Document:

EX-10.14

Table of Contents

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 Exhibit 10.14 

[***] = Certain confidential information contained in this document, marked by brackets, has been omitted and filed separately with the Securities and
Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended. 
 Execution Version 

 
  

AMENDED AND RESTATED PURCHASE AND SALE AGREEMENT 

Dated as of June 29, 2018 

between 
 ECL FUNDING LLC, 

as Purchaser, 
 and 

OPORTUN, INC., 
 as Seller 

  

Table of Contents

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE I
	  	DEFINITIONS	  	 	1	 
			
	 SECTION 1.1
	  	 Certain Defined Terms
	  	 	1	 
	 SECTION 1.2
	  	 Accounting and UCC Terms
	  	 	15	 
			
	 ARTICLE II
	  	AMOUNTS AND TERMS OF THE PURCHASES	  	 	15	 
			
	 SECTION 2.1
	  	 Purchase of Receivables
	  	 	15	 
	 SECTION 2.2
	  	 Purchase and Sale Commitment
	  	 	16	 
	 SECTION 2.3
	  	 Purchase Price and Payment Procedures
	  	 	19	 
	 SECTION 2.4
	  	 Repurchase of Ineligible Receivables
	  	 	20	 
	 SECTION 2.5
	  	 Refinancings
	  	 	21	 
	 SECTION 2.6
	  	 Selection of Receivables
	  	 	21	 
	 SECTION 2.7
	  	 No Purchaser Transfer
	  	 	21	 
			
	 ARTICLE III
	  	CONDITIONS TO PURCHASES	  	 	21	 
			
	 SECTION 3.1
	  	 Conditions Precedent to Purchaser’s Initial Purchase
	  	 	21	 
	 SECTION 3.2
	  	 Conditions Precedent to All Purchases
	  	 	22	 
	 SECTION 3.3
	  	 Conditions Precedent to Seller’s Initial Sale
	  	 	23	 
	 SECTION 3.4
	  	 Conditions Precedent to Certain Sales
	  	 	24	 
			
	 ARTICLE IV
	  	REPRESENTATIONS AND WARRANTIES	  	 	24	 
			
	 SECTION 4.1
	  	 Representations and Warranties of the Parties
	  	 	24	 
	 SECTION 4.2
	  	 Additional Representations of the Seller
	  	 	25	 
	 SECTION 4.3
	  	 Additional Representations and Warranties of the Purchaser
	  	 	28	 
			
	 ARTICLE V
	  	GENERAL COVENANTS	  	 	29	 
			
	 SECTION 5.1
	  	 Affirmative Covenants of the Seller
	  	 	29	 
	 SECTION 5.2
	  	 Negative Covenants of the Seller
	  	 	33	 
			
	 ARTICLE VI
	  	ADMINISTRATION AND COLLECTION OF RECEIVABLES	  	 	34	 
			
	 SECTION 6.1
	  	 Collection Procedures
	  	 	34	 
	 SECTION 6.2
	  	 Purchase Information
	  	 	34	 
	 SECTION 6.3
	  	 Compliance Statements
	  	 	34	 
	 SECTION 6.4
	  	 Limitation on Liability of the Seller and Others
	  	 	34	 
	 SECTION 6.5
	  	 Limitation on Liability of the Purchaser
	  	 	35	 
	 SECTION 6.6
	  	 Good Faith Reliance
	  	 	35	 
	 SECTION 6.7
	  	 Nonpetition
	  	 	35	 
			
	 ARTICLE VII
	  	EVENTS OF DEFAULT	  	 	37	 
			
	 SECTION 7.1
	  	 Seller Default or Seller Event of Default
	  	 	37	 
	 SECTION 7.2
	  	 Remedies
	  	 	37	 
	 SECTION 7.3
	  	 Sale Termination Events
	  	 	39	 

  

Table of Contents

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 ARTICLE VIII
	  	INDEMNIFICATION	  	 	39	 
			
	 SECTION 8.1
	  	 Indemnities by the Seller
	  	 	39	 
			
	 ARTICLE IX
	  	MISCELLANEOUS	  	 	41	 
			
	 SECTION 9.1
	  	 Amendments, Etc
	  	 	41	 
	 SECTION 9.2
	  	 Notices Etc
	  	 	41	 
	 SECTION 9.3
	  	 No Waiver; Remedies
	  	 	41	 
	 SECTION 9.4
	  	 Binding Effect; Governing Law
	  	 	41	 
	 SECTION 9.5
	  	 Costs, Expenses and Taxes
	  	 	41	 
	 SECTION 9.6
	  	 Purchaser Financing
	  	 	42	 
	 SECTION 9.7
	  	 Right of Last Look
	  	 	42	 
	 SECTION 9.8
	  	 Waiver of Setoff
	  	 	42	 
	 SECTION 9.9
	  	 Severability
	  	 	42	 
	 SECTION 9.10
	  	 Counterparts
	  	 	42	 
	 SECTION 9.11
	  	 Grant of License to Use Trademarks
	  	 	43	 
	 SECTION 9.12
	  	 Jurisdiction; Consent to Service of Process
	  	 	43	 
	 SECTION 9.13
	  	 No Third Party Beneficiaries
	  	 	43	 
	 SECTION 9.14
	  	 Confirmation of Intent
	  	 	43	 
	 SECTION 9.15
	  	 Section and Paragraph Headings
	  	 	44	 
	 SECTION 9.16
	  	 Confidentiality
	  	 	44	 
	 SECTION 9.17
	  	 Intercreditor Agreement Amendments and Restatements
	  	 	44	 

 EXHIBITS 
  

			
	Exhibit A	  	Form of Funding Request 
	Exhibit B	  	Amended and Restated Acknowledgement and Agreement of 2016 Ellington Investors 
	Exhibit C	  	Amended and Restated Acknowledgement and Agreement of 2017 Ellington Investors 
	Schedule I	  	Initial Receivables Schedule 
	Schedule II	  	Perfection Representations, Warranties and Covenants 
	Schedule III	  	List of Competitors 
	Schedule IV	  	Owner Trustee Letter 

  
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Table of Contents

 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 AMENDED AND RESTATED PURCHASE AND SALE AGREEMENT 

AMENDED AND RESTATED PURCHASE AND SALE AGREEMENT dated as of June 29, 2018 (this “Agreement”), by and between OPORTUN,
INC., a Delaware corporation, as seller (the “Seller”), and ECL FUNDING LLC, a Delaware limited liability company, as purchaser (the “Purchaser”). 

W I T N E S S E T H: 

WHEREAS, the Seller and the Purchaser have previously entered into that certain Purchase and Sale Agreement, dated as of August 2, 2016
(as amended to the date hereof, the “Original Agreement”), pursuant to which the Seller has sold and intends to sell Receivables to the Purchaser from time to time on the terms and subject to the conditions set forth therein; and

 WHEREAS, the Seller and the Purchaser wish to amend the Original Agreement in certain respects; 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements contained herein, the parties hereto agree that
the Original Agreement shall be, and it hereby is, amended and restated to read in its entirety as follows: 
 ARTICLE I 

DEFINITIONS 

SECTION 1.1 Certain Defined Terms. As used in this Agreement, the following terms shall have the
following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “2016
Ellington Investors” means ECO, EFCH and EPOB. 
 “2017 Ellington Investors” means ECO-GS, EFCH-GS, EPOB-GS and EPOB2-GS. “ADS Score” means the credit score for an Obligor referred to as the “Alternative Data Score” determined by the Seller in accordance with its
proprietary scoring method. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by, or under direct or indirect common control with, such Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the power to direct or cause the direction of
the management or policies of the controlled Person, whether through ownership of voting stock, by contract or otherwise. 

“Agreement” has the meaning assigned to that term in the preamble. 

“Amendment Date” means March 3, 2017. 

“Bankruptcy Code” means the Bankruptcy Reform Act of 1978, as amended from time to time, and as codified as 11 U.S.C.
Section 101 et seq. 

  
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 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 “Benefit Plan” means any employee benefit plan as defined in
Section 3(3) of ERISA in respect of which the Seller, the Servicer or any ERISA Affiliate thereof is, or at any time during the immediately preceding six (6) years was, an “employer” as defined in Section 3(5) of ERISA, or
with respect to which the Seller, the Servicer or any of their respective ERISA Affiliates has any liability, contingent or otherwise. 

“Business Day” means any day other than a Saturday, Sunday or other day on which banking institutions or trust companies in
the States of California, Florida, Illinois, Missouri, New York or Texas are authorized or obligated by Law to be closed. 

“Closing Date” means August 2, 2016. 

“Code” means the Internal Revenue Code of 1986, as amended, and the rules and Treasury Regulations promulgated thereunder.

 “Collateral Trustee” means initially Deutsche Bank Trust Company Americas, and its successors and any corporation
resulting from or surviving any consolidation or merger to which it or its successors may be a party and any successor collateral trustee appointed in accordance with the provisions of the Intercreditor Agreement. 

“Collection Account” means the account established as such for the benefit of the Purchaser at Deutsche Bank Trust Company
Americas or such other depository institution as the Purchaser shall approve pursuant to Section 3.01 of the Servicing Agreement. 

“Collections” means, with respect to any Receivable, all cash collections and other cash proceeds of such Receivable made by
or on behalf of Obligors, including, without limitation, all principal, Finance Charges and cash proceeds of Related Security with respect to such Receivable and any Deemed Collections in each case, received after the applicable Purchase Date;
provided, however, that, if not otherwise specified, the term “Collections” shall refer to the Collections on all the Receivables collectively. 

“Combined Outstanding Receivables Balance” means, at any time of determination, the sum of (i) the Outstanding
Receivables Balance of the Receivables purchased by the Purchaser under this Agreement, (ii) the “Outstanding Receivables Balance” (as defined in the ECO Purchase Agreement) of the ECO Receivables, and (iii) the “Outstanding
Receivables Balance” (as defined in the EFCH Purchase Agreement) of the EFCH Receivables. 
 “Commitment Termination
Event” has the meaning specified in Section 2.2(c). 
 “Concentration Limits” shall be
deemed exceeded if any of the following is true on any date of determination, with each of the percentages and weighted average credit scores below determined by combining the Receivables, the ECO Receivables and the EFCH Receivables (and,
accordingly, treating the ECO Receivables and the EFCH Receivables, solely for purposes of this definition of “Concentration Limits”, as if they were “Receivables” for purposes of this Agreement): 

  
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 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 (i) the aggregate Outstanding Receivables Balance of all Re-Written Receivables and Re-Aged Receivables that are Eligible Receivables exceeds 5.0% of the aggregate Outstanding Receivables Balance of all Eligible Receivables; 

(ii) the weighted average fixed interest rate of all Eligible Receivables is less than 28.0%; 

(iii) the weighted average life of all Eligible Receivables exceeds thirty-three (33) months; 

(iv) the average Outstanding Receivables Balance of all Eligible Receivables exceeds $3,500; 

(v) the aggregate Outstanding Receivables Balance of all Eligible Receivables with an original term or remaining term to
maturity greater than forty-one (41) months exceeds 10.0% of the aggregate Outstanding Receivables Balance of all Eligible Receivables; 

(vi) the aggregate Outstanding Receivables Balance of all Eligible Receivables with a fixed interest rate less than 24.0%
exceeds 5.0% of the Outstanding Receivables Balance of all Eligible Receivables; 
 (vii) the weighted average credit score
of the related Obligors of all Eligible Receivables (excluding any Eligible Receivables the Obligor of which has no (or a zero) credit score) is less than: (x) ADS Score: 700, (y) PF Score: 650 and (z) VantageScore: 625; 

(viii) the aggregate Outstanding Receivables Balance of all Eligible Receivables the Obligors of which have credit scores
within the following respective credit score buckets: (x) ADS Score: less than or equal to 560, (y) PF Score: less than or equal to 520 and (z) VantageScore: less than or equal to 560 exceeds 5.0% of the aggregate Outstanding Receivables
Balance of all Eligible Receivables; or 
 (ix) the aggregate Outstanding Receivables Balance of all Eligible Receivables
with an Outstanding Receivables Balance in excess of (a) $7,200 exceeds 25.0% of the aggregate Outstanding Receivables Balance of all Eligible Receivables or (b) $8,200 exceeds 10.0% of the aggregate Outstanding Receivables Balance of all Eligible
Receivables. 
 “Consolidated Parent” means initially, Oportun Financial Corporation, a Delaware corporation, and any
successor to Oportun Financial Corporation, as the indirect or direct parent of the Seller, the financial statements of which are for financial reporting purposes consolidated with the Seller in accordance with GAAP, or if there is none, then the
Seller. 
 “Consumer Installment Loan Product” means consumer installment loans of the type offered by Oportun, Inc. and
the Nevada Originator as of the date of this Agreement and shall not include, for the avoidance of doubt, loans secured by vehicles or business assets and any other newly introduced types of loan or financing products offered by Oportun, Inc. or the
Nevada Originator after the date of this Agreement. 

  
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 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 “Contingent Liability” means any agreement, undertaking or arrangement by
which any Person guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise
to assure a creditor against loss) the indebtedness, obligation or any other liability of any other Person (other than by endorsements of instruments in the course of collection), or guarantees the payment of dividends or other distributions upon
the shares of any other Person. The amount of any Person’s obligation under any Contingent Liability shall (subject to any limitation set forth therein) be deemed to be the outstanding principal amount (or maximum outstanding principal amount,
if larger) of the debt, obligation or other liability guaranteed thereby. 
 “Contract” means any promissory note, retail
installment sales contract, other contract or other loan documentation originally entered into (i) between the Seller and an Obligor in connection with consumer loans made by the Seller to such Obligor in the ordinary course of its business or
(ii) between the Nevada Originator and an Obligor in connection with consumer loans made by the Nevada Originator to such Obligor in the ordinary course of its business and subsequently acquired by the Seller. 

“Credit and Collection Policies” means the Seller’s and the Servicer’s credit and collection policy or policies
relating to Contracts and Receivables and referred to in Exhibit C to the Servicing Agreement, as the same is amended, supplemented or otherwise modified and in effect from time to time in accordance with Section 2.12(c)
of the Servicing Agreement; provided, however, if the Servicer is any Person other than the initial Servicer, “Credit and Collection Policies” shall refer to the collection policies of such Servicer as they relate to
receivables of a similar nature to the Receivables. 
 “Custodian” means the Servicer in its capacity as Custodian under,
and subject to the terms and conditions of, the Servicing Agreement. 
 “Deemed Collections” means in connection with any
Receivable, all amounts payable (without duplication) with respect to such Receivable, by (i) the Seller pursuant to Section 2.4 hereof, and/or (ii) the initial Servicer pursuant to
Section 2.02(f) or Section 2.08 of the Servicing Agreement. 
 “Defaulted
Receivable” means a Receivable (i) as to which any scheduled payment, or part thereof, remains unpaid for 120 days or more past the due date for such payment determined by reference to the contractual payment terms, as amended, of such
Receivable, (ii) the Obligor thereon has died or is suffering or has suffered an Event of Bankruptcy or (iii) which, consistent with the Credit and Collection Policies, would be written off in the Seller’s or the Servicer’s books
as uncollectible. 
 “Delinquent Receivable” means a Receivable (other than a Defaulted Receivable) as to which all or any
part of a scheduled payment remains unpaid for thirty (30) days or more from the due date for such payment. 

  
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 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 “Deposit Account Control Agreement” means the Deposit Account Control
Agreement, dated as of the Closing Date, among the Purchaser, the Servicer and Deutsche Bank Trust Company Americas, as amended, supplemented, or otherwise modified from time to time. 

“Dollars” and the symbol “$” mean the lawful currency of the United States. 

“ECL Master Trust” means ECL Funding 2016-OPTN Master Participation Trust, a Delaware statutory trust. 

“ECO” means ECO CH LLC, a Delaware limited liability company. 

“ECO Guarantor” or “ECO-GS Guarantor” means Ellington Credit
Opportunities, Ltd., a Cayman Islands exempted company. 
 “ECO Guaranty” means the ECO Guaranty, dated as of the Closing
Date, delivered by the ECO Guarantor to the Seller, as such agreement may be amended, supplemented or otherwise modified and in effect from time to time. 

“ECO Purchase Agreement” means the Purchase and Sale Agreement, dated as of November 10, 2015, between ECO and Oportun,
Inc., as amended, supplemented or otherwise modified from time to time. 
 “ECO Receivables” means the receivables
purchased by ECO under the ECO Purchase Agreement. 
 “ECO-GS” means ECO GS
2017-OPTN LLC, a Delaware limited liability company. 
 “ECO-GS Guaranty” means the
ECO-GS Guaranty, dated as of the Amendment Date, delivered by the ECO-GS Guarantor to the Seller, as such agreement may be amended, supplemented or otherwise modified
from time to time. 
 “EFCH” means EF CH LLC, a Delaware limited liability company. 

“EFCH Guarantor” or “EFCH-GS Guarantor” means Ellington Financial Operating Partnership LLC, a Delaware
limited liability company. 
 “EFCH Guaranty” means the EFCH Guaranty, dated as of the Closing Date, delivered by the EFCH
Guarantor to the Seller, as such agreement may be amended, supplemented or otherwise modified and in effect from time to time. 

“EFCH Purchase Agreement” means the Amended and Restated Purchase Agreement, dated as of November 10, 2015, between EFCH
and Oportun, Inc., as amended, supplemented or otherwise modified from time to time. 
 “EFCH Receivables” means the
receivables purchased by EFCH under the EFCH Purchase Agreement or the predecessor agreement thereto. 
 “EFCH-GS” means
EFCH GS 2017-OPTN LLC, a Delaware limited liability company. 

  
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 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 “EFCH-GS Guaranty” means the EFCH-GS Guaranty, dated as of the Amendment
Date, delivered by the EFCH-GS Guarantor to the Seller, as such agreement may be amended, supplemented or otherwise modified from time to time. 

“Eligible Electronic Repository” means any electronic document repository engaged by the Seller, provided that the
Seller shall not change the electronic document repository engaged by the Seller, unless the Seller shall have given to the Purchaser not less than five (5) Business Days’ prior written notice thereof. 

“Eligible Receivable” means each Receivable: 

(a) that was originated in compliance with all applicable Requirements of Law (including without limitation all Laws relating to truth in
lending, fair credit billing, fair credit reporting, fair debt collection practices and privacy) and which complies with all applicable Requirements of Law (other than non-compliance that has no adverse effect
on the obligations of the Obligor and creates no financial liability or other loss, cost or expense for the Purchaser and does not have any other Material Adverse Effect); 

(b) with respect to which all consents, licenses, approvals or authorizations of, or registrations or declarations with, any Governmental
Authority required to be obtained, effected or given by the Seller or the Nevada Originator in connection with the creation or the execution, delivery and performance of such Receivable, or by the Purchaser in connection with its ownership of, or
the administration or servicing of, such Receivable have been duly obtained, effected or given and are in full force and effect (other than non-compliance that has no adverse effect on the obligations of the
Obligor and creates no financial liability or other loss, cost or expense for the Purchaser and does not have any other Material Adverse Effect); 

(c) as to which, at the time of the sale of such Receivable (i) to the Purchaser, the Seller was the sole owner thereof and had good and
marketable title thereto free and clear of all Liens and (ii) if applicable, to the Seller by the Nevada Originator, the Nevada Originator was the sole owner thereof and had good and marketable title thereto free and clear of all Liens; 

(d) that is the legal, valid and binding payment obligation of the Obligor thereof, enforceable against such Obligor in accordance with its
terms, except that the enforceability thereof may be subject to (a) the effects of any applicable bankruptcy, insolvency, reorganization, receivership, conservatorship or other Laws affecting the rights of creditors generally and
(b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or law), and is not subject to any right of rescission, setoff, counterclaim or defense (including the defense of usury) or to
any repurchase obligation or return right; 
 (e) the related Contract of which constitutes a “general intangible”,
“instrument”, “account,” “chattel paper” or “electronic chattel paper”, in each case under and as defined in Article 9 of the UCC of all applicable jurisdictions; 

  
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 (f) that was established in accordance with the Credit and Collection Policies in the regular
and ordinary course of the business of the Seller or the Nevada Originator, as applicable; 
 (g) that is denominated and payable in
Dollars, is only payable in the United States of America and each Obligor in respect of which are residents of, and have provided a billing address in, the United States of America; 

(h) that is not, at the time of the sale of such Receivable to the Purchaser, a Delinquent Receivable; 

(i) that has an original and remaining term to maturity of no more than forty- nine (49) months; 

(j) that has an Outstanding Receivables Balance equal to or less than $9,200; 

(k) that has a fixed interest rate that is greater than or equal to 15.0%; 

(l) that is not evidenced by a judgment or has been reduced to judgment; 

(m) that is not a Defaulted Receivable; 

(n) that is not a revolving line of credit; 

(o) the terms of which have not been modified or waived except as permitted under the Credit and Collection Policies or the Servicing
Agreement; 
 (p) that has no Obligor thereon that is a Governmental Authority; 

(q) that has no Obligor thereon that is the Obligor of a Defaulted Receivable; 

(r) the assignment of which (i) to the Purchaser does not contravene or conflict with any Law or any contractual or other restriction,
limitation or encumbrance, and the sale or assignment of which does not require the consent of the Obligor thereof and (ii) if applicable, to the Seller from the Nevada Originator does not contravene or conflict with any Law or any contractual
or other restriction, limitation or encumbrance, and the sale or assignment of which does not require the consent of the Obligor thereof; 

(s) the related Contract provides for repayment in full of the principal balance thereof in equal installments not less frequently than
monthly; 
 (t) the proceeds of the related Contract are fully disbursed, there is no requirement for future advances under such Contract
and neither the Seller nor the Nevada Originator has any further obligations under such Contract; 
 (u) as to which, the Custodian is in
possession of a full and complete Receivable File in physical or electronic format; 

  
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 (v) that represents the undisputed, bona fide transaction created by the lending of money by
the Seller or the Nevada Originator, as applicable, in the ordinary course of business and completed in accordance with the terms and provision contained in the related Contract; 

(w) a Concentration Limit would not be exceeded at the time of the sale, transfer or assignment of such Receivable to the Purchaser; 

(x) that is fully funded by the Seller or, if applicable, by the Nevada Originator on the Initiation Date and for which the Funding Request is
delivered no earlier than the first Business Day after the Initiation Date; 
 (y) that has an Initiation Date that is not more than five
(5) Business Days prior to the applicable Purchase Date; and 
 (z) that if originated by the Nevada Originator, the Obligor in respect
of which is a resident of, and has provided the Servicer a billing address in, the State of Nevada. 
 “Ellington
Guaranties” means the ECO Guaranty, the EFCH Guaranty and the EPOB Guaranty. 
 “Ellington Guarantors” means the
ECO Guarantor, the ECO-GS Guarantor, the EFCH Guarantor, the EFCH-GS Guarantor, the EPOB Guarantor, the EPOB-GS Guarantor and the EPOB2-GS Guarantor. 

“Ellington Investors” means (i) the 2016 Ellington Investors, (ii) the 2017 Ellington Investors, and (iii) any
other Affiliate of the ECO Guarantor, the EFCH Guarantor, the EPOB Guarantor or the EPOB2-GS Guarantor identified to the Seller by the Purchaser in writing. 

“Ellington-GS Guaranties” means the ECO-GS Guaranty, the EFCH-GS Guaranty, the
EPOB-GS Guaranty and the EPOB2-GS Guaranty. 
 “EPOB” means EPOB CH LLC, a Delaware limited liability company. 

“EPOB Guarantor” or “EPOB-GS Guarantor” means each of Ellington Private Opportunities Master Fund (A) LP, an
exempted Cayman Islands partnership, and Ellington Private Opportunities Master Fund (B) LP, an exempted Cayman Islands partnership. 

“EPOB Guaranty” means the EPOB Guaranty, dated as of the Closing Date, delivered by the EPOB Guarantor to the Seller, as such
agreement may be amended, supplemented or otherwise modified and in effect from time to time. 
 “EPOB-GS” means EPOB GS
2017-OPTN LLC, a Delaware limited liability company. 
 “EPOB-GS Guaranty” means the EPOB-GS Guaranty, dated as of the
Amendment Date, delivered by the EPOB-GS Guarantor to the Seller, as such agreement may be amended, supplemented or otherwise modified from time to time. 

  
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 “EPOB2-GS” means EPO II (B) GS 2018-OPTN LLC, a Delaware limited
liability company. 
 “EPOB2-GS Guarantor” means each of Ellington Private Opportunities Master Fund II (A) LP, an exempted
Cayman Islands partnership, and Ellington Private Opportunities Master Fund II (B) LP, an exempted Cayman Islands partnership. 

“EPOB2-GS Guaranty” means the EPOB2-GS Guaranty, dated as of June 29, 2018, delivered by the EPOB2-GS Guarantor to the
Seller, as such agreement may be amended, supplemented or otherwise modified from time to time. 
 “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder. 
 “ERISA
Affiliate” means, with respect to any Person, (i) any corporation which is a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Code) as such Person; (ii) any trade or business
(whether or not incorporated) under common control (within the meaning of Section 414(c) of the Code) with such Person; or (iii) any member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as
such Person, any corporation described in clause (i) above or any trade or business described in clause (ii) above. 

“Event of Bankruptcy” shall be deemed to have occurred with respect to a Person if: 

(a) a Proceeding shall be commenced, without the application or consent of such Person, before any Governmental Authority, seeking the
liquidation, reorganization, debt arrangement, dissolution, winding up, or composition or adjustment of debts of such Person, the appointment of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or
substantially all of its assets, or any similar action with respect to such Person under any Law relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of debts, and in the case of any Person, such Proceeding
shall continue undismissed, or unstayed and in effect, for a period of sixty (60) consecutive days; or an order for relief in respect of such Person shall be entered in an involuntary case under the federal bankruptcy Laws or other similar Laws
now or hereafter in effect; or 
 (b) such Person shall (i) consent to the institution of any Proceeding or petition described in
clause (a) of this definition, or (ii) commence a voluntary Proceeding under any applicable bankruptcy, insolvency, reorganization, debt arrangement, dissolution or other similar Law now or hereafter in effect, or shall
consent to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for such Person or for any substantial part of its property, or shall make any general assignment
for the benefit of creditors, or shall fail to, or admit in writing its inability to, pay its debts generally as they become due, or, if a corporation or similar entity, its board of directors shall vote to implement any of the foregoing. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 “Finance Charges” means any finance, interest, late, servicing or similar
charges or fees owing by an Obligor pursuant to the Contracts plus all Recoveries. 
 “Financing Document Default” means
any “Rapid Amortization Event”, “Event of Default” or “Servicer Default” as defined in any Financing Facility Document (or any event, which though defined in different terminology, has the same substantive effect under
the Financing Facility Documents for any financing). 
 “Financing Facility Documents” means (i) the Transaction
Documents, as defined in that certain Base Indenture, dated as of August 4, 2015 (as amended, supplemented or otherwise modified from time to time), between Oportun Funding V, LLC and Wilmington Trust, National Association, (ii) the Transaction
Documents, as defined in that certain Base Indenture, dated as of July 8, 2016 (as amended, supplemented or otherwise modified from time to time), between Oportun Funding III, LLC and Deutsche Bank Trust Company Americas, (iii) the
Transaction Documents, as defined in that certain Base Indenture, dated as of October 19, 2016 (as amended, supplemented or otherwise modified from time to time), between Oportun Funding IV, LLC and Deutsche Bank Trust Company Americas,
(iv) the Transaction Documents, as defined in that certain Base Indenture, dated as of June 8, 2017 (as amended, supplemented or otherwise modified from time to time), between Oportun Funding VI, LLC and Wilmington Trust, National
Association, (v) the Transaction Documents, as defined in that certain Base Indenture, dated as of October 11, 2017 (as amended, supplemented or otherwise modified from time to time), between Oportun Funding VII, LLC and Wilmington Trust,
National Association, (vi) the Transaction Documents, as defined in that certain Base Indenture, dated as of March 8, 2018 (as amended, supplemented or otherwise modified from time to time), between Oportun Funding VIII, LLC and Wilmington
Trust, National Association, and (vii) any transaction documents relating to any future financing facility that the Seller enters into relating to its core Consumer Installment Loan Product. 

“Funding Request” means a request in the form of Exhibit A. 

“GAAP” means those principles of accounting set forth in pronouncements of the Financial Accounting Standards Board, the
American Institute of Certified Public Accountants or which have other substantial authoritative support and are applicable in the circumstances as of the date of a report, as such principles are from time to time supplemented and amended, and
applied on a basis consistent with the most recent audited financial statements of Consolidated Parent before the Closing Date. 

“Governmental Authority” means any government or political subdivision or any agency, authority, bureau, central bank,
commission, department or instrumentality of any such government or political subdivision, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic. 

“Ineligible Receivables” has the meaning assigned to that term in Section 2.4(a). 

“Initiation Date” means, with respect to any Receivable, the date upon which such Receivable was originated (closed and
funded) or acquired by the Seller. 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 “Intercreditor Agreement” means the Sixteenth Amended and Restated
Intercreditor Agreement, dated as of June 29, 2018, by and among the Seller, the Collateral Trustee, the Servicer, the back-up servicer party thereto, the Purchaser, the 2016 Ellington Investors, the 2017
Ellington Investors, EF Holdco Inc. and the trustees party thereto, as such agreement may be amended, modified, waived, supplemented or restated from time to time. 

“Law” means any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, order, injunction,
writ, decree or award of any Governmental Authority 
 “Lien” means any mortgage or deed of trust, pledge, hypothecation,
assignment, deposit arrangement, lien, charge, claim, security interest, easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any lease or title
retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement perfecting a security interest under the UCC or comparable Law of any
jurisdiction). 
 “Material Adverse Effect” means any event or condition which would have a material adverse effect on
(i) the collectability of any material portion of the Receivables, (ii) the condition (financial or otherwise), businesses or properties of the Servicer or the Seller, (iii) the ability of the Seller to perform its obligations under
the Transaction Documents or the ability of the Servicer to perform its obligations under the Transaction Documents or (iv) the interest of the Purchaser in the Receivables. 

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA with respect to
which the Seller, the Servicer or any of their respective ERISA Affiliates is making, is obligated to make, or has made or been obligated to make, contributions. 

“Nevada Originator” means Oportun LLC, a Delaware limited liability company, or its successor. 

“Obligor” means, with respect to any Receivable, the Person or Persons obligated to make payments with respect to such
Receivable, including any guarantor thereof. 
 “Original Agreement” has the meaning set forth in the preamble. 

“Outstanding Receivables Balance” means, as of any date with respect to any Receivable, an amount equal to the outstanding
principal balance for such Receivable; provided, however, that if not otherwise specified, the term “Outstanding Receivables Balance” shall refer to the Outstanding Receivables Balance of all Receivables collectively. 

“Owner Trustee” means Deutsche Bank National Trust Company in its capacity as the Owner Trustee of the ECL Master Trust or
any successor or assignee thereof. 
 “Owner Trustee Letter” means a letter, dated the Closing Date, from the Owner Trustee
to the Seller in the form attached hereto as Schedule IV. 
 “Parent” means Oportun Financial Corporation. 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 “Pension Plan” means a Benefit Plan that is an “employee pension
benefit plan” as described in Section 3(2) of ERISA (including a Multiemployer Plan) that is subject to Title IV of ERISA or Section 302 of ERISA or 412 of the Code. 

“Performance Guaranty” means the Performance Guaranty, dated as of the Closing Date, between Oportun, Inc. and the Purchaser
relating to the Servicer’s obligations under the Servicing Agreement, as such agreement may be amended, supplemented or otherwise modified and in effect from time to time. 

“Performance Guaranty Default” means any material default by Oportun, Inc. in its obligations under the Performance Guaranty.

 “Person” means any corporation, limited liability company, natural person, firm, joint venture, partnership, trust,
unincorporated organization, enterprise, government or any department or agency of any government. 
 “PF Score” means the
credit score for an Obligor referred to as the “PF Score” determined by the Seller in accordance with its proprietary scoring method. 

“Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding. 

“Purchase Date” means (i) the Closing Date and (ii) each date thereafter prior to the Purchase Termination Date
that is identified on a Funding Request prepared and delivered to the Purchaser in accordance with Section 6.2 on such date, or if such date is not a Business Day, on the immediately following Business Day. 

“Purchase Percentage” means (i) in relation to each of the 2016 Ellington Investors, 0%, (ii) in relation to ECO-GS, 0%, (iii) in relation to EFCH-GS, 50%, (iv) in relation to EPOB-GS, 0%, and (v) in relation to EPOB2-GS, 50%, or, if applicable, such other percentages as the Purchaser shall have specified for the
Ellington Investors in accordance with Section 2.2(d). 
 “Purchase Price” has the meaning
assigned to that term in Section 2.3(a). 
 “Purchase Settlement Date” has the meaning assigned
to that term in Section 2.3(a). 
 “Purchase Termination Date” shall mean the earliest of
(i) November 10, 2019, (ii) the date of the occurrence of a Commitment Termination Event, (iii) the date of the occurrence of any Seller Event of Default or (iv) at the Seller’s sole option, the date of the occurrence of any
Sale Termination Event; provided, however, that if as of November 10, 2019, the aggregate principal amount of Receivables purchased by the Purchaser under this Agreement for the period commencing on November 1, 2017 and ending on
November 10, 2019, is not at least $[***] million, the Purchase Termination Date, unless at any time fixed as an earlier date pursuant to clause (ii), (iii) or (iv) of this definition, shall be extended to the date when the aggregate
principal amount of Receivables purchased by the Purchaser under this Agreement for the period commencing on November 1, 2017 is at least such amount. 

“Purchaser” has the meaning assigned to that term in the preamble. 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 “Re-Aged Receivable” means any
Receivable, the contractual delinquency of which has been modified by the Servicer in accordance with the Credit and Collection Policy without changing the original periodic payment amounts of such Receivable. 

“Re-Written Receivable” means (i) any Receivable which replaces an existing
Receivable due and (ii) any Receivable which is modified using criteria consistent with the re-write provisions of the Credit and Collection Policies, and in either case, which does not involve the
receipt of any new funds by the applicable Obligor. 
 “Receivable” means the indebtedness of any Obligor under a Contract
that is listed on the Receivables Schedule, whether constituting an account, electronic or tangible chattel paper, an instrument, a general intangible, payment intangible, promissory note or otherwise, and shall include (i) the right to payment
of such indebtedness and any interest or finance charges and other obligations of such Obligor with respect thereto (including, without limitation, the principal amount of such indebtedness, periodic finance charges, late fees and returned check
fees), and (ii) all proceeds of, and payments or Collections on, under or in respect of any of the foregoing ; provided, however, that the ECO Receivables and EFCH Receivables shall not constitute Receivables under this Agreement
except for the limited purpose stated in the definition of “Concentration Limits”. If a Contract is refinanced, the original Receivable shall be deemed collected and cease to be a Receivable for purposes of this Agreement upon payment in
accordance with Section 2.5 with respect thereto. 
 “Receivable File” means with respect to a
Receivable, the Contracts or other Records and the note, related to such Receivable; provided that such Receivable File may be created in electronic format, or converted to microfilm or other electronic media. 

“Receivables Schedule” shall mean the receivables schedule (which may be in the form of a computer file or microfiche list)
in the form of Schedule I, as supplemented for the addition of Subsequently Purchased Receivables included in Funding Requests and sold to the Purchaser by the Seller in accordance with Section 2.1(b). 

“Records” means all Contracts and other documents, books, records and other information in physical or electronic format
(including, without limitation, computer programs, tapes, disks, punch cards, data processing software and related property and rights) maintained with respect to Receivables and the related Obligors. 

“Recoveries” means, with respect to any period, all Collections (net of expenses) received during such period in respect of a
Receivable after it became a Defaulted Receivable. 
 “Related Rights” has the meaning assigned to that term in
Section 2.1(a). 
 “Related Security” means, with respect to any Receivable, all guaranties,
indemnities, insurance and other agreements (including the related Receivable File and any rights against merchants) or arrangement and other collateral of whatever character from time to time supporting or securing payment of such Receivable or
otherwise relating to such Receivable. 
 “Renewal Receivable” means a Receivable that satisfies the following conditions:
(i) the Obligor was previously an obligor on another receivable originated by the Seller or the Nevada 

  
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 Originator, as applicable (the “Prior Receivable”), and (ii) the Obligor paid the Prior
Receivable in cash in full or by net funding the Renewal Receivable proceeds (whether pursuant to the Seller’s or the Nevada Originator’s “Good Customer” program or otherwise) and such payment in full or net funding was not made
in connection with the conversion of such Prior Receivable into a Re-Aged Receivable or a Re-Written Receivable. 

“Repurchase Date” has the meaning assigned to that term in Section 2.4(a). 

“Repurchase Event” has the meaning assigned to that term in Section 2.4(a). 

“Repurchase Payment” has the meaning assigned to that term in Section 2.4(a). 

“Requirements of Law” means, as to any Person, the organizational documents of such Person and any Law applicable to or
binding upon such Person or any of its property or to which such Person or any of its property is subject. 
 “Sale Termination
Event” has the meaning specified in Section 7.3. 
 “Securitization Trustee” means
Deutsche Bank Trust Company Americas or any other bank, trust company or financial institution acting as an indenture trustee or collateral agent under the Financing Facility Documents for any financing facility. 

“Securitization Trustee Website” means any website through which the Securitization Trustee for any financing facility makes
available servicer reports, remittance reports and/or similar documents to the investors holding securities issued under the applicable Financing Facility Documents. 

“Seller” has the meaning assigned to that term in the preamble. 

“Seller Default” shall mean any condition, act or event specified in Section 7.1 that, with the
giving of notice or the lapse of time, or both, would become a Seller Event of Default. 
 “Seller Event of Default” has
the meaning assigned to that term in Section 7.1. 
 “Series
2016-B Securitization Documents” means the Transaction Documents as defined in the Purchase and Sale Agreement dated July 8, 2016 between the Seller and Oportun Funding III, LLC. 

“Servicer” means initially PF Servicing, LLC and its permitted successors and assigns and thereafter any Person appointed as
successor pursuant to the Servicing Agreement to service the Receivables. 
 “Servicer Default” shall mean any condition,
act or event specified in Section 2.04 of the Servicing Agreement. 
 “Servicing Agreement” means
the Servicing Agreement, dated as of the Closing Date, between the Servicer and the Purchaser, as the same may be amended or supplemented from time to time. 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 “Solvent” means with respect to any Person that as of the date of
determination both (A)(i) the then fair saleable value of the property of such Person is (y) greater than the total amount of liabilities (including Contingent Liabilities) of such Person and (z) not less than the amount that will be
required to pay the probable liabilities on such Person’s then existing debts as they become absolute and matured considering all financing alternatives and potential asset sales reasonably available to such Person; (ii) such Person’s
capital is not unreasonably small in relation to its business or any contemplated or undertaken transaction; and (iii) such Person does not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its
ability to pay such debts as they become due; and (B) such Person is “solvent” within the meaning given that term and similar terms under applicable Laws relating to fraudulent transfers and conveyances. For purposes of this
definition, the amount of any Contingent Liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or
matured liability. 
 “Subsequently Purchased Receivables” means additional Receivables that are (or the related Contracts
of which are) identified on a Funding Request and sold to the Purchaser from time to time after the Closing Date. 
 “Term”
means the period of time beginning on the Closing Date and ending on the Purchase Termination Date. 
 “Transaction
Documents” means, collectively, this Agreement, the Servicing Agreement, the Performance Guaranty, the Intercreditor Agreement, the Ellington Guaranties, the Ellington- GS Guaranties, the Deposit Account Control Agreement and the Owner
Trustee Letter. 
 “UCC” means, with respect to any jurisdiction, the Uniform Commercial Code as the same may, from time to
time, be enacted and in effect in such jurisdiction 
 “VantageScore” means the credit score for an Obligor referred to as
a “VantageScore” calculated and reported by Experian plc. 
 SECTION 1.2 Accounting and UCC
Terms. All accounting terms not specifically defined herein shall be construed in accordance with GAAP applied on a consistent basis; and all terms used in Article 9 of the UCC that are used but not specifically defined herein are used herein as
defined therein. 
 ARTICLE II 
 
AMOUNTS AND TERMS OF THE PURCHASES 
 SECTION 2.1 Purchase of Receivables. 

(a) The Seller hereby sells, assigns, transfers and conveys to the Purchaser on the Closing Date, on the terms and subject to the conditions
specifically set forth herein, but without recourse except as provided herein, all of its right, title and interest, in (i) each Contract listed on the Receivables Schedule on the Closing Date, (ii) all Receivables related thereto and all
Collections received thereon after the applicable Purchase Date, (iii) all Related Security, (iv) all products of the foregoing, (v) all Recoveries relating thereto, and (vi) all proceeds of the foregoing (items specified in
clauses (ii) through (vi), collectively the “Related Rights”). 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 (b) On each Purchase Date occurring after the Closing Date, all of the Seller’s right,
title and interest in, to and under the Contracts identified on the Funding Request for such Purchase Date and the Related Rights shall be sold, assigned, transferred and conveyed to the Purchaser, without the need for any further action by the
parties hereto, on the terms and subject to the conditions specifically set forth herein, but without recourse except as provided herein. In connection with each sale hereunder occurring after the Closing Date, the Seller shall deliver to the
Purchaser and the Servicer, on the applicable Purchase Date (or if such Purchase Date is not a Business Day, on the immediately following Business Day), a Funding Request which shall include a list of all Contracts sold on such Purchase Date. 

(c) The parties to this Agreement intend that the transactions contemplated hereby shall be, and shall be treated as, a sale by the Seller of
the Receivables, as applicable, and not as a lending transaction. All sales of Receivables by the Seller hereunder shall be without recourse to, or representation or warranty of any kind (express or implied) by, the Seller, except as otherwise
specifically provided herein. 
 (d) Notwithstanding Section 2.1(a) above or any other provision of this
Agreement, the Purchaser hereby advises the Seller that the Purchaser is acquiring, through the ECL Master Trust, only the beneficial interest in any Contracts and Related Rights sold pursuant to this Agreement and not the legal title to any such
Contracts or Related Rights. Accordingly, the Purchaser hereby authorizes and instructs the Seller to transfer legal title to all such Contracts and Related Rights to the Owner Trustee, not in its individual capacity but solely in its capacity as
owner trustee for the ECL Master Trust, and to record in its records the Owner Trustee as the holder of such legal title. The Purchaser hereby further advises the Seller that the Purchaser intends to transfer to one or more of the Ellington
Investors, immediately or promptly after the Purchaser’s acquisition thereof, the beneficial interest in all of the Contracts and Related Rights which the Purchaser acquires pursuant to this Agreement. The Seller hereby consents to each such
transfer made by the Purchaser to an Ellington Investor. 
 SECTION 2.2 Purchase and Sale Commitment.

