Document:

Amended and Restated Rights Agreement

 Exhibit 10.2 
 STANCORP FINANCIAL GROUP, INC. 
 and 
 MELLON INVESTOR SERVICES LLC 
 Amended and Restated Rights Agreement

 Dated as of [April 20, 2009] 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	1.	  	Certain Definitions	  	1
			
	2.	  	Appointment of Rights Agent	  	7
			
	3.	  	Issue of Rights Certificates	  	7
			
	4.	  	Form of Rights Certificates	  	9
			
	5.	  	Countersignature and Registration	  	10
			
	6.	  	Transfer, Split-Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Certificates	  	10
			
	7.	  	Exercise of Rights; Purchase Price; Expiration Date of Rights	  	11
			
	8.	  	Cancellation and Destruction of Rights Certificates	  	13
			
	9.	  	Reservation and Availability of Capital Stock	  	13
			
	10.	  	Preferred Stock Record Date	  	14
			
	11.	  	Adjustment of Purchase Price, Number of Shares or Number of Rights	  	14
			
	12.	  	Certificate of Adjusted Purchase Price or Number of Shares	  	21
			
	13.	  	Consolidation, Merger or Sale or Transfer of Assets or Earning Power	  	22
			
	14.	  	Fractional Rights and Fractional Shares	  	24
			
	15.	  	Rights of Action	  	25
			
	16.	  	Agreement of Rights Holders	  	26
			
	17.	  	Rights Certificate Holder Not Deemed a Shareholder	  	26
			
	18.	  	Concerning the Rights Agent	  	27
			
	19.	  	Merger or Consolidation or Change of Name of Rights Agent	  	27
			
	20.	  	Duties of Rights Agent	  	28
			
	21.	  	Change of Rights Agent	  	30
			
	22.	  	Issuance of New Rights Certificates	  	30
			
	23.	  	Redemption	  	31
			
	24.	  	Exchange	  	33
			
	25.	  	Notices	  	34
			
	26.	  	Supplements and Amendments	  	35
			
	27.	  	Successors	  	35
			
	28.	  	Periodic Review	  	35
			
	29.	  	Benefits of this Agreement	  	36
			
	30.	  	Severability	  	36

  

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 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	31.	  	Determinations and Actions by the Board of Directors, Etc	  	36
			
	32.	  	Governing Law	  	36
			
	33.	  	Counterparts	  	36
			
	34.	  	Descriptive Headings	  	37

  

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 AMENDED AND RESTATED RIGHTS AGREEMENT 
 This AMENDED AND RESTATED RIGHTS AGREEMENT, dated as of [April 20, 2009] (the “Agreement”), between StanCorp Financial Group, Inc., an Oregon
corporation (the “Company”), and Mellon Investor Services LLC (the “Rights Agent”). 
 WITNESSETH 
 WHEREAS, the Rights Agreements (the “Existing Rights Agreement”), dated as of April 21, 1999, between the Company and the Rights Agent, is
scheduled to expire on the Close of Business of April 20, 2009; 
 WHEREAS, the Company desires to enter into the Agreement to become
effective upon the expiration of the Existing Rights Agreement; 
 WHEREAS, effective as of [April 20, 2009], the Board of Directors of
the Company authorized and declared a dividend of one Right for each share of Common Stock (as such terms are hereinafter defined) of the Company outstanding on [April 20, 2009] (the “Record Date”), and has authorized the issuance of
one Right with respect to each share of Common Stock issued by the Company between the Record Date and the earliest of the Distribution Date, the Redemption Date or the Final Expiration Date (as such terms are hereinafter defined), with each Right
initially representing the right to purchase one one-hundredth of a share of Preferred Stock (as hereinafter defined) having the rights, powers and preferences set forth in the form of Amendment to the Company’s Articles of Incorporation
attached hereto as Exhibit A, upon the terms and subject to the conditions herein set forth (the “Rights”); 
 NOW THEREFORE,
in consideration of the mutual agreements set forth herein, the parties hereby agree as follows: 
 1. Certain Definitions. For
purposes of this Agreement, the following terms have the meanings indicated: 
 (a) “Acquiring Person” shall mean
any Person (as such term is hereinafter defined) who or which, together with all Affiliates and Associates (as such terms are hereinafter, defined) of such Person, shall become the Beneficial Owner (as such term is hereinafter defined) of 20 percent
or more of the shares of Common Stock then outstanding; provided, however, that an Acquiring Person shall not include the Company, any Subsidiary (as such term is hereinafter defined) of the Company or any employee benefit plan of the Company or of
any Subsidiary of the Company, or any entity holding shares of Common Stock for or pursuant to the terms of any such plan. Notwithstanding the foregoing, no Person shall be deemed to be an “Acquiring Person” either (i) as the result
of an acquisition of Common Stock by the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares Beneficially Owned by such Person to 20 percent or more of the Common Stock of the Company then
outstanding; provided, however, that if a Person shall become the Beneficial Owner of 20 percent or more of the Common Stock then outstanding by reason of share purchases by the Company and shall, after such share purchases by the Company, become
the Beneficial Owner of any additional shares of Common Stock, then such Person shall be deemed to be an “Acquiring Person,” or (ii) if the Board of Directors of the Company determines in good faith 

  

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that a Person who would otherwise be an “Acquiring Person,” as defined pursuant to the foregoing provisions of this paragraph (a), has become such
inadvertently, and such Person divests as promptly as practicable a sufficient number of shares of Common Stock so that such Person would no longer be an “Acquiring Person,” as defined pursuant to the foregoing provisions of this paragraph
(a). 
 (b) “Act” shall mean the Securities Act of 1933, as amended. 
 (c) “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 of the General
Rules and Regulations under the Exchange Act (as such term is hereinafter defined), as in effect on the date of this Agreement. 
 (d) “Agreement” shall mean this Rights Agreement. 
 (e) A Person shall be deemed the “Beneficial
Owner” of and shall be deemed to beneficially own any securities: 
 (i) which such Person or any of such Person’s
Affiliates or Associates, directly or indirectly, has the power to vote or dispose of, including pursuant to any agreement, arrangement or understanding, whether or not in writing; 
 (ii) which such Person or any of such Person’s Affiliates or Associates, directly or indirectly, has the right to acquire voting or
dispositive power over (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding (whether or not in writing), or upon the exercise of conversion rights, exchange rights,
rights, warrants or options, or otherwise; or 
 (iii) which are beneficially owned, directly or indirectly, by any other
Person (or any Affiliate or Associate thereof) with which such Person (or any of such Person’s Affiliates or Associates) has any agreement, arrangement or understanding, whether or not in writing, for the purpose of acquiring, holding, voting
or disposing of any securities of the Company; 
 provided, however, that nothing in this paragraph (e) shall cause a person to be the “Beneficial
Owner” of, or to “beneficially own,” (A) any securities that may be issued on the exercise of Rights, (B) any security if the agreement, arrangement or understanding to vote such security arises solely from a revocable proxy
or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations of the Exchange Act, (C) securities tendered pursuant to a tender or exchange
offer made by or on behalf of such Person or any of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase or exchange, or (D) any securities acquired by a Person engaged in business as an
underwriter of securities through such Person’s participation in good faith in a firm commitment underwriting until the expiration of 40 days after the date of such acquisition. For all purposes of this Agreement, any calculation of the
number of shares of Common Stock outstanding at any particular time for purposes of determining the particular percentage of such outstanding shares of Common Stock of which any Person is the Beneficial Owner shall be made in accordance with the
last sentence of Rule 13d-3(d)(1)(i) of the General Rules and Regulations under the Exchange Act. 
  

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 (f) “Business Day” shall mean any day other than a Saturday, a Sunday, or a day
on which banking institutions in the State of New York are authorized or obligated by law or executive order to close. 
 (g)
“Close of Business” on any given date shall mean 5:00 p.m., New York time, on such date; provided, however, that if such date is not a Business Day, it shall mean 5:00 p.m., New York time, on the next succeeding Business Day. 

(h) “Common Stock” shall mean the Common Stock of the Company. The term “common stock” when used with reference to
any Person other than the Company shall mean the capital stock (or equity interest) with the greatest voting power of such other Person together with all rights and benefits (however denominated or constituted) relating to such common stock
(including, without limitation any rights or warrants to acquire additional shares of such common stock or other securities or assets, or to participate in any trust for the benefit of holders of such shares, or to share in the benefits of any
agreements or other arrangements for the benefit of such holders), whether or not such rights are yet exercisable, and together with any other securities which are represented by the certificates for such common stock or are transferred in
connection with transfers of such common stock. 
 (i) “Common Stock Equivalents” shall have the meaning set forth
in Section 11(a)(iii). 
 (j) “Current Per Share Market Price” shall have the meaning set forth in
Section 11(d). 
 (k) “Current Value” shall have the meaning set forth in Section 11(a)(iii). 

(l) “Definitive Acquisition Agreement” shall mean an agreement, conditioned on the approval by the holders of not less than a
majority of the outstanding shares of Common Stock, with respect to a merger, recapitalization, share exchange, or a similar transaction involving the Company or the direct or indirect acquisition of more than 50 percent of the Company’s
consolidated total assets. 
 (m) “Distribution Date” shall have the meaning set forth in Section 3(a).

 (n) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 (o) “Final Expiration Date” shall have the meaning set forth in Section 7(a). 
 (p) “Person” shall mean any individual, firm, corporation, partnership or other entity and shall include any successor (by
merger or otherwise) of such entity. 
 (q) “Preferred Stock” means Series A Preferred Shares of the Company
and, to the extent that there is not a sufficient number of Series A Preferred Shares authorized to permit the full exercise of the Rights, any other series of Preferred Shares of the Company designated for such purpose containing terms
substantially similar to the terms of the Series A Preferred Shares. 
  

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 (r) “Preferred Stock Equivalents” shall have the meaning set forth in
Section 11(b). 
 (s) “Principal Party” shall have the meaning set forth in Section 13(b). 
 (t) “Proposed Acquiror” shall mean any Person who has proposed or publicly announced an intention to propose a transaction that,
if consummated, would cause a Stock Acquisition Date or any Section 13 Event to occur. 
 (u) “Purchase Price”
shall mean the dollar amount payable upon exercise of one Right to acquire the number of one one-hundredths of a share of Preferred Stock or other securities or assets for which the Right is then exercisable and shall initially be the price set
forth in Section 7(b). 
 (v) “Qualifying Offer” shall mean an offer determined by a majority of independent
directors of the Company to have, to the extent required for the type of offer specified, each of the following characteristics: 
 (i) a fully financed all-cash tender offer or an exchange offer offering shares of common stock of the offeror, or a combination thereof, in each such case for any and all of the outstanding shares of Common Stock at the same per share
consideration; provided, however, that such per share price and consideration represent a reasonable premium over the highest reported market price of the Common Stock in the immediately preceding 24 months, with, in the case of an offer that
includes shares of common stock of the offeror, such per share offer price being determined using the lowest reported market price for common stock of the offeror during the five Trading Days immediately preceding and the five Trading Days
immediately following the date on which the Qualifying Offer is commenced; 
 (ii) an offer that has commenced within the
meaning of Rule 14d-2(a) under the Exchange Act and is made by an offeror (including Affiliates and/or Associates of such offeror) that Beneficially Owns no more than 1 percent of the outstanding Common Stock as of the date of such
commencement; 
 (iii) an offer that, within 20 Business days after the commencement date of the offer (or within 10 Business
Days after any increase in the offer consideration), does not result in a nationally recognized investment banking firm retained by the Board of Directors of the Company rendering an opinion to the Board of Directors of the Company that the
consideration being offered to the shareholders of the Company is either unfair or inadequate; 
 (iv) if the offer includes
shares of common stock of the offeror, an offer pursuant to which (i) the offeror shall permit representatives of the Company, including, without limitation, a nationally recognized investment banking firm retained by the Board of Directors of
the Company, legal counsel and an accounting firm designated by the Company to have access to such offeror’s books, records, management, accountants and other appropriate outside advisers for the purposes of permitting such representatives to
conduct a due diligence review of the offeror in order to permit such investment banking firm (relying as appropriate on the advice of such legal counsel) to be able to render an opinion to the Board of Directors of the Company with respect to
whether the consideration being offered to the Company’s shareholders 

  

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is fair, and (ii) within 10 Business Days after such investment banking firm shall have notified the Company and the offeror that it had completed the
due diligence review to its satisfaction (or following completion of such due diligence review within 10 Business Days after any increase in the consideration being offered), such investment banking firm does not render an opinion to the Board of
Directors of the Company that the consideration being offered to the shareholders of the Company is either unfair or inadequate and such investment banking firm does not after the expiration of such 10 Business Day period render an opinion to the
Board of Directors of the Company that the consideration being offered to the shareholders of the Company has become either unfair or inadequate based on a subsequent disclosure or discovery of a development or developments that have had or are
reasonably likely to have a material adverse affect on the value of the common stock of the offeror; 
 (v) an offer that is
subject only to the minimum tender condition described below in item (viii) of this definition and other customary terms and conditions, which conditions shall not include any financing, funding or similar conditions or any requirements with
respect to the offeror or its agents being permitted any due diligence with respect to the books, records, management, accountants or any other outside advisers of the Company; 
 (vi) an offer pursuant to which the Company and its shareholders have received an irrevocable written commitment of the offeror that the
offer will remain open for not less than 120 Business Days and, if a Special Meeting Demand is duly delivered to the Board of Directors of the Company in accordance with Section 23(b), for at least 10 Business Days after the date of the Special
Meeting or, if no Special Meeting is held within the Special Meeting Period (as defined in Section 23(b)), for at least 10 Business Days following the last day of such Special Meeting Period (the “Qualifying Offer Period”);

 (vii) an offer pursuant to which the Company has received an irrevocable written commitment by the offeror that, in
addition to the minimum time periods specified in item (vi) of this definition, the offer, if it is otherwise to expire prior thereto, will be extended for at least 15 Business Days after (i) any increase in the price offered, or
(ii) any bona fide alternative offer is commenced by another Person within the meaning of Rule 14d-2(a) of the Exchange Act; provided, however, that such offer need not remain open, as a result of clauses (vi) and (vii) of this
definition, beyond (1) the time which any other offer satisfying the criteria for a Qualifying Offer is then required to be kept open under such clauses (vi) and (vii), or (2) the expiration date, as such date may be extended by
public announcement (with prompt written notice to the Rights Agent) in compliance with Rule 14e-1 of the Exchange Act, of any other tender offer for the Common Stock with respect to which the Board of Directors of the Company has agreed to
redeem the Rights immediately prior to acceptance for payment of Common Stock thereunder (unless such other offer is terminated prior to its expiration without any Common Stock having been purchased thereunder) or (3) one Business Day after the
shareholder vote with respect to approval of any Definitive Acquisition Agreement has been officially determined and certified by the inspectors of elections; 
 (viii) an offer that is conditioned on a minimum of at least a majority of the outstanding shares of the Common Stock being tendered and
not withdrawn as of the offer’s expiration date, which condition shall not be waivable; 
  

