Document:

Exhibit 10.24

 Exhibit 10.24 
 EMPLOYEE STOCK OWNERSHIP PLAN 
 OF 
 PEOPLE’S UNITED FINANCIAL,
INC. 
 Effective as of January 1, 2007 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 Article I
  
 Definitions
  

	Section 1.1	  	Account	  	1
	Section 1.2	  	Affiliated Employer	  	1
	Section 1.3	  	Allocation Compensation	  	1
	Section 1.4	  	Bank	  	2
	Section 1.5	  	Beneficiary	  	2
	Section 1.6	  	Board	  	2
	Section 1.7	  	Change in Control	  	2
	Section 1.8	  	Code	  	2
	Section 1.9	  	Committee	  	2
	Section 1.10	  	Company	  	2
	Section 1.11	  	Compensation Committee	  	2
	Section 1.12	  	Designated Beneficiary	  	2
	Section 1.13	  	Disability	  	2
	Section 1.14	  	Discretionary Contribution	  	2
	Section 1.15	  	Eligibility Computation Period	  	3
	Section 1.16	  	Effective Date	  	3
	Section 1.17	  	Eligible Employee	  	3
	Section 1.18	  	Eligible Participant	  	3
	Section 1.19	  	Employee	  	3
	Section 1.20	  	Employment Commencement Date	  	3
	Section 1.21	  	ERISA	  	3
	Section 1.22	  	Exchange Act	  	3
	Section 1.23	  	Fair Market Value	  	4
	Section 1.24	  	Financed Share	  	4
	Section 1.25	  	Five Percent Owner	  	4
	Section 1.26	  	Forfeitures	  	4
	Section 1.27	  	Former Participant	  	4
	Section 1.28	  	415 Compensation	  	5
	Section 1.29	  	General Investment Account	  	5
	Section 1.30	  	Highly Compensated Employee	  	5
	Section 1.31	  	Hour of Service	  	5
	Section 1.32	  	Investment Account	  	6
	Section 1.33	  	Investment Fund	  	6
	Section 1.34	  	Loan Repayment Account	  	6
	Section 1.35	  	Loan Repayment Contribution	  	6
	Section 1.36	  	Maternity or Paternity Leave	  	6
	Section 1.37	  	Named Fiduciary	  	6
	Section 1.38	  	Officer	  	7

  

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	Section 1.39	  	One Year Break in Service	  	7
	Section 1.40	  	Participant	  	8
	Section 1.41	  	Participating Employer	  	8
	Section 1.42	  	Plan	  	8
	Section 1.43	  	Plan Administrator	  	8
	Section 1.44	  	Plan Year	  	8
	Section 1.45	  	Qualified Participant	  	8
	Section 1.46	  	Retirement	  	8
	Section 1.47	  	Retroactive Contribution	  	8
	Section 1.48	  	Share	  	8
	Section 1.49	  	Share Acquisition Loan	  	8
	Section 1.50	  	Share Investment Account	  	8
	Section 1.51	  	Tender Offer	  	8
	Section 1.52	  	Total Compensation	  	9
	Section 1.53	  	Trust	  	9
	Section 1.54	  	Trust Agreement	  	9
	Section 1.55	  	Trust Fund	  	9
	Section 1.56	  	Trustee	  	9
	Section 1.57	  	Valuation Date	  	9
	Section 1.58	  	Vesting Computation Period	  	9
	Section 1.59	  	Year of Eligibility Service	  	9
	Section 1.60	  	Year of Vesting Service	  	9
	
	 Article II
  

	 Participation
  

	Section 2.1	  	Eligibility for Participation.	  	10
	Section 2.2	  	Commencement of Participation.	  	10
	Section 2.3	  	Termination of Participation.	  	10
	
	 Article III
  

	 Credited Service
  

	Section 3.1	  	Computation of Credited Service	  	10
	Section 3.2	  	Service to Acquired Entities.	  	11
	Section 3.3	  	Breaks in Service.	  	11
	Section 3.4	  	Transfer to or From Employment Within the United States.	  	12
	
	 Article IV
  

	 Contributions by Participants Not Permitted
  

	Section 4.1	  	Contributions by Participants Not Permitted.	  	12

  

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	 Article V
  

	 Contributions by Participating Employers
  

	 Section 5.1
	  	In General.	  	12
	Section 5.2	  	Loan Repayment Contributions.	  	13
	Section 5.3	  	Discretionary Contributions.	  	13
	Section 5.4	  	Retroactive Contributions.	  	13
	Section 5.5	  	Time and Manner of Payment.	  	14
	
	 Article VI
  
 Share Acquisition Loans
  

	Section 6.1	  	In General.	  	14
	Section 6.2	  	Collateral; Liability for Repayment.	  	15
	Section 6.3	  	Loan Repayment Account.	  	16
	Section 6.4	  	Release of Financed Shares.	  	16
	Section 6.5	  	Restrictions on Financed Shares.	  	17
	
	 Article VII
  
 Allocation of Contributions
  

	Section 7.1	  	Allocation Among Eligible Participants.	  	17
	Section 7.2	  	Allocation of Released Shares or Other Property.	  	17
	Section 7.3	  	Allocation of Discretionary Contributions.	  	17
	
	 Article VIII
  
 Limitations on Allocations
  

	Section 8.1	  	Optional Limitations on Allocations.	  	18
	Section 8.2	  	General Limitations on Contributions.	  	18
	
	 Article IX
  
 Vesting
  

	Section 9.1	  	Vesting.	  	20
	Section 9.2	  	Vesting on Death, Disability, Retirement or Change in Control.	  	20
	Section 9.3	  	Forfeitures on Termination of Employment.	  	20
	Section 9.4	  	Amounts Credited Upon Re-Employment.	  	21
	Section 9.5	  	Allocation of Forfeitures.	  	21

  

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	 Article X
  
 The Trust Fund
  

	Section 10.1	  	The Trust Fund.	  	21
	Section 10.2	  	Investments.	  	21
	Section 10.3	  	Distributions for Diversification of Investments.	  	22
	Section 10.4	  	Cost of Administering Plan.	  	23
	Section 10.5	  	Use of Commingled Trust Funds.	  	23
	Section 10.6	  	Management and Control of Assets.	  	23
	
	 Article XI
  
 Valuation of Interests in the Trust Fund
  

	Section 11.1	  	Establishment of Investment Accounts.	  	24
	Section 11.2	  	Share Investment Accounts.	  	24
	Section 11.3	  	General Investment Accounts.	  	24
	Section 11.4	  	Valuation of Investment Accounts.	  	24
	Section 11.5	  	Annual Statements.	  	25
	
	 Article XII
  
 Shares
  

	Section 12.1	  	Specific Allocation of Shares.	  	25
	Section 12.2	  	Dividends.	  	25
	Section 12.3	  	Voting Rights.	  	25
	Section 12.4	  	Tender Offers.	  	27
	
	 Article XIII
  
 Distribution Of Participant Accounts
  

	Section 13.1	  	Distribution Date.	  	29
	Section 13.2	  	Method of Distribution.	  	30
	Section 13.3	  	Minimum Distributions; 401(a)(9) Compliance.	  	31
	Section 13.4	  	Vested Interest Held in Fund.	  	32
	Section 13.5	  	Distribution of Benefits Upon Death Prior Benefit Payment.	  	32
	Section 13.6	  	Manner of Payment.	  	33
	Section 13.7	  	Direct Rollovers.	  	33
	Section 13.8	  	Designation of Beneficiary:	  	34
	Section 13.9	  	Valuation of Shares Upon Distribution.	  	35
	Section 13.10	  	Put Options.	  	35
	Section 13.11	  	Right of First Refusal.	  	36

  

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	 Article XIV
  
 Change in Control
  

	Section 14.1	  	Definition of Change in Control; Pending Change in Control.	  	37
	Section 14.2	  	Vesting on Change of Control.	  	38
	Section 14.3	  	Repayment of Share Acquisition Loan.	  	38
	Section 14.4	  	Plan Termination After Change in Control.	  	38
	Section 14.5	  	Amendment of Section XIV.	  	38
	
	 Article XV
  
 Fiduciary Responsibility
  

	Section 15.1	  	Designation of Named Fiduciaries.	  	39
	Section 15.2	  	Allocation of Duties.	  	39
	Section 15.3	  	Fiduciary Standards.	  	40
	Section 15.4	  	Employer as a Fiduciary.	  	41
	Section 15.5	  	Plan Administrator.	  	41
	Section 15.6	  	Compensation Committee.	  	41
	Section 15.7	  	Delegation of Fiduciary Duties.	  	42
	Section 15.8	  	No Bond Except as Required by ERISA.	  	42
	Section 15.9	  	Limitation of Article XVI.	  	42
	
	 Article XVI
  
 Administrative Committee
  

	Section 16.1	  	Appointment and Tenure.	  	42
	Section 16.2	  	Notification of Trustee.	  	43
	Section 16.3	  	Action by Committee.	  	43
	Section 16.4	  	Documents.	  	43
	Section 16.5	  	Powers of Committee.	  	43
	Section 16.6	  	Benefits Payable Under the Plan.	  	44
	Section 16.7	  	Construction of the Plan.	  	44
	Section 16.8	  	Engagement of Assistants and Advisors.	  	44
	Section 16.9	  	Indemnification of the Committee.	  	44
	Section 16.10	  	Designation of Forms by Committee.	  	45
	Section 16.11	  	Acknowledgment of Benefits.	  	45
	Section 16.12	  	Delegation by Committee.	  	45
	Section 16.13	  	Information Furnished by Affiliated Employer.	  	46

  

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	 Article XVII
  
 Amendment, Termination and Tax Qualification
  

	Section 17.1	  	Right to Amend.	  	46
	Section 17.2	  	Procedure to Amend.	  	47
	Section 17.3	  	No Obligation or Liability.	  	47
	Section 17.4	  	Continuation of Trust.	  	47
	Section 17.5	  	Effect of Termination.	  	47
	Section 17.6	  	Conformity to Internal Revenue Code.	  	48
	Section 17.7	  	Contingent Nature of Contributions.	  	48
	
	 Article XVIII
  
 Special Rules for Top Heavy Plan Years
  

	Section 18.1	  	In General.	  	49
	Section 18.2	  	Definition of Top Heavy Plan.	  	49
	Section 18.3	  	Determination Date.	  	49
	Section 18.4	  	Cumulative Accrued Benefits.	  	50
	Section 18.5	  	Key Employees.	  	50
	Section 18.6	  	Required Aggregation Group.	  	51
	Section 18.7	  	Permissible Aggregation Group.	  	51
	Section 18.8	  	Special Requirements During Top Heavy Plan Years.	  	52
	
	 Article XIX
  
 Participating Employers
  

	Section 19.1	  	Adoption by Affiliated Employer.	  	52
	Section 19.2	  	Contributions by Participating Employers.	  	52
	Section 19.3	  	All Rights Exercisable by Company.	  	52
	Section 19.4	  	Amendment by Participating Employers.	  	52
	
	 Article XX
  
 Miscellaneous Provisions
  

	Section 20.1	  	No Employment Contract.	  	53
	Section 20.2	  	Non-Alienation of Benefits, QDROs.	  	53
	Section 20.3	  	Mergers and Consolidations of Company	  	54
	Section 20.4	  	Governing Law	  	54
	Section 20.5	  	Participants Limited to Assets of Fund	  	54
	Section 20.6	  	Severability of Provisions	  	54
	Section 20.7	  	Mergers and Consolidations of Plans	  	54
	Section 20.8	  	Status as an Employee Stock Ownership Plan.	  	55
	Section 20.9	  	Claims Procedure	  	55

  

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	Section 20.10	  	Agent For Legal Process	  	57
	Section 20.11	  	Insurance Company	  	57
	Section 20.12	  	Dates	  	57
	Section 20.13	  	Incapacity of Distributee	  	57
	Section 20.14	  	Limitation Year	  	58
	Section 20.15	  	Recapture of Erroneous Payments	  	58
	Section 20.16	  	Benefits Payable Pursuant to Qualified Domestic Relations Orders	  	58
	Section 20.17	  	USERRA	  	58
	Section 20.18	  	Construction of Language.	  	58
	Section 20.19	  	Headings.	  	59

  

 vii 

 EMPLOYEE STOCK OWNERSHIP PLAN

 OF 
 PEOPLE’S UNITED FINANCIAL, INC. 
 Article
I 
 Definitions 
 The
following definitions shall apply for the purposes of the Plan, unless a different meaning is clearly indicated by the context: 
 Section 1.1 Account means an account established for each Participant to which is allocated such Participant’s share, if any, of all Financed Shares and other property that are released from the Loan Repayment
Account in accordance with Section 6.4, together with his share, if any, of any Discretionary Contributions that may be made by a Participating Employer. 
 Section 1.2 Affiliated Employer means the Company; any corporation which is a member of a controlled group of corporations (as defined in Section 414(b) of the Code) that includes the Company;
any trade or business (whether or not incorporated) that is under common control (as defined in Section 414(c) of the Code) with the Company; any organization (whether or not incorporated) that is a member of an affiliated service group (as
defined in Section 414(m) of the Code) that includes the Company; and any other entity that is required to be aggregated with the Company pursuant to regulations under Section 414(o) of the Code. 
 Section 1.3 Allocation Compensation with respect to any Participant for a Plan Year means the sum of (i) and (ii) where
(i) is the total amount of salary, wages or compensation paid to such Participant by any Participating Employer during such Plan Year including overtime pay, commissions, and bonuses, but excluding any incentive payments with an accrual period
longer than one year (and such exclusion shall apply to the year of deferral and year of payment), and furthermore excluding any fees, credits or benefits under this Plan, the People’s Bank 401(k) Employee Savings Plan, the People’s Bank
Employees’ Retirement Plan and any other plan of deferred compensation to which the Bank may contribute or credit benefits (except as provided under (ii)), severance pay, payments for reimbursement of business expenses incurred by such
Participant, tuition reimbursement, insurance premiums paid by any Participating Employer, or other special emoluments; and (ii) to the extent of salary reductions agreed to by such Participant pursuant to salary reduction agreements, the total
amount contributed or credited by any Participating Employer to the People’s Bank 401(k) Employee Savings Plan, any other defined contribution plan of deferred compensation or a plan which meets the requirements of Section 125 of the Code.
The amount of Allocation Compensation with respect to any Participant shall include Allocation Compensation for the entire twelve (12) month period ending on the last day of such Plan Year, except that Allocation Compensation shall only be
recognized for that portion of the Plan Year during which an Employee was a Participant in the Plan. In no event, however, shall an Employee’s Allocation Compensation for any calendar year include any compensation in excess of $225,000, or any
such other amount as may be prescribed in accordance with regulations prescribed under Section 401(a)(17) of the Code. If there 

  

 1 

 
are less than twelve (12) months in the Plan Year, the $225,000 limitation (as adjusted) shall be prorated by multiplying such limitation by a fraction,
the numerator of which is the number of months in the Plan Year and the denominator of which is twelve (12). 
 Section 1.4
Bank means People’s Bank, a federally chartered capital savings bank, and any successor thereto, including the entity which is expected to become a wholly owned subsidiary of the Company upon the Company’s initial public issuance
of stock. 
 Section 1.5 Beneficiary means the person or persons designated by a Participant or Former Participant or
other person entitled to a benefit under the Plan, or otherwise determined to be entitled to a benefit under the Plan. If more than one person is designated, each shall have an equal share unless the person making the designation directed otherwise.
The word “person” includes an individual, a trust, an estate or any other person that is permitted to be named as a Beneficiary. 
 Section 1.6 Board means the Board of Directors of People’s United Financial, Inc. 
 Section 1.7
Change in Control means an event described in Section 14.1. 
 Section 1.8 Code means the Internal Revenue
Code of 1986 (including the corresponding provisions of any succeeding law). 
 Section 1.9 Committee means the
Administrative Committee described in Article XVI. 
 Section 1.10 Company means People’s United Financial, Inc., a
Delaware corporation, and any successor thereto. 
 Section 1.11 Compensation Committee shall mean the Compensation and
Nominating Committee of the Board or such committee of the Board or of the Board of Directors of an Affiliated Employer which may be established hereafter and to which the Board may assign the authority, power and duties of the Compensation
Committee with respect to the Plan. 
 Section 1.12 Designated Beneficiary means the person designated by a Participant or
Former Participant as a Beneficiary under Section 13.8. 
 Section 1.13 Disability means any total disability or ill
health which has resulted in a Participant becoming permanently incapacitated provided that such disability or ill health is established by medical evidence satisfactory to the Committee, and in order to establish such permanent incapacity and total
disability or ill health, the Committee may designate a physician of its choice whose conclusion shall be conclusive upon all persons concerned. 
 Section 1.14 Discretionary Contribution means Shares or amounts of money contributed to the Plan by the Participating Employers in accordance with Section 5.3. 
  

 2 

 Section 1.15 Eligibility Computation Period means, with respect to any person,
(a) the 12-consecutive month period beginning on such person’s Employment Commencement Date and (b) each Plan Year after such beginning date. 
 Section 1.16 Effective Date means January 1, 2007. 
 Section 1.17
Eligible Employee means an Employee who is eligible for membership in the Plan in accordance with Article II. 
 Section 1.18 Eligible Participant means, for any Plan Year, an Employee who is a Participant during all or any part of such Plan Year and either remains a Participant on the last day of such Plan Year or terminated
participation during such Plan Year on account of termination of employment due to death, Disability or Retirement; provided, however, that no Employee shall be an Eligible Participant for the Plan Year that includes the effective date of the
transaction pursuant to which the Bank becomes a wholly owned subsidiary of the Company if he terminates employment for any reason with all Participating Employers prior to such effective date. 
 Section 1.19 Employee shall mean any person employed as an employee by the Affiliated Employer and paid directly by the Affiliated
Employer provided, however, that any Employee hired on a temporary basis may not be considered an Employee until the earlier of (a) the date he becomes a permanent employee or (b) he completes 1000 Hours of Service within twelve months of
his date of hire or any Plan Year commencing after his date of hire. The term “Employee” shall not include any independent contractor, any leased employee as defined in Section 414(n) of the Code, or any person paid by one other than
the Affiliated Employer who is loaned to the Affiliated Employer, who furnishes services to the Affiliated Employer regardless of any arrangement the Affiliated Employer may have to reimburse or pay the payor of such person for such person’s
compensation, or any person initially hired by the Affiliated Employer to work outside the United States who is not regularly employed by the Affiliated Employer as a common law employee within the United States. For purposes of this Section, an
“Employee hired on a temporary basis” shall mean an Employee hired by the Affiliated Employer to work for a season or other limited period of time. 
 Section 1.20 Employment Commencement Date means the date on which a person first performs an Hour of Service, except that if an Employee separates from service with an Affiliated Employer, incurs a
One-Year Break in Service and subsequently returns to or enters service with an Affiliated Employer, his Employment Commencement Date shall be the date on which he first performs an Hour of Service following the One-Year Break in Service.

 Section 1.21 ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time (including
the corresponding provisions of any succeeding law). 
 Section 1.22 Exchange Act means the Securities Exchange Act of
1934, as amended from time to time (including the corresponding provisions of any succeeding law). 
  

 3 

 Section 1.23 Fair Market Value on any date means: 
 (a) with respect to a Share: 
 (i) the final quoted sale price on the date in question (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred) of a Share as reported in the principal consolidated reporting system
with respect to securities listed or admitted to trading on the principal United States securities exchange on which like Shares are listed or admitted to trading; or 
 (ii) if like Shares are not listed or admitted to trading on any such exchange, the closing bid quotation with respect to a Share on such
date on the National Association of Securities Dealers Automated Quotation System, or, if no such quotation is provided, on another similar system, selected by the Committee, then in use; or 
 (iii) if Sections 1.23(a)(i) and (ii) are not applicable, the fair market value of a Share as determined by an appraiser independent
of any Affiliated Employer and experienced and expert in the field of corporate appraisal. 
 (b) with respect to other securities listed or
quoted on recognized exchanges or securities markets, such securities shall be valued at their closing sales prices on the Valuation Date. 
 (c) with respect to property other than Shares and securities described in (b) of this Section, the fair market value determined in the manner selected by the Trustee. 
 Section 1.24 Financed Share means: (a) a Share that has been purchased with the proceeds of a Share Acquisition Loan, that has
been allocated to the Loan Repayment Account in accordance with Section 6.3 and that has not been released in accordance with Section 6.4; or (b) a Share that constitutes a dividend paid with respect to a Share described in
Section 1.24(a), that has been allocated to the Loan Repayment Account in accordance with Section 6.3 and that has not been released in accordance with Section 6.4. 
 Section 1.25 Five Percent Owner means, for any Plan Year, a person who, during such Plan Year, owned (or was considered as owning for
purposes of Section 318 of the Code): (a) more than 5% of the value of all classes of outstanding stock of any Affiliated Employer; or (b) stock possessing more than 5% of the combined voting power of all classes of outstanding stock
of any Affiliated Employer. 
 Section 1.26 Forfeitures means the amounts forfeited by Participants and Former
Participants on termination of employment prior to full vesting, pursuant to Section 9.3, less amounts credited because of re-employment, pursuant to Section 9.4. 
 Section 1.27 Former Participant means a Participant whose participation in the Plan has terminated pursuant to Section 2.3.

  

 4 

 Section 1.28 415 Compensation with respect to any Participant means such
Participant’s wages as defined in Code Section 3401(a) and all other payments of compensation by any Participating Employer (in the course of such Employer’s trade or business) for a Plan Year for which such Participating Employer is
required to furnish the Participant a written statement under Code Sections 6041(d), 6051(a)(3) and 6052. “415 Compensation” must be determined (i) without regard to any rules under Code Section 3401(a) that limit the
remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Code Section 3401(a)(2)) and (ii) by also including amounts which are contributed
by a Participating Employer pursuant to a salary reduction agreement and are not includable in the gross income of the Participant under Section 125, 132(f)(4), 402(e)(3), or 402(h) of the Code. 
 Section 1.29 General Investment Account means an Investment Account established and maintained in accordance with Article XI.