 (a) Subject to the terms and conditions of this Agreement, from time to time during the Term but not more frequently than twice per week
upon receipt by the Purchaser of a Funding Request, the Purchaser shall purchase Contracts and Related Rights aggregating at least 10.0% of the Seller’s Consumer Installment Loan Product originations (the “Minimum Volume”),
subject to the Seller’s obligations under the Financing Facility Documents, by paying the applicable Purchase Price; provided, however, that such percentage may be increased by the Seller in its sole discretion to up to 15% upon not less
than three (3) Business Days’ advance notice to the Purchaser; provided further, that such percentage, if so increased by the Seller, may thereafter also be decreased by the Seller in its sole discretion upon not less than three
(3) Business Days’ advance notice to the Purchaser so long as the percentage (as so decreased) is not less than the Minimum Volume; and provided further, that during the Term the Combined Outstanding Receivables Balance relating to
the Contracts purchased by the Purchaser from November 1, 2017 to and including October 31, 2018 shall not exceed $[***] at any one 

  
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time, and the Combined Outstanding Receivables Balance relating to the Contracts purchased by the Purchaser from November 1, 2018 to and including November 10, 2019 shall not exceed
$[***] at any one time. 
 (b) Subject to the terms and conditions of this Agreement and the Seller’s obligations under the Financing
Facility Documents, from time to time during the Term, the Seller shall sell to the Purchaser 10.0% of its Consumer Installment Loan Product originations; provided, however, that such percentage may be increased by the Seller in its sole
discretion to up to 15% upon not less than three (3) Business Days’ advance notice to the Purchaser; provided further, that that such percentage, if so increased by the Seller, may thereafter also be decreased by the Seller in its
sole discretion upon not less than three (3) Business Days’ advance notice to the Purchaser so long as the percentage (as so decreased) is not less than the Minimum Volume; and provided, further, that during the Term the Combined
Outstanding Receivables Balance relating to the Contracts purchased by the Purchaser from November 1, 2017 to and including October 31, 2018 shall not exceed $[***] at any one time, and the Combined Outstanding Receivables Balance relating to
the Contracts purchased by the Purchaser from November 1, 2018 to and including November 10, 2019 shall not exceed $[***] at any one time. 

(c) The Purchaser’s obligations under this Section 2.2 shall terminate upon the occurrence of any of the
following events, unless waived by the Purchaser, in each case subject to any cure period specified in the related agreements (each such event a “Commitment Termination Event”): 

(i) The occurrence of a Financing Document Default. 

(ii) The outstanding principal balance of Renewal Receivables (including any “Renewal Receivables” under the ECO Purchase Agreement
or the EFCH Purchase Agreement) as a percentage of the Combined Outstanding Receivables Balance, is less than 60%, calculated on a three-month moving average basis. 

(iii) As of the last day of any period consisting of six (6) consecutive calendar months, the aggregate outstanding balance of
Receivables purchased by the Purchaser during such period that are thirty (30) or more days delinquent is greater than 4.0% of the aggregate outstanding balance of the Receivables purchased by the Purchaser in the immediately preceding six
(6) months; 
 (iv) Any failure by the Seller to repurchase Receivables as required under Section 2.4 of this Agreement. 

(v) A Servicer Default or Servicer Event of Default, as defined in the Servicing Agreement. 

(vi) Any other Seller Event of Default. 

(vii) A Performance Guaranty Default. 

  
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 (viii) A Concentration Limit, as applied to the Receivables purchased by the Purchaser
hereunder, the ECO Receivables and the EFCH Receivables, taken together, is exceeded for three consecutive weeks. 
 (ix) A change, deemed
material by the Purchaser, in the Seller’s or the Nevada Originator’s policy relating to the “Good Customer Program” or any such similar program that could incentivize Obligors to prepay Receivables prior to their scheduled
maturity date. For this purpose, “material” means that the economics of the Receivables given the applicable Purchase Price could be materially different from the economics of the Receivables without the change. 

(x) The occurrence of a material adverse “headline” event whereby the Seller, the Nevada Originator or any Affiliate of the Seller
or the Nevada Originator were to be fined or made to pay restitution by a regulator or other Governmental Authority (including a court) in an amount exceeding $5,000,000. 

(xi) The Purchaser, any Ellington Investor or any other Affiliate of the Purchaser is named or included as a defendant in any material lawsuit
or governmental action in connection with this Agreement, or is otherwise named or included in connection with any regulatory investigation of the Seller or the Nevada Originator or any Affiliate of the Seller or the Nevada Originator. 

(xii) As of the last day of any period consisting of three (3) consecutive calendar months, the ratio of the aggregate initial principal
balance of all Receivables sold by the Seller to third parties (including the Purchaser) unaffiliated with the Seller over the aggregate initial principal balance of all Receivables originated by the Seller during such period exceeds 25%. 

(xiii) As of the last day of any period consisting of six (6) consecutive calendar months, the ratio of the aggregate initial principal
balance of Renewal Receivables purchased by the Purchaser during such period over the aggregate initial principal balance of all Receivables purchased by the Purchaser during such period is less than 65%. 

(xiv) As of the last day of any period consisting of three (3) consecutive calendar months, the weighted average interest rate (weighted
by initial principal balance) for Renewal Receivables purchased by the Purchaser during such period is less than 28%. 
 (xv) As of the last
day of any period consisting of three (3) consecutive calendar months, the weighted average interest rate (weighted by initial principal balance) for Receivables that are not Renewal Receivables purchased by the Purchaser during such period is
less than 34%. 
 (xvi) As of the last day of any period consisting of three (3) consecutive calendar months, the weighted average
original term to maturity (weighted by initial principal balance) of all Receivables purchased by the Purchaser during such period is less than 24 months. 

(xvii) As of the last day of a calendar month, the ratio of the aggregate Outstanding Receivables Balance of Delinquent Receivables purchased
by the Purchaser over the aggregate Outstanding Receivables Balance of all Receivables purchased by the Purchaser exceeds 9.5%. 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 (d) Until such time (if any) as the Purchaser shall otherwise instruct the Seller in writing,
the Seller shall allocate the Contracts and Related Rights purchased by the Purchaser on any Purchase Date among the Ellington Investors by allocating to each of them Receivables having an aggregate Outstanding Receivable Balance equal to the
product of (i) the Purchase Percentage of such Ellington Investor, and (ii) the aggregate Outstanding Receivable Balance of all Receivables then being purchased by the Purchaser (subject to such rounding as the Seller reasonably deems
necessary). The Seller shall make each such allocation of Receivables through a random or mechanical method not intended by it to materially favor or disfavor any Ellington Investor over any other. The Purchaser may by written notice delivered to
the Seller from time to time change the Purchase Percentages; provided that (i) the Purchaser may not deliver more than one such notice in any calendar month, (ii) the Purchaser shall deliver each such notice not less than three
Business Days before it is to take effect, (iii) the sum of the Purchase Percentages shall always equal 100%, and (iv) subject to the immediately preceding clause (iii), the Purchase Percentage of each Ellington Investor shall at all times
be either (A) 0%, or (B) an integral multiple of 1% that is not less than 10%; and provided further that, except as the Seller may otherwise consent, at all times either (i) the sum of the Purchase Percentages of the 2016 Ellington
Investors shall be 100% and the Purchase Percentage of each of the 2017 Ellington Investors shall be 0%, or (ii) the sum of the Purchase Percentages of the 2017 Ellington Investors shall be 100% and the Purchase Percentage of each of the 2016
Ellington Investors shall be 0%. The Seller shall for each Purchase Date prepare a written list of the specific Receivables it has allocated to each Ellington Investor and shall provide copies of such list to the Purchaser and the Servicer. 

SECTION 2.3 Purchase Price and Payment Procedures. 

(a) The amount payable by the Purchaser to the Seller for the Contracts and Related Rights sold hereunder on each Purchase Date shall equal
the Outstanding Receivables Balance of all Receivables being purchased on such Purchase Date multiplied by [***]%, plus up to four days of any accrued Obligor interest (the “Purchase Price”). For the avoidance of doubt, the
Outstanding Receivables Balance of the purchased Receivables shall be calculated as of the close of business on the day preceding the applicable Purchase Date and the phrase “accrued Obligor interest” shall include any accrued but unpaid
interest calculated on the applicable Receivable from the Initiation Date to the applicable Purchase Settlement Date. Also for the avoidance of doubt, under no circumstances shall the Purchase Price for any Receivable include more than four days of
accrued Obligor interest even if more than four calendar days elapse between the Initiation Date and the Purchase Settlement Date for such Receivable. The Purchase Price for Receivables shall be paid in the manner provided below on the Closing Date
and, in connection with each Purchase Date occurring after the Closing Date, on the Business Day following such Purchase Date (each, a “Purchase Settlement Date”). 

(b) The Purchase Price for Contracts and Related Rights shall be paid by the Purchaser to the Seller not later than 3:00 p.m. (New York time)
on the applicable Purchase Settlement Date in lawful money of the United States of America in same day funds to the United States bank account designated in writing by the Seller to the Purchaser. If the Purchaser fails to remit the Purchase Price
on any Purchase Settlement Date as required herein, any transfer of Contracts and Related Rights on the related Purchase Date shall be null and void. 

  
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 SECTION 2.4 Repurchase of Ineligible Receivables. 

(a) If any of the representations or warranties of the Seller contained in subsection (a) or (b) of
Section 4.2 was not true with respect to any Contract and related Receivable on the applicable Purchase Date in any material respect (a “Repurchase Event” and any such Receivable, an “Ineligible
Receivable”), then on the date that is five (5) Business Days following the date that the Seller or the Servicer receives notice or knowledge thereof, the purchase of such Ineligible Receivable shall be rescinded and the Seller shall
repurchase such Ineligible Receivable from the Purchaser (a “Repurchase Date”) for an amount equal to (1) the sum of (i) the applicable Purchase Price paid by the Purchaser for such Receivable and the related Contract and
(ii) all accrued and unpaid Finance Charges on such Receivable to and including the Repurchase Date, less (2) (i) if the Repurchase Date occurs prior to or on the date that is thirty (30) days after the Purchase Date, the amount of any
payments previously paid to the Purchaser with respect to such Receivable or (ii) if the Repurchase Date occurs more than thirty (30) days after the Purchase Date, the amount of any principal payments previously paid to the Purchaser with
respect to such Receivable (any such payment, a “Repurchase Payment”). Prior to the Purchase Termination Date, such Repurchase Payment shall be paid (i) if such Repurchase Date is also a Purchase Settlement Date, by reducing
the Purchase Price payable by the Purchaser to the Seller on such Purchase Settlement Date pursuant to Section 2.3 hereof, and (ii) if such Repurchase Date is not also a Purchase Settlement Date or to the extent such
Repurchase Payment exceeds the Purchase Price payable on such Purchase Settlement Date, by the Seller making a wire transfer to the Purchaser. On or subsequent to the Purchase Termination Date, such Repurchase Amount shall be paid by the Seller
making a wire transfer to the Purchaser. 
 (b) The Purchaser and the Seller agree that after payment of the Repurchase Payment for an
Ineligible Receivable as provided in clause (a) above, (i) such Ineligible Receivable shall no longer constitute a Receivable for purposes of this Agreement and (ii) the Purchaser shall automatically and without further
action reconvey such Ineligible Receivable to the Seller, without representation or warranty, but free and clear of all Liens arising through or under the Purchaser. 

(c) Except as set forth in Section 2.4(a), the Seller shall not have any right under this Agreement, by implication
or otherwise, to repurchase from the Purchaser any Contract or to rescind or otherwise retroactively affect any purchase of any Contract after the transfer to the Purchaser thereof hereunder. 

(d) So long as the Seller repurchases such Ineligible Receivable in accordance with clause (a) above, such repurchase shall
constitute the sole remedy against the Seller with respect to a Repurchase Event; provided that such repurchase shall not limit or affect in any way any rights that the Purchaser or any Ellington Investor may have in relation to Seller or such
Ineligible Receivable under Sections 2.2(c), 7.1, 7.2 or 8.1. 

  
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 (e) The Seller agrees that its undertakings in this Section 2.4
shall apply for the benefit of any Ellington Investor which has purchased an Ineligible Receivable from the Purchaser. Accordingly, the Seller agrees to repurchase Ineligible Receivables from each Ellington Investor on the same terms (including
the same Repayment Price) as are set forth herein for the repurchase of Ineligible Receivables from the Purchaser. 
 
SECTION 2.5 Refinancings. The Seller may refinance any Receivable in accordance with the Credit and Collection Policies, provided that, with respect to such refinanced Receivables, an amount equal to the Outstanding Receivables
Balance thereof plus all accrued and unpaid Finance Charges and other amounts then owing with respect to the related Contract shall be paid to the Purchaser on the effective date of such refinancing. The amounts due to the Purchaser pursuant to the
preceding sentence shall be paid by the Seller by deposit of same day funds in the Collection Account or netted against the Purchase Price for Subsequently Purchased Receivables. 

SECTION 2.6 Selection of Receivables. The Contracts and Related Rights to be sold to the Purchaser on
the Closing Date and each subsequent Purchase Date shall be selected using the following methodology: (i) first, the Seller will determine which of its Receivables would be Eligible Receivables on such Purchase Date; (ii) second, the
Seller will apply random selection procedures to select Contracts from such Eligible Receivables pool in the amount being sold on such Purchase Date; and (iii) third, the Seller will list such Eligible Receivables (by principal amount, rounded
to the nearest whole Receivable) being sold on the Closing Date or any subsequent Purchase Date, as applicable, on the Receivables Schedule or Funding Request, as applicable, delivered under this Agreement, in each case subject to the Seller’s
obligations under the Financing Facility Documents. 
 SECTION 2.7 Purchaser Transfers. The Purchaser
may not sell, transfer, assign or otherwise convey the Contracts, Related Rights and Receivables transferred to the Purchaser hereunder to any competitor of the Seller that is listed on Schedule III hereto. The sale, transfer or assignment of any
Contracts, Related Rights or Receivables by the Purchaser is not otherwise restricted. 
 ARTICLE III 

CONDITIONS TO PURCHASES 

SECTION 3.1 Conditions Precedent to Purchaser’s Initial Purchase. The obligation of the Purchaser
to purchase each Contract and the Related Rights hereunder on the Closing Date is subject to the following conditions precedent: 
 (a) The
Transaction Documents shall have been executed and delivered and shall be in in full force and effect; 
 (b) The Seller shall have
delivered to the Purchaser a copy of duly adopted resolutions of the Seller’s Board of Directors authorizing or ratifying the execution, delivery and performance of the Transaction Documents to which it is a party, certified by the
Seller’s Secretary or Assistant Secretary; 

  
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 (c) the Seller shall have delivered to the Purchaser a duly executed certificate of the
Seller’s Secretary or Assistant Secretary certifying the names and true signatures of the officers authorized on behalf of the Seller to sign the Transaction Documents to which it is a party; 

(d) the Seller shall have filed with the Delaware Secretary of State, at its own expense, a UCC financing statement with respect to the
Contracts and Related Rights, naming the Seller as the debtor and each of the Purchaser and the Owner Trustee as a secured party and describing the Contracts and the Related Rights, and has arranged for delivery of a file-stamped copy of such UCC
financing statement or other evidence of such filing to the Purchaser within five (5) Business Days of the Closing Date; and all other action necessary or desirable, in the opinion of the Purchaser to establish the ownership of the Contracts
and Related Rights by the Purchaser and/or the Owner Trustee shall have been duly taken; 
 (e) the Seller shall have delivered to the
Purchaser a Funding Request, including the Receivables Schedule; 
 (f) the Purchaser shall have received photocopies of reports of a UCC
search of the Delaware Secretary of State with respect to the Contracts and the Related Rights being purchased on the Closing Date reflecting the absence of Liens thereon, except the Liens created hereunder for the benefit of the Purchaser and/or
the Owner Trustee and except for Liens as to which the Purchaser has received UCC termination statements or instruments executed by secured parties releasing any conflicting Liens on such Contracts and Related Rights; 

(g) the Deposit Account Control Agreement shall have been executed by the parties thereto and delivered to the Purchaser; and 

(h) the Purchaser shall have received such other approvals, documents, certificates and opinions as the Purchaser may reasonably request. 

SECTION 3.2 Conditions Precedent to All Purchases. The obligation of the Purchaser to purchase
Receivables hereunder on each Purchase Date (including the Closing Date) shall be subject to the further conditions precedent that on such Purchase Date (or, if such Purchase Date is not a Business Day, on the immediately following Business Day but
with respect to such Purchase Date): 
 (a) the following statements shall be true (and delivery by the Seller of a Funding Request and the
acceptance by the Seller of the Purchase Price on the related Purchase Settlement Date shall constitute a representation and warranty by the Seller that on such Purchase Date such statements are true): 

(i) the representations and warranties of the Seller contained in Sections 4.1 and 4.2 shall be correct on and as
of such Purchase Date as though made on and as of such date, unless such representation or warranty speaks as of another date, in which case such representation or warranty shall be correct as of such other date; 

(ii) no Seller Event of Default or Seller Default shall have occurred and be continuing; and 

  
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 (iii) the Purchase Termination Date has not occurred; 

(b) the Seller shall have clearly and unambiguously marked its accounting records evidencing the Receivables being purchased hereunder on such
Purchase Date with a legend stating that such Receivables have been sold to the Purchaser (as beneficial owner through the Owner Trustee as holder of legal title) in accordance with this Agreement; 

(c) no Servicer Default, Seller Event of Default or Performance Guaranty Default shall have occurred and be continuing under the Transaction
Documents; 
 (d) no Financing Document Default shall have occurred and be continuing; 

(e) no material change shall have occurred after the Closing Date with respect to the Seller’s systems, computer programs, related
materials, computer tapes, disks and cassettes, procedures and record keeping relating to and required for the collection of the Receivables by the Seller which makes them not sufficient and satisfactory in order to permit the purchase,
administration and collection of the Receivables by the Purchaser in accordance with the terms and intent of this Agreement; 
 (f) the
Purchaser shall have received such other approvals, opinions or documents as the Purchaser may reasonably request; and 
 (g) the Seller
shall have complied with all of the covenants and satisfied all of its obligations hereunder required to be complied with or satisfied as of such date. 

SECTION 3.3 Conditions Precedent to Seller’s Initial Sale. The obligation of the Seller to make
its initial sale of Contracts and Related Rights hereunder on the Closing Date is subject to the conditions precedent that the Seller shall have received on or before the Closing Date the following, each (unless otherwise indicated) dated the
Closing Date and in form and substance satisfactory to the Seller: 
 (a) a duly executed certificate of the Managing Member of the
Purchaser certifying the names and true signatures of the officers of the Purchaser who are authorized to sign on behalf of the Purchaser this Agreement and the other documents to be delivered by it hereunder; 

(b) the Owner Trustee Letter, executed by the Owner Trustee; 

(c) the ECO Guaranty duly executed by the ECO Guarantor; 

(d) the EFCH Guaranty duly executed by the EFCH Guarantor; 

(e) the EPOB Guaranty duly executed by the EPOB Guarantor; and 

(f) an undertaking executed by the 2016 Ellington Investors in the form of Exhibit B to the Original Agreement (which undertaking shall be
updated by the 2016 Ellington Investors on the date hereof in the form of Exhibit B hereto). 

  
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 SECTION 3.4 Conditions Precedent to Certain Sales. The
obligation of the Seller to make its initial sale of any Contracts and Related Rights that will be allocated to the 2017 Ellington Investors is subject to the conditions precedent that the Seller shall have received on or before the Amendment Date
the following, each (unless otherwise indicated) dated the Amendment Date and in form and substance satisfactory to the Seller: 
 (a) the ECO-GS Guaranty duly executed by the ECO-GS Guarantor; 
 (b) the
EFCH-GS Guaranty duly executed by the EFCH-GS Guarantor; 
 (c) the EPOB-GS Guaranty duly executed by the EPOB-GS Guarantor; and 

(d) an undertaking executed by the 2017 Ellington Investors in the form contemplated by Section 3.4(d) of the Original Agreement (which
undertaking shall be updated by the 2017 Ellington Investors on the date hereof in the form of Exhibit C hereto). 
 In addition, the
obligation of the Seller to make its initial sale of any Contracts and Related Rights that will allocated to EPOB2-GS shall be subject to its receipt, on or before the date of such initial sale, of the EPOB2-GS Guaranty duly executed by the EPOB2-GS
Guarantor in form and substance satisfactory to the Seller. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.1 Representations and Warranties of the Parties. The Purchaser and the Seller each represents
and warrants as to itself on the Closing Date and on each subsequent Purchase Date as follows: 
 (a) Each of the Seller and the Purchaser
(i) is a corporation, in the case of the Seller, or limited liability company, in the case of the Purchaser, duly organized, validly existing and in good standing under the Laws of the state or jurisdiction of its organization, (ii) has
all requisite power and authority to own its properties and to conduct its business as now conducted and as presently contemplated and to execute and deliver each Transaction Document to which it is a party and to consummate the transactions
contemplated thereby and (iii) is duly qualified to do business and is in good standing as a foreign entity (or is exempt from such requirements), and has obtained all necessary licenses and approvals, in each jurisdiction in which failure to
so qualify or to obtain such licenses and approvals would have a material adverse effect on the conduct of the Seller’s or the Purchaser’s business. 

(b) The purchase and sale of Contracts and Related Rights pursuant to this Agreement, the performance of its obligations under this Agreement
and the consummation of the transactions herein contemplated have been duly authorized by all requisite action and will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the
creation or imposition of any Lien (other than pursuant to this Agreement or the other Transaction Documents) upon any of its property or assets, pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement or other agreement or
instrument to which it is a party by which it is bound or to which any property or assets of it is subject, nor will such action result in any violation of the provisions of its organizational documents or of any 

  
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 Law of any Governmental Authority having jurisdiction over it or any of its properties; and no consent,
approval, authorization, order, registration or qualification of or with any such Governmental Authority is required to be obtained by or with respect to it for the purchase and sale of the Contracts and Related Rights or the consummation of the
transactions contemplated by this Agreement. 
 (c) This Agreement has been duly executed and delivered by it and constitutes a valid and
legally binding obligation of it, enforceable against it in accordance with its terms, except that the enforceability thereof may be subject to (a) the effects of any applicable bankruptcy, insolvency, reorganization, receivership,
conservatorship or other Laws affecting the rights of creditors generally and (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or law). 

(d) There is no pending or, to its knowledge after due inquiry, threatened action or proceeding affecting it before any Governmental
Authority, that may reasonably be expected to materially and adversely affect its condition (financial or otherwise), operations, properties or prospects, or that purports to affect the legality, validity or enforceability of this Agreement. None of
the transactions contemplated hereby is or is threatened to be restrained or enjoined (temporarily, preliminarily or permanently). 
 (e)
Neither it nor any of its ERISA Affiliates contributes to, sponsors, maintains or has an obligation to contribute to or maintain any Pension Plan and has not at any time prior to the date hereof established, sponsored, maintained, been a party to,
contributed to, or been obligated to contribute to any Pension Plan. Except as required by Section 4980B of the Internal Revenue Code, neither it nor any of its ERISA Affiliates maintains an employee welfare benefit plan (as defined in
Section 3(1) of ERISA) which provides health or welfare benefits (through the purchase of insurance or otherwise) for any retired or former employee of such party or any of its ERISA Affiliates or coverage after a participant’s termination
of employment. 
 SECTION 4.2 Additional Representations of the Seller. The Seller additionally
represents and warrants on the Closing Date and on each subsequent Purchase Date as follows with respect to the Contracts and the Related Rights sold on such Purchase Date: 

(a) Eligible Receivable. All Receivables sold to the Purchaser hereunder are Eligible Receivables on the related Purchase Date. 

(b) Sale of Receivables. The Seller is, on such Purchase Date, the sole owner of each Receivable being sold on such Purchase Date free
from any Lien other than those released at or prior to such Purchase Date. There is no effective financing statement (or similar statement or instrument of registration under the Law of any jurisdiction) on file or registered in any public office
filed against the Seller covering any Contracts or Related Rights and the Seller will not execute nor will there be on file in any public office any effective financing statement (or similar statement or instrument of registration under the Laws of
any jurisdiction) or statements covering such Contracts and Related Rights, except (i) in each case any financing statements filed in respect of and covering the purchase of the Contracts and Related Rights by the Purchaser pursuant to this
Agreement and (ii) financing statements for which a release of Lien has been obtained or that has been assigned to the Purchaser. All UCC filings required by the Purchaser 

  
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 pursuant to Section 3.1(d) of this Agreement have been filed and are in full force and effect, or will
be accomplished and in full force and effect within five (5) Business Days of such Purchase Date. The Seller shall at its expense perform all acts and execute all documents reasonably requested by the Purchaser at any time and from time to time
to evidence, perfect, maintain and enforce the title of the Purchaser and/or the Owner Trustee in the Contracts and Related Rights. 
 (c)
Accuracy of Receivables Schedule/Information. As of the Closing Date, the Receivables Schedule furnished by the Seller is an accurate and complete listing of all the Contracts and Related Rights and the information contained therein with
respect to such Contracts and Related Rights is true and correct as of such date. As of each Purchase Date, the applicable Funding Request furnished by the Seller is an accurate and complete listing of all the Contracts and Related Rights being sold
to the Purchaser on such date and the information contained therein with respect to such Contracts and Related Rights is true and correct as of such date. All information heretofore furnished by, or on behalf of, the Seller to the Purchaser in
connection with any Transaction Document, or any transaction contemplated thereby, is true and accurate in every material respect (without omission of any information necessary to prevent such information from being materially misleading). 

(d) Location of Office and Records. The principal place of business and chief executive office of Seller is located at 2 Circle Star
Way, San Carlos, California 94070. Originals or duplicates of any Records evidencing Contracts and Related Rights that may be kept by the Seller shall be kept at (i) said offices, (ii) at the Seller’s document storage company,
DataSafe, located at 37580 Filbert Street, Newark, CA 94560, or (iii) through the use of an Eligible Electronic Repository, and Seller will not move its principal place of business and chief executive office or permit any Records or any books
evidencing the Contracts and Related Rights that it may hold in its possession to be moved unless the Seller shall have given to the Purchaser not less than thirty (30) days’ prior written notice thereof, clearly describing the new
location. 
 (e) Legal Names. The Seller has not changed its legal name during the six-year
period preceding the Closing Date, other than its change in name from Progress Financial Corporation to Oportun, Inc. 
 (f) Financial
Statements. The Seller has heretofore made available to the Purchaser copies of Consolidated Parent’s consolidated balance sheets and statements of income and changes in financial condition as of and for the fiscal years ended
December 31, 2016 and December 31, 2017, audited by and accompanied by the opinion of Deloitte & Touche LLP independent public accountants. Except as disclosed to the Purchaser prior to the Closing Date, such financial statements
present fairly in all material respects the financial condition and results of operations of Consolidated Parent and its consolidated subsidiaries as of such dates and for such periods; such balance sheets and the notes thereto disclose all
liabilities, direct or contingent, of the Consolidated Parent and its consolidated subsidiaries as of the dates thereof required to be disclosed by GAAP and such financial statements were prepared in accordance with GAAP applied on a consistent
basis. Since December 31, 2017, there has been no material adverse change in the condition (financial or otherwise), operations, properties, assets or prospects of the Seller and its consolidated subsidiaries. 

  
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 (g) No Consent. No action, consent or approval of, registration or filing with or any
other action by any Governmental Authority (other than any UCC financing statements required to be filed hereby) is or will be required in connection with execution, delivery and performance by the Seller of this Agreement and the consummation of
the transactions contemplated by this Agreement, except such as have been made or obtained and are in full force and effect. 
 (h) No
Adverse Selection. No selection procedures in contravention of this Agreement or that are materially adverse to the Purchaser were utilized in selecting the Receivables sold by the Seller to the Purchaser on such Purchase Date. The provisions of
Section 2.6 relating to the selection of Receivables for sale under this Agreement were not designed or intended to, and do not, adversely select Eligible Receivables for inclusion in the sale by the Seller to the Purchaser
on such Purchase Date and are not otherwise designed or intended to, and do not when applied, materially and adversely affect the Purchaser. 

(i) Sale to Purchaser. This Agreement constitutes a valid sale, transfer and assignment to the Purchaser and/or the Owner Trustee of
all right, title and interest in the Contracts and the Related Rights. Except as otherwise provided in this Agreement, neither the Seller nor any Person claiming through or under the Seller has any claim to or interest in the Collection Account.

 (j) Contracts. Each Contract (i) creates a related Receivable for a liquidated amount as stated in the Records relating
thereto, (ii) is enforceable against the Obligor in accordance with its terms, except that the enforceability thereof may be subject to (a) the effects of any applicable bankruptcy, insolvency, reorganization, receivership, conservatorship
or other Laws affecting the rights of creditors generally and (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or law), (iii) is not subject to any offset, defense, counterclaim
or deduction and (iv) bears a signature of the related Obligor which is genuine and not forged or unauthorized. 
 (k) No Material
Adverse Change. Since December 31, 2017, there has been no material adverse change in the collectability of the Contracts and Related Rights or Seller’s ability to perform its obligations under any Transaction Document. 

 

	 	(l)	 Solvency. The Seller is Solvent. 

(m) Perfection Representations. The Seller agrees that the representations set forth on Schedule II hereto shall be a part of
this Agreement for all purposes. 
 (n) Pension Benefit Guaranty Corporation. No Lien exists in favor of the Pension Benefit Guaranty
Corporation on any Receivable. 
 (o) Investment Company Act, Etc. The Seller is not, and is not controlled by, an “investment
company” or an “affiliated person” of, “promoter” or “principal underwriter” for, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

(p) No Proceedings. There is no order, judgment, decree, injunction, stipulation or consent order of or with any Governmental Authority
to which the Seller is subject, and there is 

  
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 no action, suit, arbitration, regulatory proceeding or investigation pending, or, to the knowledge of the
Seller, threatened, before or by any Governmental Authority, against the Seller that, individually or in the aggregate, is reasonably likely to have a Material Adverse Effect. 

(q) Reasonably Equivalent Value. The sale of Contracts and Related Rights by the Seller to the Purchaser under this Agreement has been
made for “reasonably equivalent value” (as such term is used under Section 548 of the Bankruptcy Code) and not for or on account of “antecedent debt” (as such term is used under Section 547 of the Bankruptcy Code) owed
by the Purchaser to the Seller. 
 (r) Nevada Originator. The Nevada Originator (i) is a limited liability company duly
organized, validly existing and in good standing under the Laws of the state or jurisdiction of its organization, (ii) has all requisite power and authority to own its properties and to conduct its business as now conducted and as presently
contemplated and (iii) is duly qualified to do business and is in good standing as a foreign entity (or is exempt from such requirements), and has obtained all necessary licenses and approvals, in each jurisdiction in which failure to so
qualify or to obtain such licenses and approvals would have a material adverse effect on the conduct of its or the Seller’s business. There is no pending or, to its knowledge after due inquiry, threatened action or proceeding affecting the
Nevada Originator before any Governmental Authority, that may reasonably be expected to materially and adversely affect its condition (financial or otherwise), operations, properties or prospects. The Nevada Originator is Solvent. 

(s) No Margin Stock. The Seller is not and will not be engaged in the business of extending credit for the purpose of purchasing or
carrying margin stock (within the meaning of Regulation T, U or X), and no proceeds of any sale will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock or for any
purpose that violates, or is inconsistent with, the provisions of Regulation T, U and X. 
 SECTION 4.3
Additional Representations and Warranties of the Purchaser. The Purchaser represents and warrants further as to itself on the Closing Date and on each subsequent Purchase Date as follows: 

(a) ECL Master Trust (i) is duly organized, validly existing and in good standing under the Laws of the state of its organization,
(ii) has all requisite power and authority to own Contracts and Related Rights and (iii) is duly qualified to do business and is in good standing as a foreign entity (or is exempt from such requirements), and has obtained all necessary
licenses and approvals (or is exempt from such requirements), in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals would adversely affect the Contracts or Related Rights. 

(b) The Purchaser is a direct wholly-owned subsidiary of EMG Holdings, L.P., a Delaware limited partnership. 

(c) The Purchaser has (i) participated in due diligence sessions with the Servicer and (ii) had an opportunity to discuss the
Servicer’s and the Seller’s businesses, management and financial affairs. 

  
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 (d) The Purchaser is an “accredited investor” within the meaning of Rule 501(a)(1),
(2), (3) or (7) of Regulation D under the Securities Act and has sufficient knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of investing in, and it is able and prepared to bear the
economic risk of investing in, the Contracts and Related Rights. 
 (e) Under the terms of the ECL Master Trust, the Owner Trustee will own
and hold legal title to the Contracts and Related Rights. The Purchaser will not acquire legal title to the Contracts and Related Rights. 

ARTICLE V 
 
GENERAL COVENANTS 
 SECTION 5.1 Affirmative Covenants of the Seller. During the Term, the Seller
shall, unless the Purchaser otherwise consents in writing: 
 (a) Financial Statements, Reports, Etc. Deliver or cause to be delivered
to the Purchaser: 
 (i) as soon as available and in any event within one hundred twenty (120) days after the end of
each Fiscal Year of the Parent, a balance sheet of the Consolidated Parent as of the end of such year and statements of income and retained earnings and of source and application of funds of the Seller for the period commencing at the end of the
previous Fiscal Year and ending with the end of such Fiscal Year, in each case setting forth comparative figures for the previous Fiscal Year, certified without material qualification in a manner satisfactory to the Purchaser by Deloitte &
Touche LLP or other nationally recognized, independent public accountants acceptable to the Purchaser, together with a certificate of such accounting firm stating that in the course of the regular audit of the business of the Seller, which audit was
conducted in accordance with generally accepted auditing standards in the United States, such accounting firm has obtained no knowledge that a Seller Default or Seller Event of Default has occurred and is continuing, or if, in the opinion of such
accounting firm, such a Seller Default or Seller Event of Default has occurred and is continuing, a statement as to the nature thereof; 

(ii) as soon as available and in any event within forty-five (45) days after the end of each fiscal quarter, quarterly
balance sheets and quarterly statements of source and application of funds and quarterly statements of income and retained earnings of the Consolidated Parent, certified by the chief financial or executive officer of the Consolidated Parent (which
certification shall state that such balance sheets and statements fairly present the financial condition and results of operations for such fiscal quarter, subject to year-end audit adjustments), delivery of
which balance sheets and statements shall be accompanied by a certificate of such chief financial or executive officer to the effect that no Seller Default or Seller Event of Default has occurred and is continuing; 

(iii) as soon as possible and in any event within three days after any officer of the Seller becomes aware of the occurrence of
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 Seller Event of Default or an event that, with the giving of notice or time elapse, or both,
would constitute a Servicer Default, an officer’s certificate of the Seller setting forth the details of such event and the action that the Servicer or the Seller, as the case may be, proposes to take with respect thereto; and 

(iv) as soon as possible and in any event within three days after any officer of the Seller becomes aware of the occurrence of
any Financing Document Default, an officer’s certificate of the Seller setting forth the details of such event and any action that the Seller proposes to take with respect thereto. 

If the Consolidated Parent is subject to the reporting requirements of Section 13(a) of the Exchange Act, its filing of the annual and quarterly reports
required under the Exchange Act, on a timely basis, shall be deemed compliance with clauses (i) and (ii) of this paragraph (a). 

(b) Compliance with Laws, Etc. Comply, and cause all of the Contracts to comply on the applicable Purchase Date, in all material
respects with all Laws applicable to the Seller and the Contracts, including, without limitation, rules and regulations relating to truth in lending, retail installment sales, fair credit billing, fair credit reporting, equal credit opportunity,
fair debt collection practices, privacy, environmental matters, labor, taxation and ERISA, where in any such case failure to so comply could reasonably be expected to have an adverse impact on the Receivables or the amount of Collections thereunder.
It will comply in all material respects with its obligations under the Contracts prior to the applicable Purchase Date. 
 (c)
Preservation of Existence. Preserve and maintain in all material respects its corporate existence, corporate rights (charter and statutory) and franchises. 

(d) Inspection Rights. Permit the Purchaser or its duly authorized representatives, attorneys or auditors to inspect the Receivables,
the related documents and the related accounts, records and computer systems, software and programs used or maintained by the Seller at such times as the Purchaser may reasonably request. Upon instructions from the Purchaser, the Seller shall
provide copies of relevant documents to the Purchaser. 
 (e) Keeping of Records and Books of Account. Maintain and implement, or
cause to be maintained or implemented, administrative and operating procedures necessary or advisable for the administration of all Receivables, and, until the delivery to the Purchaser or its designee, keep and maintain, or cause to be kept and
maintained, all documents, books, records and other information necessary or advisable for the administration of all Receivables. 
 (f)
Performance and Compliance. Duly fulfill in all material respects all obligations on its part to be fulfilled prior to the applicable Purchase Date under or in connection with the Contracts and Related Rights, including complying with all
Requirements of Law applicable thereto, and will do nothing to impair the right, title and interest of the Purchaser in the Contracts and Related Rights. 

(g) Location of Records. Keep the chief executive office of the Seller located at 2 Circle Star Way, San Carlos, California 94070, and
keep originals or duplicates of any Records related to Contracts and Related Rights that it maintains at said offices or at the Seller’s document storage company, DataSafe, located at 37580 Filbert Street, Newark, CA 94560, and 

  
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 the Seller will not move its chief executive office or permit any Records and books evidencing the Contracts
and Related Rights that it may maintain to be moved unless the Seller shall have given to the Purchaser not less than thirty (30) days’ prior written notice thereof, clearly describing the new location. The Seller may not, in any event,
move the location where it conducts any administration of the Contracts and Related Rights from 2 Circle Star Way, San Carlos, California 94070, without the prior written consent of the Purchaser. 

(h) Credit and Collection Policies. Comply in all material respects with the Credit and Collection Policies. 

(i) Insurance. Keep its material insurable properties adequately insured at all times by financially sound and responsible insurers;
maintain such other insurance, to such extent and against such risks, including fire and other risks insured against by extended coverage, as is customary with companies of the same or similar size in the same or similar businesses; maintain in full
force and effect public liability insurance against claims for personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied or controlled by it in such amounts and with such
deductibles as are customary with companies of the same or similar size in the same or similar businesses and in the same geographic area; and maintain such other insurance as may be required by Law. 

(j) Obligations and Taxes. Pay and discharge promptly when due all material obligations, all sales tax and all material taxes,
assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property before the same shall become in default, as well as all material lawful claims for labor, materials and supplies or otherwise
which, if unpaid, might become a Lien or charge upon such properties or any part thereof; provided, however, that it shall not be required to pay and discharge or to cause to be paid and discharged any such tax, assessment, charge,
levy or claim so long as the validity or amount thereof shall be contested in good faith by appropriate proceedings and for which the Seller shall have set aside on its books adequate reserves with respect thereto. 

(k) Obligations with Respect to Receivables. Prior to the applicable Purchase Date, the Seller shall, at its own expense, take any such
steps as are necessary to maintain perfection of the security interest, if any, created by each Contract; provided, however, that the Seller shall not be required to file any UCC financing statement with respect to any Obligor. 

(l) Furnishing Copies, Etc. Furnish to the Purchaser (i) upon the Purchaser’s request, a certificate of the chief financial
or executive officer of the Seller certifying, as of the date thereof, that no Seller Default or Seller Event of Default referred to in Section 7.1(c) has occurred and is continuing; (ii) as soon as possible and in any
event within one day after the occurrence of any Seller Default or Seller Event of Default, a statement of the chief financial or executive officer of the Seller, as applicable, setting forth details of such Seller Default or Seller Event of Default
and the action that the Seller proposes to take or has taken with respect thereto; (iii) promptly after obtaining knowledge that a Receivable was, at the time of the Purchaser’s purchase thereof, not an Eligible Receivable, notice thereof; and
(iv) promptly following request therefor, such other information, documents, records or reports with respect to the Receivables or the underlying Contracts or the conditions or operations, financial or otherwise, of the Seller, as the Purchaser
may from time to time reasonably request. 

  
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 (m) Obligation to Record and Report. The Seller will treat the purchase of Contracts
and Related Rights as a sale for tax and financial accounting purposes (as required by GAAP) and as a sale for all other purposes (including, without limitation, legal and bankruptcy purposes), on all relevant books, records, tax returns, financial
statements and other applicable documents. 
 (n) Continuing Compliance with the Uniform Commercial Code. At its expense perform all
acts and execute all documents reasonably requested by the Purchaser at any time to evidence, perfect, maintain and enforce the title or security interest of the Purchaser and/or the Owner Trustee in the Contracts and Related Rights and the priority
thereof. The Seller will authorize and deliver financing statements covering the Contracts and Related Rights sold to the Purchaser (reasonably satisfactory in form and substance to the Purchaser) and the Seller will file one or more financing
statements covering the Contracts and Related Rights. The Seller shall cause each Contract to be stamped in a conspicuous place and Records relating to the Contracts and Related Rights to be marked as specified in Paragraph 5(b)(ii) of Schedule II.
The Seller shall deliver the Receivable Files related to each Contract to the Custodian; provided that while any Records are in custody of the Seller, the Seller will hold the same for the benefit of the Purchaser. The Seller will not file or
authorize the filing of any effective financing statement (or similar statement or instrument of registration under the Laws of any jurisdiction) or statements relating to any Contracts and Related Rights, except any financing statements filed or to
be filed covering the purchase of the Contracts and Related Rights by the Purchaser pursuant to this Agreement. 
 (o) Proceeds of
Receivables. In the event that the Seller receives any amounts in respect of Contracts or Related Rights, use its best efforts to cause such amounts to be delivered to the Servicer or deposited into the Collection Account. 

(p) Changes to Program. The Seller shall notify and describe to the Purchaser any proposed change in its or the Nevada
Originator’s policy relating to the “Good Customer Program” or any such similar program that could incentivize Obligors to prepay Receivables prior to their scheduled maturity date at least thirty (30) days in advance of
implementation of any such change. No such notice or description provided by the Seller shall in any manner limit or impair any rights that Purchaser may have in relation to such change under Section 2.2(c)(x). 

(q) Further Action Evidencing Purchases. Provide such cooperation, information and assistance, and prepare and supply the Purchaser
with such data regarding the performance by the Obligors of their obligations under the Contracts and related Receivables and the performance by the Seller of its obligations under the Transaction Documents, as may be reasonably requested by the
Purchaser or the Servicer. 
 (r) Financing Statement Changes. Within thirty (30) days after the Seller makes any change in its,
name, identity or corporate structure that would make any financing statement filed in accordance with this Agreement seriously misleading within the meaning of Section 9-506 of the UCC, the Seller shall
give the Purchaser notice of any such change and shall file such financing statements or amendments to previously filed financing statements as may be necessary to continue the perfection of the interest of the Purchaser and/or the Owner Trustee in
the Contracts and Related Rights. 