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 (ix) an offer pursuant to which the Company and its shareholders have received an
irrevocable written commitment by the offeror to consummate as promptly as practicable upon successful completion of the offer a second step transaction whereby all shares of the Common Stock not tendered into the offer will be acquired at the same
consideration per share actually paid pursuant to the offer, subject to shareholders’ statutory appraisal rights, if any; 
 (x) an offer pursuant to which the Company and its shareholders have received an irrevocable written commitment of the offeror that no amendments will be made to the offer to reduce the offer consideration, or otherwise change the terms of
the offer in a way that is materially adverse to a tendering shareholder (other than extensions of the offer consistent with the terms thereof); 
 (xi) an offer (other than an offer consisting solely of cash consideration) pursuant to which the Company has received the written representation and certification of the offeror and, in their individual capacities,
the written representations and certifications of the offeror’s Chief Executive Officer and Chief Financial Officer, that (i) all facts about the offeror that would be material to making an investor’s decision to accept the offer have
been fully and accurately disclosed as of the date of the commencement of the offer within the meaning of Rule 14d-2(a) of the Exchange Act, (ii) all such new facts will be fully and accurately disclosed on a prompt basis during the entire
period during which the offer remains open, and (iii) all required Exchange Act reports will be filed by the offeror in a timely manner during such period; and 
 (xii) if the offer includes shares of stock of the offeror, (i) the stock portion of the consideration must consist solely of common
stock of an offeror that is a publicly owned corporation, and whose common stock is freely tradable and is listed on either the NYSE Euronext or the NASDAQ National Market System, (ii) no shareholder approval of the offeror is required to issue
such common stock, or, if required, has already been obtained, (iii) no Person (including such Person’s Affiliates and Associates) beneficially owns more than 20 percent of the voting stock of the offeror at the time of commencement of the
offer or at any time during the term of the offer, and (iv) no other class of voting stock of the offeror is outstanding, and the offeror meets the registrant eligibility requirements for use of Form S-3 for registering securities under the
Securities Act (as hereinafter defined); including, without limitation, the filing of all required Exchange Act reports in a timely manner during the 12 calendar months prior to the date of commencement of the offer. 
 For the purposes of the definition of Qualifying Offer, “fully financed” shall mean that the offeror has sufficient funds for the offer and
related expenses which shall be evidenced by (i) firm, unqualified, written commitments from responsible financial institutions having the necessary financial capacity, accepted by the offeror, to provide funds for such offer subject only to
customary terms and conditions, (ii) cash or cash equivalents then available to the offeror, set apart and maintained solely for the purpose of funding the offer with an irrevocable written commitment being provided by the offeror to the Board
of Directors of the Company to maintain such availability until the offer is consummated or withdrawn, or (iii) a combination of the foregoing; which evidence has been provided to the Company prior to, or upon, commencement of the offer. If an
offer becomes a Qualifying Offer in accordance with this definition but 

  

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subsequently ceases to be a Qualifying Offer as a result of the failure at a later date to continue to satisfy any of the requirements of this definition,
such offer shall cease to be a Qualifying Offer and the provisions of Section 23(b) shall no longer be applicable to such offer. 
 (w) “Qualifying Offer Period” shall have the meaning set forth in the definition of Qualifying Offer. 
 (x) “Qualifying Offer Resolution” shall have the meaning set forth in Section 23(b). 
 (y) “Record Date” shall have the meaning set forth in the WHEREAS clause at the beginning of this Agreement. 
 (z) “Redemption Date” shall have the meaning set forth in Section 7(a). 
 (aa) “Redemption
Price” shall have the meaning set forth in Section 23(a). 
 (bb) “Rights” shall have the meaning set
forth in the WHEREAS clause at the beginning of this Agreement. 
 (cc) “Rights Certificate” shall have the meaning
set forth in Section 3(a). 
 (dd) “Section 13 Event” shall mean any event described in
Section 13(a). 
 (ee) “Spread” shall have the meaning set forth in Section 11(a)(iii). 
 (ff) “Stock Acquisition Date” shall mean the first date of public announcement (including, without limitation, the date a report
is filed pursuant to Section 13(d) of the Exchange Act) by the Company or an Acquiring Person that an Acquiring Person has become an Acquiring Person. 
 (gg) “Subsidiary” of any Person shall mean any corporation or other entity of which a majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by such
Person. 
 (hh) “Substitution Period” shall have the meaning set forth in Section 11(a)(iii). 
 (ii) “Trading Day” shall have the meaning set forth in Section 11(d). 
 2. Appointment of Rights Agent. The Company hereby appoints the Rights Agent for the Company in accordance with the terms and conditions
hereof, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such co-Rights Agents as it may deem necessary or desirable. 
 3. Issue of Rights Certificates. 
 (a) Until the earlier of (i) the Close
of Business on the tenth day after the Stock Acquisition Date (or, if the tenth day after the Stock Acquisition Date is prior to the Record Date, the Record Date) or (ii) the Close of Business on the tenth day after the date that a 

  

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tender or exchange offer by any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of the Company or of any Subsidiary
of the Company, or any Person or entity organized, appointed or established by the Company for or pursuant to the terms of any such plan) is first published or sent or given within the meaning of Rule 14d-2(a) of the General Rules and Regulations
under the Exchange Act, if upon consummation thereof, such Person would be the Beneficial Owner of 20 percent or more of the shares of Common Stock then outstanding (the earlier of (i) and (ii) being herein referred to as the
“Distribution Date”), (w) the Rights will be evidenced by the certificates for the Common Stock registered in the names of the holders of the Common Stock (which certificates shall also be deemed to be certificates for Rights) and not
by separate Rights Certificates, (x) the Rights and the right to receive Rights Certificates will be transferable only in connection with the transfer of the underlying Common Stock and any transfer of Common Stock shall also constitute the
transfer of the associated Rights represented by the same certificate, (y) in the event the Company purchases or acquires any Common Stock after the Record Date but prior to the Distribution Date, any Rights associated with such acquired Common
Stock shall be deemed canceled and retired so that the Company shall not be entitled to exercise any Rights associated with shares of Common Stock that are no longer outstanding, and (z) in the event the Company issues any Common Stock after
the Record Date but prior to the earliest of the Distribution Date, the Redemption Date or the Final Expiration Date, the Company shall issue one Right for each such newly issued share of Common Stock (subject to adjustment as provided in
Section 11(h)) which Right shall be evidenced by the certificate for the associated share of Common Stock. As soon as practicable after the Distribution Date, the Company will prepare and execute, the Rights Agent will countersign, and the
Company will send or cause to be sent (and the Rights Agent will, if requested, send) by first-class, postage-prepaid mail, to each record holder of shares of Common Stock as of the Close of Business on the Distribution Date, at the address of such
holder shown on the records of the Company, a Rights Certificate, in substantially the form of Exhibit B hereto (a “Rights Certificate”), evidencing one Right for each share of Common Stock so held, subject to adjustment as provided
herein. In the event that an adjustment in the number of Rights per share of Common Stock has been made pursuant to Section 11(h), at the time the Rights Certificates are distributed the Company shall make the necessary and appropriate rounding
adjustments pursuant to Section 14(a) so that Rights Certificates are distributed representing only whole numbers of Rights and cash is paid in lieu of fractional Rights. As of and after the Distribution Date, the Rights will be evidenced
solely by such Rights Certificates. 
 (b) As soon as practicable following the Record Date, the Company will send a copy of a
Summary of Rights to Purchase Preferred Stock, in substantially the form of Exhibit C (the “Summary of Rights”), by first-class, postage-prepaid mail, to each record holder of shares of Common Stock as of the Close of Business on the
Record Date, at the address of such holder shown on the records of the Company. 
 (c) All Common Stock certificates which are
issued, either upon an original issuance by the Company or upon a transfer by a holder, after the Record Date but prior to the earliest of the Distribution Date, the Redemption Date or the Final Expiration Date, shall have impressed on, printed on,
written on or otherwise affixed to them the following legend: 
  

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 This certificate also evidences and entitles the holder hereof to certain rights set forth in an Amended
and Restated Rights Agreement between StanCorp Financial Group, Inc. (the “Company”) and Mellon Investor Services LLC dated as of [April 20, 2009] (the “Rights Agreement”), the terms of which are incorporated herein by
reference and a copy of which is on file at the principal executive offices of the Company. Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by separate certificates and will no longer be evidenced by
this certificate. The Company will mail to the holder of this certificate a copy of the Rights Agreement without charge after receipt of a written request therefor. Under certain circumstances, Rights beneficially owned by Acquiring Persons or their
Affiliates or Associates (as such terms are defined in the Rights Agreement), and Rights previously owned by such Persons, may become null and void. 
 4. Form of Rights Certificates. 
 (a) The Rights Certificates (and the form of
election to purchase and form of assignment to be printed on the reverse thereof) shall be substantially the same as Exhibit B hereto and may have such marks of identification or designation and such legends, summaries or endorsements printed
thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any applicable law or with any rule or regulation made pursuant thereto or with any rule or
regulation of any stock exchange on which the Rights may from time to time be listed, or to conform to usage. Subject to the provisions of Section 11 and Section 22, the Rights Certificates, whenever distributed, shall entitle the holders
thereof to purchase for the Purchase Price such number of one one-hundredths of a share of Preferred Stock as shall be set forth therein, but the amount and type of securities purchasable upon exercise and the Purchase Price shall be subject to
adjustment as provided herein. 
 (b) Any Rights Certificate issued pursuant to Section 3 hereof that represents Rights
beneficially owned by (i) an Acquiring Person or any Associate or Affiliate of an Acquiring Person, (ii) any other Person if such Rights formerly were beneficially owned by an Acquiring Person (or by an Associate or Affiliate of such
Acquiring Person) at a time after the Acquiring Person became an Acquiring Person, or (iii) a transferee of Rights from an Acquiring Person (or from any Associate or Affiliate thereof) who became a transferee prior to or concurrently with the
Acquiring Person becoming an Acquiring Person and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person (or its Affiliate or Associate) to holders of equity interests in such
Acquiring Person (or its Affiliate or Associate) or to any Person with whom such Acquiring Person (or its Affiliate or Associate) has any continuing agreement, arrangement or understanding regarding the transferred Rights, or (B) a transfer
which the Board of Directors of the Company has determined is part of a plan, arrangement or understanding that has as a primary purpose or effect the avoidance of Section 7(e), and any Rights Certificate issued pursuant to Section 6, 7(d)
or 22 upon transfer, exchange, replacement or adjustment of any other Rights Certificate referred to in this sentence, shall contain the following legend: 
 The Rights represented by this Rights Certificate are or were beneficially owned by a Person who was an Acquiring Person or an Affiliate or Associate of an Acquiring Person (as such terms are defined in the Rights
Agreement). Accordingly, this Rights Certificate and the Rights represented hereby may become null and void in the circumstances specified in Section 7(e) of the Rights Agreement; 
  

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 provided, however, that the Rights Agent shall not have any responsibility to ascertain the existence of facts that would
require the imposition of such legend but shall be required to impose such legend only if instructed to do so by the Company or if a holder fails to certify upon transfer or exchange in the space provided on the Rights Certificate that such holder
is not an Acquiring Person or an Affiliate or Associate of an Acquiring Person. 
 5. Countersignature and Registration. The
Rights Certificates shall be executed on behalf of the Company by its Chairman of the Board, Chief Executive Officer, President or any Vice President, either manually or by facsimile signature, and shall be attested by the Secretary or an Assistant
Secretary of the Company, either manually or by facsimile signature. The Rights Certificates shall be manually countersigned by the Rights Agent and shall not be valid for any purpose unless countersigned. In case any officer of the Company who
shall have signed any of the Rights Certificates shall cease to be such officer of the Company before countersignature by the Rights Agent and issuance and delivery by the Company, such Rights Certificates, nevertheless, may be countersigned by the
Rights Agent and issued and delivered by the Company with the same force and effect as though the person who signed such Rights Certificates had not ceased to be such officer of the Company; and any Rights Certificate may be signed on behalf of the
Company by any person who, at the actual date of the execution of such Rights Certificate, shall be a proper officer of the Company to sign such Rights Certificate, although at the date of the execution of this Rights Agreement any such person was
not such an officer. 
 Following the Distribution Date, the Rights Agent will keep or cause to be kept, at its principal offices, books for
registration and transfer of the Rights Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Rights Certificates, the number of Rights evidenced on its face by each of the Rights Certificates
and the date of each of the Rights Certificates. 
  

	 	6.	Transfer, Split-Up, Combination and Exchange of Rights Certificates; Mutilated, Destroyed, Lost or Stolen Certificates. 

