
payment event described in Section 409A(a)(2) of the Code and to avoid the unfavorable tax consequences provided therein for non-compliance,
and that, notwithstanding any other provision thereof or document pertaining to any such compensation, benefit or other remuneration
subject to the provisions of Section 409A of the Code, each provision of any plan, program or arrangement (including without limitation
the Plan) relating to the provision of such compensation, benefit or other remuneration to or with respect to the Eligible
Director, shall be so construed and interpreted.

 

12.13(b)  It
is specifically intended that all elections, consents and modifications thereto under the Plan will comply with the requirements
of Section 409A of the Code (including any transition or grandfather rules thereunder). The Administrator is authorized to adopt
rules or regulations deemed necessary or appropriate in connection therewith to anticipate and/or comply the requirements of Section
409A of the Code (including any transition or grandfather rules thereunder).

 

12.13(c)  It
is also intended that if any compensation, benefits or other remuneration which is provided pursuant to or in connection with the
Plan is considered to be nonqualified deferred compensation subject to Section 409A of the Code but for being earned and vested
as of December 31, 2004, then no material modification of the Plan after October 3, 2004 shall apply to such Plan benefits which
are earned and vested as of December 31, 2004 unless such modification expressly so provides.

 

12.14       Distributions
in the Event of Income Inclusion. If any portion of a Participant’s Deferral Account under the Plan is required to be included
in income by the Participant prior to receipt due to a failure of the Plan to comply with the requirements of Section 409A of the
Code, the Administrator may determine that such Participant shall receive a distribution from the Plan in an amount equal to the
lesser of (i) the portion of the Deferral Account required to be included in income as a result of such failure or (ii) the unpaid
vested Deferral Account.

 

August
28, 2007

 

    	22EX10.37_Guardian_Amendment4

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

	
			
	Amendment No. 4 to Research Agreements
Guardian - Intermolecular

Amendment No. 4 
to the Research Agreements between
Guardian Industries and Intermolecular

WHEREAS GUARDIAN INDUSTRIES CORP., a Delaware corporation located at 2300 Harmon Road, Auburn Hills, Michigan 48326 (hereinafter referred to as "Guardian") and INTERMOLECULAR, INC., a Delaware corporation located at 3011 North First Street, San Jose, California 95134 (hereinafter referred to as "Intermolecular"), entered into the following agreements – 

		
	1.
	A RESEARCH AGREEMENT effective Feb. 8, 2010 ("Wet Coating Master Agreement"), which incorporates by reference a Task Order effective February 8, 2010, a Task Order effective Jul. 22, 2010, a Task Order effective Oct. 22, 2010, a Task Order effective May 1, 2011 as amended on November 1, 2011 and a Task Order effective July 1, 2012. 

		
	2.
	A RESEARCH AGREEMENT effective Jul. 15, 2010 ("Sputtered Coating Master Agreement"), which incorporates by reference a Task Order effective Jul. 22, 2010, a Task Order effective November 30, 2010, a Task Order effective Jan. 1, 2012, a Task Order effective June 1, 2012, and a Task Order effective February 6, 2014 (now , collectively “Past Sputtered Task Orders”) . 

		
	3.
	An Amendment Number One to the Wet Coating Master Agreement and the Sputtered Coating Master Agreement effective Jan. 1, 2012 (“Amendment Number One”).

		
	4.
	An Amendment Number Two to the Wet Coating Master Agreement and the Sputtered Coating Master Agreement effective Dec. 31, 2013 (“Amendment Number Two”) 

		
	5.
	An Amendment Number Three to the Wet Coating Master Agreement and the Sputtered Coating Master Agreement effective January 31, 2014 (“Amendment Number Three”) 

		
	6.
	(the Wet Coating Master Agreement, the Sputtered Coating Master Agreement, Amendment Number One, Amendment Number Two, and Amendment Number Three are herein collectively referred to as “Agreements”);

WHEREAS Guardian and Intermolecular wish to modify the terms of the Agreements;

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Guardian and Intermolecular agree to modify the terms of the Agreements by this amendment (hereinafter “Amendment Number Four”) as set forth below :
		
	1.
	AMENDMENT EFFECTIVE DATE

		
	1.1
	This Amendment shall have an effective date of February 1, 2015 (“Amendment Four Effective Date”).

		
	2.
	MODIFICATION OF TERM AND TERMINATION

Section 2.1 and Section 2.3 of Amendment Number Three are deleted in their entirety and replaced with the following:
		
	2.1
	Notwithstanding anything to the contrary in the Agreements, unless terminated by mutual agreement, by convenience as described in Section 2.3 herein or for breach, each of the Agreements shall terminate two (2) years from the Amendment Four Effective Date (hereinafter defined as “Term”).  For the avoidance of doubt, and without limiting the effect of any other survival clauses in the Agreements or the prior Amendments, all licenses, royalty obligations and intellectual property provisions shall survive the expiration or termination of the Agreements.