  
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 (s) Access to Financing Facility Documents and Reports. The Seller shall provide to
the Purchaser on the Closing Date copies of all Financing Facility Documents that are in effect on the Closing Date and shall after the Closing Date provide to the Purchaser copies of any amendments made to the Financing Facility Documents, and
copies of any new Financing Facility Documents, promptly after the same are executed. The Seller further shall provide (or shall cause each Securitization Trustee to provide) a reasonable number of employees of the Purchaser or its investment
manager with access to its Securitization Trustee Website from and after the Closing Date. The Seller shall also provide the Purchaser with copies of such annual accountant compliance audit reports, servicer reports, remittance reports or similar
documents prepared under or in connection with the Financing Facility Documents for any financing facility as the Purchaser may from time to time reasonably request to the extent that such documents or reports are not available to the Purchaser
through the applicable Securitization Trustee Website. 
 SECTION 5.2 Negative Covenants of the
Seller. During the Term, the Seller shall not, unless the Purchaser otherwise consents in writing: 
 (a) Liens. Sell, assign (by
operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Lien arising through or under it upon or with respect to, any Contracts or any Related Right, or assign any right to receive proceeds in respect thereof except
as created or imposed by this Agreement. 
 (b) Change in Business. Make any material change in the nature of its business as carried
on at the date hereof or engage in or conduct any business or activity that is materially inconsistent with such business. 
 (c) Change
in Payment Instructions to Obligors. Instruct the Obligors on any Receivables to make any payments with respect to such Receivables to any place other than the places specified in Section 2.02 of the Servicing
Agreement. 
 (d) Mergers; Sales of Assets. Sell all or substantially all of its property and assets to, or consolidate with or merge
into, any other entity, if the effect of such sale or merger would cause a Seller Default or a Seller Event of Default or a Financing Document Default. 

(e) No Amendments. (i) Amend, supplement or otherwise modify this Agreement or (ii) otherwise take any action under this Agreement
that could adversely affect the Purchaser’s interests hereunder. 
 (f) Accounting Changes. Make any material change (i) in
accounting treatment and reporting practices except as permitted or required by GAAP, (ii) in tax reporting treatment except as permitted or required by Law, (iii) in the calculation or presentation of financial and other information
contained in any reports delivered hereunder, or (iv) in any financial policy of the Seller if such change could reasonably be expected to have a material adverse effect on the Receivables or the collection thereof. 

  
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 ARTICLE VI 

ADMINISTRATION AND COLLECTION OF RECEIVABLES 

SECTION 6.1 Collection Procedures. 

(a) The Seller shall cause any payments received by the Seller to be (i) processed as soon as possible after such payments are received
by the Seller but in no event later than the Business Day after such receipt, and (ii) delivered to the Servicer or deposited in the Collection Account no later than the second Business Day following the date of such receipt. 

(b) The Seller and the Purchaser shall deliver to the Servicer or deposit into the Collection Account all Recoveries received by it within two
(2) Business Days after the date of receipt. 
 (c) Any funds held by the Seller representing Collections of Receivables shall, until
delivered to the Servicer or deposited in the Collection Account, be held in trust by the Seller on behalf of the Purchaser. 
 (d) The
Seller hereby irrevocably waives any right to set off against, or otherwise deduct from, any Collections. 

SECTION 6.2 Purchase Information. 

(a) On each Purchase Date, the Seller shall prepare and deliver to the Purchaser and the Servicer a Funding Request with respect to Contracts
and Related Rights sold to the Purchaser on such Purchase Date, which shall include a list of such Contracts. 
 (b) Upon request of the
Purchaser or Servicer, the Seller shall provide the Purchaser or Servicer, as the case may be, with all information required to prepare periodic reports that may be required to be furnished to the Purchaser pursuant to the Servicing Agreement, as
promptly as possible on each Business Day on the basis of the sales and collections figures transmitted the previous day to the Seller’s central computer processing center. 

SECTION 6.3 Compliance Statements. The Seller shall deliver, or cause to be delivered, to the Purchaser
(i) on or before the thirtieth (30th) day after the one year anniversary of the Closing Date and (ii) on or before each anniversary thereof, an officer’s certificate signed by the Chief Executive Officer, Chief Financial Officer,
President, Senior Vice President or any Vice President of the Seller stating that (a) a review of the activities of the Seller during the preceding year and of its performance under this Agreement has been made under such officer’s
supervision and (b) to the best of such officer’s knowledge, based on such review, the Seller has fulfilled its obligations under this Agreement throughout such year and has complied in all respects with the Credit and Collection Policies,
or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officer and the nature and status thereof. 

SECTION 6.4 Limitation on Liability of the Seller and Others. No recourse under or upon any obligation
or covenant of this Agreement, or the Receivables, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, shareholder, employee, agent, limited partner, officer or director, in its capacity as such,
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virtue of any Law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Agreement and the obligations issued hereunder are solely its
obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by the incorporators, shareholders, employees, agents, limited partners, officers or directors, as such, of the Seller or of any successor thereto,
or any of them, because of the creation of the obligations hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Agreement or in the Receivables or implied therefrom; and that any and all such
personal liability, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, shareholder, employee, agent, officer or director, as such, under or by reason of the
obligations or covenants contained in this Agreement or in the Receivables or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Agreement. 

SECTION 6.5 Limitation on Liability of the Purchaser. No recourse under or upon any obligation or
covenant of this Agreement, or the Receivables, or for any claim based thereon or otherwise in respect thereof, shall be had against any employee, agent, officer, member or director, in its capacity as such, past, present or future, of the Purchaser
or any Ellington Investor or of any successor thereto, either directly or through the Purchaser or of such Ellington Investor, whether by virtue of any Law, or by the enforcement of any assessment or penalty or otherwise; it being expressly
understood that this Agreement and the obligations issued hereunder are solely its obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by the employees, agents, officers, members or directors, as
such, of the Purchaser or of any Ellington Investor or of any successor thereto, or any of them, because of the creation of the obligations hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this
Agreement or in the Receivables or implied therefrom; and that any and all such personal liability, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such employee, agent,
officer, member or director, as such, under or by reason of the obligations or covenants contained in this Agreement or in the Receivables or implied therefrom, are hereby expressly waived and released as a condition of, and as a consideration for,
the execution of this Agreement. 
 SECTION 6.6 Good Faith Reliance. The Seller and the Purchaser and
any director, officer, employee, member or agent of the Seller or the Purchaser may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising hereunder. 

SECTION 6.7 Nonpetition. (a) Notwithstanding any prior termination of this Agreement, neither the
Seller nor the Purchaser shall, prior to the date which is one year and one day after the date upon which all obligations and payments under the ECO-GS Credit Agreement have been paid in full, acquiesce,
petition or otherwise invoke or cause ECO-GS to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against ECO-GS
under any United States federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of ECO-GS or any
substantial part of its property, or ordering the winding up or liquidation of the affairs of ECO-GS. 

  
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 (b) Notwithstanding any prior termination of this Agreement, neither the Seller nor the
Purchaser shall, prior to the date which is one year and one day after the date upon which all obligations and payments under the EFCH-GS Credit Agreement have been paid in full, acquiesce, petition or otherwise invoke or cause EFCH-GS to invoke the
process of any court or government authority for the purpose of commencing or sustaining a case against EFCH-GS under any United States federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of EFCH- GS or any substantial part of its property, or ordering the winding up or liquidation of the affairs of EFCH-GS. 

(c) Notwithstanding any prior termination of this Agreement, neither the Seller nor the Purchaser shall, prior to the date which is one year
and one day after the date upon which all obligations and payments under the EPOB-GS Credit Agreement have been paid in full, acquiesce, petition or otherwise invoke or cause EPOB-GS to invoke the process of any court or government authority for the
purpose of commencing or sustaining a case against EPOB-GS under any United States federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of
EPOB- GS or any substantial part of its property, or ordering the winding up or liquidation of the affairs of EPOB-GS. 
 (d)
Notwithstanding any prior termination of this Agreement, neither the Seller nor the Purchaser shall, prior to the date which is one year and one day after the date upon which all obligations and payments under the EPOB2-GS Credit Agreement have been
paid in full, acquiesce, petition or otherwise invoke or cause EPOB2-GS to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against EPOB2-GS under any United States federal or state
bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of EPOB2- GS or any substantial part of its property, or ordering the winding up or liquidation of the
affairs of EPOB2-GS. 
 (e) As used in this Section 6.7, “ECO-GS Credit
Agreement” means the Credit Agreement, dated as of the Closing Date, by and among ECO-GS, the Purchaser, Goldman Sachs Bank US, as a Lender and Administrative Agent, and the other Lenders party
thereto; “EFCH- GS Credit Agreement” means the Credit Agreement, dated as of the Closing Date, by and among EFCH-GS, the Purchaser, Goldman Sachs Bank US, as a Lender and Administrative Agent, and the other Lenders party thereto;
“EPOB-GS Credit Agreement” means the Credit Agreement, dated as of the Closing Date, by and among EPOB-GS, the Purchaser, Goldman Sachs Bank US, as a Lender and Administrative Agent, and the other Lenders party thereto; in each case
as the same may be amended, restated, modified or supplemented from time to time; and “EPOB2-GS Credit Agreement” means any Credit Agreement executed by and among EPOB2-GS, the Purchaser, Goldman Sachs Bank US, as a Lender and
Administrative Agent, and the other Lenders party thereto; in each case as the same may be amended, restated, modified or supplemented from time to time. 

  
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 ARTICLE VII 

EVENTS OF DEFAULT 

SECTION 7.1 Seller Default or Seller Event of Default. If any of the following events (each, a
“Seller Event of Default”) shall occur and be continuing: 
 (a) any representation or warranty made or deemed made by or on
behalf of the Seller under or in connection with this Agreement or other information or report delivered by the Seller pursuant hereto shall prove to have been false or incorrect in any material respect when made or deemed made; provided,
however, that the falsity or incorrectness of any representation made pursuant to Section 4.2(a) with respect to any Contract or Related Rights shall not constitute a Seller Event of Default so long as the Seller has
complied with its obligations in respect of such Contract or Related Rights pursuant to Section 2.4; 
 (b) the
Seller shall fail to (i) perform or observe any term, covenant or agreement contained in Sections 5.1(c), 5.1(d), 5.1(h), 5.1(i), 5.1(j), 5.1(k), 5.1(l), 5.1 (m), 5.1 (n),
5.1(o) or 5.2 or (ii) make any payment or deposit to be made by it hereunder within two (2) Business Days after the same became due and payable; 

(c) the Seller shall fail to perform or observe any other term, covenant or agreement contained in this Agreement on its part to be performed
or observed and any such failure shall remain unremedied for thirty (30) days; 
 (d) the Seller shall generally not pay its debts as
such debts become due, or shall admit in writing its inability to pay its debts generally, shall make a general assignment for the benefit of creditors, or shall take any corporate action to authorize any of the actions set forth above in this
subsection (d) or the Seller shall be the subject of an Event of Bankruptcy; or 
 (e) the Seller transfers, sells or
otherwise disposes of (whether in one transaction or a series of transactions) all or substantially all of its assets; 
 then, and in any such event, the
Purchaser may, by notice to the Seller, declare its obligation to purchase Contracts and Related Rights from the Seller to be terminated, whereupon such obligation shall forthwith be terminated; provided, however, that in the case of
any event described in subsection (d) above, such termination shall automatically occur upon the happening of such event. No termination under this Section 7.1 of the Purchaser’s obligation to
purchase Contracts and Related Rights shall affect the then-existing obligations of the Seller hereunder (other than the Seller’s obligations to sell Contracts and Related Rights to the Purchaser pursuant hereto). 

SECTION 7.2 Remedies. 

(a) If a Seller Event of Default has occurred and is continuing: 

(i) The Purchaser (and its assignees) shall have all of the rights and remedies provided to a purchaser of payment intangibles,
instruments or chattel paper under the UCC by applicable Law in respect thereto. 

  
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 (ii) The Seller shall, upon the Purchaser’s (or its assignee’s)
request and at the Seller’s expense (i) assemble all of the Seller’s Records, (ii) deliver such documents to the Purchaser or its designee at a place designated by the Purchaser or, at the Purchaser’s option, provide the
Purchaser or its designee with access thereto and (iii) deliver to the Purchaser, its designees or assignees all computer programs, material and data necessary to the immediate collection of the Receivables by the Purchaser, or a party
designated by the Purchaser, with or without the participation of the Seller. 
 (iii) The Purchaser (and its assignees) may
(A) notify the respective Obligors of the Purchaser’s ownership of the Contracts and Related Rights or (B) give notice, or require that the Seller and the Servicer, at the Seller’s expense, give notice of such ownership to each
such Obligor. 
 (b) In addition, if a Servicer Default has occurred and is continuing, the Purchaser (and its assignees) may
(i) direct Obligors that payment of all amounts due or to become due under the Contracts and Related Rights be made directly to the Purchaser or its designee or assignee or (ii) require that the Seller and the Servicer, at the
Seller’s expense, direct Obligors that all payments be made directly to the Purchaser or its designee or assignee. 
 (c) If a Servicer
Default has occurred and is continuing, the Purchaser (and its assignees) may elect to (i) sue for collection on any Contract and Related Rights or (ii) sell any Contract and Related Rights to any Person for a price that is acceptable to
the Purchaser (or its assignees). In connection with any such sale, the Purchaser or its assignees shall have the right to assign its rights under this Agreement to a third-party. 

(d) The Seller hereby irrevocably authorizes the Purchaser or its designee or assignees, if a Servicer Default has occurred and is continuing,
to take any and all steps in the Seller’s name and on the Seller’s behalf necessary or desirable, in the reasonable opinion of the Purchaser, designee or assignee, to collect all amounts due under the Contracts and Receivables, including,
without limitation, endorsing the Seller’s name on checks and other instruments representing Collections, enforcing the Receivables and the underlying Contracts and exercising all rights and remedies in respect thereof. 

(e) If a Servicer Default has occurred and is continuing, the Seller will make such arrangements with respect to the collection of the
Receivables as may be reasonably required by the Purchaser or its assignees. 
 (f) If (i) any Seller Event of Default has occurred or
(ii) an Event of Default shall have occurred under any Financing Facility Documents, then the Purchaser may declare (and if the Seller Event of Default set forth in Section 7.1(d) has occurred, the Purchaser will be
deemed automatically to have declared) that a Purchase Termination Date has occurred. Upon such declaration, the Purchaser’s obligation to purchase Contracts and Related Rights hereunder, and the Seller’s obligation to sell Contracts and
Related Rights hereunder shall each terminate. No such termination under this Section 7.2 shall affect the Purchaser’s right to pursue any remedies against the Seller for such termination. 

  
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 SECTION 7.3 Sale Termination Events. If any of the
following events (each, a “Sale Termination Event”) shall occur and be continuing: 
 (a) the Purchaser or any Ellington
Investor shall fail to make any payment to be made by it hereunder within two (2) Business Days after the same became due and payable; 

(b) the Purchaser or any Ellington Guarantor shall generally not pay its debts as such debts become due, or shall admit in writing its
inability to pay its debts generally, shall make a general assignment for the benefit of creditors, or shall take any corporate action to authorize any of the actions set forth above in this subsection (b) or the Purchaser or any
Ellington Guarantor shall be the subject of an Event of Bankruptcy; 
 (c) any material default by an Ellington Guarantor in its obligations
under the applicable Ellington Guaranty or Ellington-GS Guaranty; or 
 (d) the Purchaser or any Ellington Investor shall assign, transfer
or sell, or attempt to sell, transfer or sell, any Contracts, Related Rights or Receivables in violation of Section 2.7; 
 then,
and in any such event, the Seller may, by notice to the Purchaser, declare its obligation to sell Contracts and Related Rights to the Purchaser to be terminated, whereupon such obligation and the Purchaser’s obligation to purchase any Contracts
and Related Rights shall forthwith be terminated; provided, however, that in the case of any event described in subsection (b) above, such termination shall automatically occur upon the happening of such event. No
termination under this Section 7.3 of the Seller’s obligation to sell Contracts and Related Rights shall affect the then-existing obligations of the Seller hereunder or its right to pursue any remedies against the
Purchaser for any such termination. 
 ARTICLE VIII 

INDEMNIFICATION 

SECTION 8.1 Indemnities by the Seller. Without limiting any other rights that the Purchaser may have
hereunder or under applicable Law, the Seller hereby agrees to indemnify the Purchaser and its assignees (including, for the avoidance of doubt, each Ellington Investor) and its and their officers, directors, agents, members and employees (each an
“Indemnified Party”), forthwith on demand, from and against any and all claims, losses and liabilities (including, without limitation, reasonable attorneys’ fees and disbursements) (all the foregoing being collectively referred
to as “Indemnified Amounts”) awarded against or incurred by any of them arising out of or resulting from the Seller’s failure to perform its obligations under this Agreement excluding, however, (x) Indemnified Amounts to
the extent resulting from gross negligence or willful misconduct on the part of such Indemnified Party (BUT EXPRESSLY INCLUDING IN THE INDEMNITY SET FORTH IN THIS SECTION 8.1, INDEMNIFIED AMOUNTS ATTRIBUTABLE TO THE ORDINARY, SOLE OR
CONTRIBUTORY NEGLIGENCE OF PURCHASER OR SUCH INDEMNIFIED PARTY, IT BEING THE INTENT OF THE PARTIES THAT, TO THE EXTENT PROVIDED IN THIS SECTION 8.1, PURCHASER AND INDEMNIFIED PARTIES SHALL BE INDEMNIFIED FOR THEIR OWN ORDINARY, SOLE OR
CONTRIBUTORY NEGLIGENCE NOT CONSTITUTING GROSS NEGLIGENCE OR WILLFUL MISCONDUCT) or (y) Indemnified Amounts to the 

  
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extent related to a default on any Receivable by the related Obligor. Such indemnity shall survive the execution, delivery, performance and termination of this Agreement. Without limiting or
being limited by the foregoing, the Seller shall pay on demand to the Purchaser or any Indemnified Party any and all amounts necessary to indemnify such Person from and against any and all Indemnified Amounts relating to or resulting from: 

(a) the sale hereunder of any Receivable that is not at the date of such sale an Eligible Receivable; 

(b) reliance on any representation or warranty or statement made or deemed made by the Seller (or any of its officers) under or in connection
with this Agreement or in any certificate report or document delivered pursuant hereto that, in any such case, shall have been false or incorrect in any material respect when made or deemed made; 

(c) the failure by the Seller to comply prior to the applicable Purchase Date with any applicable Law with respect to any Receivable or the
related Contract, or the nonconformity on the applicable Purchase Date of any Receivable or the related Contract with any such applicable Law; 

(d) the failure to have filed, or any delay in filing, financing statements or other similar instruments or documents under the UCC of any
applicable jurisdiction or other applicable Laws with respect to the interest in any Receivables of the Purchaser and/or the Owner Trustee in accordance with instructions of the Purchaser; 

(e) any dispute, claim, offset or defense (other than arising in a bankruptcy proceeding of the Obligor) of the Obligor to the payment of any
Receivable (including, without limitation, a defense based on such Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance with its terms) that does not arise from the
acts or omissions of the Purchaser or its assignees; 
 (f) any failure of the Seller to perform its duties or obligations under this
Agreement or the applicable Contract; 
 (g) the payment by the Purchaser of any California, Illinois, Nevada, Texas, Utah or Arizona
franchise tax as to which any part thereof is attributable to the Seller, the Servicer, the Parent, the Nevada Originator or any Affiliate of any of the foregoing; 

(h) the commingling of Collections of Receivables at any time with other funds of the Seller, regardless of whether such commingling shall be
permitted by the Transaction Documents; 
 (i) any investigation, litigation or proceeding related to this Agreement or in respect of any
Receivable or any Contract (other than a bankruptcy proceeding of an Obligor), which investigation, litigation or proceeding does not relate to the acts or omissions of the Purchaser or its assignees; or 

(j) the payment by the Purchaser of any taxes owed by the Seller, including, but not limited to, federal, state or local income taxes, excise
taxes or business taxes. 

  
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 ARTICLE IX 

MISCELLANEOUS 

SECTION 9.1 Amendments, Etc. No amendment, modification or waiver of any provision of this Agreement,
or consent to any departure by the Seller therefrom, shall in any event be effective unless the same shall be in writing and signed by the Purchaser and the Seller, and then such waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given. 
 SECTION 9.2 Notices Etc. All notices and other
communications provided for hereunder shall be in writing (including facsimile communication) and mailed or delivered by courier service, if to the Seller, at its address at 2 Circle Star Way, San Carlos, California 94070, Attention: Chief Legal
Officer; if to the Purchaser, at its address at c/o Ellington Financial Management LLC, 53 Forest Avenue, Old Greenwich, Connecticut 06870, Attention: General Counsel; or, as to each party, at such other address as shall be designated by such party
in a written notice to the other parties. All such notices and communications shall when mailed be effective five (5) days after deposit in the mail, or upon receipt if sent by facsimile or courier, except that notices to the Purchaser pursuant
to Article II shall not be effective until received by the Purchaser. 
 SECTION 9.3 No Waiver;
Remedies. No failure on the part of the Purchaser to exercise, and no delay in exercising, any right under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right preclude any other or further
exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by Law. 

SECTION 9.4 Binding Effect; Governing Law. This Agreement shall be binding upon and inure to the
benefit of the Seller and the Purchaser and their respective successors and assigns, except that the Seller shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Purchaser. This
Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as neither the Purchaser nor any Ellington Investor shall have any
interest in any Receivables and all obligations of the Seller hereunder shall have been paid in full; provided, however, that the indemnification provisions of Article VIII shall be continuing and shall survive any termination
of this Agreement. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. 

SECTION 9.5 Costs, Expenses and Taxes. In addition to the rights of indemnification granted to the
Purchaser under Article VIII, the Seller agrees to all costs and expenses (including, without limitation, reasonable counsel fees and expenses), incurred by the Purchaser or its assignees (including, for the avoidance of doubt, any Ellington
Investor) in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) against the Seller of this Agreement and the documents to be delivered hereunder. In addition, the Seller agrees to pay any and all stamp and
other taxes and fees payable or determined to be payable in connection with the execution, delivery, filing and recording of this Agreement or the other documents to be delivered hereunder by the Seller, and agrees to hold the Purchaser and its

  
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assignees harmless from and against any and all liabilities with respect to or resulting from any delay in paying or omitting to pay such taxes and fees. Except as otherwise specified in this
Section 9.5, each of the Seller and the Purchaser shall pay their own expenses, including counsel fees and expenses, incurred in connection with the Transaction Documents. 

SECTION 9.6 Purchaser Financing. Should the Purchaser elect to finance its purchase of Contracts and
Related Rights under this Agreement, the Seller shall provide the Purchaser with such assistance as the Purchaser may reasonably request of it to facilitate the completion of such transaction, including, without limitation, participating in a
reasonable amount of conference calls and basic due diligence that a financing partner may require, provided that the Seller is not required to incur (a) any
out-of-pocket costs in connection with such assistance or (b) any obligation or liability to such financing partner. The Seller shall upon request provide the same level
of assistance to any Ellington Investor which elects to finance its purchase of the beneficial interest in Contracts and Related Rights from the Purchaser. 

SECTION 9.7 Right of Last Look. If during the Term the Seller intends to sell receivables having the
same characteristics as Eligible Receivables in excess of the commitments described in Section 2.2 and Section 2.6, the Purchaser shall have the right to match the terms of such sale offered by any
third party investor and purchase such receivables (or any portion thereof) upon such terms. The Seller shall provide written notice to the Purchaser of any such terms, and the Purchaser may exercise such right accepting such terms within five
(5) Business Days of its receipt of the Seller’s notice. 
 SECTION 9.8 Waiver of Setoff.
All payments hereunder by the Seller to the Purchaser or by the Purchaser to Seller shall be made without setoff, counterclaim or other defense and each of the Purchaser and the Seller hereby waives any and all of its rights to assert any right of
setoff, counterclaim or other defense to the making of a payment due hereunder to the Seller or the Purchaser, as the case may be; provided, however; that, notwithstanding the foregoing, the Purchaser hereby reserves any and all of its
rights to assert any such right of setoff, counterclaim or other defense against the Seller with respect to the Purchase Price of Receivables purchased from the Seller hereunder in the ordinary course of the Purchaser’s business. 

SECTION 9.9 Severability. Wherever possible, each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable Law, but if any provision of this Agreement shall be prohibited by or invalid under such Law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 SECTION 9.10
Counterparts. This Agreement and any amendment or supplement hereto or any waiver granted in connection herewith may be executed in any number of counterparts and by the different parties on separate counterparts and each such counterpart
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. 

  
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 SECTION 9.11 Grant of License to Use Trademarks. For
the sole purpose of enabling the Purchaser (or its assignees) to perform the functions of servicing and collecting the Receivables upon a Seller Event of Default, the Seller hereby grants to the Purchaser (or its assignees) or any other successor
Servicer an irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to the Seller) to use, license, or sublicense any copyright, trade name, trademark or similar rights
or properties now owned or hereafter acquired by the Seller, and wherever the same may be located, and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer and
automatic machinery software and programs used for the compilation or printout thereof. The aforementioned servicing and collecting functions shall be performed in accordance with customary business practices and in a manner which will not
materially adversely affect any of such licenses or licensed items. 
 SECTION 9.12 Jurisdiction; Consent
to Service of Process. 
 (a) The Seller and the Purchaser hereby submit to the nonexclusive jurisdiction of any United States District
Court for the Southern District of New York and of any New York state court sitting in New York, New York for purposes of all legal proceedings arising out of, or relating to, the Transaction Documents or the transactions contemplated thereby. The
Seller and the Purchaser hereby irrevocably waive, to the fullest extent possible, any objection it may now or hereafter have to the venue of any such proceeding and any claim that any such proceeding has been brought in an inconvenient forum.
Nothing in this Section 9.12 shall affect the right of the Purchaser or the Seller to bring any action or proceeding against the Seller and the Purchaser or its property in the courts of other jurisdictions. 

(b) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF, OR IN CONNECTION WITH, ANY TRANSACTION DOCUMENT OR ANY MATTER ARISING THEREUNDER. 
 
SECTION 9.13 Third Party Beneficiaries. The Owner Trustee and each Ellington Investor shall be an intended third-party beneficiary of this Agreement. No other Person shall be a third-party beneficiary of this Agreement. 

SECTION 9.14 Confirmation of Intent. It is the express intent of the parties hereto that the sale to
the Purchaser pursuant to Section 2.1 shall be treated under applicable state Law and federal bankruptcy Law as a sale by the Seller to the Purchaser. However, if it is determined contrary to the express intent of the
parties that the transfer is not a sale, and that all or any portion of the Contracts or Related Rights continue to be property of the Seller, then the Seller shall be deemed to, and the Seller does hereby, grant to each of the Purchaser, and the
Owner Trustee as designee of the Purchaser, a security interest in all of the Seller’s right, title and interest in, to and under each Contract that is listed on the Receivables Schedule and the Related Rights to secure its obligations
hereunder and this Agreement shall constitute a security agreement under applicable Law. 

  
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 SECTION 9.15 Section and Paragraph Headings. Section
and paragraph headings used in this Agreement are provided solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement. 

SECTION 9.16 Confidentiality. Neither the Seller nor the Purchaser shall issue or cause to be issued
any announcement, press release, or other statement, or shall voluntarily disclose information concerning this Agreement or the other Transaction Documents to any other Person without the prior written consent of the other party. The foregoing shall
not be deemed to prevent disclosure of this Agreement or the other Transaction Documents: (a) in response to a court order, subpoena, or other demand or request made in accordance with Law by a Governmental Authority having jurisdiction over
the Seller or the Purchaser, as applicable, or as otherwise required by applicable Law (including, without limitation, applicable Federal securities law), or as the Seller may deem reasonably necessary as part of its Affiliate’s filings of SEC
Forms 8-K, 10-Q or 10-K and related disclosures to investors (but any such disclosure made in such filings or to such investors
shall not identify the Purchaser or any Ellington Investor by name, or include information that would enable recipients to identify the Purchaser or any Ellington Investor by name, unless such identification or information is required by applicable
Law as interpreted by the Seller); or (b) to the Seller’s or Purchaser’s Affiliates, officers, agents, representatives, attorneys, accountants, auditors, successors and assigns, and to qualified bidders or investors in connection with
the sale of the Seller or the Purchaser or their respective assets, who have a need to know. 
 SECTION 9.17
Intercreditor Agreement Amendments and Restatements. Upon receipt of an officer’s certificate of the Seller stating that an amendment to, or replacement of, the Intercreditor Agreement will not cause a Material Adverse Effect, the
Purchaser shall execute and deliver, (a) one or more amendments to the Intercreditor Agreement and/or (b) one or more replacement intercreditor agreements and such documentation as is required to terminate the Intercreditor Agreement then
in effect, in each case to accommodate additional financings entered into by the Seller and affiliates of the Seller; provided, however, that the Purchaser shall not be required to execute or deliver any such amendment, agreement or
documentation that the Purchaser reasonably believes is materially adverse to it. 
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
 ECL FUNDING LLC, 

as Purchaser 

By: Ellington Management Group, LLC 

By: /s/ William L. Messmore 

Name: William L. Messmore 

Title: Authorized Signatory 

OPORTUN, INC., 

as Seller 

By:
                                         
                            

Name: 

Title: 

  
 [Signature Page to
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
 ECL FUNDING LLC, 

as Purchaser 
  

			
	By:	 	  

 Name: 

Title: 

OPORTUN, INC., 

as Seller 
  

			
	By:	 	 /s/ Kate Layton

 Name: Kate Layton 

Title: Corporate Secretary 
  

  
 [Signature Page to
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 EXHIBIT A 

FORM OF FUNDING REQUEST 

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 EXHIBIT B 

AMENDED AND RESTATED ACKNOWLEDGEMENT AND AGREEMENT OF 2016 ELLINGTON INVESTORS 

June 29, 2018 
 Oportun, Inc. 

2 Circle Star Way 
 San Carlos, California 94070 

Re: Purchase and Sale Agreement 

We refer to the Amended and Restated Purchase and Sale Agreement, dated as of the date hereof (as amended, supplemented, modified or restated
from time to time, the “Purchase Agreement”), between ECL Funding LLC, as Purchaser (the “Purchaser”), and Oportun, Inc., as Seller (the “Seller”). Each of the undersigned 2016 Ellington Investors,
as an assignee from the Purchaser of the beneficial interests in certain Contracts, Related Rights and Receivables, hereby agrees with the Seller as follows: 

1. Each 2016 Ellington Investor agrees (i) on each Purchase Date to purchase from the Seller its applicable Purchase Percentage of the
aggregate amount of Receivables then being sold by the Seller (it being understood that each such purchase shall be made by such 2016 Ellington Investor through the Purchaser acting as intermediary and shall be made in accordance with, and subject
to the terms and conditions of, the Purchase Agreement), and (ii) the Seller shall be entitled to enforce such purchase obligation of such 2016 Ellington Investor directly against it as if the Purchase Agreement provided for such 2016 Ellington
Investor to purchase such Receivables directly from the Seller without the Purchaser acting as intermediary. 
 2. Each of the undersigned
2016 Ellington Investors represents and warrants to the Seller that: 
 a. The aggregate Purchase Percentage of the Ellington
Investors shall at all times equal 100%. 
 b. Each of the representations and warranties made by the Purchaser in Sections
4.1 and 4.3 of the Agreement is true and correct, as if such 2016 Ellington Investor were the “Purchaser” referred to in such representations and warranties, provided that (i) for purposes of Sections 4.1(b), 4.1(c) and 4.1(d),
the term “this Agreement” shall mean this Amended and Restated Acknowledgement and Agreement of 2016 Ellington Investors, and (ii) in Section 4.3(b), the words “a direct wholly-owned subsidiary of EMG Holdings, L.P.”
shall be deemed replaced in the case of (A) ECO, with “an indirect wholly-owned subsidiary of Ellington Credit Opportunities, Ltd.”, (B) EFCH, with “an indirect wholly-owned subsidiary of Ellington Financial Operating Partnership
LLC”, and (C) EPOB, with “an indirect wholly-owned subsidiary of Ellington Private Opportunities Master Fund (B) LP. 

  
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 3. Each of the undersigned 2016 Ellington Investors covenants that it will comply with
Section 2.7 of the Agreement in connection with any transfer by it of any Contracts, Related Rights and Receivables. Without limitation to the foregoing, each 2016 Ellington Investor agrees that its rights and obligations in respect of the
Seller and the Receivables under the Purchase Agreement shall be the same as if it were the “Purchaser” named therein, except that (i) its obligation to purchase Receivables shall be limited as stated in paragraph (1) above, and
(ii) any provision of the Purchase Agreement which provides for the delivery of any notice, document or instruction to or by the Purchaser shall, unless stated to the contrary, be satisfied by the delivery of the applicable notice, document or
instruction to or by the Purchaser (with separate or additional deliveries to or by the 2016 Ellington Investors not being required). 

This letter agreement amends, restates and replaces in its entirety the Acknowledgement and Agreement of Ellington Investors, dated as of
August 2, 2016, previously delivered to the Seller by the 2016 Ellington Investors. 
 Any capitalized terms used but not defined
herein shall have the respective meanings assigned to them in the Purchase Agreement. 
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 IN WITNESS WHEREOF, the undersigned have caused this Acknowledgement and Agreement to be
executed by their respective officers thereunto duly authorized, as of the date first above written. 
 ECO CH LLC, as an Ellington Investor 

 

	By:	 Ellington Management Group, LLC, 

as Investment Manager 
 By:
                                         
                        
 Name: 

Title: 
 EF CH LLC, as an Ellington Investor 

 

	By:	 Ellington Financial Management LLC, 

as Investment Manager 
 By:
                                         
                        
 Name: 

Title: 
 EPOB CH LLC, as an Ellington Investor 

 

	By:	 Ellington Management Group, L.L.C, 

as Investment Manager 
 By:
                                         
                        
 Name: 

Title: 

  
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 Acknowledged and Agreed as of the date first above written: 

OPORTUN, INC., 
 as Seller 

By:
                                         
                                

Name: 
 Title: 

  
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 EXHIBIT C 

AMENDED AND RESTATED ACKNOWLEDGEMENT AND AGREEMENT OF 2017 ELLINGTON INVESTORS 

June 29, 2018 
 Oportun, Inc. 

2 Circle Star Way 
 San Carlos, California 94070 

Re: Purchase and Sale Agreement 

We refer to the Amended and Restated Purchase and Sale Agreement, dated as of the date hereof (as amended, supplemented, modified or restated
from time to time, the “Purchase Agreement”), between ECL Funding LLC, as Purchaser (the “Purchaser”), and Oportun, Inc., as Seller (the “Seller”). Each of the undersigned 2017 Ellington Investors,
as an assignee from the Purchaser of the beneficial interests in certain Contracts, Related Rights and Receivables, hereby agrees with the Seller as follows: 

1. Each 2017 Ellington Investor agrees (i) on each Purchase Date to purchase from the Seller its applicable Purchase Percentage of the
aggregate amount of Receivables then being sold by the Seller (it being understood that each such purchase shall be made by such 2017 Ellington Investor through the Purchaser acting as intermediary and shall be made in accordance with, and subject
to the terms and conditions of, the Purchase Agreement), and (ii) the Seller shall be entitled to enforce such purchase obligation of such 2017 Ellington Investor directly against it as if the Purchase Agreement provided for such 2017 Ellington
Investor to purchase such Receivables directly from the Seller without the Purchaser acting as intermediary. 
 2. Each of the undersigned
2017 Ellington Investors represents and warrants to the Seller that: 
 a. The aggregate Purchase Percentage of the Ellington
Investors shall at all times equal 100%. 
 b. Each of the representations and warranties made by the Purchaser in Sections
4.1 and 4.3 of the Agreement is true and correct, as if such 2017 Ellington Investor were the “Purchaser” referred to in such representations and warranties, provided that (i) for purposes of Sections 4.1(b), 4.1(c) and 4.1(d),
the term “this Agreement” shall mean this Amended and Restated Acknowledgement and Agreement of 2017 Ellington Investors, and (ii) in Section 4.3(b), the words “a direct wholly-owned subsidiary of EMG Holdings, L.P.”
shall be deemed replaced in the case of (A) ECO-GS, with “an indirect wholly-owned subsidiary of Ellington Credit Opportunities, Ltd.”, (B) EFCH-GS, with “an indirect wholly-owned
subsidiary of Ellington Financial Operating Partnership LLC”, (C) EPOB-GS, with “an indirect wholly-owned subsidiary of Ellington Private Opportunities Master Fund (B) , LP and (D) EPOB2-GS, with “an indirect wholly-owned
subsidiary of Ellington Private Opportunities Master Fund II (B), LP”. 
 3. Each of the undersigned 2017 Ellington Investors covenants
that it will comply with Section 2.7 of the Agreement in connection with any transfer by it of any Contracts, Related 

  
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Rights and Receivables. Without limitation to the foregoing, each 2017 Ellington Investor agrees that its rights and obligations in respect of the Seller and the Receivables under the Purchase
Agreement shall be the same as if it were the “Purchaser” named therein, except that (i) its obligation to purchase Receivables shall be limited as stated in paragraph (1) above, and (ii) any provision of the Purchase
Agreement which provides for the delivery of any notice, document or instruction to or by the Purchaser shall, unless stated to the contrary, be satisfied by the delivery of the applicable notice, document or instruction to or by the Purchaser (with
separate or additional deliveries to or by the 2017 Ellington Investors not being required). 
 4. No recourse under any obligation,
covenant or agreement of any 2017 Ellington Investor shall be had against any member, employee, officer, director or affiliate of any such party; provided, however, that nothing in this Section 4 shall relieve any such Person from any liability
which such Person may otherwise have for his/her or its gross negligence or willful misconduct. 
 5. The undertakings of the Seller in
Section 6.7 of the Purchase Agreement are deemed incorporated into this letter agreement. 
 6. This letter agreement amends, restates
and replaces in its entirety the Acknowledgement and Agreement of 2017 Ellington Investors, dated as of March 3, 2017, previously delivered to the Seller by all of the 2017 Ellington Investors other than EPOB2-GS. 

Any capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Purchase Agreement. 

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 IN WITNESS WHEREOF, the undersigned have caused this Acknowledgement and Agreement to be
executed by their respective officers thereunto duly authorized, as of the date first above written. 
 ECO GS 2017-OPTN LLC, as an Ellington 

Investor 
 By: ECO CH LLC, as Sole Member 

By: Ellington Management Group, L.L.C., as Investment Manager 

By:
                                         
        
 Name: 
 Title:

 EF GS 2017-OPTN LLC, as an Ellington 
 Investor 

By: EF CH LLC, as Sole Member 
 By: Ellington Financial
Management LLC, as Investment Manager 
 By:
                                         
        
 Name: 
 Title:

 EPOB GS 2017-OPTN LLC, as an Ellington 
 Investor

 By: EPOB CH LLC, as Sole Member 
 By: Ellington Management
Group, L.L.C., as Investment Manager 
 By:
                                         
        
 Name: 
 Title:

  
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 EPO II (B) GS 2018-OPTN LLC, as an 

Ellington Investor 
 By: EPO II (B) CH LLC, as Sole Member

 By: Ellington Management Group, L.L.C., as Investment Manager 

By:
                                         
            
 Name: 

Title: 

  
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 Acknowledged and Agreed as of the date first above written: 

OPORTUN, INC., 
 as Seller 

By:
                                         
            
 Name: 

Title: 

  
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 SCHEDULE I 

RECEIVABLES SCHEDULE 

  
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 SCHEDULE II 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 

In addition to the representations, warranties and covenants contained in the Amended and Restated Purchase and Sale Agreement, the Seller hereby represents,
warrants, and covenants to the Purchaser on the Closing Date and each subsequent Purchase Date as follows: 
 General 

 

	 	1.	 The Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the
Contracts and Related Rights in favor of the Purchaser and/or the Owner Trustee, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Seller. 

 

	 	2.	 The Contracts evidencing the Receivables constitute “general intangibles”, “accounts”,
“instruments”, “electronic chattel paper” or “tangible chattel paper” within the meaning of the UCC as in effect in the State of Delaware. 

Creation 
  

	 	3.	 The Seller has received all consents and approvals, if any, to the sale of the Receivables under the Agreement
to the Purchaser required by the terms of the Receivables that constitute instruments or payment intangibles. 

Perfection: 
  

	 	4.	 With respect to Receivables that constitute an instrument or tangible chattel paper, either:

 (i) All original executed copies of each such instrument or tangible chattel paper have been delivered to the Servicer
or the Custodian; 
 (ii) Such instruments or tangible chattel paper are in the possession of the Servicer or the Custodian, and the
Purchaser has received a written acknowledgment from the Servicer or the Custodian that the Servicer or the Custodian is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Purchaser or its assignees; or

 (iii) The Servicer or the Custodian received possession of such instruments or tangible chattel paper after the Purchaser received a
written acknowledgment from the Servicer or the Custodian that the Servicer or the Custodian is acting solely as agent of the secured party. 
  

	 	5.	 With respect to Receivables that constitute electronic chattel paper, either: 

(a) The Seller has caused, or will have caused within ten days of the effective date of the Agreement, the filing of an
appropriate financing statements against the Seller in favor 

  
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of the Purchaser and the Owner Trustee in connection herewith describing such Receivables and containing a statement that: “A purchase of or security interest in any collateral described in
this financing statement will violate the rights of the secured party as more fully described in, and subject to the terms of, the related transaction documents”; or 

(b) All of the following are true: 

(i) Only one authoritative copy of each such loan agreement exists; and each such authoritative copy (A) is unique,
identifiable and unalterable (other than with the participation of the Purchaser other than a revision that is readily identifiable as an authorized or unauthorized revision), (B) has been marked with a legend to the following effect:
“Authoritative Copy” and (C) has been communicated to and is maintained by the Servicer or a custodian who has acknowledged in writing that it is maintaining the authoritative copy of each electronic chattel paper solely on behalf of
and for the benefit of the Purchaser or its assignees, or is acting solely as its agent; and 
 (ii) Seller has marked the
authoritative copy of each loan agreement that constitutes or evidences the Receivables with a legend to the following effect: “Oportun, Inc. has transferred all its rights and interest herein to ECL FUNDING LLC (as beneficial owner through
Deutsche Bank National Trust Company as Owner Trustee and holder of legal title for the benefit of ECL FUNDING LLC or its assignees).” Such loan agreements or leases do not have any other marks or notations indicating that they have been
pledged, assigned or otherwise conveyed to any Person other than the Purchaser; and 
 (iii) Seller has marked all copies of
each loan agreement that constitute or evidence the Receivables other than the authoritative copy with a legend to the following effect: “This is not an authoritative copy”; and 

(iv) The records evidencing the Receivables have been established in a manner such that (a) all copies or revisions that
add or change an identified assignee of the authoritative copy of each such electronic chattel paper must be made with the participation of the Purchaser and (b) all revisions of the authoritative copy of each such electronic chattel paper must
be readily identifiable as an authorized or unauthorized revision. 
 8. Any statements made in this Schedule II regarding the timing of the
filing of financing statements shall not limit or affect the Seller’s obligation to file the financing statement contemplated by Section 3.1(d) of the Agreement on or before the Closing Date as specified therein. 