 (a) Subject to the provisions of Sections 4(b), 7(e) and 14, at any time after the Close of Business on the Distribution Date, and at
or prior to the Close of Business on the earlier of the Redemption Date or the Final Expiration Date, any Rights Certificate or Certificates may be transferred, split up, combined or exchanged for another Rights Certificate or Certificates,
entitling the registered holder to purchase a like number of shares of Preferred Stock or other securities or property as the Rights Certificate or Certificates surrendered then entitled such holder to purchase. Any registered holder desiring to
transfer, split up, combine or exchange any Rights Certificate or Certificates shall make such request in writing delivered to 

  

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the Rights Agent and shall surrender the Rights Certificate or Certificates to be transferred, split up, combined or exchanged at the office of the Rights
Agent designated for such purpose. Neither the Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Rights Certificate until the registered holder shall have completed and
signed the certificate contained in the form of assignment on the reverse side of such Rights Certificate and shall have provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or
Associates thereof as the Company shall reasonably request. Thereupon the Rights Agent shall, subject to Sections 4(b), 7(e) and 14, countersign and deliver to the person entitled thereto a Rights Certificate or Rights Certificates, as the case
may be, as so requested. The Company may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split-up, combination or exchange of Rights Certificates. 
 (b) Upon receipt by the Company and the Rights Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or
mutilation of a Rights Certificate, and, in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and, at the Company’s request, reimbursement to the Company and the Rights Agent of all reasonable
expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Rights Certificate if mutilated, the Company will make and deliver a new Rights Certificate of like tenor to the Rights Agent for delivery to the registered
holder in lieu of the Rights Certificate so lost, stolen, destroyed or mutilated. 
 7. Exercise of Rights; Purchase Price;
Expiration Date of Rights. 
 (a) At any time after the Distribution Date and at or prior to the earlier of (i) the
Close of Business on [April 19, 2012] (the “Final Expiration Date”) or (ii) the time at which the Rights are redeemed as provided in Section 23 (the “Redemption Date”), subject to Section 7(e), the registered
holder of any Rights Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein including, without limitation, the restrictions on exercisability set forth in Sections 9(c), 11(a)(iii) and 23(a)) in whole or in
part upon surrender of the Rights Certificate, with the form of election to purchase and certificate on the reverse side thereof duly executed, to the Rights Agent at the office of the Rights Agent designated for such purpose, together with payment
of the Purchase Price for each Right that is exercised. 
 (b) The Purchase Price to be paid on exercise of each Right shall
initially be $289.95 and shall be payable in lawful money of the United States of America in accordance with paragraph (c) below. Each Right shall initially entitle the holder to acquire one one-hundredth of a share of Preferred Stock upon
exercise of the Right. The Purchase Price and the number of shares of Preferred Stock or other securities or assets for which a Right is exercisable shall be subject to adjustment as provided in Sections 11 and 13. 
 (c) Upon receipt of a Rights Certificate representing exercisable Rights, with the form of election to purchase duly executed, accompanied
by payment of the Purchase Price for the shares to be purchased and an amount equal to any applicable transfer tax in cash, or by certified check or cashier’s check payable to the order of the Company, the Rights Agent shall, subject to
Section 20(k), thereupon promptly (i) requisition from any transfer agent of the Preferred Stock (or make available, if the Rights Agent is the transfer agent) certificates for the 

  

 11 

 
number of shares of Preferred Stock to be purchased and the Company hereby authorizes its transfer agent to comply with all such requests, (ii) when
appropriate, requisition from the Company the amount of cash to be paid in lieu of issuance of fractional shares in accordance with Section 14, (iii) after receipt of the certificates for Preferred Stock cause the same to be delivered to
or upon the order of the registered holder of such Rights Certificate, registered in such name or names as may be designated by such holder and (iv) when appropriate, after receipt, deliver such cash to or upon the order of the registered
holder of such Rights Certificate. In the event that the Company is obligated to issue other securities (including, but not limited to, debt securities) of the Company, and/or distribute other property pursuant to Section 11, the Company
covenants that it will make all arrangements necessary so that such other securities and/or property are available for distribution by the Rights Agent, if and when appropriate. 
 (d) In case the registered holder of any Rights Certificate shall exercise less than all the Rights evidenced thereby, a new Rights
Certificate evidencing Rights equivalent to the Rights remaining unexercised shall be issued by the Rights Agent to the registered holder of such Rights Certificate or to his duly authorized assigns, subject to the provisions of Section 14.

 (e) Notwithstanding any other provision of this Agreement, from and after the occurrence of a Stock Acquisition Date, any
Rights beneficially owned by (i) an Acquiring Person, or any Associate or Affiliate of an Acquiring Person, (ii) any other Person if such Rights formerly were beneficially owned by an Acquiring Person (or by an Associate or Affiliate of
such Acquiring Person) at a time after such Acquiring Person became an Acquiring Person, or (iii) a transferee of Rights from an Acquiring Person (or from any Associate or Affiliate thereof) who became a transferee prior to or concurrently with
the Acquiring Person becoming an Acquiring Person and receives such Rights pursuant to either (A) a transfer (whether or not for consideration) from the Acquiring Person (or its Affiliate or Associate) to holders of equity interests in such
Acquiring Person (or its Affiliate or Associate) or to any Person with whom the Acquiring Person (or its Affiliate or Associate) has any continuing agreement, arrangement or understanding regarding the transferred Rights, or (B) a transfer
which the Board of Directors of the Company has determined is part of a plan, arrangement or understanding that has as a primary purpose or effect the avoidance of this Section 7(e), shall become null and void and any holder of such Rights
shall thereafter have no right to exercise such Rights under any provision of this Agreement. The Company shall use all reasonable efforts to ensure that the provisions of this Section 7(e) and of Section 4(b) are complied with, but shall
have no liability to any holder of Rights Certificates or any other Person as a result of its failure to make any determinations with respect to an Acquiring Person, or any of its Affiliates, Associates or transferees hereunder. 
 (f) Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake
any action with respect to a registered holder upon the occurrence of any purported exercise as set forth in this Section 7 unless such registered holder shall have (i) completed and signed the certificate contained in the form of election
to purchase set forth on the reverse side of the surrendered Right Certificate and (ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company
shall reasonably request. 
  

 12 

 8. Cancellation and Destruction of Rights Certificates. All Rights Certificates surrendered for
the purpose of exercise, transfer, split-up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent, shall
be cancelled by it, and no Rights Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights
Agent shall so cancel and retire, any other Rights Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all cancelled Rights Certificates to the Company, or shall, at the written
request of the Company, destroy such cancelled Rights Certificates, and in such case shall deliver a certificate of destruction thereof to the Company. 
 9. Reservation and Availability of Capital Stock. 
 (a) The Company covenants and
agrees that it will cause to be reserved and kept available out of its authorized and unissued Preferred Stock (and, following the occurrence of a Stock Acquisition Date or a Section 13 Event, out of its authorized and unissued shares of Common
Stock and/or other securities), the number of shares of Preferred Stock (and, following the occurrence of a Stock Acquisition Date or a Section 13 Event, Common Stock and/or other securities) that, as provided in this Agreement, will be
sufficient to permit the exercise in full of all outstanding Rights; provided, however, that shares issuable pursuant to Section 11(a)(ii) shall be reserved only following the occurrence of an event described in that section. 
 (b) If any shares of Preferred Stock are listed on a national securities exchange, and so long as the shares of Preferred Stock (and,
following the occurrence of a Stock Acquisition Date or a Section 13 Event, Common Stock and/or other securities) issuable and deliverable upon the exercise of the Rights may be listed on that exchange, the Company shall use its best efforts to
cause, from and after such time as the Rights become exercisable, all shares reserved for such issuance to be listed on the exchange upon official notice of issuance upon exercise. 
 (c) The Company shall use its best efforts (i) to file, as soon as practicable following a Stock Acquisition Date and the
determination by the Company in accordance with Section 11(a)(iii) of the consideration to be delivered by the Company upon exercise of the Rights, or as soon as is required by law following the Distribution Date, as the case may be, a
registration statement under the Act with respect to the securities purchasable upon exercise of the Rights on an appropriate form, (ii) to cause such registration statement to become effective as soon as practicable after such filing, and
(iii) to cause such registration statement to remain effective (with a prospectus at all times meeting the requirements of the Act) until the earlier of (A) the date as of which the Rights are no longer exercisable for such securities, and
(B) the date of the expiration of the Rights. The Company will also take such action as may be appropriate under or to ensure compliance with, the securities or “blue sky” laws of the various states in connection with the
exercisability of the Rights. The Company may temporarily suspend the exercisability of the Rights, for a period of time not to exceed 90 days after the date the Company first becomes obligated to use its best efforts to file a registration
statement as set forth in clause (i) of the first sentence of this Section 9(c), in order to prepare and file such registration statement and permit it to become effective. Upon any such suspension, the Company shall issue a public
announcement stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement at such time as the suspension is no longer in 

  

 13 

 
effect. Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be exercisable in any jurisdiction, unless the requisite
qualification in such jurisdiction shall have been obtained and until a registration statement has been declared effective. 
 (d) The Company covenants and agrees that it will take all such action as may be necessary to ensure that all shares of Preferred Stock (and, following the occurrence of a Stock Acquisition Date or Section 13 Event, Common Stock and/or
other securities) delivered upon exercise of Rights shall, at the time of delivery of the certificates for such shares of such shares (subject to payment of the Purchase Price), be duly and validly authorized and issued and fully paid and
nonassessable shares. 
 (e) The Company further covenants and agrees that it will pay when due and payable any and all
federal and state transfer taxes and charges which may be payable in respect of the issuance or delivery of the Rights Certificates or of any shares of Preferred Stock or other securities upon the exercise of Rights. The Company shall not, however,
be required to pay any transfer tax which may be payable in respect of any transfer, split-up, combination or exchange of Rights Certificates, or any issuance or delivery of certificates for shares in a name other than that of the registered holder
of the Rights Certificate evidencing Rights surrendered for exercise, and shall not be required to issue or deliver any certificates for shares upon the exercise of any Rights until any such tax shall have been paid (any such tax being payable by
the holder of such Rights Certificate at the time of surrender) or until it has been established to the Company’s satisfaction that no such tax is due. 
 10. Preferred Stock Record Date. Each person in whose name any certificate for a number of one one-hundredths of a share of Preferred Stock (or Common Stock and/or other securities, as the case may be) is
issued upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of such fractional shares of Preferred Stock (or Common Stock and/or other securities, as the case may be) represented thereby on, and such
certificate shall be dated, the date upon which the Rights Certificate evidencing such Rights was duly surrendered and payment of the Purchase Price (and any applicable transfer taxes) was made; provided, however, that if the date of such surrender
and payment is a date upon which the Preferred Stock (or Common Stock and/or other securities, as the case may be) transfer books of the Company are closed, such person shall be deemed to have become the record holder of such shares (fractional or
otherwise) on, and such certificate shall be dated, the next succeeding Business Day on which the Preferred Stock (or Common Stock and/or other securities, as the case may be) transfer books of the Company are open. Prior to the exercise of the
Rights evidenced thereby, the holder of a Rights Certificate shall not be entitled to any rights of a shareholder of the Company with respect to shares for which the Rights shall be exercisable, including, without limitation, to receive dividends or
other distributions or to exercise any preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein. 
 11. Adjustment of Purchase Price, Number of Shares or Number of Rights. The Purchase Price, the number and kind of securities covered by each Right and the number of Rights outstanding are subject to adjustment
from time to time as provided in this Section 11. 
  

 14 

 (a) (i) In the event the Company shall at any time after the date of this Agreement
(A) declare a dividend on the Preferred Stock payable in Preferred Stock, (B) subdivide the outstanding Preferred Stock, (C) combine the outstanding Preferred Stock into a smaller number of shares of Preferred Stock or (D) issue
any shares of its capital stock in a reclassification of the Preferred Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), except as otherwise
provided in this Section 11(a), the number and kind of shares of capital stock issuable at the time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification, shall be proportionately
adjusted so that the holder of any Right exercised after such time shall be entitled to receive the aggregate number and kind of shares of capital stock which, if such Right had been exercised immediately prior to such date and at a time when the
Preferred Stock transfer books of the Company were open, he or she would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, combination or reclassification. The adjustments provided for in this
Section 11(a)(i) shall be made successively whenever such a dividend is declared or paid or such a subdivision, combination or reclassification is effected. If an event occurs which would require an adjustment under both this
Section 11(a)(i) and Section 11(a)(ii), the adjustment provided for in this Section 11(a)(i) shall be in addition to, and shall be made prior to, any adjustment required pursuant to Section 11(a)(ii). 
 (ii) In the event that a Stock Acquisition Date occurs, proper provision shall be made so that each holder of a Right, except as provided
below and in Section 7(e), shall thereafter have a right to receive, upon exercise thereof and payment of the Purchase Price in accordance with the terms of this Agreement, in lieu of a number of one one-hundredths of a share of Preferred
Stock, such number of shares of Common Stock as shall equal the result obtained by dividing the then current Purchase Price by 50 percent of the Current Per Share Market Price of the Common Stock (determined pursuant to Section 11(d)) on
the Stock Acquisition Date (such number of shares being the “Adjustment Shares”). 
 (iii) In the event the number
of shares of Common Stock which are authorized by the Company’s articles of incorporation but not outstanding or reserved for issuance for purposes other than upon exercise of the Rights are not sufficient to permit the exercise in full of the
Rights in accordance with the foregoing subparagraph (ii) of this Section 11(a), the Company shall (A) determine the excess of (1) the value of the Adjustment Shares issuable upon the exercise of a Right (the “Current
Value”) over (2) the then current Purchase Price (such excess, the “Spread”), and (B) with respect to each Right, make adequate provision to substitute for the Adjustment Shares, upon payment of the applicable Purchase
Price, (1) cash, (2) a reduction in the applicable Purchase Price, (3) shares of Common Stock or other equity securities of the Company (including, without limitation, shares, or units of shares, of preferred stock that the Board of
Directors of the Company has deemed to have the same value as shares of Common Stock (“Common Stock Equivalents”)), (4) debt securities of the Company, (5) other assets, or (6) any combination of the foregoing, having an
aggregate value equal to the Current Value, where such aggregate value has been determined by the Board of Directors of the Company based upon the advice of a nationally recognized investment banking firm selected by the Board of Directors of the
Company; provided, however, if the Company shall not have made adequate provision to deliver value pursuant to clause (B) above within 30 days following the Stock Acquisition Date, then the Company shall be obligated to deliver, 

  

 15 

 
upon the surrender for exercise of a Right and without requiring payment of the Purchase Price, shares of Common Stock (to the extent available) and then, if
necessary, cash, which shares and/or cash have an aggregate value equal to the Spread. If the Board of Directors of the Company shall determine in good faith that it is likely that sufficient additional shares of Common Stock could be authorized for
issuance upon exercise in full of the Rights, the 30-day period set forth above may be extended to the extent necessary, but not more than 90 days after the Stock Acquisition Date, in order that the Company may seek shareholders approval for
the authorization of such additional shares (such period, as it may be extended as so permitted, the “Substitution Period”). To the extent the Company determines that some action must be taken pursuant to the first or second sentences of
this Section 11(a)(iii), the Company (x) shall provide that such action shall apply uniformly to all outstanding Rights other than those that are void as provided in Section 7(e), and (y) may suspend the exercisability of the
Rights until the expiration of the Substitution Period in order to seek any authorization of additional shares and/or to decide the appropriate form of distribution to be made pursuant to such first sentence and to determine the value thereof. In
the event of any such suspension, the Company shall issue a public announcement stating that the exercisability of the Rights has been temporarily suspended, as well as a public announcement at such time as the suspension is no longer in effect. For
purposes of this Section 11(a)(iii), the value of the Common Stock shall be the Current Per Share Market Price (as determined pursuant to Section 11(d) hereof) of the Common Stock on the date of the Stock Acquisition Date and the value of
any Common Stock Equivalent shall be deemed to have the same value as the Common Stock on such date. 
 (b) In case the
Company shall at any time after the date of this Agreement fix a record date for the issuance of rights, options or warrants to all holders of Preferred Stock entitling them (for a period expiring within 45 calendar days after such record date) to
subscribe for or purchase Preferred Stock (or shares having the same rights, privileges and preferences as the Preferred Stock (“Preferred Stock Equivalents”)) or securities convertible into Preferred Stock or Preferred Stock Equivalents
at a price per share of Preferred Stock or Preferred Stock Equivalent (or having a conversion price per share, if a security convertible into Preferred Stock or Preferred Stock Equivalents) less than the then Current Per Share Market Price of the
Preferred Stock (as defined in Section 11(d)) on such record date, the number of shares of Preferred Stock for which each Right shall be exercisable after such record date shall determined by multiplying the number of shares of Preferred Stock
for which each Right was exercisable immediately prior to such record date by a fraction, the numerator of which shall be the number of shares of Preferred Stock outstanding on such record date plus the number of additional shares of Preferred Stock
and/or Preferred Stock Equivalents to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible) and the denominator of which shall be the number of shares of Preferred Stock
outstanding on such record date plus the number of shares of Preferred Stock which the aggregate offering price of the total number of shares of Preferred Stock and/or Preferred Stock Equivalents so to be offered (and/or the aggregate initial
conversion price of convertible securities so to be offered) would purchase at such Current Per Share Market Price. In case such subscription price may be paid in a consideration part or all of which shall be in a form other than cash, the value of
such consideration shall be as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent. Preferred Stock owned by or held for the account of the Company
shall not be deemed outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a 