		
	2.3
	Guardian may terminate the Agreements for convenience as described in this Section 2.3 (“Termination for Convenience”). Guardian may terminate the Agreements for convenience by giving written notice to Intermolecular between October 1, 2015 and October 31, 2015 (“Window Period”) provided that if termination for convenience under this Section 2.3 is exercised during the Window Period, Guardian shall continue to pay to Intermolecular all amounts due under Section 3.1 for the period from November 1, 2015 to January 31, 2016, as 

	
			
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[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

	
			
	Amendment No. 4 to Research Agreements
Guardian - Intermolecular

well as a cancellation fee equal to [***] of Program Fees (as defined in Section 4.1 below), and these Agreements will terminate on January 31, 2016.
		
	3.
	RESOURCES

		
	3.1
	Effective on the Amendment Four Effective Date and for the duration of the Term, Intermolecular agrees to provide

		
	a.
	IMI Equipment/Software Resources(“Equipment Resources”) consisting of 

		
	i.
	[***]

		
	ii.
	Metrology for [***]Measurements ; and 

		
	b.
	IMI Personnel Resources consisting of [***] FTEs dedicated to the conduct of the Development Programs (“FTE Resources”)

to support the tasks related to the Agreements. 
		
	4.
	PROGRAM FEES

		
	4.1
	Effective on the Amendment Four Effective Date and for the duration of the Term, Guardian shall pay Intermolecular [***] (“Program Fees”) per month in exchange for the resources provided by Intermolecular under this Amendment Number Four.

		
	5.
	LICENSING TERMS FOR NEW TASK ORDERS 

For any Task Order with an effective date after the Amendment Four Effective Date or designated as such by agreement of the parties  (“New Task Order”) and any Past Sputtered Task Order and any Task Order under the Wet Coating Master Agreement, the licensing terms and conditions for any Project-Related Technology or Program Technology shall be determined by the parties as set forth in Exhibit A attached hereto. 
		
	6.
	MODIFICATION OF FTE RESOURCES OR EQUIPMENT RESOURCES

Section 9.2 of Amendment Number Three is deleted in its entirety and replaced with the following:
		
	6.1
	Notwithstanding Section 9.1 of Amendment Number Three, the total amounts due to Intermolecular under the Program Fees and Royalties during the Term and commencing on the Amendment Three Effective Date shall not be less than [***] unless reduced either through Termination for Convenience or through a suspension of payment permitted under Section 4.2 of Amendment Number Three.

		
	7.
	GOOD FAITH NEGOTIATIONS REGARDING RIGHT OF FIRST REFUSAL

The parties agree to negotiate in good faith regarding entry into a new agreement  that would provide Guardian a right of first refusal, right of last refusal or similar right to offer or counter offer in the instance that Intermolecular is entering into a binding or non-binding letter of intent or agreement with any third party in Guardian’s Field as defined in any Task Order or Agreement  (“Guardian Competitor”) related to the sale of ownership rights of any [***] or [***] that is owned or co-owned by Intermolecular under the Agreements (“Agreement-Related Assets”).   The potential agreement contemplated by this Section 7 is intended to apply solely to the sale of [***], individually or as part of a sale of Intermolecular’s [***] business, to a Guardian Competitor, and would not apply to the sale or acquisition of Intermolecular or substantially all of its assets.
		
	8.
	MISCELLANEOUS

This Amendment Number Four shall be deemed to be incorporated into the Agreements and made a part thereof.  All references to the Agreements in any other document shall be deemed to refer to the Agreements as modified by this Amendment Number Four. Except as modified by this Amendment Number Four, all of the terms and conditions of the Agreements shall remain in full force and effect.  In the event that the terms of this Amendment Number Four conflict with the terms of the Agreements, the terms of this Amendment Number Four shall control. 

	
			
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[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

	
			
	Amendment No. 4 to Research Agreements
Guardian - Intermolecular

		
	9.
	EXECUTION

This Amendment Number Four may be executed in any number of counterpart originals, each of which shall be deemed an original instrument for all purposes, but all of which shall comprise one and the same instrument.  This Amendment Number Four may be delivered by electronic mail or facsimile, and a scanned version of this Amendment Number Four shall be binding as an original.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment Number Four to be executed by their duly authorized representatives:

“Guardian”                    “Intermolecular”

Guardian Industries Corp.            Intermolecular, Inc.