Priority 
  

	 	9.	 Other than the transfer of the Receivables to the Purchaser and/or the Owner Trustee under the Agreement, the
Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The Seller has not authorized the filing of, or is aware of any financing statements against the Seller that include a

  
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 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

	 	description of collateral covering the Receivables or any subaccount thereof other than those that have been released or any financing statement relating to the sale of the Receivables to the Purchaser or that has been
terminated. 

  

	 	10.	 The Seller is not aware of any judgment, ERISA or tax lien filings against the Seller or the Nevada Originator.

  

	 	11.	 Neither Seller nor a custodian holding any collateral that is electronic chattel paper has communicated an
authoritative copy of any loan agreement that constitutes or evidences the Receivables to any Person other than the Servicer. 

  

	 	12.	 None of the instruments, certificated securities, tangible chattel paper or electronic chattel paper that
constitute or evidence the Receivables has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Purchaser or the Owner Trustee. 

 

	 	13.	 Survival of Perfection Representations. Notwithstanding any other provision of the Agreement or any
other Transaction Document, the Perfection Representations contained in this Schedule shall be continuing, and remain in full force and effect (notwithstanding any replacement of the Servicer or termination of Servicer’s rights to act as such)
until such time as all Receivables purchased by the Purchaser shall have been either finally and fully paid or written off as uncollectible. 

  

	 	14.	 Seller to Maintain Perfection and Priority. The Seller covenants that, in order to evidence the
interests of the Purchaser and/or the Owner Trustee under the Agreement, the Seller shall take such action, or execute and deliver such instruments (other than effecting a Filing (as defined below), unless such Filing is effected in accordance with
this paragraph) as may be requested by the Purchaser to maintain and perfect, as a first priority interest, the security interest of the Purchaser and/or the Owner Trustee in the Contracts and Related Rights. The Seller shall, from time to time and
within the time limits established by Law, prepare and present to the Purchaser for the Purchaser to authorize the Seller to file, all financing statements, amendments, continuations, initial financing statements in lieu of a continuation statement,
terminations, partial terminations, releases or partial releases, or any other filings necessary or advisable to continue, maintain and perfect the security interest of the Purchaser and/or the Owner Trustee in the Contracts and Related Rights as a
first-priority interest (each a “Filing”). 

  
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 Confidential Treatment Requested by Oportun Financial Corporation 

Pursuant to 17 C.F.R. Section 200.83 
  

 SCHEDULE III 

LIST OF COMPETITORS 
 By category
– including affiliates and key owners/investors (individuals or corporate) 
 Consumer lenders 

Small dollar lenders 
 Payday lenders 

Marketplace lenders 
 Internet lenders 

Peer-to-peer lenders 
 [***] 

By name – including affiliates and key owners/investors (individuals or corporate) 

[***] 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 SCHEDULE IV 

OWNER TRUSTEE LETTER 
 DEUTSCHE BANK NATIONAL
TRUST COMPANY 
 August 2, 2016 
 Oportun, Inc. 

1600 Seaport Boulevard 
 Redwood City, California 94063 

Re: ECL Funding LLC 
 Ladies and
Gentlemen: 
 We understand that in Section 2.1(d) of that certain Purchase and Sale Agreement, dated as of August 2, 2016 (the
“Purchase Agreement”), between ECL Funding LLC, as Purchaser (the “Purchaser”), and Oportun, Inc., as Seller (the “Seller”), the Purchaser instructed the Seller to transfer to the Owner Trustee legal title to all
Contracts and Related Rights (as such terms are defined in the Purchase Agreement) that are transferred by the Seller under the Purchase Agreement. 

Solely in our capacity as Owner Trustee, and not in our individual capacity, the Owner Trustee hereby confirms that pursuant to the terms of
the Amended and Restated Trust Agreement dated August 2, 2016 (the “Trust Agreement”) among the Purchaser, as depositor, the Owner Trustee, Deutsche Bank National Trust Company, as certificate registrar and trust paying agent, and
Deutsche Bank Trust Company Delaware, as Delaware trustee, the legal title to each Purchased Asset shall be vested in the Owner Trustee not in its individual capacity but solely in its capacity as owner trustee for the Participation Trust. 

This letter does not constitute a representation by the Owner Trustee as to the validity or enforceability of the Purchase Agreement, the
Trust Agreement or any Purchased Assets or as to any other matters related thereto. 
 [Signature Page Follows] 

  
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Pursuant to 17 C.F.R. Section 200.83 
  

 Any capitalized terms used but not defined herein shall have the respective meanings assigned to them in the
Trust Agreement. 
 Very truly yours, 
 DEUTSCHE BANK NATIONAL
TRUST COMPANY, not in its individual capacity, but solely as Owner Trustee 
  

			
	By:	 	 
		 	 Name:
 Title:

  

			
	By:	 	 
		 	 Name:
 Title:

  
 IV-2EX-4.3

 Exhibit 4.3 

CERTIFICATE OF ADOPTION 

As duly appointed individual of the plan sponsor, I hereby certify that the executed Restated Plan Adoption Agreement attached hereto has been duly approved
by Salem Media Group, Inc. The undersigned represents that the signer of the documents has the requisite authority to execute such documents as are attached without further action from our organization’s governing body. 

 

	
	Salem Media Group, Inc.
	
	 /s/ Christopher J. Henderson

	Name of Individual Authorized to Act
	
	 

  

Signature of Individual Authorized to Act

	
	 12-15-15

	Date

 SALEM MEDIA GROUP, INC. EMPLOYEES 401(K) PLAN 

 Volume Submitter 401(k) Plan 

 

 ADOPTION AGREEMENT #003 

VOLUME SUBMITTER 401(k) PLAN 

The undersigned Employer, by executing this Adoption Agreement, establishes a retirement plan and trust (collectively “Plan”) under
the Wells Fargo Bank, N.A. Defined Contribution Volume Submitter Plan and Trust (basic plan document #08). The Employer, subject to the Employer’s Adoption Agreement elections, adopts fully the Volume Submitter Plan and Trust provisions.
This Adoption Agreement, the basic plan document and any attached Appendices or agreements permitted or referenced therein, constitute the Employer’s entire plan and trust document. All “Election” references within this Adoption
Agreement are Adoption Agreement Elections. All “Article” or “Section” references are basic plan document references. Numbers in parentheses which follow election numbers are basic plan document references. Where an Adoption
Agreement election calls for the Employer to supply text, the Employer (without altering the content of any existing printed text) may lengthen any space or line, or create additional tiers. When Employer-supplied text uses terms substantially
similar to existing printed options, all clarifications and caveats applicable to the printed options apply to the Employer-supplied text unless the context requires otherwise. The Employer makes the following elections granted under the
corresponding provisions of the basic plan document. 
 ARTICLE I 

DEFINITIONS 
 1. EMPLOYER
(1.24). 
 Name: Salem Media Group, Inc. 

Address: 4880 Santa Rosa Rd., Camarillo, California 93012-5197 

Phone number: 805-987-0400 

Taxpayer Identification Number (TIN): 77-0121400 

E-mail
(optional):                                    

 Employer’s Taxable Year (optional): December 31st 

2. PLAN (1.42). 
 Name: Salem Media
Group, Inc. Employees 401(k) Plan 
 Plan number: 001 (3-digit number for Form 5500 reporting)

 Trust EIN
(optional):                                      
               
 3. PLAN/LIMITATION YEAR (1.44/1.34). Plan Year and
Limitation Year mean the 12 consecutive month period (except for a short Plan/Limitation Year) ending every: 
 [Note: Complete any applicable blanks
under Election 3 with a specific date, e.g., June 30 OR the last day of February OR the first Tuesday in January. In the case of a Short Plan Year or a Short Limitation Year, include the year, e.g., May 1,
2014.] 
 Plan Year (Choose one of (a) or (b). Choose (c) if applicable.): 

 

							
	(a)	  	[X]	  	December 31.
			
	(b)	  	[    ]	  	Fiscal Plan Year: ending:                            .
			
	(c)	  	[    ]	  	Short Plan Year: commencing:                             and
ending:                            .
	
	Limitation Year (Choose one of (d) or (e). Choose (f) if applicable.):
			
	(d)	  	[X]	  	Generally same as Plan Year. The Limitation Year is the same as the Plan Year except where the Plan Year is a short year in which event the Limitation Year is always a 12 month period, unless the short Plan Year
(and short Limitation Year) result from a Plan amendment.
			
	(e)	  	[    ]	  	Different Limitation Year:
ending:                            .
			
	(f)	  	[    ]	  	Short Limitation Year: commencing:                             and
ending:                            .
	
	4. EFFECTIVE DATE (1.20). The Employer’s adoption of the Plan is a (Choose one of (a) or (b). Complete (c) if new plan OR complete (c) and
(d) if an amendment and restatement. Choose (e) and (f) if applicable.):
			
	(a)	  	[    ]	  	New Plan.
			
	(b)	  	[X]	  	Restated Plan.
		
		  	PPA RESTATEMENT (leave blank if not applicable)
				
		  	(1)	  	[X]	  	This is an amendment and restatement to bring a plan into compliance with the Pension Protection Act of 2006 (“PPA”) and other legislative and regulatory changes.

  
 © 2014 Wells Fargo Bank, N.A. or
its suppliers 
 1 

 Volume Submitter 401(k) Plan 

 

 Initial Effective Date of Plan (enter date) 

 

					
	(c)	  	[X]	  	January 1, 1993 (hereinafter called the “Effective Date” unless 4(d) is entered below)

 Restatement Effective Date (If this is an amendment and restatement, enter effective date of the restatement.)

  

					
	(d)	  	[X]	  	January 1, 2016 (enter month day, year; may enter a restatement date that is the first day of the current Plan Year. The Plan contains appropriate retroactive effective dates with respect to provisions for the
appropriate laws if the Plan is a PPA Restatement.) (hereinafter called the “Effective Date”)

 [Note: See Section 1.54 for the definition of Restated Plan. If this Plan is a PPA Restatement,
the PPA restatement Effective Date may be a current date (as the basic plan document supplies the Effective Dates of various PPA and other provisions) or may be a retroactive date. If specific Plan provisions, as reflected in this Adoption Agreement
and the basic plan documents, do not have the Effective Date stated in this Election 4, indicate as such in the election where called for or in Appendix A.] 
  

									
	(e)	  	[    ]	  	Restatement of surviving and merging plans. The Plan restates two (or more) plans (Complete 4(c) and (d) above for this (surviving) Plan. Complete (1) below for the merging
plan. Choose (2) if applicable. Unless otherwise noted, the restated Effective Date with regard to a merging plan is the later of the date of the merger or the restated Effective Date of this Plan.):
			
		  	(1)	  	Merging plan. The                     Plan was or will be merged into this surviving Plan as of:
                    . The merging plan’s restated Effective Date
is:                     . The merging plan’s original Effective Date
was:                     .
	
	[See the Note under Election 4(d) if this document is the merging plan’s PPA restatement.]
				
		  	(2)	  	[    ]	  	Additional merging plans. The following additional plans were or will be merged into this surviving Plan (Complete a. and b. as applicable.):

									
	 	  	 Name of merging plan
	  	Merger date	  	Restated
Effective Date	  	Original
Effective Date
	a.	  	                            	  	                            	  	                            	  	                            
	b.	  	                            	  	                            	  	                            	  	                            

  

							
	(f)	  	[    ]	  	Special Effective Date for Elective Deferral provisions:
                                        
                                         
                                         
          
	
	[Note: If Elective Deferral provision is not effective as of the Initial Effective Date or the Restatement Effective Date, enter the date as of which the Elective Deferral provision is effective. The Special Effective
Date may not precede the date on which the Employer adopted the Plan.]

 5. TRUSTEE (1.67). The Trustee executing this Adoption Agreement is (Choose one or more of (a), (b), or (c).
Choose (d) or (e) if applicable.): 
  

							
	(a)	  	[    ]	  	A discretionary Trustee. See Section 8.02(A).
			
	(b)	  	[X]	  	A nondiscretionary (directed) Trustee or Custodian. See Section 8.02(B).
			
	(c)	  	[    ]	  	A Trustee under the:                     (specify name of trust), a separate trust agreement the
Trustee has executed and that the IRS has approved for use with this Plan. Under this Election 5(c) the Trustee is not executing the Adoption Agreement and Article VIII of the basic plan document does not apply, except as indicated otherwise in the
separate trust agreement. See Section 8.11(C).
			
	(d)	  	[    ]	  	Permitted Trust amendments apply. Under Section 8.11(B) the Employer has made certain permitted amendments to the Trust. Such amendments do not constitute a separate trust under Election 5(c). See Election 59
in Appendix C.
			
	(e)	  	[    ]	  	Use of non-approved trust. A Trustee under
the:                     (specify name of trust), a separate trust agreement the Trustee has executed for use with this Plan. Under
this Election 5(e) the Trustee is not executing the Adoption Agreement and Article VIII of the basic plan document does not apply, except as indicated otherwise in the separate trust agreement. See Section 8.11(C). [Caution: Election 5(e)
will result in the Plan losing reliance on its Advisory Letter and the Plan will be an individually designed plan.]
	
	6. CONTRIBUTION TYPES (1.12). The selections made below should correspond with the selections made under Article III of this Adoption Agreement. (If this is a frozen Plan (i.e., all contributions have
ceased), choose (a) only.):
	
	Frozen Plan. See Sections 3.01(J) and 11.04.
			
	(a)	  	[    ]	  	Contributions cease. All Contributions have ceased or will cease (Plan is frozen).
				
		  	(1)	  	[    ]	  	Effective date of freeze:                  [Note: Effective date is optional unless this is the amendment
or restatement to freeze the Plan.]

 [Note: Elections 20 through 30 and Elections 36 through 38 do not apply to any Plan Year in which the Plan is frozen.]

  
 © 2014 Wells Fargo Bank, N.A. or
its suppliers 
 2 

 Volume Submitter 401(k) Plan 

 

 Contributions. The Employer and/or Participants, in accordance with the Plan terms, make the following
Contribution Types to the Plan/Trust (Choose one or more of (b) through (h).): 
  

							
	(b)	  	[X]	  	Pre-Tax Deferrals. See Section 3.02 and Elections 20-23, and 34.
				
		  	(1)	  	[X]	  	Roth Deferrals. See Section 3.02(E) and Elections 20, 21, and 23. [Note: The Employer may not limit Elective Deferrals to Roth Deferrals only.]
			
	(c)	  	[X]	  	Matching. See Sections 1.35 and 3.03 and Elections 24-26. [Note: The Employer may make an Operational QMAC without electing 6(c). See
Section 3.03(C)(2). Do not elect for a safe harbor plan; use 6(e) instead.]
			
	(d)	  	[    ]	  	Nonelective. See Sections 1.38 and 3.04 and Elections 27-29. [Note: The Employer may make an Operational QNEC without electing 6(d). See
Section 3.04(C)(2).]
			
	(e)	  	[    ]	  	Safe Harbor/Additional Matching. The Plan is (or pursuant to a delayed election, may be) a safe harbor 401(k) Plan. The Employer will make (or under a delayed election, may make) Safe Harbor Contributions as it
elects in Election 30. The Employer may or may not make Additional Matching Contributions as it elects in Election 30. See Election 26 as to matching Catch-Up Deferrals. See Section 3.05.
			
	(f)	  	[    ]	  	Employee (after-tax). See Section 3.09 and Election 36.
			
	(g)	  	[    ]	  	SIMPLE 401(k). The Plan is a SIMPLE 401(k) Plan. See Section 3.10. [Note: The Employer electing 6(g) must elect a calendar year under 3(a) and may not elect any other Contribution Types except under
Elections 6(b) and 6(h).]
			
	(h)	  	[    ]	  	Designated IRA. See Section 3.12 and Election 37.
	
	7. DISABILITY (1.16). Disability means (Choose one of (a) or (b).):
			
	(a)	  	[X]	  	Basic Plan. Disability as defined in Section 1.16(A).
			
	(b)	  	[    ]	  	Describe:                                 
                                         
                                         
                                         

 [Note: The Employer may elect an alternative definition of Disability for purposes of Plan distributions. However, the use
of an alternative definition may result in loss of favorable tax treatment of the Disability distribution.] 
 8. EXCLUDED EMPLOYEES
(1.22(D)). The following Employees are not Eligible Employees but are Excluded Employees (Choose one of (a), (b), or (c).): 
 [Note:
Regardless of the Employer’s elections under Election 8: (i) Employees of any Related Employers (excluding the Signatory Employer) are Excluded Employees unless the Related Employer becomes a Participating Employer; and (ii) Reclassified
Employees and Leased Employees are Excluded Employees unless the Employer in Appendix B elects otherwise. See Sections 1.22(B), 1.22(D)(3), and 1.24(D). However, in the case of a Multiple Employer Plan, see Section 12.02(B) as to the Employees
of the Lead Employer.] 
  

					
	(a)	 	[    ]	  	No Excluded Employees. There are no additional excluded Employees under the Plan as to any Contribution Type (skip to Election 9).
			
	(b)	 	[X]	  	Exclusions - same for all Contribution Types. The following Employees are Excluded Employees for all Contribution Types (Choose one or more of (e) through (j). Choose column (1) for
each exclusion elected at (e) through (i).):
			
	(c)	 	[    ]	  	Exclusions - different exclusions apply. The following Employees are Excluded Employees for the designated Contribution Type (Choose one or more of (d) through (j). Choose Contribution Type as
applicable.):

 [Note: For this Election 8, unless described otherwise in Election 8(j), Elective Deferrals includes Pre-Tax Deferrals, Roth Deferrals, Employee Contributions and Safe Harbor Contributions. Matching includes all Matching Contributions except Safe Harbor Matching Contributions. Nonelective includes all
Nonelective Contributions except Safe Harbor Nonelective Contributions.] 
  

															
	 	  	 	  	 	  	(1)	  	 	  	(2)	  	(3)	  	(4)
	Exclusions	  	 All

Contributions
	  	 	  	Elective
Deferrals	  	Matching	  	Nonelective
								
	(d)	  	 [    ] 
	  	No exclusions. No exclusions as to the designated Contribution Type.	  	 N/A

(See Election 8(a))
	  		  	[    ]	  	[    ]	  	[    ]
								
	(e)	  	[X]	  	Collective Bargaining (union) Employees. As described in Code §410(b)(3)(A). See Section 1.22(D)(1).	  	[X]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(f)	  	[X]	  	Non-Resident Aliens. As described in Code §410(b)(3)(C). See Section 1.22(D)(2).	  	[X]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(g)	  	[    ]	  	HCEs. See Section 1.22(E). See Election 30(f) as to exclusion of some or all HCEs from Safe Harbor Contributions.	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(h)	  	[    ]	  	 Hourly paid Employees.
	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(i)	  	[X]	  	 Part-Time/Temporary/Seasonal Employees. See Section 1.22(D)(4). A Part-Time, Temporary or Seasonal Employee is an Employee whose
regularly scheduled Service is less than 1,000 (specify a maximum of 1,000) Hours of Service in the relevant Eligibility Computation Period.

[Note: The “relevant” Eligibility Computation Period is the Initial or Subsequent Eligibility Computation Period as defined in
Section 2.02(C).]
	  	[X]	  	OR	  	[    ]	  	[    ]	  	[    ]

  
 © 2014 Wells Fargo Bank, N.A. or
its suppliers 
 3 

 Volume Submitter 401(k) Plan 

 

 [Note: If the Employer under Election 8(i) elects to treat Part-Time, Temporary and Seasonal Employees as
Excluded Employees and any such an Employee actually completes at least 1,000 Hours of Service during the relevant Eligibility Computation Period, the Employee becomes an Eligible Employee. See Section 1.22(D)(4).] 

 

					
	(j)	  	[    ]	  	 Describe exclusion category and/or Contribution
Type:                                       
                                         
                
 (e.g., Exclude Division B Employees OR Exclude
salaried Employees from Discretionary Matching Contributions.)

 [Note: Any exclusion under Election 8(j), except as to Part-Time/Temporary/Seasonal Employees, may not be based on age or
Service or level of Compensation. See Election 14 for eligibility conditions based on age or Service. The exclusions entered under Election 8(j) cannot result in the group of Nonhighly Compensated Employees (NHCEs) participating under the plan being
only those NHCEs with the lowest amount of compensation and/or the shortest periods of service and who may represent the minimum number of these employees necessary to satisfy coverage under Code §410(b).] 

9. COMPENSATION (1.11(B)). The following base Compensation (as adjusted under Elections 10 and 11) applies in allocating Employer Contributions
(or the designated Contribution Type) (Choose one or more of (a) through (d) and choose Contribution Type as applicable. Choose (e) if applicable.): 

[Note: For this Election 9 all definitions include Elective Deferrals unless excluded under Election 11. See
Section 1.11(D). Unless described otherwise in Election 9(d), Elective Deferrals includes Pre-Tax Deferrals, Roth Deferrals and Employee Contributions, Matching includes all Matching
Contributions and Nonelective includes all Nonelective Contributions. In applying any Plan definition which references Section 1.11 Compensation, where the Employer in this Election 9 elects more than one Compensation definition
for allocation purposes, the Plan Administrator will use W-2 Wages for other Plan definitions of Compensation if the Employer has elected W-2 Wages for any Contribution
Type or Participant group under Election 9. If the Employer has not elected W-2 Wages, the Plan Administrator for such other Plan definitions will use 415 Compensation. If the Plan is a Multiple Employer Plan,
see Section 12.07. Election 9(d) below may cause allocation Compensation to fail to be nondiscriminatory under Treas. Reg. §1.414(s).] 

 

															
	 	  	 	  	 	  	(1)	  	 	  	(2)	  	(3)	  	(4)
	 	  	 	  	 	  	 All

Contributions
	  	 	  	 Elective

Deferrals
	  	Matching	  	Nonelective
								
	(a)	  	[X]	  	W-2 Wages (plus Elective Deferrals). See Section 1.11(B)(1).	  	[X]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(b)	  	[    ]	  	Code §3401 Federal Income Tax Withholding Wages (plus Elective Deferrals). See Section 1.11(B)(2).	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(c)	  	[    ]	  	 415 Compensation (simplified). See Section 1.11(B)(3).

[Note: The Employer may elect an alternative “general 415 Compensation” definition by electing 9(c) and by electing the alternative definition in
Appendix B. See Section 1.11(B)(4).]
	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
			
	(d)	  	[    ]	  	Describe Compensation by Contribution Type or by Participant
group:                                       
                                 
	
	[Note: Under Election 9(d), the Employer may: (i) elect Compensation from the elections available under Elections 9(a), (b), or (c), or a combination thereof as to a Participant group (e.g., W-2 Wages for Matching Contributions for Division A Employees and 415 Compensation in all other cases); and/or (ii) define the Contribution Type column headings in a manner which differs from the “all-inclusive” description in the Note immediately preceding Election 9(a) (e.g., Compensation for Safe Harbor Matching Contributions means W-2 Wages and for
Additional Matching Contributions means 415 Compensation).]
								
	(e)	  	[    ]	  	 Allocate based on specified 12-month period.

The allocation of all Contribution Types (or specified Contribution Types) will be made based on Compensation within a specified
12-month period ending within the Plan Year as follows:
	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
		  		  	                                      
                                      	  		  		  		  		  	

  
 © 2014 Wells Fargo Bank, N.A. or
its suppliers 
 4 

 Volume Submitter 401(k) Plan 

 

 10. PRE-ENTRY/POST-SEVERANCE COMPENSATION
(1.11(H)/(I)). Compensation under Election 9: 
 [Note: For this Election 10, unless described otherwise in Elections 10(c) or (n), Elective
Deferrals includes Pre-Tax Deferrals, Roth Deferrals and Employee Contributions, Matching includes all Matching Contributions and Nonelective includes all Nonelective Contributions. Election 10(c) below
may cause allocation Compensation to fail to be nondiscriminatory under Treas. Reg. §1.414(s).] 
  

															
	 	 	 	 	 	  	(1)	  	 	  	(2)	  	(3)	  	(4)
	 	 	 	 	 	  	All	  	 	  	Elective	  	 	  	 
	 	  	Contributions	  	 	  	Deferrals	  	Matching	  	Nonelective
	 Pre-Entry Compensation (Choose one of (a) or (b).

 Choose Contribution Type as applicable.):
	  		  		  		  		  	
								
	(a)	 	[    ]	 	Plan Year. Compensation for the entire Plan Year which includes the Participant’s Entry Date. [Note: If the Employer under Election 9(e) elects to allocate some or all Contribution Types based on a specified 12-month period, Election 10(a) applies to that 12-month period in lieu of the Plan Year.]	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(b)	 	[X]	 	Participating Compensation. Only Participating Compensation. See Section 1.11(H)(1).	  	[X]	  	OR	  	[    ]	  	[    ]	  	[    ]

 [Note: Under a Participating Compensation election, in applying any Adoption Agreement elected contribution limit or
formula, the Plan Administrator will count only the Participant’s Participating Compensation. See Section 1.11(H)(1) as to plan disaggregation.] 
  

	(c)	 [    ]   Describe Pre-Entry
Compensation by Contribution Type or by Participant
group:                                       
                                         
     

 [Note: Under Election 10(c), the Employer may: (i) elect Compensation from the
elections available under Pre-Entry Compensation or a combination thereof as to a Participant group (e.g., Participating Compensation for all Contribution Types as to Division A Employees, Plan Year
Compensation for all Contribution Types to Division B Employees); and/or (ii) define the Contribution Type column headings in a manner which differs from the “all-inclusive”
description in the Note immediately preceding Pre-Entry Compensation (e.g., Compensation for Nonelective Contributions is Participating Compensation and for Safe Harbor Nonelective Contributions is Plan Year
Compensation).] 
 Post-Severance Compensation. The following adjustments apply to Post-Severance Compensation paid within any applicable
time period as may be required (Choose one of (d), (e), or (f).): 
 [Note: Under the basic plan document, if the Employer does not elect any
adjustments, post-severance compensation includes regular pay, leave cashouts, and deferred compensation, and excludes military and disability continuation payments.] 
  

					
	(d)	  	[X]	  	None. The Plan includes post-severance regular pay, leave cashouts, and deferred compensation, and excludes post-severance military and disability continuation payments as to any Contribution Type except as required under the
basic plan document (skip to Election 11).
			
	(e)	  	[    ]	  	Same for all Contribution Types. The following adjustments to Post-Severance Compensation apply to all Contribution Types (Choose one or more of (h) through (n). Choose column (1) for
each option elected at (h) through (m).):
			
	(f)	  	[    ]	  	Adjustments - different conditions apply. The following adjustments to Post-Severance Compensation apply to the designated Contribution Types (Choose one or more of (g) through (n). Choose Contribution
Type as applicable.):

  

															
	 	  	 	  	 	  	(1)	  	 	  	(2)	  	(3)	  	(4)
	 	  	 	  	 	  	All	  	 	  	Elective	  	 	  	 
	 	  	Contributions	  	 	  	Deferrals	  	Matching	  	Nonelective
	Post-Severance Compensation:	  		  		  		  		  	
								
	(g)	  	[    ]	  	None. The Plan takes into account Post-Severance Compensation as to the designated Contribution Types as specified under the basic plan document.	  	N/A
 (See Election 10(d))
	  		  	[    ]	  	[    ]	  	[    ]
								
	(h)	  	[    ]	  	Exclude All. Exclude all Post-Severance Compensation. [Note: 415 testing Compensation (versus allocation Compensation) must include Post-Severance Compensation comprised of regular pay. See
Section 4.05(F).]	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(i)	  	[    ]	  	Regular Pay. Exclude Post-Severance Compensation comprised of regular pay. See Section 1.11(I)(1)(a). [Note: 415 testing Compensation (versus allocation Compensation) must include Post-Severance Compensation
comprised of regular pay. See Section 4.05(F).]	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(j)	  	[    ]	  	Leave cash-out. Exclude Post-Severance Compensation comprised of leave cash-out. See Section 1.11(I)(1)(b).	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]

  
 © 2014 Wells Fargo Bank, N.A. or
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 Volume Submitter 401(k) Plan 

 

															
								
		  		  		  	                	  	                	  	                	  	                	  	                
	(k)	  	[    ]	  	Deferred Compensation. Exclude Post-Severance Compensation comprised of deferred compensation. See Section 1.11(I)(1)(c).	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(l)	  	[    ]	  	Salary continuation for military service. Include Post-Severance Compensation comprised of salary continuation for military service. See Section 1.11(I)(2).	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(m)	  	[    ]	  	Salary continuation for disabled Participants. Include Post-Severance Compensation comprised of salary continuation for disabled Participants. See Section 1.11(I)(3). (Choose one of (1) or
(2).):	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
		  	(1)	  	 [    ]  For NHCEs only.
	  		  		  		  		  	
								
		  	(2)	  	 [    ]  For all Participants. The salary continuation will
continue for the following fixed or determinable period:                          (specify period).
	  		  		  		  		  	

  

	(n)    [    ]    	 Describe Post-Severance Compensation by Contribution Type or by Participant group: 

 [Note: Under Election 10(n), the Employer may: (i) elect Compensation from the elections available under
Post-Severance Compensation or a combination thereof as to a Participant group (e.g., Include regular pay Post-Severance Compensation for all Contribution Types as to Division A Employees, no Post-Severance Compensation for all Contribution Types to
Division B Employees); and/or (ii) define the Contribution Type column headings in a manner which differs from the “all-inclusive” description in the Note immediately preceding
Pre-Entry Compensation (e.g., Compensation for Nonelective Contributions does not include any Post-Severance Compensation and for Safe Harbor Nonelective Contributions includes regular pay
Post-Severance Compensation).] 
 11. EXCLUDED COMPENSATION (1.11(G)). Apply the following Compensation exclusions to Elections 9 and 10
(Choose one of (a), (b), or (c).): 
  

	(a)    [X]    	 No exclusions. Compensation as to all Contribution Types means Compensation as elected in Elections 9
and 10 (skip to Election 12). 

  

	(b)    [    ]    	 Exclusions - same for all Contribution Types. The following exclusions apply to all Contribution Types
(Choose one or more of (e) through (l). Choose column (1) for each option elected at (e) through (k).): 

 

	(c)    [    ]    	 Exclusions - different conditions apply. The following exclusions apply for the designated Contribution
Types (Choose one or more of (d) through (l) below. Choose Contribution Type as applicable.): 

 [Note: In a
safe harbor 401(k) plan, allocations qualifying for the ADP or ACP test safe harbors must be based on a nondiscriminatory definition of Compensation. If the Plan applies permitted disparity, allocations also must be based on a nondiscriminatory
definition of Compensation if the Plan is to avoid more complex testing. Elections 11(g) through (l) below may cause allocation Compensation to fail to be nondiscriminatory under Treas. Reg. §1.414(s). In a non-safe harbor 401(k) plan, Elections 11(g) through (l) which result in Compensation failing to be nondiscriminatory, may result in more complex nondiscrimination testing. For this Election 11,
unless described otherwise in Election 11(l), Elective Deferrals includes Pre-Tax Deferrals, Roth Deferrals and Employee Contributions, Matching includes all Matching Contributions and Nonelective
includes all Nonelective Contributions.] 
  

															
	 	  	 	  	 	  	(1)	  	 	  	(2)	  	(3)	  	(4)
	 	  	 	  	 	  	All	  	 	  	Elective	  	 	  	 
	 	  	 	  	 	  	Contributions	  	 	  	Deferrals	  	Matching	  	Nonelective
	 Compensation Exclusions
  
	  		  		  		  		  	
	(d)	  	[    ]	  	No exclusions - limited. No exclusion as to the designated Contribution Type(s).	  	N/A
 (See Election 11(a))
	  		  	[    ]	  	[    ]	  	[    ]
								
	(e)	  	[    ]	  	Elective Deferrals. See Section 1.21.	  	N/A	  		  	N/A	  	[    ]	  	[    ]
								
	(f)	  	[    ]	  	 Fringe benefits. As described in Treas.

Reg. §1.414(s)-1(c)(3).
	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(g)	  	[    ]	  	 Compensation exceeding $            .

Apply this election to (Choose one of (1) or (2).):
	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
		  	(1)	  	[    ]    All Participants.	  		  		  		  		  	
		  		  	[Note: If the Employer elects Safe Harbor Contributions under Election 6(e), the Employer may not elect 11(g)(1) to limit the Safe Harbor Contribution allocation to the NHCEs.]	  		  		  		  		  	
								
		  	(2)	  	[    ]    HCE Participants only.	  		  		  		  		  	

  
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 6 

 Volume Submitter 401(k) Plan 

  
  

															
		  		  		  	            	  	            	  	            	  	            	  	            
	(h)	  	[    ]	  	Bonus.	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(i)	  	[    ]	  	Commission.	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(j)	  	[    ]	  	Overtime.	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(k)	  	[    ]	  	 Related Employers. See Section 1.24(C).

(If there are Related Employers, choose one or both of (1) and (2).):
	  		  		  		  		  	
								
		  	(1)	  	
[    ]  Non-Participating.
Compensation paid to Employees by a Related Employer that is not a Participating Employer.
	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
		  	(2)	  	 [    ]  Participating. As to the Employees of any
Participating Employer, Compensation paid by any other Participating Employer to its Employees. See Election 28(g)(2)a.
	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
			
	(l)	  	[    ]	  	Describe Compensation exclusion(s):                           
                                         
                                         
                                         
           

 [Note: Under Election 11(l), the Employer may:
(i) describe Compensation from the elections available under Elections 11(d) through (k), or a combination thereof as to a Participant group (e.g., No exclusions as to Division A Employees and exclude bonus as to Division B
Employees); (ii) define the Contribution Type column headings in a manner which differs from the “all-inclusive” description in the Note immediately following Election 11(c) (e.g., Elective Deferrals
means §125 cafeteria deferrals only OR No exclusions as to Safe Harbor Contributions and exclude bonus as to Nonelective Contributions); and/or (iii) describe another exclusion (e.g., Exclude shift differential
pay).] 
 12. HOURS OF SERVICE (1.32). The Plan credits Hours of Service for the following purposes (and to the Employees described in
Elections 12(d) or (e)) as follows (Choose one or more of (a) through (e) as applicable.): 
  

															
	 	  	 	  	 	  	(1)	  	 	  	(2)	  	(3)	  	(4)
	 	  	 	  	 	  	All	  	 	  	 	  	 	  	Allocation
	 	  	 	  	 	  	Purposes	  	 	  	Eligibility	  	Vesting	  	Conditions
	(a)	  	[X]	  	Actual Method. See Section 1.32(A)(1). 	  	[    ]	  	OR	  	[X]	  	[    ]	  	[    ]
								
	(b)	  	[    ]	  	 Equivalency Method:
                                        

 (e.g., daily, weekly, etc.). See Section 1.32(A)(2). 
	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(c)	  	[X]	  	Elapsed Time Method. See Section 1.32(A)(3). 	  	[    ]	  	OR	  	[    ]	  	[X]	  	[    ]
								
	(d)	  	[    ]	  	 Actual (hourly) and Equivalency (salaried).

Actual Method for hourly paid Employees and Equivalency
 Method:
                                        
 (e.g., daily, weekly, etc.) for salaried Employees.
	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
			
	(e)	  	[    ]	  	Describe method:                                
                                         
                                         
                                         
                                         
 

 [Note: Under Election 12(e), the Employer may describe Hours of Service from the elections available under Elections 12(a)
through (d), or a combination thereof as to a Participant group and/or Contribution Type (e.g., For all purposes, Actual Method applies to office workers and Equivalency Method applies to truck drivers).] 

13. ELECTIVE SERVICE CREDITING (1.59(C)). The Plan must credit Related Employer Service under Section 1.24(C) and also must credit certain
Predecessor Employer/Predecessor Plan Service under Section 1.59(B). If the Plan is a Multiple Employer Plan, the Plan also must credit Service as provided in Section 12.08. The Plan also elects under Section 1.59(C) to credit as
Service the following Predecessor Employer service (Choose one of (a) or (b).): 
  

	(a)    [    ]    	 Not applicable. No elective Predecessor Employer Service crediting applies. 

 

	(b)    [X]    	 Applies. The Plan credits the specified service with the following designated Predecessor Employers as
Service for the Employer for the purposes indicated (Choose one or both of (1) and (2) as applicable. Complete (3). Choose (4) if applicable.): 

 

	[Note:	 Any elective Service crediting under this Election 13 must be nondiscriminatory.] 

 

									
	        	  	 (1)    [    ]     All purposes. Credit as Service for all
purposes, service with Predecessor Employer(s):
                                        
        
 (insert as many names as
needed).

					
		  	(2)    [X]      Designated purposes. Credit as Service, service	  	(1)	  	(2)	  	(3)
		  	        with the following Predecessor Employer(s) for the
designated purpose(s):
	  	Eligibility	  	Vesting	  	Contribution
 Allocation

					
		  	         a.    Employer:
AMFM Texas Broadcasting, LP, AMFM Texas 
	  	[X]	  	[X]	  	[    ]
		  		  		  		  	

  
 © 2014 Wells Fargo Bank, N.A. or
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 7 

 Volume Submitter 401(k) Plan 

 

													
	        	  		  		  	Licenses, LP, AMFM Ohio, Inc., AMFM Radio Licenses, LLC, Capstar Radio Operating Company, Capstar TX Limited Partnership, Citicasters Co.	  		  		  	
							
		  		  	b.	  	Employer: WMUU, Inc. Gospel Fellowship Association, Inc.	  	        [X]        	  	        [X]        	  	        [    ]        
							
		  		  	c.	  	Employer:                                   
                                         
                 	  	[    ]	  	[    ]	  	[    ]
		
		  	 (3)   Time period. Subject to any exceptions noted under
Election 13(b)(4), the Plan credits as Service under Elections 13(b)(1) or (2) (Choose one or more of a., b., and c. as applicable.):

							
		  		  	a.	  	[X]      All. All service, regardless of when rendered.	  		  		  	
							
		  		  	b.	  	[    ]    Service after. All service, which is or was rendered after: (specify date).	  		  		  	
							
		  		  	c.	  	[    ]     Service before. All service, which is or was rendered before: (specify date).	  		  		  	
				
		  	(4)	  	[X]	  	Describe elective Predecessor Employer Service crediting: 13(b)(3)(a) time period applies to Election(s) 13(b) 2.

 [Note: Under Election 13(b)(4), the Employer may describe service crediting from the elections available under Elections
13(b)(1) through (3), or a combination thereof as to a Participant group and/or Contribution Type (e.g., For all purposes credit all service with X, but credit service with Y only on/after 1/1/05 OR Credit all service for all purposes with entities
the Employer acquires after 12/31/04 OR Service crediting for X Company applies only for purposes of Nonelective Contributions and not for Matching Contributions).] 

ARTICLE II 
 ELIGIBILITY
REQUIREMENTS 
 14. ELIGIBILITY (2.01). To become a Participant in the Plan, an Eligible Employee must satisfy (Choose one of (a), (b),
or (c).): 
 [Note: If the Employer under a safe harbor plan elects “early” eligibility for Elective Deferrals (e.g., less than one Year of
Service and age 21), but does not elect early eligibility for any Safe Harbor Contributions, also see Election 30(g).] 
 [Note: No eligibility
conditions apply to Prevailing Wage Contributions. See Section 2.01(D).] 
  

	(a)    [    ]    	 No conditions. No eligibility conditions as to all Contribution Types. Entry is on the Employment
Commencement Date (if that date is also an Entry Date), or if later, upon the next following Plan Entry Date (skip to Election 16). 

  

	(b)    [X]    	 Eligibility - same for all Contribution Types. To become a Participant in the Plan as to all
Contribution Types, an Eligible Employee must satisfy the following eligibility conditions (Choose one or more of (e) through (k). Choose column (1) for each option elected at (e) through
(j).): 

  

	(c)    [    ]    	 Eligibility - different conditions apply. To become a Participant in the Plan for the designated
Contribution Types, an Eligible Employee must satisfy the following eligibility conditions (either as to all Contribution Types or as to the designated Contribution Type) (Choose one or more of (d) through (k). Choose
Contribution Type as applicable.): 

 [Note: For this Election 14, unless described otherwise in Election 14(k), or the context
otherwise requires, Elective Deferrals includes Pre-Tax Deferrals, Roth Elective Deferrals and Employee Contributions, Matching includes all Matching Contributions (except Safe Harbor Matching Contributions
under Section 3.05(E)(3) and Operational QMACs under Section 3.03(C)(2)) and Nonelective includes all Nonelective Contributions (except Safe Harbor Nonelective Contributions under Section 3.05(E)(2) and Operational QNECs under Section
3.04(C)(2)). Safe Harbor includes Safe Harbor Nonelective and Safe Harbor Matching Contributions. If the Employer elects more than one Year of Service as to Additional Matching, the Plan will not satisfy the ACP test safe harbor. See
Section 3.05(F)(3).] 
  

																	
	 	  	 	  	 	  	(1)	  	 	  	(2)	  	(3)	  	(4)	  	(5)
	 	  	 	  	 	  	All	  	 	  	Elective	  	 	  	 	  	Safe
	 	  	 	  	 	  	Contributions	  	 	  	Deferrals	  	Matching	  	Nonelective	  	Harbor
	Eligibility Conditions	  		  		  		  		  	
									
	(d)	  	[    ]	  	None. Entry on the Employment Commencement Date (if that date is also an Entry Date) or if later, upon the next following Plan Entry Date.	  	N/A
 (See Election 14(a))
	  		  	[    ]	  	[    ]	  	[    ]	  	[    ]
									
	(e)	  	[X]	  	Age 21 (not to exceed age 21).	  	[X]	  	OR	  	[    ]	  	[    ]	  	[    ]	  	[    ]
									
	(f)	  	[    ]	  	One Year of Service. See Election 16(a).	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]	  	[    ]
									
	(g)	  	[    ]	  	Two Years of Service (without an intervening Break in Service). 100% vesting is required. [Note: Two Years of Service does not apply to Elective Deferrals, Safe Harbor Contributions or SIMPLE Contributions.]	  	N/A	  		  	N/A	  	[    ]	  	[    ]	  	N/A

  
 © 2014 Wells Fargo Bank, N.A. or
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 Volume Submitter 401(k) Plan 

 

																	
	(h)	  	[    ]	  	             month(s) (not exceeding 12 months for Elective Deferrals, Safe Harbor Contributions and SIMPLE Contributions and not exceeding 24 months for
other contributions). If more than 12 months, 100% vesting is required. Service need not be continuous (no minimum Hours of Service required, and is mere passage of time).	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]	  	[    ]
								
		  		  	[Note: While satisfying a months of service condition without an Hours of Service requirement involves the mere passage of time, the Plan need not apply the Elapsed Time Method in Election 12(c) above, and still may
elect the Actual Method in 12(a) above.]	  		  		  		  		  	
									