  

 16 

 
record date is fixed; and in the event that such rights, options or warrants are not so issued, the number of shares of Preferred Stock for which each Right
shall be exercisable shall be readjusted to be the number of shares of Preferred Stock for which each Right would then be exercisable if such record date had not been fixed; and to the extent such rights, options or warrants are issued but not
exercised prior to their expiration, the number of shares for which each Right shall be exercisable shall be readjusted to be the number which would have resulted from the adjustment provided for in this Section 11(b) if only the rights or
warrants that were exercised had been issued. 
 (c) (i) In case the Company shall at any time after the date of this
Agreement fix a record date for the making of a distribution to all holders of Preferred Stock (including any such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation) of
evidences of indebtedness or assets (other than a regular quarterly cash dividend or a dividend payable in shares of Preferred Stock but including any dividend payable in stock other than Preferred Stock) or subscription rights or warrants
(excluding those referred to in Section 11(b)), the number of shares of Preferred Stock for which each Right shall be exercisable after such record date shall be determined by multiplying the number of shares of Preferred Stock for which each
Right was exercisable immediately prior to such record date by a fraction, the numerator of which shall be the then Current Per Share Market Price of the Preferred Stock (as defined in Section 11(d)) on such record date, and the denominator of
which shall be such Current Per Share Market Price of the Preferred Stock, less the fair market value (as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights
Agent) of the portion of the assets or evidences of indebtedness so to be distributed or of such subscription rights or warrants applicable to one share of Preferred Stock. Such adjustments shall be made successively whenever such a record date is
fixed; and in the event that such distribution is not so made, the number of shares of Preferred Stock for which each Right shall be exercisable shall be readjusted to be the number of shares of Preferred Stock for which each Right would then be
exercisable if such record date had not been fixed. 
 (ii) In case the Company shall at any time after the date of this
Agreement fix a record date for the making of a distribution to all holders of Common Stock (including any such distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation) of
evidences of indebtedness or assets (other than a regular quarterly cash dividend or a dividend payable in shares of Common Stock) or subscription rights or warrants (excluding those referred to in Section 11(h)(ii)), the number of shares of
Preferred Stock for which each Right shall be exercisable after such record date shall be determined by multiplying the number of shares of Preferred Stock for which each Right was exercisable immediately prior to such record date by a fraction, the
numerator of which shall be the then Current Per Share Market Price of the Common Stock (as defined in Section 11(d)) on such record date, and the denominator of which shall be such Current Per Share Market Price of the Common Stock, less the
fair market value (as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent) of the portion of the assets or evidences of indebtedness so to be
distributed or of such subscription rights or warrants applicable to one share of Common Stock. Such adjustments shall be made successively whenever such a record date is fixed; and in the event that such distribution is not so made, the number of
shares of Preferred Stock for which each Right shall be exercisable shall be readjusted to be the number of shares of Preferred Stock for which each Right would then be exercisable if such record date had not been fixed. 
  

 17 

 (d) (i) For the purpose of any computation hereunder, the “Current Per Share Market
Price” of common stock (including Common Stock) on any date shall be deemed to be the average of the daily closing prices per share of the common stock for the 30 consecutive Trading Days (as such term is hereinafter defined) immediately prior
to such date; provided, however, that in the event the Current Per Share Market Price of common stock is determined during a period following the announcement by the issuer of such common stock of (A) a dividend or distribution on such common
stock payable in such common stock or securities convertible into such common stock, or (B) any subdivision, combination or reclassification of such common stock, and prior to the expiration of 30 Trading Days after the ex-dividend date for
such dividend or distribution, or the record date for such subdivision, combination or reclassification, then, and in each such case, the Current Per Share Market Price shall be appropriately adjusted to take into account such event. The closing
price for each day shall be the last sale price as reported by the New York Stock Exchange (the “NYSE”) or such other system then in use, or, if on any such date the common stock is not quoted by any such organization, the average of the
closing bid and asked prices as furnished by a professional market maker making a market in the common stock selected by a majority of the Board of Directors of the Company. The term “Trading Day” shall mean a day on which the principal
national securities exchange on which the common stock is listed or admitted to trading is open for the transaction of business or, if the common stock is not listed or admitted to trading on any national securities exchange, a Business Day. If the
common stock is not publicly held or so listed or traded for the 30-day period, “Current Per Share Market Price” shall mean the fair value per share as determined in good faith by the Board of Directors of the Company, whose determination
shall be described in a statement filed with the Rights Agent. 
 (ii) For the purpose of any computation hereunder, the
“Current Per Share Market Price” of Preferred Stock shall be determined in the same manner as set forth above for the Common Stock in clause (i) of this Section 11(d) (other than the last sentence thereof). If the Current Per
Share Market Price of Preferred Stock cannot be determined in the manner provided above or if the Preferred Stock is not publicly held or listed or traded in a manner described in clause (i) of this Section 11(d), the “Current Per
Share Market Price” of Preferred Stock shall be conclusively deemed to be an amount equal to the Current Per Share Market Price of the Common Stock multiplied by the Adjustment Number as that term is defined in Section 2 of the Amendment
to the Company’s Articles of Incorporation, as amended, designating the Preferred Stock (initially 100). If neither the Common Stock nor the Preferred Stock is publicly held or so listed or traded, “Current Per Share Market
Price” of Preferred Stock shall mean the fair value per share as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent and shall be conclusive for
all purposes. For all purposes of this Agreement, the current market price of one one-hundredth of a share of Preferred Stock shall be equal to the Current Per Share Market Price of one share of Preferred Stock divided by 100. 
 (e) No adjustment in the Purchase Price or the number of shares for which a Right is exercisable shall be required unless such adjustment
would require an increase or decrease of at least one percent in the Purchase Price or the number of shares for which a Right 

  

 18 

 
is exercisable; provided, however, that any adjustments which by reason of this Section 11(e) are not required to be made shall be carried forward and
taken into account in any subsequent adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest ten-thousandth of a share of Common Stock or one-millionth of a share of Preferred Stock, as the case
may be. Notwithstanding the first sentence of this Section 11(e), any adjustment required by this Section 11 shall be made no later than the earlier of (i) three years from the date of the transaction which requires such adjustment or
(ii) the date of the expiration of the right to exercise any Rights. 
 (f) If as a result of an adjustment made pursuant
to Section 11(a), the holder of any Right thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than Preferred Stock, thereafter the number of such other shares so receivable upon exercise of any
Right shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Stock contained in Section 11 and the provisions of Sections 7, 9, 10, 13
and 14 with respect to the Preferred Stock shall apply on like terms to any such other shares. 
 (g) All Rights originally
issued by the Company subsequent to any adjustment made to the Purchase Price or the number of shares of Preferred Stock for which a Right is exercisable hereunder shall evidence the right to purchase, at the adjusted Purchase Price, the number of
one one-hundredths of a share of Preferred Stock purchasable from time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein. 
 (h) (i) In the event the Company shall, after the date of this Agreement and prior to the Distribution Date, (A) declare a dividend
on the Common Stock payable in Common Stock, (B) subdivide the outstanding Common Stock, (C) combine the outstanding Common Stock into a smaller number of shares of Common Stock, or (D) issue any shares of Common Stock in a
reclassification of the Common Stock (including any such reclassification in connection with a consolidation or merger in which the Company is the continuing or surviving corporation), the number of Rights associated with each share of Common Stock
then outstanding, and the number of Rights to be associated with each share of Common Stock which may thereafter become outstanding prior to the Distribution Date, shall be proportionately adjusted so that the number of Rights associated with each
share of Common Stock following any such event shall equal the result obtained by multiplying the number of Rights associated with each share of Common Stock immediately prior to such event by a fraction, the numerator of which shall be the number
of shares of Common Stock outstanding immediately prior to such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event. 
 (ii) In the event the Company shall, after the date of this Agreement and prior to the Distribution Date, fix a record date for the
issuance of rights, options or warrants to all holders of Common Stock entitling them (for a period expiring within 45 calendar days after such record date) to subscribe for or purchase Common Stock or securities convertible into Common Stock at a
price per share of Common Stock (or having a conversion price per share, if a security convertible into Common Stock) less than the then Current Per Share Market Price of the Common Stock (as defined in Section 11(d)) on such record date, the
number of Rights associated with each share of Common Stock then outstanding, and the number of Rights to be 

  

 19 

 
associated with each share of Common Stock which may thereafter become outstanding prior to the Distribution Date, shall be proportionately adjusted so that
the number of Rights associated with each share of Common Stock after such record date shall be determined by multiplying the number of Rights associated with each share of Common Stock immediately prior to such record date by a fraction, the
numerator of which shall be the number of shares of Common Stock outstanding on such record date plus the number of shares of Common Stock which the aggregate offering price of the total number of shares of Common Stock so to be offered (and/or the
aggregate initial conversion price of the convertible securities so to be offered) would purchase at such Current Per Share Market Price and the denominator of which shall be the number of shares of Common Stock outstanding on such record date plus
the number of additional shares of Common Stock to be offered for subscription or purchase (or into which the convertible securities so to be offered are initially convertible). In case such subscription price may be paid in a consideration part or
all of which shall be in a form other than cash, the value of such consideration shall be as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a statement filed with the Rights Agent. Common
Stock owned by or held for the account of the Company shall not be deemed outstanding for the purpose of any such computation. Such adjustment shall be made successively whenever such a record date is fixed. In the event that such rights, options or
warrants are not so issued, the number of Rights associated with each share of Common Stock shall be readjusted to be the number of Rights that would have been associated with each share of Common Stock if such record date had not been fixed; and to
the extent such rights, options or warrants are issued but not exercised prior to their expiration, the number of Rights associated with each share shall be readjusted to be the number which would have resulted from the adjustment provided for in
this Section 11(h)(ii) if only the rights, options or warrants that were exercised had been issued. 
 (iii)
Notwithstanding the foregoing, the adjustments provided for in this Section 11(h) shall not be made if the Company exercises its election provided for in Section 11(i). 
 (i) The Company may elect on or after the date of any event described in clauses (A) through (D) of Section 11(h)(i) or
described in Section 11(h)(ii), if such event occurs before the Distribution Date (a “Section 11(h) Event”), to adjust the Purchase Price and the number of shares of Preferred Stock purchasable upon the exercise of a Right in
substitution for any adjustment under Section 11(h) in the number of Rights associated with each share of Common Stock. If such election is made, (i) the number of Rights associated with each share of Common Stock prior to the
Section 11(h) Event shall be maintained after the Section 11(h) Event, (ii) any new shares of Common Stock issued in the Section 11(h) Event shall, as provided in Section 3(a), have issued with it the number of Rights
associated with each share of Common Stock outstanding, and (iii) any combination of shares of Common Stock into a smaller number of shares in the Section 11(h) Event shall result in a similar combination of the associated Rights. The
Purchase Price and the number of Shares of Preferred Stock purchasable upon exercise of a Right after such adjustment shall be determined by multiplying the Purchase Price and the number of Shares of Preferred Stock purchasable upon exercise of a
Right, respectively, in effect immediately prior to such adjustment by a fraction, the numerator of which shall be the number of Rights that would have been associated with each share of Common Stock after the Section 11(h) Event if the Company
had not exercised its election provided for in this 

  

 20 

 
Section 11(i) and the denominator of which shall be the number of Rights associated with each share of Common Stock immediately prior to the
Section 11(h) Event. To the extent the number of Rights that would have been associated with each share of Common Stock if the Company had not exercised its election provided for in this Section 11(i) may be readjusted as provided in the
last sentence of Section 11(h)(ii), the Purchase Price and number of shares of Preferred Stock purchasable upon exercise of a Right shall be similarly readjusted. 
 (j) Irrespective of any adjustment or change in the Purchase Price or the number of one one-hundredths of a share of Preferred Stock
issuable upon the exercise of the Rights, the Rights Certificates theretofore and thereafter issued may continue to express the Purchase Price per one one-hundredth of a share and the number of one one-hundredths of a share of Preferred Stock which
were expressed in the initial Rights Certificates issued hereunder. 
 (k) In any case in which this Section 11 shall
require that an adjustment in the Purchase Price or the number of one one-hundredths of a share of Preferred Stock for which a Right is exercisable be made effective as of a record date for a specified event, the Company may elect to defer until the
occurrence of such event the issuance to the holder of any Right exercised after such record date the number of one one-hundredths of a share of Preferred Stock and other capital stock or securities of the Company, if any, issuable upon such
exercise over and above the number of one one-hundredths of a share of Preferred Stock and other capital stock or securities of the Company, if any, issuable upon such exercise on the basis of the Purchase Price and the number of one one-hundredths
of a share of Preferred Stock for which a Right is exercisable in effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to
receive such additional shares upon the occurrence of the event requiring such adjustment. 
 (l) Anything in this
Section 11 to the contrary notwithstanding, the Company shall be entitled to make such reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that in their good faith
judgment the Board of Directors of the Company shall determine to be advisable in order that any consolidation or subdivision of the Preferred Stock, issuance wholly for cash of any Preferred Stock at less than the current market price, issuance
wholly for cash of Preferred Stock or securities which by their terms are convertible into or exchangeable for shares of Preferred Stock, dividends on Preferred Stock payable in Preferred Stock or issuance of rights, options or warrants referred to
in Section 11(b), hereafter made by the Company to holders of its Preferred Stock shall not be taxable to such shareholders or shall reduce the taxes payable by such shareholders. 
 (m) The Company covenants and agrees that, after the Distribution Date, it will not, except as permitted by Section 23 or
Section 26, take (or permit any Subsidiary to take) any action, including any merger, consolidation or sale of assets if at the time such action is taken or immediately thereafter it is reasonably foreseeable that such action will diminish
substantially or otherwise eliminate the benefits intended to be afforded by the Rights. 
 12. Certificate of Adjusted Purchase Price or
Number of Shares. Whenever an adjustment is made as provided in Sections 11 and 13, the Company shall promptly (a) prepare a certificate setting forth such adjustment and a brief statement of the facts accounting for such adjustment,
(b) file with the Rights Agent and with each transfer agent for the Preferred Stock and the Common Stock a copy of such certificate and (c) mail a brief summary thereof to each holder of Rights in accordance with Section 25.

