Document:

First Omnibus Amendment dated as of August 18, 2008

 Exhibit 4.1 
 EXECUTION COPY 
  
  
  
  
 PLUM CREEK TIMBERLANDS, L.P. 
 FIRST OMNIBUS AMENDMENT 
 Dated as of August 18, 2008

  
  
  
  
  
  

 TABLE OF CONTENTS 
  

					
	 	    	 	  	PAGE
			
	SECTION 1.	    	AMENDMENTS TO NOTE AGREEMENTS	  	1
			
	 Section 1.1.
	    	Amendment to Company Address	  	1
	 Section 1.2.
	    	Amendment to Authorization of Issue of Notes	  	1
	 Section 1.3.
	    	Amendment to Prepayments	  	2
	 Section 1.4.
	    	Amendment to Partial Payments Pro Rata	  	2
	 Section 1.5.
	    	Amendment to Retirement of Notes	  	2
	 Section 1.6.
	    	Amendment to Prepayments and Acquisitions of Notes	  	3
	 Section 1.7.
	    	Amendment to Financial Statements	  	4
	 Section 1.8.
	    	Amendment to Covenant to Secure Notes Equally	  	5
	 Section 1.9.
	    	Amendment to Negative Covenants	  	6
	 Section 1.10.
	    	Amendment to Events of Default	  	6
	 Section 1.11.
	    	Amendment to Other Terms	  	6
			
	SECTION 2.	    	REPRESENTATIONS AND WARRANTIES	  	6
			
	 Section 2.1.
	    	Amendment is Legal and Authorized	  	6
	 Section 2.2.
	    	No Defaults	  	7
	 Section 2.3.
	    	Fees and Expenses	  	7
			
	SECTION 3.	    	CONDITIONS TO EFFECTIVENESS OF THIS AMENDMENT	  	7
			
	SECTION 4.	    	MISCELLANEOUS	  	8
			
	 Section 4.1.
	    	Limited Amendment	  	8
	 Section 4.2.
	    	No Legend Required	  	8
	 Section 4.3.
	    	Effect of Amendment	  	8
	 Section 4.4.
	    	Successors and Assigns	  	8
	 Section 4.5.
	    	Governing Law	  	8
	 Section 4.6.
	    	Counterparts	  	8
			
	SCHEDULE A.	    	OUTSTANDING AGREEMENTS AND OUTSTANDING NOTES	  	
			
	EXHIBIT 1.	    	AMENDMENT TO PARAGRAPH 6 (NEGATIVE COVENANTS)	  	
			
	EXHIBIT 2.	    	AMENDMENT TO PARAGRAPH 10B (OTHER TERMS)	  	
			
	EXHIBIT 3(a).	    	FORM OF ACKNOWLEDGEMENT AND CONSENT OF PLUM CREEK
SOUTHERN TIMBER, L.L.C.	  	
			
	EXHIBIT 3(b).	    	FORM OF ACKNOWLEDGEMENT AND CONSENT OF PLUM CREEK SOUTH
CENTRAL TIMBERLANDS, L.L.C.	  	

  

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 PLUM CREEK TIMBERLANDS, L.P. 
 999 THIRD AVENUE, SUITE 4300 
 SEATTLE, WASHINGTON 98104 
 FIRST OMNIBUS
AMENDMENT 
 Dated as of August 18, 2008 
 To the holders of the Notes (the “Noteholders”) 
 issued under the Note Agreements hereinafter referred to

 Ladies and Gentlemen: 
 Reference is hereby
made to the separate Senior Note Agreements described in Schedule A attached hereto (collectively the “Note Agreements”) between Plum Creek Timberlands, L.P., a Delaware limited partnership (the
“Company”), and the institutional investors party thereto, under and pursuant to which the Company issued and sold the Notes described in said Schedule A (collectively referred to as the “Notes”). Capitalized
terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Note Agreements. 
 The Company hereby
agrees with you in this First Omnibus Amendment (this “Amendment”) as follows: 
  

	SECTION  1.	AMENDMENTS TO NOTE AGREEMENTS. 

 Section 1.1. Amendment to Company Address. The address listed at the beginning of each Note Agreement and in paragraph 12K of each Note
Agreement shall be and is hereby amended by deleting the reference to “Suite 2300” in each such paragraph and substituting “Suite 4300” in lieu thereof. 
 Section 1.2. Amendment to Authorization of Issue of Notes. Paragraph 1 of each Note Agreement shall be and is hereby amended by
(a) adding the phrase “; Investment Grade Fee” immediately following the phrase “Authorization of Issue of Notes” in the heading of such paragraph 1 and (b) inserting the following new paragraph at the end of such
paragraph 1: 
 If at any time the Company shall fail to maintain an Investment Grade Rating, in addition to the stated interest required to
be paid by the Company on each Note, the Company shall pay a fee (the “Investment Grade Fee”) to the holder of each outstanding Note in an amount equal to 0.75% per annum of the unpaid principal amount of such Note. The Investment
Grade Fee shall be paid on each Interest Payment Date beginning with the first Interest Payment Date for such Note following the date on which the Company no longer has an Investment Grade Rating and shall continue to be paid on each
Interest Payment Date thereafter to and 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 including the first
Interest Payment Date following the date on which the Company once again attains an Investment Grade Rating; provided that, in the case of the payment on the first Interest Payment Date and any subsequent Interest Payment Date which occurs on
a date other than a regularly scheduled Interest Payment Date, the amount of the Investment Grade Fee shall be pro rated for the applicable period which in the case of the fee paid on the first Interest Payment Date shall begin on the date that the
Company no longer has an Investment Grade Rating. 
 Section 1.3. Amendment to Prepayments. (a) The first sentence of
paragraph 4 of the 1994 Note Agreement shall be and is hereby amended by adding the phrase “and 4F” to such first sentence immediately following the phrase “paragraph 4A”. 
 (b) Paragraph 4A(1) of the 1996 Note Agreement shall be and is hereby amended by adding the phrase “and 4F” to such paragraph 4A(1) immediately
following the phrase “paragraph 4A(2)”. 
 (c) Paragraph 4A of the 2001 Note Agreement shall be and is hereby amended by adding the
phrase “and 4G” to such paragraph 4A immediately following the phrase “paragraph 4B”. 
 (d) Paragraph 4A of the 1998
Note Agreement and the 2003 Note Agreement shall be and is hereby amended by adding the phrase “and 4H” to such paragraph 4A immediately following the phrase “paragraph 4B”. 
 Section 1.4. Amendment to Partial Payments Pro Rata. (a) Paragraph 4C of the 1994 Note Agreement and the 1996 Note Agreement shall be
and is hereby amended by adding the phrase “Except as otherwise provided in paragraph 4F, “ to the beginning of such paragraph 4C. 
 (b) Paragraph 4D of the 2001 Note Agreement shall be and is hereby amended by adding the phrase “Except as otherwise provided in paragraph 4G, “ to the beginning of such paragraph 4D. 
 (c) Paragraph 4D of the 1998 Note Agreement and the 2003 Note Agreement shall be and is hereby amended by adding the phrase “Except as otherwise
provided in paragraph 4H, “ to the beginning of such paragraph 4D. 
 Section 1.5. Amendment to Retirement of Notes.
(a) Paragraph 4D of the 1994 Note Agreement shall be and is hereby amended by adding the phrase “or 4F” to such paragraph 4D immediately following the phrase “paragraph 4A”. 
 (b) Paragraph 4D of the 1996 Note Agreement shall be and is hereby amended by adding the phrase “or 4F” to such paragraph 4D immediately
following the phrase “paragraph 4A(1) or (2)”. 
  

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	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 (c) Paragraph 4E of
the 2001 Note Agreement shall be and is hereby amended by adding the phrase “or 4G” to such paragraph 4E immediately following the phrase “paragraph 4B”. 
 (d) Paragraph 4E of the 1998 Note Agreement and the 2003 Note Agreement shall be and is hereby amended by adding the phrase “or 4H” to such
paragraph 4E immediately following the phrase “paragraph 4B”. 
 Section 1.6. Amendment to Prepayments and Acquisitions of
Notes. Paragraph 4 of each Note Agreement shall be and is hereby amended by inserting the following new paragraph 4F, in the case of the 1994 Note Agreement and the 1996 Note Agreement, new paragraph 4G, in the case of the 2001 Note Agreement,
and new paragraph 4H, in the case of the 1998 Note Agreement and the 2003 Note Agreement, to the end of such paragraph 4: 
 4[F]/[G]/[H].
Offer to Prepay Notes upon Occurrence of Timberland Transactions 
 In connection with the consummation of each
Timberlands Transaction, (i) the Company shall offer to prepay each outstanding Note in a principal amount equal to the Ratable Portion for such Note and (ii) any such prepayment of the Notes shall be made at 100% of the principal amount
thereof, together with accrued interest thereon to the date of such prepayment, without the payment of any Yield-Maintenance Premium. Any offer of prepayment of the Notes pursuant to this paragraph 4[F]/[G]/[H] shall be given to each holder of the
Notes by written notice delivered no later than 10 Business Days following the closing of the applicable Timberlands Transaction. Each such notice shall state that it is given pursuant to this paragraph and that the offer set forth in such notice
must be accepted by such holder in writing and shall also set forth, (i) a description of the Timberlands Transaction which gives rise to the proposed prepayment, (ii) the date of such payment (the “Payment Date”) which shall be
not less than 15 Business Days nor more than 20 Business Days following the date of such notice, and (iii) a calculation of the Ratable Portion for such holder’s Notes. Each holder of the Notes which desires to have its Notes prepaid shall
notify the Company in writing delivered not less than 5 Business Days prior to the proposed Payment Date of its acceptance of such offer of prepayment. On the applicable Payment Date, the Company shall pay the Ratable Portion of each Note in respect
of which the offer of prepayment has been accepted together with accrued interest thereon to the Payment Date, without the payment of any Yield-Maintenance Premium. 
  

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	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 Section 1.7.
Amendment to Financial Statements. (a) Paragraph 5A of each Note Agreement shall be and is hereby amended by (i) deleting the phrase “in duplicate” from the end of the first line of such paragraph 5A and (ii) amending
and restating clause (vi) of such paragraph 5A in its entirety to read as follows: 
 (vi) with reasonable promptness,
such other information and financial data as a Significant Holder may reasonably request; and 
 (b) Paragraph 5A of each Note Agreement
shall be further amended by amending and restating each of the paragraphs following clause (vii) of such paragraph 5A in their entirety to read as follows: 
 Any document required to be delivered pursuant to clause (i) or (iii) above (to the extent such document is included in
materials filed with the Securities and Exchange Commission (a “Filed Document”) shall be deemed delivered upon the filing of such document with the Securities and Exchange Commission and any governmental body or agency succeeding
to the functions of the Securities and Exchange Commission; provided that the Company shall be deemed to have made such delivery of such Filed Document if it shall have timely made such Filed Document available on “EDGAR” and on its
home page on the worldwide web (at the date of this Agreement located at: http://www.plumcreek.com). After registration by any holder at the Company’s home page, such holder will receive concurrent notification of the availability of a Filed
Document. Notwithstanding the foregoing, if any Significant Holder of a Note has requested that any such Filed Document be delivered directly to such holder, then the Company shall make delivery of such Filed Document to such holder in accordance
with the provisions of paragraph 12K. 
 Within the time specified in clauses (i) and (iii) above, the Company will
deliver to each Significant Holder an Officers’ Certificate demonstrating (with computations in reasonable detail) compliance by the Company and its Subsidiaries with the provisions of paragraph 6 (including, without limitation, paragraph 6A)
and stating that there exists no continuing Event of Default or Default, or, if any continuing Event of Default or Default exists, specifying the nature and period of existence thereof and what action the Company proposes to take or is taking with
respect thereto. Within the time specified in clause (i) above, the Company will deliver to each Significant Holder a certificate of such accountants stating that, in making the audit necessary to the certification of such financial statements,
they have obtained no 

  

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	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 
knowledge of any Event of Default or Default continuing, or, if they have obtained knowledge of any Event of Default or Default continuing, specifying the
nature and period of existence thereof. Such accountants, however, shall not be required to engage in any auditing procedures other than those procedures required by generally accepted auditing standards, and shall not be liable to anyone by reason
of their failure to obtain knowledge of any Event of Default or Default which would not be disclosed in the course of an audit conducted in accordance with generally accepted auditing standards. Notwithstanding the foregoing provisions of this
paragraph 5A, the Company shall not be required to deliver any financial statements or other documents (other than documents or information which have become public information) to any Person engaged in any Permitted Business in competition with the
Company or any Subsidiary. The Company also covenants that forthwith upon the chief executive officer, principal financial officer or principal accounting officer of the Company or the General Partner becoming aware of an Event of Default and within
5 Business Days after the chief executive officer, principal financial officer or principal accounting officer of the Company or the General Partner becomes aware of a Default, it will deliver to each Significant Holder an Officers’ Certificate
specifying the nature and period of existence thereof and what action the Company proposes to take with respect thereto, provided, however, no such officer shall be obligated to provide a certificate with respect to any such Event of Default or
Default that has been cured on or before the date upon which such officer becomes aware thereof. 
 Section 1.8. Amendment to
Covenant to Secure Notes Equally. Paragraph 5C of each Note Agreement shall be and is hereby amended and restated in its entirety to read as follows: 
 The Company covenants that, if it or any Restricted Subsidiary shall create or assume any Lien upon any of its property or assets, whether now owned or hereafter acquired, other than Liens permitted by the provisions
of paragraph 6B(1) (unless prior written consent to the creation or assumption thereof shall have been obtained pursuant to paragraph 12C), it will make or cause to be made effective provision whereby the Notes will be secured by such Lien equally
and ratably with any and all other Debt thereby secured so long as any such other Debt shall be so secured; provided that, satisfaction of the foregoing requirements with respect to any such Lien shall not remedy the Event of Default resulting from
such Lien. 
  

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	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 Section 1.9.
Amendment to Negative Covenants. Paragraph 6 of each Note Agreement shall be and is hereby amended and restated in its entirety to read as set forth in Exhibit 1 hereto. 
 Section 1.10. Amendment to Events of Default. (a) Clause (a) of paragraph 7A of each Note Agreement shall be and is hereby amended
and restated in its entirety to read as follows: 
 (a) if such event is an Event of Default specified in clause (viii), (ix) or
(x) of this paragraph 7A with respect to the Company, all of the Notes at the time outstanding shall automatically become immediately due and payable together with interest accrued thereon and the Yield-Maintenance Premium, if any, with respect
to each Note, without presentment, demand, protest or notice of any kind, all of which are hereby waived by the Company, and 
 (b) Paragraph
7A of each Note Agreement shall be further amended by (i) adding the word “and” to the end of clause (b)(x), (ii) deleting the reference to “, and” at the end of clause (b)(y) and substituting “.” in lieu
thereof, and (iii) deleting clause (b)(z) of such paragraph 7A in its entirety. 
 Section 1.11. Amendment to Other Terms.
Paragraph 10B of each Note Agreement shall be and is hereby amended and restated in its entirety to read as set forth in Exhibit 2 hereto. 
  

	SECTION  2.	REPRESENTATIONS AND WARRANTIES. 

 The Company represents and warrants that as of the date hereof and after giving effect hereto: 
 Section 2.1. Amendment is Legal and Authorized. (a) The execution and delivery of this Amendment by the Company and compliance by the Company with all of the provisions of each Note Agreement and the Notes, as amended
hereby: 
 (i) are within the limited partnership powers of the Company; and 
 (ii) will not violate any provisions of any law or any order of any court or governmental authority or agency and will not conflict with
or result in any breach of any of the terms, conditions or provisions of, or constitute a default under the Certificate of Limited Partnership or Limited Partnership Agreement of the Company or any indenture or other agreement or instrument to which
the Company is a party or by which it may be bound or result in the imposition of any liens or encumbrances on any property of the Company. 
 (b) The execution and delivery of this Amendment has been duly authorized by proper limited partnership action on the part of the Company (no action by the partners of the Company being required by law, by the Certificate of Limited
Partnership or Limited Partnership Agreement of the Company or otherwise); this Amendment has been duly executed and delivered by the Company; and this Amendment and each Note Agreement and each Note, as amended by 

  

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	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 
this Amendment, constitute the legal, valid and binding obligations, contracts and agreements of the Company enforceable in accordance with their terms.

 Section 2.2. No Defaults. No Default or Event of Default exists under any of the Note Agreements. 
 Section 2.3. Fees and Expenses. Except for the fee referenced in Section 3(c), the Company has not paid any fees or remuneration
to (i) any holder of Notes in connection with the solicitation of this Amendment or (ii) any other holder of Debt of the Company in connection with any amendment which relates solely to the subject matter of this Amendment pursuant to any
agreement under which Debt of the Company is outstanding. 
  

	SECTION  3.	CONDITIONS TO EFFECTIVENESS OF THIS AMENDMENT. 

 This Amendment shall become effective when each of the following conditions has been satisfied: 
 (a) executed counterparts of this Amendment, duly executed by the Company and the holders of (i) more than 50% of the outstanding
principal amount of the Notes outstanding under each of the 1996 Note Agreement, the 1998 Note Agreement (represented by the holders of the notes issued under the SDW Timber, LLC Note Purchase Agreement dated as of February 12, 1999 (the
“1999 SDW Notes”)), the 2001 Note Agreement and the 2003 Note Agreement and (ii) more than 55% of the outstanding principal amount of the Notes outstanding under the 1994 Note Agreement, shall have been delivered to the Noteholders;

 (b) the representations and warranties of the Company set forth in Section 2 hereof shall be true and correct
on and with respect to the date hereof and a certificate of a Responsible Officer certifying the same shall have been delivered to the Noteholders; 
 (c) the Company shall have paid a fee to each Noteholder in an amount equal to 0.25% of the outstanding principal amount of the Notes held by such Noteholder; 
 (d) Plum Creek Southern Timber, L.L.C. and Plum Creek South Central Timberlands, L.L.C. shall have executed and delivered an
Acknowledgment and Consent, in respect of the Assumption Agreement, in the form attached hereto as Exhibit 3(a) and Exhibit 3(b), respectively; 
 (e) Jose Quintana, Assistant General Counsel for the Company, shall have delivered a legal opinion, dated as of the effective date of
this Amendment, in form and substance reasonably satisfactory to the Noteholders and their special counsel to the effect that this Amendment constitutes the legal, valid and binding obligation of the Company; and 
 (f) the Company shall have paid (i) the fees, costs, expenses and disbursements of Chapman and Cutler LLP, special counsel to the
Noteholders, and 

  

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	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 
(ii) any other reasonable out-of-pocket expenses incurred by the holders of Notes, in each case, incurred in connection with the consummation of the
transactions contemplated by this Amendment. 
 Upon receipt of all of the foregoing, this Amendment shall become effective. Delivery of this Amendment to
the Company, duly executed by the holders of (i) more than 50% of the outstanding principal amount of the Notes outstanding under each of the 1996 Note Agreement, the 1998 Note Agreement (represented by the holders of the 1999 SDW Notes), the
2001 Note Agreement and the 2003 Note Agreement and (ii) more than 55% of the outstanding principal amount of the Notes outstanding under the 1994 Note Agreement, shall acknowledge satisfaction of the foregoing conditions. The date of this
Amendment is herein referred to as the “Effective Date.”  
  