	(i)	  	[    ]	  	             month(s) with at least              Hours of Service in each month
(not exceeding 12 months for Elective Deferrals, Safe Harbor Contributions and SIMPLE Contributions and not exceeding 24 months for other contributions). If more than 12 months, 100% vesting is required. If the Employee does not complete
the designated Hours of Service each month during the specified monthly time period, the Employee is subject to the one Year of Service (or two Years of Service if elect more than 12 months) requirement as defined in Election 16. The months during
which the Employee completes the specified Hours of Service (Choose one of (1) or (2).):	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]	  	[    ]
									
		  	(1)	  	[    ]   Consecutive. Must be consecutive.	  		  		  		  		  		  	
									
		  	(2)	  	[    ]   Not consecutive. Need not be consecutive.	  		  		  		  		  		  	
									
	(j)	  	[    ]	  	             Hours of Service within the
                     time period following the Employee’s Employment Commencement Date (not exceeding 12 months for Elective
Deferrals, Safe Harbor Contributions and SIMPLE Contributions and not exceeding 24 months for other contributions). If more than 12 months, 100% vesting is required. If the Employee does not complete the designated Hours of Service during the
specified time period (if any), the Employee is subject to the one Year of Service (or two Years of Service if elect more than 12 months) requirement as defined in Election 16.	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]	  	[    ]

 [Note: The Employer may leave the time period option blank in Election 14(j) if the Employer wishes to impose an Hour of
Service requirement without specifying a time period within which an Employee must complete the required Hours of Service.] 
  

	(k)    [    ]	 Describe eligibility conditions:
                                         
                                         
                                         
                      

[Note: The Employer may use Election 14(k) to describe different eligibility conditions as to different Contribution Types or Employee groups (e.g., As to
all Contribution Types, no eligibility requirements for Division A Employees and one Year of Service as to Division B Employees). The Employer also may elect different ages for different Contribution Types and/or to specify different months
or Hours of Service requirements under Elections 14(h), (i), or (j) as to different Contribution Types. Any election must satisfy Code §410(a).] 

  
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 Volume Submitter 401(k) Plan 

 

 15. SPECIAL ELIGIBILITY EFFECTIVE DATE (DUAL ELIGIBILITY) (2.01(E)). The eligibility conditions
of Election 14 and the entry date provisions of Election 17 apply to all Employees unless otherwise elected below (Choose (a) or (b) if applicable.): 

[Note: Elections 15(a) or (b) may trigger a coverage failure under Code §410(b).] 

 

	(a)    [    ]	 Waiver of eligibility conditions for certain Employees. For all Contribution Types, the eligibility
conditions and entry dates apply solely to an Eligible Employee employed or reemployed by the Employer after                  (specify
date). If the Eligible Employee was employed or reemployed by the Employer by the specified date, the Employee will become a Participant on the latest of: (i) the Effective Date; (ii) the restated Effective Date; (iii) the
Employee’s Employment Commencement Date or Re-Employment Commencement Date; or (iv) the date the Employee attains age
                 (not exceeding age 21). 

[Note: If the Employer does not wish to impose an age condition under clause (iv) as part of the requirements for the eligibility
conditions waiver, leave the age blank.] 
  

	(b)    [    ]	 Describe special eligibility Effective Date(s):
                                       
                                         
                                        
                             

[Note: Under Election 15(b), the Employer may describe special eligibility Effective Dates as to a Participant group and/or Contribution Type (e.g.,
Eligibility conditions apply only as to Nonelective Contributions and solely as to the Eligible Employees of Division B who were hired or reemployed by the Employer after January 1, 2012).] 

16. YEAR OF SERVICE - ELIGIBILITY (2.02(A)). (Choose (a), (b), and (c) as applicable.): 

[Note: If the Employer under Election 14 elects a one or two Year(s) of Service condition (including any requirement which defaults to such conditions under
Elections 14(i), (j), and (k)) or elects to apply a Year of Service for eligibility under any other Adoption Agreement election, the Employer should complete this Election 16. The Employer should not complete Election 16 if it elects the Elapsed
Time Method for eligibility.] 
  

	(a)    [X]	 Year of Service. An Employee must complete 1,000 Hour(s) of Service during the relevant
Eligibility Computation Period to receive credit for one Year of Service under Article II. [Note: The number may not exceed 1,000. If left blank, the requirement is 1,000 Hours of Service.] 

 

	(b)    [X]	 Subsequent Eligibility Computation Periods. After the Initial Eligibility Computation Period described
in Section 2.02(C)(2), the Plan measures Subsequent Eligibility Computation Periods as (Choose one of (1), (2), or (3).): 

  

	 	(1)    [X]	 Plan Year. The Plan Year beginning with the Plan Year which includes the first anniversary of the
Employee’s Employment Commencement Date. 

  

	 	(2)    [    ]	 Anniversary Year. The Anniversary Year, beginning with the Employee’s second Anniversary Year.

  

	 	(3)    [    ]	 Split. The Plan Year as described in Election 16(b)(1) as to:
                 (describe Contribution Type(s)) and the Anniversary Year as described in Election 16(b)(2) as to:
                 (describe Contribution Type(s)). 

[Note: To maximize delayed entry under a two Years of Service condition for Nonelective Contributions or Matching Contributions, the Employer should elect
to remain on the Anniversary Year for such contributions.] 
  

	(c)    [    ]	 Describe:
                                        
                                         
                                         
                                         
                                         

 (e.g., Anniversary Year as to Division A and Plan Year as to Division B.) 

17. ENTRY DATE (2.02(D)). Entry Date means the Effective Date and (Choose one or more of (a) through (g). Choose
Contribution Types as applicable.): 
 [Note: For this Election 17, unless described otherwise in Election 17(g), Elective Deferrals includes Pre-Tax Deferrals, Roth Elective Deferrals and Employee Contributions, Matching includes all Matching Contributions (except Operational QMACs under Section 3.03(C)(2)) and Nonelective includes all Nonelective
Contributions (except Operational QNECs under Section 3.04(C)(2)). Entry as to Prevailing Wage Contributions is on the Employment Commencement Date. See Section 2.02(D)(3).] 

 

															
	 	  	 	  	 	  	(1)	  	 	  	(2)	  	(3)	  	(4)
	 	  	 	  	 	  	All	  	 	  	Elective	  	 	  	 
	 	  	 	  	 	  	Contributions	  	 	  	Deferrals	  	Matching	  	Nonelective
	(a)	  	[    ]	  	Semi-annual. The first day of the first month and of the seventh month of the Plan Year. 	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(b)	  	[    ]	  	First day of Plan Year.	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(c)	  	[    ]	  	First day of each Plan Year quarter.	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(d)	  	[    ]	  	The first day of each month.	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(e)	  	[X]	  	Immediate. Upon Employment Commencement Date or if later, upon satisfaction of eligibility conditions.	  	[X]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(f)	  	[    ]	  	First day of each payroll period.	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
			
	(g)	  	[X]	  	Describe Entry Date(s): The Plan provides for immediate eligibility and entry into the Plan but you will actually become a participant on the first administratively feasible payroll date following your
Employment Commencement Date.

  
 © 2014 Wells Fargo Bank, N.A. or
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 10 

 Volume Submitter 401(k) Plan 

 

 [Note: Under Election 17(g), the Employer may describe Entry Dates from the elections available under
Elections 17(a) through (f), or a combination thereof as to a Participant group and/or Contribution Type or may elect additional Entry Dates (e.g., As to Matching Contributions excluding Additional Matching, immediate as to Division A Employees and
semi-annual as to Division B Employees OR The earlier of the Plan’s semi-annual Entry Dates or the entry dates under the Employer’s medical plan).] 

18. PROSPECTIVE/RETROACTIVE ENTRY DATE (2.02(D)). An Employee after satisfying the eligibility conditions in Election 14 will become a
Participant (unless an Excluded Employee under Election 8) on the Entry Date (if employed on that date) (Choose one or more of (a) through (f). Choose Contribution Type as applicable.): 

[Note: Unless otherwise excluded under Election 8, an Employee who remains employed by the Employer on the relevant date must become a Participant by the
earlier of: (i) the first day of the Plan Year beginning after the date the Employee completes the age and service requirements of Code §410(a); or (ii) 6 months after the date the Employee completes those
requirements. For this Election 18, unless described otherwise in Election 18(f), Elective Deferrals includes Pre-Tax Deferrals, Roth Deferrals and Employee Contributions, Matching includes all Matching
Contributions (except Operational QMACs under Section 3.03(C)(2)) and Nonelective includes all Nonelective Contributions, (except Operational QNECs under Section 3.04(C)(2)).] 

 

															
	 	 	 	  	 	  	(1)	  	 	  	(2)	  	(3)	  	(4)
	 	 	 	  	 	  	 All

Contributions
	  	 	  	 Elective

Deferrals
	  	Matching	  	Nonelective
	(a)	 	[X]	  	Immediately following or coincident with the date the Employee completes the eligibility conditions.	  	[X]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(b)	 	[    ]	  	Immediately following the date the Employee completes the eligibility conditions.	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]
								
	(c)	 	[    ]	  	Immediately preceding or coincident with the date the Employee completes the eligibility conditions.	  	N/A	  		  	N/A	  	[    ]	  	[    ]
								
	(d)	 	[    ]	  	Immediately preceding the date the Employee completes the eligibility conditions.	  	N/A	  		  	N/A	  	[    ]	  	[    ]
								
	(e)	 	[    ]	  	Nearest the date the Employee completes the eligibility conditions.	  	N/A	  		  	N/A	  	[    ]	  	[    ]
			
	(f)	 	[    ]	  	Describe retroactive/prospective entry relative to Entry Date:
                                         
                                         
                                  

 [Note: Under Election 18(f), the Employer may describe the timing of entry relative to an Entry Date from the elections
available under Elections 18(a) through (e), or a combination thereof as to a Participant group and/or Contribution Type (e.g., As to Matching Contributions excluding Additional Matching nearest as to Division A Employees and immediately
following as to Division B Employees).] 
 19. BREAK IN SERVICE - PARTICIPATION (2.03). The one year
hold-out rule described in Section 2.03(C) (Choose one of (a), (b), or (c).): 
  

	(a)    [X]	 Does not apply. 

 

	(b)    [    ]	 Applies. Applies to the Plan and to all Participants. 

 

	(c)    [    ]	 Limited application. Applies to the Plan, but only to a Participant who has incurred a Severance from
Employment. 

 [Note: The Plan does not apply the rule of parity under Code §410(a)(5)(D) unless the Employer in
Appendix B specifies otherwise. See Section 2.03(D).] 
 ARTICLE III 

PLAN CONTRIBUTIONS AND FORFEITURES 
 20.
ELECTIVE DEFERRAL LIMITATIONS (3.02(A)). The following limitations apply to Elective Deferrals under Election 6(b), which are in addition to those limitations imposed under the basic plan document (Choose (a) or
choose (b) and (c) as applicable.): 
  

	(a)    [    ]	 None. No additional Plan imposed limits (skip to Election 21). 

[Note: The Employer under Election 20 may not impose a lower deferral limit applicable only to
Catch-Up Eligible Participants and the Employer’s elections must be nondiscriminatory. The elected limits apply to Pre-Tax Deferrals and to Roth Deferrals unless
described otherwise. Under a safe harbor plan: (i) NHCEs must be able to defer enough to receive the maximum Safe Harbor Matching and Additional Matching Contribution under the Plan and must be permitted to defer any lesser
amount; and (ii) the Employer may limit Elective Deferrals to a whole percentage of Compensation or to a whole dollar amount. See Section 1.57(C) as to administrative limitations on Elective Deferrals.] 

  
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 Volume Submitter 401(k) Plan 

 

	(b)    [X]	 Additional Plan limit(s). (Choose (1) and (2) as applicable. Complete
(3) if (1) or (2) is chosen.): 

  

	(1)    [X]	 Maximum deferral amount. A Participant’s Elective Deferrals may not exceed: 60% (specify dollar
amount and/or percentage of Compensation). 

  

	(2)    [X]	 Minimum deferral amount. A Participant’s Elective Deferrals may not be less than: 1% (specify
dollar amount and/or percentage of Compensation). 

  

	(3)	 Application of limitations. The Election 20(b)(1) and (2) limitations apply based on Elective
Deferral Compensation described in Elections 9 - 11. If the Employer elects Plan Year/Participating Compensation under column (1) and in Election 10 elects Participating Compensation, in the Plan Years commencing after an Employee becomes a
Participant, apply the elected minimum or maximum limitations to the Plan Year. Apply the elected limitation based on such Compensation during the designated time period and only to HCEs as elected below. (Choose a. or choose b. and c. as
applicable. Under each of a., b., or c. choose one of (1) or (2). Choose (3) if applicable.): 

  

											
	 	  	 	  	 	  	(1)	  	(2)	  	(3)
	 	  	 	  	 	  	 Plan Year/Participating

Compensation
	  	 Payroll

period
	  	HCEs
only
	a.	  	[X]	  	Both. Both limits under Elections 20(b)(1) and (2).	  	[X]	  	[    ]	  	[    ]
						
	b.	  	[    ]	  	Maximum limit. The maximum amount limit under Election 20(b)(1).	  	[    ]	  	[    ]	  	[    ]
						
	c.	  	[    ]	  	Minimum limit. The minimum amount limit under Election 20(b)(2).	  	[    ]	  	[    ]	  	[    ]

  

	(c)    [    ]	 Describe Elective Deferral limitation(s):
                                         
                                         
                                         
                                  

[Note: Under Election 20(c), the Employer: (i) may describe limitations on Elective Deferrals from the elections available under
Elections 20(a) and (b) or a combination thereof as to a Participant group (e.g., No limit applies to Division A Employees. Division B Employees may not defer in excess of 10% of Plan Year Compensation); (ii) may elect a different
time period to which the limitations apply; and/or (iii) may apply a different limitation to Pre-Tax Deferrals and to Roth Deferrals.] 

21. AUTOMATIC DEFERRAL (ACA/EACA/QACA) (3.02(B)). The Automatic Deferral provisions of Section 3.02(B) (Choose one
of (a) or (b). Also see Election 34 regarding Automatic Escalation of Salary Reduction Agreements.): 
  

									
	(a)	  	[    ]	  	Do not apply. The Plan is not an ACA, EACA, or QACA (skip to Election 22).
			
	(b)	  	[X]	  	Apply. The Automatic Deferral Effective Date is the effective date of automatic deferrals or, as appropriate, any subsequent amendment thereto. (As to an EACA or QACA, this provision may not be effective
earlier than Plan Years beginning on or after January 1, 2008). (Complete (1), (2), and (3). Complete (4) and (5) if an EACA or an EACA/QACA. Choose (6), (7), and/or (8) as
applicable.):
			
		  	(1)	  	Type of Automatic Deferral Arrangement. The Plan is an (Choose one of a., b., or c.):
					
		  		  	a.	  	[X]	  	ACA. The Plan is an Automatic Contribution Arrangement (ACA) under Section 3.02(B)(1).
					
		  		  	b.	  	[    ]	  	EACA. The Plan is an Eligible Automatic Contribution Arrangement (EACA) under Section 3.02(B)(2).
					
		  		  	c.	  	[    ] 	  	EACA/QACA. The Plan is a combination EACA and Qualified Automatic Contribution Arrangement (QACA) under Sections 3.02(B)(3) and 3.05(J).

 [Note: If the Employer chooses Elections 21(b)(1)c, the Employer also must choose election 6(e) and complete Election 30 as
to the Safe Harbor Contributions under the QACA.] 
  

							
	(2)	  	Participants affected. The Automatic Deferral applies to (Choose one of a., b., c., or d. Choose e. if applicable.):
				
		  	a.	  	[    ]	  	All Participants. All Participants, regardless of any prior Salary Reduction Agreement, unless and until they make a Contrary Election after the Automatic Deferral Effective Date.
				
		  	b.	  	[    ]	  	Election of at least Automatic Deferral Percentage. All Participants, except those who have in effect a Salary Reduction Agreement on the Automatic Deferral Effective Date provided that the Elective Deferral amount under the
Agreement is at least equal to the Automatic Deferral Percentage.
				
		  	c.	  	[X]	  	No existing Salary Reduction Agreement. All Participants, except those who have in effect a Salary Reduction Agreement on the Automatic Deferral Effective Date regardless of the Elective Deferral amount under the
Agreement.
				
		  	d.	  	[    ]	  	 New Participants (not applicable to QACA). Each Employee whose Entry Date is on or following the Automatic Deferral Effective
Date.
  

		  	e.	  	[    ]	  	Describe affected Participants (not applicable to QACA):
                                         
                                         
                              

 [Note: The Employer in Election 21(b)(2)e. may further describe affected Participants, e.g., non-Collective Bargaining Employees OR Division A Employees. However, for Plan Years commencing on or after January 1, 2010, all Employees eligible to defer must be Covered Employees to apply the 6-month correction period without excise tax under Code §4979.] 

  
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 Volume Submitter 401(k) Plan 

 

	 	(3)	 Automatic Deferral Percentage/Scheduled increases. (Choose one of a., b., or c.):

  

					
	a.	  	[X]	  	Fixed percentage. The Employer, as to each Participant affected, will withhold as the Automatic Deferral Percentage, 5% from the Participant’s Compensation each payroll period unless the Participant makes a Contrary
Election. The Automatic Deferral Percentage will or will not increase in Plan Years following the Plan Year containing the Automatic Deferral Effective Date (or, if later, the Plan Year or partial Plan Year in which the Automatic Deferral first
applies to a Participant) as follows (Choose one of d., e., or f.):

 [Note: In order to satisfy the QACA requirements, enter an amount between 6% and 10% if no scheduled increase.]

  

					
	b.	  	[    ]	  	QACA statutory increasing schedule. The Automatic Deferral Percentage will be:

  

			
	
Plan Year of application to a Participant
	  	 Automatic Deferral Percentage

	 1
	  	3%
	 2
	  	3%
	 3
	  	4%
	 4
	  	5%
	 5 and thereafter
	  	6%

  

					
	c.	  	[    ]	  	Other increasing schedule. The Automatic Deferral Percentage will be:

  

			
	
Plan Year of application to a Participant
	  	 Automatic Deferral Percentage

	
            
	  	
            %

	
            
	  	
            %

	
            
	  	
            %

	
            
	  	
            %

	
            
	  	
            %

  

					
	d.	  	[X]	  	No scheduled increase. The Automatic Deferral Percentage applies in all Plan Years.
			
	e.	  	[    ]	  	Automatic increase. The Automatic Deferral Percentage will increase by             % per year up to a maximum
of             % of Compensation.
			
	f.	  	[    ]	  	Describe
increase:                                       
                                         
                                         
                                         
          

 [Note: To satisfy the QACA requirements, the Automatic Deferral Percentage must be: (i) a fixed
percentage which is at least 6% and not more than 10% of Compensation; (ii) an increasing Automatic Deferral Percentage in accordance with the schedule under Election 20(b)(3)b.; or (iii) an alternative schedule
which must require, for each Plan Year, an Automatic Deferral Percentage that is at least equal to the Automatic Deferral Percentage under the schedule in Election 21(b)(3)b. and which does not exceed 10%. See
Section 3.02(B)(3).] 
  

	 	(4)	 EACA permissible withdrawal. The permissible withdrawal provisions of Section 3.02(B)(2)(d)
(Choose one of a., b., or c.): 

  

					
	a.	  	[    ]	  	Do not apply.
			
	b.	  	[    ]	  	90 day withdrawal. Apply within 90 days of the first Automatic Deferral.
			
	c.	  	[    ]	  	30-90 day withdrawal. Apply, within          days of the first Automatic Deferral (may not be less than 30 nor more than 90
days).

  

	 	(5)	 Contrary Election/Covered Employee. For Plan Years beginning on or after January 1, 2010, any
Participant who makes a Contrary Election (Choose one of a. or b.; leave blank if an ACA or a QACA not subject to the ACP test.): 

  

					
	a.	  	[    ]	  	Covered Employee. Is a Covered Employee and continues to be covered by the EACA provisions. [Note: Under this Election, the Participant’s Contrary Election will remain in effect, but the Participant must receive the
EACA annual notice.]
			
	b.	  	[    ]	  	Not a Covered Employee. Is not a Covered Employee and will not continue to be covered by the EACA provisions. [Note: Under this Election, the Participant no longer must receive the EACA annual notice, but the Plan cannot
use the six-month period for relief from the excise tax of Code §4979(f)(1).]

  

	 	(6)	 Change Date. The Elective Deferrals under Election 21(b)(3)b., c., e., or f. will increase on the
following day each Plan Year: 

  

					
	a.	  	[    ]	  	First day of the Plan Year.
			
	b.	  	[    ]	  	Other:
                                         
                                         
                                         
                                         
                            
		  		  	(must be a specified or definitely determinable date that occurs at least annually)

  

	 	(7)	 First Year of Increase. The automatic increase under Election 21(b)(3)e. or f. will apply to a
Participant beginning with the first Change Date after the Participant first has automatic deferrals withheld, unless a. is selected below: 

 

					
	a.	  	[    ]	  	The increase will apply as of the second Change Date thereafter.

  

	 	(8)    [    ]	 Describe Automatic Deferral:
                                         
                                         
                                         
                                  

  
 © 2014 Wells Fargo Bank, N.A. or
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 Volume Submitter 401(k) Plan 

 

 [Note: Under Election 21(b)(8), the Employer may describe Automatic Deferral provisions from the elections
available under Election 21 and/or a combination thereof as to a Participant group (e.g., Automatic Deferrals do not apply to Division A Employees. All Division B Employee/Participants are subject to an Automatic Deferral Amount equal to 3%
of Compensation effective as of January 1, 2013).] 
 22. CODA (3.02(C)). The CODA provisions of
Section 3.02(C) (Choose one of (a) or (b).): 
  

					
	(a)	  	[X]	  	Do not apply.
			
	(b)	  	[    ]	  	Apply. For each Plan Year for which the Employer makes a designated CODA contribution under Section 3.02(C), a Participant may elect to receive directly in cash not more than the following portion (or, if less, the
Elective Deferral Limit) of his/her proportionate share of that CODA contribution (Choose one of (1) or (2).):
			
		  	(1)	  	[     ] All or any portion.
			
		  	(2)	  	[     ]         %

 23. CATCH-UP DEFERRALS (3.02(D)). The Plan permits Catch-Up Deferrals unless the Employer elects otherwise below. (Choose (a) if applicable.) 
  

							
		 	(a)	  	[    ]	  	Not Permitted. May not make Catch-Up Deferrals to the Plan.

 24. MATCHING CONTRIBUTIONS (EXCLUDING SAFE HARBOR MATCH AND ADDITIONAL MATCH UNDER SECTION 3.05) (3.03(A)). The
Employer Matching Contributions under Election 6(c) are subject to the following additional elections regarding type (discretionary/fixed), rate/amount, limitations and time period (collectively, such elections are “the matching formula”)
and the allocation of Matching Contributions is subject to Section 3.06 except as otherwise provided (Choose one or more of (a) through (g) as applicable; then, for the elected match, complete (1), (2), and/or
(3) as applicable. If the Employer completes (2) or (3), also complete one of (4), (5), or (6).): 
 [Note: If
the Employer wishes to make any Matching Contributions that satisfy the ADP or ACP safe harbor, the Employer should make these Elections under Election 30, and not under this Election 24.] 

 

																	
	 	  	 	  	 	  	(1)	  	(2)	  	(3)	  	(4)	  	(5)	  	(6)
	 	  	 	  	 	  	Match Rate/Amt
[$/% of Elective
Deferrals]	  	 Limit on
Deferrals
Matched

[$/% of
Compensation]
	  	Limit on
Match Amount
[$/% of
Compensation]	  	 Apply

limit(s) per
 Plan Year
[“true-up”]
	  	 Apply

limit(s) per

payroll
 period [no
“true-up”]
	  	 Apply

limit(s) per

designated
 time
period
 [no “true-up”]

																			
	(a)	  	[X]	  	Discretionary – see Section 1.35(B) (The Employer may, but is not required to complete (a)(1)-(6). See the “Note” following Election 24.) 	  		  	        	  	        	  	        	  	[     ]	  	[     ]	  	[     ]        
		  		  		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  	
	(b)	  	[     ]	  	 Fixed – uniform

rate/amount
	  		  		  		  		  	[     ]	  	[     ]	  	[     ]        
										
	(c)	  	[     ]	  	Fixed – tiered	  	 Elective

Deferral%
	  	 Matching

Rate
	  		  		  	[     ]	  	[     ]	  	[     ]        
		  		  		  	        %	  	        %	  		  		  		  		  	
		  		  		  	        %	  	        %	  		  		  		  		  	
		  		  		  	        %	  	        %	  		  		  		  		  	
		  		  		  	        %	  	        %	  		  		  		  		  	
		  		  		  		  		  		  		  		  		  	
	(d)	  	[     ]	  	Fixed – Years of Service	  	 Years

of Service
	  	 Matching

Rate
	  		  		  	[     ]	  	[     ]	  	[     ]        
		  		  		  	        	  	        %	  		  		  		  		  	
		  		  		  	        	  	        %	  		  		  		  		  	
		  		  		  	        	  	        %	  		  		  		  		  	
		  		  		  	        	  	        %	  		  		  		  		  	
		  		  		  		  		  		  		  		  		  	
		  	(1)	  	 “Years of Service” under this Election 24(d) means (Choose one of a. or b.):

 
	  		  	
		  		  	a.         [     ]    Eligibility. Years of Service for eligibility in Election 16.	  	
				
		  		  	b.         [     ]    Vesting. Years of Service for vesting in Elections 43 and 44.	  	
	(e)	  	 [     ]   Fixed – multiple Formula 1:

           Formulas
	  		  		  		  	[     ]	  	[     ]	  	[     ]         
		  		  		  		  		  		  		  		  		  	
		  	                                    
    Formula 2:	  		  		  		  	[     ]	  	[     ]	  	[     ]        
		  	                                    
    Formula 3:	  		  		  		  	[     ]	  	[     ]	  	[     ]        

  
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 Volume Submitter 401(k) Plan 

 

									
	(f)	 	[X]	 	Related and Participating Employers. If any Related and Participating Employers (or in the case of a Multiple Employer Plan, Participating Employers regardless of whether they are Related Employers) contribute
Matching Contributions to the Plan, the following apply (Complete (1) and (2).):
			
		 	(1)	 	Matching formula. The matching formula for the Participating Employer(s) (Choose one of a. or b.):
					
		 		 	a.	  	[X]	  	All the same. Is (are) the same as for the Signatory Employer under this Election 24.
					
		 		 	b.	  	[    ]	  	At least one different. Is (are) as follows:                      .
			
		 	(2)	 	Allocation sharing. The Plan Administrator will allocate the Matching Contributions made by the Signatory Employer and by any Participating Employer (Choose one of a. or b.):
					
		 		 	a.	  	[    ]	  	Employer by Employer. Only to the Participants directly employed by the contributing Employer.
					
		 		 	b.	  	[X]	  	Across Employer lines. To all Participants regardless of which Employer directly employs them and regardless of whether their direct Employer made Matching Contributions for the Plan Year.

 [Note: Unless the Plan is a Multiple Employer Plan, the Employer should not elect 24(f) unless there are Related Employers
which are also Participating Employers. See Section 1.24(D).] 
  

									
	(g)	 	[    ]	 	Describe:
                                       
                                         
                                         
                                         
              
		 		 	(The formula described must satisfy the definitely determinable requirement under Treas. Reg. §1.401-1(b). If the formula is
non-uniform, it is not a design-based safe harbor for nondiscrimination purposes.)

 [Note: See Section 1.35(A) as to Fixed Matching Contributions. A Participant’s Elective Deferral percentage is
equal to the Participant’s Elective Deferrals divided by his/her Compensation. The matching rate/amount is the specified rate/amount of match for the corresponding Elective Deferral amount/percentage. Any Matching Contributions apply to Pre-Tax Deferrals and to Roth Deferrals unless described otherwise in Election 24(g). Matching Contributions for nondiscrimination testing purposes are subject to the targeting limitations. See Section 4.10(D).
The Employer under Election 24(a) in its discretion may determine the amount of a Discretionary Matching Contribution and the matching contribution formula. Alternatively, the Employer in Election 24(a) may specify the Discretionary Matching
Contribution formula.] 
 25. QMAC (PLAN-DESIGNATED) (3.03(C)(1)). The following provisions apply regarding Plan-Designated QMACs
(Choose one of (a) or (b).): 
 [Note: Regardless of its elections under this Election 25, the Employer under Section 3.03(C)(2) may
elect for any Plan Year where the Plan is using Current Year Testing to make Operational QMACs which the Plan Administrator will allocate only to NHCEs for purposes of correction of an ADP or ACP test failure.] 

 

									
	(a)	 	[X]	  	Not applicable. There are no Plan-Designated QMACs.
			
	(b)	 	[    ]	  	Applies. There are Plan-Designated QMACs to which the following provisions apply (Complete (1) and (2).):
			
		 	(1)	  	Matching Contributions affected. The following Matching Contributions (as allocated to the designated allocation group under Election 25(b)(2)) are Plan-Designated QMACs (Choose one of a. or b.):
					
		 		  	a.	  	[    ]	  	All. All Matching Contributions.
					
		 		  	b.	  	[    ]	  	Designated. Only the following Matching Contributions under Election 24:                     .
			
		 	(2)	  	Allocation Group. Subject to Section 3.06, allocate the Plan-Designated QMAC (Choose one of a. or b.):
					
		 		  	a.	  	[    ]	  	NHCEs only. Only to NHCEs who make Elective Deferrals subject to the Plan-Designated QMAC.
					
		 		  	b.	  	[    ]	  	All Participants. To all Participants who make Elective Deferrals subject to the Plan-Designated QMAC.

 The Plan Administrator will allocate all other Matching Contributions as Regular Matching Contributions under
Section 3.03(B), except as provided in Sections 3.03(C)(2) or 3.05. 
 [Note: See Section 4.10(D) as to targeting limitations applicable to
QMAC nondiscrimination testing.] 

  
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 Volume Submitter 401(k) Plan 

 

 26. MATCHING CATCH-UP DEFERRALS (3.03(D)). If a
Participant makes a Catch-Up Deferral, the Employer (Choose one of (a) or (b); leave blank if Election 23(a) is selected.): 

 

							
	(a)	  	[X]	  	Match. Will apply to the Catch-Up Deferral (Choose one of (1) or (2).):
				
		  	(1)	  	[X]	  	All. All Matching Contributions.
				
		  	(2)	  	[ ]	  	Designated. The following Matching Contributions in Election 24:
                        .
			
	(b)	  	[ ]	  	No Match. Will not match any Catch-Up Deferrals.

 [Note: Election 26 does not apply to a safe harbor 401(k) plan unless the Employer will apply the ACP test. See Elections
38(a)(2)b. In this case, Election 26 applies only to Additional Matching, if any. A safe harbor 401(k) Plan will apply the Basic Match, QACA Basic Match or Enhanced Match to Catch-Up Deferrals. If the Employer
elects to apply the ACP test safe harbor under Election 38(a)(2)a., Election 26 does not apply and the Plan also will apply any Additional Match to Catch-Up Deferrals.] 

27. NONELECTIVE CONTRIBUTIONS (TYPE/AMOUNT) INCLUDING PREVAILING WAGE CONTRIBUTIONS (3.04(A)). The Employer Nonelective Contributions under
Election 6(d) are subject to the following additional elections as to type and amount (Choose one or more of (a) through (e) as applicable.): 
  

							
	(a)	  	[    ]	  	Discretionary. An amount the Employer in its sole discretion may determine.
			
	(b)	  	[    ]	  	Fixed. (Choose one or more of (1) through (3) as applicable.):
				
		  	(1)	  	[    ]	  	Uniform %.         % of each Participant’s Compensation, per
                         (e.g., Plan Year, month).
				
		  	(2)	  	[    ]	  	Fixed dollar amount. $        , per                      (e.g., Plan
Year, month, HOS, per Participant per month).
				
		  	(3)	  	[    ]	  	Describe:
                                         
                                         
                                         
                                         
    
		  		  		  	(The formula described must satisfy the definitely determinable requirement under Treas. Reg. §1.401-1(b). If the formula is non-uniform, it is
not a design-based safe harbor for nondiscrimination purposes.)

 [Note: The Employer under Election 27(b)(3) may specify any Fixed Nonelective Contribution formula not described under
Elections 27(b)(1) or (2) (e.g., For each Plan Year, 2% of net profits exceeding $50,000, or The cash value of unused paid time off, as described in Section 3.04(A)(2)(a) and the Employer’s Paid Time Off Plan) and/or the
Employer may describe different Fixed Nonelective Contributions as applicable to different Participant groups (e.g., A Fixed Nonelective Contribution equal to 5% of Plan Year Compensation applies to Division A Participants and a Fixed Nonelective
Contribution equal to $500 per Participant each Plan Year applies to Division B Participants).] 
  

							
	(c)	  	[    ]	  	Prevailing Wage Contribution. The Prevailing Wage Contribution amount(s) specified for the Plan Year or other applicable period in the Employer’s Prevailing Wage Contract(s). The Employer will make a
Prevailing Wage Contribution only to Participants covered by the Contract and only as to Compensation paid under the Contract. The Employer must specify the Prevailing Wage Contribution by attaching an appendix to the Adoption Agreement that
indicates the contribution rate(s) applicable to the prevailing wage employment/job classification(s). If the Participant accrues an allocation of Employer Contributions (including forfeitures) under the Plan or any other Employer plan in addition
to the Prevailing Wage Contribution, the Plan Administrator will (Choose one of (1) or (2).):
				
		  	(1)	  	[    ]	  	No offset. Not reduce the Participant’s Employer Contribution allocation by the amount of the Prevailing Wage Contribution.
				
		  	(2)	  	[    ]	  	Offset. Reduce the Participant’s Employer Contribution allocation by the amount of the Prevailing Wage Contribution.
			
	(d)	  	[    ]	  	Related and Participating Employers. If any Related and Participating Employers (or in the case of a Multiple Employer Plan, Participating Employers regardless of whether they are Related Employers) contribute
Nonelective Contributions to the Plan, the contribution formula(s) (Choose one of (1) or (2).):
				
		  	(1)	  	[    ]	  	All the same. Is (are) the same as for the Signatory Employer under this Election 27.
				
		  	(2)	  	[    ]	  	At least one different. Is (are) as follows:
                                         
                                         
                                   .

 [Note: Unless the Plan is a Multiple Employer Plan, the Employer should not elect 27(d) unless there are Related Employers
which are also Participating Employers. See Section 1.24(D). The Employer electing 27(d) also must complete Election 28(g) as to the allocation methods which apply to the Participating Employers.] 

 

							
				
		  	(e)	  	[    ]	  	Describe:
                                         
                                         
                                         
                                         
        
		  		  		  	(The formula described must satisfy the definitely determinable requirement under Treas. Reg. §1.401-1(b). If the formula is non-uniform, it is not a design-based safe harbor for nondiscrimination purposes.)

 [Note: Under Election 27(e), the Employer may describe the amount and type of Nonelective Contributions from the elections
available under Election 27 and/or a combination thereof as to a Participant group (e.g., A Discretionary Nonelective Contribution applies to Division A Employees. A Fixed Nonelective Contribution equal to 5% of Plan Year Compensation applies
to Division B Employees).] 

  
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	28. NONELECTIVE CONTRIBUTION ALLOCATION (3.04(B)). The Plan Administrator, subject to Section 3.06, will allocate to each Participant any Nonelective Contribution (excluding QNECs) under the following
contribution allocation formula (Choose one or more of (a) through (h) as applicable.):
			
	(a)	 	[    ]	 	Pro rata. As a uniform percentage of Participant Compensation.
			
	(b)	 	[    ]	 	Permitted disparity. In accordance with the permitted disparity allocation provisions of Section 3.04(B)(2), under which the following permitted disparity formula and definition of “Excess
Compensation” apply (Complete (1) and (2).):
			
		 	(1)	 	Formula (Choose one of a., b., or c.):
					
		 		 	a.	 	[    ]	  	Two-tiered.
					
		 		 	b.	 	[    ]	  	Four-tiered.
					
		 		 	c.	 	[    ]	  	Two-tiered, except that the four-tiered formula will apply in any Plan Year for which the Plan is top-heavy.
			
		 	(2)	 	Excess Compensation. For purposes of Section 3.04(B)(2), “Excess Compensation” means Compensation in excess of the integration level provided below (Choose one of a. or b.):
					
		 		 	a.	 	[    ]	  	Percentage amount.         % (not exceeding 100%) of the Taxable Wage Base in effect on the first day of the Plan Year, rounded to the next highest
$         (not exceeding the Taxable Wage Base).
					
		 		 	b.	 	[    ]	  	Dollar amount. The following amount: $         (not exceeding the Taxable Wage Base in effect on the first day of the Plan Year).
			
	(c)	 	[    ]	 	Incorporation of contribution formula. The Plan Administrator will allocate any Fixed Nonelective Contribution under Elections 27(b), 27(d), or 27(e), or any Prevailing Wage Contribution under
Election 27(c), in accordance with the contribution formula the Employer adopts under those Elections.
			
	(d)	 	[    ]	 	Classifications of Participants. [This is a nondesigned based safe harbor allocation method.] In accordance with the classifications allocation provisions of Section 3.04(B)(3).
(Complete (1) and (2).):
			
		 	(1)	 	Description of the classifications. [This is a nondesigned based safe harbor allocation method.] The classifications are (Choose one of a., b., or c.):
	
	[Note: Typically, the Employer would elect 28(d) where it intends to satisfy nondiscrimination requirements using “cross-testing” under Treas. Reg.
§1.401(a)(4)-8. However, choosing this election does not necessarily require application of cross-testing and the Plan may be able to satisfy nondiscrimination as to its classification-based
allocations by testing allocation rates.]
					
		 		 	a.	 	[    ]	  	Each in own classification. Each Participant constitutes a separate classification.
					
		 		 	b.	 	[    ]	  	NHCEs/HCEs. Nonhighly Compensated Employee/Participants and Highly Compensated Employee/Participants.
					
		 		 	c.	 	[    ]	  	Describe the classifications:
                                         
                                         
                                         
 
	
	[Note: Any classifications under Election 28(d) must result in a definitely determinable allocation under Treas. Reg. §1.401-1(b)(1)(ii). The classifications
cannot limit the NHCEs benefiting under the Plan only to those NHCE/Participants with the lowest Compensation and/or the shortest periods of Service and who may represent the minimum number of benefiting NHCEs necessary to pass coverage under Code
§410(b). In the case of a self-employed Participant (i.e., sole proprietorships or partnerships), the requirements of Treas. Reg. §1.401(k)-1(a)(6) apply and the
allocation method should not result in a cash or deferred election for the self-employed Participant. The Employer by the due date of its tax return (including extensions) must advise the Plan Administrator or Trustee in writing as to the allocation
rate applicable to each Participant under Election 28(d)(1)a. or applicable to each classification under Elections 28(d)(1)b. or c. for the allocation Plan Year.]
			
		 	(2)	 	Allocation method within each classification. Allocate the Nonelective Contribution within each classification as follows (Choose one of a., b., or c.):
					
		 		 	a.	 	[    ]	  	Pro rata. As a uniform percentage of Compensation of each Participant within the classification.
					
		 		 	b.	 	[    ]	  	Flat dollar. The same dollar amount to each Participant within the classification.
					
		 		 	c.	 	[    ]	  	Describe:
                                         
                                         
                                         
                         
		 		 		  	(e.g., Allocate pro rata to NHCEs and flat dollar to HCEs.)
			
	(e)	 	[    ]	 	Age-based. [This is a nondesigned based safe harbor allocation method.] In accordance with the age-based
allocation provisions of Section 3.04(B)(5). The Plan Administrator will use the Actuarial Factors based on the following assumptions (Complete both (1) and (2).):
			
		 	(1)	 	Interest rate. (Choose one of a., b., or c.):
			
		 		 	a.     [    ]     7.5%                    
b.    [    ]     8.0%                 c.     [    ]
    8.5%

  
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		 	(2)	 	Mortality table. (Choose one of a. or b.):
					
		 		 	a.	 	[    ]	  	UP-1984. See Appendix D.
					
		 		 	b.	 	[    ]	  	Alternative: (Specify 1983 GAM, 1983 IAM, 1971 GAM or 1971 IAM and attach applicable tables using such mortality table and the specified interest rate as replacement Appendix D.)
				
		 	(f)	 	[    ]	 	Uniform points. In accordance with the uniform points allocation provisions of Section 3.04(B)(6). Under the uniform points allocation formula, a Participant receives (Choose one or both of
(1) and (2). Choose (3) if applicable.):
				
		 	(1)	 	[    ]	 	Years of Service.                          point(s) for each Year of Service. The
maximum number of Years of Service counted for points is                         .
			
		 		 	“Year of Service” under this Election 28(f) means (Choose one of a. or b.):
					
		 		 	a.	 	[    ]	  	Eligibility. Years of Service for eligibility in Election 16.
					
		 		 	b.	 	[    ]	  	Vesting. Years of Service for vesting in Elections 43 and 44.
	
	[Note: A Year of Service must satisfy Treas. Reg. §1.401(a)(4)-11(d)(3) for the uniform points allocation to qualify as a safe harbor allocation under Treas.
Reg. §1.401(a)(4)-2(b)(3).]
				
		 	(2)	 	[    ]	 	Age.                          point(s) for each year of age attained during the Plan
Year.
				
		 	(3)	 	[    ]	 	Compensation.                                
point(s) for each $         (not to exceed $200) increment of Plan Year Compensation.
			
	(g)	 	[    ]	 	Related and Participating Employers. If any Related and Participating Employers (or in the case of a Multiple Employer Plan, Participating Employers regardless of whether they are Related Employers) contribute
Nonelective Contributions to the Plan, the Plan Administrator will allocate the Nonelective Contributions made by the Participating Employer(s) under Election 27(d) (Complete (1) and (2).):
			
		 	(1)	 	Allocation Method. (Choose one of a. or b.):
					
		 		 	a.	 	[    ]	  	All the same. Using the same allocation method as applies to the Signatory Employer under this Election 28.
					
		 		 	b.	 	[    ]	  	At least one different. Under the following allocation method(s):
                                         
   .
			
		 	(2)	 	Allocation sharing. The Plan Administrator will allocate the Nonelective Contributions made by the Signatory Employer and by any Participating Employer (Choose one of a. or b.):
					
		 		 	a.	 	[    ]	  	Employer by Employer. Only to the Participants directly employed by the contributing Employer.
					
		 		 	b.	 	[    ]	  	Across Employer lines. To all Participants regardless of which Employer directly employs them and regardless of whether their direct Employer made Nonelective Contributions for the Plan Year.
	