  

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 13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power. 
 (a) In the event that, following the Distribution Date, directly or indirectly, 
 (i) the Company shall consolidate with, or merge with and into, any other Person (other than a Subsidiary of the Company in a transaction
that complies with Section 11(m)) and the Company shall not be the continuing or surviving corporation of such consolidation or merger, 
 (ii) any Person shall acquire shares of Common Stock of the Company in a share exchange, 
 (iii) any Person (other than a Subsidiary of the Company in a transaction that complies with Section 11(m)) shall consolidate with the Company, or merge with and into the Company and the Company shall be the continuing or surviving
corporation of such consolidation or merger and, in connection with such consolidation or merger, all or part of the outstanding Common Stock shall be changed into or exchanged for stock or other securities of any other Person or cash or any other
property, or 
 (iv) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise
transfer), in one or more transactions, assets or earning power aggregating 50 percent or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any Person other than the Company or one or more of its
wholly owned Subsidiaries in a transaction that complies with Section 11(m), 
 then, and in each such case, proper provision shall be made so that
(A) each holder of a Right (except as otherwise provided in Section 7(e)) shall thereafter have the right to receive, upon the exercise thereof and payment of the Purchase Price in accordance with the terms of this Agreement, such number
of validly authorized and issued, fully paid, nonassessable and freely tradeable shares of common stock of the Principal Party (as hereinafter defined) not subject to any liens, encumbrances, rights of first refusal or other adverse claims, as shall
be equal to the result obtained by dividing the then current Purchase Price by 50 percent of the Current Per Share Market Price of the common stock of the Principal Party (determined pursuant to Section 11(d)) on the date of consummation
of the Section 13 Event, (B) the Principal Party shall thereafter be liable for, and shall assume, by virtue of such Section 13 Event, all the obligations and duties of the Company pursuant to this Agreement, (C) the term
“Company” shall thereafter be deemed to refer to the Principal Party, it being specifically intended that the provisions of Section 11 shall apply to the Principal Party only following the first occurrence of a Section 13 Event,
and (D) the Principal Party shall take such steps (including, but not limited to, the reservation of a sufficient number of shares of its common stock in accordance with Section 9) in connection with such consummation as may be
necessary to ensure that the provisions of this Agreement shall thereafter be applicable, as nearly as reasonably may be, in relation to the common stock thereafter deliverable upon the exercise of the Rights. The provisions of
Section 11(a)(ii) shall be of no effect following the first occurrence of an event described in Section 13. 
  

 22 

 (b) The term “Principal Party” shall mean 
 (i) in the case of any transaction described in clause (i), (ii) or (iii) of Section 13(a), the Person that is the issuer
of any securities into which shares of Common Stock of the Company are converted in such merger or consolidation, or for which shares of Common Stock are exchanged in such share exchange, and if no securities are so issued, the Person that is the
other party to such merger, consolidation or share exchange or, if there is more than one such Person, the Person the common stock of which has the highest aggregate current market price (determined pursuant to Section 11(d)); and 

(ii) in the case of any transaction described in clause (iv) of Section 13(a), the Person that is the party receiving the
greatest portion of the assets or earning power transferred pursuant to such transaction or transactions; or, if each Person that is a party to such transaction or transactions receives the same portion of the assets or earning power transferred
pursuant to such transaction or transactions or if the Person receiving the largest portion of the assets or earning power cannot be determined, whichever Person the common stock of which has the highest aggregate current market price (determined
pursuant to Section 11(d)); 
 provided, however, that, if the common stock of such Person is not at such time and has not been continuously over the
preceding 12-month period registered under Section 12 of the Exchange Act or such Person is not a corporation, then (A) if such Person is a direct or indirect Subsidiary of one other Person which has common stock so registered,
“Principal Party” shall refer to such other Person, (B) if such Person is a direct or indirect Subsidiary of another Person but is not a direct or indirect Subsidiary of another Person which has common stock so registered,
“Principal Party” shall refer to the ultimate parent entity of such first-mentioned Person, (C) if such Person is directly or indirectly controlled by more than one Person, and one or more of such other Persons has common stock so
registered, “Principal Party” shall refer to whichever of such Persons that is the issuer of common stock so registered having the highest aggregate current market price (determined pursuant to Section 11(d)), and (D) if such
Person is directly or indirectly controlled by more than one Person, and none of such other Persons has common stock so registered, “Principal Party” shall refer to whichever ultimate parent entity is the corporation having the greatest
shareholders’ equity or, if no such ultimate parent entity is a corporation, shall refer to whichever ultimate parent entity is the entity having the greatest net assets. 
 (c) The Company shall not enter into any transaction described in this Section 13 if at the time of such transaction there are any
rights, warrants, instruments or securities outstanding or any agreements or arrangements which, as a result of the consummation of such transaction, would eliminate or substantially diminish the benefits intended to be afforded by the Rights. In
addition, the Company shall not consummate any such transaction unless the Principal Party shall have a sufficient number of authorized shares of common stock which have not been issued or reserved for issuance to permit the exercise in full of the
Rights in accordance with this Section 13 and unless prior thereto the Company and such Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement providing for the terms set forth in this Section 13 and
further providing that, as soon as practicable after execution of such agreement, the Principal Party will 
  

 23 

 (i) prepare and file a registration statement under the Act with respect to the
securities purchasable upon exercise of the Rights on an appropriate form, and will use its best efforts to cause such registration statement to (A) become effective as soon as practicable after such filing, (B) remain effective (with a
prospectus at all times meeting the requirements of the Act) until the Final Expiration Date and, as soon as practicable following the execution of such agreement, take such action as may be required to ensure that any acquisition of such shares of
common stock upon the exercise of the Rights complies with any applicable state security or “blue sky” laws; and 
 (ii) will deliver to holders of the Rights historical financial statements for the Principal Party and each of its Affiliates which comply in all respects with the requirements for registration on Form 10 under the Exchange Act. 

(d) In case the Principal Party which is to be a party to a transaction referred to in this Section 13 has a provision in any of
its authorized securities or in its Articles or Certificate of Incorporation or Bylaws or other instrument governing its corporate affairs, which provision would have the effect of (i) causing such Principal Party to issue, in connection
with, or as a consequence of, the consummation of a transaction referred to in this Section 13, shares of common stock of such Principal Party at less than the then Current Per Share Market Price (determined pursuant to Section 11(d)) or
securities exercisable for, or convertible into, shares of common stock of such Principal Party at less than the then Current Per Share Market Price (other than to holders of Rights pursuant to this Section 13) or (ii) providing for any
special payment, tax or similar provisions in connection with the issuance of the shares of common stock of such Principal Party pursuant to the provisions of Section 13; then, in such event, the Company shall not consummate any such
transaction unless prior thereto the Company and such Principal Party shall have executed and delivered to the Rights Agent a supplemental agreement providing that the provision in question of such Principal Party shall have been canceled, waived or
amended, or that the authorized securities shall be redeemed, so that the applicable provision will have no effect in connection with, or as a consequence of, the consummation of the proposed transaction. 
 (e) The provisions of this Section 13 shall similarly apply to successive mergers or consolidations or sales or other transfers. In
the event that a Section 13 Event shall occur at any time after the Stock Acquisition Date, the Rights which have not theretofore been exercised shall thereafter become exercisable in the manner described in Section 13. The provisions of
Section 11(a)(ii) shall be of no effect following the first occurrence of a Section 13 Event. 
 14. Fractional Rights and
Fractional Shares. 
 (a) The Company shall not be required to issue fractions of Rights or to distribute Rights
Certificates which evidence fractional Rights. In lieu of such fractional Rights, there shall be paid to the registered holders of the Rights Certificates with regard to which such fractional Right would otherwise be issuable, an amount in cash
equal to the same fraction of the current market value of a whole Right. For the purposes of this Section 14(a), the current market 

  

 24 

 
value of a whole Right shall be the closing price of the Rights for the Trading Day immediately prior to the date on which such fractional Rights would have
been otherwise issuable. The closing price for any day shall be the last sale price, or, in case no such sale takes place on such day, the average of the high bid and low asked prices in the over-the-counter market, as reported by the NYSE or such
other system then in use or, if on any such date the Rights are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Rights selected by the Board of
Directors of the Company. If on any such date no such market maker is making a market in the Rights, the fair value of the Rights on such date as determined in good faith by the Board of Directors of the Company shall be used. 
 (b) The Company shall not be required to issue fractions of shares of Preferred Stock (other than fractions which are integral multiples
of one one-hundredth of a share of Preferred Stock) upon exercise of the Rights or to distribute certificates which evidence fractional shares of Preferred Stock (other than fractions which are integral multiples of one one-hundredth of a share of
Preferred Stock). In lieu of fractional shares of Preferred Stock that are not integral multiples of one one-hundredths of a share of Preferred Stock the Company shall pay to the registered holders of Rights Certificates at the time such Rights are
exercised as herein provided an amount in cash equal to the same fraction of the current market value of one one-hundredth of a share of Preferred Stock. For purposes of this Section 14(b), the current market value of one one-hundredth of a
share of Preferred Stock shall be one one-hundredth of the closing price of a share of Preferred Stock (as determined pursuant to Section 11(d)(ii) hereof) for the Trading Day immediately prior to the date of such exercise. 
 (c) Following the occurrence of a Stock Acquisition Date or Section 13 Event, the Company shall not be required to issue fractions of
shares of Common Stock upon exercise of the Rights or to distribute certificates which evidence fractional shares of Common Stock. In lieu of fractional shares of Common Stock, the Company may pay to the registered holders of Rights Certificates at
the time such Rights are exercised as herein provided an amount in cash equal to the same fraction of current market value of one share of Common Stock. For purposes of this Section 14(c), the current market value of one share of Common Stock
shall be the closing price of one share of Common Stock (as determined pursuant to Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of such exercise. 
 (d) The holder of a Right by the acceptance of the Right expressly waives his right to receive any fractional Rights or any fractional
shares upon exercise of a Right (except as provided above). 
 15. Rights of Action. All rights of action in respect of this
Agreement, excepting the rights of action given to the Rights Agent under Section 18, are vested in the respective registered holders of the Rights Certificates (and, prior to the Distribution Date, the registered holders of the Common Stock);
and any registered holder of any Right Certificate (or, prior to the Distribution Date, of Common Stock), without the consent of the Rights Agent or of the holder of any other Right Certificate (or, prior to the Distribution Date, of Common Stock),
may, in his own behalf and for his own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, his right to exercise the Rights evidenced by such Rights
Certificate in the manner provided in such Rights 

  

 25 

 
Certificate and in this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that
the holders of Rights would not have an adequate remedy at law for any breach of this Agreement and will be entitled to specific performance of the obligations hereunder and injunctive relief against actual or threatened violations of the
obligations of any Person subject to this Agreement. 
 16. Agreement of Rights Holders. Every holder of a Right, by accepting the
same, consents and agrees with the Company and the Rights Agent and with every other holder of a Right that: 
 (a) prior to
the Distribution Date, the Rights will be transferable only in connection with the transfer of the Common Stock; 
 (b) after
the Distribution Date, the Rights Certificates are transferable only on the registry books of the Rights Agent if surrendered at the office of the Rights Agent designated for such purpose, duly endorsed or accompanied by a proper instrument of
transfer and with the appropriate forms and certificates fully executed; 
 (c) subject to Sections 6 and 7(f), the
Company and the Rights Agent may deem and treat the Person in whose name the Rights Certificate (or, prior to the Distribution Date, the associated Common Stock certificate) is registered as the absolute owner thereof and of the Rights evidenced
thereby (notwithstanding any notations of ownership or writing on the Right Certificates or the associated Common Stock certificate made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor
the Rights Agent, subject to the last sentence of Section 7(e), shall be affected by any notice to the contrary; and 
 (d) Notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a Right or other Person as a result of its inability to perform any of its obligations under
this Agreement by reason of any preliminary or permanent injunction or other order, decree or ruling issued by a court of competent jurisdiction or by a governmental, regulatory or administrative agency or commission, or any statute, rule,
regulation or executive order promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation; provided, however, the Company must use its best efforts to have any such order, decree or
ruling lifted or otherwise overturned as soon as possible. 
 17. Rights Certificate Holder Not Deemed a Shareholder. No holder, as
such, of any Rights Certificate shall be entitled to vote, receive dividends or be deemed for any purpose the holder of the number of one one-hundredths of a share of Preferred Stock or any other securities of the Company which may at any time be
issuable on the exercise of the Rights represented thereby, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights Certificate, as such, any of the rights of a shareholder of the Company
or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting shareholders
(except as provided in Section 23(c)), or to receive dividends or subscription rights, or otherwise, until the Rights evidenced by such Rights Certificate shall have been exercised in accordance with the provisions hereof. 
  

 26 

 18. Concerning the Rights Agent. 
 (a) The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to
time, on demand of the Rights Agent, its reasonable expenses and counsel fees and other disbursements incurred in the administration and execution of this Agreement and the exercise and performance of its duties hereunder. The Company also agrees to
indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, or expense incurred without negligence, bad faith or willful misconduct on the part of the Rights Agent, for anything done or omitted by the Rights Agent in
connection with the acceptance and administration of this Agreement, including the costs and expenses of defending against any claim of liability. 
 (b) The Rights Agent shall be protected and shall incur no liability for, or in respect of any action taken, suffered or omitted by it in connection with its administration of this Agreement in reliance upon any
Rights Certificate or certificate for shares of Common Stock or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or
other paper or document believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper person or persons, or otherwise upon the advice of counsel as set forth in Section 20. 
 19. Merger or Consolidation or Change of Name of Rights Agent. 
 (a) Any corporation into which the Rights Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any
corporation resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any corporation succeeding to the corporate trust business or stock transfer business of the Rights Agent or any
successor rights agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such corporation would be eligible for
appointment as a successor Rights Agent under the provisions of Section 21. In case at the time such successor Rights Agent shall succeed to the agency created by this Agreement, any of the Rights Certificates shall have been countersigned but
not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been
countersigned, any successor Rights Agent may countersign such Rights Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Rights Certificates shall have the full
force provided in the Rights Certificates and in this Agreement. 
 (b) In case at any time the name of the Rights Agent
shall be changed and at such time any of the Rights Certificates shall have been countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates so countersigned; and in case at
that time any of the Rights Certificates shall not have been countersigned, the Rights Agent may countersign such Rights Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full
force provided in the Rights Certificates and in this Agreement. 
  