Date:    30 Oct. 2014                Date:    October 30, 2014

Name:    /s/ Sheldon Davis            Name:    /s/ Bruce McWilliams    

(Print)    Sheldon Davis                (Print)    Bruce McWilliams

Title:    VP, R&D                Title:    President and CEO

	
			
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[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

	
			
	Amendment No. 4 to Research Agreements
Guardian - Intermolecular

Exhibit A

		
	1.
	TASK ORDER CATEGORIES

		
	a.
	Prior to Intermolecular beginning work on a New Task Order,  Guardian will designate the New Task Order as being one of the following categories, which will determine Royalties paid:

i.    “Research Services.” Generally, by way of example and not limitation, a Task Order will be categorized as “Research Services” if it has a well-defined, limited scope, is intended to identify, characterize or understand problems arising in [***], and the research methodology is defined and controlled by [***].  Guardian will not pay a royalty for Sales on any Program Technology developed under the Research Services Task Order.   For clarity, the parties recognize that one of the Agreements refers to “Program Technology” and “Project Set” and the other refers to “Project-Related Technology,” and for the purposes of this Exhibit A, the parties use the terms “Program Technology,” “Project Set” and “Project-Related Technology” to mean the same thing.
ii.     “Incremental Development.”  Generally, by way of example and not limitation, a Task Order will be categorized as “Incremental Development” if it has a narrow defined scope, is intended or expected to develop a [***] for a [***] or improve upon a Breakthrough Development, and the research methodology is defined and controlled by [***].  Guardian will pay a Royalty using the applicable Incremental Development Rates set forth in the table below.
iii.    “Breakthrough Development.”  Generally, by way of example and not limitation, a Task Order will be categorized as “Breakthrough Development” if it has a broadly defined scope, is intended or expected to develop a new [***], and the research methodology is defined and controlled by [***]. Guardian will pay a Royalty using the applicable Breakthrough Development Rate set forth in the table below.
		
	b.
	IMI has the right to decline a Task Order before starting development work on the subject matter of the Task Order, but Guardian’s option to suspend payment under Section 4.2 of Amendment Number Three will not be affected by IMI’s right to decline.

		
	c.
	The parties intend that Task Orders under this Exhibit A shall predominantly be categorized either as Incremental Development or Breakthrough Development Task Orders.  The Parties further intend that there will be no period of more than [***] months in any [***] month period in which only Research Services Task Orders are ongoing. 

		
	2.
	A Task Order will not be complete until Guardian’s demonstration of technical success criteria (e.g., qualification for commercial production) at [***] (“Task Order Completion Date”).

		
	3.
	EXCLUSIVITY 

		
	a.
	Unless otherwise agreed to in a Task Order, Guardian’s Field for exclusivity will be i) [***] including but not limited to [***] and ii) [***]. 

		
	b.
	Guardian will notify Intermolecular within [***] following the Task Order Completion Date or termination of the New Task Order or the Task Order effective February 6, 2014 [***] or by January 31, 2015 for the Task Order effective June 1, 2012 [***]  (“Election Date”) of its election to take an exclusive or non-exclusive license to the Program Technology. 

		
	c.
	If Guardian has elected exclusivity for New Task Order, the Task Order effective June 1, 2012 [***] or the Sputtered Task Order effective February 6, 2014 [***] , Guardian will pay Intermolecular at a rate of [***] the Royalty rate that would have been paid according to the table below until the aggregate Royalty paid under that Task Order exceeds [***]. 

		
	d.
	In the event that Guardian elects to receive an exclusive license to the Program Technology of a New Task Order, the Task Order effective June 1, 2012 [***] or the Sputtered Task Order effective February 6, 2014 

	
			
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[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

	
			
	Amendment No. 4 to Research Agreements
Guardian - Intermolecular

[***]  , but Guardian has not sold Product incorporating the Program Technology from the Task Order by the [***] of the Election Date, Guardian’s exclusive license to such Program Technology will automatically convert to a non-exclusive license as of such date.  Similarly, if, after having paid Intermolecular royalties for exclusively licensed Product incorporating Program Technology, Guardian ceases to sell such Products for a period of [***] following Guardian’s last Royalty payment and if the royalties in the aggregate paid to date have not exceeded an amount more than [***] the Program Fees associated with the Task Order, Guardian’s exclusive license to such Program Technology will automatically convert to a non-exclusive license as of such date.  Generally, Guardian agrees to act in good faith and use commercially reasonable efforts to sell Product incorporating exclusively licensed Program Technology.  If Guardian has maintained an exclusive license for the entire Royalty Period, the exclusive license will continue for [***] after the end of the Royalty Period.  This Section 3 (d) expressly replaces the minimum exclusivity conditions for the Task Order effective June 1, 2012 [***] or the Sputtered Task Order effective February 6, 2014 [***].  
		