	[Note: Unless the Plan is a Multiple Employer Plan, the Employer should not elect 28(g) unless there are Related Employers which are also Participating Employers. See Section 1.24(D) and Election
27(d). If the Employer elects 28(g)(2)a., the Employer should also elect 11(k)(2), to disregard the Compensation paid by “Y” Participating Employer in determining the allocation of the “X” Participating Employer contribution to a
Participant (and vice versa) who receives Compensation from both X and Y. If the Employer elects 28(g)(2)b., the Employer should not elect 11(k)(2). Election 28(g)(2)a. does not apply to Safe Harbor Nonelective Contributions.] 
			
	(h)	 	[    ]	 	Describe:
                                         
                                         
                                         
                                         
            
		 		 	(The formula described must satisfy the definitely determinable requirement under Treas. Reg. §1.401-1(b). If the formula is
non-uniform, it is not a design-based safe harbor for nondiscrimination purposes.)
	
	29. QNEC (PLAN-DESIGNATED) (3.04(C)(1)). The following provisions apply regarding Plan-Designated QNECs (Choose one of (a) or (b).):
	
	[Note: Regardless of its elections under this Election 29, the Employer under Section 3.04(C)(2) may elect for any Plan Year where the Plan is using Current Year Testing to make Operational QNECs
which the Plan Administrator will allocate only to NHCEs for purposes of correction of an ADP or ACP test failure.]
			
	(a)	 	[    ]	 	Not applicable. There are no Plan-Designated QNECs.
			
	(b)	 	[    ]	 	Applies. There are Plan-Designated QNECs to which the following provisions apply (Complete (1), (2), and (3).):
			
		 	(1)	 	Nonelective Contributions affected. The following Nonelective Contributions (as allocated to the designated allocation group under Election 29(b)(2)) are Plan-Designated QNECs (Choose one of a. or
b.):
					
		 		 	a.	 	[    ]	  	All. All Nonelective Contributions.
					
		 		 	b.	 	[    ]	  	Designated. Only the following Nonelective Contributions under Election 27:
                                         
   .

  
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		 	(2)	 	Allocation Group. Subject to Section 3.06, allocate the Plan-Designated QNEC (Choose one of a. or b.):
					
		 		 	a.	 	[    ]	  	NHCEs only. Only to NHCEs under the method elected in Election 29(b)(3).
					
		 		 	b.	 	[    ]	  	All Participants. To all Participants under the method elected in Election 29(b)(3).
			
		 	(3)	 	Allocation Method. The Plan Administrator will allocate a Plan-Designated QNEC using the following method (Choose one of a., b., c., or d.):
					
		 		 	a.	 	[    ]	  	Pro rata.
					
		 		 	b.	 	[    ]	  	Flat dollar.
					
		 		 	c.	 	[    ]	  	Reverse. See Section 3.04(C)(3).
					
		 		 	d.	 	[    ]	  	Describe:
                                         
                                         
                                         
                         
		 		 		 		  	(The formula described must satisfy the definitely determinable requirement under Treas. Reg. §1.401-1(b). If the formula is non-uniform, it is
not a design-based safe harbor for nondiscrimination purposes.)
	
	[Note: See Section 4.10(D) as to targeting limitations applicable to QNEC nondiscrimination testing.]
	
	30. SAFE HARBOR 401(k) PLAN (SAFE HARBOR CONTRIBUTIONS/ADDITIONAL MATCHING CONTRIBUTIONS) (3.05). The Employer under Election 6(e) will (or in the case of the Safe Harbor Nonelective Contribution may)
contribute the following Safe Harbor Contributions described in Section 3.05(E) and will or may contribute Additional Matching Contributions described in Section 3.05(F) (Choose one of (a) through (e) when and as
applicable. Complete (f) and (i). Choose (g), (h), and (j) as applicable.):
			
	(a)	 	[    ]	 	Safe Harbor Nonelective Contribution (including QACA). The Safe Harbor Nonelective Contribution equals         % of a Participant’s Compensation [Note: The
amount in the blank must be at least 3%. The Safe Harbor Nonelective Contribution applies toward (offsets) most other Employer Nonelective Contributions. See Section 3.05(E)(12).]
			
	(b)	 	[    ]	 	Safe Harbor Nonelective Contribution (including QACA)/delayed year-by-year election (maybe and supplemental notices). In
connection with the Employer’s provision of the maybe notice under Section 3.05(I)(1), the Employer elects into safe harbor status by giving the supplemental notice and by making this Election 30(b) to provide for a Safe
Harbor Nonelective Contribution equal to             % (specify amount at least equal to 3%) of a Participant’s Compensation. This Election 30(b) and safe harbor status
applies for the Plan Year ending:                      (specify Plan Year end), which is the Plan Year to which the Employer’s
maybe and supplemental notices apply.
	
	[Note: An Employer distributing the maybe notice can use election 30(b) without completing the year. Doing so requires the Plan to perform Current Year Testing unless the Employer decides to elect safe harbor status.
If the Employer wishes to elect safe harbor status for a single year, the Employer must amend the Plan to enter the Plan Year end above.]
			
	(c)	 	[    ]	 	Basic Matching Contribution. A Matching Contribution equal to 100% of each Participant’s Elective Deferrals not exceeding 3% of the Participant’s Compensation, plus 50% of each Participant’s
Elective Deferrals in excess of 3% but not in excess of 5% of the Participant’s Compensation. See Sections 1.35(E) and 3.05(E)(4). (Complete (1).):
			
		 	(1)	 	Time period. For purposes of this Election 30(c), “Compensation” and “Elective Deferrals” mean Compensation and Elective Deferrals for:
                    . [Note: The Employer must complete the blank line with the applicable time period for computing the Basic Match, such
as “each payroll period,” “each calendar month,” “each Plan Year quarter” or “the Plan Year.”]
			
	(d)	 	[    ]	 	QACA Basic Matching Contribution. A Matching Contribution equal to 100% of a Participant’s Elective Deferrals not exceeding 1% of the Participant’s Compensation, plus 50% of each Participant’s
Elective Deferrals in excess of 1% but not in excess of 6% of the Participant’s Compensation. (Complete (1).): [Note: This election is available only if the Employer has elected the QACA automatic deferrals provisions under Election
21.]
			
		 	(1)	 	Time period. For purposes of this Election 30(d), “Compensation” and “Elective Deferrals” mean Compensation and Elective Deferrals for:
                    . [Note: The Employer must complete the blank line with the applicable time period for computing the QACA Basic Match,
such as “each payroll period,” “each calendar month,” “each Plan Year quarter” or “the Plan Year.”]
			
	(e)	 	[    ]	 	Enhanced Matching Contribution (including QACA). See Sections 1.35(F) and 3.05(E)(6). (Choose one of (1) or (2) and complete (3) for any election.):
				
		 	(1)	 	[    ]	 	Uniform percentage. A Matching Contribution equal to             % of each Participant’s Elective Deferrals but not as to Elective Deferrals
exceeding             % of the Participant’s Compensation.
				
		 	(2)	 	[    ]	 	Tiered formula. A Matching Contribution equal to the specified matching rate for the corresponding level of each Participant’s Elective Deferral percentage. A Participant’s Elective Deferral percentage
is equal to the Participant’s Elective Deferrals divided by his/her Compensation.

  
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	 Elective Deferral Percentage
	  	Matching Rate
	             %
	  	            %
	             %
	  	            %
	             %
	  	            %

  

									
		 	(3)	 	Time period. For purposes of this Election 30(e), “Compensation” and “Elective Deferrals” mean Compensation and Elective Deferrals for:
                    . [Note: The Employer must complete the blank line with the applicable time period for computing the Enhanced Match,
such as “each payroll period,” “each calendar month,” “each Plan Year quarter” or “the Plan Year.”]
	
	[Note: The matching rate may not increase as the Elective Deferral percentage increases and the Enhanced Matching formula otherwise must satisfy the requirements of Code
§§401(k)(12)(B)(ii) and (iii) (taking into account Code §401(k)(13)(D)(ii) in the case of a QACA). If the Employer elects to satisfy the ACP safe harbor under Election 38(a)(2)a., the Employer also
must limit Elective Deferrals taken into account for the Enhanced Matching Contribution to a maximum of 6% of Plan Year Compensation.]
		
	(f)	 	Participants who will receive Safe Harbor Contributions. The allocation of Safe Harbor Contributions (Choose one of (1), (2), or (3). Choose (4) if applicable.):
				
		 	(1)	 	[    ]	 	Applies to all Participants. Applies to all Participants except as may be limited under Election 30(g).
				
		 	(2)	 	 [    ]
	 	NHCEs only. Is limited to NHCE Participants only and may be limited further under Election 30(g). No HCE will receive a Safe Harbor Contribution allocation.
				
		 	(3)	 	 [    ]
	 	NHCEs and designated HCEs. Is limited to NHCE Participants and to the following HCE Participants and may be limited further under Election 30(g):
                                         
                                         
                                  .
	
	[Note: Any HCE allocation group the Employer describes under Election 30(f)(3) must be definitely determinable. (e.g., Division “A” HCEs OR HCEs who own more than 5% of the Employer without regard to
attribution rules).]
				
		 	(4)	 	[    ]	 	Applies to all Participants except Collective Bargaining Employees. Notwithstanding Elections 30(f)(1), (2) or (3), the Safe Harbor Contributions are not allocated to Collective Bargaining (union) Employees and
may be further limited under Election 30(g).
			
	(g)	 	[    ]	 	Early Elective Deferrals/delay of Safe Harbor Contribution. The Employer may elect this Election 30(g) only if the Employer in Election 14 elects eligibility requirements for Elective Deferrals of less than age 21
and/or one Year of Service but elects age 21 and one Year of Service for Safe Harbor Matching or for Safe Harbor Nonelective Contributions. The Employer under this Election 30(g) applies the rules of Section 3.05(D) to limit the allocation of
any Safe Harbor Contribution under Election 30 for a Plan Year to those Participants who the Plan Administrator in applying the OEE rule described in Section 4.06(C), treats as benefiting in the disaggregated plan covering the Includible
Employees.
			
	(h)	 	[    ]	 	Another plan. The Employer will make the Safe Harbor Contribution to the following plan:
                            .
		
	(i)	 	Additional Matching Contributions. See Sections 1.35(G) and 3.05(F). (Choose one of (1) or (2).):
				
		 	(1)	 	[    ]	 	No Additional Matching Contributions. The Employer will not make any Additional Matching Contributions to its safe harbor Plan.
				
		 	(2)	 	[    ]	 	Additional Matching Contributions. The Employer will or may make the following Additional Matching Contributions to its safe harbor Plan. (Choose a., b., and c. as applicable.):
					
		 		 	a.	 	[    ]	  	Fixed Additional Matching Contribution. The following Fixed Additional Matching Contribution (Choose (i) and (ii) as applicable and complete (iii) for any election.):
					
		 		 		 	(i)	  	 [    ]   Uniform percentage. A Matching
Contribution equal to             % of each Participant’s Elective Deferrals but not as to Elective Deferrals exceeding
            % of the Participant’s Compensation.

					
		 		 		 	(ii)	  	 [    ]   Tiered formula. A Matching Contribution
equal to the specified matching rate for the corresponding level of each Participant’s Elective Deferral percentage. A Participant’s Elective Deferral percentage is equal to the Participant’s Elective Deferrals divided by his/her
Compensation.

  

			
	 Elective Deferral Percentage
	  	Matching Rate
	             %
	  	            %
	             %
	  	            %
	             %
	  	            %

  

									
				
	          	 	          	 	          	 	 (iii)   Time period. For purposes of this Election
30(i)(2)a., “Compensation” and “Elective Deferrals” mean Compensation and Elective Deferrals for:
                                        
                                        
.

		 		 		 	         [Note: The Employer must
complete the blank line with the applicable time period for computing the Additional Match, e.g., each payroll period, each calendar month, each Plan Year quarter OR the Plan Year. If the Employer elects a match under both (i) and
(ii) and will apply a different time period to each match, the Employer may indicate as such in the blank line.]

  
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		 		 	b.	 	[    ]	  	Discretionary Additional Matching Contribution. The Employer may make a Discretionary Additional Matching Contribution. If the Employer makes a Discretionary Matching Contribution, the Discretionary Matching Contribution will
not apply as to Elective Deferrals exceeding             % of the Participant’s Compensation (complete the blank if applicable or leave blank).
					
		 		 		 	(i)	  	Time period. For purposes of this Election 30(i)(2)b., “Compensation” and “Elective Deferrals” mean Compensation and Elective Deferrals for:
                                         
                                         
                            .
		 		 		 		  	[Note: The Employer must complete the blank line with the applicable time period for computing the Additional Discretionary Matching Contribution, e.g., each payroll period, each calendar month, each Plan Year quarter OR the Plan
Year. If the Employer fails to specify a time period, the Employer is deemed to have elected to compute its Additional Matching Contribution based on the Plan Year.]
					
		 		 	c.	 	[    ]	  	Describe Additional Matching Contribution formula and time period:
                                         
                 
		 		 		 		  	(The formula described must satisfy the definitely determinable requirement under Treas. Reg. §1.401-1(b) and, if the Employer elects to satisfy the ACP safe harbor under Election
38(a)(2)a., the formula must comply with Section 3.05(G).)
	
	[Note: If the Employer elects to satisfy the ACP safe harbor under Election 38(a)(2)a. then as to any and all Matching Contributions, including Fixed Additional Matching Contributions and Discretionary Additional
Matching Contributions: (i) the matching rate may not increase as the Elective Deferral percentage increases; (ii) no HCE may be entitled to a greater rate of match than any NHCE; (iii) the
Employer must limit Elective Deferrals taken into account for the Additional Matching Contributions to a maximum of 6% of Plan Year Compensation; (iv) the Plan must apply all Matching Contributions to Catch-Up Deferrals; and (v) in the case of a Discretionary Additional Matching Contribution, the contribution amount may not exceed 4% of the Participant’s Plan Year
Compensation.]
			
	(j)	 	[    ]	 	Multiple Safe Harbor Contributions in disaggregated Plan. The Employer elects to make different Safe Harbor Contributions and/or Additional Matching Contributions to disaggregated parts of its Plan under
Treas. Reg. §1.401(k)-1(b)(4) as follows:
                                        
                                         
                                         
                      
		 		 	(Specify contributions for disaggregated plans, e.g., as to collectively bargained employees a 3% Nonelective Safe Harbor Contribution applies and as to non-collectively
bargained employees, the Basic Matching Contribution applies).
	
	31. ALLOCATION CONDITIONS (3.06(B)/(C)). The Plan does not apply any allocation conditions to: (i) Elective Deferrals; (ii) Safe Harbor Contributions; (iii) Additional Matching Contributions
which will satisfy the ACP test safe harbor; (iv) Employee Contributions; (v) Rollover Contributions; (vi) Designated IRA Contributions; (vii) SIMPLE Contributions; or (viii) Prevailing Wage Contributions. To receive an
allocation of Matching Contributions, Nonelective Contributions or Participant forfeitures, a Participant must satisfy the following allocation condition(s) (Choose one of (a) or (b). Choose (c) if
applicable.):
			
	(a)	 	[X]	 	No conditions. No allocation conditions apply to Matching Contributions, to Nonelective Contributions or to forfeitures.
			
	(b)	 	[    ]	 	Conditions. The following allocation conditions apply to the designated Contribution Type and/or forfeitures (Choose one or more of (1) through (7). Choose Contribution Type as
applicable.):
	
	[Note: For this Election 31, except as the Employer describes otherwise in Election 31(b)(7) or as provided in Sections 3.03(C)(2) and 3.04(C)(2) regarding Operational QMACs and Operational QNECs, Matching includes
all Matching Contributions and Nonelective includes all Nonelective Contributions to which allocation conditions may apply. The Employer under Election 31(b)(7) may not impose an Hour of Service condition exceeding 1,000 Hours of Service in a Plan
Year.]

  

																			
	 	  	 	 	 	 	  	 (1)

Matching,

Nonelective
 and
Forfeitures
	 	 	  	 	  	 (2)

    

    

Matching
	 	 (3)

    

    

Nonelective
	 	 (4)

    

    

Forfeitures

									
	 (1)
	  	 	[    	] 	 	None.	  	N/A
 (See Election 31(a))
	 		  		  	[    ]	 	[    ]	 	[    ]
									
	 (2)
	  	 	[    	] 	 	501 HOS/terminees (91 consecutive days if Elapsed Time). See Section 3.06(B)(1)(b).	  	[    ]	 	OR	  		  	[    ]	 	[    ]	 	[    ]
									
	 (3)
	  	 	[    	] 	 	Last day of the Plan Year.	  	[    ]	 	OR	  		  	[    ]	 	[    ]	 	[    ]
									
	 (4)
	  	 	[    	] 	 	Last day of the Election 31(c) time period.	  	[    ]	 	OR	  		  	[    ]	 	[    ]	 	[    ]
									
	 (5)
	  	 	[    	] 	 	1,000 HOS in the Plan Year (182 consecutive days in Plan Year if Elapsed Time).	  	[    ]	 	OR	  		  	[    ]	 	[    ]	 	[    ]
									
	 (6)
	  	 	[    	] 	 	         (specify) HOS within the Election 31(c) time period, (but not exceeding 1,000 HOS in a Plan Year).	  	[    ]	 	OR	  		  	[    ]	 	[    ]	 	[    ]
			
	 (7)
	  	 	[    	] 	 	Describe conditions:
                                         
                                         
                                         
     
		  				 	(e.g., Last day of the Plan Year as to Nonelective Contributions for Participating Employer “A” Participants. No allocation conditions for Participating Employer “B”
Participants.)

  
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	(c)    [    ]	 Time period. Under Section 3.06(C), apply Elections 31(b)(4), (b)(6), or (b)(7) to the specified
contributions/forfeitures based on each (Choose one or more of (1) through (5). Choose Contribution Type as applicable.): 

 

																											
	 (1)
	  	 	[    	] 	 	Plan Year.	  	 	[    	] 	 	 	OR	 	  	 	[    	] 	 	 	[    	] 	 	 	[    	] 
								
	 (2)
	  	 	[    	] 	 	Plan Year quarter.	  	 	[    	] 	 	 	OR	 	  	 	[    	] 	 	 	[    	] 	 	 	[    	] 
								
	 (3)
	  	 	[    	] 	 	Calendar month.	  	 	[    	] 	 	 	OR	 	  	 	[    	] 	 	 	[    	] 	 	 	[    	] 
								
	 (4)
	  	 	[    	] 	 	Payroll period.	  	 	[    	] 	 	 	OR	 	  	 	[    	] 	 	 	[    	] 	 	 	[    	] 
			
	 (5)
	  	 	[    	] 	 	Describe time period:
                                         
                                         
                                         
                     	  

 [Note: If the Employer elects 31(b)(4) or (b)(6), the Employer must choose (c). If the Employer elects 31(b)(7),
choose (c) if applicable.] 
 32. ALLOCATION CONDITIONS - APPLICATION/WAIVER/SUSPENSION (3.06(D)/(F)). Under Section 3.06(D), in
the event of Severance from Employment as described below, apply or do not apply Election 31(b) allocation conditions to the specified contributions/forfeitures as follows (If the Employer elects 31(b), the Employer must complete Election 32.
Choose one of (a) or (b). Complete (c).): 
 [Note: For this Election 32, except as the Employer describes otherwise in Election
31(b)(7) or as provided in Sections 3.03(C)(2) and 3.04(C)(2) regarding Operational QMACs and Operational QNECs, Matching includes all Matching Contributions and Nonelective includes all Nonelective Contributions to which allocation conditions may
apply.] 
  

	(a)     [    ]	 Total waiver or application. If a Participant incurs a Severance from Employment on account of or
following death, Disability or attainment of Normal Retirement Age or Early Retirement Age (Choose one of (1) or (2).): 

  

	 	(1)     [    ]	 Do not apply. Do not apply elected allocation conditions to Matching Contributions, to Nonelective
Contributions or to forfeitures. 

  

	 	(2)     [    ]	 Apply. Apply elected allocation conditions to Matching Contributions, to Nonelective Contributions and
to forfeitures. 

  

	(b)     [    ]	 Application/waiver as to Contribution Types events. If a Participant incurs a Severance from Employment,
apply allocation conditions except such conditions are waived if Severance from Employment is on account of or following death, Disability or attainment of Normal Retirement Age or Early Retirement Age as specified, and as applied to the
specified Contribution Types/forfeitures (Choose one or more of (1) through (4). Choose Contribution Type as applicable.): 

 

																	
	 	  	 	 	 	 	  	 (1)

Matching,

Nonelective

and Forfeitures
	 	 	  	 (2)

    

    

Matching
	 	 (3)

    

    

Nonelective
	 	 (4)

    

    

Forfeitures

								
	 (1)
	  	 	[    	] 	 	Death.	  	[    ]	 	OR	  	[    ]	 	[    ]	 	[    ]
								
	 (2)
	  	 	[    	] 	 	Disability.	  	[    ]	 	OR	  	[    ]	 	[    ]	 	[    ]
								
	 (3)
	  	 	[    	] 	 	Normal Retirement Age.	  	[    ]	 	OR	  	[    ]	 	[    ]	 	[    ]
								
	 (4)
	  	 	[    	] 	 	Early Retirement Age.	  	[    ]	 	OR	  	[    ]	 	[    ]	 	[    ]

  

	(c)	 Suspension. The suspension of allocation conditions of Section 3.06(F) (Choose one of
(1) or (2).): 

  

	 	(1)     [    ]	 Applies. Applies as follows (Choose one of a., b., or c.): 

 

	 	a.          [    ]	 Both. Applies both to Nonelective Contributions and to Matching Contributions.

  

	 	b.          [    ]	 Nonelective. Applies only to Nonelective Contributions. 

 

	 	c.          [    ]	 Match. Applies only to Matching Contributions. 

 

	 	(2)     [    ]	 Does not apply. 

33. FORFEITURE ALLOCATION METHOD (3.07). (Choose one of (a) or (b).): 

[Note: Even if the Employer elects immediate vesting, the Employer should complete Election 33. See Section 7.07.] 

 

	(a)     [    ]	 Safe harbor/top-heavy exempt. Apply all forfeitures to Safe
Harbor Contributions and Plan expenses in accordance with Section 3.07(A)(4). 

  
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	(b)    [X]	 Apply to Contributions. The Plan Administrator will allocate a Participant forfeiture attributable to
all Contribution Types or attributable to all Nonelective Contributions or to all Matching Contributions as follows (Choose one or more of (1) through (6) and choose Contribution Type as applicable. Choose
(5) only in conjunction with at least one other election.): 

  

															
	 	  	 	 	 	 	  	(1)	 	 	  	(2)	 	(3)
	 	  	 	 	 	 	  	All	 	 	  	Nonelective	 	Matching
	 	  	 	 	 	 	  	Forfeitures	 	 	  	Forfeitures	 	Forfeitures
							
	 (1)
	  	 	[    	] 	 	Additional Nonelective. Allocate as additional Discretionary Nonelective Contribution.	  	[    ]	 	OR	  	[    ]	 	[    ]
							
	 (2)
	  	 	[    	] 	 	Additional Match. Allocate as additional Discretionary Matching Contribution.	  	[    ]	 	OR	  	[    ]	 	[    ]
							
	 (3)
	  	 	[    	] 	 	Reduce Nonelective. Apply to Nonelective Contribution.	  	[    ]	 	OR	  	[    ]	 	[    ]
							
	 (4)
	  	 	[X	] 	 	Reduce Match. Apply to Matching Contribution.	  	[    ]	 	OR	  	[    ]	 	[X]
							
	 (5)
	  	 	[X	] 	 	Plan expenses. Pay reasonable Plan expenses. (See Section 7.04(C).)	  	[X]	 	OR	  	[    ]	 	[    ]
			
	 (6)
	  	 	[    	] 	 	Describe:                                 
                                         
                                         
                                         
                                         
           
		  				 	(must satisfy the definitely determinable requirement under Treas. Reg. §1.401-1(b) and be applied in a uniform and nondiscriminatory manner; e.g., Forfeitures
attributable to transferred balances from Plan X are allocated only to former Plan X participants.)

 34.    AUTOMATIC ESCALATION (3.02(G)). The Automatic Escalation provisions of
Section 3.02(G) (Choose one of (a) or (b). See Election 21 regarding Automatic Deferrals. Automatic Escalation applies to Participants who have a Salary Reduction Agreement in effect.): 

 

									
	(a)	  	[    ]	  	Do not apply.
			
	(b)	  	[X]	  	Apply. (Complete (1), (2), (3), and if appropriate (4).):
			
		  	(1)	  	Participants affected. The Automatic Escalation applies to (Choose one of a., b., or c.):
					
		  		  	a.	  	[X]	  	All Deferring Participants. All Participants who have a Salary Reduction Agreement in effect to defer at least 1 % of Compensation.
					
		  		  	b.	  	[    ] 	  	New Deferral Elections. All Participants who file a Salary Reduction Agreement after the effective date of this Election, or, as appropriate, any amendment thereto, to defer at least
        % of Compensation.
					
		  		  	c.	  	[    ]	  	Describe affected Participants:
                                         
                                         
                                         
                         
	
	[Note: The Employer in Election 34(b)(1)c. may further describe affected Participants, e.g., non-Collective Bargaining Employees OR Division A Employees. The group of
Participants must be definitely determinable and if an EACA under Election 21, must be uniform.]
			
		  	(2)	  	Automatic Increases. (Choose one of a. or b.):
					
		  		  	a.	  	[    ]	  	Automatic increase. The Participant’s Elective Deferrals will increase by          % per year up to a maximum of          % of
Compensation unless the Participant has filed a Contrary Election after the effective date of this Election or, as appropriate, any amendment thereto.
					
		  		  	b.	  	[X]	  	Describe increase: The Elective Deferral Percentage will increase 1% on each January 1 until the percentage reaches 5%. However, the Participants first Automatic Deferral Percentage increase will be on the first
available Change Date that is at least 3 months following the day the Participant enters the Automatic Increase program unless the Participant makes a contrary election.
	
	[Note: The Employer in Election 34(b)(2)b. may define different increases for different groups of Participants or may otherwise limit Automatic Escalation. Any such provisions must be definitely
determinable.]
			
		  	(3)	  	Change Date. The Elective Deferrals will increase on the following day each Plan Year:
					
		  		  	a.	  	[    ]	  	First day of the Plan Year.
					
		  		  	b.	  	[    ]	  	Other:                                    
                                         
                                         
                                         
                         
					
		  		  		  		  	(must be a specified or definitely determinable date that occurs at least annually)
			
		  	(4)	  	 First Year of Increase. The automatic escalation provision will apply to a participant beginning with the first Change
Date after the Participant files a Salary Reduction Agreement (or, if sooner, the effective date of this Election, or, as appropriate, any amendment thereto), unless a. is selected below:

					
		  		  	a.	  	[    ]	  	The escalation provision will apply as of the second Change Date thereafter.

  
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	35. IN-PLAN ROTH ROLLOVER CONTRIBUTION (3.08(E)). The following provisions apply regarding In-Plan Roth Rollover
Contributions (Choose one of (a) or (b); also see Election 56(d)(1); leave blank if Election 6(b)(1) is not selected.):
			
	(a)	  	[X]	  	Not Applicable. The Plan does not permit In-Plan Roth Rollover Contributions.
			
	(b)	  	[    ]	  	Applies. The Plan permits In-Plan Roth Rollover Contributions. (Choose (1) if applicable.)
				
		  	(1)	  	[    ]	  	Effective Date.                         (enter date not earlier than
September 28, 2010; may be left blank if same as Plan or Restatement Effective Date).
	
	36. EMPLOYEE (AFTER-TAX) CONTRIBUTIONS (3.09). The following additional elections apply to Employee Contributions under Election 6(f). (Choose one or both of
(a) and (b) if applicable.):
			
	(a)	  	[    ]	  	Additional limitations. The Plan permits Employee Contributions subject to the following limitations, if any, in addition to those already imposed under the Plan:
                                         
                                         
                                         
                                         
        
	
	[Note: Any designated limitation(s) must be the same for all Participants and must be definitely determinable (e.g., Employee Contributions may not exceed the lesser of $5,000 dollars or 10% of Compensation for the
Plan Year and/or Employee Contributions may not be less than $50 or 2% of Compensation per payroll period).]
			
	(b)	  	[    ]	  	Apply Matching Contribution. For each Plan Year, the Employer’s Matching Contribution made as to Employee Contributions is:
                                         
                                         
                                         
                                         
                                         
               
	
	[Note: The Employer Matching Contribution formula must be the same for all Participants and must be definitely determinable (e.g., A fixed Matching Contribution equal to 50% of Employee Contributions not exceeding 6%
of Plan Year Compensation or A Discretionary Matching Contribution based on Employee Contributions).]
	
	37. DESIGNATED IRA CONTRIBUTIONS (3.12). Under Election 6(h), a Participant may make Designated IRA Contributions. (Complete (a) and (b).):
		
	(a)	  	Type of IRA contribution. A Participant’s Designated IRA Contributions will be (Choose one of (1), (2), or (3).):
				
		  	(1)	  	[    ]	  	Traditional.
				
		  	(2)	  	[    ]	  	Roth.
				
		  	(3)	  	[    ]	  	Traditional/Roth. As the Participant elects at the time of contribution.
		
	(b)	  	Type of Account. A Participant’s Designated IRA Contributions will be held in the following form of Account(s) (Choose one of (1), (2), or (3).):
				
		  	(1)	  	[    ]	  	IRA.
				
		  	(2)	  	[    ]	  	Individual Retirement Annuity.
				
		  	(3)	  	[    ]	  	IRA/Individual Retirement Annuity. As the Participant elects at the time of contribution.
	
	ARTICLE IV
	LIMITATIONS AND TESTING
	
	38. ANNUAL TESTING ELECTIONS (4.06(B)). The Employer makes the following Plan specific annual testing elections under Section 4.06(B). (Complete (a) and (b) as applicable. Leave
(a) blank if the Plan is a SIMPLE 401(k) plan.):
			
	(a)	  	[X]	  	Nondiscrimination testing. (Choose one or more of (1), (2), and (3).):
				
		  	(1)	  	[X]	  	Traditional 401(k) Plan/ADP/ACP test. The following testing method(s) apply:
	
	[Note: The Plan may “split test”. For Current Year Testing, See Section 4.11(E). For Prior Year Testing, see Section 4.11(I) and, as to the first Plan Year, see Sections
4.10(B)(4)(f)(iv) and 4.10(C)(5)(e)(iv).]
			
		  		  	ADP Test (Choose one of a. or b.)
					
		  		  	a.	  	[X]	  	Current Year Testing.
					
		  		  	b.	  	[    ]	  	Prior Year Testing.
			
		  		  	ACP Test (Choose one of c., d., or e.)
					
		  		  	c.	  	[    ]	  	Not applicable. The Plan does not permit Matching Contributions or Employee Contributions and the Plan Administrator will not recharacterize Elective Deferrals as Employee Contributions for testing.
					
		  		  	d.	  	[X]	  	Current Year Testing.
					
		  		  	e.	  	[    ]	  	Prior Year Testing.

  
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 Volume Submitter 401(k) Plan 

 

					
	(2)	  	[    ]	  	Safe Harbor Plan/No testing or ACP test only. (Choose one of a. or b.):
			
		  	a.	  	[    ]    No testing. ADP test safe harbor applies and if applicable, ACP test safe harbor applies.
			
		  	b.	  	[    ]    ACP test only. ADP test safe harbor applies, but Plan will perform ACP test as follows (Choose one of (i) or (ii).):
			
		  		  	(i)      [    ]    Current Year Testing.
			
		  		  	(ii)     [    ]    Prior Year Testing.
			
	(3)	  	[    ]	  	Maybe notice (Election 30(b)). See Section 3.05(I).
	
	[Note: The Employer may make elections under both the Traditional 401(k) Plan and Safe Harbor Plan elections, in order to accommodate a Plan that applies both testing elections (e.g., Safe Harbor Includible Employees
group and tested Otherwise Excludible Employees group, or Safe Harbor Plan with tested after-tax Employee Contributions). In the absence of an election regarding ADP or ACP tested contributions, Current Year
Testing applies.]
			
	(b)	  	[    ]	  	HCE determination. The Top-Paid Group election and the calendar year data election are not used unless elected below (Choose one or both of (1) and (2) if
applicable.):
			
	(1)	  	[    ]	  	Top-paid group election applies.
			
	(2)	  	[    ]	  	Calendar year data election (fiscal year Plan only) applies.
	
	ARTICLE V
	VESTING REQUIREMENTS
	
	39. NORMAL RETIREMENT AGE (5.01). A Participant attains Normal Retirement Age under the Plan on the following date (Choose one of (a) or (b).):
			
	(a)	  	[X]	  	Specific age. The date the Participant attains age 65 . [Note: The age may not exceed age 65.]
		  		  	
	(b)	  	[    ] 	  	Age/participation. The later of the date the Participant attains age              or the
             anniversary of the first day of the Plan Year in which the Participant commenced participation in the Plan. [Note: The age may not exceed age 65 and the anniversary
may not exceed the 5th.]
	
	40. EARLY RETIREMENT AGE (5.01). (Choose one of (a) or (b).):
			
	(a)	  	[X]	  	Not applicable. The Plan does not provide for an Early Retirement Age.
			
	(b)	  	[    ]	  	Early Retirement Age. Early Retirement Age is the later of: (i) the date a Participant attains age             ; (ii) the date a Participant reaches
his/her              anniversary of the first day of the Plan Year in which the Participant commenced participation in the Plan; or (iii) the date a Participant completes
             Years of Service.
	
	[Note: The Employer should leave blank any of clauses (i), (ii), and (iii) which are not applicable.]
	
	“Years of Service” under this Election 40 means (Choose one of (1) or (2) as applicable.):
		
	    (1) [    ]	  	Eligibility. Years of Service for eligibility in Election 16.
		
	    (2) [    ]	  	Vesting. Years of Service for vesting in Elections 43 and 44.
	
	 [Note: Election of an Early Retirement Age does not affect the time at which a Participant may receive a Plan distribution.
However, a Participant becomes 100% vested at Early Retirement Age.]
  
 41.
ACCELERATION ON DEATH OR DISABILITY (5.02). Under Section 5.02, if a Participant incurs a Severance from Employment as a result of death or Disability (Choose one of (a), (b), or (c).):

			
	(a)	  	[X]	  	Applies. Apply 100% vesting.
			
	(b)	  	[    ]	  	Not applicable. Do not apply 100% vesting. The Participant’s vesting is in accordance with the applicable Plan vesting schedule.
			
	(c)	  	[    ]	  	Limited application. Apply 100% vesting, but only if a Participant incurs a Severance from Employment as a result of (Choose one of (1) or (2).):
			
		  	(1)	  	[    ]    Death.
			
		  	(2)	  	[    ]    Disability.

  
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 42. VESTING SCHEDULE (5.03). A Participant has a 100% Vested interest at all times in his/her
Accounts attributable to: (i) Elective Deferrals; (ii) Employee Contributions; (iii) QNECs; (iv) QMACs; (v) Safe Harbor Contributions (other than QACA Safe Harbor Contributions); (vi) SIMPLE Contributions; (vii) Rollover
Contributions; (viii) Prevailing Wage Contributions; (ix) DECs; and (x) Designated IRA Contributions. The following vesting schedule applies to Regular Matching Contributions, to Additional Matching Contributions (irrespective of ACP
testing status), to Nonelective Contributions (other than Prevailing Wage Contributions) and to QACA Safe Harbor Contributions. (Choose (a) or choose one or both of (b) and (c) as applicable.): 

 

	(a)    [    ]	 Immediate vesting. 100% Vested at all times in all Accounts. 

[Note: Unless all Contribution Types are 100% Vested, the Employer should not elect 42(a). If the Employer elects immediate vesting
under 42(a), the Employer should not complete the balance of Election 42 or Elections 43 and 44 (except as noted therein). The Employer must elect 42(a) if the eligibility Service condition under Election 14 as to all
Contribution Types (except Elective Deferrals and Safe Harbor Contributions) exceeds one Year of Service or more than 12 months. The Employer must elect 42(b)(1) as to any Contribution Type where the eligibility service condition exceeds one Year of
Service or more than 12 months. The Employer should elect 42(b) if any Contribution Type is subject to a vesting schedule.] 
  

	(b)    [X]	 Vesting schedules: Apply the following vesting schedules (Choose one or more of
(1) through (6). Choose Contribution Type as applicable.): 

  

																			
	 	  	 	  	 	  	 	  	(1)	  	 	  	(2)	  	(3)	  	(4)	  	(5)
	 	  	 	  	 	  	 	  	 All

Contributions
	  	 	  	Nonelective	  	Regular
Matching	  	Additional
Matching (See
Section 3.05(F))	  	QACA
Safe Harbor
	(1)	  	[    ]	  	Immediate vesting.	  		  	N/A
 (See Election 42(a))
	  		  	[    ]	  	[    ]	  	[    ]	  	[    ]
	(2)	  	[    ]	  	6-year graded.	  		  	[    ]	  	OR	  	[    ]	  	[    ]	  		  	N/A
	(3)	  	[    ]	  	3-year cliff.	  		  	[    ]	  	OR	  	[    ]	  	[    ]	  		  	N/A
	(4)	  	[X]	  	Modified schedule:	  		  	[    ]	  	OR	  	[    ]	  	[X]	  		  	N/A
		  		  	Years of Service	  	Vested %	  		  		  		  		  		  	
		  		  	Less than 1	  	a. 0%	  		  		  		  		  		  	
		  		  	1	  	b. 34%	  		  		  		  		  		  	
		  		  	2	  	c. 67%	  		  		  		  		  		  	
		  		  	3	  	d. 100%	  		  		  		  		  		  	
		  		  	4	  	e.         	  		  		  		  		  		  	
		  		  	5	  	f.         	  		  		  		  		  		  	
		  		  	6 or more	  	100%	  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  	
	(5)	  	[    ]	  	2-year cliff.	  		  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]	  	[    ]
	(6)	  	[    ]	  	Modified 2-year schedule:	  	[    ]	  	OR	  	[    ]	  	[    ]	  	[    ]	  	[    ]
		  		  	Years of Service	  	Vested %	  		  		  		  		  		  	
		  		  	Less than 1	  	a.         	  		  		  		  		  		  	
		  		  	1	  	b.         	  		  		  		  		  		  	
		  		  	2	  	100%	  		  		  		  		  		  	
		  		  		  		  		  		  		  		  		  	

 [Note: If the Employer does not elect 42(a), the Employer under 42(b) must elect immediate vesting or must elect one of the
specified alternative vesting schedules. The Employer must elect either 42(b)(5) or (6) as to QACA Safe Harbor Contributions. The modified topheavy schedule of Election 42(b)(4) must satisfy Code §411(a)(2)(B). If the Employer elects
Additional Matching under Election 30(i), the Employer should elect vesting under the Additional Matching column in this Election 42(b). That election applies to the Additional Matching even if the Employer has given the maybe notice but does not
give the supplemental notice for any Plan Year and as to such Plan Years, the Plan is not a safe harbor plan and the Matching Contributions are not Additional Matching Contributions. If the Plan’s Effective Date is before January 1, 2007,
the Employer may wish to complete the override elections in Appendix B relating to the application of non-top-heavy vesting.] 

 

	(c)    [    ]	 Special vesting provisions:
                                         
                                         
                                         
                          

[Note: The Employer under Election 42(c) may describe special vesting provisions from the elections available under Election 42 and/or a combination thereof
as to a: (i) Participant group (e.g., Full vesting applies to Division A Employees OR to Employees hired on/before “x” date. 6-year graded vesting applies to Division B Employees OR to Employees
hired after “x” date.); and/or (ii) Contribution Type (e.g., Full vesting applies as to Discretionary Nonelective Contributions. 6-year graded vesting applies to Fixed Nonelective
Contributions). Any special vesting provision must satisfy Code §411(a) and must be nondiscriminatory.] 

  
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 Volume Submitter 401(k) Plan 

 

 43. YEAR OF SERVICE - VESTING (5.05). (Complete both (a) and (b).):

 [Note: If the Employer elects the Elapsed Time Method for vesting the Employer should not complete this Election 43. If the Employer elects
immediate vesting, the Employer should not complete Election 43 or Election 44 unless it elects to apply a Year of Service for vesting under any other Adoption Agreement election.] 

 

									
	(a)	  	Year of Service. An Employee must complete at least                  Hours of Service during a Vesting
Computation Period to receive credit for a Year of Service under Article V. [Note: The number may not exceed 1,000. If left blank, the requirement is 1,000.]
		
	(b)	  	Vesting Computation Period. The Plan measures a Year of Service based on the following 12-consecutive month period (Choose one of (1) or
(2).):
				
		  	(1)	  	[    ]	  	Plan Year.
				
		  	(2)	  	[    ]	  	Anniversary Year.

 44. EXCLUDED YEARS OF SERVICE - VESTING (5.05(C)). (Choose (a) or (b).): 

 

									
	(a)	  	[X]	  	None. None other than as specified in Section 5.05(C)(1).
			
	(b)	  	[    ]	  	Exclusions. The Plan excludes the following Years of Service for purposes of vesting (Choose one or more of (1) through (4).):
				
		  	(1)	  	[    ]	  	Age 18. Any Year of Service before the Vesting Computation Period during which the Participant attained the age of 18.
				
		  	(2)	  	[    ]	  	Prior to Plan establishment. Any Year of Service during the period the Employer did not maintain this Plan or a predecessor plan.
				
		  	(3)	  	[    ]	  	Rule of Parity. Any Year of Service excluded under the rule of parity. See Plan Section 5.06(C).
				
		  	(4)	  	[    ]	  	Additional exclusions. The following Years of Service:
                                        
                                         
           

 [Note: The Employer under Election 44(b)(4) may describe vesting service exclusions provisions available under
Election 44 and/or a combination thereof as to a: (i) Participant group (e.g., No exclusions apply to Division A Employees OR to Employees hired on/before “x” date. The age 18 exclusion applies to Division B Employees OR to Employees
hired after “x” date.); or (ii) Contribution Type (e.g., No exclusions apply as to Discretionary Nonelective Contributions. The age 18 exclusion applies to Fixed Nonelective Contributions). Any exclusion specified under Election
44(b)(4) must comply with Code §411(a)(4). Any exclusion must be nondiscriminatory.] 
 ARTICLE VI 

DISTRIBUTION OF ACCOUNT BALANCE 
 45.
MANDATORY DISTRIBUTION (6.01(A)(1)/6.08(D)). The Plan provides or does not provide for Mandatory Distribution of a Participant’s Vested Account Balance following Severance from Employment, as follows (Choose one of
(a) or (b). Choose (c) if applicable.): 
  

									
	(a)	  	[    ]	  	No Mandatory Distribution. The Plan will not make a Mandatory Distribution following Severance from Employment.
			