 Section 1.30 Highly Compensated Employee means, for any Plan Year, an Employee who: 
 (i) was a Five Percent Owner at any time during such Plan Year or any prior Plan Year; or 
 (ii) received Total Compensation during the immediately preceding Plan Year (A) in excess of $100,000 (or such other amount as may be
prescribed by the Secretary of the Treasury pursuant to Section 401(a)(17) of the Code); and (B) if elected by the Plan Administrator in such form and manner as the Secretary of the Treasury may prescribe, in excess of the Total
Compensation received for such preceding Plan Year by at least 80% of the Employees. 
 The determination of who is a Highly Compensated Employee will be
made in accordance with Section 414(q) of the Code and the regulations thereunder. The Company has not elected to use the top 20% election mentioned in subparagraph (ii)(B) of this Section. 
 Section 1.31 Hour of Service shall mean and include: 
 (a) Each hour for which an Employee is directly or indirectly paid or entitled to payment by an Affiliated Employer for the performance of duties. These hours shall be credited to the Employee for the computation
period or periods in which the duties are performed; and 
 (b) Each hour for which an Employee is directly or indirectly paid or entitled to
payment by an Affiliated Employer for reasons (such as vacation, sickness or disability, but not including payments made or due under a plan maintained solely for complying with applicable workmen’s compensation or unemployment compensation or
disability insurance laws) other than for the performance of duties. These hours shall be credited to the Employee for the computation period or periods to which the payment pertains rather than the computation period or periods in which payment is
made or becomes due; and 
  

 5 

 (c) Each hour not otherwise credited for which back pay, irrespective of mitigation of damage, has been
either awarded or agreed to by an Affiliated Employer. These hours shall be credited to the Employee for the computation period or periods to which the award or agreement pertains rather than the computation period in which the award, agreement or
payment was made, but no more than five hundred one (501) hours shall be credited to the extent such back pay is agreed to or awarded for a period of time during which such Employee did not or would not have performed duties for the Affiliated
Employer. 
 (d) In determining the number of Hours of Service for any period for which Salary is paid but for which no work has been
performed by the Employee, the number of Hours of Service shall be computed by (a) dividing the payment made to an hourly paid (or other non-salaried) Employee by his most recent basic hourly rate (or if not hourly paid, his average hourly rate
of compensation during his last pay period) or (b) by dividing the payment to a salaried Employee by a rate obtained by dividing his last preceding regular weekly, bi-weekly or monthly salary by the number of hours (exclusive of overtime)
generally worked by such Employee during a period of such duration. 
 (e) Hours of Service shall, except for those described in Subsection
(c) of this Section, be based on the records of the Affiliated Employer. 
 (f) The foregoing provisions shall be administered in
accordance with Department of Labor regulations 2530.200b-2 which are incorporated herein by reference. 
 Section 1.32 Investment
Account means either a General Investment Account or a Share Investment Account. 
 Section 1.33 Investment Fund
means any one of the three or more funds as may be established from time to time by the Committee which, together with any and all Shares and other investments held under the Plan, constitute part of the Trust Fund. 
 Section 1.34 Loan Repayment Account means an account established and maintained in accordance with Section 6.3. 
 Section 1.35 Loan Repayment Contribution means amounts of money contributed to the Plan by the Participating Employers in accordance
with Section 5.2. 
 Section 1.36 Maternity or Paternity Leave means a person’s absence from work for all
Affiliated Employers: (a) by reason of the pregnancy of such person; (b) by reason of the birth of a child of such person; (c) by reason of the placement of a child with the person in connection with the adoption of such child by such
person; or (d) for purposes of caring for a child of such person immediately following the birth of the child or the placement of the child with such person. 
 Section 1.37 Named Fiduciary means any person, committee, corporation or organization described in Section 15.1. 
  

 6 

 Section 1.38 Officer means an Employee who is an administrative executive in regular
and continued service with any Affiliated Employer; provided, however, that at no time shall more than the lesser of (a) 50 Employees or (b) the greater of (i) 3 Employees or (ii) 10% of all Employees be treated as Officers. The
determination of whether an Employee is to be considered an Officer shall be made in accordance with Section 416(i) of the Code. 
 Section 1.39 One Year Break in Service shall have the following meanings when used in the Plan: 
 (a) When
applied to determine eligibility to become a Participant, a “One Year Break in Service” means the applicable computation period set forth in Section 2.1 or 3.4 during which an Employee does not receive credit for more than five
hundred (500) Hours of Service. 
 (b) When applied to determine vesting and
benefit accrual, a “One Year Break in Service” means any consecutive twelve (12) month period during which a Participant does not render one (1) Hour of Service, commencing from the earlier of the date the Employee resigns,
quits, is discharged or retires or twelve (12) months after the date the period described in clause (i), (ii) or (iii) of Section 3.2(b) commenced, subject to the terms of Section 3.2(b) with respect to any Participant who
reaches his 65th birthday or becomes subject to a Disability during an approved absence. Whenever the number of One
Year Breaks in Service in a period is computed for purposes of this paragraph (b), such number shall be determined by a fraction which takes into account each day which elapses during the period on which the initial One Year Break in Service of such
period commenced to the date of rehire. 
 (c) Solely for purposes of determining whether a One Year Break in Service has occurred, Hours of
Service shall be credited for the period of a Maternity or Paternity Leave. For purposes of determining eligibility, Hours of Service shall be credited for the computation period in which the absence from work begins, only if credit therefor is
necessary to prevent the Employee from incurring a One Year Break in Service, or, in any other case, in the immediately following computation period. The Hours of Service credited for a Maternity or Paternity Leave for eligibility purposes shall be
those which would normally have been credited but for such absence, or, in any case in which the Hours of Service normally credited cannot be determined, eight (8) Hours of Service per day and shall not exceed 501. For vesting and benefit
accrual purposes of a One Year Break in Service shall not include the first twenty-four (24) consecutive months of a Maternity or Paternity Leave, but any period of a Maternity or Paternity Leave in excess of the first twenty-four
(24) consecutive months with respect to any child (or children of the same multiple birth) shall be included in a One Year Break in Service if, but for this sentence, it would be so included. The terms of this paragraph (c) shall not be
construed to require that an absence from work for maternity or paternity reasons be included in computing the number of an Employee’s Years of Eligibility Service, Years of Vesting Service or determining that the Participant is in service at
the end of a Plan Year or be credited for any other purpose under this Plan other than determining whether a One Year Break in Service has occurred. The Plan Administrator may, in its discretion reasonably require an Employee to furnish timely
information to establish that an absence from work is a maternity or paternity absence and the number of days for which there was such an absence. No credit shall be given pursuant to this Subsection to any Employee who fails to provide such
information after having been requested to do so. 
  

 7 

 Section 1.40 Participant means any person who has satisfied the eligibility
requirements set forth in Section 2.1, who has become a Participant in accordance with Section 2.2, and whose participation has not terminated under Section 2.3. 
 Section 1.41 Participating Employer means the Company, and any successor thereto and any other Affiliated Employer which, with the
prior written approval of the Board and subject to such terms and conditions as may be imposed by the Board, shall adopt this Plan. 
 Section 1.42 Plan means the Employee Stock Ownership Plan of People’s United Financial, Inc., as amended from time to time. 
 Section 1.43 Plan Administrator means the Bank or any person, committee, corporation or organization designated in Section 15.5, or appointed pursuant to Section 15.5, to perform the
responsibilities of that office. 
 Section 1.44 Plan Year means the period commencing on January 1, 2007 and ending
on December 31, 2007 and each calendar year ending on each December 31st thereafter. 
 Section 1.45 Qualified
Participant means a Participant who has attained age 55 and who has been a Participant of the Plan for at least 10 years. 
 Section 1.46 Retirement means any termination of employment with all Affiliated Employers at or after the later of (a) the attainment of age 65 and (b) the completion of five (5) Years of Vesting Service.

 Section 1.47 Retroactive Contribution means a contribution made on a retroactive basis in accordance with
Section 5.4. 
 Section 1.48 Share means a share of any class of stock issued by any Affiliated Employer; provided,
however, that such share is a “qualifying employer security” within the meaning of Section 409(l) of the Code and Section 407(d)(5) of ERISA. 
 Section 1.49 Share Acquisition Loan means a loan obtained by the Trustee in accordance with Article VI. 
 Section 1.50 Share Investment Account means an Investment Account established and maintained in accordance with Article XI. 
 Section 1.51 Tender Offer means a tender offer made to holders of any one or more classes of Shares generally, or any other offer made
to holders of any one or more classes of Shares generally to purchase, exchange, redeem or otherwise transfer Shares, whether for cash or other consideration whether or not such offer constitutes a “tender offer” or an “exchange
offer” for purposes of the Exchange Act. 
  

 8 

 Section 1.52 Total Compensation during any period means an Employee’s aggregate
total compensation paid by any Affiliated Employer with respect to such period that constitutes wages within the meaning of Section 3401 of the Code, plus any amounts by which the Employee’s compensation paid by any Affiliated Employer has
been reduced pursuant to a compensation reduction agreement under the terms of any qualified cash or deferred arrangement described in Section 401(k) of the Code, any salary reduction simplified employee pension plan described in
Section 408(k) of the Code, any tax deferred annuity plan described in Section 403(b) of the Code, any cafeteria plan described in Section 125 of the Code, any transportation program described in Section 132(f) of the Code or any
compensation reduction agreement under the terms of any plan described in Section 457 of the Code. In no event, however, shall an Employee’s Total Compensation for any calendar year include any compensation in excess of $225,000 (or such
other amount as may be permitted under Section 401(a)(17) of the Code). 
 Section 1.53 Trust means the trust created
pursuant to the Trust Agreement. 
 Section 1.54 Trust Agreement means the agreement between the Company and the Trustee
therein named or its successors pursuant to which the Trust Fund shall be held in trust. 
 Section 1.55 Trust Fund means
the corpus (consisting of contributions paid over to the Trustee and investments thereof), and all earnings, appreciation or additions thereof and thereto, held by the Trustee under the Trust Agreement in accordance with the Plan, less any
depreciation thereof and any payments made therefrom pursuant to the Plan. 
 Section 1.56 Trustee means the Trustee of
the Trust Fund from time to time in office. The Trustee shall serve as Trustee until it is removed or resigns from office and is replaced by a successor Trustee appointed in accordance with the terms of the Trust Agreement. 
 Section 1.57 Valuation Date means the last business day of each Plan Year and such other dates as the Plan Administrator may
prescribe. 
 Section 1.58 Vesting Computation Period means, with respect to any person, the Plan Year including periods
prior to the Effective Date of the Plan. 
 Section 1.59 Year of Eligibility Service means an Eligibility Computation
Period during which the Employee completed at least 1,000 Hours of Service. 
 Section 1.60 Year of Vesting Service means
an elapsed twelve (12) month period beginning with the date on which a Participant first became or becomes an Employee (or if later attains age 18) or, after a One Year Break in Service first again becomes an Employee (or if later attains age
18) during all of which he receives Credited Service as computed and defined in accordance with the provisions of Article III hereof. The number of Years of Service shall be determined by a fraction which gives credit for each day which elapses
during the period from such date of hire or anniversary thereof to the date of reference. 
  

 9 

 Article II 
 Participation 
 Section 2.1 Eligibility for Participation. 
 (a) Only Eligible Employees may be or become Participants. An Employee shall be an Eligible Employee if he (i) is employed by one or more
Participating Employers; (ii) has attained age 18; (iii) has completed at least one Year of Eligibility Service; and (iv) is not excluded under Section 2.1(b). 
 (b) An Employee is not an Eligible Employee if he: 
 (i) does not receive Allocation Compensation from at least one Participating Employer; or 
 (ii) is an Employee who has waived any
claim to participation in the Plan. 
 Section 2.2 Commencement of Participation. 
 Every Employee who is an Eligible Employee on the effective date of the transaction whereby the Bank becomes a wholly owned subsidiary of the Company
shall automatically become a Participant as of the Effective Date, or if later as of the first date which is the first day of a month on which he is an Employee and has attained age 18. An Employee who becomes an Eligible Employee after the
Effective Date shall automatically become a Participant on the first day of the month coincident with or next following the Eligibility Computation Period in which he becomes an Eligible Employee. 
 Section 2.3 Termination of Participation. 
 Participation in the Plan shall cease, and a Participant shall become a Former Participant, after termination of his Credited Service when he is entitled to no benefits hereunder or all such benefits have been
distributed. 
 Article III 
 Credited Service 
 Section 3.1 Computation of Credited Service. 
 An Employee’s Credited Service shall terminate upon his death, disability, retirement or termination of service with all Affiliated Employers for any
reason. The following types of absences shall not be deemed to terminate an Employee’s Credited Service and the periods elapsed during such absences shall be included in computing the length of an Employee’s Credited Service: 

(a) Leave of absence granted by an Affiliated Employer for sickness, injury, disability, government, civic or charitable service or any other specific
reason, for not more than two (2) years. 
  

 10 

 (b) Absence for military service under leave of absence granted by the Affiliated Employer or when
required by law, provided he returns to service as an Employee with the Affiliated Employer within ninety (90) days of his release from active military duty or any longer period during which his right to re-employment is protected by law.

 (c) Lay off not in excess of two (2) years until employment is terminated either by the Employee or the Affiliated Employer.

 In no event shall the powers of any Affiliated Employer pursuant to Subsections (a), (b) or (c) of this Section 3.1 be
exercised so as to discriminate in favor of Employees who are Highly Compensated. Any Participant who has an absence described in this Section 3.1 and who does not return to active employment with the Bank at the end of the period described in
clause (a), (b) or (c), as the case may be, shall be credited with Credited Service and Years of Eligibility Service and Years of Vesting Service solely on the basis of service being recognized for such purposes only to the earlier of
(A) the date such person attains age 65, dies, resigns, quits or is discharged, or (B) twelve (12) months after the date that such period commenced. For purposes of determining whether a Participant has a One Year Break in Service,
such Participant shall be deemed to have rendered one (1) Hour of Service on the date described in (A) or (B) of the preceding sentence, whichever is earlier. 
 Section 3.2 Service to Acquired Entities. 
 The Compensation Committee, the Executive Committee of the Board or the Board may determine to extend for eligibility and/or vesting purposes Credited Service, for specified service or all service to any other party
to acquisition for any period or periods designated by either such committee or the Board upon such conditions as such committee or the Board may establish. For purposes of this Section 3.2, the term “party to acquisition” means any
entity (i) from which any Affiliated Employer acquires assets in the form of ongoing operations and related assets, or (ii) stock or other equity interests of which is acquired by any Affiliated Employer, or (iii) which merges with or
is a party to a consolidation to which, any Affiliated Employer is a party. Service to other corporations or entities for which credit for eligibility purposes under any pension or profit sharing plan maintained by a party to acquisition may if so
determined by either such Committee or the Board be treated as service to such party to acquisition. 
 Section 3.3 Breaks in
Service. 
 For purposes of determining a person’s Years of Eligibility Service and Years of Vesting Service, (combined
“Years of Service”) or any other benefit or right under the Plan, following a One Year Break in Service, service prior to such One Year Break in Service shall be taken into account subject to the following limitations: 
 (i) In the case of an Employee who is vested in his Account or an Employee who is not vested in his Account, but whose number of
consecutive One Year Breaks in Service is less than the greater of five (5) or the number of his Years of Service prior to a One Year Break in Service, Years of Service completed before the One Year Break in Service shall be restored upon
reemployment. 
  

 11 

 (ii) In the case of any Employee who is not vested in his Account on the date of his
termination of employment, his Years of Service prior to such date shall be disregarded in computing his Years of Service after his return if the number of consecutive One Year Breaks in Service equals or exceed the greater of five (5) or his
Years of Service prior to such Break in Service. 
 (iii) In no event shall there be taken into the computation of Years of
Service after a One Year Break in Service which were previously disregarded on account of an earlier One Year Break in Service under the terms of this Section 3.3. 
 Section 3.4 Transfer to or From Employment Within the United States. 
 Any person
initially hired by the Affiliated Employer to work outside the United States who becomes an Employee shall become a Participant in accordance with the terms of Section 2.1(a) applied by giving Eligibility Service for service to any Affiliated
Employer outside the United States. The service of such Participant for the Bank as an employee outside of the United States shall be included in computing such Participant’s Years of Service for vesting purposes to the same extent it would be
if such service had been rendered as an Employee. In any event, the period of any such Participant’s employment outside the United States shall be excluded for all purposes of his entitlement to have any contributions made on his behalf or
credited to him under this Plan. 
 Article IV 
 Contributions by Participants Not Permitted 
 Section 4.1 Contributions by Participants
Not Permitted. 
 Participants shall not be required, nor shall they be permitted, to make contributions to the Plan. 
 Article V 
 Contributions by
Participating Employers 
 Section 5.1 In General. 
 Subject to the limitations of Article VIII, for each Plan Year, the Participating Employers shall contribute to the Plan the amount, if any, determined by
the Board, but in no event less than the amount described in Section 5.2(a). The amount contributed for any Plan Year shall be treated as a Loan Repayment Contribution, a Discretionary Contribution, or a combination thereof, in accordance with
the provisions of this Article V. 
  

 12 

 Section 5.2 Loan Repayment Contributions. 
 For each Plan Year, a portion of the Participating Employers’ contributions, if any, to the Plan equal to the sum of: 
 (a) the minimum amount required to be added to the Loan Repayment Account in order to provide adequate funds for the payment of the principal and interest
then required to be repaid under the terms of any outstanding Share Acquisition Loan obtained by the Trustee; plus 
 (b) the additional
amount, if any, designated by the Committee to be applied to the prepayment of principal or interest under the terms of any outstanding Share Acquisition Loan obtained by the Trustee; 
 shall be treated as a Loan Repayment Contribution for such Plan Year. A Loan Repayment Contribution for a Plan Year shall be allocated to the Loan Repayment Account and shall be applied by the Trustee, in the manner
directed by the Board, to the payment of accrued interest and to the reduction of the principal balance of any Share Acquisition Loan obtained by the Trustee that is outstanding on the date on which the Loan Repayment Contribution is made. To the
extent that a Loan Repayment Contribution for a Plan Year results in a release of Financed Shares in accordance with Section 6.4, such Shares shall be allocated among the Accounts of Eligible Participants for such Plan Year in accordance with
Section 7.2. 
 Section 5.3 Discretionary Contributions. 
 In the event that the amount of the Participating Employers’ contributions to the Plan for a Plan Year exceeds the amount of the Loan Repayment
Contributions for such Plan Year, such excess shall be treated as a Discretionary Contribution and shall be allocated among the Accounts of the Eligible Participants for such Plan Year in accordance with Section 7.3. 
 Section 5.4 Retroactive Contributions. 
 A Participating Employer shall make a Retroactive Contribution in respect of any individual previously employed by it who is re-employed by any Affiliated Employer following the completion of a period of Qualified
Military Service. Such Retroactive Contribution shall be made in the following manner for each Plan Year that includes any part of the period of Qualified Military Service: 
 (a) An allocation percentage shall be computed by dividing (i) the sum of the Fair Market Value of all Financed Shares allocated to Eligible
Participants for such Plan Year plus the dollar amount of all Discretionary Contributions made in cash for such Plan Year plus the Fair Market Value of all Discretionary Contributions made in Shares for such Plan Year, divided by (ii) the
aggregate amount of Allocation Compensation used in the allocation for such Plan Year. Fair Market Value for such purposes shall be determined as of the last day of the Plan Year. 
  

 13 

 (b) A notional allocation shall be determined by multiplying (A) the percentage determined under
Section 5.4(a) by (B) the Allocation Compensation which the individual would have had for such Plan Year if he had remained in the service of his Participating Employer in the same capacity and earning Allocation Compensation and Total
Compensation at the annual rates in effect immediately prior to the commencement of the Qualified Military Leave (or, if such rates are not reasonably certain, at an annual rate equal to the actual Allocation Compensation and Total Compensation,
respectively, paid to him for the 12-month period immediately preceding the Qualified Military Service). 
 (c) An actual Retroactive
Contribution for the Plan Year shall be determined by computing the excess of (A) the notional allocation determined under Section 5.4(b) over (B) the sum of the dollar amount of any Discretionary Contribution in cash, the Fair Market
Value of any Discretionary Contribution in Shares and the Fair Market Value of any Financed Shares actually allocated to such individual for such Plan Year. 
 Section 5.5 Time and Manner of Payment. 
 (a) Payment of contributions made pursuant to
this Article V shall be made: (i) in cash, in the case of a Loan Repayment Contribution; and (ii) in cash, in Shares, or in a combination of cash and Shares, in the case of an Discretionary Contribution or a Retroactive Contribution.

 (b) Contributions made pursuant to this Article V for a Plan Year shall be allocated to the Accounts of the Eligible Participants in the
case of a Discretionary Contribution, to the Account of the Participant for whom it is made in the case of a Retroactive Contribution, and to the Loan Repayment Account in the case of a Loan Repayment Contribution, as soon as is practicable
following the payment thereof to the Trust Fund. Contributions for any Plan Year shall be made at any time during such Plan Year or the next subsequent Plan Year. 
 Article VI 
 Share Acquisition Loans 
 Section 6.1 In General. 
 The Board may direct the Trustee to obtain a Share Acquisition Loan on behalf of the Plan, the proceeds of which shall be applied on the earliest practicable date: 
 (a) to purchase Shares; or 
 (b) to make
payments of principal or interest, or a combination of principal and interest, with respect to such Share Acquisition Loan; or 
 (c) to make
payments of principal and interest, or a combination of principal and interest, with respect to a previously obtained Share Acquisition Loan that is then outstanding. 
  

 14 

 Any such Share Acquisition Loan shall be obtained on such terms and conditions as the Compensation Committee may approve;
provided, however, that such terms and conditions shall provide for the payment of interest at no more than a reasonable rate and shall permit such Share Acquisition Loan to satisfy the requirements of Section 4975(d)(3) of the Code and
Section 408(b)(3) of ERISA. 
 Section 6.2 Collateral; Liability for Repayment. 
 (a) The Board may direct the Trustee to pledge, at the time a Share Acquisition Loan is obtained, the following assets of the Plan as collateral for such
Share Acquisition Loan: 
 (i) any Shares purchased with the proceeds of such Share Acquisition Loan and any earnings
attributable thereto; 
 (ii) any Financed Shares then pledged as collateral for a prior Share Acquisition Loan which is
repaid with the proceeds of such Share Acquisition Loan and any earnings attributable thereto; and 
 (iii) pending the
application thereof to purchase Shares or repay a prior Share Acquisition Loan, the proceeds of such Share Acquisition Loan and any earnings attributable thereto. 
 Except as specifically provided in this Section 6.2(a), no assets of the Plan shall be pledged as collateral for the repayment of any Share Acquisition Loan. 
 (b) No person entitled to payment under a Share Acquisition Loan shall have any right to the assets of the Plan except for: 
 (i) Financed Shares that have been pledged as collateral for such Share Acquisition Loan pursuant to Section 6.2(a); 
 (ii) Loan Repayment Contributions made pursuant to Section 5.2; and 
 (iii) earnings attributable to Financed Shares described in Section 6.2(b)(i) and to Loan Repayment Contributions described in
Section 6.2(b)(ii). 
 Except in the event of a default or a refinancing pursuant to which an existing Share Acquisition Loan is repaid or as provided
in Section 14.3, the aggregate amount of all payments of principal and interest made by the Trustee with respect to all Share Acquisition Loans obtained on behalf of the Plan shall at no time exceed the aggregate amount of all Loan Repayment
Contributions theretofore made plus the aggregate amount of all earnings (other than dividends paid in the form of Shares) attributable to Financed Shares and to such Loan Repayment Contributions. 
 (c) Any Share Acquisition Loan shall be without recourse against the Plan and Trust. 
  

 15 

 Section 6.3 Loan Repayment Account. 
 In the event that one or more Share Acquisition Loans shall be obtained, a Loan Repayment Account shall be established under the Plan. The Loan Repayment
Account shall be credited with all Shares acquired with the proceeds of a Share Acquisition Loan, all Loan Repayment Contributions and all earnings (including dividends paid in the form of Shares) or appreciation attributable to such Shares and Loan
Repayment Contributions. The Loan Repayment Account shall be charged with all payments of principal and interest made by the Trustee with respect to any Share Acquisition Loan, all Shares released in accordance with Section 6.4 and all losses,
depreciation or expenses attributable to Shares or to other property credited thereto. The Financed Shares, as well as any earnings thereon, shall be allocated to such Loan Repayment Account and shall be accounted for separately from all other
amounts or property contributed under the Plan. 
 Section 6.4 Release of Financed Shares. 
 As of the last day of each Plan Year during which a Share Acquisition Loan is outstanding, a portion of the Financed Shares purchased with the proceeds of
such Share Acquisition Loan and allocated to the Loan Repayment Account shall be released. The number of Financed Shares released in any such Plan Year shall be equal to the amount determined according to one of the following methods: 
 (a) by computing the product of: (i) the number of Financed Shares purchased with the proceeds of such Share Acquisition Loan and allocated to the
Loan Repayment Account immediately before the release is effected; multiplied by (ii) a fraction, the numerator of which is the aggregate amount of the principal and interest payments (other than payments made upon the refinancing of a Share
Acquisition Loan as contemplated by Section 6.1(c)) made with respect to such Share Acquisition Loan during such Plan Year, and the denominator of which is the aggregate amount of all principal and interest remaining to be paid with respect to
such Share Acquisition Loan as of the first day of such Plan Year; or 
 (b) by computing the product of: (i) the number of Financed
Shares purchased with the proceeds of such Share Acquisition Loan and allocated to the Loan Repayment Account immediately before the release is effected; multiplied by (ii) a fraction, the numerator of which is the aggregate amount of the
principal payments (other than payments made upon the refinancing of a Share Acquisition Loan as contemplated by Section 6.1(c)) made with respect to such Share Acquisition Loan during such Plan Year, and the denominator of which is the
aggregate amount of all principal remaining to be paid with respect to such Share Acquisition Loan as of the first day of such Plan Year; provided, however, that the method described in this Section 6.4(b) may be used only if the Share
Acquisition Loan does not extend for a period in excess of 10 years after the date of origination and only to the extent that principal payments on such Share Acquisition Loan are made at least as rapidly as under a loan of like principal amount
with a like interest rate and term requiring level amortization of principal and interest. 
 The method to be used shall be specified in the documents
governing the Share Acquisition Loan or, if not specified therein, prescribed by the Compensation Committee, in its discretion. In the event that property other than, or in addition to, Financed Shares shall be held in the Loan Repayment Account and
pledged as collateral for a Share Acquisition Loan, then the property to be released 

  

 16 

 
pursuant to this Section 6.4 shall be property having a Fair Market Value determined by applying the method to be used to the Fair Market Value of all
property pledged as collateral for such Share Acquisition Loan; provided, however, that no property other than Financed Shares shall be released pursuant to this Section 6.4 unless all Financed Shares have previously been released. 