	SECTION  4.	MISCELLANEOUS. 

 Section 4.1.
Limited Amendment. The Company acknowledges and agrees that by agreeing to the amendments of the Note Agreements and the Notes set forth herein, the Noteholders shall not be deemed to have waived any rights as on account of any Default or Event
of Default which may at any time hereafter exist under the Note Agreements, which rights are hereby expressly reserved by the holders of the Notes. 
 Section 4.2. No Legend Required. References in each Note Agreement or in any Note shall be deemed to be references to such Note Agreement as amended hereby. 
 Section 4.3. Effect of Amendment. Except as expressly amended hereby, the Company agrees that the Note Agreements, the Notes and all other
documents and agreements executed by the Company in connection with the Note Agreements in favor of the holders of Notes are ratified and confirmed and shall remain in full force and effect. 
 Section 4.4. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of (i) the Company and its successors
and assigns and (ii) the holders of Notes and their respective successors and assigns, including each successive holder or holders of any Notes. 
 Section 4.5. Governing Law. This Amendment shall be governed by and construed in accordance with New York law, including all matters of construction, validity and performance. 
 Section 4.6. Counterparts. This Amendment may be executed in any number of counterparts, each executed counterpart constituting an original
but all together only one agreement. 
  

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 IN WITNESS WHEREOF, the undersigned have executed this First
Omnibus Amendment as of the date first above written. 
  

					
	
	 PLUM CREEK TIMBERLANDS, L.P.

		
	By:	 	 Plum Creek Timber I, L.L.C.,

		 	 its General Partner

		
	By:	 	 Plum Creek Timber Company, Inc.,

		 	 its Managing Member

		
	By:	 	 /s/ Laura B. Smith

		 	 Name:
	 	 Laura B. Smith

		 	 Title:
	 	 Vice President and Treasurer

  

 - 9 - 

 This Agreement is accepted and agreed to as of the day and year first above written. 
  

					
	
	 TEACHERS INSURANCE AND ANNUITY ASSOCIATION
OF AMERICA (as Noteholder under the 1994 Note Purchase Agreement, the 1996 Note Purchase Agreement and the 2001 Note Purchase Agreement)

		
	By:	 	 /s/ Brian K. Roelke

		 	 Name:
	 	 Brian K. Roelke

		 	 Title:
	 	 Director

	
	 METROPOLITAN LIFE INSURANCE COMPANY (as Noteholder under the 2001 Note
Purchase Agreement)

	 METLIFE INSURANCE COMPANY OF CONNECTICUT by
Metropolitan Life Insurance Company, its Investment Manager (as Noteholder under the 2001 Note Purchase Agreement and under the 2003 Note Purchase Agreement)

	 METLIFE INSURANCE COMPANY OF CONNECTICUT
f/k/a The
Travelers Insurance Company by Metropolitan Life Insurance Company, its Investment Manager (as Noteholder under the 2003 Note Purchase Agreement)

	 METLIFE INSURANCE COMPANY OF CONNECTICUT by
TRAL & CO, its nominee by Metropolitan Life Insurance Company, its Investment Manager (as Noteholder under the 2001 Note Purchase Agreement and under the 2003 Note Purchase Agreement)

	 METROPOLITAN TOWER LIFE INSURANCE COMPANY as successor
by merger to Metropolitan Insurance and Annuity Company by Metropolitan Life Insurance Company, its Investment Manager (as Noteholder under the 2001 Note Purchase Agreement)

		
	By:	 	 /s/ Frank O. Monfalcone

		 	 Name:
	 	 Frank O. Monfalcone

		 	 Title:
	 	 Director

  

 - 10 - 

					
	
	 JOHN HANCOCK LIFE INSURANCE COMPANY (as Noteholder
under the SDW Note Agreement referred to below*, the 2001 Note Purchase Agreement and the 2003 Note Purchase Agreement)

		
	 By:
	 	 /s/ Michael L. Short

		 	 Name:
	 	 Michael L. Short

		 	 Title:
	 	 Managing Director

	
	 JOHN HANCOCK VARIABLE LIFE INSURANCE
COMPANY (as Noteholder under the SDW Note Agreement referred to below*, the 2001 Note Purchase Agreement and the 2003 Note Purchase Agreement)

		
	 By:
	 	 /s/ Michael L. Short

		 	 Name:
	 	 Michael L. Short

		 	 Title:
	 	 Authorized Signatory

  
  

	*	The foregoing consent to the First Omnibus Amendment has been executed by a holder of Series B and/or Series C Senior Notes (collectively the “1999 SDW Notes”) of
SDW Timber III, LLC issued under the SDW Timber III, LLC Note Purchase Agreement dated as of February 12, 1999 (the “SDW Note Agreement”). The 1999 SDW Notes are secured pursuant to a Pledge Agreement between SDW Timber III,
LLC, as pledgor, and The Bank of New York, as collateral agent, pursuant to which the Notes issued under the 1998 Note Agreement (the “1998 Note Agreement”) of Plum Creek Timberlands, L.P. have been pledged to secure the 1999 SDW
Notes. 

  

 - 11 - 

							
	
	 SIGNATURE 5 L.P. (as Noteholder under the 2001 Note Purchase Agreement)

		
	 By:
	 	Hancock Capital Investment Management, LLC, as Portfolio Advisor
			
		 	 By:
	 	 /s/ C. Dec Mullarkey

		 		 	 Name:
	 	 C. Dec Mullarkey

		 		 	 Title:
	 	 Senior Managing Director

  

 - 12 - 

							
	
	 SiGNATURE 6 LIMITED, successor to THE NORTHERN TRUST
COMPANY, as Trustee of the Lucent Technologies, Inc. Master Pension Trust (as Noteholder under the SDW Note Agreement referred to below*)

		
	 By:
	 	Hancock Capital Investment Management, LLC, as Portfolio Advisor
			
		 	 By:
	 	 /s/ C. Dec Mullarkey

		 		 	 Name:
	 	 C. Dec Mullarkey

		 		 	 Title:
	 	 Senior Managing Director

	
	 JOHN HANCOCK REASSURANCE COMPANY LTD. (as Noteholder
under the SDW Note Agreement referred to below*)

		
	 By:
	 	 /s/ Michael L. Short

		 	 Name:
	 	 Michael L. Short

		 	 Title:
	 	 Authorized Signatory

  
  

	*	The foregoing consent to the First Omnibus Amendment has been executed by a holder of Series B and/or Series C Senior Notes (collectively the “1999 SDW Notes”) of
SDW Timber III, LLC issued under the SDW Timber III, LLC Note Purchase Agreement dated as of February 12, 1999 (the “SDW Note Agreement”). The 1999 SDW Notes are secured pursuant to a Pledge Agreement between SDW Timber III,
LLC, as pledgor, and The Bank of New York, as collateral agent, pursuant to which the Notes issued under the 1998 Note Agreement (the “1998 Note Agreement”) of Plum Creek Timberlands, L.P. have been pledged to secure the 1999 SDW
Notes. 

  

 - 13 - 

							
	
	 THE PRUDENTIAL INSURANCE COMPANY OF
AMERICA (as Noteholder under the 1996 Note Purchase Agreement, the 2001 Note Purchase Agreement and the 2003 Note Purchase Agreement)

		
	 By
	 	 /s/ David Nguyen

		 	 Name:
	 	 David Nguyen

		 	 Title:
	 	 Vice President

	
	 PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY
COMPANY (as Noteholder under the 1996 Note Purchase Agreement and the 2001 Note Purchase Agreement)

		
	 By:
	 	Prudential Investment Management, Inc., as investment manager
			
		 	 By
	 	 /s/ David Nguyen

		 		 	 Name:
	 	 David Nguyen

		 		 	 Title:
	 	 Vice President

	
	 RGA REINSURANCE COMPANY (as Noteholder under the 1996 Note Purchase Agreement)

		
	 By:
	 	Prudential Private Placement Investors, L.P. (as Investment Advisor)
		
	 By:
	 	Prudential Private Placement Investors, Inc. (as its General Partner)
			
		 	 By
	 	 /s/ David Nguyen

		 		 	 Name:
	 	 David Nguyen

		 		 	 Title:
	 	 Vice President

  

 - 14 - 

							
	
	 MTL INSURANCE COMPANY (as Noteholder under the SDW Note Agreement referred to below* and the
2001 Note Purchase Agreement)

		
	 By:
	 	Prudential Investment Management, Inc., as investment manager
			
		 	 By
	 	 /s/ David Nguyen

		 		 	 Name:
	 	 David Nguyen

		 		 	 Title:
	 	 Vice President

  
  

	*	The foregoing consent to the First Omnibus Amendment has been executed by a holder of Series B and/or Series C Senior Notes (collectively the “1999 SDW Notes”) of
SDW Timber III, LLC issued under the SDW Timber III, LLC Note Purchase Agreement dated as of February 12, 1999 (the “SDW Note Agreement”). The 1999 SDW Notes are secured pursuant to a Pledge Agreement between SDW Timber III,
LLC, as pledgor, and The Bank of New York, as collateral agent, pursuant to which the Notes issued under the 1998 Note Agreement (the “1998 Note Agreement”) of Plum Creek Timberlands, L.P. have been pledged to secure the 1999 SDW
Notes. 

  

 - 15 - 

							
	
	 GENWORTH LIFE AND ANNUITY INSURANCE
COMPANY (as Noteholder under the 1994 Note Purchase Agreement and the 2001 Note Purchase Agreement)

	 GENWORTH LIFE INSURANCE COMPANY (as Noteholder under the 2001 Note
Purchase Agreement)

		
	 By:
	 	 /s/ Stephen DeMotto

		 	 Name:
	 	 Stephen DeMotto

		 	 Title:
	 	 Investment Officer

	
	 UNION FIDELITY LIFE INSURANCE COMPANY (as Noteholder
under the SDW Note Agreement referred to below* and the 2001 Note Purchase Agreement)

	 EMPLOYERS REASSURANCE CORPORATION (as Noteholder under the 2003 Note Purchase
Agreement)

		
	 By:
	 	GE Asset Management Incorporated, its Investment Manager
		
	 By:
	 	Genworth Financial Investment Management LLC, its Investment Advisor
			
		 	 By:
	 	 /s/ Stephen DeMotto

		 		 	 Name:
	 	 Stephen DeMotto

		 		 	 Title:
	 	 Assistant Vice President

  
  

	*	The foregoing consent to the First Omnibus Amendment has been executed by a holder of Series B and/or Series C Senior Notes (collectively the “1999 SDW Notes”) of
SDW Timber III, LLC issued under the SDW Timber III, LLC Note Purchase Agreement dated as of February 12, 1999 (the “SDW Note Agreement”). The 1999 SDW Notes are secured pursuant to a Pledge Agreement between SDW Timber III,
LLC, as pledgor, and The Bank of New York, as collateral agent, pursuant to which the Notes issued under the 1998 Note Agreement (the “1998 Note Agreement”) of Plum Creek Timberlands, L.P. have been pledged to secure the 1999 SDW
Notes. 

  

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	 TRANSAMERICA LIFE INSURANCE COMPANY (as Noteholder under the SDW Note
Agreement referred to below*)

	 TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY (as
Noteholder under the SDW Note Agreement referred to below*)

		
	 By:
	 	 /s/ Josh Prieskorn

		 	 Name:
	 	 Josh Prieskorn

		 	 Title:
	 	 Vice President

	
	 TRANSAMERICA LIFE INSURANCE COMPANY (as Noteholder under the 1994 Note
Purchase Agreement and the 1996 Note Purchase Agreement)

	 TRANSAMERICA OCCIDENTAL LIFE INSURANCE COMPANY (as
Noteholder under the 1994 Note Purchase Agreement and the 1996 Note Purchase Agreement)

		
	 By:
	 	 /s/ Josh Prieskorn

		 	 Name:
	 	 Josh Prieskorn

		 	 Title:
	 	 Vice President

  
  

	*	The foregoing consent to the First Omnibus Amendment has been executed by a holder of Series B and/or Series C Senior Notes (collectively the “1999 SDW Notes”) of
SDW Timber III, LLC issued under the SDW Timber III, LLC Note Purchase Agreement dated as of February 12, 1999 (the “SDW Note Agreement”). The 1999 SDW Notes are secured pursuant to a Pledge Agreement between SDW Timber III,
LLC, as pledgor, and The Bank of New York, as collateral agent, pursuant to which the Notes issued under the 1998 Note Agreement (the “1998 Note Agreement”) of Plum Creek Timberlands, L.P. have been pledged to secure the 1999 SDW
Notes. 

  

 - 17 - 

					
	
	 THE LINCOLN NATIONAL LIFE INSURANCE
COMPANY, successor by merger to Jefferson-Pilot Life Insurance Company (as Noteholder under the 1994 Note Purchase Agreement, the 1996 Note Purchase Agreement, the 2001 Note Purchase Agreement and the 2003 Note Purchase Agreement)

	 THE LINCOLN NATIONAL LIFE INSURANCE
COMPANY (as Noteholder under the 2003 Note Purchase Agreement)

	 LINCOLN LIFE & ANNUITY COMPANY OF
NEW YORK (as Noteholder under the 2003 Note Purchase Agreement)

		
	 By
	 	Delaware Investment Advisers, a series of Delaware Management Business Trust, Attorney in Fact
		
	 By:
	 	 /s/ Edward J. Brennan

		 	 Name:
	 	 Edward J. Brennan

		 	 Title:
	 	 Vice President

  

 - 18 - 

					
	
	 NEW YORK LIFE INSURANCE COMPANY (as Noteholder under
1996 Note Purchase Agreement, the SDW Note Agreement referred to below* and the 2001 Note Purchase Agreement)

		
	 By:
	 	 /s/ Kathleen A. Haberkern

		 	 Name:
	 	 Kathleen A. Haberkern

		 	 Title:
	 	 Corporate Vice President

	
	 NEW YORK LIFE INSURANCE AND ANNUITY
CORPORATION (as Noteholder under the 1994 Note Purchase Agreement and the 2003 Note Purchase Agreement)

		
	 By:
	 	New York Life Investment Management LLC, Its Investment Manager
		
	 By:
	 	 /s/ Kathleen A. Haberkern

		 	 Name:
	 	 Kathleen A. Haberkern

		 	 Title:
	 	 Director

  
  

	*	The foregoing consent to the First Omnibus Amendment has been executed by a holder of Series B and/or Series C Senior Notes (collectively the “1999 SDW Notes”) of
SDW Timber III, LLC issued under the SDW Timber III, LLC Note Purchase Agreement dated as of February 12, 1999 (the “SDW Note Agreement”). The 1999 SDW Notes are secured pursuant to a Pledge Agreement between SDW Timber III,
LLC, as pledgor, and The Bank of New York, as collateral agent, pursuant to which the Notes issued under the 1998 Note Agreement (the “1998 Note Agreement”) of Plum Creek Timberlands, L.P. have been pledged to secure the 1999 SDW
Notes. 

  

 - 19 - 

							
	
	 PROVIDENT LIFE AND ACCIDENT INSURANCE
COMPANY (as Noteholder under the 1996 Note Purchase Agreement and the SDW Note Agreement referred to below*)

	 UNUM LIFE INSURANCE COMPANY OF AMERICA (as Noteholder
under the 1994 Note Purchase Agreement and the 2001 Note Purchase Agreement)

		
	 Severally By:
	 	Provident Investment Management, LLC, their Agent
			
		 	 By:
	 	 /s/ Ben Vance

		 		 	 Name:
	 	 Ben Vance

		 		 	 Title:
	 	 Managing Director

  
  

	*	The foregoing consent to the First Omnibus Amendment has been executed by a holder of Series B and/or Series C Senior Notes (collectively the “1999 SDW Notes”) of
SDW Timber III, LLC issued under the SDW Timber III, LLC Note Purchase Agreement dated as of February 12, 1999 (the “SDW Note Agreement”). The 1999 SDW Notes are secured pursuant to a Pledge Agreement between SDW Timber III,
LLC, as pledgor, and The Bank of New York, as collateral agent, pursuant to which the Notes issued under the 1998 Note Agreement (the “1998 Note Agreement”) of Plum Creek Timberlands, L.P. have been pledged to secure the 1999 SDW
Notes. 

  

 - 20 - 

					
	
	 PACIFIC LIFE INSURANCE COMPANY (as Noteholder under the 2001 Note
Purchase Agreement and the 2003 Note Purchase Agreement)

		
	 By:
	 	 /s/ Cathy L. Schwartz

		 	 Name:
	 	 Cathy L. Schwartz

		 	 Title:
	 	 Assistant Vice President

		
	 By:
	 	 /s/ Peter S. Fiek

		 	 Name:
	 	 Peter S. Fiek

		 	 Title:
	 	 Assistant Secretary

	
	 AXA EQUITABLE LIFE INSURANCE COMPANY (f/k/a/ The Equitable Life
Assurance Company of the United States) (as Noteholder under the 1996 Note Purchase Agreement and the 2001 Note Purchase Agreement)

		
	 By:
	 	 /s/ Jeffrey Hughes

		 	 Name:
	 	 Jeffrey Hughes

		 	 Title:
	 	 Investment Officer

	
	 MONY LIFE INSURANCE COMPANY (as Noteholder under the 1996 Note Purchase Agreement and
the 2001 Note Purchase Agreement)

		
	 By:
	 	 /s/ Jeffrey Hughes

		 	 Name:
	 	 Jeffrey Hughes

		 	 Title:
	 	 Investment Officer

	
	 AXA LIFE AND ANNUITY COMPANY (f/k/a The Equitable of Colorado, Inc.)
(as Noteholder under the 1996 Note Purchase Agreement)

		
	 By:
	 	 /s/ Jeffrey Hughes

		 	 Name:
	 	 Jeffrey Hughes

		 	 Title:
	 	 Investment Officer

  

 - 21 - 

					
	
	 ALLSTATE LIFE INSURANCE COMPANY (as Noteholder under the 2001 Note
Purchase Agreement and the 2003 Note Purchase Agreement)

	 ALLSTATE LIFE INSURANCE COMPANY OF NEW
YORK (as Noteholder under the 2001 Note Purchase Agreement)

		
	 By:
	 	 /s/ John W. Kunkle

		 	 Name:
	 	 John W. Kunkle

		
	 By:
	 	 /s/ David Puckett

		 	 Name:
	 	 David Puckett

		 	 Authorized Signatories

	
	 THRIVENT FINANCIAL FOR LUTHERANS (as Noteholder under the 2001 Note
Purchase Agreement and the 2003 Note Purchase Agreement)

		
	 By:
	 	 /s/ Patricia Eitrheim

		 	 Name:
	 	 Patricia Eitrheim

		 	 Title:
	 	 Director

  

 - 22 - 

					
	
	 MUTUAL OF OMAHA INSURANCE COMPANY (as Noteholder under
the 1994 Note Purchase Agreement)

	 UNITED OF OMAHA LIFE INSURANCE COMPANY
(as Noteholder under the 1994 Note Purchase Agreement and the SDW Note Agreement referred to below*)

	 COMPANION LIFE INSURANCE COMPANY (as Noteholder under the SDW Note
Agreement referred to below*)

		
	 By:
	 	 /s/ Curtis R. Caldwell

		 	 Name:
	 	 Curtis R. Caldwell

		 	 Title:
	 	Senior Vice President and Authorized Signer

  
  

	*	The foregoing consent to the First Omnibus Amendment has been executed by a holder of Series B and/or Series C Senior Notes (collectively the “1999 SDW Notes”) of
SDW Timber III, LLC issued under the SDW Timber III, LLC Note Purchase Agreement dated as of February 12, 1999 (the “SDW Note Agreement”). The 1999 SDW Notes are secured pursuant to a Pledge Agreement between SDW Timber III,
LLC, as pledgor, and The Bank of New York, as collateral agent, pursuant to which the Notes issued under the 1998 Note Agreement (the “1998 Note Agreement”) of Plum Creek Timberlands, L.P. have been pledged to secure the 1999 SDW
Notes. 