 27 

 20. Duties of Rights Agent. The Rights Agent undertakes the duties and obligations imposed by this
Agreement upon the following terms and conditions, by all of which the Company and the holders of Rights Certificates, by their acceptance thereof, shall be bound: 
 (a) The Rights Agent may consult with legal counsel (who may be legal counsel for the Company), and the opinion of such counsel shall be
full and complete authorization and protection to the Rights Agent as to any action taken or omitted by it in good faith and in accordance with such opinion. 
 (b) Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or
matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively provided and
established by a certificate signed by any one of the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Treasurer or the Secretary of the Company and delivered to the Rights Agent; and such certificate shall
be full authorization to the Rights Agent for any action taken or suffered in good faith by it under the provisions of this Agreement in reliance upon such certificate. 
 (c) The Rights Agent shall be liable hereunder to the Company and any other Person only for its own negligence, bad faith or willful
misconduct. 
 (d) The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals
contained in this Agreement or in the Rights Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only. 
 (e) The Rights Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery
hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Rights Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or
condition contained in this Agreement or in any Rights Certificate; nor shall it be responsible for any change in the exercisability of the Rights (including the Rights becoming void pursuant to Section 7(e) hereof) or any adjustment in the
terms of the Rights (including the manner, method or amount thereof) provided for in this Agreement or the ascertaining of the existence of facts that would require any such change or adjustment (except with respect to the exercise of Rights
evidenced by Rights Certificates after actual notice that such change or adjustment is required); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Preferred
Stock or Common Stock to be issued pursuant to this Agreement or any Right Certificate or as to whether any shares of Preferred Stock or Common Stock will, when issued, be validly authorized and issued, fully paid and nonassessable. 
  

 28 

 (f) The Company agrees that it will perform, execute, acknowledge and deliver or cause to
be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this
Agreement. 
 (g) The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of
its duties hereunder from any one of the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Secretary or the Treasurer of the Company, and to apply to such officers for advice or instructions in connection
with its duties, and it shall not be liable for any action taken or suffered by it in good faith in accordance with instructions of any such officer or for any delay in acting while waiting for those instructions. Any application by the Agent for
written instructions from the Company may, at the option of the Rights Agent, set forth in writing any action proposed to be taken or omitted by the Rights Agent under this Agreement and the date on or after which such action shall be taken or such
omission shall be effective. The Rights Agent shall not be liable for any action taken by, or omission of, the Rights Agent in accordance with a proposal included in any such application on or after the date specified in such application (which date
shall not be less than five Business Days after the date any such officer of the Company actually receives such application, unless any such officer shall have consented in writing to an earlier date) unless, prior to taking any such action (or the
effective date in the case of an omission), the Rights Agent shall have received written instructions in response to such application specifying the action to be taken or omitted. 
 (h) The Rights Agent and any shareholder, director, officer, or employee of the Rights Agent may buy, sell or deal in any of the Rights or
other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under
this Agreement. Nothing herein shall preclude the Rights Agent from acting in any other capacity for the Company or for any other legal entity. 
 (i) The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents, and the Rights Agent shall not be
answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company resulting from any such act, default, neglect or misconduct, provided reasonable care was exercised in the selection
and continued employment thereof. 
 (j) No provision of this Agreement shall require the Rights Agent to expend or risk its
own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds for believing that repayment of such funds or adequate indemnification
against such risk or liability is not reasonably assured to it. 
 (k) If, with respect to any Rights Certificate surrendered
to the Rights Agent for exercise or transfer, the certificate attached to the form of assignment or form of election to purchase, as the case may be, has either not been completed or indicates an affirmative response to clause 1 and/or 2 thereof,
the Rights Agent shall not take any further action with respect to such requested exercise or transfer without first consulting with the Company. 
  

 29 

 21. Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign and be
discharged from its duties under this Agreement upon 30 days notice in writing mailed to the Company and to each transfer agent of the Common Stock and Preferred Stock by registered or certified mail, and to the holders of the Rights
Certificates by first-class mail. The Company may remove the Rights Agent or any successor Rights Agent upon 30 days notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the
Common Stock and Preferred Stock by registered or certified mail, and to the holders of the Rights Certificates by first-class mail. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall
appoint a successor to the Rights Agent. If the Company shall fail to make such appointment within a period of 30 days after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the
resigning or incapacitated Rights Agent or by the holder of a Rights Certificate (who shall, with such notice, submit his Rights Certificate for inspection by the Company), then the registered holder of any Rights Certificate may apply to any court
of competent jurisdiction for the appointment of a new Rights Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a corporation organized and doing business under the laws of the United States or
of any State of the United States, in good standing, which is authorized under such laws to exercise corporate trust powers or stock transfer powers and is subject to supervision or examination by federal or state authority and which has at the time
of its appointment as Rights Agent a combined capital and surplus of at least $50 million or (b) an affiliate or subsidiary of a corporation described in clause (a) of this sentence. After appointment, the successor Rights Agent shall
be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any
property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment the Company shall file notice thereof in writing
with the predecessor Rights Agent and each transfer agent of the Common Stock and Preferred Stock, and mail a notice thereof in writing to the registered holders of the Rights Certificates. Failure to give any notice provided for in this
Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be. 
 22. Issuance of New Rights Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Company
may, at its option, issue new Rights Certificates evidencing Rights in such form as may be approved by its Board of Directors of the Company to reflect any adjustment or change in the Purchase Price and the number or kind or class of shares or other
securities or property purchasable under the Rights Certificates made in accordance with the provisions of this Agreement. In addition, in connection with the issuance or sale of Common Stock of the Company following the Distribution Date and prior
to the Final Expiration Date, the Company (a) shall, with respect to Common Stock of the Company so issued or sold pursuant to the exercise of stock options or under any employee plan or arrangement, or upon the exercise, conversion or exchange
of securities issued by the Company prior to the Distribution Date, and (b) may, in any other case, if deemed necessary or 

  

 30 

 
appropriate by the Board of Directors of the Company, issue Rights Certificates representing the appropriate number of Rights in connection with such
issuance or sale; provided, however, that (i) no such Rights Certificate shall be issued if, and to the extent that, the Company shall be advised by counsel that such issuance would create a significant risk of material adverse tax consequences
to the Company or the person to whom such Rights Certificate would be issued, and (ii) no such Rights Certificate shall be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance thereof.

 23. Redemption. 
 (a) The Board of Directors of the Company may at its option, at any time prior to the earliest of (i) the Close of Business on the tenth day following a Stock Acquisition Date (or, if the Stock Acquisition Date
shall have occurred prior to the Record Date, the Close of Business on the tenth day following the Record Date) or (ii) the Final Expiration Date, redeem all but not less than all the then outstanding Rights at a redemption price of $.001 per
Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof (such redemption price being hereinafter referred to as the “Redemption Price”). Notwithstanding anything
contained in this Agreement to the contrary, the Rights shall not be exercisable as provided in Section 11(a)(ii) until such time as the Company’s right of redemption hereunder has expired. 
 (b) In the event the Company receives a Qualifying Offer and the Board of Directors
of the Company has not redeemed the outstanding Rights or exempted such offer from the terms of this Agreement or called a special meeting of shareholders by the end of the 90 Business Days following the commencement (or, if later, the first
existence) of a Qualifying Offer, for the purpose of voting on whether or not to exempt such Qualifying Offer from the terms of this Agreement, holders of record (or their duly authorized proxy) of at least 10 percent of the shares of Common Stock
then outstanding may submit to the Board of Directors of the Company, not earlier than 90 Business Days nor later than 120 Business Days following the commencement (or, if later, the first existence) of such Qualifying Offer, a written demand
complying with the terms of this Section 23(b) (the “Special Meeting Demand”) directing the Board of Directors of the Company to submit to a vote of shareholders at a special meeting of the shareholders of the Company (a “Special
Meeting”) a resolution exempting such Qualifying Offer from the provisions of this Agreement (the “Qualifying Offer Resolution”). For purposes of a Special Meeting Demand, the record date for determining holders of record eligible to
make a Special Meeting Demand shall be the 90th Business Day following commencement (or, if later, the first existence) of a Qualifying Offer. The
Board of Directors of the Company shall take such actions as are necessary or desirable to cause the Qualifying Offer Resolution to be so submitted to a vote of shareholders at a Special Meeting to be convened within 90 Business Days following the
Special Meeting Demand (the “Special Meeting Period”); provided, however, that if the Company at any time during the Special Meeting Period and prior to a vote on the Qualifying Offer Resolution enters into a Definitive Acquisition
Agreement, the Special Meeting Period may be extended (and any special meeting called in connection therewith may be cancelled) if the Qualifying Offer Resolution will be separately submitted to a vote at the same meeting as the Definitive
Acquisition Agreement. A Special Meeting Demand must be delivered to the Secretary of the Company at the principal executive offices of the Company and must set forth as to the shareholders of record making the request (x) the names and
addresses of such 

  

 31 

 
shareholders, as they appear on the Company’s books and records, (y) the class and number of shares of Common Stock which are owned of record by
each of such shareholders, and (z) in the case of Common Stock that is owned beneficially by another Person, an executed certification by the holder of record that such holder has executed such Special Meeting Demand only after obtaining
instructions to do so from such beneficial owner and attaching evidence thereof. Subject to the requirements of applicable law, the Board of Directors of the Company may take a position in favor of or opposed to the adoption of the Qualifying Offer
Resolution, or no position with respect to the Qualifying Offer Resolution, as it determines to be appropriate in the exercise of its duties. In the event that no Person has become an Acquiring Person prior to the redemption date referred to in this
Section 23(b), and the Qualifying Offer continues to be a Qualifying Offer and either (i) the Special Meeting is not convened on or prior to the last day of the Special Meeting Period (the “Outside Meeting Date”), or
(ii) if, at the Special Meeting at which a quorum is present, a majority of the shares of Common Stock present or represented by proxy at the Special Meeting and entitled to vote thereon as of the record date for the Special Meeting selected by
the Board of Directors of the Company shall vote in favor of the Qualifying Offer Resolution, then the Qualifying Offer shall be deemed exempt from the application of this Agreement to such Qualifying Offer so long as it remains a Qualifying Offer,
such exemption to be effective on the Close of Business on the tenth Business Day after (i) the Outside Meeting Date or (ii) the date on which the results of the vote on the Qualifying Offer Resolution at the Special Meeting are certified
as official by the appointed inspectors of election for the Special Meeting, as the case may be (the “Exemption Date”). Notwithstanding anything herein to the contrary, no action or vote, including action by written consent, by
shareholders not in compliance with the provisions of this Section 23(b) shall serve to exempt any offer from the terms of this Agreement. 
 (c) Immediately upon the action of the Board of Directors of the Company ordering the redemption of the Rights (or at such later time as shall be specified in the resolution taking such action), and without any
further action and without any notice, the right to exercise the Rights will terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price. Promptly after the action of the Board of Directors of the
Company ordering the redemption of the Rights, the Company shall give notice of such redemption to the holders of the then outstanding Rights and the Rights Agent by mailing such notice to all such holders at their last addresses as they appear upon
the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of the transfer agent for the shares of Common Stock. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the
holder receives the notice. Each such notice of redemption will state the method by which the payment of the Redemption Price will be made. The Company may, at its option, pay the Redemption Price in cash, shares of Common Stock (based on the
Current Per Share Market Price, as defined in Section 11(d), of the Common Stock at the time of redemption) or any other form of consideration deemed appropriate by the Board of Directors of the Company. 
 (d) Immediately upon the Close of Business on the Exemption Date, without any further action and without any notice, the right to exercise
the Rights with respect to the Qualifying Offer will terminate. 
  

 32 

 (e) In case the Company shall propose (a) to pay any dividend payable in stock of
any class to the holders of its Preferred Stock or Common Stock or to make any other distribution to the holders of its Preferred Stock or Common Stock (other than a regular quarterly cash dividend), (b) to offer to the holders of its Preferred
Stock or Common Stock rights or warrants to subscribe for or to purchase any additional shares of Preferred Stock or Common Stock or shares of stock of any class or any other securities, (c) to effect any reclassification of its Preferred Stock
or Common Stock (other than a reclassification involving only the subdivision of outstanding shares of Preferred Stock or Common Stock), (d) to effect any consolidation, merger or share exchange into or with any other Person (other than a
Subsidiary of the Company in a transaction which complies with Section 11(m)), (e) to effect any sale or other transfer or to permit one or more of its Subsidiaries to effect any sale or other transfer, in one or more related transactions,
of 50 percent or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person (other than the Company and/or any of its Subsidiaries in one or more transactions each of which complies with
Section 11(m)), or (f) to effect the liquidation, dissolution or winding up of the Company, then, in each such case, the Company shall give to each holder of a Rights Certificate, to the extent feasible and in accordance with
Section 25, a notice of such proposed action, which shall specify the record date for the purposes of such stock dividend or distribution of rights or warrants, or the date on which such reclassification, consolidation, merger, exchange, sale,
transfer, liquidation, dissolution, or winding up is to take place and the date of participation therein by the holders of the Preferred Stock or Common Stock if any such date is to be fixed, and such notice shall be so given in the case of any
action covered by clause (a) or (b) above at least 20 days prior to the record date for determining holders of the Preferred Stock or Common Stock for purposes of such action, and in the case of any such other action, at least
20 days prior to the date of the taking of such proposed action or the date of participation therein by the holders of the Preferred Stock or Common Stock whichever shall be the earlier. In case a Stock Acquisition Date shall occur, the Company
shall as soon as practicable thereafter give to each holder of a Rights Certificate, in accordance with Section 25, a notice of the occurrence of such event, which shall specify the event and the consequences of the event to holders of Rights
under Section 11(a)(ii). 
 24. Exchange. 
 (a) The Board of Directors of the Company may, at its option, at any time and from time to time after a Stock Acquisition Date, exchange
all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become void pursuant to the provisions of Section 7(e)) for shares of Common Stock or Common Stock Equivalents, or any combination thereof, at
an exchange ratio of one share of Common Stock, or such number of Common Stock Equivalents or units representing fractions thereof as would be deemed to have the same value as one share of Common Stock, per Right, appropriately adjusted to reflect
any stock split, stock dividend or similar transaction occurring after the date hereof (such exchange ratio being hereinafter referred to as the “Exchange Ratio”). 
 (b) Immediately upon the action of the Board of Directors of the Company ordering the exchange of any Rights pursuant to subsection
(a) of this Section 24 and without any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of shares of Common
Stock and/or Common Stock Equivalents equal to the number of such Rights held by 

  

 33 

 
such holder multiplied by the Exchange Ratio. The Company shall promptly give public notice of any such exchange; provided, however, that the failure to
give, or any defect in, such notice shall not affect the validity of such exchange. The Company promptly shall mail a notice of any such exchange to all of the holders of such Rights at their last addresses as they appear upon the registry books of
the Rights Agent. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange will state the method by which the exchange of the shares of Common Stock
and/or Common Stock Equivalents for Rights will be effected and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights
which have become void pursuant to the provisions of Section 7(e)) held by each holder of Rights. 
 (c) In the event
that the number of shares of Common Stock which are authorized by the Company’s Articles of Incorporation as amended but not outstanding or reserved for issuance for purposes other than upon exercise of the Rights are not sufficient to
permit an exchange of Rights as contemplated in accordance with this Section 24, the Company may, at its option, take all such action as may be necessary to authorize additional shares of Common Stock for issuance upon exchange of the Rights.