Section 6.5 Restrictions on Financed Shares. 
 Except to the extent required under any applicable law, rule or regulation, no Shares purchased with the proceeds of a Share Acquisition Loan shall be subject to a put, call or other option, or to any buy-sell or
similar arrangement, while held by the Trustee or when distributed from the Plan. The provisions of this Section 6.5 shall continue to apply in the event that this Plan shall cease to be an employee stock ownership plan, within the meaning of
Section 4975(e)(7) of the Code. 
 Article VII 
 Allocation of Contributions 
 Section 7.1 Allocation Among Eligible Participants.

 Subject to the limitations of Article VIII, Discretionary Contributions for a Plan Year made in accordance with Section 5.3 and
Financed Shares and other property that are released from the Loan Repayment Account for a Plan Year in accordance with Section 6.4 shall be allocated among the Eligible Participants for such Plan Year, in the manner provided in this Article
VII. 
 Section 7.2 Allocation of Released Shares or Other Property. 
 Subject to the limitations of Article VIII, in the event that Financed Shares or other property are released from the Loan Repayment Account for a Plan
Year in accordance with Section 6.4, such released Shares or other property shall be allocated among the Accounts of the Eligible Participants for the Plan Year in the proportion that each such Eligible Participant’s Allocation
Compensation for the portion of such Plan Year during which he was a Participant bears to the aggregate of such Allocation Compensation of all Eligible Participants for such Plan Year. 
 Section 7.3 Allocation of Discretionary Contributions. 
 Subject to the limitations of Article VIII, in the event that the Participating Employers make Discretionary Contributions for a Plan Year, such Discretionary Contributions shall be allocated among the Accounts of the
Eligible Participants for such Plan Year in the proportion that each such Eligible Participant’s Allocation Compensation for the portion of such Plan Year during which he was a Participant bears to the aggregate of such Allocation Compensation
of all Eligible Participants for such Plan Year. 
  

 17 

 Article VIII 
 Limitations on Allocations 
 Section 8.1 Optional Limitations on Allocations.

 If, for any Plan Year, the application of Sections 7.2 and 7.3 would result in more than one-third of the number of Shares or of the amount
of money or property to be allocated thereunder being allocated to the Accounts of Eligible Participants for such Plan Year who are also Highly Compensated Employees for such Plan Year, then the Compensation Committee may, but shall not be required
to, direct that this Section 8.1 shall apply in lieu of Sections 7.2 and 7.3. If the Compensation Committee gives such a direction, then the Compensation Committee shall impose a maximum dollar limitation on the amount of Allocation
Compensation that may be taken into account for each Eligible Participant. The dollar limitation which shall be imposed shall be the limitation which produces the result that the aggregate Allocation Compensation taken into account for Eligible
Participant who are Highly Compensated Employees, constitutes exactly one-third of the aggregate Allocation Compensation taken into account for all Eligible Participants. 
 Section 8.2 General Limitations on Contributions. 
 (a) No amount shall be allocated to a
Participant’s Account under this Plan for any Limitation Year to the extent that such an allocation would result in an Annual Addition of an amount greater than the lesser of (i) $45,000 (or such other amount as is permissible under
Section 415(c)(1)(A) of the Code), or (ii) 100% of the Participant’s Total Compensation for such Limitation Year. 
 (b) For
purposes of this Section 8.2, the following special definitions shall apply: 
 (i) Annual Addition means
the sum of the following amounts allocated on behalf of a Participant for a Limitation Year: 
 (A) all contributions by the
Employer (including contributions made under a salary reduction agreement pursuant to Sections 401(k), 408(k) or 403(b) of the Code) under any qualified defined contribution plan or simplified employee pension (other than this Plan) maintained by
the Employer, as well as the Participant’s allocable share, if any, of any forfeitures under such plans as well as amounts allocated to an individual medical benefit account, as defined in Section 415(l)(2) of the Code, which is part of a
pension or annuity plan maintained by the Employer; plus 
 (B) the sum of all of the nondeductible voluntary contributions
under any other qualified defined contribution plan (whether or not terminated) maintained by the Employer; plus 
 (C) all
Discretionary Contributions under this Plan; plus 
  

 18 

 (D) except as hereinafter provided in this Section 8.2(b)(i), a portion of the
Employer’s Loan Repayment Contributions to the Plan for such Limitation Year which bears the same proportion to the total amount of the Employer’s Loan Repayment Contributions for the Limitation Year that the number of Shares (or the Fair
Market Value of property other than Shares) allocated to the Participant’s Account pursuant to Section 7.2 or 8.1, whichever is applicable, bears to the aggregate number of Shares (or Fair Market Value of property other than Shares) so
allocated to all Participants for such Limitation Year. 
 Notwithstanding Section 8.2(b)(i)(D), if, for any Limitation Year, the
aggregate amount of Discretionary Contributions allocated to the Accounts of the individuals who are Highly Compensated Employees for such Limitation Year, when added to such Highly Compensated Employees’ allocable share of any Loan Repayment
Contributions for such Limitation Year, does not exceed one-third of the total of all Discretionary Contributions and Loan Repayment Contributions for such Limitation Year, then that portion, if any, of the Loan Repayment Contributions for such
Limitation Year that is applied to the payment of interest on a Share Acquisition Loan shall not be included as an Annual Addition. In no event shall any Financed Shares, any dividends or other earnings thereon, any proceeds of the sale thereof or
any portion of the value of the foregoing be included as an Annual Addition. No catch-up elective deferrals under Section 414(v) of the Code shall be included as an Annual Addition. 
 (ii) Employer means the Company, and all members of a controlled group of corporations, as defined in Section 414(b) of
the Code, as modified by Section 415(h) of the Code, all commonly controlled trades or businesses, as defined in Section 414(c) of the Code, as modified by Section 415(h) of the Code, all affiliated service groups, as defined in
Section 414(m) of the Code, of which the Company is a member that employs any person who is considered an employee under Section 20.7 and any other entity that is required to be aggregated with the Employer pursuant to regulations under
Section 414(o) of the Code. 
 (iii) Limitation Year means the Plan Year. 
 (c) When an individual’s Annual Addition to this Plan must be reduced to satisfy the limitations of Section 8.2(a), such reduction shall be
applied to Discretionary Contributions and to Shares allocated as a result of a Loan Repayment Contribution which are included as an Annual Addition in such order as shall result in the smallest reduction in the number of Shares allocable to the
Individual’s Account. The amount by which any individual’s Annual Addition to this Plan is reduced shall be allocated in accordance with Articles V and VII as a contribution by the Participating Employers in the next succeeding Limitation
Year. 
 (d) Prior to determining an individual’s actual Total Compensation for a Limitation Year, the Participating Employer may
determine the limitations under this Section 8.2 for an individual on the basis of a reasonable estimation of the individual’s Total Compensation for the Limitation Year that is uniformly determined for all individuals who are similarly
situated. As soon as it is administratively feasible after the end of the Limitation Year, the limitations of this Section 8.2 shall be determined on the basis of the individual’s actual Total Compensation for the Limitation Year.

  

 19 

 Article IX 
 Vesting 
 Section 9.1 Vesting. 
 Subject to the provisions of Sections 9.2 and 14.2, the balance credited to each Participant’s Account shall become vested in accordance with the
following schedule: 
  

			
	 Complete Years of Vesting
Service
	 	 Vested Percentage

	 less than 2 years
	 	0%
	 2 years
	 	25%
	 3 years
	 	50%
	 4 years
	 	75%
	 5 or more years
	 	100%

 Section 9.2 Vesting on Death, Disability, Retirement or Change in Control.

 Any previously unvested portion of the remainder of the balance credited to the Account of a Participant or of a person who is a Former
Participant solely because he is excluded from membership under Section 2.1(b) shall become fully vested immediately upon his Retirement, or, if earlier, upon the termination of his employment with all Affiliated Employers by reason of death,
Disability or upon the occurrence of a Change in Control. 
 Section 9.3 Forfeitures on Termination of Employment.

 Upon the termination of employment of a Participant or Former Participant for any reason other than death, Disability or Retirement, that
portion of the balance credited to his Account which is not vested at the date of such termination shall be forfeited upon the earliest of (a) full distribution of the vested portion of the Account or (b) the fifth anniversary following
the date of such termination of employment. The proceeds of such forfeited amounts, reduced by any amounts required to be credited because of re-employment pursuant to Section 9.4, shall be treated as Forfeitures and shall be disposed of as
provided in Section 9.5. If no portion of the balance credited to an Account of a Participant or Former Participant is vested as of the date of his termination of employment, a distribution of $0, representing full distribution of the Account,
shall be deemed to have been made to the Participant or Former Participant on such date. 
  

 20 

 Section 9.4 Amounts Credited Upon Re-Employment. 
 If an Employee forfeited any amount of the balance credited to his Account upon his termination of employment, and is re-employed by any Affiliated
Employer prior to the occurrence of five consecutive One-Year Breaks in Service, then: 
 (i) an amount equal to the Fair
Market Value of the Shares forfeited, determined as of the date of Forfeiture; and 
 (ii) the amount credited to his General
Investment Account that was forfeited, determined as of the date of Forfeiture; 
 shall be credited back to his Account; provided however, that the Employee
repays the amount distributed to him from his Account as a result of such termination no later than the fifth anniversary of his re-employment or the end of the fifth Plan Year to begin after such distribution, whichever is earlier. Such amounts to
be re-credited shall be obtained from the proceeds of the forfeited amounts redeemed pursuant to Section 9.3 during the Plan Year in which the repayment is made, unless such proceeds are insufficient, in which case the Employee’s Employer
shall make an additional contribution in the amount of such deficiency. For purposes of this Section 9.4, a Participant or Former Participant who received a distribution of $0, shall be deemed to have made repayment on the date of re-employment
with an Employer. 
 Section 9.5 Allocation of Forfeitures. 
 Any Forfeitures that occur during a Plan Year shall be used to reduce the contributions required of the Participating Employers under the Plan in the next
Plan Year and shall be treated as Loan Repayment Contributions and Discretionary Contributions in the proportions designated by the Committee in accordance with Article V. 
 Article X 
 The Trust Fund 
 Section 10.1 The Trust Fund. 
 The Trust Fund shall be held and invested under the Trust Agreement with the Trustee. The provisions of the Trust Agreement shall vest such powers in the Trustee as to investment, control and disbursement of the Trust Fund, and such other
provisions not inconsistent with the Plan, including provision for the appointment of one or more “investment managers” within the meaning of Section 3(38) of ERISA to manage and control (including acquiring and disposing of) all or
any of the assets of the Trust Fund, as the Compensation Committee may from time to time authorize. 
 Section 10.2
Investments. 
 Except to the extent provided to the contrary in Section 10.3, the Trust Fund shall be invested in: 

(i) Shares; 
  

 21 

 (ii) such Investment Funds as may be established from time to time by the Compensation
Committee; and 
 (iii) such other investments as may be permitted under the Trust Agreement; 
 in such proportions as shall be determined by the Compensation Committee or, if so provided under the Trust Agreement, as directed by one or more investment managers or
by the Trustee, in its discretion; provided, however, that the investments of the Trust Fund shall consist primarily of Shares. Notwithstanding the immediately preceding sentence, the Trustee may temporarily invest the Trust Fund in short-term
obligations of, or guaranteed by, the United States Government or an agency thereof, or may retain uninvested, or sell investments to provide, amounts of cash required for purposes of the Plan. 
 Section 10.3 Distributions for Diversification of Investments. 
 (a) Notwithstanding Section 10.2, each Qualified Participant may: 
 (i) during the first 90 days of each of the first five Plan Years to begin after the Plan Year in which he first becomes a Qualified
Participant, elect that such percentage of the balance credited to his Account as he may specify, but in no event may he during such five Plan Years withdraw more than 25% of the balance credited to his Account, be either distributed to him pursuant
to this Section 10.3(a)(i) or transferred to the 401(k) Plan maintained by the Bank to the extent permitted by such plan, no later than 90 days after the last day that such election may be made; and 
 (ii) during the first 90 days of the sixth Plan Year to begin after the Plan Year in which he first becomes a Qualified Participant, elect
that such percentage of the balance credited to his Account as he may specify, but in no event more than 50% of the balance credited to his Account, be either distributed to him pursuant to this Section 10.3(a)(ii) or transferred to the 401(k)
Plan maintained by the Bank to the extent permitted by such plan, no later than 90 days after the last day that such election may be made. 
 For purposes of
an election under this Section 10.3, the balance credited to a Participant’s Account shall be the balance credited to his Account determined as of the last Valuation Date to occur in the Plan Year immediately preceding the Plan Year in
which such election is made and the 25% and 50% limitations shall apply to the balance obtained by adding the sum of all amounts withdrawn by such Participant pursuant to the provisions of this Section 10.3 to the balance after it has been
reduced by the amount of all amounts distributed or transferred to the 401(k) Plan maintained by the Bank under this Section 10.3. 
 (b) An election made under Section 10.3(a) shall be made in writing, in the form and manner prescribed by the Plan Administrator, and shall be filed with the Plan Administrator during the election period specified in
Section 10.3(a). As soon as is practicable, and in no case later than 90 days following the end of the election period during which such election is made, the Plan Administrator shall take such actions as are necessary to cause the specified
percentage of the balance credited to the Account of the Qualified Participant making the election to be distributed to such Qualified Participant. 
  

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 (c) An election made under Section 10.3(a) may be changed or revoked at any time during the election
period described in Section 10.3(a) during which it is initially made. In no event, however, shall any election under this Section 10.3 result in more than 25% of the balance credited to the Participant’s Account being distributed to
the Participant or transferred to the 401(k) Plan maintained by the Bank, if such election is made during a Plan Year to which Section 10.3(a)(i) applies, or result in more than 50% of the balance distributed to the Participant or transferred
to the 401(k) Plan maintained by the Bank, if such election is made during the Plan Year to which Section 10.3(a)(ii) applies or thereafter. 
 Section 10.4 Cost of Administering Plan. 
 To the extent not paid by any Participating Employer, all costs of
administering the Plan and all Trustee’s fees will be paid by the Trust from the General Investment Account and if not sufficient from the Share Investment Account. 
 Section 10.5 Use of Commingled Trust Funds. 
 Subject to the provisions of the Trust
Agreement, amounts held in the Trust Fund may be invested in: 
 (a) any commingled or group trust fund described in Section 401(a) of
the Code and exempt under Section 501(a) of the Code; or 
 (b) any common trust fund exempt under Section 584 of the Code
maintained exclusively for the collective investment of the assets of trusts that are exempt under Section 501(a) of the Code; provided that the trustee of such commingled, group or common trust fund is a bank or trust company. 
 Section 10.6 Management and Control of Assets. 
 All assets of the Plan shall be held by the Trustee in trust for the exclusive benefit of Participants, Former Participants and their Beneficiaries. No part of the corpus or income of the Trust Fund shall be used for,
or diverted to, purposes other than for the exclusive benefit of Participants, Former Participants and their Beneficiaries, and for defraying reasonable administrative expenses of the Plan and Trust Fund. No person shall have any interest in or
right to any part of the earnings of the Trust Fund, or any rights in, to or under the Trust Fund or any part of its assets, except to the extent expressly provided in the Plan. 
  

 23 

 Article XI 
 Valuation of Interests in the Trust Fund 
 Section 11.1 Establishment of Investment
Accounts. 
 The Plan Administrator shall establish, or cause to be established, for each person for whom an Account is maintained a
Share Investment Account and a General Investment Account. Such Share Investment Accounts and General Investment Accounts shall be maintained in accordance with this Article XI. 
 Section 11.2 Share Investment Accounts. 
 The Share Investment Account established for a person in accordance with Section 11.1 shall be credited with: (a) all Shares allocated to such person’s Account; (b) all Shares purchased with
amounts of money or property allocated to such person’s Account; (c) all dividends paid in the form of Shares with respect to Shares credited to his Account; and (d) all Shares purchased with amounts credited to such person’s
General Investment Account. Such Share Investment Account shall be charged with all Shares that are sold or exchanged to acquire other investments or to provide cash and with all Shares that are distributed in kind. 
 Section 11.3 General Investment Accounts. 
 The General Investment Account that is established for a person in accordance with Section 11.1 shall be credited with: (a) all amounts, other than Shares, allocated to such person’s Account;
(b) all dividends paid in a form other than Shares with respect to Shares credited to such person’s Share Investment Account; (c) the proceeds of any sale of Shares credited to such person’s Share Investment Account; and
(d) any earnings attributable to amounts credited to such person’s General Investment Account. Such General Investment Account shall be charged with all amounts credited thereto that are applied to the purchase of Shares, any losses or
depreciation attributable to amounts credited thereto, any expenses allocable thereto and any distributions of amounts credited thereto. 
 Section 11.4 Valuation of Investment Accounts. 
 (a) The Plan Administrator shall determine, or cause to be
determined, the aggregate value of each person’s Share Investment Account as of each Valuation Date by multiplying the number of Shares credited to such Share Investment Account on such Valuation Date by the Fair Market Value of a Share on such
Valuation Date. 
 (b) As of each Valuation Date, the Accounts of each Participant shall be separately adjusted to reflect their
proportionate share of any appreciation or depreciation in the fair market value of the General Investment Account, any income earned by the General Investment Account and any expenses incurred by the General Investment Account, as well as any
contributions, withdrawals or distributions and investment transfers not posted as of the last Valuation Date. 
  

 24 

 Section 11.5 Annual Statements. 
 There shall be furnished, by mail or otherwise, at least once in each Plan Year to each person who would then be entitled to receive all or part of the
balance credited to any Account if the Plan were then terminated, a statement of his interest in the Plan as of such date as shall be selected by the Plan Administrator, which statement shall be deemed to have been accepted as correct and be binding
on such person unless the Plan Administrator receives written notice to the contrary within 30 days after the statement is mailed or furnished to such person. 
 Article XII 
 Shares 
 Section 12.1 Specific Allocation of Shares. 
 All Shares purchased under the Plan shall be specifically allocated to the Share Investment Accounts of Participants, Former Participants and their Beneficiaries in accordance with Section 11.2, with the
exception of Financed Shares, which shall be allocated to the Loan Repayment Account. 
 Section 12.2 Dividends.

 (a) Dividends paid with respect to Shares held under the Plan shall be credited to the Loan Repayment Account, if paid with respect
to Financed Shares. Such dividends shall be: (i) applied to the payment of principal and accrued interest with respect to any Share Acquisition Loan, if paid in cash; or (ii) held in the Loan Repayment Account as Financed Shares for
release in accordance with Section 6.4, if paid in the form of Shares. 
 (b) Dividends paid with respect to Shares allocated to a
person’s Share Investment Account shall be credited to such person’s Share Investment Account. Cash dividends credited to a person’s General Investment Account shall be, at the direction of the Committee, either: (i) held in such
General Investment Account and invested in accordance with Sections 10.2 and 11.3; (ii) distributed immediately to such person; (iii) distributed to such person within 90 days of the close of the Plan Year in which such dividends were
paid; (iv) used to make payments of principal or interest on a Share Acquisition Loan; provided, however, that the Fair Market Value of Financed Shares released from the Loan Repayment Account as a result of such payment equals or exceeds the
amount of the dividend; or (v) either held as provided in Section 12.2(b)(i) or distributed as provided in Section 12.2(b)(ii), as each person shall elect for his own Account. 
 Section 12.3 Voting Rights. 
 (a) Each person shall direct the manner in which all voting rights appurtenant to Shares allocated to his Share Investment Account will be exercised, provided that such Shares were allocated to his Share Investment Account as of the
applicable record date. Such person shall, for such purpose, be deemed a “named fiduciary” within the meaning of Section 402(a)(2) of ERISA. Such a direction shall be given by completing and filing with the inspector of elections, the
Trustee or such other person who shall be independent of the Participating Employers as the Committee shall designate, at least 10 days prior to the date of the meeting of 

  

 25 

 
holders of Shares at which such voting rights will be exercised, a written direction in the form and manner prescribed by the Committee. The inspector of
elections, the Trustee or such other person designated by the Committee shall tabulate the directions given on a strictly confidential basis, and shall provide the Committee with only the final results of the tabulation. The final results of the
tabulation shall be followed by the Committee in directing the Trustee as to the manner in which such voting rights shall be exercised. The Plan Administrator shall make a reasonable effort to furnish, or cause to be furnished, to each person for
whom a Share Investment Account is maintained all annual reports, proxy materials and other information known by the Plan Administrator to have been furnished by the issuer of the Shares, or by any solicitor of proxies, to the holders of Shares.