  

 - 23 - 

							
	
	 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY (as
Noteholder under the 1994 Note Purchase Agreement and the 2003 Note Purchase Agreement)

		
	 By:
	 	Babson Capital Management LLC as Investment Adviser
			
		 	 By:
	 	 /s/ Elisabeth A. Perenick

		 		 	 Name:
	 	 Elisabeth A. Perenick

		 		 	 Title:
	 	 Managing Director

	
	 MASSMUTUAL ASIA LIMITED (as Noteholder under the 2003 Note Purchase
Agreement)

		
	 By:
	 	Babson Capital Management LLC as Investment Adviser
			
		 	 By:
	 	 /s/ Elisabeth A. Perenick

		 		 	 Name:
	 	 Elisabeth A. Perenick

		 		 	 Title:
	 	 Managing Director

	
	 C.M. LIFE INSURANCE COMPANY (as Noteholder under the 2003 Note Purchase Agreement)

		
	 By:
	 	Babson Capital Management LLC as Investment Sub-Adviser
			
		 	 By:
	 	 /s/ Elisabeth A. Perenick

		 		 	 Name:
	 	 Elisabeth A. Perenick

		 		 	 Title:
	 	 Managing Director

  

 - 24 - 

							
	
	 JACKSON NATIONAL LIFE INSURANCE COMPANY (as Noteholder
under the 1996 Note Purchase Agreement and the 2001 Note Purchase Agreement)

		
	 By:
	 	PPM America, Inc., as attorney in fact, on behalf of Jackson National Life Insurance Company
			
		 	 By:
	 	 /s/ Luke S. Stifflear

		 		 	 Name:
	 	 Luke S. Stifflear

		 		 	 Title:
	 	 Sr. Managing Director

	
	 JACKSON NATIONAL LIFE INSURANCE COMPANY
OF NEW YORK (as Noteholder under the 1996 Note Purchase Agreement)

		
	 By:
	 	PPM America, Inc., as attorney in fact, on behalf of Jackson National Life Insurance Company of New York
			
		 	 By:
	 	 /s/ Luke S. Stifflear

		 		 	 Name:
	 	 Luke S. Stifflear

		 		 	 Title:
	 	 Sr. Managing Director

	
	 THE NORTHWESTERN MUTUAL LIFE INSURANCE
COMPANY (as Noteholder under the 1996 Note Purchase Agreement)

		
	 By:
	 	 /s/ Timothy S. Collins

		 	 Name:
	 	 Timothy S. Collins

		 	 Its Authorized Representative

  

 - 25 - 

							
	
	 NORTHWEST FARM CREDIT SERVICES, PCA (as Noteholder under the 1994 Note
Purchase Agreement)

		
	 By:
	 	 /s/ Casey Kinzer

		 	 Name:
	 	 Casey Kinzer

		 	 Title:
	 	 Account Manager

	
	 CONNECTICUT GENERAL LIFE INSURANCE COMPANY (as
Noteholder under the 1996 Note Purchase Agreement and the 2001 Note Purchase Agreement)

		
	 By:
	 	CIGNA Investments, Inc. (authorized agent)
			
		 	 By:
	 	 /s/ Lori E. Hopkins

		 		 	 Name:
	 	 Lori E. Hopkins

		 		 	 Title:
	 	 Managing Director

	
	 MODERN WOODMEN OF AMERICA (as Noteholder under the 2001 Note Purchase
Agreement and the 2003 Note Purchase Agreement)

		
	 By:
	 	 /s/ Douglas A. Pannier

		 	 Name:
	 	 Douglas A. Pannier

		 	 Title:
	 	 Portfolio Manager – Private Placements

  

 - 26 - 

					
	
	 THE CANADA LIFE ASSURANCE COMPANY (as Noteholder under
the 2001 Note Purchase Agreement and the 2003 Note Purchase Agreement)

		
	 By:
	 	 /s/ Eve Hampton

		 	 Name:
	 	 Eve Hampton

		 	 Title:
	 	 Vice President, Investments

		
	 By:
	 	 /s/ Tad Anderson

		 	 Name:
	 	 Tad Anderson

		 	 Title:
	 	 Assistant Vice President, Investments

	
	 CANADA LIFE INSURANCE COMPANY OF AMERICA
(as Noteholder under the 2003 Note Purchase Agreement)

		
	 By:
	 	 /s/ Eve Hampton

		 	 Name:
	 	 Eve Hampton

		 	 Title:
	 	 Vice President, Investments

		
	 By:
	 	 /s/ Tad Anderson

		 	 Name:
	 	 Tad Anderson

		 	 Title:
	 	 Assistant Vice President, Investments

	
	 BERKSHIRE LIFE INSURANCE COMPANY OF
AMERICA (as Noteholder under the 2001 Note Purchase Agreement)

	 THE GUARDIAN LIFE INSURANCE COMPANY OF
AMERICA (as Noteholder under the 2001 Note Purchase Agreement)

		
	 By:
	 	 /s/ Ellen I. Whittaker

		 	 Name:
	 	 Ellen I. Whittaker

		 	 Title:
	 	 Senior Director, Private Placements

  

 - 27 - 

							
	
	 LIFE INSURANCE COMPANY OF THE SOUTHWEST
(as Noteholder under the 2001 Note Purchase Agreement)

	 NATIONAL LIFE INSURANCE COMPANY (as Noteholder under the 2001 Note
Purchase Agreement)

		
	 By:
	 	 /s/ R. Scott Higgins

		 	 Name:
	 	 R. Scott Higgins

		 	 Title:
	 	 Senior Vice President

		 		 	 Sentinel Asset Management

	
	 AMERITAS LIFE INSURANCE CORP. (as Noteholder under the 1996 Note
Purchase Agreement)

		
	 By:
	 	Summit Investment Advisors, Inc., as Agent
			
		 	 By:
	 	 /s/ Andrew S. White

		 		 	 Name:
	 	 Andrew S. White

		 		 	 Title:
	 	Managing Director – Private Placements
	
	 THE UNION CENTRAL LIFE INSURANCE COMPANY
(as Noteholder under the 2001 Note Purchase Agreement)

		
	 By:
	 	Summit Investment Advisors, Inc., as Agent
			
		 	 By:
	 	 /s/ Andrew S. White

		 		 	 Name:
	 	 Andrew S. White

		 		 	 Title:
	 	Managing Director – Private Placements

  

 - 28 - 

							
	
	 AVIVA LIFE AND ANNUITY COMPANY (as Noteholder under the
1994 Note Purchase Agreement)

	 AVIVA LIFE INSURANCE COMPANY (as Noteholder under the 2001 Note
Purchase Agreement)

		
	 By:
	 	Aviva Capital Management, Inc., its authorized attorney-in-fact
			
		 	 By:
	 	 /s/ Roger D. Fors

		 		 	 Name:
	 	 Roger D. Fors

		 		 	 Title:
	 	 VP-Private Placements

	
	 PRINCIPAL LIFE INSURANCE COMPANY (as Noteholder under the 2001 Note
Purchase Agreement)

		
	 By:
	 	Principal Global Investors, LLC, a Delaware limited liability company, its Authorized Signatory
			
		 	 By:
	 	 /s/ Alan P. Kress

		 		 	 Name:
	 	 Alan P. Kress

		 		 	 Title:
	 	 Counsel

			
		 	 By:
	 	 /s/ Christopher J. Henderson

		 		 	 Name:
	 	 Christopher J. Henderson

		 		 	 Title:
	 	Vice President and Associate General Counsel
	
	 THE OHIO NATIONAL LIFE INSURANCE COMPANY
(as Noteholder under the 2001 Note Purchase Agreement)

		
	 By:
	 	 /s/ Jed R. Martin

		 	 Name:
	 	 Jed R. Martin

		 	 Title:
	 	 Vice President, Private Placements

  

 - 29 - 

					
	
	 MIDLAND NATIONAL LIFE INSURANCE COMPANY (as Noteholder
under the 2001 Note Purchase Agreement)

		
	 By:
	 	Guggenheim Partners Advisory Company
		
	 By:
	 	 /s/ Kaitlin Trinh

		 	 Name:
	 	 Kaitlin Trinh

		 	 Title:
	 	 Director

	
	 FARM BUREAU LIFE INSURANCE COMPANY (as Noteholder under
the 1994 Note Purchase Agreement)

		
	 By:
	 	 /s/ Herman L. Riva

		 	 Name:
	 	 Herman L. Riva

		 	 Title:
	 	 Senior Portfolio Manager

  

 - 30 - 

					
	 ASSURITY LIFE INSURANCE COMPANY (successor in interest to Security
Financial Life Insurance Co.) (as Noteholder under the 2001 Note Purchase Agreement)

	 ASSURITY LIFE INSURANCE COMPANY (successor in interest to Woodmen
Accident and Life Company) (as Noteholder under the SDW Note Agreement referred to below*)

		
	 By:
	 	 /s/ Victor Weber

		 	 Name:
	 	 Victor Weber

		 	 Title:
	 	 Senior Director – Investments

  
  

	*	The foregoing consent to the First Omnibus Amendment has been executed by a holder of Series B and/or Series C Senior Notes (collectively the “1999 SDW Notes”) of
SDW Timber III, LLC issued under the SDW Timber III, LLC Note Purchase Agreement dated as of February 12, 1999 (the “SDW Note Agreement”). The 1999 SDW Notes are secured pursuant to a Pledge Agreement between SDW Timber III,
LLC, as pledgor, and The Bank of New York, as collateral agent, pursuant to which the Notes issued under the 1998 Note Agreement (the “1998 Note Agreement”) of Plum Creek Timberlands, L.P. have been pledged to secure the 1999 SDW
Notes. 

  

 - 31 - 

					
	 SUN LIFE ASSURANCE COMPANY OF CANADA (as
Noteholder under the 2001 Note Purchase Agreement)

		
	 By
	 	 /s/ David Belanger

		 	 
		 	 Name:
	 	 David Belanger

		 	 Title:
	 	Senior Director, Private Fixed Income
		
	 By
	 	 /s/ Deborah J. Foss

		 	 
		 	 Name:
	 	 Deborah J. Foss

		 	 Title:
	 	Managing Director, Head of Private Debt, Private Fixed Income

  

 - 32 - 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 SCHEDULE A 
 OUTSTANDING AGREEMENTS AND
OUTSTANDING NOTES 
  

	 	1.	The Senior Note Agreement dated as of August 1, 1994 (as amended through September 30, 2007) among the Company and each of the institutional investors listed therein,
pursuant to which the Company issued its 8.73% Senior Notes due August 1, 2009 (the “1994 Note Agreement”). 

  

	 	2.	The Senior Note Agreement dated as of November 13, 1996 (as amended through September 30, 2007) among the Company and each of the institutional investors listed therein
pursuant to which the Company issued its 7.87% Senior Notes, Series B, due November 13, 2008, its 7.97% Senior Notes, Series C, due November 13, 2011 and its 8.05% Senior Notes, Series D, due November 13, 2016 (the
“1996 Note Agreement”). 

  

	 	3.	The Senior Note Agreement dated as of November 12, 1998 (as amended through September 30, 2007) among the Company and each of the institutional investors listed therein
pursuant to which the Company issued its 7.67% Senior Notes, Series F, due February 12, 2009 and its 7.83% Senior Notes, Series G, due February 12, 2011 (the “1998 Note Agreement”).* 

  

	 	4.	The Senior Note Agreement dated as of October 9, 2001 (as amended through September 30, 2007) among the Company and each of the institutional investors listed therein
pursuant to which the Company issued its 7.25% Senior Notes, Series I, due October 1, 2008, its 7.66% Senior Notes, Series J, due October 1, 2011 and its 7.76% Senior Notes, Series K, due October 1, 2013 (the “2001 Note
Agreement”). 

  

	 	5.	The Senior Note Agreement dated as of January 22, 2003 (as amended through September 30, 2007) among the Company and each of the institutional investors listed therein
pursuant to which the Company issued its 5.48% Senior Notes, Series N, due January 21, 2010 and its 6.18% Senior Notes, Series O, due January 21, 2013 (the “2003 Note Agreement”). 

  
  

	*	The Plum Creek 1998 Series E, F and G Senior Notes (the “1998 PC Notes”) were pledged as collateral under the terms of the Pledge Agreement dated as of February 12,
1999 by and between SDW TIMBER III, LLC, as Pledgor, and THE BANK OF NEW YORK, as Collateral Agent (the “Pledge Agreement”). The Series E Senior Notes have been paid in full. Pursuant to Section 9 (a) of the Pledge Agreement, the
Pledgor has authorized the Collateral Agent to exercise any rights of the holder(s) of the 1998 PC Notes (including, but not limited to, the right to consent to amendments to the 1998 Note Agreement) upon its receipt of the approval of the requisite
percentage of the holders of the Series A, B and C Senior Notes of SDW Timber III, LLC (the “1999 SDW Notes”) issued under the SDW Timber III, LLC Note Purchase Agreement dated as of February 12, 1999. The requisite percentage of the
1999 SDW Notes necessary to approve such action is equal to the requisite percentage of the 1998 PC Notes necessary to approve such action under the 1998 Note Agreement. 

  
 SCHEDULE A 
 (to First Omnibus Amendment) 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 NEGATIVE COVENANTS 
  

	6.	Negative Covenants 

  

	 	6A.	Restricted Payments 

 The Company covenants that it
will not and will not permit any Subsidiary to directly or indirectly pay, declare, order, make or set apart any sum for any Restricted Payment, except that the Company may make, pay or set apart during each calendar quarter one or more Restricted
Payments if 
 (i) such Restricted Payments are in an aggregate amount not exceeding the amount by which Available Cash with
respect to the immediately preceding calendar quarter exceeds any amount contributed to Available Cash with respect to such immediately preceding calendar quarter by any Subsidiary if and to the extent that the payment of such amount as a dividend
or distribution to the Company has not been made and is not at the time permitted by the terms of such Subsidiary’s charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such
Subsidiary, provided that in determining Available Cash with respect to such immediately preceding calendar quarter, the Company will include in the amount of the reserves established during such quarter pursuant to clause (b)(iv) of the definition
of Available Cash an amount not less than 50% of the aggregate amount of all interest in respect of the Notes and the Other Senior Notes to be paid on the interest payment date immediately following such immediately preceding calendar quarter and
the Company will not reduce the amount of the reserves so included, in determining Available Cash for any calendar quarter subsequent to such immediately preceding calendar quarter pursuant to clause (a)(iii) of the definition of Available Cash,
unless and until the amount of interest in respect of which such amount has been reserved has in fact been paid; and 
 (ii)
immediately after giving effect to any such proposed action no condition or event shall exist which constitutes an Event of Default or Material Default. 
 The Company will not, in any event, directly or indirectly declare, order, pay or make any Restricted Payment except in cash. 
  

	 	6B.	Lien, Indebtedness and Other Restrictions 

 The
Company covenants that it will not, and will not permit any Restricted Subsidiary to: 
  

	 	6B(1)	Liens 

 Create, assume or suffer to exist any Lien
upon any of its property or assets, whether now owned or hereafter acquired, except 
 (i) Liens for taxes, assessments or
other governmental charges the payment of which is not at the time required by paragraph 5E, 
  
 EXHIBIT 1 
 (to First Omnibus Amendment) 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 (ii)
Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers and materialmen and similar Liens incurred in the ordinary course of business for sums not yet due or the payment of which is not at the time required by paragraph 5E,

 (iii) Liens incurred or deposits made incidental to the conduct of its business or the ownership of its property
including, without limitation, (a) pledges or deposits in connection with worker’s compensation, unemployment insurance and other social security legislation, (b) deposits to secure insurance, the performance of bids, tenders,
contracts, leases, licenses, franchises and statutory obligations, each in the ordinary course of business, and (c) other obligations which were not incurred or made in connection with the borrowing of money, the obtaining of advances or credit
or the payment of the deferred purchase price of property and which do not in the aggregate materially detract from the value of its property or assets or materially impair the use of such property or assets in the operation of its business,

 (iv) any attachment or judgment Lien, unless the judgment it secures has not, within 45 days after the entry thereof, been
discharged or execution thereof stayed pending appeal, or has not been discharged within 45 days after expiration of any such stay, 
 (v) leases or subleases granted to others, easements, rights-of-way, restrictions and other similar charges or encumbrances, which, in each case, and in the aggregate, do not materially interfere with the ordinary conduct of the business of
the Company or any Restricted Subsidiary, 
 (vi) Liens on property or assets of any Restricted Subsidiary securing
obligations of such Restricted Subsidiary owing to the Company or another Restricted Subsidiary, 
 (vii) any Lien existing
prior to the time of acquisition upon any property acquired by the Company or any Restricted Subsidiary after the date of closing through purchase, merger or consolidation or otherwise, whether or not assumed by the Company or such Subsidiary, or
placed upon property at (or within 30 days after) the later of the time of acquisition or the completion of construction by the Company or any Restricted Subsidiary to secure all or a portion of (or to secure Debt incurred to pay all or a portion
of) the purchase price thereof, provided that (w) any such Lien does not encumber any other property of the Company or such Restricted Subsidiary, (x) the Debt secured by such Lien is not prohibited by the provisions of paragraph 6B(2),
(y) the aggregate principal amount of the Debt secured by any such Lien at no time exceeds 80% of the cost to the Company and its Restricted Subsidiaries of the property subject to such Lien, and (z) the aggregate outstanding principal
amount (without duplication) of the Debt secured by all such Liens and the Debt of all Restricted Subsidiaries at no time exceeds five percent (5%) of the book value of Tangible Assets of the Company and its Restricted Subsidiaries as of the
end of the most recently ended fiscal quarter, 
  

 1-2 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 (viii)
Liens on the accounts, rights to payment for goods sold or services rendered that are evidenced by chattel paper or instruments, and rights against Persons who guarantee payment or collection of the foregoing, and on the Company’s inventory and
on the proceeds (as defined in the Uniform Commercial Code in any applicable jurisdiction) thereof securing the obligations of the Company under the Revolving Credit Facility (and any extension, renewal, refunding or refinancing thereof) permitted
by paragraph 6B(2)(iv), 
 (ix) from and after the time that the Facilities Subsidiary becomes a Restricted Subsidiary, Liens
on (x) the accounts, rights to payment for goods sold or services rendered that are evidenced by chattel paper or instruments, and rights against Persons who guarantee payment or collection of the foregoing, of Manufacturing and its
Subsidiaries which are Restricted Subsidiaries, (y) the inventory of Manufacturing and its Subsidiaries which are Restricted Subsidiaries, and (z) the proceeds (as defined in the Uniform Commercial Code in any applicable jurisdiction)
thereof securing the obligations of Manufacturing and such Restricted Subsidiaries under the Facilities Subsidiary’s Revolving Credit Facility (and any extension, renewal, refunding or refinancing thereof) permitted by paragraph 6B(2)(x),