 (d) The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which
evidence fractional shares of Common Stock. In lieu of such fractional shares of Common Stock, the company shall pay to the registered holders of Rights with regard to which such fractional shares of Common Stock would otherwise be issuable an
amount in cash equal to the same fraction of the value of a whole share of Common Stock. For purposes of this Section 24, the value of a whole share of Common Stock shall be the closing price (as determined pursuant to the second sentence of
Section 11(d)(i) for the Trading Day immediately prior to the date of exchange pursuant to this Section 24, and the value of any Common Stock Equivalent shall be deemed to have the same value as the Common Stock on such date. 

25. Notices. Notices or demands authorized by this Agreement to be given or made by the Rights Agent or by the holder of any Rights Certificate
to or on the Company shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Rights Agent) as follows: 
  

			
		  	 StanCorp Financial Group, Inc.
 1100 SW Sixth
Avenue
 Portland, Oregon 97204
 Attention: Corporate Secretary

		
	 Copy to:
	  	 Ruth A. Beyer
 Stoel Rives LLP
 900 SW Fifth Ave., Suite 2600
 Portland, OR 97204

 Subject to the provisions of Section 21, any notice or demand authorized by this Agreement to be given or
made by the Company or by the holder of any Rights Certificate to or on the Rights Agent shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Company) as
follows: 
  

 34 

 Mellon Investor Services LLC 
 520 Pike Street, Suite 1220 
 Seattle, WA
08101 
 Attention: Relationship Manager 
 Notices or demands authorized by this Agreement to be given or made by the Company or the Rights Agent to the holder of any Rights Certificate shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed to
such holder at the address of such holder as shown on the registry books of the Company. 
 26. Supplements and Amendments. Prior to
the Distribution Date, the Company and the Rights Agent shall, if the Board of Directors of the Company so directs, supplement or amend any provision of this Agreement without the approval of any holders of certificates representing shares of Common
Stock. From and after the Distribution Date, the Company and the Rights Agent shall, if the Board of Directors of the Company so directs, supplement or amend this Agreement without the approval of any holders of Right Certificates in order
(i) to cure any ambiguity, (ii) to correct or supplement any provision contained herein which may be defective or inconsistent with any other provisions herein, (iii) to shorten or lengthen any time period hereunder, or (iv) to
change or supplement the provisions hereunder in any manner which the Company may deem necessary or desirable and which shall not adversely affect the interest of the holders of Rights Certificates (other than an Acquiring Person or an Affiliate or
Associate of any such Person); provided, however, that this Agreement may not be supplemented or amended to lengthen, pursuant to clause (iii) of this sentence, (A) a time period relating to when the Rights may be redeemed at such time as
the Rights are not then redeemable, or (B) any other time period unless such lengthening is for the purpose of protecting, enhancing or clarifying the rights of or the benefits to, the holders of Rights. Upon the delivery of a certificate from
an appropriate officer of the Company which states that the proposed supplement or amendment is in compliance with the terms of this Section 26, the Rights Agent shall execute such supplement or amendment. Prior to Distribution Date, the
interests of the holders of Rights shall be deemed coincident with the interests of the holders of shares of Common Stock. 
 27.
Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns. 
 28. Periodic Review. The Nominating and Corporate Governance Committee of the Company (the “Committee”), composed entirely of
independent directors of the Board of Directors of the Company, shall review and evaluate this Agreement in order to consider whether the maintenance of this Agreement continues to be in the interests of the Company and its shareholders. The
Committee shall conduct such review periodically when, as and in such manner as the Committee deems appropriate, after giving due regard to all relevant circumstances; provided, however, that the Committee shall take such action at least annually.
Following each such review, the Committee will report its conclusions to the full Board of Directors of the Company, including any recommendation in light thereof as to whether this 

  

 35 

 
Agreement should be modified or the Rights should be redeemed. The Committee shall have the power to set its own agenda and to retain, at the expense of the
Company, legal counsel, investment bankers or other advisors, in each case as chosen by the Committee. The Committee shall have the authority to review all information of the Company and to consider any and all factors it deems relevant to an
evaluation of whether to maintain or modify this Agreement. 
 29. Benefits of this Agreement. Nothing in this Agreement shall be
construed to give to any person or corporation other than the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the Common Stock) any legal or equitable right, remedy or claim under
this Agreement; but this Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Rights Certificates (and, prior to the Distribution Date, the Common Stock). 
 30. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other
authority to be invalid, void or unenforceable, the remainder of the terms, provisions covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated; provided, however,
that notwithstanding anything in this Agreement to the contrary, if any such term, provision, covenant or restriction is held by such court or authority to be invalid, void or unenforceable and the Board of Directors of the Company determines in its
good faith judgment that severing the invalid language from this Agreement would adversely affect the purpose or effect of this Agreement, the right of redemption set forth in Section 23(a) shall be reinstated and shall not expire until the
Close of Business on the tenth day following the date of such determination by the Board of Directors of the Company. 
 31.
Determinations and Actions by the Board of Directors, Etc. The Board of Directors of the Company shall have the exclusive power and authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board of
Directors of the Company or to the Company, or as may be necessary or advisable in the administration of this Agreement, including, without limitation, the right and power to (i) interpret the provisions of this Agreement, and (ii) make
all determinations deemed necessary or advisable for the administration of this Agreement. All such actions, calculations, interpretations and determinations (including, for purposes of clause (b) below, all omissions with respect to the
foregoing) which are done or made by the Board of Directors of the Company in good faith, shall (a) be final, conclusive and binding on the Company, the Rights Agent, the holders of the Rights and all other parties, and (b) not subject the
Board of Directors of the Company to any liability to the holders of the Rights. 
 32. Governing Law. This Agreement and each Rights
Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of Oregon and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and
performed entirely within such State. 
 33. Counterparts. This Agreement may be executed in any number of counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
  

 36 

 34. Descriptive Headings. Descriptive headings of the several Sections of this Agreement are
inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 
 IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed and attested, all as of the day and year first above written. 
  

			
	STANCORP FINANCIAL GROUP, INC.
		
	By	 	 
	Its	 	 
	
	MELLON INVESTOR SERVICES LLC
		
	By	 	 
	Its	 	 

  

 37Standard Insurance Company Supplemental Retirement Plan

 Exhibit 10.3 
 STANDARD INSURANCE COMPANY 
 SUPPLEMENTAL RETIREMENT PLAN 
 FOR THE SENIOR OFFICER MANAGEMENT GROUP 
 2008 Restatement 
  

 2008 RESTATEMENT OF STANDARD INSURANCE COMPANY’S 
 SUPPLEMENTAL RETIREMENT PLAN 
 FOR
SENIOR OFFICER MANAGEMENT GROUP 
 STATEMENT OF PURPOSE 
 This Supplemental Retirement Plan for the Senior Officer Management Group covers members of the Senior Officer Management Group who are designated as
Participants and who retire under the Standard Retirement Plan. 
 This Plan is separate from and in addition to both the Deferred
Compensation Plan and the Standard Retirement Plan. It is intended that this Plan be unfunded and maintained by the Company primarily for the purpose of providing deferred compensation for a select group of management or highly compensated
employees. 
 The purpose of this Plan is to provide retirement benefit payments to those Participants who retire under the Standard
Retirement Plan and whose retirement benefits from the Standard Retirement Plan are reduced either as a result of the deferral of a portion of the Participant’s annual compensation under his Deferred Compensation Agreement or as a result of
provisions of the Internal Revenue Code and the Standard Retirement Plan which impose certain limits on qualified plan accumulations, compensation taken into account under the plan or benefits provided for highly compensated employees. 

This Plan was revised in 1990 to conform its provisions to the provisions of the Standard Retirement Plan for Home Office Personnel 1988 Restatement
and was most recently amended effective January 1, 2002. The Plan is being revised at this time to comply with applicable provisions of Internal Revenue Code Section 409A. This 2008 restatement of this Plan shall determine the Supplemental
Retirement Benefit of any Participant whose retirement benefit is determined under the Standard Retirement Plan for Home Office Personnel 2002 Restatement, as amended, that becomes payable on or after January 1, 2008. 
  

 Standard Insurance Company hereby restates the following Supplemental Retirement Plan for the Senior
Officer Management Group: 
 ARTICLE I 
 DEFINITIONS 
 Capitalized terms used but not defined herein shall have the same meanings as provided
in the Standard Retirement Plan. The following terms, when used herein, shall have the meanings indicated in this Article unless a different meaning is clearly required by the context: 
 1.1 “Adjusted Credited Compensation” means the amount that would have been a Participant’s Compensation if the Participant had not
deferred a portion of his compensation otherwise payable to him currently, at his own election, under the Deferred Compensation Plan. 
 1.2
“Anniversary Date” means January 1, 1980, and each January 1st thereafter. 
 1.3 “Beneficiary” means any
person who receives a contingent or survivor benefit under the Plan as a result of a Participant’s death following the Participant’s Benefit Commencement Date pursuant to the designation made on the Participant’s Election Form or the
Participant’s Surviving Spouse or Dependent Domestic Partner who receives a Supplemental Death Benefit. 
 1.4 “Benefit
Commencement Date” means the date that benefit payments under the Plan commence pursuant to Section 4.3, either upon the Participant’s Separation from Service or the date elected by the Participant pursuant to Sections 2.2 and 4.3(a).

 1.5 “Board” means the Board of Directors of Standard Insurance Company. 
 1.6 “Code” means the Internal Revenue Code of 1986, as amended, and applicable regulations. 
 1.7 “Company” means Standard Insurance Company, a life insurance company organized and existing under the laws of the state of Oregon, or any
successor thereto. 
 1.8 “Compensation” means the Participant’s Credited Compensation as defined under the Standard
Retirement Plan. 
 1.9 “Deferred Compensation Agreement” means the individual agreements to defer compensation entered into
between members of the Senior Officer Management Group and the Company pursuant to the Deferred Compensation Plan. 
 1.10 “Deferred
Compensation Plan” means the Standard Insurance Company Deferred Compensation Plan for Senior Officer Management Group as it presently exists and may, from time to time, be amended. 
 1.11 “Effective Date” means January 1, 1979. The effective date of this amended and restated Plan shall be January 1, 2008.

 1.12 “Election Form” means the form executed by a Participant pursuant to Section 2.2,
electing the time and form of commencement of the Supplemental Retirement Benefit and designating the Beneficiary for purposes of any contingent or survivor benefit under a Supplemental Retirement Benefit. 
 1.13 “Employer” means the Company, StanCorp Financial Group, Inc., the Standard Life Insurance Company of New York, Standard Mortgage
Investors, LLC, StanCorp Investment Advisors, Inc., and any other person or business organization that has adopted and maintains the Standard Retirement Plan and has also elected to participate in this Plan with the consent of the Company.

 1.14 “Hour of Service” means the Hours of Service determined under the Standard Retirement Plan. 
 1.15 “Participant” means a member of the Senior Officer Management Group, who has become a Participant in accordance with Article II of the
Plan. 
 1.16 “Plan” means this Supplemental Retirement Plan for the Senior Officer Management Group as it presently exists and
may, from time to time, be amended. 
 1.17 “Plan Year” means the twelve month period beginning on January 1 and ending on
December 31. 
 1.18 “Senior Officer Management Group” means a select group of management or highly compensated employees of a
participating Employer who are designated by the CEO of the Company as entitled to participate in the plan. 
 1.19 “Separation from
Service” means the termination of a Participant’s employment with the Employer as determined under Treas. Reg. §1.409A-1(h)(1); provided that, for purposes of this definition, the term “Employer” shall include any member of
the controlled group of entities that, with the Company and the Employer, comprise a single employer under Code Sections 414(b) and (c) and the Treasury Regulations thereunder. 
 1.20 “Service” means employment of the Participant by the Employer for the performance of labor or duties by the Participant on behalf of the
Employer and for which the Participant is to be compensated by the Employer. 
 1.21 “Standard Retirement Plan” means the Standard
Retirement Plan for Home Office Personnel, as evidenced by the documents for such plan and any amendments thereto. 
 1.22 “Supplemental
Retirement Benefit” means the amount payable to a Participant from this Plan as provided under Section 4.1. 
 1.23
“Supplemental Death Benefit” means the amount payable to a Beneficiary of a Participant as provided under Section 4.4. 
 1.24
“Total and Permanent Disability” means a physical or mental condition that results in the Participant being eligible to receive disability benefits under the Federal Social 