	(b)	  	[X]	  	Mandatory Distribution. The Plan will make a Mandatory Distribution following Severance from Employment. (Complete (1) and (2). Choose (3) unless the Employer elects to
limit Mandatory Distributions to $1,000 including Rollover Contributions under Elections 45(b)(1)b. and 45(b)(2)b.):
			
		  	(1)	  	Amount limit. As to a Participant who incurs a Severance from Employment and who will receive distribution before attaining the later of age 62 or Normal Retirement Age, the Mandatory Distribution maximum amount
is equal to (Choose one of a., b., or c.):
					
		  		  	a.	  	[X]	  	$5,000.
					
		  		  	b.	  	[    ]	  	$1,000.
					
		  		  	c.	  	[    ]	  	Specify amount: $                 (may not exceed $5,000).
			
		  		  	[Note: This election only applies to the Mandatory Distribution maximum amount. For other Plan provisions subject to a $5,000 limit, see election 56(g)(7) in Appendix B.]
			
		  	(2)	  	Application of Rollovers to amount limit. In determining whether a Participant’s Vested Account Balance exceeds the Mandatory Distribution dollar limit in Election 45(b)(1), the Plan (Choose one of a. or
b.):
					
		  		  	a.	  	[    ]	  	Disregards Rollover Contribution Account.
					
		  		  	b.	  	[X]	  	Includes Rollover Contribution Account.
				
		  	(3)	  	[X]	  	Amount of Mandatory Distribution subject to Automatic Rollover. A Mandatory Distribution to a Participant before attaining the later of age 62 or Normal Retirement Age is subject to Automatic Rollover under
Section 6.08(D) (Choose one of a. or b.):
					
		  		  	a.	  	[X]	  	Only if exceeds $1,000. Only if the amount of the Mandatory Distribution exceeds $1,000, which for this purpose must include any Rollover Contributions Account.

  
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		  		  	b.	  	[    ]	  	Specify lesser amount. Only if the amount of the Mandatory Distribution is at least: $                 (specify
$1,000 or less), which for this purpose must include any Rollover Contributions Account.
			
	(c)	  	[    ]	  	Required distribution at Normal Retirement Age. A severed Participant may not elect to delay distribution beyond the later of age 62 or Normal Retirement Age.

 46. SEVERANCE DISTRIBUTION TIMING (6.01). Subject to the timing limitations of Section 6.01(A)(1) in the
case of a Mandatory Distribution, or in the case of any Distribution Requiring Consent under Section 6.01(A)(2), for which consent is received, the Plan Administrator will instruct the Trustee to distribute a Participant’s Vested Account
Balance as soon as is administratively practical following the time specified below (Choose one or more of (a) through (i) as applicable; choose (j) if applicable.): 

[Note: If a Participant dies after Severance from Employment but before receiving distribution of all of his/her Account, the elections under this Election
46 no longer apply. See Section 6.01(B) and Election 50.] 
  

									
	 	  	 	  	 	  	(1)
Mandatory
Distribution	  	 (2)

Distribution
Requiring Consent

					
	(a)	  	[X]	  	Immediate. Immediately following Severance from Employment.	  	[X]	  	[X]
					
	(b)	  	[    ]	  	Next Valuation Date. After the next Valuation Date following Severance from Employment.	  	[    ]	  	[    ]
					
	(c)	  	[    ]	  	Plan Year. In the                  Plan Year following Severance from Employment (e.g., next or fifth).	  	[    ]	  	[    ]
					
	(d)	  	[    ]	  	Plan Year quarter. In the                  Plan Year quarter following Severance from Employment (e.g., next or
fifth).	  	[    ]	  	[    ]
					
	(e)	  	[    ]	  	Contribution Type Accounts.                      (specify timing) as to the
Participant’s                      Account(s) and
                     (specify timing) as to the Participant’s
                     Account(s) (e.g., As soon as is practical following Severance from Employment as to the Participant’s Elective
Deferral Account and as soon as is practical in the next Plan Year following Severance from Employment as to the Participant’s Nonelective and Matching Accounts).	  	[    ]	  	[    ]
					
	(f)	  	[    ]	  	Vesting controlled timing. If the Participant’s total Vested Account Balance exceeds $                ,
distribute                      (specify timing) and if the Participant’s total Vested Account Balance does not
exceed $                , distribute
                     (specify timing).	  	[    ]	  	[    ]
					
	(g)	  	[    ]	  	 Distribute at Normal Retirement Age. As to a Mandatory Distribution, distribute not later than 60 days after the beginning of the Plan
Year following the Plan Year in which the previously severed Participant attains the earlier of Normal Retirement Age or age 65.
 [Note: An election
under column (2) only will have effect if the Plan’s NRA is less than age 62.]
	  	[    ]	  	[    ]
					
	(h)	  	[    ]	  	No buy-back/vesting controlled timing. Distribute as soon as is practical following Severance from Employment if the Participant is fully Vested. Distribute as soon as is practical
following a Forfeiture Break in Service if the Participant is not fully Vested.	  	[    ]	  	[    ]
			
	(i)	  	[    ]	  	Describe Severance from Employment distribution timing:
                                         
                                         
                  

 [Note: The Employer under Election 46(i) may describe Severance from Employment distribution timing provisions from the
elections available under Election 46 and/or a combination thereof as to any: (i) Participant group (e.g., Immediate distribution after Severance from Employment applies to Division A Employees OR to Employees hired on/before
“x” date. Distribution after the next Valuation Date following Severance from Employment applies to Division B Employees OR to Employees hired after “x” date.); (ii) Contribution Type and Participant group (e.g., As to Division A
Employees, immediate distribution after Severance from Employment applies as to Elective Deferral Accounts and distribution after the next Valuation Date following Severance from Employment applies to Nonelective Contribution Accounts); and/or
(iii) merged plan account now held in the Plan (e.g., The accounts from the X plan merged into this Plan continue to be distributable in accordance with the X plan terms [supply terms] and not in accordance with the terms of this
Plan). An Employer’s election under Election 46(i) must: (i) be objectively determinable; (ii) not be subject to Employer discretion; (iii) comply with Code §401(a)(14)
timing requirements; (iv) be nondiscriminatory and (v) preserve Protected Benefits as required.]  

  
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	(j)	  	[    ]	  	Acceleration. Notwithstanding any later specified distribution date in Election 46, a Participant may elect an earlier distribution following Severance from Employment (Choose (1) and (2) as
applicable.):
			
		  	(1)	  	 [    ]  Disability. If Severance from
Employment is on account of Disability or if the Participant incurs a Disability following Severance from Employment.

			
		  	(2)	  	 [    ]  Hardship. If the Participant incurs a
hardship under Section 6.07(B) following Severance from Employment.

 47. IN-SERVICE DISTRIBUTIONS/EVENTS (6.01(C)). A Participant may elect
an In-Service Distribution of the designated Contribution Type Accounts based on any of the following events in accordance with Section 6.01(C) (Choose one of (a) or (b).): 

[Note: If the Employer elects any In-Service Distribution option, a Participant may elect to receive as many In-Service Distributions per Plan Year (with a minimum of one per Plan Year) as the Plan Administrator’s In-Service Distribution form or policy may permit. If the form or
policy is silent, the number of In-Service Distributions is not limited. Prevailing Wage Contributions are treated as Nonelective Contributions. See Section 6.01(C)(4)(d) if the Employer
elects to use Prevailing Wage Contributions to offset other contributions.] 
  

					
	(a)	  	[    ]	  	None. The Plan does not permit any In-Service Distributions except as to any of the following (if applicable): (i) RMDs under Section 6.02; (ii) Protected Benefits; and
(iii) Designated IRA Contributions. Also see Section 6.01(C)(4)(e) with regard to Rollover Contributions, Employee Contributions and DECs.
			
	(b)	  	[X]	  	Permitted. In-Service Distributions are permitted as follows from the designated Contribution Type Accounts (Choose one or more of (1) through (9).):

 [Note: Unless the Employer elects otherwise in Election (b)(9) below, Elective Deferrals under Election 47(b) includes Pre-Tax and Roth Deferrals and Matching Contributions includes Additional Matching Contributions (irrespective of the Plan’s ACP testing status).] 

 

																																					
	 	  	 	 	  	 	  	 (1)

All
 Contrib.
	  	 	 	  	 (2)

Elective
Deferrals
	 	  	 (3)

Safe Harbor
Contrib.
	 	  	 (4)

    

QNECs
	 	  	 (5)

    

QMACs
	 	  	 (6)

Matching
Contrib.
	 	  	 (7)

Nonelective/

SIMPLE
	 
											
	(1)	  	 	[    ]	 	  	None. Except for Election 47(a) exceptions.	  	N/A
 (See Election 47(a))
	  				  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 
											
	(2)	  	 	[X]	 	  	Age (Choose one or both of a. and b.):	  		  				  				  				  				  				  				  			
											
		  	 	a.	 	  	 [X]  Age 59 1/2 (must be at least 59 1/2).
	  	[X]	  	 	OR	 	  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 
											
		  	 	b.	 	  	 [    ]  Age
             (may be less than 59 1/2).
	  	N/A	  				  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	[    ]	 	  	 	[    ]	 
											
	(3)	  	 	[X]	 	  	Hardship (Choose one or both of a. and b.):	  		  				  				  				  				  				  				  			
											
		  	 	a.	 	  	 [X]  Hardship (safe harbor). See Section 6.07(A).
	  	N/A	  				  	 	[X]	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	[    ]	 	  	 	[    ]	 
											
		  	 	b.	 	  	 [    ]  Hardship
(non-safe harbor). See Section 6.07(B).
	  	N/A	  				  	 	[    ]	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	[    ]	 	  	 	[    ]	 
											
	(4)	  	 	[    ]	 	  	Disability.	  	[    ]	  	 	OR	 	  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 
											
	(5)	  	 	[    ]	 	  	             year contributions.
(specify minimum of two years) See Section 6.01(C)(4)(a)(i).	  	N/A	  				  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	[    ]	 	  	 	[    ]	 
											
	(6)	  	 	[    ]	 	  	             months of participation. (specify minimum of 60 months) See Section 6.01(C)(4)(a)(ii).	  	N/A	  				  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	[    ]	 	  	 	[    ]	 
											
	(7)	  	 	[    ]	 	  	Qualified Reservist Distribution. See Section 6.01(C)(4)(b)(iii).	  	N/A	  				  	 	[    ]	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 	  	 	N/A	 
											
	(8)	  	 	[X]	 	  	 Deemed Severance Distribution.
 See
Section 6.11.
	  	[X]	  				  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 	  	 	[    ]	 
			
	(9)	  	 	[    ]	 	  	 Describe:
                                         
                                         
                                         
                                         
                                        

	  

  

  
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 Volume Submitter 401(k) Plan 

 

 [Note: The Employer under Election 47(b)(9) may describe
In-Service Distribution provisions from the elections available under Election 47 and/or a combination thereof as to any: (i) Participant group (e.g., Division A Employee Accounts are
distributable at age 59 1/2 OR Accounts of Employees hired on/before “x” date are distributable at age 59 1/2. No In-Service Distributions apply to Division B Employees OR to Employees hired
after “x” date.); (ii) Contribution Type (e.g., Discretionary Nonelective Contribution Accounts are distributable on Disability. Fixed Nonelective Contribution Accounts are distributable on Disability or Hardship (non-safe harbor)); and/or (iii) merged plan account now held in the Plan (e.g., The accounts from the X plan merged into this Plan continue to be distributable in accordance with the X plan terms [supply
terms] and not in accordance with the terms of this Plan). An Employer’s election under Election 47(b)(9) must: (i) be objectively determinable; (ii) not be subject to Employer discretion; (iii) preserve Protected Benefits as
required; (iv) be nondiscriminatory; and (v) not permit an “early” distribution of any Restricted 401(k) Accounts or Restricted Pension Accounts. See Sections 6.01(C)(4) and 11.02(C)(3).] 

48. IN-SERVICE DISTRIBUTIONS/ADDITIONAL CONDITIONS (6.01(C)). The following additional conditions apply
to In-Service Distributions under Election 47(b) (Choose one of (a) or (b).): 
  

							
	(a)	  	[X]	  	Additional conditions. (Choose one or more of (1) through (3) as applicable.):
				
		  	(1)	  	[    ]	  	100% vesting required. A Participant may not receive an In-Service Distribution unless the Participant is 100% Vested in the distributing Account. This restriction applies to (Choose
one or more of a. or b.):
				
		  		  	a.	  	 [    ]    Hardship distributions.
Distributions based on hardship.

				
		  		  	b.	  	 [    ]    Other In-Service. In-Service distributions other than distributions based on hardship.

				
		  	(2)	  	[    ]	  	Minimum amount. A Participant may not receive an In-Service Distribution in an amount which is less than:
$                 (specify amount not exceeding $1,000).
				
		  	(3)	  	[X]	  	Describe other conditions: A Participant cannot receive a hardship distribution in an amount less than $500, but this limitation does not apply to distributions for deemed severance of employment. However the amount
of a distribution for deemed severance of employment cannot exceed the vested balance of the distributing account.

 [Note: An Employer’s election under Election 48(a)(3) must: (i) be objectively determinable;
(ii) not be subject to Employer discretion; (iii) preserve Protected Benefits as required; (iv) be nondiscriminatory; and (v) not permit an “early” distribution of
any Restricted 401(k) Accounts or Restricted Pension Accounts. See Section 6.01(C)(4).] 
  

					
	(b)	  	[    ]	  	No other conditions. A Participant may elect to receive an In-Service Distribution upon any Election 47(b) event without further condition, provided that the amount distributed may not
exceed the Vested amount in the distributing Account.

 49. POST-SEVERANCE AND LIFETIME RMD DISTRIBUTION METHODS (6.03). A Participant whose Vested Account Balance
exceeds $5,000 (or any lesser amount elected in Appendix B, Election 56(g)(7)): (i) who has incurred a Severance from Employment and will receive a distribution; or (ii) who remains employed but who must receive lifetime RMDs, may elect
distribution under one of the following method(s) of distribution described in Section 6.03 and subject to any Section 6.03 limitations. (Choose one or more of (a) through (f) as applicable.): 

[Note: If a Participant dies after Severance from Employment but before receiving distribution of all of his/her Account, the elections under this Election
49 no longer apply. See Section 6.01(B) and Election 50.]  
  

					
	(a)	  	[X]	  	Lump-Sum. See Section 6.03(A)(3).
			
	(b)	  	[X]	  	Installments only if Participant subject to lifetime RMDs. A Participant who is required to receive lifetime RMDs may receive installments payable in monthly, quarterly or annual installments equal to or exceeding the annual
RMD amount. See Sections 6.02(A) and 6.03(A)(4)(a).
			
	(c)	  	[    ]	  	Installments. See Section 6.03(A)(4).
			
	(d)	  	[    ]	  	Alternative Annuity:
                                        
                                         
                       . See Section 6.03(A)(5).

 [Note: Under a Plan which is subject to the joint and survivor annuity distribution requirements of
Section 6.04 (Election 51(b)), the Employer may elect under 49(d) to offer one or more additional annuities (Alternative Annuity) to the Plan’s QJSA, QPSA or QOSA. If the Employer elects under Election 51(a) to exempt
Exempt Participants from the joint and survivor annuity requirements, the Employer should not elect to provide an Alternative Annuity under 49(d).] 
  

					
	(e)	  	[    ]	  	Ad-Hoc distributions. See Section 6.03(A)(6).

 [Note: If an Employer elects to permit Ad-Hoc distributions the option must be
available to all Participants.] 

  
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	(f)	  	[    ]	  	Describe distribution method(s):                            
                                         
                                         
                                         
                  

 [Note: The Employer under Election 49(f) may describe Severance from Employment distribution methods from the
elections available under Election 49 and/or a combination thereof as to any: (i) Participant group (e.g., Division A Employee Accounts are distributable in a Lump-Sum OR Accounts of
Employees hired after “x” date are distributable in a Lump-Sum. Division B Employee Accounts are distributable in a Lump-Sum or in Installments OR Accounts of
Employees hired on/before “x” date are distributable in a Lump-Sum or in Installments.); (ii) Contribution Type (e.g., Discretionary Nonelective Contribution Accounts are distributable in a Lump-Sum. Fixed Nonelective Contribution Accounts are distributable in a Lump-Sum or in Installments); and/or (iii) merged plan account now held in the Plan
(e.g., The accounts from the X plan merged into this Plan continue to be distributable in accordance with the X plan terms [supply terms] and not in accordance with the terms of this Plan). An Employer’s election under Election 49(f) must:
(i) be objectively determinable; (ii) not be subject to Employer, Plan Administrator or Trustee discretion; (iii) be nondiscriminatory; and (iv) preserve Protected
Benefits as required.] 
 50. BENEFICIARY DISTRIBUTION ELECTIONS (6.01(B)). Distributions following a Participant’s death will be
made as follows (Choose one of (a), (b), or (c); choose (d) if applicable.): 
  

							
	(a)	  	[X]	  	Immediate. As soon as practical following the Participant’s death.
			
	(b)	  	[    ]	  	Next Calendar Year. At such time as the Beneficiary may elect, but in any event on or before the last day of the calendar year which next follows the calendar year of the Participant’s death.
			
	(c)	  	[    ]	  	As Beneficiary elects. At such time as the Beneficiary may elect, consistent with Section 6.02.
				
	(d)	  	[    ]	  	Describe:	  	 

 [Note: The Employer under Election 50(d) may describe an alternative distribution timing or afford the Beneficiary an
election which is narrower than that permitted under election 50(c), or include special provisions related to certain beneficiaries, (e.g., a surviving spouse). However, any election under Election 50(d) must require distribution to commence
no later than the Section 6.02 required date.] 
 51. JOINT AND SURVIVOR ANNUITY REQUIREMENTS (6.04). The joint and
survivor annuity distribution requirements of Section 6.04 (Choose one of (a) or (b).): 
  

									
	(a)	  	[X]	  	Profit sharing exception. Do not apply to an Exempt Participant, as described in Section 6.04(G)(1), but apply to any other Participants (or to a portion of their Account as described in Section 6.04(G))
(Complete (1).):
			
		  	(1)	  	One-year marriage rule. Under Section 7.05(A)(3) relating to an Exempt Participant’s Beneficiary designation under the profit sharing exception (Choose one of
a. or b.):
					
		  		  	a.	  	[    ]	  	Applies. The one-year marriage rule applies.
					
		  		  	b.	  	[X]	  	Does not apply. The one-year marriage rule does not apply.
			
	(b)	  	[    ]	  	Joint and survivor annuity applicable. Section 6.04 applies to all Participants (Complete (1).):
			
		  	(1)	  	One-year marriage rule. Under Section 6.04(B) relating to the QPSA (Choose one of a. or b.):
					
		  		  	a.	  	[    ]	  	Applies. The one-year marriage rule applies.
					
		  		  	b.	  	[    ]	  	Does not apply. The one-year marriage rule does not apply.

 ARTICLE VII 

ADMINISTRATIVE PROVISIONS 
 52.
ALLOCATION OF EARNINGS (7.04(B)). For each Contribution Type provided under the Plan, the Plan allocates Earnings using the following method (Choose one or more of (a) through (f). Choose Contribution Type as
applicable.): 
 [Note: Elective Deferrals/Employee Contributions also includes Rollover Contributions, Transfers, DECs and Designated IRA
Contributions, Matching Contributions includes all Matching Contributions and Nonelective Contributions includes all Nonelective Contributions, unless described otherwise in Election 52(f).] 

 

																	
	 	 	 	 	 	  	(1)	 	 	 	  	(2)	 	(3)	 	(4)
	 	 	 	 	 	  	All
Contributions	 	 	 	  	Elective Deferrals/
Employee
Contributions	 	Matching
Contributions	 	Nonelective
Contributions
	 (a)
	 	 [X]
	 	 Daily. See Section 7.04(B)(4)(a). 
	  	[X]	 	 	OR	 	  	[    ]	 	[    ]	 	[    ]
								
	 (b)
	 	 [    ]
	 	 Balance forward. See Section 7.04(B)(4)(b).
	  	[    ]	 	 	OR	 	  	[    ]	 	[    ]	 	[    ]

  
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	 (c)    [    ]  Balance forward with
adjustment. See Section 7.04(B)(4)(c). Allocate pursuant to the balance forward method, except treat as part of the relevant Account at the beginning of the Valuation Period
                % of the contributions made during the following Valuation
Period:                            .
	  	 	[    	] 	 	 	OR	 	  	 	[    	] 	 	 	[    	] 	 	 	[    	] 
						
	 (d)    [    ]  Weighted average.
See Section 7.04(B)(4)(d). If not a monthly weighting period, the weighting period
is:                            .
	  	 	[    	] 	 	 	OR	 	  	 	[    	] 	 	 	[    	] 	 	 	[    	] 
						
	 (e)    [X]   Participant-Directed Account method. See
Section 7.04(B)(4)(e).
	  	 	[X	] 	 	 	OR	 	  	 	[    	] 	 	 	[    	] 	 	 	[    	] 
		
	
(f)    [    ]   Describe Earnings allocation
method:                                       
     
	       
	 			

 [Note: The Employer under Election 52(f) may describe Earnings allocation methods from the elections available under
Election 52 and/or a combination thereof as to any: (i) Participant group (e.g., Daily applies to Division A Employees OR to Employees hired after “x” date. Balance forward applies to Division B Employees OR to Employees
hired on/before “x” date.); (ii) Contribution Type (e.g., Daily applies as to Discretionary Nonelective Contribution Accounts. Participant-Directed Account applies to Fixed Nonelective Contribution Accounts); (iii) investment type,
investment vendor or Account type (e.g., Balance forward applies to investments placed with vendor A and Participant-Directed Account applies to investments placed with vendor B OR Daily applies to Participant-Directed Accounts and balance forward
applies to pooled Accounts); and/or (iv) merged plan account now held in the Plan (e.g., The accounts from the X plan merged into this Plan continue to be subject to Earnings allocation in accordance with the X plan terms [supply
terms] and not in accordance with the terms of this Plan). An Employer’s election under Election 52(f) must: (i) be objectively determinable; (ii) not be subject to Employer discretion; and
(iii) be nondiscriminatory.] 
 ARTICLE VIII 

TRUSTEE AND CUSTODIAN, POWERS AND DUTIES 

53. VALUATION OF TRUST (8.02(C)(4)). In addition to the last day of the Plan Year, the Trustee (or Named Fiduciary as applicable) must value the
Trust Fund on the following Valuation Date(s) (Choose one or more of (a) through (d). Choose Contribution Type as applicable.): 

[Note: Elective Deferrals/Employee Contributions also include Rollover Contributions, Transfers, DECs and Designated IRA Contributions, Matching
Contributions includes all Matching Contributions and Nonelective Contributions includes all Nonelective Contributions, unless described otherwise in Election 53(d).] 
  

																	
	 	 	 	 	 	  	(1)	 	 	  	(2)	 	(3)	 	(4)	 
	 	 	 	 	 	  	All
Contributions	 	 	  	Elective Deferrals/
Employee
Contributions	 	Matching
Contributions	 	Nonelective
Contributions	 
	 (a)
	 	 [    ]
	 	No additional Valuation Dates.	  	[    ]	 	OR	  	[    ]	 	[    ]	 	 	[    ]	 
								
	 (b)
	 	 [X]
	 	Daily Valuation Dates. Each business day of the Plan Year on which Plan assets for which there is an established market are valued and the Trustee is conducting business.	  	[X]	 	OR	  	[    ]	 	[    ]	 	 	[    ]	 
								
	 (c)
	 	 [    ]
	 	Last day of a specified period. The last day of each                  of the Plan Year.	  	[    ]	 	OR	  	[    ]	 	[    ]	 	 	[    ]	 
				
	 (d)
	 	 [    ]
	 	Specified Valuation
Dates:                                        
                                         
       	 			

 [Note: The Employer under Election 53(d) may describe Valuation
Dates from the elections available under Election 53 and/or a combination thereof as to any: (i) Participant group (e.g., No additional Valuation Dates apply to Division A Employees OR to Employees hired after “x” date.
Daily Valuation Dates apply to Division B Employees OR to Employees hired on/before “x” date.); (ii) Contribution Type (e.g., No additional Valuation Dates apply as to Discretionary Nonelective Contribution Accounts. The last day of each
Plan Year quarter applies to Fixed Nonelective Contribution Accounts); (iii) investment type, investment vendor or Account type (e.g., No additional Valuation Dates apply to investments placed with vendor A and Daily Valuation Dates apply to
investments placed with vendor B OR Daily Valuation Dates apply to Participant-Directed Accounts and no additional Valuation Dates apply to pooled Accounts); and/or (iv) merged plan account now held in the Plan (e.g., The accounts
from the X plan merged into this Plan continue to be subject to Trust valuation in accordance with the X plan terms [supply terms] and not in accordance with the terms of this Plan). An Employer’s election under Election 53(d) must:
(i) be objectively determinable; (ii) not be subject to Employer discretion; and (iii) be nondiscriminatory.] 

  
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 ARTICLE XII 

MULTIPLE EMPLOYER PLAN 
 54. MULTIPLE
EMPLOYER PLAN (12.01/12.02/12.03). The Employer makes the following elections regarding the Plan’s Multiple Employer Plan status and the application of Article XII (Choose one of (a) or (b).): 

 

	(a)    [X]	 Not applicable. The Plan is not a Multiple Employer Plan and Article XII does not apply.

  

	(b)    [   ]	 Applies. The Plan is a Multiple Employer Plan and the Article XII Effective Date is:
                . The Employer makes the following additional elections (Choose (1) if applicable.):

  

	 	(1)    [   ]	 Participating Employer may modify. See Section 12.03. A Participating Employer in the Participation
Agreement may modify Adoption Agreement elections applicable to each Participating Employer (including electing to not apply Adoption Agreement elections) as follows (Choose one of a. or b. Choose c. if applicable.): 

 

	 	a.         [   ]	 All. May modify all elections. 

 

	 	b.         [   ]	 Specified elections. May modify the following elections:
                 (specify by election number). 

 

	 	c.         [   ]	 Restrictions. May modify subject to the following additional restrictions:
                                     (Specify restrictions.
Any restrictions must be definitely determinable and may not violate Code §412 or the regulations thereunder.). 

[Note: If Election (b)(1) above is not chosen, Participating Employers may not modify any Adoption Agreement elections. The Participation Agreement
must be consistent with this Election 54(b)(1). Any Participating Employer election in the Participation Agreement which is not permitted under this Election 54(b)(1) is of no force or effect and the applicable election in the Adoption Agreement
applies.] 

  
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 EXECUTION PAGE 

The Employer, by executing this Adoption Agreement, hereby agrees to the provisions of this Plan and Trust. 

 

			
	Employer:	 	Salem Media Group, Inc.
	Date:	 	 12-15-15

		
	Signed:	 	/s/ Christopher J. Henderson
	Christopher J. Henderson, SVP & General Counsel
	[print name/title]

 The Trustee (and Custodian, if applicable), by executing this Adoption Agreement, hereby accepts its position and agrees
to all of the obligations, responsibilities and duties imposed upon the Trustee (or Custodian) under the Volume Submitter Plan and Trust. If the Employer under Elections 5(c) or 5(e) will use a separate Trust, the Trustee need not execute this
Adoption Agreement. 
  

			
	Nondiscretionary Trustee(s): Wells Fargo Bank, N.A.
	Date: December 23, 2015
		
	Signed:	 	/s/ Leslie Jennings-Chakeen
	Leslie Jennings-Chakeen
		 	[print name/title]
	Nondiscretionary Trustee(s):
	Date:	 	
	Signed:	 	
		 	[print name/title]
	Custodian(s) (Optional):
	Date:	 	
	Signed:	 	
	[print name/title]

 Use of Adoption Agreement. Failure to complete properly the elections in this Adoption Agreement may result in
disqualification of the Employer’s Plan. The Employer only may use this Adoption Agreement only in conjunction with the basic plan document referenced by its document number on Adoption Agreement page one. 

Execution for Page Substitution Amendment Only. If this paragraph is completed, this Execution Page documents an amendment to Adoption Agreement
Election(s)                  effective
                , by substitute Adoption Agreement page number(s)
                . The Employer should retain all Adoption Agreement Execution Pages and amended pages. [Note: The Effective Date may be
retroactive or may be prospective.] 
 Volume Submitter Plan Sponsor. The Volume Submitter Plan Sponsor identified on the first page of the basic
plan document will notify all adopting Employers of any amendment to this Volume Submitter Plan or of any abandonment or discontinuance by the Volume Submitter Plan Sponsor of its maintenance of this Volume Submitter Plan. For inquiries
regarding the adoption of the Volume Submitter Plan, the Volume Submitter Plan Sponsor’s intended meaning of any Plan provisions or the effect of the Advisory Letter issued to the Volume Submitter Plan Sponsor, please contact the Volume
Submitter Plan Sponsor at the following address and telephone number: 1525 West W.T. Harris Blvd, Charlotte, North Carolina 28288, 800-669-5812. 

Reliance on Sponsor Advisory Letter. The Volume Submitter Plan Sponsor has obtained from the IRS an Advisory Letter specifying the form of this
Adoption Agreement and the basic plan document satisfy, as of the date of the Advisory Letter, Code §401. An adopting Employer may rely on the Volume Submitter Sponsor’s IRS Advisory Letter only to the extent provided in Rev. Proc. 2011-49. The Employer may not rely on the Advisory Letter in certain other circumstances or with respect to certain qualification requirements, which are specified in the Advisory Letter and in Rev. Proc. 2011-49 or subsequent guidance. In order to have reliance in such circumstances or with respect to such qualification requirements, the Employer must apply for a determination letter to Employee Plans Determinations
of the IRS. 

  
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 APPENDIX A 

SPECIAL RETROACTIVE OR PROSPECTIVE EFFECTIVE DATES 

55. SPECIAL EFFECTIVE DATES (1.20). The Employer elects or does not elect Appendix A special Effective Date(s) as follows. (Choose
(a) or one or more of (b) through (s) as applicable.): 
 [Note: If the Employer elects 55(a), do not complete
the balance of this Election 55.] 
  

					
	(a)	  	[X]	  	Not applicable. The Employer does not elect any Appendix A special Effective Dates.

 [Note: The Employer may use this Appendix A to specify an Effective Date for one or more Adoption Agreement elections which
does not correspond to the Plan’s new Plan or Restated Plan Effective Date under Election 4. As to Restated Plans, for periods prior to: (i) the below-specified special Effective Date(s); or (ii) the
Restated Plan’s general Effective Date under Election 4, as applicable, the Plan terms in effect prior to its restatement under this Adoption Agreement control for purposes of the designated provisions.] 

 

					
	(b)	  	[    ]	  	Trustee (1.67). The Trustee provisions under Election 5 or Appendix C are effective:                    .
			
	(c)	  	[    ]	  	Contribution Types (1.12). The Contribution Types under Election(s) 6              are
effective:                    .
			
	(d)	  	[    ]	  	Excluded Employees (1.22(D)). The Excluded Employee provisions under Election(s) 8 are
effective:                    .
			
	(e)	  	[    ]	  	Compensation (1.11). The Compensation definition under Election(s)              (specify 9-11 as applicable)
are effective:                                 .
			
	(f)	  	[    ]	  	Hour of Service/Elective Service Crediting (1.32/1.59(C)). The Hour of Service and/or elective Service crediting provisions under Election(s)          (specify 12-13 as applicable) are effective:                        .
			
	(g)	  	[    ]	  	Eligibility (2.01-2.03). The eligibility provisions under Election(s)          (specify 14-19
as applicable) are effective:                                 .
			
	(h)	  	[    ]	  	Elective Deferrals (3.02(A)-(D)). The Elective Deferral provisions under Election(s)              (specify 20-23 as
applicable) are effective:                                .
			
	(i)	  	[    ]	  	Matching Contributions (3.03). The Matching Contribution provisions under Election(s)              (specify 24-26
as applicable) are effective:                                .
			
	(j)	  	[    ]	  	Nonelective Contributions (3.04). The Nonelective Contribution provisions under Election(s)              (specify
27-29 as applicable) are
effective:                                .
			
	(k)	  	[    ]	  	401(k) safe harbor (3.05). The 401(k) safe harbor provisions under Election(s) 30              are
effective:                                    .
			
	(l)	  	[    ]	  	Allocation conditions (3.06). The allocation conditions under Election(s)              (specify 31-32 as
applicable) are
effective:                                    .
			
	(m)	  	[    ]	  	Forfeitures (3.07). The forfeiture allocation provisions under Election(s) 33              are
effective:                                .
			
	(n)	  	[    ]	  	Employee Contributions (3.09). The Employee Contribution provisions under Election(s) 36              are
effective:                                    .
			
	(o)	  	[    ]	  	Testing elections (4.06(B)). The testing elections under Election(s) 38              are
effective:                                    .
			
	(p)	  	[    ]	  	Vesting (5.03). The vesting provisions under Election(s)              (specify 39-44 as applicable) are
effective:                            .
			
	(q)	  	[    ]	  	Distributions (6.01, 6.03 and 6.04). The distribution elections under Election(s)              (specify 45-51 as
applicable) are effective:                    .
			
	(r)	  	[    ]	  	Earnings/Trust valuation (7.04(B)/8.02(C)(4)). The Earnings allocation and Trust valuation provisions under Election(s)              (specify 52-53 as applicable) are
effective:                                    .
			
	(s)	  	[    ]	  	Special Effective Date(s) for other elections (specify elections and dates):
                                        
.

  
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 APPENDIX B 

BASIC PLAN DOCUMENT OVERRIDE ELECTIONS 

56. BASIC PLAN OVERRIDES. The Employer elects or does not elect to override various basic plan provisions as follows (Choose
(a) or choose one or more of (b) through (l) as applicable.): 
 [Note: If the Employer elects 56(a), do not
complete the balance of this Election 56.] 
  

	(a)	 [    ]     Not applicable. The Employer does not
elect to override any basic plan provisions. 

 [Note: The Employer at the time of restating its Plan with this Adoption Agreement may
make an election on Appendix A (Election 55(s)) to specify a special Effective Date for any override provision the Employer elects in this Election 56. If the Employer, after it has executed this Adoption Agreement, later amends its Plan to change
any election on this Appendix B, the Employer should document the Effective Date of the Appendix B amendment on the Execution Page or otherwise in the amendment.] 
  

									
	(b)	  	[X]	  	Definition (Article I) overrides. (Choose one or more of (1) through (8) as applicable.):
				
		  	(1)	  	[    ]	  	W-2 Compensation exclusion of paid/reimbursed moving expenses (1.11(B)(1)). W-2 Compensation excludes amounts paid or reimbursed by
the Employer for moving expenses incurred by an Employee, but only to the extent that, at the time of payment, it is reasonable to believe that the Employee may deduct these amounts under Code §217.
				
		  	(2)	  	[    ]	  	Alternative (general) 415 Compensation (1.11(B)(4)). The Employer elects to apply the alternative (general) 415 definition of Compensation in lieu of simplified 415 Compensation.
				
		  	(3)	  	[    ]	  	Inclusion of Deemed 125 Compensation (1.11(C)). Compensation under Section 1.11 includes Deemed 125 Compensation.
				
		  	(4)	  	[    ]	  	Pre-Regulatory inclusion of Post-Severance Compensation (1.11(I) and 4.05(F)). Prior to the first Limitation Year beginning on or after July 1, 2007 (the Effective Date
of the final 415 regulations), the Plan includes Post-Severance Compensation within the meaning of Prop. Treas. Reg. §1.415(c)-2(e) as described in Sections 1.11(I) and 4.05(F) as follows (Choose one
or both of a. and b.):
					
		  		  	a.	  	[    ]	  	Include for 415 testing. Include for 415 testing and for other testing which uses 415 Compensation. This provision applies effective as of
                                        
(specify a date which is no earlier than January 1, 2005).
					
		  		  	b.	  	[    ]	  	 Include for allocations. Include for allocations as follows (specify affected Contribution Type(s) and any adjustments to
Post-Severance Compensation used for
allocation):                                      
              .
 This provision applies effective as of
                                         
    (specify a date which is no earlier than January 1, 2002).

				
		  	(5)	  	[    ]	  	Inclusion of Deemed Disability Compensation (1.11(K)). Include Deemed Disability Compensation. (Choose one of a. or b.):
					
		  		  	a.	  	[    ]	  	NHCEs only. Apply only to disabled NHCEs.
					
		  		  	b.	  	[    ]	  	All Participants. Apply to all disabled Participants. The Employer will make Employer Contributions for such disabled Participants
for:                                        
                                         
    (specify a fixed or determinable period).
				
		  	(6)	  	[X]	  	Treatment of Differential Wage Payments (1.11(L)). In lieu of the provisions of Section 1.11(L), the Employer elects the following (Choose one or more of a., b., c., and d. as applicable.):
					
		  		  	a.	  	[X]	  	Effective date. The inclusion is effective for Plan Years beginning after December 31, 2011 (may not be earlier than December 31, 2008).
					
		  		  	b.	  	[    ]	  	Elective Deferrals only. The inclusion only applies to Compensation for purposes of Elective Deferrals.
					
		  		  	c.	  	[    ]	  	Not included. The inclusion does not apply to Compensation for purposes of any Contribution Type.
					
		  		  	d.	  	[    ]	  	Other:                                    
                                         
                                    (specify other Contribution Type
Compensation which includes Differential Wage Payments)
				
		  	(7)	  	[    ]	  	Leased Employees (1.22(B)). (Choose one or both of a. and b. if applicable.):
					
		  		  	a.	  	[    ]	  	Inclusion of Leased Employees (1.22(B)). The Employer for purposes of the following Contribution Types, does not exclude Leased
Employees:                                       
                                         
             (specify Contribution Types).
					
		  		  	b.	  	[    ]	  	Offset if contributions to leasing organization plan (1.22(B)(2)). The Employer will reduce allocations to this Plan for any Leased Employee to the extent that the leasing organization contributes to or provides
benefits under a leasing organization plan to or for the Leased Employee and which are attributable to the Leased Employee’s services for the Employer. The amount of the offset is as
follows:                                       
                     

 [Note: The election of an offset under this Election 56(b)(7)b. may require that the Employer aggregate its plan with the
leasing organization’s plan for coverage and nondiscrimination testing.] 

  
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		  	(8)	  	[    ]	  	Inclusion of Reclassified Employees (1.22(D)(3)). The Employer for purposes of the following Contribution Types, does not exclude Reclassified Employees (or the following categories of Reclassified
Employees):                                       
  (specify Contribution Types and/or categories of Reclassified Employees).
			
	(c)	  	[    ]	  	Rule of parity - participation (Article II) override (2.03(D)). For purposes of Plan participation, the Plan applies the “rule of parity” under Code §410(a)(5)(D).
			
	(d)	  	[    ]	  	Contribution/allocation (Article III) overrides. (Choose one or more of (1) through (9) as applicable.):
				
		  	(1)	  	[    ]	  	Roth overrides. (Choose one or more of a., b., c., or d. as applicable.):
					
		  		  	a.	  	[    ]	  	Treatment of Automatic Deferrals as Roth Deferrals (3.02(B)). The Employer elects to treat Automatic Deferrals as Roth Deferrals in lieu of treating Automatic Deferrals as
Pre-Tax Deferrals.
					
		  		  	b.	  	[    ]	  	In-Plan Roth Rollovers limited to In-Service only (3.08(E)(2)(a)). Only Participants who are Employees may elect to make an In-Plan Roth Rollover Contribution.
					
		  		  	c.	  	[    ]	  	Vested In-Plan Roth Rollovers (3.08(E)(2)(b)). Distributions related to In-Plan Roth Rollovers may only be made from accounts which
are fully Vested.
					
		  		  	d.	  	[    ]	  	Source of In-Plan Roth Rollover Contribution (3.08(E)(3)(b)). The Plan permits an In-Plan Roth Rollover only from the following
qualifying sources (Choose one or more.):
						
		  		  		  	(i)	  	[    ]	  	Elective Deferrals
						
		  		  		  	(ii)	  	[    ]	  	Matching Contributions (including any Safe Harbor Matching Contributions and Additional Matching
						
		  		  		  		  		  	Contributions)
						
		  		  		  	(iii)	  	[    ]	  	Nonelective Contributions
						
		  		  		  	(iv)	  	[    ]	  	QNECs (including any Safe Harbor Nonelective Contributions)
						
		  		  		  	(v)	  	[    ] 	  	Rollovers
						
		  		  		  	(vi)	  	[    ]	  	Transfers
						
		  		  		  	(vii)	  	[    ]	  	Other:
                                         
                                         
              (specify account(s) and conditions in a manner that is definitely determinable and not subject to Employer discretion)
				
		  	(2)	  	[    ]	  	No offset of Safe Harbor Contributions to other allocations (3.05(E)(12)). Any Safe Harbor Nonelective Contributions allocated to a Participant’s account will not be applied toward (offset) any
allocation to the Participant of a non-Safe Harbor Nonelective Contribution.
				
		  	(3)	  	[    ]	  	Short Plan Year or allocation period (3.06(B)(1)(c)). The Plan Administrator (Choose one of a. or b.):
					
		  		  	a.	  	[    ]	  	No pro-ration. Will not pro-rate Hours of Service in any short allocation period.
					
		  		  	b.	  	[    ]	  	Pro-ration based on months. Will pro-rate any Hour of Service requirement based on the number of months in the short allocation
period.
				
		  	(4)	  	[    ]	  	Limited waiver of allocation conditions for rehired Participants (3.06(G)). The allocation conditions the Employer has elected in the Adoption Agreement do not apply to rehired Participants in the Plan Year they
resume participation, as described in Section 3.06(G).
				
		  	(5)	  	[    ]	  	Associated Match forfeiture timing (3.07(A)(1)(c)). Forfeiture of associated matching contributions occurs in the Testing Year.
				
		  	(6)	  	[    ]	  	Safe Harbor top-heavy exempt fail-safe (3.07(A)(4)). In lieu of ordering forfeitures as (a), (b), and (c) under Section 3.07(A)(4), the Employer establishes the
following forfeiture ordering rules (Specify the ordering rules, for example, (b), (c), and
(a).):                                       
 .
				
		  	(7)	  	[    ]	  	HEART Act continued benefit accrual (3.11(K)). The Employer elects to apply the benefit accrual provisions of Section 3.11(K). The provisions are effective as of (Choose one of a. or b.; and choose c. if
the provisions no longer are effective.):
					
		  		  	a.	  	[    ]	  	2007 Effective Date. The first day of the 2007 Plan Year.
					
		  		  	b.	  	[    ]	  	Other Effective Date.
                                        
(may not be earlier than the first day of the 2007 Plan Year).
					
		  		  	c.	  	[    ]	  	No longer effective. The provisions no longer apply effective as of
                                        
.
				
		  	(8)	  	[    ]	  	Classifications allocation formula (3.04(B)(3)). If a Participant shifts from one classification to another during a Plan Year, the Plan Administrator will apportion the Participant’s allocation during that
Plan Year (Choose one of a., b., or c.):
					
		  		  	a.	  	[    ]	  	Months in each classification. Pro rata based on the number of months the Participant spent in each classification.