 (x) Liens existing on the property or assets of the Company or any
Subsidiary on the date of closing and set forth on Exhibit 6B(1)1 hereto, and 
 (xi) any Lien renewing, extending, refunding or refinancing any Lien permitted by clause (vii) of this paragraph 6B(1), provided
that the principal amount secured is not increased and the Lien is not extended to other property and further provided, that the maturity of the Lien is not extended beyond the maturity date of the Debt which, at the time the Lien was initially
placed upon the property secured thereby, Responsible Representatives declare would have been the maturity date of Debt customary for the type of asset being financed; 
  

	 	6B(2)	Debt 

 Create, incur, assume or suffer to exist any
Funded or Current Debt, except 
 (i) Funded Debt represented by the Notes, the Other Senior Notes and the Assumption
Agreements, 
 (ii) Funded Debt which is unsecured and is incurred by the Company to finance the making of capital
improvements, expansions and additions to the Company’s property (including Timberlands), plant and equipment, provided that the aggregate outstanding principal amount of such Funded Debt shall at no time exceed $50,000,000, 
  
  

	1	In the case of the 1994 Note Agreement and the 1996 Note Agreement, the reference shall be to “Exhibit D”. 

  

 1-3 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 (iii)
Funded Debt or Current Debt of any Restricted Subsidiary owing to the Company or to a Restricted Subsidiary, 
 (iv) Funded
Debt or Current Debt incurred by the Company pursuant to (a) the Revolving Credit Facility (and any extension, renewal, refunding or refinancing thereof, including any refunding or refinancing in an amount in excess of the principal amount then
outstanding under the Revolving Credit Facility), or (b) a bank credit facility which is unsecured or is secured by Liens permitted by paragraph 6B(1)(viii), provided that the aggregate outstanding principal amount of all Funded Debt and
Current Debt permitted by this clause (iv) shall at no time exceed $50,000,000, and provided, further, that the Company shall not suffer to exist any Funded Debt or Current Debt permitted by this clause (iv) on any day unless there shall
have been a period of at least 45 consecutive days within the 12 months immediately preceding such day during which the Company shall have been free from all Funded Debt and Current Debt permitted by this clause (iv), 
 (v) [reserved], 
 (vi) [reserved], 
 (vii) [reserved], 
 (viii) Funded Debt of the Company or any Restricted Subsidiary secured by a Lien permitted by clause (vii) of paragraph 6B(1),
provided that immediately after the acquisition of the property subject to such Lien or upon which such Lien is placed (or, if later, the incurrence of the Debt secured by such Lien), the Company could incur at least $1 of additional Funded Debt or
Current Debt pursuant to clause (ix) below, 
 (ix) Funded Debt or Current Debt of the Company (other than Funded Debt
or Current Debt owing to a Restricted Subsidiary) in addition to that otherwise permitted by this paragraph 6B(2), provided that, on the date the Company becomes liable with respect to any such additional Funded Debt or Current Debt and immediately
after giving effect thereto and to the concurrent retirement of any other Funded Debt or Current Debt, the ratio of Pro Forma Free Cash Flow to Maximum Pro Forma Annual Interest Charges is not less than 2.25 to 1.0, 
 (x) from and after the time that the Facilities Subsidiary becomes a Restricted Subsidiary, Debt incurred by Manufacturing or any of its
Subsidiaries which is a Restricted Subsidiary pursuant to (a) the Facilities Subsidiary’s Revolving Credit Facility (and any extension, renewal, refunding or refinancing thereof, including any refunding or refinancing in an amount in
excess of the principal amount then outstanding under the Facilities Subsidiary’s Revolving Credit Facility) or (b) a bank credit facility which is unsecured or is secured by Liens permitted by paragraph 6B(1)(ix), provided that the
aggregate outstanding principal amount of all Debt permitted by this clause (x) shall at no time exceed $20,000,000, and provided, further, that neither Manufacturing nor any 

  

 1-4 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 
of its Subsidiaries which is a Restricted Subsidiary shall suffer to exist any Debt permitted by this clause (x) on any day unless there shall have been
a period of at least 45 consecutive days within the 12 months immediately preceding such day during which Manufacturing and such Restricted Subsidiaries shall have been free from all Debt permitted by this clause (x), and 
 (xi) from and after the time that the Facilities Subsidiary or any Designated Immaterial Subsidiary becomes a Restricted Subsidiary, Debt
of the Facilities Subsidiary or any such Designated Immaterial Subsidiary outstanding at the time the Facilities Subsidiary or such Designated Immaterial Subsidiary becomes a Restricted Subsidiary, provided that (a) immediately after the
Facilities Subsidiary or any such Designated Immaterial Subsidiary becomes a Restricted Subsidiary, the Company could incur at least $1 of additional Funded Debt or Current Debt pursuant to clause (ix) above (the Facilities Subsidiary or any
such Designated Immaterial Subsidiary shall be deemed to be a Restricted Subsidiary for the four consecutive fiscal quarters immediately prior to its becoming a Restricted Subsidiary for purposes of determining Pro Forma Free Cash Flow), and
(b) the aggregate amount (without duplication) of such Debt and all other Debt which is secured by Liens and permitted by clause (vii) of paragraph 6B(1) does not violate subclause (z) of the proviso to such clause (vii), 

provided that notwithstanding any other provision in this paragraph 6B(2), any guarantee issued after the date hereof by the Company of any Funded Debt or Current
Debt of any Subsidiary shall be subordinated to the Notes by subordination provisions substantially the same as those contained in paragraph 7I of the Mortgage Note Agreements; 
  

	 	6B(3)	Loans, Advances, Investments and Contingent Liabilities 

 Make or permit to remain outstanding any loan or advance to, or guarantee, endorse or otherwise be or become contingently liable, directly or indirectly, in connection with the obligations, stock or dividends of, or own, purchase or acquire
any stock, obligations or securities of, or any other interest in, or make any capital contribution to, any Person (all of the foregoing, being referred to herein as “Investments”), except that the Company or any Restricted Subsidiary may

 (i) [Reserved] 
 (ii) own, purchase or acquire real or personal property to be used in the ordinary course of its business, 
 (iii) own, purchase or acquire Investments of the type specified in, and in accordance with the requirements and limitations of, the Investment Policy, 
 (iv) continue to own Investments owned on the date of closing as set forth on Exhibit 6B(3)2, 
  
  

	2	In the case of the 1994 Note Agreement and the 1996 Note Agreement, the reference shall be to “Exhibit E”. 

  

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	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 (v)
endorse negotiable instruments for collection in the ordinary course of business, 
 (vi) [reserved], 
 (vii) make advances in the ordinary course of conducting the business of the Company or any Restricted Subsidiary, including deposits
permitted under paragraph 6B(1)(iii), advances to employees for travel, relocation and other employment related expenses, advances to contractors performing services for the Company or such Restricted Subsidiary, advances to owners of timber or
timber properties to acquire rights to harvest timber and other similar advances, 
 (viii) make Investments in Restricted
Subsidiaries, or any entity which immediately after such Investment will be a Restricted Subsidiary, 
 (ix) make Investments
(including contributions of property to the capital of Persons in which the Company directly or indirectly holds an equity or other ownership interest) not otherwise permitted by this paragraph 6B(3), provided that the cumulative aggregate amount of
such Investments, (calculated at original cost and including (A) the fair market value of property (other than cash invested as of the date of the Investment) as reasonably determined in good faith by the Responsible Representatives at the time
such Investment was made and (B) the principal amount of any obligations guaranteed to the extent such guarantees are not otherwise permitted by this paragraph 6B(3)) outstanding from time to time made pursuant to this clause (ix) between
the date of closing and any date thereafter shall not exceed (x) in the case of entities engaged solely in a Permitted Business or Permitted Ancillary Business, the greater of $250,000,000 or 60% of the average annual Pro Forma Free Cash Flow
for the two fiscal years preceding such date and (y) in the case of all other entities, $50,000,000, and 
 (x) make
Investments in Timberlands Transferees in connection with Timberlands Transactions so long as such Investments are made exclusively by contributing Timberlands or equity interests in Wholly-Owned Subsidiaries that own Timberlands; provided that, in
the event the Company or any Restricted Subsidiary receives a distribution of capital in respect of any Timberlands Transferee Preferred Interest in excess of $5,000,000 that reduces the liquidation preference of such Timberlands Transferee
Preferred Interest, the Company or such Restricted Subsidiary shall apply 50% of the amount of such distribution to the repayment of Qualified Debt. 
  

 1-6 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  

	 	6B(4)	Sale of Stock and Debt of Subsidiaries 

 Sell or
otherwise dispose of, or part with control of, any shares of stock or Debt of any Subsidiary, except to the Company or a Restricted Subsidiary, and except that (i) all equity interests in a Wholly-Owned Subsidiary that owns Timberlands may be
transferred to a Timberlands Transferee in connection with a Timberlands Transaction, so long as all Debt of such Wholly-Owned Subsidiary owned by or owed to the Company and its Restricted Subsidiaries is simultaneously sold for cash consideration
which represents the fair value thereof at the time of sale, and (ii) all shares of stock and Debt of any Subsidiary at the time owned by or owed to the Company and its Restricted Subsidiaries may be sold as an entirety for a cash consideration
which represents the fair value (as determined in good faith by the Responsible Representatives of the General Partner) at the time of sale of the shares of stock and Debt so sold; provided that the assets of any such Subsidiary described in either
of clause (i) or (ii) do not include any assets which could not be disposed of pursuant to the provisions of paragraph 6B(5) unless the conditions to the sale of such assets set forth in paragraph 6B(5) are complied with, and further
provided that, at the time of such sale, such Subsidiary shall not own, directly or indirectly, any shares of stock or Debt of any other Subsidiary (unless all of the shares of stock and Debt of such other Subsidiary owned, directly or indirectly,
by the Company and its Subsidiaries are simultaneously being sold as permitted by this paragraph 6B(4)); 
  

	 	6B(5)	Merger and Sale of Assets 

 Merge or consolidate
with any other Person or sell, lease or transfer or otherwise dispose of any assets (other than inventory sold in the ordinary course of business) except that 
 (i) any Restricted Subsidiary may merge with the Company (provided that the Company shall be the continuing or surviving entity) or with
any one or more other Restricted Subsidiaries, 
 (ii) any Restricted Subsidiary may sell, lease, transfer or otherwise
dispose of any of its assets to the Company or a Restricted Subsidiary, 
 (iii) any Restricted Subsidiary may merge or
consolidate with any other entity, provided that, immediately after giving effect to such merger or consolidation, (a) the continuing or surviving entity of such merger or consolidation shall be a solvent corporation or partnership organized
under the laws of any state of the United States of America and shall constitute a Restricted Subsidiary, (b) no Event of Default or Material Default shall exist, and (c) following the merger, the entity surviving the merger is not engaged
in any business other than a Permitted Business or a Permitted Ancillary Business, provided that, after giving effect on a pro forma basis to such merger or consolidation, the gross revenue contribution of pulp and paper manufacturing activities of
the merged or consolidated entity and its Subsidiaries on a consolidated basis for the 12 months preceding such merger or consolidation does not exceed 33% of the total revenues of the Company, or such merged or consolidated entity, as the case may
be, and its Subsidiaries on a consolidated basis, 
  

 1-7 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 (iv)
the Company may merge or consolidate with, or sell or dispose of all or substantially all of its assets to, any other entity, provided that (a) either (x) the Company shall be the continuing or surviving entity (in the case of any such
merger), or (y) the successor or acquiring entity shall be a solvent corporation or partnership organized under the laws of any state of the United States of America and shall expressly assume in writing all of the obligations of the Company
under this Agreement and on the Notes, including all covenants herein and therein contained, and such successor or acquiring corporation or partnership shall succeed to and be substituted for the Company with the same effect as if it had been named
herein as a party hereto, provided, however, that no such sale shall release the Company from any of its obligations and liabilities under this Agreement or the Notes unless such sale is followed by the complete liquidation of the Company and
substantially all the assets of the Company immediately following such sale are distributed in such liquidation, and (b) immediately after such merger or consolidation or such sale or other disposition, (x) no Event of Default or Material
Default shall exist, (y) the Company could incur at least $1 of additional Funded Debt or Current Debt pursuant to paragraph 6B(2)(ix), and (z) the entity surviving the merger or consolidation or to which such assets have been transferred
is not engaged in any business other than a Permitted Business or a Permitted Ancillary Business, provided that, after giving effect on a pro forma basis to such merger, consolidation or sale, the gross revenue contribution of pulp and paper
manufacturing activities of the merged or consolidated entity and its Subsidiaries on a consolidated basis for the 12 months preceding such merger, consolidation or sale does not exceed 33% of total revenues of the Company or such merged or
consolidated entity, as the case may be, and its Subsidiaries on a consolidated basis, 
 (v) the Company or any Restricted
Subsidiary may (a) sell Designated Acres for the fair value thereof as reasonably determined in good faith by the Responsible Representatives, (b) contribute Designated Acres to the Facilities Subsidiary or any Subsidiary of the Facilities
Subsidiary as a capital contribution or (c) contribute or transfer Designated Acres or equity interests in a Wholly-Owned Subsidiary that owns Designated Acres to a Timberlands Transferee in connection with a Timberlands Transaction,

 (vi) the Company and its Restricted Subsidiaries may exchange Timberlands with other Persons in the ordinary course of
business, provided that (a) the fair value of the Timberlands plus any net cash proceeds received in such exchange is, in the good faith judgment of the Responsible Representatives, not less than the fair value of Timberlands exchanged plus any
other consideration paid, (b) such exchange would not materially and adversely affect the business, property or assets, condition or results of operations of the Company and its Restricted Subsidiaries on a consolidated basis or of the
Facilities Subsidiary or impair the ability of the Company to perform its obligations hereunder or under the Notes, and (c) any Timberlands so exchanged shall be deemed sold to the extent of cash proceeds received in such exchange and such
sales shall be allowed only to the extent otherwise permitted by this paragraph 6B(5), 
  

 1-8 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 (vii)
the Company and its Restricted Subsidiaries may sell properties for not less than the fair value thereof as determined in good faith by the Responsible Representatives, provided that the aggregate net proceeds of such sales in any calendar year do
not exceed an amount equal to one percent (1%) of Consolidated Total Assets, determined as of the last day of the immediately preceding calendar year, 
 (viii) the Company and its Restricted Subsidiaries may otherwise sell properties for cash in an amount not less than the fair value
thereof as determined in good faith by the Responsible Representatives or contribute or transfer properties or equity interests in a Wholly-Owned Subsidiary that owns properties to a Timberlands Transferee in connection with a Timberlands
Transaction, if and only if (a) immediately after giving effect to such proposed transaction no condition or event shall exist which constitutes an Event of Default or Material Default, (b) not less than 50% of such Net Proceeds of any
such transaction (x) are applied, within one year thereafter, to the repayment of Qualified Debt selected by the Company, which, in the case of the Notes, shall be a prepayment pursuant to paragraph 4B3 or 4H4, as applicable, or (y) are applied, within one year after such
transaction, to the purchase of productive assets in the same line of business, and (c) immediately after giving effect to such transaction (giving effect on a pro forma basis to any proposed retirement of Qualified Debt out of the proceeds
thereof), the Company could incur $1 of additional Funded Debt or Current Debt pursuant to paragraph 6B(2)(ix); provided that, in the case of a Timberlands Transaction, (A) not less than 50% of the Net Proceeds shall be applied as provided in
clause (b)(x) above and (B) the Company shall have delivered to each Significant Holder an Officers’ Certificate certifying that (1) the Timberlands Transaction Conditions have been satisfied with respect to such Timberlands
Transaction and (2) based on advice from its independent tax advisors, the Company believes that it does not have to record a tax reserve on its financial statements related to the closing of such Timberlands Transaction under FASB
Interpretation No. 48; and provided further that, if any such transaction constitutes more than 15% of the Company’s Tangible Assets as of the end of the Company’s most recently ended fiscal quarter, all the unapplied Net Proceeds of
such transaction less the amount, if any, of such Net Proceeds to be included in clause (a)(vii) of the definition of “Available Cash” in the calculation thereof for the calendar quarter of the Company in which the transaction occurs
shall, within 60 days of receipt thereof, be placed in an escrow or cash collateral account or accounts, pursuant to an agreement or agreements in form and substance reasonably satisfactory to the holders of greater than 50% of the outstanding
principal amount of Qualified Debt (which escrow agreement or agreements shall provide for a release from escrow of an amount equal to any additions to Available Cash pursuant to clause (a)(vii) of the definition of “Available Cash” with
respect to such sale in calendar quarters of the Company subsequent to the calendar quarter in which such sale occurs), for the purpose of application in accordance with clause (b) above, and 
  

	3	In the case of the 1994 Note Agreement, the reference shall be to “paragraph 4A”, and in the case of the 1996 Note Agreement, the reference shall be to “paragraph
4A(2)”. 

  

	4	In the case of the 1994 Note Agreement and the 1996 Note Agreement, the reference shall be to “paragraph 4F”, and in the case of the 2001 Note Agreement, the reference
shall be to “paragraph 4G”. 

  

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	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 (ix)
the Company and its Restricted Subsidiaries may sell any Investment in a Timberlands Transferee for not less than the fair value thereof as determined in good faith by the Responsible Representatives; provided that the proceeds of any sale or other
disposition of any such Investment shall be applied (a) first, to redeem all or any part of the Company Preferred Interest issued in connection with the related Timberlands Transaction and (b) then, to the extent of any remaining proceeds,
pursuant to clause (b)(x) of paragraph 6B(5)(viii); 
  

	 	6B(6)	Harvesting Restrictions 

 In any period, harvest
Timber (the term “harvest” and correlative terms shall include, without duplication, both the harvesting activities to be conducted by the Company and sales of Timber to other Persons for current harvesting activities being conducted by
such Persons) on the Timberlands then owned directly or indirectly by the Company in excess of the amount set forth for such period in the following table: 
  

			
	 Calendar Year
	  	 Maximum to be Harvested

		
	4th Quarter, calendar year 2001	  	1,712 MCCF
	Calendar year 2002	  	6,850 MCCF
	Calendar year 2003	  	8% of Standing Inventory as of January 1
	and each calendar year thereafter	  	of such calendar year

 plus, in each calendar year, the lesser of (i) the amount, if any, by which (a) the sum of (x) the
cumulative amount set forth in the table above for the years (other than calendar year 2001) preceding such year of determination and (y) 2000 MCCF, exceeds (b) the cumulative amount actually harvested in such years preceding such year of
determination or (ii) 8% of Standing Inventory as of January 1 of such calendar year; 
 unless the net cash proceeds from such excess harvest are
either (i) applied, within 180 days after any such excess harvest, to the repayment of Qualified Debt selected by the Company, which, in the case of the Notes, shall be a prepayment pursuant to paragraph 4B5 or (ii) applied, within 180 days after any such excess harvest, to purchase Timber (including Timber on Timberlands purchased) having a fair value (in the good faith judgment of
the Responsible Representatives) not less than the fair value of the Timber subject to such excess harvest, provided that, if such excess harvest exceeds 15% of Standing Inventory as of January 1 of such calendar year (and such proceeds are not
immediately applied in accordance with clause (i) or (ii) above), all the net proceeds of such excess harvest shall, within 60 days of receipt thereof, be placed in an escrow or cash collateral account or accounts, pursuant to an agreement
or agreements in form and substance reasonably satisfactory to the holders of greater than 50% of the outstanding principal amount of Qualified Debt, for the purpose of application in accordance with clause (i) or (ii) above; 

 

	5	In the case of the 1994 Note Agreement, the reference shall be to “paragraph 4A”, and in the case of the 1996 Note Agreement, the reference shall be to “paragraph
4A(2)”. 