 (b) To the extent that any person shall fail to give instructions with respect to the exercise of voting rights appurtenant to Shares
allocated to his Share Investment Account: 
 (i) the Trustee shall, with respect to each matter to be voted upon:
(A) cast a number of affirmative votes equal to the product of (I) the number of allocated Shares for which no written instructions have been given, multiplied by (II) a fraction, the numerator of which is the number of allocated Shares
for which affirmative votes will be cast in accordance with written instructions given as provided in Section 12.3(a) and the denominator of which is the aggregate number of affirmative and negative votes which will be cast in accordance with
written instructions given as aforesaid, and (B) cast a number of negative votes equal to the excess (if any) of (I) the number of allocated Shares for which no written instructions have been given over (II) the number of affirmative votes
being cast with respect to such allocated Shares pursuant to Section 12.3(b)(i)(A); or 
 (ii) if the Trustee shall
determine that it may not, consistent with its fiduciary duties, vote the allocated Shares for which no written instructions have been given in the manner described in Section 12.3(b)(i), it shall vote such Shares in such manner as it, in its
discretion, may determine to be in the best interests of the persons to whose Share Investment Accounts such Shares have been allocated. 
 (c)(i) The voting rights appurtenant to Financed Shares shall be exercised as follows with respect to each matter as to which holders of Shares may vote: 
 (A) a number of votes equal to the product of (I) the total number of votes appurtenant to Financed Shares allocated to the Loan
Repayment Account on the applicable record date; multiplied by (II) a fraction, the numerator of which is the total number of affirmative votes cast by Participants, Former Participants and the Beneficiaries of deceased Former Participants with
respect to such matter pursuant to Section 12.3(a) and the denominator of which is the total number of affirmative and negative votes cast by Participants, Former Participants and the Beneficiaries of deceased Former Participants, shall be cast
in the affirmative; and 
  

 26 

 (B) a number of votes equal to the excess of (I) the total number of votes
appurtenant to Financed Shares allocated to the Loan Repayment Account on the applicable record date, over (II) the number of affirmative votes cast pursuant to Section 12.3(c)(i)(A) shall be cast in the negative. 
 To the extent that the Financed Shares consist of more than one class of Shares, this Section 12.3(c)(i) shall be applied separately with respect to each class of
Shares. 
 (ii) If voting rights are to be exercised with respect to Financed Shares as provided in Section 12.3(c)(i)(A)
and (B) at a time when there are no Shares allocated to the Share Investment Accounts of Participants, Former Participants and the Beneficiaries of deceased Former Participants, then the voting rights appurtenant to Financed Shares shall be
exercised as follows with respect to each matter as to which holders of Shares may vote: 
 (A) Each person who is a
Participant on the applicable record date will be granted a number of votes equal to the quotient, rounded to the nearest integral number, of (I) such Participant’s Allocation Compensation for the Plan Year ending on or immediately prior
to such record date (or for the portion of such Plan Year during which he was a Participant); divided by (II) $1,000.00; and 
 (B) a number of votes equal to the product of (I) the total number of Financed Shares allocated to the Loan Repayment Account on the applicable record date; multiplied by (II) a fraction, the numerator of which is the total number of
votes that are cast in the affirmative with respect to such matter pursuant to Section 12.3(c)(ii)(A) and the denominator of which is the total number of votes that are cast either in the affirmative or in the negative with respect to such
matter pursuant to Section 12.3(c)(ii)(A), shall be cast in the affirmative; and 
 (C) a number of votes equal to the
excess of (I) the total number of Financed Shares allocated to the Loan Repayment Account on the applicable record date, over (II) the number of affirmative votes cast with respect to such matter pursuant to Section 12.3(c)(ii)(B), shall
be cast in the negative. 
 To the extent that the Financed Shares consist of more than one class of Shares, this Section 12.3(c)(ii) shall be applied
separately with respect to each class of Shares. 
 Section 12.4 Tender Offers. 
 (a) Each person shall direct whether Shares allocated to his Share Investment Account will be delivered in response to any Tender Offer. Such person
shall, for such purpose, be deemed a “named fiduciary” within the meaning of Section 402(a)(2) of ERISA. Such a direction shall be given by completing and filing with the Trustee or such other person who shall be independent of the
Participating Employers as the Committee shall designate, at least 10 days prior to the latest date for exercising a right to deliver Shares pursuant to such Tender Offer, a written direction in the form and manner prescribed by the Committee. The
Trustee or other person designated by the Committee shall tabulate the directions given on a strictly confidential basis, and shall provide the Committee with only the final results of the tabulation. The final results of the tabulation shall be
followed by the Committee in 

  

 27 

 
directing the number of Shares to be delivered. The Plan Administrator shall make a reasonable effort to furnish, or cause to be furnished, to each person
for whom a Share Investment Account is maintained, all information known by the Plan Administrator to have been furnished by the issuer or by or on behalf of any person making such Tender Offer, to the holders of Shares in connection with such
Tender Offer. 
 (b) To the extent that any person shall fail to give instructions with respect to Shares allocated to his Share Investment
Account: 
 (i) the Trustee shall (A) tender or otherwise offer for purchase, exchange or redemption a number of such
Shares equal to the product of (I) the number of allocated Shares for which no written instructions have been given, multiplied by (II) a fraction, the numerator of which is the number of allocated Shares tendered or otherwise offered for
purchase, exchange or redemption in accordance with written instructions given as provided in Section 12.4(a) and the denominator of which is the aggregate number of allocated Shares for which written instructions have been given as aforesaid,
and (B) withhold a number of Shares equal to the excess (if any) of (I) the number of allocated Shares for which no written instructions have been given over (II) the number of Shares being tendered or otherwise offered pursuant to
Section 12.4(b)(i)(A); or 
 (ii) if the Trustee shall determine that it may not, consistent with its fiduciary duties,
exercise the tender or other rights appurtenant to allocated Shares for which no written instructions have been given in the manner described in Section 12.4(b)(i), it shall tender, or otherwise offer, or withhold such Shares in such manner as
it, in its discretion, may determine to be in the best interests of the persons to whose Share Investment Accounts such Shares have been allocated. 
 (c) In the case of any Tender Offer, any Financed Shares held in the Loan Repayment Account shall be dealt with as follows: 
 (i) If such Tender Offer occurs at a time when there are no Shares allocated to the Share Investment Accounts of Participants, Former Participants and the Beneficiaries of deceased Former Participants, then the disposition of the Financed
Shares shall be determined as follows: 
 (A) each person who is a Participant on the applicable record date will be granted a
number of tender rights equal to the quotient, rounded to the nearest integral number, of (I) such Participant’s Allocation Compensation for the Plan Year ending on or immediately prior to such record date (or for the portion of such Plan
Year during which he was a Participant), divided by (II) $1,000.00; and 
 (B) on the last day for delivering Shares or
otherwise responding to such Tender Offer, a number of Shares equal to the product of (I) the total number of Financed Shares allocated to the Loan Repayment Account on the last day of the effective period of such Tender Offer; multiplied by
(II) a fraction, the numerator of which is the total number of tender rights exercised in favor of the delivery of Shares in response to the Tender Offer pursuant to Section 12.4(c)(i)(A) and the denominator of which is the total number of
tender rights that are exercisable in response to the Tender Offer pursuant to Section 12.4(c)(i)(A), shall be delivered in response to the Tender Offer; and 
  

 28 

 (C) a number of Shares equal to the excess of (I) the total number of Financed
Shares allocated to the Loan Repayment Account on the last day of the effective period of such Tender Offer; over (II) the number of Shares to be delivered in response to the Tender Offer pursuant to Section 12.4(c)(i)(B), shall be withheld
from delivery. 
 (ii) If such Tender Offer occurs at a time when the voting rights appurtenant to such Financed Shares are to
be exercised in accordance with Section 12.3(c)(i), then: 
 (A) on the last day for delivering Shares or otherwise
responding to such Tender Offer, a number of Financed Shares equal to the product of (I) the total number of Financed Shares allocated to the Loan Repayment Account on the last day of the effective period of such Tender Offer; multiplied by
(II) a fraction, the numerator of which is the total number of Shares delivered from the Share Investment Accounts of Participants, Former Participants and the Beneficiaries of deceased Former Participants in response to such Tender Offer pursuant
to Section 12.4(a), and the denominator of which is the total number of Shares allocated to the Share Investment Accounts of Participants, Former Participants and Beneficiaries of deceased Former Participants immediately prior to the last day
for delivering Shares or otherwise responding to such Tender Offer, shall be delivered; and 
 (B) a number of Financed Shares
equal to the excess of (I) the total number of Financed Shares allocated to the Loan Repayment Account on the last day for delivering Shares or otherwise responding to such Tender Offer; over (II) the number of Financed Shares to be delivered
pursuant to Section 12.4(c)(ii)(A), shall be withheld from delivery. 
 To the extent that the Financed Shares consist of more than one
class of Shares, this Section 12.4(c) shall be applied separately with respect to each class of Shares. 
 Article XIII

 Distribution Of Participant Accounts 
 Section 13.1 Distribution Date. 
 (a) Except as elsewhere specifically provided, no
portion of the Fund shall be distributed to any Participant, Former Participant or Beneficiary until such Participant’s employment with all Affiliated Employers has been terminated. Notwithstanding any provision in the Plan to the contrary, the
distribution of a Participant’s benefits shall be made in compliance with the provisions of Section 13.3 hereof, Section 401(a)(9) of the Code and the Treasury regulations thereunder, the provisions of which are incorporated hereby by
reference. 
  

 29 

 (b) The benefits to which a Participant who
attains age 70  1/2 is entitled hereunder shall be distributed or commence to be distributed no later than
April 1 of the calendar year following the later of (i) the calendar year in which the Participant attains age 70 1/2 or (ii) the calendar year in which the Participant retires, provided, however, that this clause (ii) shall not
apply in the case of a Participant who is a five (5) percent owner at any time during the Plan Year ending with or within the calendar year in which such owner attains age 70 1/2. Once distributions have begun to a five (5) percent owner
under this Subsection (g), they must continue to be distributed, even if the Participant ceases to be a five (5) percent owner in a subsequent year. The period over which distribution is made shall not be longer than the life of the Participant
or the lives of the Participant and his designated beneficiary (or the life expectancy of the Participant or the life expectancies of the Participant and his designated beneficiary). 
 Section 13.2 Method of Distribution. 
 (a) In the event a Participant’s employment with all Affiliated Employers has been terminated,
distribution of his vested Accounts shall be made in one lump sum. The time at which payment is to be made or commence to be made pursuant to this Section 13.2 shall be designated by the Participant and is subject to the notice requirements of
Section 13.3 hereof. Under all options, unless the Participant otherwise elects, payment shall be made not later than the sixtieth (60th) day after the close of the Plan Year in which the latest of the following occurs: (i) the Participant attains age 65; (ii) the tenth anniversary of the year in which the Participant commenced participation
in the Plan; or (iii) the Participant terminates his service with all Affiliated Employers. Subject to the terms of Section 13.1 hereof, a Participant’s failure or delay in electing a distribution option shall be considered an
election to defer distribution. In any event payment under any option shall not be required to commence earlier than 30 days following termination of such Participant’s employment with all Affiliated Employers for any reason. 
 (b) Notwithstanding anything in this Article XIII to the contrary, if a Participant’s employment with all Affiliated Employers is terminated, and
the total value of his vested Account as of the most recent Valuation Date immediately preceding his Distribution Date does not exceed $5,000, the Committee shall cause to be distributed a single sum equal to the value of the entire vested portion
of his Account to such Participant as soon as administratively practicable; and the non-vested portion, if any, will be forfeited. If a Participant would have received a distribution under the preceding sentence but for the fact that the total value
of the Participant’s vested Account exceeds $5,000 on the applicable Valuation Date and if at a later time the value of such Account is reduced such that it is not greater than $5,000, the Participant will receive a distribution of such Account
as soon as administratively practicable; and the non-vested portion will be treated as a forfeiture. 
 (c) In the event a single sum
distribution greater than $1,000 is to be made to a Participant in accordance with the provisions of Subsection 13.2(b), and such Participant does not elect to have such distribution paid directly to an eligible retirement plan specified by such
Participant in a direct rollover in accordance with Section 13.7 or to receive the distribution directly in cash in accordance with Subsection 13.2(b), then the Plan Administrator shall direct payment of the distribution in a direct rollover to
an individual retirement plan designated by the Plan Administrator. 
  

 30 

 Section 13.3 Minimum Distributions; 401(a)(9) Compliance. 
 Any method of distribution must comply with the requirements of this Section 13.3. 
 (a) General Rules. 
 (i) Precedence. The requirements of this Section will take precedence over any inconsistent provisions of the Plan. 
 (ii) Requirements of Treasury Regulations. All distributions required under this Section shall be determined and made in accordance with the Treasury Regulations under Section 401(a)(9) of the Internal Revenue Code. 
 (b) Time and Manner of Distribution. 
 (i) Required Beginning Date. The Participant’s entire interest will be distributed to the Participant no later than the Participant’s Required Beginning Date. 
 (ii) Death of Participant Before Distributions Begin. If the Participant dies before distributions begin, the Participant’s entire
interest will be distributed no later than as follows: 
 (A) If the
Participant’s surviving spouse is the Participant’s sole Designated Beneficiary, then distributions to the surviving spouse will be made by December 31st of the calendar year immediately following the calendar year in which the Participant died, or by December 31st of the calendar year in which the Participant would have attained age 70  1/2 , if later. 
 (B) If the Participant’s surviving spouse is not the Participant’s sole Designated Beneficiary, then distributions to the Designated Beneficiary will be made by December 31st of the calendar year immediately following the calendar year in which the Participant died. 
 (C) If there is no Designated Beneficiary as of September 30th of the year following the year of the Participant’s death, the Participant’s entire interest will be distributed by
December 31st of the calendar year containing the fifth anniversary of the Participant’s death.

 (D) If the Participant’s surviving spouse is the Participant’s sole Designated Beneficiary and the surviving
spouse dies after the Participant but before distributions to the surviving spouse begin, this Subsection 13.3(b)(ii), other than Subsection 13.3(b)(ii)(A), will apply as if the surviving spouse were the Participant. 
 (c) Definitions. As used in this Section 13.3 the following terms have the meanings set forth in this Subsection. 
  

 31 

 (i) Designated Beneficiary. The individual or non-individual who is designated as the
Beneficiary under this Article XIII of the Plan. 
 (ii) Required Beginning Date. The date by which distributions to the
Participant are required to begin pursuant to the applicable provisions of Section 13.1. 
 Section 13.4 Vested Interest Held
in Fund. 
 Any part of the interest of a Former Participant or Beneficiary held for future distribution shall continue to be invested
in accordance with Article X as part of the Trust Fund. The balance of such Account shall continue to fluctuate with investment results to the same extent as they would if such Former Participant or Beneficiary had continued to be a Participant.
Distribution from such Accounts shall be made in accordance with the provisions of this Article XIII. 
 Section 13.5 Distribution
of Benefits Upon Death Prior to Benefit Payment. 
 (a) The vested Account balance of a Participant or Former Participant who dies
prior to the Distribution Date shall be paid to his surviving spouse if such Participant or Former Participant is married, but if there is no surviving spouse, or if the surviving spouse has consented as provided in Section 13.8, then to the
Participant’s designated Beneficiary. Such vested Account balance shall be payable in a lump sum. Such payment shall be made or commence to be made as soon as administratively practicable following the Beneficiary’s request for payment,
subject to the terms of Subsection (d) through (g) hereof, but shall not be required to commence earlier than 30 days following the date of the Participant’s death. For purposes of this Section 13.5, the term “spouse”
shall mean the spouse to whom the Participant is married on the date of his death. 
 (b) Such Participant or Former Participant may waive
the spousal death benefit described in this Section 13.5 at any time provided that no such waiver shall be effective unless the spouse consents to such waiver and the spouse’s consent satisfies the requirements of Section 13.8.

 (c) In the event a Participant or Former Participant dies prior to commencing distribution of his Account, his vested Account balance
shall be paid in accordance with Subsection (a) hereof to the Participant’s surviving spouse or other Beneficiary in one lump-sum payment in cash or in property; 
 (d) Notwithstanding any provision in the Plan to the contrary, distributions upon the death of a Participant shall be made in accordance with the
following requirements and shall otherwise comply with Section 13.3 and Section 401(a)(9) of the Code and the regulations thereunder. If a Participant or Former Participant dies before he has begun to receive any distributions of his
interest under the Plan or before distributions have begun pursuant to regulations, then distribution of such person’s interest in his Accounts (or applicable portion thereof) shall be distributed to his Beneficiaries by December 31 of the
calendar year in which the fifth anniversary of his date of death occurs. 
  

 32 

 (e) Notwithstanding the provisions of this Section 13.5, if a Participant or Former Participant dies
and the total value of such Participant’s vested interest in his Account, does not exceed $5,000 an amount equal to the total value of such vested interest shall be distributed to his Beneficiary or Beneficiaries in a single sum as soon as
administratively practicable. If a Beneficiary or Beneficiaries would have received a distribution under the preceding sentence but for the fact that the Participant’s vested account balance exceeded $5,000 on the Participant’s date of
death and if at a later time such account balance is reduced such that it is not greater than $5,000, the Beneficiary or Beneficiaries will receive a distribution of such account balance as soon as administratively practicable. 
 Section 13.6 Manner of Payment. 
 Distributions made pursuant to the provisions of this Article XIII shall be made, in accordance with the written direction of the person requesting the payment, in whole Shares, in cash, or in a combination of cash and whole Shares. Such
written direction shall be given in such form and manner as the Plan Administrator may prescribe. If no such direction is given, then payment shall be made in the maximum number of whole Shares that may be acquired with the amount of the payment,
plus, if necessary, an amount of money equal to any remaining amount of the payment that is less than the Fair Market Value of a whole Share. 
 Section 13.7 Direct Rollovers. 
 Notwithstanding any provision of the Plan to the contrary that would otherwise
limit a distributee’s election under this Article XIII, a distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an eligible rollover distribution paid directly to an eligible
retirement plan specified by the distributee in a direct rollover. The following definitions shall apply for purposes of this Section: 
 (a)
Eligible rollover distribution: An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: any distribution that is one
of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee’s
designated beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; and the portion of any distribution that is not includable in gross income
(determined without regard to the exclusion for net unrealized appreciation with respect to employer securities); any other distribution which when added to the total distributions expected to be made on behalf of the distributee for the calendar
year is reasonably expected to total less than $200. 
 (b) Eligible retirement plan: An eligible retirement plan is an individual retirement
account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, plans described in Sections 403(b) or 457(b) of the
Code, or a qualified trust described in Section 401(a) of the Code, that accepts the distributee’s eligible rollover distribution. However, in the case of an eligible rollover distribution to a surviving spouse, an eligible retirement plan
is an individual retirement account or individual retirement annuity. 
  

 33 

 (c) Distributee: A distributee includes an Employee or former Employee. In addition, the Employee’s
or former Employee’s surviving spouse and the Employee’s or former Employee’s spouse or former spouse who is the alternate payee under a qualified domestic relations order, as defined in Section 414(p) of the Code, are
distributees with regard to the interest of the spouse or former spouse. 
 (d) Direct rollover: A direct rollover is a payment by the plan
to the eligible retirement plan specified by the distributee. 
 Section 13.8 Designation of Beneficiary: 
 (a) Subject to the provisions of Subsection (b) of this Section, each Participant or Former Participant may from time to time designate any person or
persons (who may be designated primarily, contingently or successively and who may be an entity other than a natural person) as his Beneficiary or Beneficiaries to whom his Plan benefits are paid if he dies before receipt of all such benefits. Each
Beneficiary designation shall be in a form prescribed by the Committee and will be effective only when filed with the Committee during the Participant’s lifetime. 
 If a married Participant wishes to designate a Beneficiary other than the Participant’s spouse, the Plan Administrator shall provide the Participant with a notice explaining that the entire vested benefits of the
Participant will, upon the Participant’s death, be distributed to the Participant’s spouse, unless the spouse has consented, as provided in Subsection (b), to the Beneficiary designation. Each Beneficiary designation filed with the
Committee will supersede all previously filed Beneficiary designations. The revocation of a Beneficiary designation shall not require the consent of any designated Beneficiary except as provided in Subsection (b) below. 
 (b) No Beneficiary designation by a married Participant shall be effective unless the Participant’s spouse consents to the Beneficiary designation.
The spouse’s consent must: 
 (i) be in writing and acknowledge the beneficiary the Participant designated including any
class of beneficiaries or any contingent beneficiaries, which may not be changed without spousal consent (unless the spouse expressly permits designations by the Participant without any further spousal consent); 
 (ii) acknowledge that without the spouse’s consent the spouse would receive upon the Participant’s death the Participants entire
vested Account; 
 (iii) acknowledge that the consent cannot be revoked; and 
 (iv) be witnessed by a notary public. 
 Notwithstanding the foregoing, spousal consent to a Participant’s Beneficiary designation shall not be required if: 
 (i) the spouse is designated as the sole primary beneficiary by the Participant, or 
  

 34 

 (ii) it is established to the satisfaction of the Plan Administrator that spousal consent
cannot be obtained because there is no spouse, because the spouse cannot be located or because of such other circumstances as may be prescribed in regulations issued by the Secretary of the Treasury. 
 Any consent by a spouse obtained under this provision (or establishment that consent of a spouse may not be obtained) shall be effective only with respect
to such spouse. 
 (c) If any Participant or Former Participant fails to designate a Beneficiary in the manner provided in this Section, or
no Beneficiary designated by him survives, then such Participant’s benefits shall be paid to his surviving spouse, and if no spouse survives, then to his surviving children, including adopted children, in equal shares, but if none survives then
to his Legal Representative. Payments may be made in any form allowable hereunder and the Code (without loss of tax qualified status) and the Act. 
 Section 13.9 Valuation of Shares Upon Distribution. 
 Notwithstanding any contrary provision in this Article
XIII, in the event that all or a portion of a payment of a distribution is to be made in cash, the recipient shall only be entitled to receive the proceeds of the Shares allocated to his Account that are sold in connection with such distribution and
which are valued as of the date of such sale. 
 Section 13.10 Put Options. 
 (a) Except as provided otherwise in this Section 13.10, each Participant or Former Participant to whom Shares are distributed under the Plan, each
Beneficiary of a deceased Participant or Former Participant, including the estate of a deceased Participant or Former Participant, to whom Shares are distributed under the Plan, and each person to whom such a Participant, Former Participant or
Beneficiary gives Shares that have been distributed under the Plan shall have the right to require the Company to purchase from him all or any portion of such Shares. A person shall exercise such right by delivering to the Company a written notice,
in such form and manner as the Company may by written notice to such person prescribe, setting forth the number of Shares to be purchased by the Company, the number of the stock certificate evidencing such person’s ownership of such Shares (if
represented by certificates), and the effective date of the purchase. Such notice shall be given at least 30 days in advance of the effective date of purchase, and the effective date of purchase specified therein shall be, either within the 60 day
period that begins on the date on which the Shares to be purchased by the Company were distributed from the Plan or within the 60 day period that begins on the first day of the Plan Year immediately following the Plan Year in which the Shares to be
purchased by the Company are distributed from the Plan. As soon as practicable following its receipt of such a notice, the Company shall take such actions as are necessary to purchase the Shares specified in such notice at a price per Share equal to
the Fair Market Value of a Share determined as of the Valuation Date coincident with or immediately preceding the effective date of the purchase. 
  

 35 

 (b) The Company shall have no obligation to purchase any Share (i) pursuant to a notice that is not
timely given, or on an effective date of purchase that is not within the periods prescribed in Section 13.11(a), or (ii) during a period in which Shares are publicly traded on an established market. 
 Section 13.11 Right of First Refusal. 
 (a) For any period during which Shares are not publicly traded on an established market, no person who owns Shares that were distributed from the Plan, other than a person to whom such Shares were sold in compliance
with this Section 13.11, shall sell such Shares to any person other than the Company without first offering to sell such Shares to The Company in accordance with this Section 13.11. 
 (b) In the event that a person to whom this Section 13.11 applies shall receive and desire to accept from a person other than the Company an offer
to purchase Shares to which this Section 13.11 applies, he shall furnish to the Company a written notice which shall: 
 (i) include a copy of such offer to purchase; 
 (ii) offer to sell to The Company the Shares subject to such offer
to purchase at a price per Share that is equal to the greater of: 
 (A) the price per Share specified in such offer to
purchase; or 
 (B) the Fair Market Value of a Share as of the Valuation Date coincident with or immediately preceding the
date of such notice; 
 and otherwise upon the same terms and conditions as those specified in such offer to purchase; and 
 (iii) include an indication of his intention to accept such offer to purchase if The Company does not accept his offer to sell.

 Such person shall refrain from accepting such offer to purchase for a period of fourteen days following the date on which such notice is given.

 (c) The Company shall have the right to purchase the Shares covered by the offer to sell contained in a notice given pursuant to
Section 13.11(b), on the terms and conditions specified in such notice, by written notice given to the party making the offer to sell not later than the fourteenth day after the notice described in Section 13.11(b) is given. If The Company
does not give such a notice during the prescribed fourteen day period, then the person owning such Shares may accept the offer to purchase described in the notice. 
  