 
Security program or under any formal program of long-term disability insurance provided by the Employer. A Participant shall not be treated as having a
Separation from Service due to Total and Permanent disability until the first date following the 29-month period during which the Participant has been separated from service with the Employer as a result of being unable to perform the duties of his
position following a Total and Permanent Disability. 
 1.25 “Years of Service” means Years of Benefit Service or Years of Vesting
Service as defined in the Standard Retirement Plan or the Standard Retirement Plan for Field Personnel, as applicable. For the purpose of determining the Participant’s Supplemental Retirement Benefit, his periods of Service shall be described
as Years of Benefit Service. For the purpose of determining the Participant’s vested interest in his Supplemental Retirement Benefit, his periods of Service shall be described as Years of Vesting Service. 
 ARTICLE II 
 ELIGIBILITY AND
ELECTION OF TIME AND FORM OF PAYMENT 
 2.1 Eligibility – Each member of the Senior Officer Management Group who is a Participant as
of December 31, 2008 shall continue as a Participant. Each other individual who becomes a member of the Senior Officer Management Group and who is a participant in the Standard Retirement Plan shall become a Participant in this Plan on the
first Anniversary Date on or after the date he is designated as a member of the Senior Officer Management Group. An individual shall cease to be a Participant as of the earliest of the date of his death, the date he has a Separation from Service
prior to earning a Vested Percentage greater than zero percent (0%) or the date that all vested Supplemental Retirement Benefits accrued on his behalf, if any, have been paid to him. 
 2.2 Election of Time and Form of Payment – A Participant who first became eligible to participate in the Plan prior to January 1, 2009 and has
not begun to receive benefits under the Plan as of December 31, 2008, shall, prior to December 31, 2008, elect the date of commencement of his vested Supplemental Retirement Benefit and the form of distribution of his vested Supplemental
Retirement Benefit (including, if applicable, the Beneficiary who shall receive contingent or survivor benefits in the event of his death after his Benefit Commencement Date), in accordance with the provisions of Section 4.2 and 4.3,
respectively, by execution of an Election Form. A Participant who first becomes eligible to participate in the Plan on or after January 1, 2009 shall, prior to the Anniversary Date of the year in which his participation is to commence, elect
the date of commencement of his vested Supplemental Retirement Benefit and the form of distribution of his vested Supplemental Retirement Benefit (including, if applicable, the Beneficiary who shall receive contingent or survivor benefits in the
event of his death after his Benefit commencement Date), by the execution of an Election Form. 
 After December 31, 2008 or the Anniversary Date of the
year in which the Participant commences participation, as applicable, such election shall be irrevocable, except that: 
 (a)
a Participant who has not become entitled to a distribution of his vested Supplemental Retirement Benefit may make an election to defer commencement of benefits 

 
under the Plan to a future specified date; provided that an election to defer commencement of benefits shall not take effect unless it is made more than one
year before the date on which such payment is scheduled to commence and defers the date of payment commencement by at least five years; and 
 (b) a Participant may elect an alternative form of benefit within a reasonable period of time prior to his Benefit Commencement Date in accordance with the provisions of Section 4.3. 
 In its sole discretion, the Company may prescribe such rules regarding the filing of Election Forms as it deems necessary, including the time, form and manner in which
such Election Forms must be filed; provided that any such rules shall not permit an Election Form to be filed later than the applicable time or times prescribed in the Plan. 
 2.3 Transition Rules – Notwithstanding any provision of the Plan to the contrary, but subject to Section 4.2(d), in the event that a
Participant or his Beneficiary begins to receive a retirement benefit under the Standard Retirement Plan on or after January 1, 2008, the Participant or his Beneficiary, as applicable, shall also receive a Supplemental Retirement Benefit under
this Plan, payable in the same form and at the same time as such retirement benefit is payable under the Standard Retirement Plan. A Participant or Beneficiary who began to receive benefits under this Plan prior to January 1, 2008 shall
continue to receive such benefits in accordance with the terms of the Plan in effect at the time the benefit payments commenced. 
 ARTICLE
III 
 VESTING OF SUPPLEMENTAL RETIREMENT BENEFIT 
 3.1 Vesting of Supplemental Retirement Benefit 
 (a) At any time, a Participant’s vested
Supplemental Retirement Benefit shall be determined under the following schedule, according to his Years of Vesting Service: 
  

			
	 Years of Vesting Service
	  	Vested Percentage
	 Less than 5
	  	0%
	 5 or more
	  	100%

 In addition, a Participant’s Vested Percentage shall be 100% upon his attainment of Normal Retirement Age
while an employee. 
 (b) The portion of a Participant’s Supplemental Retirement Benefit to which he has attained a
nonforfeitable right shall be referred to as his “vested Supplemental Retirement Benefit,” and shall equal the product of his Supplemental Retirement Benefit multiplied by his Vested Percentage, as determined above. 

 ARTICLE IV 
 PAYMENT OF SUPPLEMENTAL BENEFITS 
 4.1 Retirement Benefit – A Participant or his Beneficiary
shall be entitled to receive his vested Supplemental Retirement Benefit under this Plan, payable in accordance with Section 4.2 and 4.3. The amount of the Supplemental Retirement Benefit shall be equal to (a) minus (b), where: 

(a) is the retirement benefit that would be computed and paid under the Standard Retirement Plan if: (i) the Participant’s
Adjusted Credited Compensation were used in computing the retirement benefit instead of the Participant’s credited Compensation, and (ii) no limitations were imposed under the Standard Retirement Plan with respect to the benefit payable
thereunder or the amount of compensation taken into account in computing such benefit by virtue of Section 401(a)(17), Section 415 or other comparable provisions of the Code, or Treasury Regulations thereunder, as the same now exist or may
hereafter be amended; and 
 (b) is the retirement benefit the Participant actually receives from the Standard Retirement Plan
or, if the Participant has not begun to receive his retirement benefit under the Standard Retirement Plan on his Benefit Commencement Date, the retirement benefit the Participant would have received from the Standard Retirement Plan if his
retirement benefit under the Standard Retirement Plan commenced on his Benefit Commencement Date. 
 4.2 Manner of Payment – 

(a) For a Participant who has no spouse as of his Benefit Commencement Date, the vested Supplemental Retirement Benefit shall be paid
in the form of a Straight Life Annuity providing monthly income payable for the Participant’s life, with no payments after death. 
 (b) For a Participant who has a spouse as of his Benefit Commencement Date, the vested Supplemental Retirement Benefit shall be paid in the form of a Qualified Joint and Survivor Annuity, which: 
 (1) provides monthly income payable for his life, and thereafter for the life of his spouse, with payments to the spouse equal to two
thirds of the payments to the Participant, and 
 (2) is actuarially equivalent to a Straight Life Annuity for the life of the
Participant. 
 (c) Notwithstanding Sections 4.2(a) and (b), a Participant may elect on an Election Form to receive his
Supplemental Retirement Benefit in any alternative form of payment permitted under the Standard Retirement Plan that is a life annuity (as defined in Treas. Reg. §1.409A-2(b)(2)(ii)). A Participant’s initial election shall be filed at the
time required under Section 2.2. If the Participant fails to make an initial election regarding the form of benefit under Section 2.2, the provisions of Section 4.2(a) or (b), whichever is applicable, shall apply. Any Participant,
including a Participant who failed to make an initial election in a timely manner, may elect within a reasonable time prior to his Benefit Commencement Date to receive an alternative form of benefit. 

 (d) Notwithstanding any provision of the Plan to the contrary, if the Actuarial Value of
the Participant’s vested Supplement Retirement Benefit does not exceed $5,000, the vested Supplemental Retirement Benefit shall be distributed to the Participant in the form of a lump sum upon his Separation from Service. 
 4.3 Time of Payment of Vested Supplemental Retirement Benefits – Except as provided in Section 4.3(b) below, payment of a Participant’s
vested Supplemental Retirement Benefit shall begin upon the later of Separation from Service (including a Separation from Service as a result of Total and Permanent Disability) or the date designated by the Participant in his Election Form pursuant
to Section 2.2. 
 (a) The date a Participant elects in his Election Form may be any specified date on or after the
Participant’s Early Retirement Age, subject to the Company’s approval. If the Company fails to approve or reject the Participant’s election within the time period during which the Participant’s election may be made, it shall be
deemed approved. 
 (b) Notwithstanding any other provision of the Plan: 
 (1) subject to Section 4.3(b)(2), any payment required to be made under the terms of the Plan on a specified date (including a
Participant’s Separation from Service) may be made as soon thereafter as administratively practicable, but not later than the end of the calendar year that includes the date the benefit was otherwise required to commence under the terms of the
Plan, and 
 (2) payment of vested Supplemental Retirement Benefits to a Participant who is a specified employee (as defined
in Code Section 409A(a)(2)(B) and Treas. Reg. §1.409A-1(i)(l)) otherwise payable upon his Separation from Service shall not commence before the date that is six months after the date of the Participant’s Separation from Service. Prior
to the last day of the seventh month following his Separation from Service, the Participant shall be paid, in the form of a lump sum, the total amount of monthly vested Supplemental Retirement Benefits that would have been payable to the Participant
since the Participant’s Separation from Service but for the six-month delay, together with interest calculated at the rate that would be applied for purposes of computing the Actuarial Value of a benefit that commenced on the date of the
Participant’s Separation from Service. Regular monthly payments of the Participant’s vested Supplemental Retirement Benefits, in accordance with the Participant’s election made pursuant to Section 2.2 and this Article IV, will
commence during the seventh month following the Participant’s Separation from Service. 
 4.4 Death Benefit – Provided that a
Participant’s Vested Percentage is greater than zero percent (0%) as of the date of his death, upon the Participant’s death prior to his Benefit Commencement Date, a Supplemental Death Benefit will become payable to the Participant’s
Surviving Spouse or Dependent Domestic Partner. If the Participant has no Surviving Spouse or 

 
Dependent Domestic Partner, no Supplemental Death Benefit shall be payable under this Plan. The Supplemental Death Benefit shall be equal to (a) minus
(b) where: 
 (a) is the death benefit that would be computed and paid under the Standard Retirement Plan if:
(i) the Participant’s Adjusted Credited Compensation were used in computing the death benefit instead of the Participant’s Credited Compensation, and (ii) no limitations were imposed under the Standard Retirement Plan with
respect to the benefit payable thereunder, or the amount of compensation taken into account in computing such benefit by virtue of Section 401(a)(17), Section 415 or other comparable provisions of the Code, or Treasury Regulations
thereunder, as the same now exist or may hereafter be amended, and 
 (b) is the death benefit the Beneficiary actually
receives from the Standard Retirement Plan or, if the Beneficiary has not begun to receive the death benefit under the Standard Retirement Plan on the date his Supplemental Death Benefit commences, the death benefit the Beneficiary would have
received from the Standard Retirement Plan if his death benefit under the Standard Retirement Plan had commenced on the date his Supplemental Death Benefit commenced. 
 The Supplemental Death Benefit shall be paid in the form of an annuity for the life of the Surviving Spouse or Dependent Domestic Partner only, whichever is applicable. 
 4.5 Cost of Living Adjustment – Supplemental benefits payable to the Participant or his Beneficiary under this Article IV shall be adjusted to take
into account any post-retirement adjustments in the cost of living at the same time and in the same manner as any cost of living adjustments to the retirement benefits payable to the Participant or Beneficiary from the Standard Retirement Plan.

 ARTICLE V 
 MISCELLANEOUS 
 5.1 Questions Determined by Company – The CEO of the Company or his designee (referred to hereinafter
in this Section 5.1 as the “CEO”), has the discretionary authority to interpret terms of the Plan, to determine factual questions that arise in the course of administering the Plan, to adopt rules and regulations regarding the
administration of the Plan, to determine the conditions under which benefits become payable under the Plan and to make any other determinations that the CEO believes are necessary and advisable for the administration of the Plan. Benefits under this
Plan will be paid only if the CEO decides, in his discretion, that the applicant is entitled to them. In the event of any question or dispute as to retirement, the date of commencement of such retirement, the date of death of a Participant or his
Beneficiary, the occurrence of any event that may entitle a Participant or Beneficiary to a benefit under this Plan, or the amount, time or form of payment of a benefit under the Plan, the decision of the Company, as determined by the CEO shall be
binding on all interested parties. The CEO may employ such consultants and advisors as he deems necessary or desirable for carrying out his duties under the Plan. The benefit claim procedure and the review procedure under the Standard Retirement
Plan are incorporated herein by reference; provided that, the authority exercised by the Plan Administrator under the Standard Retirement Plan shall be exercised by the CEO under this Plan. 

 5.2 Non-alienation of Payments – No Participant, Participant’s spouse, Dependent Domestic
Partner, Beneficiary, heir or distributee or any other person, shall have the right to commute, encumber, assign, transfer, pledge or otherwise anticipate or dispose of the right to receive payments hereunder. 
 5.3 No Trust Created; Unsecured Creditors – Notwithstanding anything herein contained to the contrary, no action taken pursuant to the provisions of
this Plan shall create or be construed to create a trust of any kind or fiduciary relationship between the Company or the Employer and the Participants, their designated Beneficiaries or any other persons or distributees. Any deferred amounts shall
continue for all purposes to be part of the general assets of the Company or the Employer, as applicable, subject to the claims of the Company’s or the Employer’s creditors, and the Company or the Employer shall in no way be restricted
with regard to the control, investment and use of such amounts. To the extent that any person acquires the right to receive payment under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Company or
the Employer. 
 5.4 Nonguarantee of Employment – Nothing contained herein shall be construed as conferring upon a Participant the right
to continue in the employ of the Employer, as a member of the Senior Officer Management Group, an executive or in any other capacity. The Employer may terminate the employment of any Participant at any time the CEO of the Company determines such
termination to be for the benefit of the Employer. 
 5.5 Applicable Law; Invalidity of Provisions – To the extent not preempted by
Federal Law, the validity of this Plan or any of its provisions shall be determined under and construed according to the laws of the State of Oregon. If any provision of this Plan shall be held illegal or invalid for any reason, such determination
shall not affect the remaining provisions of this Plan and it shall be construed as if said illegal or invalid provisions had never been included. 
 5.6 Section 409A Compliance – This Plan is intended to comply with the requirements of Code Section 409A, and the provisions herein shall be interpreted in a manner consistent with such intent. 
 5.7 Section Headings – The headings of this Plan have been inserted for convenience of reference only and are to be ignored in any construction of
the provisions hereof. 
 5.8 Gender – The masculine pronoun whenever used includes the female pronoun. 
 ARTICLE VI 
 PLAN AMENDMENT AND
TERMINATION 
 6.1 Amendment – The Plan may be amended in whole or in part from time to time by the Board; provided that, the
Board may, in its sole discretion, delegate its authority to amend 

 
the Plan to the CEO of the Company; and further provided that, no amendment shall deprive any Participant of any of the benefits which have accrued to him
prior to the date of the amendment 
 6.2 Termination – The Company, through action by the Board, reserves the right to terminate the
Plan at any time, provided that the termination of the Plan shall not deprive any Participant of any of the benefits which have accrued to him prior to the date of the termination. 
 6.3 Notice of Amendment – Notice of every such amendment or the termination of the Plan shall be given in writing to each Participant or Beneficiary
of a deceased Participant at the time and in the manner determined by the Company. 
  

									
	STANDARD INSURANCE COMPANY	 		 	
					
	By:	 	 	 		 		 	 
		 	President and Chief Executive Officer	 		 		 	Date

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