  

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	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  

	 	6B(7)	Sale and Lease-Back 

 Enter into any arrangement
with any lender or investor or to which such lender or investor is a party providing for the leasing by the Company or any Restricted Subsidiary of real or personal property which has been or is to be sold or transferred by the Company or any
Restricted Subsidiary to such lender or investor or to any Person to whom funds have been or are to be advanced by such lender or investor on the security of such property or rental obligations of the Company or any Restricted Subsidiary, provided
that this paragraph 6B(7) shall not apply to any property sold pursuant to clause (vii) of paragraph 6B(5); 
  

	 	6B(8)	Certain Contracts 

 Enter into or be a party to

 (i) any contract providing for the making of loans, advances or capital contributions to any Person or for the purchase of
any property from any Person, in each case in order primarily to enable such Person to maintain working capital, net worth or any other balance sheet condition or to pay debts, dividends or expenses, or 
 (ii) any contract for the purchase of materials, supplies or other property or services if such contract (or any related document)
requires that payment for such materials, supplies or other property or services shall be made regardless of whether or not delivery of such materials, supplies or other property or services is ever made or tendered, provided that nothing in this
clause (ii) shall prevent the Company from (a) entering into take-or-pay contracts in the ordinary course of business with the United States Forest Service, the Bureau of Land Management, the Washington Department of Natural Resources or
similar state or federal governmental agencies, or (b) making payments in satisfaction of contracts with such Persons which contracts are deemed by the Responsible Representatives to be disadvantageous to perform, or 
 (iii) any contract to rent or lease (as lessee) any real or personal property if such contract (or any related document) provides that
the obligation to make payments thereunder is absolute and unconditional under conditions not customarily found in commercial leases then in general use or requires that the lessee purchase or otherwise acquire securities or obligations of the
lessor, or 
 (iv) any contract for the sale or use of materials, supplies or other property, or the rendering of services,
if such contract (or any related document) requires that payment for such materials, supplies or other property, or the use thereof, or payment for such services, shall be subordinated to any indebtedness (of the purchaser or user of such materials,
supplies or other property or the Person entitled to the benefit of such services) owed or to be owed to any Person, or 
 (v) any other contract which in economic effect, is substantially equivalent to a guarantee 
 except as permitted by the provisions of clauses (i),
(v), (vi), (vii), (viii), (ix) or (x) of paragraph 6B(3); 
  

 1-11 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  

	 	6B(9)	Transactions with Affiliates 

 Directly or
indirectly engage in any transaction (including, without limitation, the purchase, sale or exchange of assets or the rendering of any service) with any Affiliate except in the ordinary course of and pursuant to the reasonable requirements of the
Company’s or such Restricted Subsidiary’s business and upon fair and reasonable terms that are no less favorable to the Company or such Restricted Subsidiary, as the case may be, than those which might be obtained in an arm’s length
transaction at the time from Persons which are not such an Affiliate. 
  

	 	6C.	Conduct of Business 

 The Company covenants that it
will not, and will not permit any Subsidiary to, engage in any business other than Permitted Businesses or Permitted Ancillary Businesses, except as provided in paragraph 6B(3)(ix)(y). In addition, the Company will not, and will not permit any
Restricted Subsidiary to, (i) sell, transfer or otherwise dispose of any of its Timberlands or Timber (collectively, “Timber Properties”) to any Subsidiary of Holding that is principally engaged in a manufacturing business (whether or
not at the time they are Restricted Subsidiaries, and herein collectively called the “Manufacturing Entities”) unless such transaction is a transaction permitted under clause (v) or (vii) of paragraph 6B(5), or (ii) invest
in or otherwise transfer to any of the Manufacturing Entities the proceeds (“Timber Proceeds”) of the sale or disposition of any such Timber Properties (unless such proceeds are derived from a transaction permitted under clause (v) or
(vii) of paragraph 6B(5)). Any Timber Proceeds being used to “purchase productive assets in the same line of business” under the provisions of paragraph 6B(5)(viii) shall not be used for any purpose except for the acquisition of
Timber Properties to be owned directly by the Company or a Restricted Subsidiary which is not one of the Manufacturing Entities. Notwithstanding the foregoing, the Company and its Restricted Subsidiaries may sell Timber to the Manufacturing Entities
in connection with, and in transactions which constitute part of, harvesting activities conducted in accordance with the requirements of paragraph 6B(6). All acquisitions of Timber Properties by Company and its Restricted Subsidiaries shall be made
only by the Company directly or indirectly through Restricted Subsidiaries which are not Manufacturing Entities. 
  

	 	6D.	Issuance of Stock by Subsidiaries 

 The Company
covenants that it will not permit any Subsidiary (either directly, or indirectly by the issuance of rights or options for, or securities convertible into, such shares) to issue, sell or otherwise dispose of any shares of any class of its stock or
partnership or other ownership interests (other than directors’ qualifying shares) except to the Company or a Restricted Subsidiary and except to the extent that holders of minority interests may be entitled to purchase stock by reason of
preemptive rights. 
  

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	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 OTHER
TERMS 
 10B. Other Terms 
 “Affiliate” shall mean any Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, the Company, except a Restricted Subsidiary. A Person shall be deemed to
control a corporation or other entity if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such corporation or other entity, whether through the ownership of voting
securities, by contract or otherwise, provided that rights to approve major decisions of a Timberlands Transferee customarily granted to holders of preferred equity in a corporation or other entity shall not be deemed to constitute the power to
direct management or policies of such corporation or entity. 
 “Agreement of Merger” shall mean the Agreement and Plan of Merger,
dated as of July 18, 2000, as amended by Amendment No. 1 to Agreement and Plan of Merger, dated as of June 12, 2001 among the Corporation (the owner of 100% of the limited partnership interests in Company), Georgia-Pacific Corporation
and six wholly-owned subsidiaries of Georgia-Pacific Corporation. 
 “Asset Sales” means any sale or disposition of properties of
the Company or any of its Subsidiaries (other than (i) inventory in the ordinary course of business or (ii) any Investment in a Timberlands Transferee to the extent the related proceeds are applied as provided in paragraph 6B(5)(ix)).

 “Assumption Agreements” shall mean those certain Assumption Agreements, dated as of October 9, 2001, executed as
contemplated by (and in substantially the form designated as Exhibit 3H to) this Agreement, together with any Future Southern Timber Assumption Agreements or any Assumption Agreements executed by the Mississippi Subsidiary or any other Restricted
Subsidiary in substantially the form of Exhibit 3H attached hereto.6 
 “Available Cash” shall mean, with respect to any calendar quarter 
 (a) the sum
of: 
 (i) the Company’s net income (or net loss) (excluding gain on the sale of any Capital Asset) for such quarter,

 (ii) the amount of depletion, depreciation, amortization and other noncash charges utilized in determining net income of
the Company for such quarter, 
  

	6	In the case of the 1994 Note Agreement, the 1996 Note Agreement and the 1998 Note Agreement the definition of “Assumption Agreement” shall read as follows:

  

	  	“Assumption Agreements” shall mean those certain Assumption Agreements, dated as of October 9, 2001, executed as contemplated by (and in substantially the form
designated as Exhibit 3H to) the 2001 Senior Note Agreements, together with any Future Southern Timber Assumption Agreements or any Assumption Agreements executed by the Mississippi Subsidiary or any other Restricted Subsidiary in substantially the
form of Exhibit 3H attached thereto. 

  
 EXHIBIT 2 
 (to First Omnibus Amendment) 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 (iii)
the amount of any reduction in reserves of the Company of the types referred to in clause (b)(iv) below, 
 (iv) proceeds
received (A) by the Company from the sale of Designated Acres or (B) by the Company or a Restricted Subsidiary from a Timberlands Transaction consisting of Designated Acres; provided that in the case of a Timberlands Transaction comprised
of both Designated Acres and other Timberlands, such proceeds shall only include that portion of total proceeds that represents the value of the Designated Acres, 
 (v) any Cash from Capital Transactions received by the Company during such quarter in specific contemplation that such Cash from Capital
Transactions will be used to refund or refinance any payment of Debt of the type specified in clause (b)(i) below which was made in either of the two immediately preceding quarters, 
 (vi) (A) with respect to the calendar quarter ended September 30, 2001 only, $140,000,000 and (B) other Cash from Capital
Transactions received by the Company during the relevant quarter up to an aggregate amount equal to $200,000,000 for all calendar quarters, commencing with the calendar quarter that ended March 31, 2002, less the aggregate of other amounts of
such $200,000,000 utilized in the calculation of Available Cash for previous calendar quarters, and 
 (vii) without
duplication in respect of clauses (a)(v) and (a)(vi) above, in the event of any Asset Sale or Timberlands Transaction, an amount equal to that portion of the Net Proceeds received from such sale or transaction that was applied to the repayment of
the Qualified Debt in accordance with paragraph 6B(5)(viii) but not to exceed an amount equal to 50% of the Net Proceeds received from such sale or transaction; provided, that, the cumulative increase to Available Cash pursuant to this clause
(a)(vii) (after giving effect to any current increase in respect thereof) with respect to any Asset Sale or Timberlands Transaction shall not exceed, in any event, an amount equal to the Net Proceeds from such Asset Sale or Timberlands Transaction
less the cumulative amount of such Net Proceeds applied to the repayment of Qualified Debt and to the purchase of productive assets in accordance with paragraph 6B(5)(viii); 
 less (b) the sum of: 
 (i) all payments of principal on Debt made by the Company in such quarter (excluding any payments of principal on Debt made with Cash from Capital Transactions received by the Company during such quarter or, to the
extent such Cash from Capital Transactions remains available, received by the Company during the four immediately preceding quarters), 
 (ii) capital expenditures made by the Company during such quarter (excluding any capital expenditures for such quarter made with Cash from Capital Transactions received by the Company during such quarter or, to the
extent such Cash from Capital 

  

 2-2 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 
Transactions remains available, received by the Company during the four immediately preceding quarters, and capital expenditures which the General Partner
reasonably anticipates will be financed with Cash from Capital Transactions within 90 days from the end of such quarter), 
 (iii) the amount of any capital expenditures made by the Company in a prior quarter which was anticipated would be financed from Cash from Capital Transactions but which have not been financed from such source within 90 days from the end of
such quarter, 
 (iv) the amount of any reserves of the Company established during such quarter which are necessary or
appropriate (A) to provide funds for the future payment of items of the types specified in clauses (b)(i) and (b)(ii) above, (B) to provide additional working capital, (C) to provide funds for cash distributions with respect to any
one or more of the next four quarters, or (D) to provide funds for the future payment of interest in an amount equal to the interest to be accrued in the next quarter, 
 (v) the amount of any noncash items of income utilized in determining net income of the Company for such quarter, 
 (vi) the amount of any Investments in the form of cash or cash equivalents (other than guarantees, contingent liabilities or
endorsements, except to the extent payments are actually made under such guarantees, contingent liabilities or endorsements) made by the Company during such quarter pursuant to clause (viii) or (ix) of paragraph 6B(3) (or in the case of
any Subsidiary, Investments in the form of cash or cash equivalents (other than guarantees, contingent liabilities or endorsements, except to the extent payments are actually made under such guarantees, contingent liabilities or endorsements) of
similar type) to the extent not included in capital expenditures or payments on principal on Debt made by the Company during such quarter (excluding any such Investments for such quarter made with Cash from Capital Transactions received by the
Company during such quarter or, to the extent such Cash from Capital Transactions remains available, received by the Company during the four immediately preceding quarters, and Investments which the General Partner reasonably anticipates will be
financed with Cash from Capital Transactions within 90 days from the end of such quarter and (B) the Investments made pursuant to the Merger-Related Contributions), and 
 (vii) the amount of any Investments (other than guarantees, contingent liabilities or endorsements, except to the extent payments are
actually made under such guarantees, contingent liabilities or endorsements) made by the Company in a prior quarter pursuant to clause (viii) or (ix) of paragraph 6B(3) (or in the case of any Subsidiary, Investments (other than guarantees,
contingent liabilities or endorsements, except to the extent payments are actually made under such guarantees, contingent liabilities or endorsements) of similar type) to the extent not included in capital expenditures made by the Company during
such quarter which was anticipated would be financed from Cash from Capital Transactions but which have not been financed from such source within 90 days from the end of such quarter, other than any Investments made pursuant to the Merger-Related
Contributions. 
  

 2-3 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 Notwithstanding the foregoing, “Available Cash” shall not take into account any reductions in reserves or disbursements made or reserves established after commencement of the dissolution and liquidation of the Company. In
determining “Available Cash”, (i) all items under clauses (a)(i), (ii), (iii), (iv), (v), (vi) and (vii) above and all items under clauses (b)(i), (ii), (iii), (iv), (v), (vi) and (vii) above shall be
(A) calculated on a consolidated basis with any Subsidiary of the Company whose income is accounted for on a consolidated basis with the Company and (B) calculated on a consolidated basis with any other Person in which the Company directly
or indirectly holds an equity or other ownership interest, and, in accordance therewith, “Available Cash” shall include a percentage of each such item of each such Subsidiary or such other Person equal to the Company’s percentage
ownership interest in such Subsidiary or such other Person, provided, however, that the items under clauses (a)(i), (ii), (iii), (iv), (v), (vi) and (vii) above shall only be included in Available Cash to the extent that the Company
determines such amount to be legally available for dividends or distributions to the Company or a Subsidiary by such Subsidiary, and with respect to dividends or distributions to the Company or a Subsidiary by such other Person, that such dividends
or distributions have been paid to the Company or such Subsidiary; (ii) the amount of net income and the amount of depletion, depreciation, amortization and other noncash charges, utilized in determining net income shall be determined in
accordance with generally accepted accounting principles; (iii) the net income of any Subsidiary or other Person in which the Company directly or indirectly holds an equity or other ownership interest shall be determined on an after-tax basis;
(iv) the amount of any reductions in, or additions to, reserves for purposes of clauses (a)(iii) and (b)(iv) above shall be determined in the Company’s reasonable good faith judgment; and (v) any determination of whether any capital
expenditures or investments are financed, or anticipated to be financed, with Cash from Capital Transactions for purposes of clause (b)(ii) or (b)(vi) above shall be made in the Company’s reasonable good faith judgment. 
 Subject to the immediately succeeding sentence, any increase to Available Cash pursuant to clause (a)(vii) above shall be made in the
calendar quarter in which Qualified Debt is repaid in accordance with such clause (irrespective of the calendar quarter in which the Asset Sale occurred). Notwithstanding the foregoing, the item under clause (a)(vii) above shall only be included in
the calculation of Available Cash if (A) the Company has delivered to the Noteholders an Officers’ Certificate demonstrating (with computations in reasonable detail) compliance by the Company with the provisions of clause (B) below
for the calendar quarter in which the payment of Qualified Debt in accordance with clause (a)(vii) above is made, and (B) the ratio of Pro Forma Free Cash Flow to Maximum Pro Forma Annual Interest Charges as of the last day of such calendar
quarter is not less than 2.50:1.0. 
 “Bank of America Revolving Credit Agreement” shall mean the revolving credit agreements
between the Company, Bank of America, N.A., as Administrative Agent, and certain other lenders pursuant to which the lenders thereunder provide credit facilities to the Company in an aggregate principal amount not to exceed $600,000,000 and any
extension, renewal, 

  

 2-4 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 
restatement, refunding or refinancing thereof, provided that such renewal, refunding or refinancing shall not contain terms which are any materially less
favorable to the holders of the Notes. 
 “Bankruptcy Law” shall have the meaning specified in clause (viii) of paragraph 7A.

 “Board Foot” shall mean a unit of measurement one foot square and one inch thick. 
 “Business Day” shall mean any day other than a Saturday, Sunday or other day on which commercial banking institutions in New York, New York or
Seattle, Washington are authorized or required by law, regulation or executive order to be closed. 
 “Capital Asset” shall mean
any asset on the Company’s or any Subsidiary’s balance sheet, as the case may be, other than inventory, accounts receivable or any other current asset and assets disposed of in connection with normal retirements or replacements.

 “Capital Lease Obligation” shall mean, with respect to any Person, any rental obligation which, under generally accepted
accounting principles, is or will be required to be capitalized on the books of such Person, taken at the amount thereof accounted for as indebtedness (net of interest expenses) in accordance with such principles. 
 “Capital Transaction” shall mean (i) borrowings and sales of debt securities (other than for working capital purposes and other than for
items purchased on open account in the ordinary course of business) by the Company, (ii) sales of equity interests by the Corporation the proceeds of which are contributed to the Company, (iii) cash contributed to the Company by a Company
Preferred Limited Partner in respect of a Company Preferred Interest issued as part of a Timberlands Transaction and (iv) sales or other voluntary or involuntary dispositions of any assets of the Company (other than (x) sales or other
dispositions of inventory in the ordinary course of business, (y) sales or other dispositions of other current assets including receivables and accounts and (z) sales or other dispositions of assets as a part of normal retirements or
replacements), in each case prior to the commencement of the dissolution and liquidation of the Company provided, that in determining Cash from Capital Transactions, items (i), (ii), (iii) and (iv) above shall include, with respect to each
Subsidiary of the Company whose income is accounted for on a consolidated basis with the Company, a percentage of each such item of such Subsidiary equal to the Company’s percentage ownership interest in such Subsidiary. 
 “Cash from Capital Transactions” shall mean at any date, such amounts of cash as are determined by the General Partner to be cash made
available to the Company from or by reason of a Capital Transaction. 
 “Code” shall mean the Internal Revenue Code of 1986, as
amended. 
 “Company’s Knowledge” or “Company’s knowledge” shall mean the actual knowledge of the persons
holding the following offices: President, Chief Executive Officer, any Executive Vice President, Chief Financial Officer, General Counsel, Secretary, Vice President—Human Resources, and Environmental Engineer and any successor to the offices
and officers, such persons being the principal persons employed by the Company ultimately responsible for environmental operations and compliance, ERISA and legal matters relating to the Company. 
  