	4.
	ROYALTIES

		
	a.
	Royalties will be calculated based on Sale of Guardian Product incorporating the Program Technology from the relevant Task Order.  

		
	b.
	 “Sale” means every disposition of an item or provision of a service, including selling, renting, leasing, lending and bartering of an item or service.  A Sale is considered to occur when the item is delivered or service is provided or when an invoice is issued, whichever occurs first.  

		
	c.
	“Net Margin” means the ratio of operating profit divided by revenue, where “operating profit” means revenue minus cost of goods sold before taxes and excluding royalties due hereunder (i.e., operating profit is equal to EBIT as calculated in the ordinary course of business for Guardian prior to consideration of any royalty due hereunder).  Intermolecular understands that Guardian’s ordinary course of business [***] calculation may include the [***] of [***] Fees paid under these Agreements, and Intermolecular will agree to Guardian’s use of the amortization of such Program Fees in its [***] calculation for Guardian Product incorporating Program Technology of a Task Order provided that Guardian represents and warrants that (1) it is Guardian’s standard accounting practice to [***], (2) Guardian is [***] only the [***] of the relevant New Task Order performed by Intermolecular at Intermolecular’s facility in Guardian’s [***] calculation, and (3) Guardian is only [***] the [***] a [***] period starting from first Sale.

		
	d.
	If a Guardian Product subject to the payment of royalties hereunder incorporates or uses Program Technology from one or more Task Orders (inclusive of Past Sputtered Task Orders, New Task Orders or prior Task Orders under the Wet Coating Master Agreement) the royalty rate for such Guardian Product shall be the applicable Royalty rate in the table below.

		
	e.
	Within a calendar year, Guardian shall not be required to pay more than [***] in royalties per Task Order that is classified as Breakthrough Development, and shall not be required to pay more than [***] in royalties per Task Order that is classified as Incremental Development; provided, however, notwithstanding the fact that Royalties are [***] under Section 4(d), the annual royalty caps provide within this Section 4(e) are [***].  

		
	f.
	The obligation to pay Royalties  under a Task Order shall run for [***] from the date of first Sale (“Royalty Period”) of a Guardian Product [***] incorporating  Program Technology  or other intellectual property  owned or co-owned by Intermolecular.  

		
	g.
	Royalty payments [***] based on changes to net margin percentage by product category. 

		
	h.
	Royalties for Sale of Guardian Products in the Net Margin [***] will not exceed [***] percent of the Net Margin multiplied by the revenue for the Guardian Product regardless of the Royalty rate in the table below.

		
	i.
	Guardian will pay a Royalty based on the following table:

	
			
	Page 5 of 6

	Confidential Information
	 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

	
			
	Amendment No. 4 to Research Agreements
Guardian - Intermolecular

                                       	
			
	Net Margin
	Incremental Innovation Rate [***]
	Breakthrough Innovation Rate [***]

	[***]
	[***]
	[***]

		
	5.
	For Program Technology where Guardian has a non-exclusive license, and Intermolecular grants licenses to third parties to use such Program Technology, Intermolecular agrees to pay Guardian a revenue share amount of [***] percent ([***]) of the net revenue actually received by Intermolecular in connection with Intermolecular’s license of such Program Technology to any third parties. The revenue share will be net of all of Intermolecular’s expenses related to commercializing or licensing such Program Technology as well as any taxes other than taxes based on Intermolecular’s net income.  

		
	6.
	If Guardian exercises its right to sublicense the Program Technology to Third Party licensees as allowed under Section 5.2.4 of the Sputter Coating Master Agreement as part of a license that also includes other Guardian Prior Technology or Guardian intellectual property developed independent of the Agreements, Guardian shall pay Intermolecular a pass-through royalty equal to [***] percent ([***]%) of the royalties received by Guardian from the applicable sublicensed Program Technology to the Third Party licensee.  

		
	7.
	Each quarterly Royalty report shall include (1) a representation and warranty from Guardian that the royalties stated therein are complete, true and accurate, and (2) a good faith quarterly royalty estimate for the next four quarters.

	
			
	Page 6 of 6

	Confidential Information
	 

[***] Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

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