  
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		  		  	b.	  	[    ]	  	Days in each classification. Pro rata based on the number of days the Participant spent in each classification.
					
		  		  	c.	  	[    ]	  	One classification only. The Employer in a nondiscriminatory manner will direct the Plan Administrator to place the Participant in only one classification for the entire Plan Year during which the shift
occurs.
				
		  	(9)	  	[    ]	  	Suspension (3.06(F)(3)). The Plan Administrator in applying Section 3.06(F) will (Choose one or more of a., b., and c. as applicable.):
					
		  		  	a.	  	[    ]	  	Re-order tiers. Apply the suspension tiers in Section 3.06(F)(2) in the following
order:                                 (specify order).
					
		  		  	b.	  	[    ]	  	Hours of Service tie-breaker. Apply the greatest Hours of Service as the tie-breaker within a suspension tier in lieu of applying the
lowest Compensation.
					
		  		  	c.	  	[    ]	  	Additional/other tiers. Apply the following additional or other
tiers:                             (specify suspension tiers and ordering).
			
	(e)	  	[    ]	  	Testing (Article IV) overrides. (Choose one or both of (1) and (2) as applicable.):
				
		  	(1)	  	[    ]	  	First few weeks rule for Code §415 testing Compensation (4.05(F)(1)). The Plan applies the first few weeks rule in Section 4.05(F)(1).
				
		  	(2)	  	[    ] 	  	Post-Severance Compensation for Code §415 testing Compensation (4.05(F)). The Employer elects the following adjustments to Post-Severance Compensation for purposes of determining 415 testing Compensation
(Choose one or more of a. through d.):
		
		  	[Note: Under the basic plan document, if the Employer does not elect any adjustments, post-severance compensation includes leave cashouts and deferred compensation, and excludes military and disability continuation
payments.]
					
		  		  	a.	  	[    ]	  	Exclude leave cash-outs. See Section 1.11(I)(1)(b).
					
		  		  	b.	  	[    ]	  	Exclude deferred compensation. See Section 1.11(I)(1)(c).
					
		  		  	c.	  	[    ]	  	Include salary continuation for military service. See Section 1.11(I)(2).
					
		  		  	d.	  	[    ]	  	Include salary continuation for disabled Participants. See Section 1.11(I)(3). (Choose one of (i) or (ii).):
						
		  		  		  	(i)	  	[    ]	  	For Nonhighly Compensated Employees only.
						
		  		  		  	(ii)	  	[    ]	  	For all Participants. In which case the salary continuation will continue for the following fixed or determinable
period:                                        
                                         
               .
			
	(f)	  	[    ]	  	Vesting (Article V) overrides. (Choose one or more of (1) through (6) as applicable.):
				
		  	(1)	  	[    ]	  	Application of non-top-heavy vesting and top-heavy vesting (5.03(A)(2)). The Employer makes
the following elections regarding the application of non-top-heavy vesting and top-heavy vesting (Choose a., b., and c. as applicable.):
					
		  		  	a.	  	[    ]	  	Election of non-top-heavy vesting. As to Plan Years where permitted and in such Plan Years when the Plan is not top-heavy, the
following vesting schedule(s) apply. See Section 5.03(B). (Choose one or more of (i), (ii), or (iii) as applicable and complete (iv) and (v).):
						
		  		  		  	(i)	  	[    ]	  	5-year cliff.
						
		  		  		  	(ii)	  	[    ]	  	7-year graded.
						
		  		  		  	(iii)	  	[    ]	  	Modified non-top-heavy. A modified non-top-heavy
schedule as follows:
	
	[Note: A modified non-top-heavy schedule must satisfy Code §411(a)(2).]
					
		  		  		  	(iv)	  	Application to Contribution Types. Apply the elected non-top-heavy vesting schedule (Choose one of A. or B.):
							
		  		  		  		  	A.	  	[ ]	  	All. To all Contribution Types subject to vesting (other than QACA Safe Harbor Contributions).
							
		  		  		  		  	B.	  	[ ]	  	Describe application to affected Contribution Type(s):
                                         
               
					
		  		  		  	(v)	  	Application of top-heavy and non-top-heavy schedules. (Choose one of A. or B.):
							
		  		  		  		  	A.	  	[    ]	  	Apply top-heavy schedule in all Plan Years once top-heavy.
							
		  		  		  		  	B.	  	[    ]	  	Apply top-heavy schedule only in top-heavy Plan Years.
					
		  		  	b.	  	[    ]	  	Election to eliminate HOS requirement post-EGTRRA or post-PPA for top-heavy vesting. The top-heavy vesting schedule(s) apply (Choose one or
both of (i) and (ii).):
						
		  		  		  	(i)	  	[    ]	  	No post-EGTRRA HOS requirement for Matching. To all Participants even if they do not have one Hour of Service in a Plan Year beginning after December 31, 2001.

  
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		 		  		  	(ii)	  	[    ]	  	No post-PPA HOS requirement for affected other Employer Contributions. To all Participants even if they do not have one Hour of Service in a Plan Year beginning after
December 31, 2006.
					
		 		  	c.	  	[    ]	  	Election to apply top-heavy vesting only as to post-EGTRRA or post-PPA contributions. The top-heavy vesting schedule(s)
apply (Choose one or both of (i) and (ii).):
						
		 		  		  	(i)	  	[    ]	  	Post-EGTRRA Matching Contributions. Only to Regular Matching Contributions and Additional Matching Contributions made in Plan Years beginning after December 31, 2001 and to the associated Earnings.
						
		 		  		  	(ii)	  	[    ]	  	Post-PPA other Employer Contributions. Only to non-Matching Contributions made in Plan Years beginning after December 31, 2006, and to the associated Earnings.
				
		 	(2)	  	[    ]	  	Alternative “grossed-up” vesting formula (5.03(C)(2)). The Employer elects the alternative vesting formula described in Section 5.03(C)(2).
				
		 	(3)	  	[    ]	  	Source of Cash-Out forfeiture restoration (5.04(B)(5)). To restore a Participant’s Account Balance as described in Section 5.04(B)(5), the Plan Administrator, to
the extent necessary, will allocate from the following source(s) and in the following order (Specify, in order, one or more of the following: Forfeitures, Earnings, and/or Employer
Contribution):                                     
                        
				
		 	(4)	  	[    ]	  	Deemed Cash-Out of 0% Vested Participant (5.04(C)). The deemed cash-out rule of Section 5.04(C) does not apply to the
Plan.
				
		 	(5)	  	[    ]	  	Accounting for Cash-Out repayment; Contribution Type (5.04(D)(2)). In lieu of the accounting described in Section 5.04(D)(2), the Plan Administrator will account for a
Participant’s Account Balance attributable to a Cash-Out repayment (Choose one of a. or b.):
					
		 		  	a.	  	[    ]	  	Nonelective rule. Under the nonelective rule.
					
		 		  	b.	  	[    ]	  	Rollover rule. Under the rollover rule.
				
		 	(6)	  	[    ]	  	One-year hold-out rule - vesting (5.06(D)). The one-year
hold-out Break in Service rule under Code §411(a)(6)(B) applies.
			
	(g)	 	[X]	  	Distribution (Article VI) overrides. (Choose one or more of (1) through (9) as applicable.):
				
		 	(1)	  	[    ]	  	Restriction on In-Service Rollover Distributions (6.01(C)). A Participant shall be entitled to receive a distribution of Rollover Contributions, Employee Contributions and DECs (Choose one or more of a.
through d. as applicable.):
					
		 		  	a.	  	[    ]	  	 Deferrals. Under the same provisions which apply to Elective Deferrals.

					
		 		  	b.	  	[    ]	  	 Match. Under the same provisions which apply to Matching Contributions.

					
		 		  	c.	  	[    ]	  	 Nonelective. Under the same provisions which apply to Nonelective Contributions.

					
		 		  	d.	  	[    ]	  	Other:
                                         
                                         
                                         
     
	
	[Note: The Employer under Election 56(g)(1)d. may describe In-Service Rollover Distribution restrictions using the options available for
In-Service Distributions under Election 47 and/or a combination thereof as to all Participants or as to any: (i) Participant group (e.g., Division A Rollover Accounts are distributable at
age 59 1/2 OR Rollover Accounts of Employees hired on/before “x” date are distributable at age 59 1/2. No In-Service Rollover Distributions apply to Division B Employees OR to Employees hired after
“x” date). An Employer’s election under Election 56(g)(1)d. must: (i) be objectively determinable; (ii) not be subject to Employer discretion; (iii) preserve Protected
Benefits as required; (iv) be nondiscriminatory; and (v) not permit an “early” distribution of any Restricted 401(k) Accounts or Restricted Pension Accounts. See Sections 6.01(C)(4) and
11.02(C)(3).]
				
		 	(2)	  	[    ]	  	Elections related to In-Plan Roth Rollovers (6.01(C)(7)). (Choose one or more of a. through c. as applicable.):
					
		 		  	a.	  	[    ]	  	In-Service Roth Rollover events. The Employer elects to permit In-Service Distributions under the following conditions solely for
purposes of making an In-Plan Roth Rollover Contribution (Choose one or more of (i) through (iv); select (v) if applicable.):
						
		 		  		  	(i)	  	[    ]	  	Age. The Participant has attained age             .
						
		 		  		  	(ii)	  	[    ]	  	Participation. The Participant has              months of participation (specify minimum of 60 months). Section 6.01(C)(4)(a)(ii).
						
		 		  		  	(iii)	  	[    ]	  	Seasoning. The amounts being distributed have accumulated in the Plan for at least              years (at least 2). See
Section 6.01(C)(4)(a)(i).
					
		 		  	(iv)	  	[    ]	  	Other (describe):
                                         
                                         
                                         
     
		 		  		  		  	(must be definitely determinable and not subject to Employer discretion (e.g., age 50, but only with respect to Nonelective Contributions, and not Matching Contributions))

  
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		 		  		  	[Note: Regardless of any election above to the contrary, In-Plan Roth Rollover Contributions are not permitted from a Participant’s Elective Deferral Account, Qualified
Matching Contribution Account, Qualified Nonelective Contribution Account and accounts attributable to Safe Harbor Contributions prior to age 59 1/2.]
						
		 		  		  	(v)	  	[    ]	  	Distribution for withholding. A Participant may elect to have a portion of the amount that may be distributed as an In-Plan Roth Rollover Contribution distributed solely for purposes of
federal or state income tax withholding related to the In-Plan Roth Rollover Contribution.
					
		 		  	b.	  	[    ]	  	Minimum amount. The minimum amount that may be rolled over is              (may not exceed $1,000).
					
		 		  	c.	  	[    ]	  	No transfer of loans. Loans may not be distributed as part of an In-Plan Roth Rollover Contribution. (if not selected, any loans may be transferred)
				
		 	(3)	  	[X]	  	Elections related to Required Minimum Distributions. (Choose one or more of a. through c. as applicable.):
					
		 		  	a.	  	[    ]	  	RMD overrides if Participant dies before DCD (6.02(B)(1)(e)). If the Participant dies before the DCD and the Beneficiary is a designated Beneficiary, the RMD distribution rules are modified as follows (Choose
one of (i) through (iv).):
						
		 		  		  	(i)	  	[    ]	  	Election of 5-year rule. If a Designated Beneficiary does not make a timely election, the 5-year rule applies in lieu of the Life Expectancy
rule.
						
		 		  		  	(ii)	  	[    ]	  	Life Expectancy rule. The Life Expectancy rule applies to the Designated Beneficiary. See Section 6.02(B)(1)(d).
						
		 		  		  	(iii)	  	[    ]	  	5-year rule. The 5-year rule applies to the Beneficiary. See Section 6.02(B)(1)(c).
						
		 		  		  	(iv)	  	[    ]	  	Other:
                                         
                                         
                                         
     
		 		  		  		  		  	(Describe, e.g., the 5-year rule applies to all Beneficiaries other than a surviving spouse Beneficiary.)
					
		 		  	b.	  	[    ]	  	RBD definition (6.02(E)(7)(c)). In lieu of the RBD definition in Section 6.02(E)(7)(a) and (b), the Plan Administrator (Choose one of (i) or (ii).):
						
		 		  		  	(i)	  	[    ]	  	SBJPA definition indefinitely. Indefinitely will apply the pre-SBJPA RBD definition.
						
		 		  		  	(ii)	  	[    ]	  	SBJPA definition to specified date. Will apply the pre-SBJPA definition until
                             (the stated date may not be earlier than January 1,
1997), and thereafter will apply the RBD definition in Sections 6.02(E)(7)(a) and (b).
					
		 		  	c.	  	[X]	  	2009 RMD waiver elections (6.02(F)). In lieu of the 2009 RMDs suspension (subject to a Participant or Beneficiary election to continue), as provided in Section 6.02(F) (Choose one of
(i) through (iii) if applicable. Choose (iv) or (v) if applicable.):
						
		 		  		  	(i)	  	[    ]	  	RMDs continued unless election. 2009 RMDs are continued as provided in Section 6.02(F)(2), unless a Participant or Beneficiary otherwise elects.
						
		 		  		  	(ii)	  	[    ]	  	RMDs continued - no election. 2009 RMDs are continued as provided in Section 6.02(F)(3), without regard to a waiver. No election is available to Participants or Beneficiaries.
						
		 		  		  	(iii)	  	[    ]	  	Other:
                                         
                                         
                                         
     
		 		  		  		  		  	(Describe, e.g., the Plan suspended 2009 RMDs and did not offer an election or the Plan changed from one treatment of 2009 RMDs to another treatment during 2009.)
				
		 		  		  	Treatment as Eligible Rollover Distribution. For purposes of 2009 RMDs, the Plan also will treat the following distributions as Eligible Rollover Distributions (Choose (iv) or (v), if
applicable. If the Employer elects neither (iv) nor (v), then a direct rollover for 2009 will be offered only for distributions that would be Eligible Rollover Distributions without regard to Code
§401(a)(9)(H).):
						
		 		  		  	(iv)	  	[X]	  	2009 RMDs and Extended 2009 RMDs, both as defined in Section 6.02(F).
						
		 		  		  	(v)	  	[X] 	  	2009 RMDs, as defined in Section 6.02(F), but only if paid with an additional amount that is an Eligible Rollover Distribution without regard to Code §401(a)(9)(H).
				
		 	(4)	  	[X]	  	Distribution Methods (Choose one or both of a. and b. if applicable.):
						
		 		  		  	a.	  	[    ]	  	Default Distribution Methods (6.03(B)(2)). If a Participant or Beneficiary does not make a timely election as to distribution method and timing the Plan Administrator will direct the Trustee to distribute using the following
method and timing:
                                         
                                         
                                         
     
		 		  		  		  		  	(Describe, e.g., Installments sufficient to satisfy RMD beginning at the Required Beginning Date. The selected method and timing must not be discriminatory and must be an option the plan makes available to participants and/or
beneficiaries.)
						
		 		  		  	b.	  	[X]	  	Beneficiary Distribution Methods (6.03(A)(2)). The Plan will distribute to the Beneficiary under the following distribution method(s). If more than one method is elected, the Beneficiary may choose the method of
distribution:

  
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		  		  		  	(i)	  	[X]	  	Lump-Sum. See Section 6.03(A)(3).
						
		  		  		  	(ii)	  	[X]	  	Installments sufficient to satisfy RMD. See Section 6.03(A)(4)(a).
						
		  		  		  	(iii)	  	[    ]	  	Ad-Hoc sufficient to satisfy RMD. See Section 6.03(A)(6).
						
		  		  		  	(iv)	  	[    ]	  	Other:
                                         
                                         
                                         
     
		  		  		  		  		  	(Describe, e.g., Lump-Sum or Installments for surviving spouse Beneficiaries, Lump-Sum only for all other Beneficiaries.)
				
		  	(5)	  	[    ]	  	Annuity Distributions (6.04). (Choose one or both of a. and b. if applicable.):
					
		  		  	a.	  	[    ]	  	Modification of QJSA (6.04(A)(3)). The Survivor Annuity percentage will be             %. (Specify a percentage between 50% and
100%.)
					
		  		  	b.	  	[    ]	  	Modification of QPSA (6.04(B)(2)). The QPSA percentage will be             %. (Specify a percentage between 50% and 100%.)
				
		  	(6)	  	[    ]	  	Hardship Distributions (6.07). (Choose one or both of a. and b. if applicable.):
					
		  		  	a.	  	[    ]	  	Restriction on hardship source; grandfathering (6.07(E)). The hardship distribution limit includes grandfathered amounts.
					
		  		  	b.	  	[    ]	  	Hardship acceleration. The existence of a hardship occurring after Separation from Service/Severance from Employment will be determined under the non-safe harbor rules of
Section 6.07(B).
				
		  	(7)	  	[    ]	  	Replacement of $5,000 amount (6.09). All Plan references (except in Sections 3.02(D), 3.10 and 3.12(C)(2)) to “$5,000” will be
$            . (Specify an amount less than $5,000.)
				
		  	(8)	  	[    ]	  	Beneficiary’s hardship need (6.07(H)). Effective
                             (Specify date not earlier than August 17,
2006), a Participant’s hardship includes an immediate and heavy financial need of the Participant’s primary Designated Beneficiary under the Plan, as described in Section 6.07(H).
				
		  	(9)	  	[    ]	  	Non-spouse beneficiary rollover not permitted before required (6.08(G)). For distributions after December 31, 2006, and before
                             (Specify a date not later than January 1, 2010), the Plan does not
permit a Designated Beneficiary other than the Participant’s surviving spouse to elect to roll over a death benefit distribution.
			
	(h)	  	[    ]	  	Administrative overrides (Article VII). (Choose one or more of (1) through (7) as applicable.):
				
		  	(1)	  	[    ]	  	Contributions prior to accrual or precise determination (7.04(B)(5)(b)). The Plan Administrator will allocate Earnings described in Section 7.04(B)(5)(b) as follows (Choose one of a., b., or
c.):
					
		  		  	a.	  	[    ]	  	Treat as contribution. Treat the Earnings as an Employer Matching or Nonelective Contribution and allocate accordingly.
					
		  		  	b.	  	[    ]	  	Balance forward. Allocate the Earnings using the balance forward method described in Section 7.04(B)(4)(b).
					
		  		  	c.	  	[    ]	  	Weighted average. Allocate the Earnings on Matching Contributions using the weighted average method in a manner similar to the method described in Section 7.04(B)(4)(d).
				
		  	(2)	  	[    ]	  	Automatic revocation of spousal designation (7.05(A)(1)). The automatic revocation of a spousal Beneficiary designation in the case of divorce does not apply.
				
		  	(3)	  	[    ]	  	Limitation on frequency of Beneficiary designation changes (7.05(A)(4)). Except in the case of a Participant incurring a major life event, a period of at least
                             must elapse between Beneficiary designation changes. (Specify a period
of time, e.g., 90 days OR 12 months.)
				
		  	(4)	  	[    ]	  	Definition of “spouse” (7.05(A)(5)). The following definition of “spouse” applies:
                             (Specify a definition.)
				
		  	(5)	  	[    ]	  	Administration of default provision; default Beneficiaries (7.05(C)). The following list of default Beneficiaries will apply:
                             (Specify, in order, one or more Beneficiaries who will receive the
interest of a deceased Participant.)
				
		  	(6)	  	[    ]	  	Subsequent restoration of forfeiture-sources and ordering (7.07(A)(3)). Restoration of forfeitures will come from the following sources, in the following order
                             (Specify, in order, one or more of the following: Forfeitures,
Employer Contribution, Trust Fund Earnings.)
				
		  	(7)	  	[    ]	  	State law (7.10(H)). The law of the following state will apply:
                             (Specify one of the 50 states or the District of Columbia, or
other appropriate legal jurisdiction, such as a territory of the United States or an Indian tribal government.)

  
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	(i)	  	[    ]	  	Trust and insurance overrides (Articles VIII and IX). (Choose one or more of (1) through (3) if applicable.):
				
		  	(1)	  	[    ]	  	Employer securities/real property in Profit Sharing Plans/401(k) Plans (8.02(A)(13)(a)). The Plan limit on investment in qualifying Employer securities/real property is
            %. (Specify a percentage which is less than 100%.)
				
		  	(2)	  	[    ]	  	Provisions relating to insurance and insurance company (9.08). The following provisions apply:
                            
		  		  		  	(Specify such language as necessary to accommodate life insurance Contracts the Plan holds.)
	
	[Note: The provisions in this Election 56(i)(2) may override provisions in Article IX of the Plan, but must be consistent with all other provisions of the Plan.]
				
		  	(3)	  	[    ]	  	Cross-pay when more than one entity adopts Plan not applicable (8.12). The cross-pay provisions of Section 8.12 do not apply.
			
	(j)	  	[    ]	  	Code Section 415 (Article XI) override (11.02(A)(1), 4.02(F)). Because of the required aggregation of multiple plans, to satisfy Code §415, the following overriding provisions apply:
                                         
                                         
                                         
     
		  		  	(Specify such language as necessary to satisfy §415, e.g., the Employer will reduce Additional Additions to this plan before reducing Annual Additions to other plans.)
			
	(k)	  	[    ]	  	Code Section 416 (Article XI) override (11.02(A)(1), 10.03(D)). Because of the required aggregation of multiple plans, to satisfy Code §416, the following overriding provisions apply:
                                         
                                         
                                         
     
		  		  	(Specify such language as necessary to satisfy §416, e.g., If an Employee participates in this Plan and another Plan the Employer maintains, the Employer will satisfy any
Top-Heavy Minimum Allocation in this Plan and not the other plan.)
			
	(l)	  	[    ]	  	Multiple Employer Plan (Article XII) overrides. (Choose (1) if applicable.):
				
		  	(1)	  	[    ]	  	No involuntary termination for Participating Employer (12.11). The Lead Employer may not involuntarily terminate the participation of any Participating Employer under Section 12.11.

  
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 APPENDIX C 

LIST OF GROUP TRUST FUNDS/PERMISSIBLE TRUST AMENDMENTS 

57. [    ] INVESTMENT IN GROUP TRUST FUND (8.09). The nondiscretionary Trustee, as directed or
the discretionary Trustee acting 
 without direction (and in addition to the discretionary Trustee’s authority to invest in its own funds under
Section 8.02(A)(3)), may invest in any of the following group trust
funds:                                        
                                         
                                        
                                   . 

(Specify the names of one or more group trust funds in which the Plan can invest.) 

[Note: A discretionary or nondiscretionary Trustee also may invest in any group trust fund authorized by an independent Named Fiduciary.] 

58. [    ] DUTY TO COLLECT (8.02(D)(1)).
                             is hereby appointed as a Trustee for the Plan,
and is referred to as the Special Trustee. The sole responsibility of the Special Trustee is to collect contributions the Employer owes to the Plan. No other Trustee has any duty to ensure that the contributions received comply with the provisions
of the Plan or is obliged to collect any contributions from the Employer. No Trustee, other than the Special Trustee, is obliged to ensure that funds deposited are deposited according to the provisions of the Plan. The Special Trustee will execute a
form accepting its position and agreeing to its obligations hereunder. 
 59. [    ] PERMISSIBLE TRUST
AMENDMENTS (8.11). The Employer makes the following amendments to the Trust as permitted under Rev. Proc. 2011-49, Sections 5.09 and 14.04 (Choose one or more of (a) through
(c) as applicable.): 
 [Note: Any amendment under this Election 59 must not: (i) conflict with any Plan provision unrelated to the
Trust or Trustee; or (ii) cause the Plan to violate Code §401(a). The amendment may override, add to, delete or otherwise modify the Trust provisions. Do not use this Election 59 to substitute another pre-approved trust for the Trust. See Election 5(c) as to a substitute trust.] 
  

					
	(a)	  	[    ]	  	Investments. The Employer amends the Trust provisions relating to Trust investments as follows:
		  		  	                                      
                                         
                                         
                                         
                               .
	(b)	  	[    ]	  	Duties. The Employer amends the Trust provisions relating to Trustee (or Custodian) duties as follows:
		  		  	                                      
                                         
                                         
                                         
                               .
	(c)	  	[    ]	  	Other administrative provisions. The Employer amends the other administrative provisions of the Trust as follows:
		  		  	                                      
                                         
                                         
                                         
                               .

  
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 APPENDIX D 

TABLE I: ACTUARIAL FACTORS 
 UP-1984 
 Without Setback 
  

							
	 Number of years

from attained age

at the end of Plan Year until Normal
Retirement Age
	  	 7.50%
	  	 8.00%
	  	 8.50%

	 0
	  	8.458	  	8.196	  	7.949
	 1
	  	7.868	  	7.589	  	7.326
	 2
	  	7.319	  	7.027	  	6.752
	 3
	  	6.808	  	6.506	  	6.223
	 4
	  	6.333	  	6.024	  	5.736
	 5
	  	5.891	  	5.578	  	5.286
	 6
	  	5.480	  	5.165	  	4.872
	 7
	  	5.098	  	4.782	  	4.491
	 8
	  	4.742	  	4.428	  	4.139
	 9
	  	4.412	  	4.100	  	3.815
	 10
	  	4.104	  	3.796	  	3.516
	 11
	  	3.817	  	3.515	  	3.240
	 12
	  	3.551	  	3.255	  	2.986
	 13
	  	3.303	  	3.014	  	2.752
	 14
	  	3.073	  	2.790	  	2.537
	 15
	  	2.859	  	2.584	  	2.338
	 16
	  	2.659	  	2.392	  	2.155
	 17
	  	2.474	  	2.215	  	1.986
	 18
	  	2.301	  	2.051	  	1.831
	 19
	  	2.140	  	1.899	  	1.687
	 20
	  	1.991	  	1.758	  	1.555
	 21
	  	1.852	  	1.628	  	1.433
	 22
	  	1.723	  	1.508	  	1.321
	 23
	  	1.603	  	1.396	  	1.217
	 24
	  	1.491	  	1.293	  	1.122
	 25
	  	1.387	  	1.197	  	1.034
	 26
	  	1.290	  	1.108	  	0.953
	 27
	  	1.200	  	1.026	  	0.878
	 28
	  	1.116	  	0.950	  	0.810
	 29
	  	1.039	  	0.880	  	0.746
	 30
	  	0.966	  	0.814	  	0.688
	 31
	  	0.899	  	0.754	  	0.634
	 32
	  	0.836	  	0.698	  	0.584
	 33
	  	0.778	  	0.647	  	0.538
	 34
	  	0.723	  	0.599	  	0.496
	 35
	  	0.673	  	0.554	  	0.457
	 36
	  	0.626	  	0.513	  	0.422
	 37
	  	0.582	  	0.475	  	0.389
	 38
	  	0.542	  	0.440	  	0.358
	 39
	  	0.504	  	0.407	  	0.330
	 40
	  	0.469	  	0.377	  	0.304
	 41
	  	0.436	  	0.349	  	0.280
	 42
	  	0.406	  	0.323	  	0.258
	 43
	  	0.377	  	0.299	  	0.238
	 44
	  	0.351	  	0.277	  	0.219
	 45
	  	0.327	  	0.257	  	0.202

 Note: A Participant’s Actuarial Factor under Table I is the factor corresponding to the number of years
until the Participant reaches his/her Normal Retirement Age under the Plan. A Participant’s age as of the end of the current Plan Year is his/her age on his/her last birthday. For any Plan Year beginning on or after the Participant’s
attainment of Normal Retirement Age, the factor for “zero” years applies. 

  
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 APPENDIX D 

TABLE II: ADJUSTMENT TO ACTUARIAL FACTORS FOR NORMAL RETIREMENT AGE 

OTHER THAN 65 
 UP-1984 
 Without Setback 
  

							
	 Normal Retirement Age
	  	 7.50%
	  	 8.00%
	  	 8.50%

	55	  	1.2242	  	1.2147	  	1.2058
	56	  	1.2043	  	1.1959	  	1.1879
	57	  	1.1838	  	1.1764	  	1.1694
	58	  	1.1627	  	1.1563	  	1.1503
	59	  	1.1411	  	1.1357	  	1.1305
	60	  	1.1188	  	1.1144	  	1.1101
	61	  	1.0960	  	1.0925	  	1.0891
	62	  	1.0726	  	1.0700	  	1.0676
	63	  	1.0488	  	1.0471	  	1.0455
	64	  	1.0246	  	1.0237	  	1.0229
	65	  	1.0000	  	1.0000	  	1.0000
	66	  	0.9752	  	0.9760	  	0.9767
	67	  	0.9502	  	0.9518	  	0.9533
	68	  	0.9251	  	0.9274	  	0.9296
	69	  	0.8998	  	0.9027	  	0.9055
	70	  	0.8740	  	0.8776	  	0.8810
	71	  	0.8478	  	0.8520	  	0.8561
	72	  	0.8214	  	0.8261	  	0.8307
	73	  	0.7946	  	0.7999	  	0.8049
	74	  	0.7678	  	0.7735	  	0.7790
	75	  	0.7409	  	0.7470	  	0.7529
	76	  	0.7140	  	0.7205	  	0.7268
	77	  	0.6874	  	0.6942	  	0.7008
	78	  	0.6611	  	0.6682	  	0.6751
	79	  	0.6349	  	0.6423	  	0.6494
	80	  	0.6090	  	0.6165	  	0.6238

 Note: Use Table II only if the Normal Retirement Age for any Participant is not 65. If a Participant’s
Normal Retirement Age is not 65, adjust Table I by multiplying all factors applicable to that Participant in Table I by the appropriate Table II factor. 

  
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 Volume Submitter 401(k) Plan 

 

 PPD ADOPTION AGREEMENT 

ADMINISTRATIVE CHECKLIST 

January 1, 2016 
 This
Administrative Checklist (“AC”) is not part of the Adoption Agreement or Plan but is for the use of the Plan Administrator in administering the Plan. Relius software also uses the AC and the following Supporting Forms Checklist
(“SFC”) in preparing the Plan’s SPD and some administrative forms, such as the Loan Policy, if applicable. 
 The plan document
preparer need not complete the AC but may find it useful to do so. The preparer may modify the AC, including adding items, without affecting reliance on the Plan’s opinion or advisory letter since the AC is not part of the approved Plan. Any
change to this AC is not a Plan amendment and is not subject to any Plan provision or to Applicable Law regarding the timing or form of Plan amendments. However, the Plan Administrator’s administration of any AC item must be in accordance with
applicable Plan terms and with Applicable Law. 
 The AC reflects the Plan policies and operation as of the date set forth above and may also reflect
Plan policies and operation pre-dating the specified date. 
 AC1. PLAN LOANS (7.06). The Plan
permits or does not permit Participant Loans as follows (Choose one of (a) or (b).): 
  

					
	          	 	(a)	  	[    ]   Does not permit.
			
		 	(b)	  	[X]    Permitted pursuant to the Loan Policy. See SFC Election 74 to complete Loan Policy. 

 AC2. PARTICIPANT DIRECTION OF INVESTMENT (7.03(B)). The Plan permits Participant direction of investment or does
not permit Participant direction of investment as to some or all Accounts as follows (Choose one of (a) or (b).): 
  

													
	        	 	(a)	  	[    ]    Does not permit. The Plan does not permit Participant direction of investment of any Account.
			
		 	(b)	  	[X]     Permitted as follows. The Plan permits Participant direction of investment. (Complete (1) through
(4).):
					
		 		  		  	(1)	  	Accounts affected. (Choose a. or choose one or more of b. through f.):
							
		 		  		  		  	a.	  	[X]	  	All Accounts.
							
		 		  		  		  	b.	  	[    ]	  	Elective Deferral Accounts (Pre-tax and Roth) and Employee Contributions.
							
		 		  		  		  	c.	  	[    ]	  	All Nonelective Contribution Accounts.
							
		 		  		  		  	d.	  	[    ]	  	All Matching Contribution Accounts.
							
		 		  		  		  	e.	  	[    ]	  	All Rollover Contribution and Transfer Accounts.
							
		 		  		  		  	f.	  	[    ]	  	Specify
Accounts:                                       
                                         
                                         
              
					
		 		  		  	(2)	  	Restrictions on Participant direction (Choose one of a. or b.):
							
		 		  		  		  	a.	  	[X]	  	None. Provided the investment does not result in a prohibited transaction, give rise to UBTI, create administrative problems or violate the Plan terms or Applicable Law.
							
		 		  		  		  	b.	  	[    ]	  	Restrictions:                                   
                                         
                                         
                                
					
		 		  		  	(3)	  	ERISA §404(c). (Choose one of a. or b.):
							
		 		  		  		  	a.	  	[X]	  	Applies.
							
		 		  		  		  	b.	  	[    ]	  	Does not apply.
					
		 		  		  	(4)	  	QDIA (Qualified Default Investment Alternative). (Choose one of a. or b.):
							
		 		  		  		  	a.	  	[X]	  	Applies. See SFC Election 122 for details.
							
		 		  		  		  	b.	  	[    ]	  	Does not apply.
	
	AC3. ROLLOVER CONTRIBUTIONS (3.08). The Plan permits or does not permit Rollover Contributions as follows (Choose one of (a) or (b).):
			
		 	(a)	  	[    ]  Does not permit.
			
		 	(b)	  	[X]  Permits. Subject to approval by the Plan Administrator and as further described below (Complete (1) and (2).):
				
		 		  		  	(1) Who may roll over. (Choose one of a. or b.):
							
		 		  		  		  	a.	  	[    ]	  	Participants only.
							
		 		  		  		  	b.	  	[X]	  	Eligible Employees or Participants.
				
		 		  		  	(2) Sources/Types. The Plan will accept a Rollover Contribution (Choose one of a. or b.):
							
		 		  		  		  	a.	  	[X]	  	All. From any Eligible Retirement Plan and as to all Contribution Types eligible to be rolled into this Plan.
							
		 		  		  		  	b.	  	[    ]	  	Limited. Only from the following types of Eligible Retirement Plans and/or as to the following
						
		 		  		  		  		  	Contribution Types:                                  
                                         
                                         
                     .
	
	AC4. PLAN EXPENSES (7.04(C)). The Employer will pay or the Plan will be charged with non-settlor Plan expenses as follows (Choose one of (a) or
(b).):
			
		 	(a)	  	[    ] Employer pays all expenses except those intrinsic to Trust assets which the Plan will pay (e.g., brokerage commissions).
			
		 	(b)	  	[X] Plan pays some or all non-settlor expenses. See SFC Election 119 for details.

  
 © 2014 Wells Fargo Bank, N.A. or
its suppliers 
 1 

 Volume Submitter 401(k) Plan 

 

									
	AC5. RELATED AND PARTICIPATING EMPLOYERS/MULTIPLE EMPLOYER PLAN (1.24(C)/(D)). There are or are not Related Employers and Participating Employers as follows (Complete (a) through
(d).):
		
	        (a)	 	Related Employers. (Choose one of (1) or (2).):
				
		 	(1)	  	[    ]	  	None.
				
		 	(2)	  	[X]	  	Name(s) of Related Employers: Bison Media, Inc., Caron Broadcasting, Inc., Salem Publishing, Inc., Common Ground Broadcasting, Inc., Inspiration Media of Texas, LLC, Inspiration Media, Inc., New Inspiration
Broadcasting Company, Inc., Salem Web Network, LLC, Pennsylvania Media Associates, Inc., Reach Satellite Network, Inc., Salem Communications Holding Corporation, Salem Media of Colorado, Inc., Salem Media of Hawaii, Inc., Salem Media of Illinois,
LLC, Salem Media of Kentucky, Inc., Salem Media of New York, LLC, Salem Media of Ohio, Inc., Salem Media of Oregon, Inc., Salem Media of Texas, Inc., Salem Media of Virginia, Inc., Salem Radio Network Incorporated, Salem Radio Properties, Inc., SCA
License Corporation, South Texas Broadcasting, Inc., SRN News Network, Inc., Salem Radio Operations, LLC, Salem Satellite Media, LLC, NI Acquisition Corporation, Salem Consumer Products, Inc., Air Hot, Inc., Salem Media Group, LLC, Salem Media
Representative, Inc., SCA- Palo Alto, LLC, SRN Store, Inc., Eagle Products, LLC.
		
	        (b)	 	Participating (Related) Employers. (Choose one of (1) or (2).):
				
		 	(1)	  	[    ]	  	None.
				
		 	(2)	  	[X]	  	Name(s) of Participating Employers: Bison Media, Inc., Caron Broadcasting, Inc., Salem Publishing, Inc., Common Ground Broadcasting, Inc., Inspiration Media of Texas, LLC, Inspiration Media, Inc., New Inspiration
Broadcasting Company, Inc., Salem Web Network, LLC, Pennsylvania Media Associates, Inc., Reach Satellite Network, Inc., Salem Communications Holding Corporation, Salem Media of Colorado, Inc., Salem Media of Hawaii, Inc., Salem Media of Illinois,
LLC, Salem Media of Kentucky, Inc., Salem Media of New York, LLC, Salem Media of Ohio, Inc., Salem Media of Oregon, Inc., Salem Media of Texas, Inc., Salem Media of Virginia, Inc., Salem Radio Network Incorporated, Salem Radio Properties, Inc., SCA
License Corporation, South Texas Broadcasting, Inc., SRN News Network, Inc., Salem Radio Operations, LLC, Salem Satellite Media, LLC, NI Acquisition Corporation, Salem Consumer Products, Inc., Air Hot, Inc., Salem Media Group, LLC, Salem Media
Representative, Inc., SCA-Palo Alto, LLC, SRN Store, Inc., Eagle Products, LLC. See SFC Election 76 for details.
		
	        (c)	 	Former Participating Employers. (Choose one of (1) or (2).):
				
		 	(1)	  	[    ]	  	None.
					
		 	(2)	  	[X]	  	Applies.	  	
					
	                    	 		  		  	Name(s)	  	Date of cessation
	 	 	 	  	 	  	 Salem Payroll Corporation
	  	 January 1, 2015

		 		  		  	  
	  	
		
	        (d)	 	Multiple Employer Plan status. (Choose one of (1) or (2).):
					
		 	(1)	  	[X]	  	Does not apply.	  	
					
		 	(2)	  	[    ]	  	Applies. The Signatory Employer is the Lead Employer and at least one Participating Employer is not a Related Employer. (Complete a.)	  	
				
		 		  	a.	  	Name(s) of Participating Employers (other than Related Employers described
above):                                     See SFC Election
76 for details.
	
	AC6. TOP-HEAVY MINIMUM-MULTIPLE PLANS (10.03). If the Employer maintains another plan, this Plan provides that the Plan Administrator operationally will determine in
which plan the Employer will satisfy the Top-Heavy Minimum Contribution (or benefit) requirement as to Non-Key Employees who participate in such plans and who are
entitled to a Top-Heavy Minimum Contribution (or benefit). This Election documents the Plan Administrator’s operational election. (Choose (a) or choose one of
(b) or (c).):
					
		 	(a)	  	[X]	  	Does not apply.	  	
				
		 	(b)	  	[    ]	  	If only another Defined Contribution Plan. Make the Top-Heavy Minimum Allocation (Choose one of (1) or (2).):
					
		 		  	(1)	  	[    ] To this Plan.	  	
				
		 		  	(2)	  	[    ] To another Defined Contribution Plan:
                                         
                      (plan name)
				
		 	(c)	  	[    ]	  	If one or more Defined Benefit Plans. Make the Top-Heavy Minimum Allocation or provide the top-heavy minimum benefit (Choose one of (1),
(2), or (3).):
				
		 		  	(1)	  	[    ] To this Plan. Increase the Top-Heavy Minimum Allocation to 5%.
				
		 		  	(2)	  	 [    ] To another Defined Contribution Plan. Increase the
Top-Heavy Minimum Allocation to 5% and provide under
the:                                        
                      (name of other Defined Contribution Plan).

				
		 		  	(3)	  	[    ] To a Defined Benefit Plan. Provide the 2% top-heavy minimum benefit under
the:                     (name of Defined Benefit Plan) and applying the following interest rate and mortality
assumptions:                                     
.
	
	AC7. SELF-EMPLOYED PARTICIPANTS (1.22(A)). One or more self-employed Participants with Earned Income benefits in the Plan as follows (Choose one of (a) or (b).):
					
		 	(a)	  	[X]	  	None.	  	
					
		 	(b)	  	[    ]	  	Applies.	  	

  
 © 2014 Wells Fargo Bank, N.A. or
its suppliers 
 2 

 Volume Submitter 401(k) Plan 

 

 AC8. PROTECTED BENEFITS (11.02(C)). The following Protected Benefits no longer apply to all
Participants or do not apply to designated amounts/Participants as indicated, having been eliminated by a Plan amendment (Choose one of (a) or (b).): 
  

							
	    	 	(a)	  	[X]	  	Does not apply. No Protected Benefits have been eliminated.
				
		 	(b)	  	[    ]	  	Applies. Protected Benefits have been eliminated as follows (Choose one or more of rows (1) through (4) as applicable. Choose one of columns (1), (2), or (3), and complete column (4).):

  

													
	 	  	 	  	 	  	(1)	  	(2)	  	(3)	  	(4)
	 	  	 	  	 	  	All	  	Post-E.D.	  	Post-E.D.	  	Effective
	 	  	 	  	 	  	Participants/	  	Contribution	  	Participants	  	Date
	 	  	 	  	 	  	Accounts	  	Accounts only	  	only	  	(E.D.)
							
	(1)	  	[    ]	  	QJSA/QPSA distributions	  	[    ]	  	[    ]	  	[    ]	  	                    
							
	(2)	  	[    ]	  	Installment distributions	  	[    ]	  	[    ]	  	[    ]	  	                    
							
	(3)	  	[    ]	  	In-kind distributions	  	[    ]	  	[    ]	  	[    ]	  	                    
			
	(4)	  	[    ]	  	Specify:                                  
                                         
                                         
            

  

									
	AC9. LIFE INSURANCE (9.01). The Trust invests or does not invest in life insurance Contracts as follows (Choose one of (a) or (b).):
					
		  		  	(a)	  	[X]	  	Does not apply.
					
		  	    	  	(b)	  	[    ]	  	Applies. Subject to the limitations and other provisions in Article IX and/or Appendix B.
	
	AC10. DISTRIBUTION OF CASH OR PROPERTY (8.04). The Plan provides for distribution in the form of (Choose one of (a) or (b).):
					
		  		  	(a)	  	[X]	  	Cash only. Except where property distribution is required or permitted under Section 8.04.
					
		  		  	(b)	  	[    ]	  	Cash or property. At the distributee’s election and consistent with any Plan Administrator policy under Section 8.04.
	
	AC11. EMPLOYER SECURITIES/EMPLOYER REAL PROPERTY (8.02(A)(13)). The Trust invests or does not invest in qualifying Employer securities and/or qualifying Employer real property as follows (Choose one of
(a) or (b).):
					
		  		  	(a)	  	[    ]	  	Does not apply.
					
		  		  	(b)	  	[X]	  	Applies. Such investments are subject to the limitations of Section 8.02(A)(13) and/or Appendix B.

  
 © 2014 Wells Fargo Bank, N.A. or
its suppliers 
 3

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