 2-5 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 “Company
Preferred Interests” is defined in the definition of “Timberlands Transaction” in this paragraph 10B. 
 “Company
Preferred Limited Partner” is defined in the definition of “Timberlands Transaction” in this paragraph 10B. 
 “Consolidated Funded Debt” shall mean, without duplication, any Debt of the Company and its Subsidiaries whether current or long-term, for borrowed money and which Debt bears interest, but excluding Debt (w) of a Subsidiary
to another Subsidiary or to the Company, (x) of the Company to a Subsidiary, (y) of the Company or its Subsidiaries that is non-recourse to the Company or its Subsidiaries or their respective assets, and (z) of the Company or its
Subsidiaries that is secured by collateral in an amount equal to at least 95% of the outstanding principal balance thereof. 
 “Consolidated Total Assets” shall mean the total amount of all the assets of the Company and its Restricted Subsidiaries, determined on a consolidated basis in accordance with generally accepted accounting principles. 

“Corporation” shall mean Plum Creek Timber Company, Inc., a Delaware corporation, and its successors. 
 A “Cunit” is equal to 100 cubic feet of wood. For purposes of conversion of Timber in the Company’s northwest region, one MMBF shall equal
2.1 MCCF. 
 “Current Debt” shall mean, without duplication, any Debt payable on demand or within a period of one year from the
date of the creation thereof, provided that any Debt shall be treated as Funded Debt, regardless of its term, if such Debt is renewable at the option of the obligor pursuant to the terms thereof or of a revolving credit or similar agreement
effective for more than one year after the date of the creation of such Debt, or may be payable out of the proceeds of similar Debt pursuant to the terms of such Debt or of any such agreement. 
 “Debt” shall mean, as to any Person, as of any date of determination, without duplication, (i) all indebtedness of such Person for
borrowed money or for the deferred purchase price of property or services, (ii) all amounts owed by such Person to banks or other Persons in respect of reimbursement obligations under letters of credit, surety bonds and other similar
instruments guaranteeing payment or other performance of obligations by such Person, (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any Lien on any property owned by such Person,
to the extent attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof, (iv) lease obligations of such Person which, in accordance with generally accepted
accounting principles, should be capitalized, (v) lease obligations of such Person under leases which have a term (including any option to renew exercisable at the discretion of the lessee thereunder) longer than 10 years, (vi) obligations
payable out of the proceeds of production from property of such Person, even though such Person has not assumed or become liable for the 

  

 2-6 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 
payment thereof, and (vii) any obligations of any other Person of the type described in the above clauses (i) through and including (vi),
inclusive, which are guaranteed by such Person or in effect guaranteed by such Person through any agreement (contingent or otherwise) to purchase, repurchase or otherwise acquire such obligation or any security therefor, or to provide funds for the
payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), or to maintain the solvency or any balance sheet or other financial condition of the obligor of such obligation,
or to make payment for any products, materials or supplies or for any transportation or services regardless of the non-delivery or nonfurnishing thereof, in any such case if the purpose or intent of such agreement is to provide assurance that such
obligation will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such obligation will be protected against loss in respect thereof. 
 “Default” shall mean an event or condition, the occurrence or existence of which would, with the lapse of time or the giving of notice or both,
become an Event of Default. 
 “Designated Acres” shall mean up to an aggregate 800,000 acres owned by the Company which (based on
the good faith determination of the Responsible Representatives that such acres have at the time such determination is made a higher value as recreational, residential, grazing or agricultural property than for timber production) may be reasonably
designated by the General Partner at the time of the sale thereof as constituting Designated Acres (such aggregate number of acres to be determined over the term of existence of this Agreement). The maximum number of Designated Acres as set forth
above shall be adjusted from time to time as follows: (i) upon any acquisition of Timberlands made after September 30, 2002, the maximum number of Designated Acres shall be increased by an amount equal to five percent (5%) of the
aggregate acreage of Timberlands so acquired, and (ii) upon any disposition or sale of Timberlands (other than a sale of Designated Acres) made after September 30, 2002, the maximum number of Designated Acres shall be decreased by an
amount equal to five percent (5%) of the aggregate acreage of Timberlands so disposed or sold, provided, however, in no event may the number of Designated Acres be decreased below the number of Designated Acres previously sold as Designated
Acres. 
 “Designated Acres Amount” shall mean the net cash proceeds received during the applicable Measurement Period by the
Company and its Restricted Subsidiaries from the sale or transfer of Designated Acres in an amount not in excess of (a) if the Company has an Investment Grade Rating on each day of the applicable Measurement Period, the net cash proceeds from
the sale during such Measurement Period of not more than 87,450 Designated Acres, provided that for purposes of calculating Pro Forma Free Cash Flow pursuant to paragraph 6B(2)(ix), if after giving effect to the incurrence of Consolidated Funded
Debt pursuant to such paragraph and to the concurrent retirement of any other Consolidated Funded Debt, the Maximum Leverage Ratio would exceed 65%, then the Designated Acres Amount for purposes of incurrence of such Consolidated Funded Debt shall
not exceed $80,000,000; and (b) if the Company does not have an Investment Grade Rating on any day during the applicable Measurement Period, $80,000,000. 
 “Designated Immaterial Subsidiary” shall mean any entity which would otherwise be a Restricted Subsidiary and which at any time is designated by the Company as a Designated Immaterial Subsidiary, provided
that no such designation of any entity as a Designated 

  

 2-7 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 
Immaterial Subsidiary shall be effective unless (i) at the time of such designation, such entity does not own any shares of stock or Debt of any
Restricted Subsidiary which is not simultaneously being designated as a Designated Immaterial Subsidiary, (ii) immediately after giving effect to such designation, (a) the Company could incur at least $1 of additional Funded Debt or
Current Debt pursuant to clause (ix) of paragraph 6B(2), and (b) no condition or event shall exist which constitutes an Event of Default or Material Default, (iii) the Company is permitted to make the Investment in such entity
resulting from such designation pursuant to, and within the limitations specified in, clause (ix) of paragraph 6B(3), treating the aggregate book value (including equity in retained earnings) of the Investments of the Company and its
Subsidiaries in such entity immediately prior to such designation as the cost of such Investment, and provided, further, that if at any time all Designated Immaterial Subsidiaries on a consolidated basis would be a “significant subsidiary”
(assuming the Company is the registrant) within the meaning of Regulation S-X (17 CFR Part 210) the Company shall designate one or more Designated Immaterial Subsidiaries which are directly owned by the Company and its Restricted Subsidiaries as
Restricted Subsidiaries such that the condition in this proviso is no longer applicable and the entities so designated shall no longer be Designated Immaterial Subsidiaries. Any entity which has been designated a Designated Immaterial Subsidiary
shall not thereafter become a Restricted Subsidiary except pursuant to a designation required by the last proviso in the preceding sentence, and any Designated Immaterial Subsidiary which has been designated a Restricted Subsidiary pursuant to the
last proviso of the preceding sentence shall not thereafter be redesignated as a Designated Immaterial Subsidiary. 
 “8.73% Senior Note
Agreements” shall mean the Note Agreements, dated as of August 1, 1994 and amended as of October 15, 1995, May 31, 1996, April 15, 1997, January 15, 1999, October 5, 2001, December 19,
2002 and September 30, 2007 providing for the issuance and sale by the Company of its 8.73% Senior Notes to the purchasers listed in the schedule of purchasers attached thereto. 
 “8.73% Senior Notes” shall mean the 8.73% Senior Notes due August 1, 2009 of the Company issued and sold pursuant to the 8.73% Senior Note
Agreements. 
 “11-1/8% Senior Note Agreements” shall mean the Note Agreements, dated as of May 31, 1989 and amended as of
January 1, 1991, April 22, 1993, September 1, 1993, May 20, 1994, May 31, 1996, April 15, 1997, January 15, 1999, October 5, 2001 and December 19, 2002 providing for the
issuance and sale by the Company of its 11-1/8% Senior Notes to the purchasers listed in the schedule of purchasers attached thereto. 
 “11-1/8% Senior Notes” shall mean the 11-1/8% Senior Notes due June 8, 2007 of the Company issued and sold pursuant to the 11-1/8% Senior Note Agreements. 
 “Environmental Laws” shall mean federal, state, local and foreign laws, rules or regulations relating to emissions, discharges, releases or
threatened releases of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances or wastes into the environment (including, without limitation, air, surface water, ground water or land), or otherwise relating to the
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances or wastes. 
  

 2-8 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “Event of Default” shall mean any of the events specified in paragraph 7A, provided that there has been satisfied any requirement in connection
with such event for the giving of notice, or the lapse of time, or the happening of any further condition, event or act. 
 “Facilities
Operating Subsidiaries” shall mean Marketing, Holding and the New Subsidiaries and “Facilities Operating Subsidiary” shall mean one of them. 
 “Facilities Subsidiary” shall mean, collectively, Manufacturing, Marketing, Holding, the New Subsidiaries and any other Subsidiary of Manufacturing. 
 “Facilities Subsidiary’s Facility” shall mean any facility pursuant to which Manufacturing may incur Debt for purposes of making capital
improvements, additions to, or expansions of, property, plant and equipment of the Facilities Subsidiary or its Subsidiaries which are Restricted Subsidiaries. 
 “Facilities Subsidiary’s Revolving Credit Facility” shall mean any facility pursuant to which Manufacturing or any of its Subsidiaries which is a Restricted Subsidiary may obtain revolving credit,
takedown credit, the issuance of standby and payment letters of credit and backup for the issuance of commercial paper. 
 “5.31% Senior
Notes” shall mean the Company’s 5.31% Senior Notes due September 17, 2007, in the original principal amount of $25,000,000. 
 “Floating Rate Interest Payment Date” means the last day of each Floating Rate Interest Period. 
 “Floating Rate
Interest Period” means, with respect to each Floating Rate Note, for the first Floating Rate Interest Period, the period commencing on the date of closing for such Floating Rate Note and ending on April 21, 2003, and for each other
Floating Rate Interest Period, the period commencing on the last day of the immediately preceding Floating Rate Interest Period, and ending three months thereafter; provided that (a) if a Floating Rate Interest Period would otherwise end
on a day that is not a LIBOR Business Day, such Floating Rate Interest Period shall end on the next succeeding LIBOR Business Day, unless that day falls in the next calendar month, in which case the Floating Rate Interest Period shall end on the
first preceding day that is a LIBOR Business Day, (b) no Floating Rate Interest Period with respect to any such Floating Rate Note shall extend beyond the maturity date for such Floating Rate Note and (c) the interest rate applicable to
such Floating Rate Interest Period shall accrue from and including the first day of such Floating Rate Interest Period to, but excluding, the last day thereof. 
 “Floating Rate Note” means each Floating Rate Series L Senior Note. 
  

 2-9 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 “Funded
Debt” shall mean, without duplication, any Debt payable more than one year from the date of the creation thereof. 
 “Future
Southern Timber Assumption Agreement” means any assumption agreement that is contemplated by paragraph 2, clause (b)(ii) of the Southern Timber Assumption Agreement. 
 “General Partner” shall mean Plum Creek Timber I, L.L.C., a limited liability company organized and existing under the laws of the State of Delaware, and its successors and assigns as General Partner of the
Company. 
 “Guarantee” shall mean the guarantee in paragraph 7 of the Mortgage Note Agreements. 
 “Holding” shall mean Plum Creek Manufacturing Holding Company, Inc., a Delaware corporation. 
 “Interest Payment Date” shall mean each date on which interest on a Note is required to be paid (whether at maturity, upon notice of prepayment
or otherwise). 
 “Investment Grade Rating” means a rating assigned to long term senior unsecured Consolidated Funded Debt of the
Company by at least one Nationally Recognized Rating Agency of (a) in the case of Moody’s Investors Service, Inc., “Baa3” or better, (b) in the case of Standard & Poor’s Ratings Group, a division of The
McGraw-Hill Companies, Inc., “BBB-” or better, (c) in the case of Fitch/BCA Duff & Phelps Ltd., “BBB-” or better or (d) in the case of DBRS, “BBB (low)” or better; provided, that (x) if
there are two ratings for such Debt, the lower rating shall be determinative and (y) if there are more than two ratings for such Debt, the second lowest rating shall be determinative. 
 “Investment Policy” shall mean the Corporate Investment Policy of the Company, as it exists on April 5, 1993 and as attached hereto as
Schedule 10B(1). 
 “Investments” shall have the meaning specified in paragraph 6B(3). 
 “LIBOR Business Day” means any Business Day on which dealings are carried out in the London interbank market. 
 “LIBOR” means, for each Floating Rate Interest Period, (a) the LIBOR Index Rate for such Floating Rate Interest Period, if such rate is
available, and (b) if the LIBOR Index Rate cannot be determined, with respect to any Floating Rate Interest Period, an interest rate per annum equal to the London Interbank Offered Rate for such Floating Rate Interest Period, as published or
announced two (2) LIBOR Business Days prior to the commencement of such Floating Rate Interest Period in the Money Rates Section of The Wall Street Journal, or (if the London Interbank Offered Rate for such Floating Rate Interest Period
is not so published or announced as such time) interpolated from publications or announcements in The Wall Street Journal for the London Interbank Offered Rates for the periods of time closest to such Floating Rate Interest Period or, in the
event The Wall Street Journal ceases for any reason to publish or announce such rate of interest, any other source selected by the holders of a majority in principal amount of the Floating Rate Notes. “LIBOR Index Rate”
means, for any Floating Rate Interest 

  

 2-10 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 
Period, the rate per annum (rounded upwards, if necessary, to the next higher one hundred-thousandth of a percentage point) for the deposits in U.S. dollars
for a period equal to such Floating Rate Interest Period which appears on the Bloomberg Financial Markets Service Page BBAM-1 (or if such page is not available, the Reuters Screen LIBO Page) as of 11:00 a.m. (London, England time) on the date two
(2) LIBOR Business Days before the commencement of such Floating Rate Interest Period. “Reuters Screen LIBO Page” means the display designated as the “LIBO” page on Reuters Monitory Money Rates Service (or such other
page as may replace the LIBO page on that service or such other service as may be nominated by the British Bankers’ Association as the information vendor for the purpose of displaying British Bankers’ Association Interest Settlement Rates
for U.S. dollar deposits). 
 “Lien” shall mean any mortgage, pledge, security interest, encumbrance, lien or charge of any kind
(including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, any lease in the nature thereof, and the filing of or agreement to give any financing statement under the Uniform Commercial Code of any
jurisdiction). 
 “Louisiana Subsidiary” means Plum Creek Southern Timber, L.L.C., a Delaware limited liability company.

 “Manufacturing” shall mean Plum Creek Manufacturing, L.P., a Delaware limited partnership. 
 “Marketing” shall mean Plum Creek Marketing, Inc., a Delaware corporation. 
 “Material Adverse Effect” shall mean a material adverse effect on (a) the business, operations, affairs, condition (financial or other),
assets or properties of the Company or of the Company and its Restricted Subsidiaries taken as a whole, or (b) the ability of the Company to perform its obligations under this Agreement and the Notes, or (c) the validity or enforceability
of this Agreement or the Notes. 
 “Material Default” shall mean any continuing Default as to which a written notice of such
Default (which notice has not been rescinded) shall have been received by the Company or the General Partner from any holder of any Note, or any continuing Event of Default. 
 “Maximum Leverage Ratio” shall mean, at any date of determination, a quotient, expressed as a percentage, the numerator of which shall be the
total Consolidated Funded Debt of the Company and its Subsidiaries on a consolidated basis as of such date and the denominator of which shall be the net worth of the Company and its Subsidiaries on a consolidated basis plus the total Consolidated
Funded Debt of the Company and its Subsidiaries on a consolidated basis as of such date. 
 “Maximum Pro Forma Annual Interest
Charges” shall mean, as of any date, the highest total amount payable during any period of four consecutive fiscal quarters, commencing with the fiscal quarter in which such date occurs and ending with the fiscal quarter in which
October 1, 2013 occurs, by the Company and its Restricted Subsidiaries on a consolidated basis, after eliminating all intercompany transactions, in respect of interest charges ((a) including 

  

 2-11 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 
amortization of debt discount and expense and imputed interest on Capital Lease Obligations and on other obligations included in Debt which do not have
stated interest, (b) assuming, in the case of fluctuating interest rates which cannot be determined in advance, that the rate in effect on such date will remain in effect throughout such period, and (c) treating the principal amount of all
Debt outstanding as of such date under a revolving credit or similar agreement as maturing and becoming due and payable on the scheduled maturity date thereof, without regard to any provision permitting such maturity date to be extended) on all Debt
of the Company and its Restricted Subsidiaries outstanding on such date (including, to the extent not already included, all other Debt outstanding on such date which is guaranteed or in effect guaranteed by the Company or any Restricted
Subsidiaries), after giving effect to any Debt proposed to be created on such date and to the concurrent retirement of any other Debt. 
 “Measurement Period” is defined in the definition of “Pro Forma Free Cash Flow” in this paragraph 10B. 
 “Merger” shall mean the merger of certain subsidiaries of Georgia-Pacific Corporation with and into the Corporation, as described in the Agreement of Merger. 
 “Merger-Related Contributions” shall mean the contributions of the stock of Plum Creek Investment Company and Highland Resources Inc. by the
Company to a Facilities Subsidiary and the contribution of certain Timberlands not in excess of 1.1 million acres in the aggregate located in the states of Mississippi and Louisiana and acquired in connection with the Merger to the Mississippi
Subsidiary and Louisiana Subsidiary. 
 “Mississippi Subsidiary” means Plum Creek South Central Timberlands, L.L.C., a Delaware
limited liability company. 
 “MCCF” shall mean one thousand Cunits. 
 “MMBF” shall mean one million Board Feet. 
 “Mortgage Note Agreements” shall mean the Note Agreements, dated as of May 31, 1989 and amended as of January 1, 1991, April 22, 1993, September 1, 1993, May 20, 1994, June 15, 1995, May 31,
1996, April 15, 1997, January 15, 1999, October 5, 2001 and December 19, 2002 providing for the issuance and sale of $160,000,000 original aggregate principal amount of the 11-1/8% First Mortgage Notes of the Facilities
Subsidiary to the purchasers listed in the schedule of purchasers attached thereto. 
 “Mortgage Notes” shall mean the 11-1/8%
First Mortgage Notes of the Facilities Subsidiary issued and sold pursuant to the Mortgage Note Agreements. 
 “Multiemployer Plan”
shall mean any Plan which is a “multiemployer plan” (as such term is defined in section 4001 (a)(3) of ERISA). 
 “Nationally
Recognized Rating Agency” shall mean Moody’s Investors Service, Inc., Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc., Fitch/BCA Duff & Phelps Ltd. or DBRS. 
  