 36 

 Article XIV 
 Change in Control 
 Section 14.1 Definition of Change in Control; Pending Change in
Control. 
 (a) A Change in Control shall be deemed to have occurred upon the happening of any of the following events: 
 (i) the consummation of a reorganization, merger or consolidation of the Company with one or more other persons, other than a transaction
following which: 
 (A) at least 51% of the equity ownership interests of the entity resulting from such transaction are
beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act in substantially the same relative proportions by persons who, immediately prior to such transaction, beneficially owned (within the meaning of Rule 13d-3
promulgated under the Exchange Act) at least 51% of the outstanding equity ownership interests in the Company; and 
 (B) at
least 51% of the securities entitled to vote generally in the election of directors of the entity resulting from such transaction are beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) in substantially the same
relative proportions by persons who, immediately prior to such transaction, beneficially owned (within the meaning of Rule 13d-3 promulgated under the Exchange Act) at least 51% of the securities entitled to vote generally in the election of
directors of the Company; 
 (ii) the acquisition of all or substantially all of the assets of the Company or beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of the outstanding securities of the Company entitled to vote generally in the election of directors by any person or by any persons acting in concert;

 (iii) a complete liquidation or dissolution of the Company; 
 (iv) the occurrence of any event if, immediately following such event, at least 50% of the members of the Board do not belong to any of
the following groups: 
 (A) individuals who were members of the Board on the Effective Date; or 
 (B) individuals who first became members of the Board after the Effective Date either: 
 upon election to serve as a member of the Board by affirmative vote of three-quarters of the members of such Board, or of a nominating committee thereof,
in office at the time of such first election; or 
  

 37 

 upon election by the shareholders of the Board to serve as a member of such Board, but only if nominated
for election by affirmative vote of three-quarters of the members of the Board, or of a nominating committee thereof, in office at the time of such first nomination; 
 provided, however, that such individual’s election or nomination did not result from an actual or threatened election contest or other actual or threatened solicitation of proxies or consents other than by
or on behalf of the Board; or 
 (v) any event which would be described in Section 14.1(a)(i), (ii), (iii) or
(iv) if the term “Bank” were substituted for the term “Company” therein and the term “Board” meant the Board of Directors of the Bank. 
 In no event, however, shall a Change of Control be deemed to have occurred as a result of any acquisition of securities or assets of the Company, the Bank, or a subsidiary of either of them, by the Company, the Bank,
or any subsidiary of either of them, or by any employee benefit plan maintained by any of them. For purposes of this Section 14.1(a), the term “person” shall have the meaning assigned to it under Sections 13(d)(3) or 14(d)(2) of the
Exchange Act. 
 Section 14.2 Vesting on Change of Control. 
 Notwithstanding any other provision of the Plan, upon the effective date of a Change in Control, the Account of each person who would then, upon
termination of the Plan, be entitled to a benefit, shall be fully vested and nonforfeitable. 
 Section 14.3 Repayment of Share
Acquisition Loan. 
 Notwithstanding any other provision of the Plan, upon the occurrence of a Change in Control, the Committee shall
direct the Trustee to sell a sufficient number of Shares to repay any outstanding Share Acquisition Loan, all remaining Shares which had been unallocated (or the proceeds from the sale thereof, if applicable) shall be allocated among the accounts of
all individuals with undistributed Account balances on the effective date of such Change in Control who are employed by the Company or Bank on the effective date of such Change of Control. Such allocation of Shares or proceeds shall be in proportion
to the balance credited to their Accounts immediately prior to such allocation. 
 Section 14.4 Plan Termination After Change in
Control. 
 Notwithstanding any other provision of the Plan, after repayment of the loan and allocation of Shares or proceeds as
provided in Section 14.3, the Plan shall be terminated and all amounts shall be distributed as soon as practicable. 
 Section 14.5 Amendment of Section XIV. 
 Notwithstanding any other provision of the Plan, this Article XIV of the
Plan may not be amended after the earliest date on which a Change in Control or Pending Change in Control occurs, except (i) to the extent any amendment is required by the Internal 

  

 38 

 
Revenue Service as a condition to the continued treatment of the Plan as a tax-qualified plan under Section 401(a) of the Code or (ii) to the
extent that the Company, in its sole discretion, determines than any such amendment is necessary in order to permit any transaction to which the Company, and/or its parent or affiliate, is or proposes to be a party to qualify for “pooling of
interests” accounting treatment. 
 Article XV 
 Fiduciary Responsibility 
 Section 15.1 Designation of Named Fiduciaries.

 The following persons are named fiduciaries within the provisions of Section 402(a)(2) of the Act and are so designated by the
Company: 
 (a) the Plan Administrator; 
 (b) the Administrative Committee; 
 (c) the Company; 
 (d) the Bank; 
 (e) any Investment Manager appointed pursuant to the provisions of the Trust Agreement; and

 (f) the Compensation Committee. 
 Section 15.2 Allocation of Duties. 
 (a) The Trustee shall be responsible and liable for only those fiduciary
duties relating to the Trustee’s duties under the Trust Agreement. 
 (b) The Plan Administrator shall have such duties as are imposed
by any provision of ERISA or by any provisions of the Code upon plan administrators. The Committee, the Trustee, or, at any time at which the Company is not the Plan Administrator, the Company, shall have no duty or responsibility for seeing that
the Plan Administrator carries out his duties in accordance with the provisions of law. 
 (c) The Administrative Committee shall be
responsible for carrying out the duties assigned to it by any specific provisions of the Plan including the provisions of Article XVI hereof. The Committee shall not be responsible for any failure of the Trustee or any other fiduciary or other
person in carrying out their duties or their failure or errors in carrying out instructions of the Committee. 
  

 39 

 (d) The duties of any Investment Manager shall be as such duties are as set forth in the documents
governing such Investment Manager’s relationship to the Trustee and the Trust Fund, the portion thereof which such Investment Manager is responsible and to carry out such duties in accordance with the provisions of ERISA and the Code as they
relate to such Investment Manager’s responsibility and as they may be construed or interpreted by the U.S. Department of Labor, the Internal Revenue Service or judicial decisions. 
 (e) The Company shall not be liable for any errors or failure to perform duties of the Committee, the Trustee, any Investment Manager or, at any time at
which the Company is not the Plan Administrator, the Plan Administrator, except insofar as the Company may have violated the standards set forth in Section 15.3 hereof in choosing any other such fiduciary. 
 (f) Subject to any limitation on the application of this Section 15.7(c) pursuant to ERISA, neither the Plan Administrator, nor any member of the
Committee, nor any officer or employee of the Affiliated Employer to whom fiduciary responsibilities are allocated by a Named Fiduciary, shall be liable for any act of omission or commission by himself or by another person, except for his own
individual willful and intentional malfeasance. 
 (g) Any person or group of persons, committee or entity may serve in more than one
fiduciary capacity with respect to the Plan. 
 Section 15.3 Fiduciary Standards. 
 (a) Each named fiduciary and any other person who is a fiduciary under the provisions of ERISA with respect to the Plan, shall discharge his duties with
respect to the Plan solely in the interest of the Participants, Former Participants and Beneficiaries and shall so discharge them for the exclusive purpose of (i) providing benefits to Participants, Former Participants and their Beneficiaries;
and (ii) defraying reasonable expenses of administering the Plan. 
 (b) Such duties shall be carried forth in accordance with the
standards of care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting in like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims.

 (c) Any Plan assets held in the Fund shall, to the extent required by ERISA, the Code, or any other applicable law, be invested by the
fiduciary having control of the same in a diversified manner so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. In each case, such diversification shall be deemed to exist when held by any
Insurance Company in a separate investment account, the assets of which are diversified and the Plan’s interest shares in all such diversified investments and such diversification requirement may also be satisfied by purchase of shares of stock
in investment companies registered under the Investment Company Act of 1940 or in a pooled trust fund (to the extent permissible under ERISA and the Code and regulations and rulings pursuant to either) the assets of which are diversified.

  

 40 

 (d) Each named fiduciary and any other fiduciary shall discharge his duties with respect to the Plan and
Trust in accordance with the documents and instruments governing the Plan and Trust Agreement and any common trust agreement or declaration governing any common, commingled or pooled trust fund in which Trust Fund assets are invested insofar as such
documents and instruments are consistent with the provisions of ERISA. 
 Section 15.4 Employer as a Fiduciary.

 The Company and each other Participating Employer is a named fiduciary to the extent it exercises control over assets of the Plan and to
the extent it selects fiduciaries, but it shall not be responsible for the actions of any such fiduciaries selected by it in accordance with the standards set forth in Section 16.3. The Company shall not be deemed a fiduciary in exercising its
power to amend the Plan or to terminate it or to discontinue contributions hereunder. No Participating Employers shall be deemed a fiduciary in adopting or withdrawing from the Plan. 
 Section 15.5 Plan Administrator. 
 (a) Except as provided pursuant to this Section 15.5, the Bank shall be the Plan Administrator and shall, except as provided under the Plan, perform all of the duties and functions of the “Plan Administrator” under ERISA and
the Code. The Bank may delegate any duties, responsibilities, functions and powers of the Plan Administrator or any of its other duties, responsibilities, functions or powers to such persons specified by name, title or other description as it acting
by the Compensation Committee as its delegee, the Board or the Executive Committee may determine for the efficient administration of the Plan. Until further action by the Compensation Committee, the Board or its Executive Committee, the Compensation
Committee shall be responsible for overseeing the performance of officers and other employees of the Bank in carrying out compliance with the notice, reporting, and disclosure requirements of ERISA and the Code and other duties imposed under either
or both imposed on the Plan or administrators. 
 (b) The Bank may designate one or more persons, by name or title, to act as the Plan
Administrator, and from the effective date of such appointment, the Bank shall not be the Plan Administrator but such appointees shall be the Plan Administrator and shall perform all of the duties and functions of the Plan Administrator and have all
of the powers thereof. Any such person or persons may delegate such duties, functions and powers of the Plan Administrator as it deems advisable, all in accordance with the provisions of Section 15.7. 
 (c) The Company may assign any and all rights and any and all responsibilities assigned to the Bank by any or all of the provisions of this Article XV to
any one or more Affiliated Employers or Committee thereof or individuals. 
 Section 15.6 Compensation Committee.

 The Compensation Committee shall as set forth in Article XVIII, have the power to amend and terminate the Plan or the Trust or both, to the
extent the Company has such powers. In exercising such powers to amend or terminate, the Compensation Committee shall not be deemed to be a fiduciary. Further, the Compensation Committee shall have the power and authority to remove and replace the
Trustee, and in so doing, it shall act as a fiduciary with respect to the Plan in that it shall make such decisions with respect to removal and replacement in accordance with the standards set forth in Section 15.3. Further, it shall receive
reports from the 

  

 41 

 
Administrative Committee with respect to the performance of the Trustee, and review such performance in accordance with carrying out its duties hereunder in
accordance with the standards set forth in Section 15.3. Any right, power or duty and authority of the Company or the Bank to appoint or remove any Trustee or to take any actions with respect to the Plan or its assets shall be exercisable by
the Compensation Committee without further action by the Company or the Bank. 
 Section 15.7 Delegation of Fiduciary
Duties. 
 Any fiduciaries named or described in Section 15.1 hereof shall have the right to delegate their duties to one or more
persons provided that such delegation is consistent with the standards and provisions of Section 15.3 hereof and such delegating fiduciary shall not be liable for any error or omission by any such delegates in carrying forth such duties
provided such delegation was made in accordance with the standards of such Section 15.3 hereof and such delegating fiduciary monitor the performance of such delegate from time to time as required by the standards of Section 15.3 hereof.

 Section 15.8 No Bond Except as Required by ERISA. 
 No bond or other security shall be required of a member of the Committee, the Plan Administrator, or any officer or employee of the Affiliated Employer to
whom fiduciary responsibilities are allocated by a Named Fiduciary or any other Plan fiduciary or service provider, except as may be required by ERISA. 
 Section 15.9 Limitation of Article XV. 
 Nothing in this Article XV shall be deemed to
expand the scope of fiduciary responsibility or liability as otherwise set forth in and limited by provisions of ERISA and regulations, administrative interpretations or rulings or judicial decisions thereunder. In particular, no named fiduciary
shall have any responsibility or liability for any loss or by reason of any breach which results from the exercise of control of over any or all accounts of any Participant to the extent such fiduciary would not be liable or responsible pursuant to
U.S. Department of Labor Regulations §2550.404c-1. 
 Article XVI 
 Administrative Committee 
 Section 16.1 Appointment and
Tenure. 
 The President and Chief Executive Officer of the Bank shall appoint an Administrative Committee (the “Committee”)
to oversee the operations of the Plan. The Committee shall consist of one (1) member or such greater number as such President and Chief Executive Officer shall determine from time to time. Each member of the Administrative Committee shall serve
at the pleasure of such President and Chief Executive Officer or until such time as such member resigns or dies. Members of the Committee may, but need not, be officers or Employees, Participants or directors of an Affiliated Employer. Vacancies due
to any cause may be promptly 

  

 42 

 
filled by such officer, but the Committee may act notwithstanding the existence of any number of vacancies. Members of the Committee who are employees of any
Participating Employer shall serve without compensation, but their reasonable expenses shall be paid by the Bank as shall any compensation and any expenses of any member of the Committee who is not an Employee. In the event that at any time the same
individual does not hold the office and title of President and Chief Executive Officer of the Company, then the officer exercising authority granted under any provision of the Plan shall be determined by resolution of the Compensation Committee, the
Executive Committee or the Board, and in the absence of such resolution, either such officer may exercise any of such powers. 
 Section 16.2 Notification of Trustee. 
 The Bank shall notify the Trustee of the membership of the Committee and
any change in such membership and shall supply the Trustee with specimen administrative signatures of all such members. The Trustee shall be entitled to rely on any such notice as to the membership of the Committee and shall be entitled to assume
conclusively that any signatures so supplied are genuine. 
 Section 16.3 Action by Committee. 
 The Committee shall act by majority vote of its members at the time in office and such action may be taken either by a vote at a meeting duly called or in
writing without a meeting. The Committee may, by such majority vote, authorize one or more of its members to execute documents on its behalf, in which event the Committee shall notify the Trustee in writing, and the Trustee thereafter may accept and
rely upon such authorization until written notification that it has been revoked by the Committee. 
 Section 16.4
Documents. 
 The Committee shall keep on file a copy of this Plan (together with any subsequent amendments) and copies of all annual
reports of the Trustee, which shall be made available for inspection by Participants, Former Participants and Beneficiaries during normal business hours of the Bank. Upon written request of any Participant, Former Participant, or Beneficiary, the
Committee shall furnish such person with a statement of his interest in the Fund as determined as of the most recent Valuation Date. 
 Section 16.5 Powers of Committee. 
 The Committee shall have general responsibility to oversee the ordinary
operation of the Plan and the execution of the funding and investment policies and alternatives recommended and adopted pursuant to an action of the Compensation Committee or the Board. The Committee shall report to the Compensation Committee, as
provided in Section 15.6. The Committee shall further review from time to time the operations of a Plan and provisions of the Plan and Trust Agreement for compliance with applicable legal requirements including those imposed by ERISA and the
Code and regulations and rulings thereunder as the same may be amended or otherwise developed from time to time. The Committee shall have all powers necessary or convenient to enable it to fulfill its duties hereunder, except that the Committee
shall have no responsibility for the performance of those duties for which the Plan Administrator is responsible under ERISA or the Code or any other provision of law. The Committee shall further have the power and authority to incur all reasonable
expenses deemed advisable by it in the performance of its duties under the Plan. 
  

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 Section 16.6 Benefits Payable Under the Plan. 
 The Bank shall give the Trustee written notification with respect to all benefits which become payable under the terms and conditions of the Plan and
shall direct the Trustee to pay such benefits from the Fund. The Committee shall review and oversee such procedures. 
 Section 16.7 Construction of the Plan. 
 The Committee shall have full power to construe, interpret and apply
this Plan and to supply implied or interstitial provisions. Further, the Committee shall determine all questions of fact that may arise hereunder, including, but not limited to, what persons are Employees as defined herein, the identity of any
Participant’s Beneficiary or Beneficiaries, the periods of any Employee’s Credited Service, the amount of any Employee’s Compensation, and the rights of persons who are, or claim to be Employees, Participants, Former Participants,
Beneficiaries or Alternate Payees. Any discretionary actions to be taken under this Plan by the Committee, with respect to the classification of Employees or determination of benefits, shall be uniform in nature and applicable to all Employees
similarly situated. The Committee shall have absolute discretion in carrying out its responsibilities. The conclusions and determinations of the Committee as to the construction, interpretation or application of the Plan, or any question arising in
connection with the Plan shall be final and conclusive upon all persons claiming an interest in the Fund. 
 Section 16.8
Engagement of Assistants and Advisors. 
 The Committee may employ and retain legal counsel, agents, administrators, accountants,
actuaries, and such clerical, medical, accounting and bookkeeping services as it may reasonably require to carry out the provisions of the Plan. The Committee may delegate any or all of its administrative functions, including reporting to
Participants, Former Participants, Beneficiaries and Alternate Payees and other similar record keeping functions, to any one or more service providers as it deems appropriate or advisable. All fees, costs and expenses charged by any persons so
employed or retained shall be paid from the Trust unless sooner paid by one or more Participating Employers. 
 Section 16.9
Indemnification of the Committee. 
 The Participating Employers shall indemnify and hold harmless the Committee, each member thereof,
counsel, accountants, employees, and the officers and trustees of Participating Employers, from any and all liability, claim, or demand asserted against them with respect to their respective acts or omissions with respect to the Plan provided that
with respect to any person who is a fiduciary under any provision of the Code or ERISA, such act or omission to act was not the result of such person’s bad faith. As part of such indemnification and holding harmless, the Company shall provide
counsel chosen by it and shall pay all expenses in connection with opposing any such claim, demand or asserted liability. Nothing herein shall be deemed a limitation upon any other protection which any such fiduciary may be entitled under any
provision hereof or any doctrine of common law, any relevant 

  

 44 

 
statutory provision or the terms of the Charter, Certificate of Incorporation, or By-laws of any Affiliated Employer or any resolution or other action of the
Board or its Executive Committee. The provisions of this Section 16.9 shall not be deemed to be applicable with respect to any action by any fiduciary claiming the benefits of this provision unless such person acted in good faith and in a
manner he reasonably believed to be in the best interests of any Affiliated Corporation or, in the best interest of the Participants, Former Participants or Beneficiaries and consistent with the provisions of the Plan. 
 Section 16.10 Designation of Forms by Committee. 
 The Committee may designate forms for all documents, instruments and communications (which forms it may change from time to time) which it deems
reasonable for the designation of Beneficiaries, the election of optional modes of distribution, and any other forms which it deems necessary or advisable for proper administration of the Plan. The Committee may also accept any other forms of
documents, instruments or communications as it deems reasonable, but shall be under no obligation to accept any other forms of documents, instruments or communications and may refuse or refrain to act upon or give effect to any such other forms of
documents, instruments or communications. No document, instrument or communication shall be effective under the Plan unless it is in a form designated or otherwise accepted by and filed with the Committee. The Committee may treat any document,
instrument or communication filed with an Affiliated Employer, or a service provider designated by an Affiliated Employer for such purposes, or accepted by an Affiliated Employer, or any such service provider, as having been filed or accepted, or
both, as the case may be, with the Committee. 
 Section 16.11 Acknowledgment of Benefits. 
 If requested by the Committee, the Trustee, or any Participating Employer, a Participant, Former Participant or Beneficiary or other person shall be
required as a condition of receiving any benefits hereunder to acknowledge the correctness of the computation of such benefits and to release any other claim which he might have. If such person fails to execute any such requested acknowledgment or
release, no benefits shall be distributed to him until there is a judicial determination as to the amount of his benefits, or until the party or parties requesting such acknowledgment or release withdraw such request. Nothing herein shall be deemed
in any way to limit the power and authority of the Committee and the Trustee under this Plan. 
 Section 16.12 Delegation by
Committee. 
 The Committee may, upon approval of a majority of its members: 
 (a) allocate among any of the members of the Committee any of the responsibilities of the Committee under the Plan or; 
 (b) designate any person, firm or corporation that is not a member of the Committee to carry out any of the responsibilities of the Committee under the
Plan. Any such allocation or designation shall be made pursuant to a written instrument executed by a majority of the members of the Committee. 
  

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 Section 16.13 Information Furnished by Affiliated Employer. 
 The Company shall cause each Affiliated Employer to furnish to the Committee or any service provider approved by it all information and data necessary for
the Committee to administer the Plan, including but not limited to, a list of Employees eligible to become Participants, notification of each Employee becoming so eligible, the Compensation and Total Compensation of all Participants, the date of
hire of all Participants, the age of all Participants and any other information requested by the Committee and reasonably determined by it to be advisable in discharging its duties hereunder. The Committee shall be entitled to rely on such
information as being accurate and complete unless such information is challenged by any Employee in a writing addressed to the Committee, in which event the Committee shall determine the accuracy of such information to the extent that such questions
raised by such Employee are within the scope of the Committee’s powers and authority under this Article XVI. The Company or its delegees or delegees (including any service provider) shall be responsible for all record keeping including the
allocations and investment results allocable to accounts. 
 Article XVII 
 Amendment, Termination and Tax Qualification 
 Section 17.1 Right to
Amend. 
 The Company reserves the right at any time, and from time to time, to modify or amend the Plan and Trust Agreement or both
in whole or in part; provided, however, that no such amendment or modification: 
 (a) shall have the effect of vesting in any Affiliated
Employer any portion of the principal or income of the Trust Fund; or 
 (b) shall cause or permit any portion of the principal or income of
the Trust Fund to be diverted to purposes other than for the exclusive benefit of present or future Participants and their Beneficiaries and to defray the reasonable expenses of administering the Plan; or 
 (c) shall increase the duties or liabilities of the Trustee without its written consent; or 
 (d) shall reduce any amounts credited to any Account unless such reduction appears to the Company, the Compensation Committee or the Committee to be
necessary or reasonably advisable in order to conform with any statute, regulation, ruling or other official promulgation by any agency of the United States of America or any judicial decision compliance with which is necessary or reasonably
advisable in order that the Trust, the Plan, the Participating Employers and the Participants be entitled to the tax benefits to which they are entitled at the Effective Date the Code if the Plan is a plan described as a qualified plan in Sections
401(a) of the Code and as an employee stock ownership plan (as described in Section 20.8), or that the Trust, the Plan and the Participating Employers not be in violation of any provision of ERISA. 
  

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 Section 17.2 Procedure to Amend. 
 (a) The Company’s power to amend the Plan may be exercised in any way and to any extent by the Compensation Committee without further action by or on
behalf of the Bank to authorize such amendment, and any such amendment may be executed consistent with the effective dates, if any, set forth in the action of the Compensation Committee by any officer of the Bank authorized by or pursuant to any
action taken by the Compensation Committee. Notwithstanding the foregoing, the Executive Committee of the Board may also exercise such power of amendment to the extent either deem it appropriate to do so. 
 (b) The power of the Company to amend the Plan may further be exercised by its President and Chief Executive Officer with respect to provisions dealing
with matters of administration, including compliance with any legal requirements described in Section 10.1(d), provided that such amendments are recommended by the Committee and such officer determines that such amendments are not likely to
result in substantial expense to one or more Participating Employers by way of additional contributions to the Plan. The reasonable determination of the President and Chief Executive Officer as to any amendment being within the scope of his
authority hereunder shall be conclusive. In the event of the absence or other unavailability of the President and Chief Executive Officer, any member of the Committee so authorized by the President and Chief Executive Officer may execute any
amendment provided for in this Subsection (b). 
 Section 17.3 No Obligation or Liability. 
 The Company has established and each Participating Employer has adopted and will adopt the Plan with the intention and expectation that it will continue
to make contributions to the Trust indefinitely, but neither Company shall not be under any obligation or liability whatsoever to continue such contributions or to maintain the Plan and may, in its sole discretion, discontinue such contributions or
terminate the Plan or Trust at any time without incurring any liability whatsoever for such discontinuance. The Plan may be terminated by formal action of the Board or its Executive Committee or the Compensation Committee without further authority.