 2-12 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 “Net
Proceeds” means proceeds in cash as and when received by the Person making a sale of property or by the Company in respect of a Company Preferred Interest issued in connection with a Timberlands Transaction, net of: (a) the direct costs
relating to such sale or transaction excluding amounts payable to the Company, any Affiliate of the Company or any other Person in which the Company holds an equity or other ownership interest, (b) sale, use or other transaction taxes paid or
payable as a result thereof, and (c) amounts required to be applied to repay principal, interest and prepayment premiums and penalties on Debt secured by a Lien on the asset which is the subject of such disposition. 
 “New Subsidiaries” shall mean Plum Creek Northwest Lumber Company, Inc., a Delaware corporation, Plum Creek Northwest Plywood Company, Inc., a
Delaware corporation, Plum Creek MDF Company, Inc., a Delaware corporation, and Plum Creek Southern Lumber, Inc., a Delaware corporation, and “New Subsidiary” shall mean one of them. 
 “1934 Act Reports” is defined in paragraph 8F(b). 
 “Officers’ Certificate” shall mean, as to any corporation, a certificate executed on its behalf by the Chairman of the Board of Directors (if an officer) or its President or one of its Vice Presidents
and its Treasurer, or Controller or one of its Assistant Treasurers or Assistant Controllers, and, as to any partnership, a certificate executed on behalf of such partnership by its general partner in a manner which would qualify such certificate as
an Officers’ Certificate of such general partner hereunder. 
 “Other Senior Notes” shall mean, with respect to each of the
separate private placement Note Agreements dated as of August 1, 1994, November 13, 1996, November 12, 1998, October 9, 2001 and January 22, 2003, the definition of “Other Senior Notes” as set forth
in such Note Agreement, as applicable, immediately prior to the effective date of that certain First Omnibus Amendment dated as of August 18, 2008. 
 “Partnership Agreement” shall mean the Agreement of Limited Partnership of the Company, as in effect at the date of closing, and as the same may, from time to time, be amended, modified or supplemented in
accordance with the terms thereof.7 
 “PBGC” shall mean the Pension Benefit Guaranty Corporation or any governmental authority succeeding to any of its functions. 
 “Permitted Ancillary Business” means the ownership, development, management and sale of property owned or previously owned by the Company or a Restricted Subsidiary that, based on the good faith determination of the Responsible
Representatives at the time of determination, has a higher value as recreational, residential, grazing or agricultural property than for timber production. 
  

	7	In the case of the 1994 Note Agreement, the 1996 Note Agreement and the 1998 Note Agreement the definition of “Partnership Agreement” shall read as follows:

  

	  	 “Partnership Agreement” shall mean the Agreement of Limited Partnership of the Company, as in effect at the time of and after giving effect to the Merger,
and as the same may, from time to time, be amended, modified or supplemented in accordance with the terms thereof. 

  

 2-13 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 “Permitted
Business” shall mean any business engaged in by the Company or the Facilities Subsidiary immediately following the Merger, pulp and paper manufacturing, acquiring, selling and managing timberlands and related assets for a fee for third Persons,
and any business substantially similar or related to any such business. 
 “Person” shall mean and include an individual, a
partnership, a joint venture, a corporation, a trust, an unincorporated organization, a limited liability company and a government or any department or agency thereof. 
 “Plan” shall mean an “employee benefit plan” (as defined in section 3(3) of ERISA) which is or has been established or maintained, or to which contributions are or have been made, by the Company,
any of its Subsidiaries or any Related Person or with respect to which the Company, any of its Subsidiaries or any Related Person may have any liability. 
 “Private Placement Notes” shall mean, as of any date of determination hereunder, the notes of the Company then outstanding pursuant to the separate private placement Note Agreements dated as of
August 1, 1994, November 13, 1996, November 12, 1998, October 9, 2001 and January 22, 2003. 
 “Pro Forma Free Cash Flow” shall mean as of any date (i) net income of the Company and its Restricted Subsidiaries on a consolidated basis (excluding (a) gain on the sale of any Capital Asset, (b) noncash items of
income, and (c) any distributions or other income received from, or equity of the Company or any Restricted Subsidiary in the earnings of, any entity which is not a Restricted Subsidiary) for the period of four consecutive fiscal quarters
immediately prior to such date (such period of four consecutive fiscal quarters being the “Measurement Period”), determined in accordance with generally accepted accounting principles plus depreciation, depletion, amortization and other
noncash charges, interest expense on Debt, provision for income taxes and the Designated Acres Amount, minus (ii) capital expenditures made by the Company and its Restricted Subsidiaries during the Measurement Period, to maintain their
respective operations, provided, however, if (A) the Company or a Restricted Subsidiary is acquiring a Restricted Subsidiary or assets and (B) Pro Forma Free Cash Flow is being determined in connection therewith, such Restricted Subsidiary
shall be considered to have been a Restricted Subsidiary during the entire Measurement Period and such assets shall be considered to have been owned by the Company during the entire Measurement Period if net income attributable to such Restricted
Subsidiary or such assets (as the case may be) for the entire Measurement Period is readily determinable; further provided, however, that the portion of Pro Forma Free Cash Flow allocable to such Restricted Subsidiary or assets shall be reduced on a
pro rata basis to the extent Timber has been harvested by such Restricted Subsidiary or from such assets during the Measurement Period at a rate greater than the rate at which the Company has harvested Timber from its Timberlands during the
Measurement Period; and finally provided, however, if Pro Forma Free Cash Flow is being determined for any Measurement Period and a Restricted Subsidiary or assets have been sold or otherwise disposed of at any time during such Measurement
Period by the Company or any Restricted Subsidiary, such Restricted Subsidiary 
  

 2-14 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 
shall not be considered to have been a Restricted Subsidiary during any part of such Measurement Period and such assets shall not be considered to have been
owned by the Company during any part of such Measurement Period. Notwithstanding the provisos to the immediately preceding sentence, the effect of any acquisition or sale or other disposition of any Restricted Subsidiary or assets during any
Measurement Period shall not be taken into account in such Measurement Period on a pro forma basis unless the value of such Restricted Subsidiary or assets exceeds $50,000,000. 
 “Qualified Debt” shall mean, as to the Company, as of any date of determination, without duplication, all outstanding indebtedness of the
Company for borrowed money, including, without limitation, Debt represented by the Private Placement Notes, but excluding any (a) Debt owed to a Subsidiary, (b) Debt that is non-recourse to the Company or (c) Debt that by its terms is
subordinated in right of payment to the Debt represented by the Private Placement Notes. 
 “Ratable Portion” means for any Private
Placement Note and with respect to any Timberlands Transaction, an amount equal to the product of (x) 50% of the Net Proceeds from such Timberlands Transaction, multiplied by (y) a fraction the numerator of which is the aggregate principal
amount of such Private Placement Note then outstanding and the denominator of which is the aggregate principal amount of Qualified Debt then outstanding. For purposes of calculating the Ratable Portion in the case of the first Timberlands
Transaction, the $100,000,000 aggregate principal amount of Private Placement Notes due October 1, 2008 and November 13, 2008 shall be deemed to have been paid with the Net Proceeds of such Timberlands Transaction if such transaction shall
occur on or prior to December 13, 2008 and shall be deducted from the aggregate principal amount of Private Placement Notes which the Company would otherwise offer to prepay. 
 “Related Person” shall mean, as of any date of determination, any trade or business, whether or not incorporated, which, together with the
Company or any of its Subsidiaries, is treated as a single employer under section 414(b) or (c) of the Code or the regulations promulgated thereunder. 
 “Required Holder(s)” shall mean the holder or holders of greater than 50% of the aggregate principal amount of the Notes from time to time outstanding; provided that, with respect to the notes issued
under that certain private placement Note Agreement dated as of August 1, 1994, “Required Holder(s)” shall mean for the purpose of paragraph 11C thereto the holder or holders of at least 55% of the aggregate principal amount of the
Notes from time to time outstanding, and for all other purposes the holder or holders of at least 66 2/3% of the aggregate principal amount of the Notes from time to time outstanding. 
 “Responsible Officer” means the chief executive officer, the president or any vice president of the General Partner, or any other officer
having substantially the same authority and responsibility; or, with respect to compliance with financial covenants, the chief financial officer or the treasurer of the General Partner, or any other officer having substantially the same authority
and responsibility. 
 “Responsible Representatives” shall mean the chief executive officer, chief financial officer or chief
operating officer of the Company. 
  

 2-15 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 “Restricted
Payment” shall mean (a) any dividend or other distribution, direct or indirect, on account of any shares of any class of stock of or other ownership interests in the Company, now or hereafter outstanding, except a dividend payable solely
in shares of stock of or ownership interests in the Company, and (b) any redemption, retirement, purchase or other acquisition, direct or indirect, of any shares of any class of stock of or other ownership interests in the Company, now or
hereafter outstanding, or of any warrants, rights or options to acquire any such shares or interests, except to the extent that the consideration therefor consists of shares of stock of or other ownership interests in the Company. 
 “Restricted Subsidiary” shall mean any Wholly-Owned Subsidiary other than any Designated Immaterial Subsidiary. 
 “Revolving Credit Facility” shall mean any facility pursuant to which the Company may obtain revolving credit, take-down credit, the issuance
of standby and payment letters of credit and back-up for the issuance of commercial paper. 
 “Securities Act” shall mean the
Securities Act of 1933, as amended. 
 “Series D Notes” shall mean the Company’s 8.05% Senior Notes Due November 13,
2016, Series D, outstanding in the original aggregate principal amount of $25,000,000. 
 “Significant Holder” shall mean
(i) each Purchaser named in Schedule I to this Agreement, so long as it shall hold (or be committed under this Agreement to purchase) any Note, and (ii) any other insurance company, bank, financial institution, public or governmental
retirement or pension fund or other similar institutional holder of Notes, whether acting for itself or in a trust, agency or other fiduciary capacity. 
 “Southern Timber Assumption Agreement” means that certain Assumption Agreement executed by the Louisiana Subsidiary as contemplated by (and in substantially the form of Exhibit D to) the Amendments to Senior
Note Agreements dated as of January 15, 1999 and April 1, 1999, as applicable, as the same may be amended and restated from time to time. 
 “Subsidiary” shall mean any corporation, partnership or other entity a majority of (i) the total consolidated voting power of all classes of Voting Stock of which or (ii) the outstanding equity interests of which shall,
at the time as of which any determination is being made, be owned by the Company either directly or through Subsidiaries. 
 “Standing
Inventory” shall mean an amount of Timber (in MCCF) equal to the volume of merchantable Timber as of January 1 of each calendar year of the Company and its Restricted Subsidiaries, which amount will be set forth in the Corporation’s
Annual Report on Form 10-K as filed with the Securities and Exchange Commission for the fiscal year ending on the preceding December 31 (which amount contains adjustments for growth, harvesting and changes in land base through acquisitions and
divestitures up to such date and may be stated in Tons in the Form 10-K). 
  

 2-16 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 “Tangible
Assets” shall mean assets other than assets that would be classified as intangible assets under generally accepted accounting principles. 
 “Timber” shall mean standing trees not yet harvested. 
 “Timberlands” shall mean the timberlands owned by the
Company or any of its Subsidiaries as of the date of closing and any timberlands acquired by the Company or any Subsidiary after the date of closing. 
 “Timberlands Loan” is defined in the definition of “Timberlands Transaction” in this paragraph 10B. 
 “Timberlands Transaction” shall mean, as to the Company or any Restricted Subsidiary, the following concurrent transactions, collectively, that meet the conditions set forth below (the “Timberlands
Transaction Conditions”): 
 (i) the contribution or other transfer by the Company or such Restricted Subsidiary in one or a series of
transactions of Timberlands or equity interests in Wholly-Owned Subsidiaries that own Timberlands to a Person (a “Timberlands Transferee”) that is not a Subsidiary and immediately after such contribution or transfer will not be a
Subsidiary; 
 (ii) the issuance to the Company or such Restricted Subsidiary of a Timberlands Transferee Common Interest representing no
more than 10% of the total common interests of such Timberlands Transferee; 
 (iii) the issuance to the Company or such Restricted
Subsidiary of a Timberlands Transferee Preferred Interest representing 100% of the preferred interests of such Timberlands Transferee, provided that the fair value thereof, together with the fair value of the Timberlands Transferee Common Interest
referred to in the foregoing clause (ii), is at least equal to the fair value of the Timberlands contributed or transferred (less the amount of costs and expenses reasonably incurred by the Timberlands Transferee in connection therewith), in each
case as reasonably determined in good faith by the Responsible Representatives, and provided further that such Timberland Transferee Preferred Interest: 
 (A) has a liquidation preference equal to at least 90% of the fair value of the Timberlands contributed or transferred, 
 (B) entitles the holder thereof to (x) a preferred return based on the applicable liquidation preference, distributable monthly, quarterly or semi-annually, at a rate per annum that is equal to or greater than
the rate of return per annum on each of the related Company Preferred Interest and the Timberlands Loan and (y) an additional preferred return on any distribution referred to in clause (x) that is not paid when due, 
 (C) provides that the following are payable prior to any distribution on the common interests: (x) the right to receive the
preferred return and the additional preferred return described in clause (iii)(B) above and (y) the right to receive, out of capital distributions or on liquidation, the liquidation preference described in clause (iii)(A), as such preference
may be reduced by any loss on the sale or foreclosure of the Timberlands Loan following default thereunder, 
  

 2-17 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 (D) is
not subject to redemption prior to January 2015, and 
 (E) entitles the holder thereof to approve certain major decisions of
the Timberlands Transferee; 
 (iv) the making of a loan (a “Timberlands Loan”) by the Timberlands Transferee or a wholly-owned
subsidiary thereof to the Corporation or another Affiliate of the Company (a “Company Preferred Limited Partner”), provided that the Timberlands Loan: 
 (A) is in a principal amount no less than 95%, or more than 100%, of the fair value of the Timberlands contributed or transferred to the
Timberlands Transferee, 
 (B) requires no principal payment prior to January 2015, 
 (C) bears interest at a fixed rate of interest per annum that is no greater than the rate of return referred to in clause (iii)(B)(x)
above, and 
 (D) is guaranteed by the Corporation; 
 (v) the contribution of the entire proceeds of the Timberlands Loan to the Company in respect of a preferred limited partnership interest (a
“Company Preferred Interest”) held by the Company Preferred Limited Partner, provided that the Company Preferred Interest: 
 (A) is subject to mandatory redemption no earlier than the maturity date of the related Timberlands Loan at a redemption price at least equal to, but not greater than 120% of, the principal amount of the Timberlands
Loan, plus any accrued and unpaid distributions, provided that such mandatory redemption will not apply in the event of a default on the related Timberlands Loan and a foreclosure on the related Company Preferred Interest securing such Timberlands
Loan, 
 (B) entitles the Company Preferred Limited Partner on or immediately prior to the dates on which interest is due and
payable on the related Timberlands Loan to current cash distributions equal to the amounts of such interest payments, 
 (C)
provides for the accumulation of any unpaid current distributions without any return on any such cumulative unpaid distributions, except to the extent necessary to align distributions on the Company Preferred Interest with the interest payments on
the related Timberlands Loan, 
 (D) provides that, in the event any portion of the redemption price therefor is not paid
when due, such unpaid redemption price, together with any accrued and unpaid distributions, shall be converted into a liquidation preference distributable only upon liquidation of the Company, and 
  

 2-18 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 (E)
entitles the Company Preferred Limited Partner to no voting rights and no rights in respect of unpaid current distributions or unpaid redemption price, except as a distribution on liquidation of the Company prior to any distribution in respect of
common limited partnership interests of the Company. 
 “Timberlands Transaction Conditions” is defined in the definition of
“Timberlands Transaction” in this paragraph 10B. 
 “Timberlands Transferee” is defined in the definition of
“Timberlands Transaction” in this paragraph 10B. 
 “Timberlands Transferee Common Interest” shall mean, with respect to
a Timberlands Transaction and the related Timberlands Transferee, a common equity interest in such Timberlands Transferee. 
 “Timberlands Transferee Preferred Interest” shall mean, with respect to a Timberlands Transaction and the related Timberlands Transferee, a preferred equity interest in such Timberlands Transferee. 
 “Ton” shall mean 2,000 pounds of green saw logs and pulpwood. For purposes of conversion of Timber in the Company’s Maine timberlands, one
million Tons shall equal 355 MCCF. 
 “Transferee” shall mean any direct or indirect transferee of all or any part of any Note
purchased by the Purchasers under this Agreement. 
 “Voting Stock” shall mean, with respect to any corporation or other entity,
any shares of stock or other ownership interests of such corporation or entity whose holders are entitled under ordinary circumstances to vote for the election of directors of such corporation or to manage any such other entity (irrespective of
whether at the time stock or ownership interests of any other class or classes shall have or might have voting power by reason of the happening of any contingency). 
 “Wholly-Owned Subsidiary” shall mean any Subsidiary organized under the laws of any state of the United States of America which conducts the major portion of its business in the United States of America and
all the stock and other ownership interests of which are owned by the Company either directly or indirectly through Wholly-Owned Subsidiaries. 
  

 2-19 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 FORM
OF ACKNOWLEDGEMENT AND CONSENT OF PLUM CREEK SOUTHERN TIMBER, L.L.C. 
 This ACKNOWLEDGEMENT AND CONSENT dated as of August 18, 2008 (this “Consent”) is made
by PLUM CREEK SOUTHERN TIMBER, L.L.C. (the “Obligor”) for the benefit of the holders of the notes (the “Noteholders”) named in the note agreements
described in Schedule A (the “Note Agreements”) to the First Omnibus Amendment dated as of the date hereof (the “Amendment”) among Plum Creek Timberlands, L.P. and the Noteholders. 
 Reference is made to the Amended and Restated Plum Creek Southern Timber, L.L.C. Assumption Agreement dated as of January 22, 2003 (the
“Assumption Agreement”) made by the Obligor in favor of the Debt Holders (as defined in the Assumption Agreement), including the Noteholders. 
 In connection with and as a condition to the effectiveness of the Amendment, the Obligor hereby: 
 (i) acknowledges receipt of a copy of the Amendment and consents to the changes, modifications and amendments to the Note Agreements made thereby; and 
 (ii) ratifies its obligations under, and all of the terms and conditions of, the Assumption Agreement and confirms and agrees that the
Assumption Agreement remains in full force and effect after giving effect to the Amendment. 
 This Consent shall be governed by and
construed in accordance with the laws of the State of New York. 
  

			
	 PLUM CREEK SOUTHERN TIMBER, L.L.C.
  
 Plum Creek Timberlands, L.P.,
     its sole member

		
	 By:
	 	 Plum Creek Timber I, L.L.C.,
 its General Partner

		
	 By:
	 	 Plum Creek Timber Company, Inc.,
 its Managing Member

  

					
		
	By:	 	 
		 	 Name:
	 	 Laura B. Smith

		 	 Title:
	 	 Vice President and Treasurer

  
 EXHIBIT 3(A) 
 (to First Omnibus Amendment) 

			
	Plum Creek Timberlands, L.P.	 	First Omnibus Amendment

  
 FORM
OF ACKNOWLEDGEMENT AND CONSENT OF PLUM CREEK SOUTH CENTRAL TIMBERLANDS, L.L.C. 
 This ACKNOWLEDGEMENT AND CONSENT dated as of August 18, 2008 (this “Consent”) is made
by PLUM CREEK SOUTH CENTRAL TIMBERLANDS, L.L.C. (the “Obligor”) for the benefit of the holders of the notes (the “Noteholders”) named in the
note agreements described in Schedule A (the “Note Agreements”) to the First Omnibus Amendment dated as of the date hereof (the “Amendment”) among Plum Creek Timberlands, L.P. and the Noteholders. 
 Reference is made to the Amended and Restated Plum Creek South Central Timberlands, L.L.C. Assumption Agreement dated as of January 22, 2003 (the
“Assumption Agreement”) made by the Obligor in favor of the Debt Holders (as defined in the Assumption Agreement), including the Noteholders. 
 In connection with and as a condition to the effectiveness of the Amendment, the Obligor hereby: 
 (i) acknowledges receipt of a copy of the Amendment and consents to the changes, modifications and amendments to the Note Agreements made thereby; and 
 (ii) ratifies its obligations under, and all of the terms and conditions of, the Assumption Agreement and confirms and agrees that the
Assumption Agreement remains in full force and effect after giving effect to the Amendment. 
 This Consent shall be governed by and
construed in accordance with the laws of the State of New York. 
  