 Section 17.4 Continuation of Trust. 
 The Plan and Trust shall terminate upon dates or times specified in a notice of termination executed by the Bank and delivered to the Trustee. Unless it is specified in such notice that the Trust shall terminate upon
a date certain, or described therein, the Trust shall continue until all interests are distributed in accordance with the provisions of the Plan including the provisions of this Article XVII. 
 Section 17.5 Effect of Termination. 
 In the event of complete termination or any partial termination of the Plan or complete discontinuance of contributions under the Plan, all unallocated contributions shall be allocated, and the total Accounts of all
Participants shall become nonforfeitable, as of the date thereof; provided, however, that in the event of a partial termination only the Accounts of Participants subject to the partial termination shall become nonforfeitable. In the event of
termination of the Trust coincident with or following the termination of the Plan, the balance of each Account shall be distributed as promptly as practicable Participants and Beneficiaries; (ii) if the Participant 

  

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consents, in a lump sum, or (iii) as otherwise provided under the Code and regulations thereunder. To the extent not paid by any Participating Employer,
all expenses of administration ordinarily payable by Participating Employers and of termination, after the date of termination, shall be apportioned to each Account in the proportion which the balance of such Account bears on the date of such
termination to the balances of all such Accounts with appropriate adjustments to reflect any partial distribution of any Account. 
 Section 17.6 Conformity to Internal Revenue Code. 
 The Participating Employers have established the Plan with
the intent that the Plan and Trust will at all times be qualified under Section 401(a) and exempt under Section 501(a) of the Code and constitute a qualified employer stock ownership plan as described in Section 20.8 and with the
intent that contributions under the Plan will be allowed as deductions in computing the net income of the Participating Employers for federal income tax purposes, and the provisions of the Plan and Trust Agreement shall be construed to effectuate
such intentions. Accordingly, notwithstanding anything to the contrary hereinbefore provided, the Plan and the Trust Agreement may be amended at any time without prior notice to Participants, Former Participants, Beneficiaries or any other persons
entitled to benefits, if such amendment is deemed by the Board to be necessary or appropriate to effectuate such intent. 
 Section 17.7 Contingent Nature of Contributions. 
 (a) All Discretionary Contributions to the Plan are
conditioned upon the issuance by the Internal Revenue Service of a determination that the Plan and Trust are qualified under section 401(a) of the Code and exempt under section 501(a) of the Code. If the Participating Employers apply to the Internal
Revenue Service for such a determination within 90 days after the date on which it files its federal income tax return for its taxable year that includes the last day of the Plan Year in which the Plan is adopted, and if the Internal Revenue Service
issues a determination that the Plan and Trust are not so qualified or exempt, all Discretionary Contributions made by the Participating Employers prior to the date of receipt of such a determination may, at the election of the Participating
Employers, be returned to the Participating Employers within one year after the date of such determination. 
 (b) All Discretionary
Contributions and Loan Repayment Contributions to the Plan are made upon the condition that such Discretionary Contributions and Loan Repayment Contributions will be allowed as a deduction in computing the net income of an Affiliated Employer for
federal income tax purposes. To the extent that any such deduction is disallowed, the amount disallowed may, at the election of the Participating Employers, be returned to the Participating Employers within one year after the deduction is
disallowed. 
 (c) Any contribution to the Plan made by the Participating Employers as a result of a mistake of fact may, at the election of
the Participating Employers, be returned to the Participating Employers within one year after such contribution is made. 
  

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 Article XVIII 
 Special Rules for Top Heavy Plan Years 
 Section 18.1 In General. 
 As of the Determination Date for each Plan Year, the Plan Administrator shall determine whether the Plan is a Top Heavy Plan in accordance with the
provisions of this Article XVIII. If, as of such Determination Date, the Plan is a Top Heavy Plan, then the Plan Year immediately following such Determination Date shall be a Top Heavy Plan Year and the special provisions of this Article XVIII shall
be in effect; provided, however, that if, as of the Determination Date for the Plan Year in which the Effective Date occurs, the Plan is a Top Heavy Plan, such Plan Year shall be a Top Heavy Plan Year, and the provisions of this Article XVIII shall
be given retroactive effect for such Plan Year. 
 Section 18.2 Definition of Top Heavy Plan. 
 (a) Subject to Section 18.2(c), the Plan is a Top Heavy Plan if, as of a Determination Date: (i) it is not a member of a Required Aggregation
Group, and (ii)(A) the sum of the Cumulative Accrued Benefits of all Key Employees exceeds 60% of (B) the sum of the Cumulative Accrued Benefits of all Employees (excluding former Key Employees), former Employees (excluding former Key Employees
and other former Employees who have not performed any services for the Employer or any Affiliated Employer during the immediately preceding Plan Year), and their Beneficiaries. 
 (b) Subject to Section 18.2(c), the Plan is a Top Heavy Plan if, as of a Determination Date: (i) the Plan is a member of a Required Aggregation
Group, and (ii)(A) the sum of the Cumulative Accrued Benefits of all Key Employees under all plans that are members of the Required Aggregation Group exceeds 60% of (B) the sum of the Cumulative Accrued Benefits of all Employees (excluding
former Key Employees), former Employees (excluding former Key Employees and other former Employees who have not performed any services for the Employer or any Affiliated Employer during the immediately preceding Plan Year), and their Beneficiaries
under all plans that are members of the Required Aggregation Group. 
 (c) Notwithstanding Sections 18.2(a) and 18.2(b), the Plan is not a
Top Heavy Plan if, as of a Determination Date: (i) the Plan is a member of a Permissible Aggregation Group, and (ii)(A) the sum of the Cumulative Accrued Benefits of all Key Employees under all plans that are members of the Permissible
Aggregation Group does not exceed 60% of (B) the sum of the Cumulative Accrued Benefits of all Employees (excluding former Key Employees), former Employees (excluding former Key Employees and other former Employees who have not performed any
services for the Employer or any Affiliated Employer during the immediately preceding Plan Year), and their Beneficiaries under all plans that are members of the Permissible Aggregation Group. 
 Section 18.3 Determination Date. 
 The Determination Date for the Plan Year in which the Effective Date occurs shall be the last day of such Plan Year, and the Determination Date for each Plan Year beginning after the Plan Year in which the Effective Date occurs shall be the
last day of 

  

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the preceding Plan Year. The Determination Date for any other qualified plan maintained by the Employer for a plan year shall be the last day of the
preceding plan year of each such plan, except that in the case of the first plan year of such plan, it shall be the last day of such first plan year. 
 Section 18.4 Cumulative Accrued Benefits. 
 (a) An individual’s Cumulative Accrued
Benefits under this Plan as of a Determination Date are equal to the sum of: 
 (i) the balance credited to such
individual’s Account under this Plan as of the most recent Valuation Date preceding the Determination Date; 
 (ii) the
amount of any Discretionary Contributions or Loan Repayment Contributions made after such Valuation Date but on or before the Determination Date; and 
 (iii) the amount of any distributions of such individual’s Cumulative Accrued Benefits under the Plan (including distributions under terminated plans that would have been included in the Required Aggregation
Group if not terminated) during the five-year period (for in-service distributions) or one-year period (for all distributions other than in-service distributions) ending on the Determination Date. 
 For purposes of this Section 18.4(a), the computation of an individual’s Cumulative Accrued Benefits, and the extent to which distributions, rollovers and
transfers are taken into account, will be made in accordance with Section 416 of the Code and the regulations thereunder. 
 (b) For
purposes of this Plan, the term “Cumulative Accrued Benefits” with respect to any other qualified plan, shall mean the cumulative accrued benefits determined for purposes of Section 416 of the Code under the provisions of such plans.

 (c) For purposes of determining the top heavy status of a Required Aggregation Group or a Permissible Aggregation Group, the Cumulative
Accrued Benefits under this Plan and the Cumulative Accrued Benefits under any other plan shall be determined as of the Determination Date that falls within the same calendar year as the Determination Dates for all other members of such Required
Aggregation Group or Permissible Aggregation Group. 
 Section 18.5 Key Employees. 
 (a) For purposes of the Plan, the term Key Employee means any employee or former employee of the Employer or any Affiliated Employer who is at any time
during the current Plan Year: 
 (i) a Five Percent Owner; 
  

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 (ii) a person who would be described in Section 1.25 if the number “1%”
were substituted for the number “5%” in Section 1.25 and who has an annual Total Compensation from the Employer and any Affiliated Employer of more than $150,000; or 
 (iii) an Officer of the Employer or any Affiliated Employer who has an annual Total Compensation greater than $135,000 (or any greater
amount as specified in Section 416(i)(1)(A)(i) of the Code) for the Plan Year. 
 (b) For purposes of Section 18.5(a): 

(i) for purposes of Section 18.5(a)(iii), in the event the Employer or any Affiliated Employer has more officers than are
considered Officers, the term Key Employee shall mean those officers, up to the maximum number, with the highest annual compensation in any one of the five consecutive Plan Years ending on the Determination Date; and 
 (ii) for purposes of Section 18.5(a)(ii), if two or more persons have equal ownership interests in the Employer, each such person
shall be considered as having a larger ownership interest than any such person with a lower annual compensation from the Employer or any Affiliated Employer. 
 (c) For purposes of Section 18.5(a): (i) a person’s compensation from Affiliated Employers shall be aggregated, but his ownership interests in Affiliated Employers shall not be aggregated; (ii) an
employee shall only be deemed to be an officer if he has the power and responsibility of a person who is an officer within the meaning of Section 416 of the Code; and (iii) the term Key Employee shall also include the Beneficiary of a
deceased Key Employee. 
 Section 18.6 Required Aggregation Group. 
 For purposes of this Article XVIII, a Required Aggregation Group shall consist of (a) this Plan; (b) any other qualified plans currently
maintained (or previously maintained and terminated within the five year period ending on the Determination Date) by the Employer and any Affiliated Employers that cover Key Employees; and (c) any other qualified plans currently maintained (or
previously maintained and terminated within the five year period ending on the Determination Date) by the Employer or any Affiliated Employers that cover Key Employees that are required to be aggregated for purposes of satisfying the requirements of
Sections 401(a)(4) or 410(b) of the Code. 
 Section 18.7 Permissible Aggregation Group. 
 For purposes of this Article XVIII, a Permissible Aggregation Group shall consist of (a) the Required Aggregation Group and (b) any other
qualified plans maintained by the Employer and any Affiliated Employers; provided, however, that the Permissible Aggregation Group must satisfy the requirements of Sections 401(a)(4) and 410(b) of the Code. 
  

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 Section 18.8 Special Requirements During Top Heavy Plan Years. 
 Notwithstanding any other provision of the Plan to the contrary, for each Top Heavy Plan Year, in the case of a Participant (other than a Key Employee) on
the last day of such Top Heavy Plan Year who is not also a participant in another qualified plan which satisfies the minimum contribution and benefit requirements of Section 416 of the Code with respect to such Participant, the sum of the
Discretionary Contributions and Loan Repayment Contributions made with respect to such Participant, when expressed as a percentage of his Total Compensation for such Top Heavy Plan Year, shall not be less than 3% of such Participant’s Total
Compensation for such Top Heavy Plan Year or, if less, the highest combined rate, expressed as a percentage of Total Compensation at which Discretionary Contributions and Loan Repayment Contributions were made on behalf of a Key Employee for such
Top Heavy Plan Year. The Employer shall make an additional contribution to the Account of each Participant to the extent necessary to satisfy the foregoing requirement. Such minimum contribution shall be made under this Plan rather than requiring
additional contributions under the People’s Bank 401(k) Employee Savings Plan or the People’s Bank Employees’ Retirement Plan or any successor to either such Plan pursuant to the Top Heavy provisions of either such Plan or any such
successor. 
 Article XIX 
 Participating Employers 
 Section 19.1 Adoption by Affiliated Employer. 
 The Plan is subject to adoption (with or without retroactive effect) by any Affiliated Employer provided the Company consents to such adoption.

 Section 19.2 Contributions by Participating Employers. 
 Subject to the provisions of Section 19.4 hereof, the contributions under the Plan to be made by Participating Employers for a Plan Year shall be
made in the proportions to which they agree. 
 Section 19.3 All Rights Exercisable by Company. 
 Except as provided in Section 19.4 hereof, all rights under the Plan (including this Article XIX) of the Company or Bank (whether acting by its
respective Board of Directors or Committee thereof) and of the Compensation Committee respectively, shall be exercisable by such entity or committee. Any amendments made by it shall be fully effective with respect to each plan which then includes
this Plan pursuant to this Article. 
 Section 19.4 Amendment by Participating Employers. 
 At any time any Participating Employer (other than the Company) (a) may amend or terminate the Plan as to its employees so as to no longer include
them in the Plan, and (b) shall so amend the Plan upon thirty (30) days notice so to do from the Company. Any such employer shall nevertheless be considered a Participating Employer with respect to the period preceding and during which its
plan incorporated the Plan. 
  

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 Article XX 
 Miscellaneous Provisions 
 Section 20.1 No Employment Contract. 
 Neither the adoption and maintenance of the Plan, nor the establishment of the Trust, shall be deemed to be a contract between any Participating Employer
and its Employees. Nothing herein contained shall be deemed to give any Employee the right to be retained in the employ of any Participating Employer or to interfere with the right of any Participating Employer to discharge any Employee at any time,
or to give any Participating Employer the right to require any Employee to remain in its employ or to interfere with any Employee’s right to terminate his employment at any time. 
 Section 20.2 Non-Alienation of Benefits, QDROs. 
 (a) The Plan and Trust have been established to provide for the support of Participants and their Beneficiaries. Therefore, the interest hereunder of any Participant, Former Participant or Beneficiary shall not be
subject to being assigned or alienated by any method and shall not be subject to attachment by or otherwise available by an process whatsoever to his creditors. 
 (b) If any Participant, Former Participant or Beneficiary is adjudicated bankrupt, or attempts to anticipate, alienate, sell, transfer, assign, encumber or charge any benefit under the Plan, or if such benefit is made
the subject of any garnishment, attachment or other similar legal process, then such benefit shall, in the discretion of the Committee, cease and terminate, and in that event the Trustee shall hold or apply the same, or any part thereof, to or for
the benefit of such Participant, Former Participant or Beneficiary in such manner as the Trustee may determine. 
 (c) This Section 20.2
shall not prohibit the Plan Administrator from recognizing a Domestic Relations Order that is determined to be a Qualified Domestic Relations Order in accordance with Section 20.16. 
 (d) Notwithstanding anything in the Plan to the contrary, a Participant’s, Former Participant’s or Beneficiary’s Accounts under the Plan
may be offset by any amount such Participant, Former Participant or Beneficiary is required or ordered to pay to the Plan if: 
 (i) the order or requirement to pay arises: (A) under a judgment issued on or after August 5, 1997 of conviction for a crime involving the Plan; (B) under a civil judgment (including a consent order or decree) entered by a
court on or after August 5, 1997 in an action brought in connection with a violation (or alleged violation) of part 4 of subtitle B of title I of ERISA; or (C) pursuant to a settlement agreement entered into on or after August 5, 1997
between the Participant, Former Participant or Beneficiary and one or both of the United States Department of Labor and the Pension Benefit Guaranty Corporation in connection with a violation (or alleged violation) of part 4 of subtitle B of title I
of ERISA by a fiduciary or any other person; and 
  

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 (ii) the judgment, order, decree or settlement agreement expressly provides for the
offset of all or part of the amount ordered or required to be paid to the Plan against the Participant’s, Former Participant’s or Beneficiary’s benefits under the Plan. 
 Section 20.3 Mergers and Consolidations of Company 
 In the event that the Company shall merge or consolidate into or sell substantially all of its operating assets (whether or not the Company is liquidated or dissolved as part of the same transaction or subsequent
thereto) to another corporation (hereinafter “Successor Corporation”), such Successor Corporation may assume the Plan. In the event that any Successor Corporation assumes the Plan, then after consummation of any such merger, consolidation,
or sale, the Plan and Trust shall continue and each reference to the Company or People’s United Financial, Inc. (a) shall be deemed to refer to such Successor Corporation, and (b) shall no longer be deemed to refer to People’s
United Financial, Inc. except that each such reference (i) shall be deemed to include references to People’s United Financial, Inc., or (ii) shall be deemed to exclude reference to any Successor Corporation, or (iii) both
(i) and (ii), whenever such inclusion or exclusion is necessary so as to avoid depriving any Participant or any Employee of any rights or interest accrued hereunder, or any right to participate in the Plan once the eligibility requirements of
the Plan are met, or failing to give full credit for all services to the any Affiliated Employer prior to such merger, consolidation or sale or diminishing or adversely affecting such rights of such Employees in any way whatsoever. 
 Section 20.4 Governing Law 
 The Plan shall be governed by the law of the State of Connecticut including federal law to the extent it is part of or preempts such state law. 
 Section 20.5 Participants Limited to Assets of Fund 
 In the event of any termination or
partial termination of the Plan, complete discontinuance of contributions under the Plan or any suspension or curtailment of such contributions, the remedies of all Participants, Former Participants and Beneficiaries and any other person claiming an
interest shall be limited to the assets of the Fund for provision of their benefits under the Plan, and they shall be entitled to no other remedy from any Affiliated Employer. 
 Section 20.6 Severability of Provisions 
 Should any provision of the Plan be found invalid under the laws of the State of Connecticut, such provision shall be deemed null and void, but all of the provisions not so found invalid shall remain in full force and
effect. 
 Section 20.7 Mergers and Consolidations of Plans 
 In the event this Plan is merged or consolidated with any other employee retirement plan or this Plan’s assets or liabilities are transferred to any
other employee retirement plan, each Participant, Former Participant, Beneficiary and other person entitled to benefits shall, if the Plan is then terminated, receive a benefit immediately after such merger, consolidation or transfer which is equal
to or greater than the benefit he would have been entitled to receive immediately before such merger, consolidation or transfer, if the Plan had then been terminated. 
  

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 Section 20.8 Status as an Employee Stock Ownership Plan. 
 It is intended that the Plan constitute an “employee stock ownership plan,” as defined in Section 4975(e)(7) of the Code and
Section 407(d)(6) of ERISA. The Plan shall be construed and administered to give effect to such intent. 
 Section 20.9
Claims Procedure 
 (a) If a Participant, Former Participant or Beneficiary disagrees with the computation of the benefits to which he
is entitled under the Plan and wishes to claim benefits or additional benefits, he must file his claim in writing with the Committee. (If no claim is received by the Committee within 60 days after he receives notice of his benefits, no claim will be
permitted and the Committee’s determination shall be final.) 
 The claimant may designate any other person, at his own expense, to act
on his behalf in pursuing a benefit claim or appealing the denial of a benefit claim. The term “claimant” as used in this claims procedure includes any other person he designates to represent him as well as after his death, his
beneficiary. 
 When a claim for benefits is made under Plan, the Committee is required to notify the claimant within 90 days after the claim
is received if the claim for benefits has been denied. In special cases where the Committee needs more time to decide, the Committee may notify the claimant in writing prior to the end of the initial 90 day period and may take up to 90 additional
days. 
 If the claim is denied in whole or in part, the Committee will send to the claimant a written or electronic notice including:

 (i) one or more specific reasons for the denial; 
 (ii) specific reference to the Plan provisions on which the denial is based; 
 (iii) a description of any additional material or information that would be necessary to perfect the claim and an explanation of why such
material or information is necessary; 
 (iv) information regarding what steps should be taken if the claimant wants to submit
a request for review; and 
 (v) a description of the Plan’s review procedures and the time limits applicable to the
procedures including a statement of the claimant’s rights to bring a civil action under Section 502(a) of ERISA following a determination upon completion of your appeal adverse to your position. 
  

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 (b) If the claim for benefits is denied, the claimant may file an appeal in writing with the Committee.

 (i) The written claim for review must be filed within 60 days after the claimant has received the notice described above
that the claim was denied. If a written claim for review is not filed within 60 days after the claimant receives the notice that the claim was denied, the claimant is deemed to have accepted the Committee’s decision. 
 (ii) The claimant may submit written comments, documents, records and other information relating to your claim for benefits. 

(iii) The claimant will be provided upon request and free of charge reasonable access to, and copies of, all documents, records, and
other information relevant to your claim. 
 (iv) The Committee will take into account all comments, documents, records and
other information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 
 After receiving a request for review, the Committee will review the claim within 60 days and will give the claimant a written or electronic notice of its decision, which is final. In special cases where the Committee
needs more time to decide, the Committee will notify the claimant in writing prior to the end of the initial 60 day period and may take up to 60 additional days. If the claim is denied, the notice will include: 
 (i) one or more specific reasons for the denial; 
 (ii) specific reference to the Plan provisions on which the denial is based; 
 (iii) a statement that the claimant is entitled to receive upon request and free of charge reasonable access to, and copies of, all
documents, records, and other information relevant to your claim for benefits; and 
 (iv) a statement of the claimant’s
right to bring a civil action under Section 502(a) of ERISA. 
 (c) Notwithstanding any other provisions of this Plan to the contrary,
the terms of Subsections (a) and (b) of this Section 20.9 shall apply until such time as the Committee shall adopt revised claims procedures; provided, however, that the Committee may make any such revisions in such procedures as it
deems necessary to assure compliance with the applicable provisions of Section 503 of the Act and the regulations thereunder. 
 (d) Any
person whose claim has been denied in whole or in part must exhaust the administrative review procedures provided in this Section 20.9 or pursuant to subsection (c) hereof prior to initiating any claim for judicial review. 
  

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 (e) Any action taken or omitted by any fiduciary with respect to the Plan, including any decision,
interpretation, claim denial or review on appeal, shall be conclusive and binding on all interested parties and shall be subject to judicial modification or reversal only to the extent it is determined by a court of competent jurisdiction that such
action or omission was arbitrary and capricious and contrary to the terms of the Plan. 
 (f) Any action taken or omitted by any fiduciary
with respect to the Plan, including any decision, interpretation, claim denial or review on appeal, shall be conclusive and binding on all interested parties and shall be subject to judicial modification or reversal only to the extent it is
determined by a court of competent jurisdiction that such action or omission was arbitrary and capricious and contrary to the terms of the Plan. 
 Section 20.10 Agent For Legal Process 
 The Bank shall act as agent for legal process of the Plan subject to
(a) the right of the Company to designate another such agent (which may be the Company) and (b) the Company’s or the Bank’s right to designate an individual or agent as such agent. 
 Section 20.11 Insurance Company 
 No Insurance Company shall be considered a party to the Plan or Trust, nor shall any Insurance Company have any responsibility for the validity of the Plan or the Trust. The duty and liability of any Insurance Company is only as stated in
any contract it may issue. 
 Section 20.12 Dates 
 Whenever any action by the Trustee, the Compensation Committee, the Committee, the Bank, a Participant, a Former Participant or a Beneficiary or any other
person must be taken within a period ending on a Saturday, Sunday or legal holiday, such period shall be extended to the first day following the end of such period which is not a Saturday, Sunday or legal holiday. 
 Section 20.13 Incapacity of Distributee 
 In the event the Committee or the Trustee deem any person incapable of receiving benefits to which he is entitled by reason of minority, illness, infirmity or other legal incapacity, the Committee may direct the
Trustee, or the Trustee may determine, to make payment by applying the same directly for the benefit of any such person or by paying the same to any person selected by the Committee or the Trustee which person has agreed in writing to use and apply
the same for the benefit of such person. Any such payments made, to the extent thereof, shall discharge the liability of any Affiliated Employer, the Committee and the Trustee under the Plan to the person entitled to receive such benefit, and none
of the Affiliated Employers, the Committee and the Trustee shall have any responsibility for seeing that such agreement to use such sums for such person are actually carried out. 
  

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 Section 20.14 Limitation Year 
 For purposes of Section 415 of the Code and the regulations thereunder, the Plan Year shall be deemed to be the Plan Limitation Year. 
 Section 20.15 Recapture of Erroneous Payments 
 In the event that, for any reason, it is discovered that amounts have been paid to a Participant, Former Participant, or Beneficiary in excess of the amounts owed to him as a result of erroneous allocations to his
Account, failure to recognize events classified as a partial termination, clerical or computational errors or otherwise, the Plan shall have a right against such payee to recover the amount of such excess; provided, however, that the Committee may
determine that as a result of the administrative problems and costs and expenses of collection involved, such rights shall not be enforced. 
 Section 20.16 Benefits Payable Pursuant to Qualified Domestic Relations Orders 
 Any prohibition in
Section 20.2 of the Plan against the assignment or alienation of benefits shall not apply to the creation, assignment or recognition of a right to any benefit payable with respect to a Participant pursuant to (i) a qualified domestic
relations order entered on or after January 1, 1985, (ii) any domestic relations order entered before January 1, 1985, provided benefits are being paid pursuant to such order as of such date; or (iii) any domestic relations order
entered before January 1, 1985, provided the Plan Administrator determines to treat such order as a qualified domestic relations order. To the extent consistent with such a qualified domestic relations order so affecting any benefit under the
Plan, an alternate payee may withdraw all or any part of such benefit so assigned or granted to him and such benefit shall not be payable to any other person under this Plan, notwithstanding any other provisions of this Plan, except to the extent
provided in such qualified domestic relations order. The terms “qualified domestic relations order” and “domestic relations order” shall have the meaning set forth in Section 414(p) of the Code. To the extent consistent with
a qualified domestic relations order or domestic relations order so affecting any benefit under the Plan effective January 1, 1995, an alternate payee may withdraw all or any part of such benefits assigned or granted to him. 
 Section 20.17 USERRA 
 Notwithstanding any provision of this Plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with Section 414(u) of the Code. 
 Section 20.18 Construction of Language. 
 Wherever appropriate in the Plan, words used in the singular may be read in the plural, words used in the plural may be read in the singular, and words importing the masculine gender may be read as referring equally
to the feminine and the neuter. Any reference to an Article or Section number shall refer to an Article or Section of the Plan, unless otherwise indicated. 
  

 58 

 Section 20.19 Headings. 
 The headings of Articles and Sections are included solely for convenience of reference. If there is any conflict between such headings and the text of the
Plan, the text shall control. 
  

	
	  

	 John A. Klein
 President and Chief Executive Officer
 People’s United Financial, Inc.

	 April 16, 2007

  

 59Settlement and License Agreement

 Exhibit 10.1 
 SETTLEMENT AND LICENSE AGREEMENT 
 This Settlement and License Agreement (this
“Agreement”) is entered into as of February 7, 2007, (the “Effective Date”) by and between CELSION CORPORATION, a corporation organized and existing under the laws of the State of Delaware and having its
principal place of business at 10220-L Old Columbia Road, Columbia, Maryland 21046 (“Celsion”), and AMERICAN MEDICAL SYSTEMS, INC. (“AMSI”) and AMS RESEARCH CORPORATION (“AMSRC”), each
a corporation organized and existing under the laws of the State of Delaware and having their principal place of business at 10700 Bren Road West, Minnetonka, Minnesota 55343 (AMSI and AMSRC are herein individually and together referred to as
“AMS”). Celsion, AMSI and AMSRC are collectively, the “Parties” and each separately, a “Party”. 
 WHEREAS, Celsion is, in part, in the business of developing, making, marketing and selling products, therapies and technologies that use heat generated by microwave energy to treat benign prostatic hyperplasia, including a product
currently sold under the brand Prolieve Thermodilation System®; 
 WHEREAS, on September 28, 2006, AMS commenced an action against Celsion in the United States
District Court for the District of Delaware (the “Court”), Civil Action No. 06-606-SLR (the “Pending Action”), alleging that Celsion infringed and is infringing AMS’ U.S. Patent Nos. 5,220,927, 6,216,703,
7,089,064 and 7,093,601, which action remains pending; 
 WHEREAS, on November 16, 2006, Celsion filed counterclaims for
declaratory judgment in the Pending Action; 
 WHEREAS, on September 27, 2006, the United States District Court for the District
of Minnesota dismissed a similar patent infringement action filed by AMS on April 27, 2006, 
  

  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 
against Celsion (Civil Action No. 06-1606 JMR/FLN) for lack of personal jurisdiction (the “Prior Action” and together with the Pending
Action, the “Action”); 
 WHEREAS, Celsion denies that its products or other business activities infringe AMS’
patents and is prepared to defend against the Pending Action; and 
 WHEREAS, recognizing the costs, uncertainties and burdens of
litigation, Celsion and AMS desire finally and forever to compromise, resolve and settle all asserted and unasserted claims relating to the allegations in the Action on mutually agreeable terms without admission of any liability by either, and
without admission as to the merits of any of the contentions of the other. 
 NOW, THEREFORE, for and in consideration of the
preambles set forth above and the mutual covenants, promises and agreements contained herein, the Parties, intending to be legally bound, do hereby agree as follows: 
 Article 1. Definitions 
 In addition to terms defined elsewhere in this Agreement, the
following initially capitalized terms, whether used in the singular or plural, shall have the respective meanings set forth below: 
 Section 1.01    “Affiliate” shall mean any individual or entity which (directly or indirectly) is controlled by, controlling or under common control with a Party to this Agreement. For purposes of
this definition, the direct or indirect ownership of fifty percent (50%) or more of the outstanding securities, membership interests or partnership interests of or by an entity, or the right to receive fifty percent (50%) or more of the
profits or earnings of or by an entity, or the right to control the management or the board of directors or other governing body of or by an 
  

 2 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 
entity shall be deemed to constitute control. “AMS Parties” shall mean AMSI, AMSRC and their respective Affiliates. 
 Section 1.03    “Average Sales Price” shall mean the average invoiced sales price at which the Celsion Parties
have actually sold Disposable Kits to non-Affiliate third parties during * including in such calculation of average invoiced sales price the actual sales price for any standard warranty sold for the Disposable Kits but not including any rebates
actually granted to a customer and any reasonable and customary charges for taxes and shipping actually collected by Celsion on behalf of third parties; provided that, if the “Average Sales Price” as calculated is * per Disposable Kit for
* , the “Average Sales Price” for that * shall be deemed * per Disposable Kit, and further provided that, if the “Average Sales Price” as calculated is * per Disposable Kit, the “Average Sales Price” for that * shall be
deemed * per kit. 
 Section 1.04    “Celsion Parties” shall mean Celsion and its Affiliates.

 Section 1.05    “Current Products” of a Party shall mean products and components thereof
commercially available from that Party or its Affiliates at or before the Effective Date in the Technology Field, which for Celsion is the Prolieve Thermodilation System (depicted in Exhibit A) (“Celsion Current Products”)
and for AMS is the TherMatrx System (depicted in Exhibit B) (“AMS Current Products”). For purposes of clarity, a product that qualifies as of the Effective Date as a Current Product remains a Current Product even if the
business or assets relating to such product line are sold to a permitted successor or assign to this Agreement. 
 Section 1.06    “Days” or “days” shall mean calendar days. 
  

 3 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Section 1.07    “Dismissal Order” shall mean an Order of the
Court dismissing the Pending Action in accordance with the provisions of Article 6 below, which order has become final and no longer subject to appeal or reconsideration. 
 Section 1.08    “Disposable Kits” shall mean the disposable catheter kit component of the Licensed Products. Disposable Kits do not include control units and other reusable
apparatus or accessories that are marketed for use in connection with the Licensed Products. For the sake of clarity, the Disposable Kit component of the Celsion Current Products is depicted in Exhibit A hereto. 
 Section 1.09    “Disposable Kit Sold” shall mean a Disposable Kit that has been invoiced to a non-Affiliate
third party by a Celsion Party, including Disposable Kits distributed for no consideration (but excluding a reasonable number of Disposable Kits distributed for no consideration solely for clinical trials and up to an additional one hundred
(100) Disposable Kits distributed for no consideration). 
 Section 1.10    “Excluded
Technology” shall mean products and methods that are designed or intended for use with or constitute any of the following: 
  

	 	(1)	a system or therapy with integrated microwave and laser components; 

  

	 	(2)	Treatment Catheters without an integrated compression balloon, such as the integrated compression balloon in the existing Prolieve Thermodilation® System depicted in Exhibit A hereto; or 

  

	 	(3)	Treatment Catheters with an integrated temperature probe. 

 For the sake
of clarity, while the license and covenant not to sue granted to Celsion herein do not cover Excluded Technology, nothing in this Agreement prohibits or restricts Celsion or its permitted successors or assigns with respect to Excluded Technology,
and nothing in this Agreement prohibits or restricts AMS or its permitted successors or assigns from asserting claims against Excluded Technology. 
  

 4 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Section 1.11    “Including” shall mean, whether or not
capitalized, including without limitation. 
 Section 1.12    “Licensed Patent(s)” shall mean
(a) all of the claims of AMS’ patents and applications existing or filed as of the Effective Date that include subject matter directed to the Technology Field, including all of the claims of the issued patents listed on Exhibit C
hereof (including the 927 Patent, the 703 Patent, the 064 Patent and the 601 Patent); and (b) continuations, continuations in part (to the extent of the part within the Technology Field and to the extent entitled to priority before the
Effective Date), divisionals, reexaminations, reissuances, extensions and foreign counterparts of any of the foregoing, provided, however, that “Licensed Patent(s)” shall not include any patent that has expired or has been
invalidated or canceled or declared unenforceable or any claims in any patent that have been invalidated, declared unenforceable or canceled where all right to appeal any such order of cancellation, unenforceability or invalidity has elapsed and the
order has become final. “Licensed Patent(s)” shall include applications beneficially owned or controlled by an AMS Party as of the Effective Date even if then pending in the name of the inventors or another assignee and not yet formally
assigned to the AMS Party. 
 Section 1.13    “Licensed Products” shall mean Celsion Current
Products and Reasonable Modifications thereof developed, manufactured, used, marketed, offered for sale, sold, imported, licensed or distributed by or on behalf of a Celsion Party or a permitted successor or assign under this Agreement, directly or
through their respective manufacturers, distributors, contractors, resellers, and other intermediaries. “Licensed Products” shall not include Excluded Technology. 
 Section 1.14    “927 Patent” shall mean United States Patent No. 5,220,927 while it is in effect.

  

 5 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Section 1.15    “703 Patent” shall mean United States Patent
No. 6,216,703 while it is in effect. 
 Section 1.16    “064 Patent” shall mean United States
Patent No. 7,089,064 while it is in effect. 
 Section 1.17    “601 Patent” shall mean United
States Patent No. 7,093,601 while it is in effect. 
 Section 1.18    “Product Related Activities:
shall mean, research, development, testing, scale-up, clinical, prototyping, trial, sales, marketing and other business activities undertaken in the process of creating, seeking approval for and commercializing products. 
 Section 1.19    “Reasonable Modifications” shall mean improvements or modifications to Current Products
primarily to improve materials, dimensions, software, manufacturability, quality or cost, provided such improvements or modifications are consistent with the function and treatment provided by the party’s Current Products as of the Effective
Date. For the sake of clarity, Reasonable Modifications to a party’s current Treatment Catheter do not include, for example, adding (in the case of AMS) or removing (in the case of Celsion) an integrated compression balloon. 
 Section 1.20    “Returned Products” shall mean Disposable Kits (1) returned by non-Affiliate third parties
to whom the Disposable Kits were sold and (2) for which Celsion has fully refunded to the third party (or extended a credit for) all consideration received for the returned Disposable Kits (with the exception of reasonable and customary
shipping or handling charges, if applicable). 
 Section 1.21    “Technology Field” shall mean the
field of microwave therapy for treating benign prostatic hyperplasia (“BPH”) and prostatitis. 
  

 6 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Section 1.22    “Treatment Catheters” shall mean urethral
catheters for applying heat or microwave energy to prostatic tissue. 
 Article 2. License Grant and Other Covenants 

Section 2.01    Subject to the provisions herein, from the Effective Date, AMS, for itself and its Affiliates, hereby grants
to Celsion and its Affiliates a perpetual, irrevocable (except for termination expressly permitted in Section 6 of this Agreement), non-exclusive, worldwide right and license under the Licensed Patents only within the Technology Field
(excluding Excluded Technology) to (a) undertake Product Related Activities for Licensed Products and (b) develop, make, have made, market, use, authorize others to use, import, distribute, sell, have sold and offer to sell Licensed
Products, for the life of the Licensed Patents (the “License”). 
 Section 2.02    Celsion and its
Affiliates may not sublicense the licensed rights granted above, but may engage third party contractors, consultants, outsourcers and agents to undertake Product Related Activities for Licensed Products and to exercise the licensed rights on their
behalf such as, for example, in the manufacturing, assembly, sale, importation and marketing of Licensed Products. 
 Section 2.03    AMS represents that, as of the Effective Date, AMS is the sole owner of all title and interest to each of the Licensed Patents. 
 Section 2.04    AMS agrees (a) to provide to Celsion, promptly upon reasonable written request, information regarding the
status of the Licensed Patents, including information on any new applications filed or patents issued or abandoned anywhere and any adverse claims made by third parties against any of the Licensed Patents, and (b) to take commercially
reasonable steps to prosecute and maintain in effect the Licensed Patents. 
  

 7 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Section 2.05    Celsion and Affiliates will take commercially reasonable steps
to comply with the marking provisions of 35 U.S.C. §287 with respect to Licensed Products and the Licensed Patents, consistent with Celsion’s standard labeling practices. 
 Section 2.06    In order to maintain separate identity between the Current Products (and Reasonable Modifications thereof) being
sold contemporaneously in the marketplace by each of the Parties, each of AMS and Celsion agrees from and after the Effective Date not to develop, make, use, sell, offer for sale or import Treatment Catheters in the Technology Field that are
confusingly similar with respect to protectable packaging features and external trade dress to the Current Products available from the other Party as of the Effective Date. In the event a party reasonably believes that a product of the other in the
Technology Field violates this Section, it shall provide prompt written notice to the other, describing the nature of the perceived violation and what in its view would cure the violation. The Party receiving the notice shall have a period of
forty-five (45) days to investigate the allegation and respond to the other Party in writing with either a denial of the allegations, a request for further information or a proposed curative course of action. If the party responding to the
notice requests further information, the Party who sent the notice shall promptly provide it and the time to respond shall commence again once the information is provided. If the curative action proposed by the Party who received the notice is
acceptable to the other Party, the Party who received the notice shall have a reasonable period of time to implement the curative actions, taking into account factors such as the need for regulatory approvals for any changes. In the event the Party
who received the notice denies the allegations and/or does not propose a remedy therefor that is reasonably acceptable to the other Party, the Party who sent the notice shall submit the matter to binding arbitration in accordance with the
arbitration provisions of Section 8.05 (and subject to Section 6.02). The Parties will not, 
  

 8 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 
pending the opinion of the arbitration panel, seek interim relief. Each Party acknowledges and agrees that the products in the Technology Field commercially
available as of the Effective Date from the other are not confusingly similar. For purposes of this Section 2.06, AMSI and AMSRC shall be deemed one Party. 
 Section 2.07    Except as stated in this Section and in Article 6 below, while the License is in effect, Celsion agrees not to challenge, or support or participate in a challenge of, the
validity or enforceability of the Licensed Patents, including by initiating, participating or supporting a request for reexamination of the Licensed Patents, or by raising such claims in defense of a claim by AMS for a breach by Celsion of the
provisions of this Agreement. Notwithstanding any other provision of this Agreement, the covenant in the prior sentence shall not apply and Celsion shall be free to bring claims and raise defenses (a) in connection with a claim by AMS for
infringement relating to the Licensed Products in the event that AMS is seeking to terminate or has terminated the license grant in Section 2.01 above, or (b) with respect to products other than Licensed Products, including any Excluded
Technology products, or (c) in the event AMS breaches a material provision of the Agreement such as the covenant not to assert or the release, or (d) if compelled by law or court order (such as a subpoena). 
 Section 2.08    Nothing in this Agreement shall be construed as conveying any express or implied license or right, to any patent
owned, controlled or licensed by a Party or its Affiliates, to any other Party, person or entity, except as expressly and specifically set forth in this Agreement. 
 Article 3. Payments 
 Section 3.01    In consideration of the license
rights, releases and other covenants and promises under this Agreement, Celsion shall pay the following fees to AMS: 
  

 9 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 a.* in license fees due on the date of execution and delivery of this Agreement by all
Parties and payable in full by February 20, 2007; and 
 b. Subject to Sections 3.02 and 3.03 below, a running royalty
from * on Disposable Kits Sold of the lesser of: (i) * of the * or (ii) * per Disposable Kit Sold (the “Royalty”). The Royalty shall be automatically reduced to the lesser of (i) * of the * , or (ii) * per
Disposable Kit Sold from and after the expiration or final cancellation, abandonment or invalidation date of the 927 Patent. 
 Section 3.02    The obligation to pay Royalties shall automatically cease and the License granted in Section 2.01 shall become fully paid-up and royalty-free from and after the earlier of (i) * ,
(ii) the expiration or cancellation, abandonment or invalidation of all of the Licensed Patents, or (iii) the prepayment of Royalties set forth in Section 3.03 below (such date, the “End of the Royalty Payment Term”).

 Section 3.03    Celsion shall have the right to prepay all the Royalties payable under this Agreement at any time
prior to the End of the Royalty Payment Term on a discounted net present value basis using (i) a mutually agreed to discount rate of * and (ii) * (a) * or (b)
  

 10 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 
* (the “Prepaid Royalty”). An example of the calculation of the Prepaid Royalty is provided in Exhibit D, which assumes the following
for simplicity: (1) * (2) * (3) * (4) * . Celsion shall exercise the prepayment option by providing written notice thereof to AMS including its calculation of the Prepaid Royalty (the “Prepayment Notice”). The
Parties agree that the Prepaid Royalty, if this option is exercised by * shall be no less than * . Thereafter, the Prepaid Royalty shall be * . Celsion shall pay the Prepaid Royalty to AMS within thirty (30) days of the date of its Prepayment
Notice unless AMS notifies Celsion in writing within fifteen (15) days of the date of the Prepayment Notice that it disagrees with the calculation of the Prepaid Royalty. Failure of AMS to provide timely notice of disagreement shall constitute
acceptance of the calculation of the Prepaid Royalty. The Parties shall endeavor expeditiously and in good faith to resolve any disagreements regarding the calculation of the Prepaid Royalty. If the Parties shall have been unable to agree on the
amount of the Prepaid Royalty by the end of a thirty (30) day period from the date of the Prepayment Notice, the Parties shall engage an arbitrator to resolve the disagreement and determine on an expedited basis the Prepaid Royalty as of the
date of the Prepayment Notice, with each side sharing equally in the costs and expenses of the arbitrator and the proceedings. The arbitrator shall have experience in royalty audits and calculations and the decision of the arbitrator shall be final
and binding. Upon determination of the Prepaid Royalty after a dispute, Celsion shall pay the Prepaid Royalty if it 
  

 11 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 
still wishes to pre-pay the Royalties based on the amount calculated by the arbitrator, and AMS shall provide a receipt thereof. 
 Section 3.04    Only one Royalty is payable per Disposable Kit Sold regardless of whether such product embodies, uses or
practices one or more claims in the Licensed Patents. Royalties are non-refundable (provided that a Dismissal Order has been entered and subject to the provisions of this Agreement relating to termination). Royalties not paid when due shall bear
interest from the due date at the rate of * . Celsion shall be entitled to off-set royalties paid on Returned Products against subsequent Royalty payments. 
 Section 3.05    Until the End of the Royalty Payment Term, Celsion will pay the Royalties * for Disposable Kits Sold during * . At that time, Celsion shall furnish to AMS a statement showing
the volume of Disposable Kits Sold during * (including Disposable Kits distributed for no consideration) and the calculation of the amount of Royalties due. Until the End of the Royalty Payment Term, such statements shall be furnished to AMS whether
or not there are any Disposable Kits Sold during * . AMS’ designated representative from a public accounting firm shall have the right, not more than once in each contract year during business hours with thirty (30) days’ prior
written notice to audit, at the place where they are typically located, the relevant books and records of Celsion and any Affiliates selling Licensed Products in order to verify the accuracy of Royalties paid under this Agreement for the current
contract year and the two years before. Such representative shall execute a confidentiality and non-disclosure agreement acceptable to Celsion and the Affiliates in order to protect information that is made available to the representative. The
representative shall not use 
  

 12 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 
the information provided or audited for any purpose other than to report to AMS the representative’s findings regarding the accuracy of the payments of
Royalties during the applicable audit period. The audit shall be at the sole expense of AMS, provided that, in the event the audit reveals an underpayment for any audit period of more than five (5) percent, Celsion shall reimburse AMS for the
reasonable costs and fees charged to AMS by the representative. 
 Section 3.06    Payments made under this
Agreement shall be by bank wire transfer in immediately available funds to such bank account as is designated in writing by AMS. 
 Section 3.07    AMS will notify Celsion in writing promptly following the issuance of any order or decision or the entry of any final judgment finding that any of the claims in any of the Licensed Patents is invalid
or canceled. 
 Section 3.08    The fees set forth herein are part of a complex patent settlement between the
Parties hereto. Accordingly, each Party expressly agrees that neither it nor anyone under its control or acting on its behalf shall rely on, use or attempt to use this Agreement, its terms, or any portion of it, in a manner adverse to or in support
of the Licensed Patents (except as expressly provided herein or except for the purpose of enforcing this Agreement in any dispute between the Parties concerning a breach of this Agreement), or as evidence or in support of or against any of the
following: (i) a royalty rate that would have been agreed to in an arm’s length transaction for a license under the Licensed Patents; (ii) that a license under the Licensed Patents should be granted to any other party; (iii) that
a pattern of licensing exists under the Licensed Patents; or (iv) that any holder of the Licensed Patents would not suffer irreparable harm from any infringement the Licensed Patent. 
  

 13 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Article 4. Mutual Releases and Covenants Not to Sue 
 Section 4.01    The AMS Parties, for themselves and any successors and assigns, hereby release, acquit and discharge Celsion and
its Affiliates, and their respective directors, officers, employees, agents, customers, distributors, successors and assigns (the “Celsion Released Parties”), from all causes of action, demands, claims, counterclaims, losses,
damages and liabilities of any nature, whether known or unknown and asserted or unasserted, which could have been brought prior to the Effective Date of this Agreement, with respect to the Celsion Current Products and their Product Related
Activities, including, without limitation, all claims and counterclaims that AMS Parties have asserted or could have asserted in or related to the Action, or arising under the Licensed Patents (all of the above collectively, the “AMS
Released Claims”). For the sake of clarity, this Section 4.01, within its scope as of the Effective Date of the Agreement, shall apply to any permitted assignee of or successor to this Agreement. 
 Section 4.02    The Celsion Parties, for themselves and any successors and assigns, hereby release, acquit and discharge AMS and
its Affiliates and their respective directors, officers, employees, agents, customers, distributors, successors and assigns (the “AMS Released Parties”), from all causes of action, demands, claims, counterclaims, losses, damages and
liabilities of any nature, whether known or unknown and asserted or unasserted, which could have been brought prior to the Effective Date of this Agreement, with respect to the AMS Current Products and their Product Related Activities, including,
without limitation, all claims and counterclaims that Celsion Parties have asserted or could have asserted in or related to the Action (all of the above collectively, the “Celsion Released Claims”). For the sake of clarity, this
Section 4.02, within its scope as of the Effective Date of the Agreement, shall apply to any permitted assignee of or successor to this Agreement. 
  

 14 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Section 4.03    Each of AMSI, AMSRC, for itself and its Affiliates and their
respective successors and assigns, hereby covenants and agrees that from and after the Effective Date it/they will not (directly or indirectly) assert, institute, bring, or prosecute against any of the Celsion Released Parties any action, claim,
demand or other proceeding based on or relating to (i) any of the AMS Released Claims or (ii) the Celsion Current Products and Reasonable Modifications thereof. AMS’ foregoing covenant not to sue does not include and expressly
excludes any claims relating to Excluded Technology and any claims by AMS Parties against Celsion Released Parties for breach or failure to comply with a provision of this Agreement. 
 Section 4.04    Celsion, for itself and its Affiliates and their respective successors and assigns, hereby covenants and agrees
that from and after the Effective Date it/they will not (directly or indirectly) assert, institute, bring or prosecute against any of the AMS Released Parties any action, claim, demand or other proceeding based on or relating to (i) any of the
Celsion Released Claims or (ii) the AMS Current Products and Reasonable Modifications thereof. Celsion’s foregoing covenant not to sue does not include and expressly excludes any claims by Celsion Parties against AMS Released Parties for
breach or failure to comply with a provision of this Agreement. 
 Section 4.05    THE PARTIES ACKNOWLEDGE THAT THEY
MAY HEREAFTER DISCOVER CLAIMS OR FACTS IN ADDITION TO OR DIFFERENT FROM THOSE WHICH THEY NOW KNOW OR BELIEVE TO EXIST WITH RESPECT TO THE RELEASED CLAIMS, THE FACTS AND CIRCUMSTANCES ALLEGED IN THE ACTION, AND/OR THE SUBJECT MATTER OF THE SETTLEMENT
AND LICENSE AGREEMENT, WHICH, IF KNOWN OR SUSPECTED AT THE TIME OF EXECUTING THE SETTLEMENT AND LICENSE AGREEMENT, MAY HAVE MATERIALLY AFFECTED 
  

 15 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 
THIS DOCUMENT. NEVERTHELESS, THE PARTIES HEREBY ACKNOWLEDGE THAT THE RELEASES PROVIDED IN SECTION 4.01 AND SECTION 4.02 WAIVE ANY RIGHTS, CLAIMS OR CAUSES OF
ACTION THAT MIGHT ARISE AS A RESULT OF SUCH DIFFERENT OR ADDITIONAL CLAIMS OR FACTS. THE PARTIES ACKNOWLEDGE THAT THEY UNDERSTAND THE SIGNIFICANCE AND POTENTIAL CONSEQUENCE OF SUCH A RELEASE OF UNKNOWN CLAIMS AND OF SUCH A SPECIFIC WAIVER OF RIGHTS.

 Article 5. Dismissals 
 Section 5.01    The Parties agree to enter into and cause to be filed in the Pending Action, promptly upon the execution of this Agreement, and in any event within two (2) business days of payment in full of
the license fees due pursuant to Section 3.01(a), a Stipulated Order of Dismissal of all claims and counterclaims, with prejudice, in the Pending Action, substantially in the form annexed hereto as Exhibit E, with each Party agreeing to
assume its own costs and expenses, including attorney fees. If the Court does not issue the Dismissal Order substantially in the form annexed hereto as Exhibit E, the Parties agree to meet and confer in good faith in an effort to reach an
amicable resolution consistent with the requirements of the Court, and to resubmit the Stipulated Order of Dismissal in a mutually agreed form that meets the requirements of the Court. AMS further agrees not to file any appeal or request for
reconsideration or other relief in or relating to the Prior Action, and to allow the dismissal of the Prior Action to become final. In the event there is no Dismissal Order by the 60th day after the Effective Date, unless the Parties otherwise agree
in writing, this Agreement shall become null and void, AMS shall return to Celsion all payments made to it by Celsion under this Agreement, and the Parties will return to the status quo ante as if this Agreement had never been entered into.

  

 16 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Section 5.02    The Stipulated Order of Dismissal referred to in
Section 5.01 is “with prejudice” to the full extent available under United States law. The foregoing dismissal “with prejudice” and prohibition shall not apply to the prosecution or defense of a claim by one Party against
another Party for breach or enforcement of this Agreement. Further, a Party shall not be in breach of this Agreement to the extent that the Party or its Affiliates are required by legal compulsion to aid any court, regulatory agency or other
instrumentality of government in any proceeding against the other Party, but the Party under such obligation shall provide notice thereof to the other Party to the extent not prohibited by law. 
 Section 5.03    The Parties hereby agree that neither the giving of any consideration hereunder nor its acceptance shall operate
as or be evidence of any admission of liability for any claim hereby released, and further agree that, by the execution of this Agreement, the Parties do not admit the truthfulness of any of the claims or allegations made by any opposing Party;
rather, such claims, allegations and liability have been, and are hereby, expressly denied by each of the Parties. 
 Article 6. Term
and Termination 
 Section 6.01    This Agreement shall be in effect in accordance with its terms from the
Effective Date until there are no longer any Licensed Patents in effect or pending anywhere. The releases and discharges set forth in Section 4.01 and Section 4.02, the covenants not to sue set forth in Section 4.03 and
Section 4.04, Article 7 and Sections 8.04-8.06 shall survive the expiration of this Agreement, and the releases and discharges set forth in Section 4.01 and Section 4.02, Article 7 and Sections 6.02 and 8.04-8.06 shall survive any
termination of this Agreement that is permitted under Section 6.02 below. 
  

 17 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Section 6.02    Except for termination of this Agreement as expressly set forth
in Section 5.01 above and in this Section 6.02, the Parties covenant and agree that this Agreement (including the License) may not be terminated, revoked, rescinded or canceled by either Party, but the Parties shall have available as set
forth in Section 8.05 other monetary and injunctive remedies for any breach of this Agreement by the other Party. 
 a.
AMS may terminate this Agreement, after thirty (30) days written notice and opportunity to cure, and seek an injunction and damages, in the event that Celsion is found to be in material breach of this Agreement pursuant to the proceedings
contemplated in Section 8.05, and fails to cure the breach (including payment of any damages awarded as a result of the arbitration) within sixty (60) days after the release of the decision finding it to be in breach becomes final. If AMS
terminates the Agreement pursuant to this Section and seeks damages, AMS may not seek damages for the period of time prior to October 11, 2006. 
 b. In the event that AMS so terminates the Agreement and pursues a claim against Celsion neither Party shall reference or rely upon the terms of the Agreement as a measure of damages or as a factor relevant to an
injunction (but may rely on this Agreement otherwise to the extent needed to seek to enforce it), although Celsion may off-set payments made to AMS pursuant to this Agreement against any damages and other sums awarded to AMS for sales of the same
products. 
 c. Notwithstanding the above, if Celsion prepays the Royalties, the Agreement (including the License) cannot be
terminated for any reason except in the event of a breach by Celsion of its covenants in Section 2.07 (after written notice of the 
  

 18 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 
breach by AMS and thirty (30) days’ opportunity to cure) and the Parties will have available all other remedies provided at law for a breach of the
Agreement. 
 Article 7. 
 Confidentiality 
 Section 7.01    The Parties acknowledge that the terms and conditions of this
Agreement are considered confidential, and it is understood that the confidentiality of this Agreement is part of the consideration for this Agreement. None of the Parties nor their attorneys or other representatives will directly or indirectly,
disclose to third parties or publicize in any media other than as specified herein, including but not limited to the internet, newspapers, magazines, radio or television, the terms and conditions of this Agreement, except (i) as necessary to
enforce this Agreement, (ii) as reasonably necessary in connection with audits, regulatory inquiries, or financial or legal due diligence (including due diligence by prospective employers, employees, customers and purchasers), (iii) as may
be required by law, including with respect to securities and other regulatory filings, and (iv) internally within its companies to those with a need to know, and to attorneys, accountants and other professional advisors for the purpose of
seeking their advice. 
 Section 7.02    If any Party to this Agreement is compelled by subpoena or order to
disclose information about the terms and conditions of this Agreement, the Party compelled to make such statements or disclosures shall where possible (and where not otherwise prohibited by law) provide not less than five business days written
notice to the other Parties hereto (or as much notice as is possible under the circumstances) before making such statements or disclosures, so that the Party interested in preventing the disclosure shall have the opportunity at its expense to seek
appropriate protection from a court of competent jurisdiction. 
  

 19 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Section 7.03    The Parties shall jointly issue a mutually agreed to press
release announcing the execution of this Agreement and the dismissal of the Pending Action. No other news release, publicity or other public announcement, either written or oral, regarding the terms of this Agreement shall be made by either Party or
its Affiliates, except as required by law, without the prior written agreement of the other Party, which shall not be unreasonably withheld. Once information has been publicly released in accordance with this Section 7, the information
contained in such release may be subsequently released by either Party without the prior approval or consent of the other Party. 
 Article
8. Miscellaneous 
 Section 8.01    Subject to the remainder of this Section 8.01, this Agreement
and the terms, covenants, conditions, provisions, obligations, undertakings, rights and benefits hereof shall be binding upon, and shall inure to the benefit of, the Parties and their respective officers, directors, predecessors, successors,
Affiliates, principals, partners, and permitted assigns. This Agreement may be assigned to a third party with the express prior written consent of the other Party hereto (or in the case of Celsion as the assigning party, the consent only of AMSI),
which consent shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, each Party shall have the right, without obtaining the other Party’s consent, to assign or transfer this Agreement and the rights and obligations
contained herein to a successor to or purchaser of all or substantially all of the assets or business of the assigning or transferring Party to which this Agreement pertains (whether by sale of assets or stock or other equity, merger, consolidation
or otherwise), or to an Affiliate or from one Affiliate to another, including in the case of Celsion as the assigning party to non-Affiliate entity Boston Scientific. In that case, the assigning party shall provide written notice of the assignment
to the other party within five (5) days of the 
  

 20 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 
consummation of the transaction, and shall obtain from the assignee a writing whereby the assignee binds itself to all of the terms and conditions of this
Agreement and steps into the shoes of the assignor as of the effective date of the assignment. The assignee shall become a “Party” to the Agreement in lieu of the assigning party. In the event an AMS Party or one of its successors or
assigns sells, assigns or transfers one or more of the Patents, any such sale, assignment or transfer shall be subject to the licenses granted and releases and covenants given in this Agreement, and AMS shall provide to Celsion or Celsion’s
permitted assignee at the time of the sale, assignment or transfer a written, signed undertaking from the purchaser, assignee or transferee of the Licensed Patent(s) agreeing to be bound to the terms and conditions of this Agreement. 
 Section 8.02    Any notice required or permitted to be given or sent under this Agreement shall be hand delivered or sent by
express delivery service or certified or registered mail, postage prepaid, or by facsimile transmission (with written confirmation copy by registered first-class mail) to the Parties at the addresses and facsimile numbers indicated below.

  

					
	 If to Celsion, to:
	 	 Celsion Corporation
 10220-L Old Columbia
Road
 Columbia, MD 21046
 Attn:    President and
 Chief Executive Officer
 Fax:      (410) 290-5394
	  	
			
	 with copies to:
	 	 Venable LLP
 Two Hopkins Plaza
 Suite 1800
 Baltimore, MD 21201
 Attn:    Michael J. Baader
 Fax:      (410) 244-7742
	  	
			
	 If to AMS, to:
	 	 American Medical Systems, Inc.
 10700 Bren Road
West
 Minnetonka, MN 55343
 Attn:    Executive Vice President and
 Chief Operating Officer
 Fax:      (952) 930-6157
	  	
			
	 with copies to:
	 	 American Medical Systems, Inc.
 10700 Bren Road
West
 Minnetonka, Minnesota 55343
 Attn:    Larry Getlin, Esq.
 Fax:      (612) 930-6695
	  	

  

 21 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Any such notice shall be deemed effective on the date actually received. A Party may change its address or its facsimile
number by giving the other Party written notice, delivered in accordance with this Section. 
 Section 8.03    This
Agreement constitutes the complete, final and exclusive agreement between the Parties with respect to the subject matter hereof and supersedes and terminates all prior and contemporaneous agreements, drafts, term sheets and understandings between
the Parties, whether oral or in writing, relating to such subject matter. There are no (and the Parties have not relied on any) covenants, promises, agreements, warranties, representations, understandings, either oral or written, between the Parties
that are not set forth expressly in this Agreement. No subsequent alteration, amendment, change, waiver or addition to this Agreement shall be binding upon the Parties unless reduced to writing and signed by an authorized officer of each Party. Each
Party in deciding to execute this Agreement has not relied on any understanding, agreement, representation or promise by the other Party which is not explicitly set forth herein. 
 Section 8.04    In the event of any dispute relating to the interpretation or performance of this Agreement, the Parties shall
attempt to resolve their differences without resort to adversary proceedings for a period of at least thirty (30) days following notice of a dispute. However, nothing herein shall preclude any Party from resorting to the judicial process as
noted below in Section 8.05. 
  

 22 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Section 8.05    This Agreement shall be governed, interpreted and construed in
accordance with the laws of the State of Delaware, without giving effect to conflict of law principles. All disputes under this Agreement shall be resolved by binding arbitration with the seat of arbitration in Wilmington, Delaware, pursuant to the
rules for commercial arbitration of the American Arbitration Association (AAA). There shall be three arbitrators, one selected by AMS and one by Celsion, and the third selected by the other two arbitrators. The arbitrators shall have experience in
patent and licensing disputes, and shall be required to issue a reasoned opinion by majority of the arbitrators. Reasonable discovery and expert testimony shall be allowed in the proceedings. The arbitrators shall have the authority to decide
requests for preliminary relief pending a final reasoned opinion. An order by the arbitrators granting such preliminary relief shall be enforceable by the Court. Each Party hereby expressly consents and submits to, and acknowledges the personal
jurisdiction of the Court in accordance with the foregoing in connection with this Agreement. The Parties each agree that they shall not seek rescission, cancellation, avoidance, or termination of this Agreement in a future proceeding under this
Section except to the extent expressly permitted by this Agreement. 
 Section 8.06    In the event that any Party
shall pursue any action against any other Party relating to or arising out of a breach of this Agreement, the prevailing Party shall be entitled to recover as part of the arbitral award its reasonable fees and costs and other legal expenses from the
losing Party under such laws as may govern any such dispute. 
 Section 8.07    If any provision of this Agreement
is declared illegal, invalid or unenforceable, it is mutually agreed that this Agreement shall endure except for the part declared invalid or unenforceable. In the event that the terms and conditions of this Agreement are materially altered, the
Parties will, in good faith, renegotiate the terms and conditions of this 
  

 23 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 
Agreement to reasonably replace such invalid or unenforceable provisions in light of the intent of this Agreement. 
 Section 8.08    Each Party agrees to execute, acknowledge and deliver promptly such further reasonable instruments, and to do
such other reasonable acts, as may be reasonably necessary or appropriate in order to carry out the purposes and intent of this Agreement including without limitation, any required customs clearance submissions, rights clearances or licensed user
acknowledgements. 
 Section 8.09    Except for such remedies that are expressly foreclosed by this Agreement, any
failure or forbearance by any of the Parties to exercise any right or remedy with respect to enforcement of this Agreement or any instrument executed in connection herewith shall not be construed as a waiver of any of such Party’s rights or
remedies, nor shall such failure or forbearance operate to modify this Agreement or such instruments in the absence of a writing as provided above. No waiver of any of the terms of this Agreement shall be valid unless in writing and signed by all
Parties to this Agreement. The waiver by any Party hereto of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach by any Party, nor shall any waiver operate or be construed as a rescission of this
Agreement. 
 Section 8.10    Nothing in this Agreement shall be deemed to create an employment, agency, joint
venture or partnership relationship between the Parties hereto or any of their respective Affiliates, agents or employees, or any other legal arrangement that would impose liability upon one party for the act or failure to act of the other Party.
Neither Party shall have any power to enter into any contracts or commitments or to incur any liabilities in the name of, or on behalf of, the other Party, or to bind the other Party in any respect whatsoever. 
  

 24 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Section 8.11    Each Party represents and warrants to the other Parties hereto
that the execution and delivery of this Agreement (i) are within its powers, (ii) have been duly authorized by all necessary corporate action, and (iii) do not contravene any provision of any agreements to which it is a party or any
law to which it is subject. In addition, each Party represents and warrants to the other Parties that (a) its undersigned officer is duly authorized to execute and deliver this Agreement, (b) there are no other persons whose consent or
joinder in this Agreement is necessary to make fully effective those provisions of this Agreement that obligate, burden or bind it, and (c) upon execution and delivery by all Parties, this Agreement shall be its legal, valid, and binding
obligation and enforceable in accordance with its terms. Each of the Parties to this Agreement further represents and warrants to the other Parties hereto that it has not transferred or assigned to any third party or encumbered the right to bring,
pursue, make, seek damages on or settle any of the claims released by it or its Affiliates in this Agreement. 
 Section 8.12    Each Party acknowledges that it has had the opportunity to consult with legal counsel of its choice, has had a full opportunity to investigate all claims and defenses, has read this document in its
entirety and fully or satisfactorily understands its content and effect, it has not been subject to any form of duress in connection with this settlement, is completely satisfied with the settlement reflected in this Agreement, and accordingly
agrees to be bound as described in this Agreement. 
 Section 8.13    Except as otherwise expressly provided in this
Agreement, each Party shall bear its own costs, expenses and taxes in the negotiation, execution and performance of this Agreement. 
 Section 8.14    This Agreement has been jointly negotiated and drafted by the Parties through their respective counsel and no provision shall be construed or interpreted for or against 
  

 25 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 
any of the Parties on the basis that such provision, or any other provisions, or the Agreement as a whole, was purportedly drafted by the particular Party.

 Section 8.15    This Agreement shall become binding when one or more counterparts hereof, individually or taken
together, shall bear the signatures of each of the Parties hereto. This Agreement may be executed in any number of counterparts (including facsimile counterparts), each of which shall be an original as against either Party whose signature appears
thereon, but all of which taken together shall constitute one and the same instrument. 
 IN WITNESS WHEREOF, this Agreement has been
executed by the duly authorized representatives of the Parties as of the date(s) set forth below. 
 [Signature Pages Follow] 
  

 26 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 [Signature Page to Settlement and License Agreement] 
  

			
	CELSION CORPORATION
		
	By:	 	  
		
	Name:	 	  
		
	Title:	 	  

					
			
	STATE OF	 	  	 	§
	COUNTY OF	 	  	 	 §
 §

 BEFORE ME, the undersigned authority, on this day personally appeared
                            , the
                             of
                            , known to me to be the person and officer whose name is subscribed to the
foregoing instrument, and acknowledged to me that he executed the same as the act and deed of
                            , for the purposes and consideration therein expressed and in the capacity
therein stated. 
 Given under my hand and seal of office this          day of
                        , 2007. 
  

			
	
	   
	Notary Public, State of	 	  

  
  

	
	
	Notary Seal:
	
	  

  

 27 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 [Signature Page to Settlement and License Agreement] 
  

			
	AMERICAN MEDICAL SYSTEMS, INC.
		
	By:	 	  
		
	Name:	 	  
		
	Title:	 	  

					
			
	STATE OF	 	  	 	§
	COUNTY OF	 	  	 	 §
 §

 BEFORE ME, the undersigned authority, on this day personally appeared
                            , the
                             of
                            , known to me to be the person and officer whose name is subscribed to the
foregoing instrument, and acknowledged to me that he executed the same as the act and deed of
                            , for the purposes and consideration therein expressed and in the capacity
therein stated. 
 Given under my hand and seal of office this          day of
                        , 2007. 
  

			
	
	   
	Notary Public, State of	 	  

  
  

	
	
	Notary Seal:
	
	  

  

 28 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 [Signature Page to Settlement and License Agreement] 
  

			
	AMS RESEARCH CORPORATION
		
	By:	 	  
		
	Name:	 	  
		
	Title:	 	  

					
			
	STATE OF	 	  	 	§
	COUNTY OF	 	  	 	 §
 §

 BEFORE ME, the undersigned authority, on this day personally appeared
                            , the
                             of
                            , known to me to be the person and officer whose name is subscribed to the
foregoing instrument, and acknowledged to me that he executed the same as the act and deed of
                            , for the purposes and consideration therein expressed and in the capacity
therein stated. 
 Given under my hand and seal of office this          day of
                        , 2007. 
  

			
	
	   
	Notary Public, State of	 	  

  
  

	
	
	Notary Seal:
	
	  

  

 29 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Exhibit A 
  

 30 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 

 

 

 

 Exhibit B 
  

 33 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 

 

 

 

 Exhibit C 
 United States Patent No. 4,967,765 
 United States Patent No. 5,220,927 
 United States Patent No. 5,249,585 
 United States Patent No. 5,344,435 
 United States Patent No. 5,496,271 
 United States Patent
No. 6,216,703 
 United States Patent No. 6,522,931 
 United States Patent No. 6,640,138 
 United States Patent No. 7,089,064 
 United States Patent No. 7,093,601 
  

 36 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Exhibit D 
 (See assumptions in Section 3.03) 
 * 
  

 37 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 Exhibit E 
 IN THE UNITED STATES DISTRICT COURT 
 FOR THE DISTRICT OF DELAWARE 
  

					
	 AMERICAN MEDICAL SYSTEMS, INC.
	  	)	  	
	 and AMS RESEARCH CORPORATION
	  	)	  	
		  	)	  	
	 Plaintiffs,
	  	)	  	
		  	)	  	Civil Action No. 06-606 (SLR)
	 v.
	  	)	  	
		  	)	  	
	 CELSION CORPORATION,
	  	)	  	
		  	)	  	
	 Defendant.
	  	)	  	
		  	)	  	
		  	)	  	

 STIPULATION AND ORDER OF DISMISSAL 
 WHEREAS, Plaintiffs American Medical Systems, Inc. and AMS Research Corporation and Defendant Celsion Corporation have settled their differences and
agreed pursuant to their Settlement Agreement, which is incorporated herein by reference, to entry of this Stipulation and Order of Dismissal to resolve this action. 
 WHEREFORE, the parties agree, subject to order of the Court, as follows: 
 1. This Court has jurisdiction
over the subject matter of this action and has personal jurisdiction over the parties. Venue is proper in this District. 
 2. This Court
shall retain jurisdiction to enforce this Order of Dismissal and the terms of the parties’ Settlement Agreement, consistent with the arbitration provisions therein. 
 3. This action, including all claims and counterclaims brought therein, is dismissed with prejudice pursuant to the Settlement Agreement. 
  

 38 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission. 

 4.     Each party shall bear its own respective costs and expenses, including
attorney fees. 
  

					
	 Dated: February ___, 2007
	 	Dated: February ___, 2007	 	
	 	 	 	 	 
	 Frederick L. Cottrell III (#2555)
	 	Mary B. Graham (#2256)	 	
	 Anne S. Gaza (#4093)
	 	Morris, Nichols, Arsht & Tunnell LLP	 	
	 Richards, Layton & Finger
	 	1201 North Market Street	 	
	 One Rodney Square
	 	P.O. Box 1347	 	
	 920 N. King Street
	 	Wilmington, DE 19899	 	
	 Wilmington, DE 19899
	 	(302) 658-9200	 	
	 (302) 651-7700
	 	mgraham@mnat.com	 	
	 cottrell@rlf.com
	 		 	
	 gaza@rlf.com
	 		 	
		 	OF COUNSEL:	 	
		 	Julie A. Petruzzelli	 	
	 OF COUNSEL:
	 	Venable LLP	 	
	 Leland G. Hansen
	 	575 7th Street, N.W.	 	
	 Timothy J. Malloy
	 	Washington, D.C. 20004	 	
	 Sandra A. Frantzen
	 	(202) 344-4000	 	
	 Merle S. Elliott
	 		 	
	 McAndrews, Held & Malloy, Ltd.
	 	Attorneys for Defendant Celsion Corporation
	 500 West Madison Street, 34th Floor
	 		 	
	 Chicago, IL 60661
	 		 	
	 Telephone: (312) 775-8000
	 		 	
	Facsimile: (312) 775-8100	 		 	
		 		 	
	 Attorneys for Plaintiffs American Medical
 Systems, Inc. and AMS Research Corporation
	 	

  
 SO ORDERED, this
         day of February 2007 
  

	
	
	   
	UNITED STATES DISTRICT JUDGE

  

 39 
  

 * The asterisk denotes that confidential portions of
this exhibit have been omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The confidential portions have been submitted separately to the Securities and Exchange Commission.

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