			
	 PLUM CREEK SOUTH CENTRAL TIMBERLANDS, L.L.C.
  
 Plum Creek Timberlands, L.P.,
     its sole member

		
	 By:
	 	 Plum Creek Timber I, L.L.C.,
 its General Partner

		
	 By:
	 	 Plum Creek Timber Company, Inc.,
 its Managing Member

  

					
		
	By:	 	 
		 	 Name:
	 	 Laura B. Smith

		 	 Title:
	 	 Vice President and Treasurer

  
 EXHIBIT 3(B) 
 (to First Omnibus Amendment)EXHIBIT 10.1

 Exhibit 10.1 
 THE COMMUNITY BANK, 
 A MASSACHUSETTS COOPERATIVE BANK 
 EMPLOYEE STOCK OWNERSHIP PLAN 
 Adopted
effective January 1, 2008 

 THE COMMUNITY BANK, A MASSACHUSETTS COOPERATIVE BANK 
 EMPLOYEE STOCK OWNERSHIP PLAN 
 This
Employee Stock Ownership Plan, executed on the      day of                     , 2008, by The Community Bank, A
Massachusetts Cooperative Bank (the “Bank”), 
 W I T N E S S E T H    T H A T 
 WHEREAS, the board of directors of the Bank has resolved to adopt an employee stock ownership plan for eligible employees in accordance with the terms
and conditions presented to the directors; 
 NOW, THEREFORE, the Bank hereby adopts the following Plan setting forth the terms and
conditions pertaining to contributions by the Employer and the payment of benefits to Participants and Beneficiaries. 
 IN WITNESS WHEREOF,
the Bank has adopted this Plan and caused this instrument to be executed by its duly authorized officers as of the above date. 
  

							
	ATTEST:	 		 	 THE COMMUNITY BANK,
 A MASSACHUSETTS
COOPERATIVE BANK

				
	  
	 		 	By:	 	  

	Secretary	 		 		 	Authorized Officer

  

 i 

 C O N T E N T S 
  

					
	         1.1
	  	Name	  	1
	         1.2
	  	Purpose	  	1
	         1.3
	  	Effective Date	  	1
	         1.4
	  	Fiscal Period	  	1
	         1.5
	  	Single Plan for All Employers	  	1
	         1.6
	  	Interpretation of Provisions	  	1
	Section 3.	  	Eligibility for Participation.	  	8
	         3.1
	  	Initial Eligibility.	  	8
	         3.2
	  	Definition of Eligibility Year	  	8
	         3.3
	  	Terminated Employees.	  	8
	         3.4
	  	Certain Employees Ineligible	  	8
	         3.5
	  	Participation and Reparticipation	  	8
	Section 4.	  	Contributions and Credits.	  	8
	         4.1
	  	Discretionary Contributions	  	8
	         4.2
	  	Contributions for Stock Obligations	  	9
	         4.3
	  	Definitions Related to Contributions	  	9
	         4.4
	  	Conditions as to Contributions	  	9
	         4.5
	  	Transfers	  	10
	Section 5.	  	Limitations on Contributions and Allocations.	  	10
	         5.1
	  	Limitation on Annual Additions	  	10
	         5.2
	  	Effect of Limitations	  	12
	         5.3
	  	Limitations as to Certain Participants	  	12
	Section 6.	  	Trust Fund and Its Investment.	  	13
	         6.1
	  	Creation of Trust Fund	  	13
	         6.2
	  	Stock Fund and Investment Fund	  	13
	         6.3
	  	Acquisition of Stock	  	13
	         6.4
	  	Participants’ Option to Diversify	  	14
	Section 7.	  	Voting Rights and Dividends on Stock	  	15
	         7.1
	  	Voting and Tendering of Stock	  	15
	         7.2
	  	Dividends on Stock	  	15
	Section 8.	  	Adjustments to Accounts	  	15
	         8.1
	  	Adjustments for Transactions	  	15
	         8.2
	  	Valuation of Investment Fund	  	16
	         8.3
	  	Adjustments for Investment Experience	  	16
	Section 9.	  	Vesting of Participants’ Interests.	  	16
	         9.1
	  	Deferred Vesting in Accounts	  	16
	         9.2
	  	Computation of Vesting Years	  	16
	         9.3
	  	Full Vesting Upon Certain Events	  	17
	         9.3-1
	  	Full Vesting Upon Change of Control	  	17
	         9.3-2
	  	Full Vesting Upon Plan Termination	  	18
	         9.4
	  	Forfeiture, Repayment, and Restoral	  	18
	         9.5
	  	Accounting for Forfeitures	  	18

  

 ii 

					
	         9.6
	  	Vesting and Nonforfeitability	  	18
	Section 10.	  	Payment of Benefits.	  	18
	         10.1
	  	Benefits for Participants	  	18
	         10.2
	  	Time for Distribution.	  	19
	         10.3
	  	Marital Status.	  	21
	         10.4
	  	Delay in Benefit Determination.	  	21
	         10.5
	  	Accounting for Benefit Payments	  	21
	         10.6
	  	Options to Receive and Sell Stock	  	21
	         10.7
	  	Restrictions on Disposition of Stock	  	22
	         10.8
	  	Continuing Loan Provisions; Creations of Protections and Rights	  	22
	         10.9
	  	Direct Rollover of Eligible Distribution	  	22
	         10.10
	  	Waiver of 30 Day Period After Notice of Distribution	  	23
	Section 11.	  	Rules Governing Benefit Claims and Review of Appeals.	  	23
	         11.1
	  	Claim for Benefits.	  	23
	         11.2
	  	Notification by Committee.	  	23
	         11.3
	  	Claims Review Procedure	  	24
	Section 12.	  	The Committee and Its Functions.	  	24
	         12.1
	  	Authority of Committee	  	24
	         12.2
	  	Identity of Committee.	  	24
	         12.3
	  	Duties of Committee.	  	24
	         12.4
	  	Valuation of Stock	  	25
	         12.5
	  	Compliance with ERISA	  	25
	         12.6
	  	Action by Committee.	  	25
	         12.7
	  	Execution of Documents	  	25
	         12.8
	  	Adoption of Rules.	  	25
	         12.9
	  	Responsibilities to Participants	  	25
	         12.10
	  	Alternative Payees in Event of Incapacity	  	25
	         12.11
	  	Indemnification by Employers.	  	26
	         12.12
	  	Nonparticipation by Interested Member	  	26
	Section 13.	  	Adoption, Amendment, or Termination of the Plan.	  	26
	         13.1
	  	Adoption of Plan by Other Employers.	  	26
	         13.2
	  	Adoption of Plan by Successor.	  	26
	         13.3
	  	Plan Adoption Subject to Qualification	  	26
	         13.4
	  	Right to Amend or Terminate	  	27
	Section 14.	  	Miscellaneous Provisions	  	27
	         14.1
	  	Plan Creates No Employment Rights	  	27
	         14.2
	  	Nonassignability of Benefits	  	27
	         14.3
	  	Limit of Employer Liability.	  	27
	         14.4
	  	Treatment of Expenses.	  	27
	         14.5
	  	Number and Gender.	  	28
	         14.6
	  	Nondiversion of Assets.	  	28
	         14.7
	  	Separability of Provisions	  	28
	         14.8
	  	Service of Process.	  	28
	         14.9
	  	Governing State Law	  	28

  

 iii 

					
	         14.10
	  	Employer Contributions Conditioned on Deductibility.	  	28
	         14.11
	  	Unclaimed Accounts	  	28
	         14.12
	  	Qualified Domestic Relations Order.	  	29
	         14.13
	  	Use of Electronic Media to Provide Notices and Make Participant Elections.	  	29
	Section 15.	  	Top-Heavy Provisions	  	29
	         15.1
	  	Top-Heavy Plan	  	29
	         15.2
	  	Definitions.	  	30
	         15.3
	  	Top-Heavy Rules of Application.	  	31
	         15.4
	  	Minimum Contributions.	  	32
	         15.5
	  	Minimum Vesting	  	32
	         15.6
	  	Maximum Compensation.	  	32
	         15.7
	  	Top-Heavy Provisions Control in Top-Heavy Plan	  	32

  

 iv 

 THE COMMUNITY BANK, A MASSACHUSETTS COOPERATIVE BANK 
 EMPLOYEE STOCK OWNERSHIP PLAN 
  

	Section 1.	Plan Identity 

 1.1 Name. The
name of this Plan is “The Community Bank, A Massachusetts Cooperative Bank Employee Stock Ownership Plan.” 
 1.2
Purpose. The purpose of this Plan is to describe the terms and conditions under which contributions made pursuant to the Plan will be credited and paid to the Participants and their Beneficiaries. 
 1.3 Effective Date. The Effective Date of this Plan is January 1, 2008. 
 1.4 Fiscal Period. This Plan shall be operated on the basis of a January 1 to December 31 fiscal year for the purpose of keeping
the Plan’s books and records and distributing or filing any reports or returns required by law. 
 1.5 Single Plan for All
Employers. This Plan shall be treated as a single plan with respect to all participating Employers for the purpose of crediting contributions and forfeitures and distributing benefits, determining whether there has been any termination of
Service, and applying the limitations set forth in Section 5. 
 1.6 Interpretation of Provisions. The Employers intend
this Plan and the Trust to be a qualified stock bonus plan under Section 401(a) of the Code and an employee stock ownership plan within the meaning of Section 407(d)(6) of ERISA and Section 4975(e)(7) of the Code. The Plan is intended
to have its assets invested primarily in qualifying employer securities of one or more Employers within the meaning of Section 407(d)(3) of ERISA, and to satisfy any requirement under ERISA or the Code applicable to such a plan. 
 Accordingly, the Plan and Trust Agreement shall be interpreted and applied in a manner consistent with this intent and shall be administered at all times
and in all respects in a nondiscriminatory manner. 
  

	Section 2.	Definitions. 

 The following capitalized words and
phrases shall have the meanings specified when used in this Plan and in the Trust Agreement, unless the context clearly indicates otherwise: 
 “Account” means a Participant’s interest in the assets accumulated under this Plan as expressed in terms of a separate account balance which is periodically adjusted to reflect his Employer’s contributions, the
Plan’s investment experience, and distributions and forfeitures. 
 “Active Participant” means any Employee who has
satisfied the eligibility requirements of Section 3 and who qualifies as an Active Participant for a particular Plan Year under Section 4.3. 
 “Bank” means The Community Bank, A Massachusetts Cooperative Bank, and any entity which succeeds to the business of The Community Bank, A Massachusetts Cooperative Bank, and adopts this Plan as its
own pursuant to Section 13.2. 
 “Beneficiary” means the person or persons who are designated by a Participant to
receive benefits payable under the Plan on the Participant’s death. In the absence of any designation or if all the designated 

 
Beneficiaries shall die before the Participant dies or shall die before all benefits have been paid, the Participant’s Beneficiary shall be his
surviving spouse, if any, or his estate if he is not survived by a spouse. The Committee may rely upon the advice of the Participant’s executor or administrator as to the identity of the Participant’s spouse. 
 “Break in Service” means any Vesting Year in which an Employee has 500 or fewer Hours of Service. Solely for this purpose, an Employee
shall be considered employed for his normal hours of paid employment during a Recognized Absence (but shall not be credited with more than 501 Hours of Service for the sole purpose of avoiding a Break in Service), unless he does not resume his
Service at the end of the Recognized Absence. Further, if an Employee is absent for any period beginning on or after January 1, 1985, (i) by reason of the Employee’s pregnancy, (ii) by reason of the birth of the Employee’s
child, (iii) by reason of the placement of a child with the Employee in connection with the Employee’s adoption of the child, or (iv) for purposes of caring for such child for a period beginning immediately after such birth or
placement, the Employee shall be credited with the Hours of Service which would normally have been credited but for such absence, up to a maximum of 501 Hours of Service. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Committee”
means the committee responsible for the administration of this Plan in accordance with Section 12. 
 “Company” means
Campello Bancorp, Inc. 
 “Disability” means only a disability which renders the Participant totally unable, as a result of
bodily or mental disease or injury, to perform any duties for an Employer for which he is reasonably fitted, which disability is expected to be permanent or of long and indefinite duration. However, this term shall not include any disability
directly or indirectly resulting from or related to habitual drunkenness or addiction to narcotics, a criminal act or attempt, service in the armed forces of any country, an act of war, declared or undeclared, any injury or disease occurring while
compensation to the Participant is suspended, or any injury which is intentionally self-inflicted. Further, this term shall apply only if (i) the Participant is sufficiently disabled to qualify for the payment of disability benefits under the
federal Social Security Act or Veterans Disability Act, or (ii) the Participant’s disability is certified by a physician selected by the Committee. Unless the Participant is sufficiently disabled to qualify for disability benefits under
the federal Social Security Act or Veterans Disability Act, the Committee may require the Participant to be appropriately examined from time to time by one or more physicians chosen by the Committee, and no Participant who refuses to be examined
shall be treated as having a Disability. In any event, the Committee’s good faith decision as to whether a Participant’s Service has been terminated by Disability shall be final and conclusive. 
 “Early Retirement” means retirement on or after either (i) a Participant’s attainment of age 62, (ii) age 55 and the
completion of five years of Service, or (iii) age 50 with 15 Years of Service for an Employer. If the Participant separates from Service before satisfying the age requirement, but has satisfied the Service requirement, the Participant will be
entitled to elect Early Retirement upon satisfaction of the age requirement. 
 “Employee” means any individual who is or
has been employed or self-employed by an Employer. “Employee” also means an individual employed by a leasing organization who, pursuant to an agreement between an Employer and the leasing organization, has performed services for the
Employer and any related persons (within the meaning of Section 414(n)(6) of the Code) on a substantially full-time basis for more than one year, and such services are performed under primary direction or control by the Employer. However, such
a “leased employee” shall not be considered an Employee if (i) he participates in a money purchase pension 

  

 2 

 
plan sponsored by the leasing organization which provides for immediate participation, immediate full vesting, and an annual contribution of at least 10
percent of the Employee’s Total Compensation, and (ii) leased employees do not constitute more than 20 percent of the Employer’s total work force (including leased employees, but excluding Highly Paid Employees and any other employees
who have not performed services for the Employer on a substantially full-time basis for at least one year). 
 “Employer”
means the Bank or any affiliate within the purview of Section 414(b), (c) or (m) and 415(h) of the Code, including Campello Bancorp, Inc., any other corporation, partnership, or proprietorship which adopts this Plan with the
Bank’s consent pursuant to Section 13.1, and any entity which succeeds to the business of any Employer and adopts the Plan pursuant to Section 13.2. 
 “Entry Date” means the Effective Date of the Plan and each January 1 and July 1 of each Plan Year. 
 “ERISA” means the Employee Retirement Income Security Act of 1974 (P.L. 93-406, as amended). 
 “Highly Paid Employee” for any Plan Year means an Employee who, during either of that or the immediately preceding Plan Year, was at any time a five percent owner of the Employer (as defined in Code Section 416(i)(1))
or, for the preceding Plan Year had Total Compensation exceeding $100,000 and was among the most highly compensated one-fifth of all Employees. For this purpose: 
 (a) “Total Compensation” shall include any amount which is excludible from the Employee’s gross income for tax purposes
pursuant to Sections 125, 402(a)(8), 402(h)(1)(B), or 403(b) of the Code. 
 (b) The number of Employees in “the most highly compensated one-fifth of all Employees” shall be determined by taking into account all individuals working for all related Employer entities described in the definition of
“Service,” but excluding any individual who has not completed six months of Service, who normally works fewer than 17- 1/2 hours per week or fewer than six months per year, who has not reached age 21, whose employment is covered by a collective bargaining agreement, or who is a nonresident alien who receives no earned income from United States sources. 

 “Hours of Service” means hours to be credited to an Employee under the following rules: 
 (a) Each hour for which an Employee is paid or is entitled to be paid for services to an Employer is an Hour of Service. 
 (b) Each hour for which an Employee is directly or indirectly paid or is entitled to be paid for a period of vacation, holidays, illness,
disability, lay-off, jury duty, temporary military duty, or leave of absence is an Hour of Service. However, except as otherwise specifically provided, no more than 501 Hours of Service shall be credited for any single continuous period during which
an Employee performs no duties. Further, no Hours of Service shall be credited on account of payments made solely under a plan maintained to comply with worker’s compensation, unemployment compensation, or disability insurance laws, or to
reimburse an Employee for medical expenses. 
 (c) Each hour for which back pay (ignoring any mitigation of damages) is either
awarded or agreed to by an Employer is an Hour of Service. However, no more than 501 Hours of Service shall be credited for any single continuous period during which an Employee would not have performed any duties. 
 (d) Hours of Service shall be credited in any one period only under one of the foregoing paragraphs (a), (b) and (c); an Employee may
not get double credit for the same period. 
  

 3 

 (e) If an Employer finds it impractical to count the actual Hours of Service for any
class or group of non-hourly Employees, each Employee in that class or group shall be credited with 45 Hours of Service for each weekly pay period in which he has at least one Hour of Service. However, an Employee shall be credited only for his
normal working hours during a paid absence. 
 (f) Hours of Service to be credited on account of a payment to an Employee
(including back pay) shall be recorded in the period of Service for which the payment was made. If the period overlaps two or more Plan Years, the Hours of Service credit shall be allocated in proportion to the respective portions of the period
included in the several Plan Years. However, in the case of periods of 31 days or less, the Administrator may apply a uniform policy of crediting the Hours of Service to either the first Plan Year or the second. 
 (g) In all respects an Employee’s Hours of Service shall be counted as required by Section 2530.200b-2(b) and (c) of the
Department of Labor’s regulations under Title I of ERISA. 
 (h) Solely for purposes of determining whether a Break in
Service for vesting purposes has occurred in a computation period, the Hours of Service credited to an individual who is absent from work for maternity or paternity reasons shall be credited (1) in the computation period in which the absence
begins if the crediting is necessary to prevent a Break in Service in that period, or (2) in all other cases, in the following computation period. 
 “Investment Fund” means that portion of the Trust Fund consisting of assets other than Stock. Notwithstanding the above, assets from the Investment Fund may be used to purchase Stock in the open
market or otherwise, or used to pay the Stock Obligation, and shares so purchased will be allocated to a Participant’s Stock Fund. 
 “Normal Retirement” means retirement on or after age 65. 
 “Participant” means any Employee who
is participating in the Plan, or who has previously participated in the Plan and still has a balance credited to his Account. 
 “Plan Year” means the plan year commencing January 1 and ending December 31, of each year. 
 “Recognized Absence” means a period for which — 
 (a) an Employer grants an Employee a leave
of absence for a limited period, but only if an Employer grants such leave on a nondiscriminatory basis; or 
 (b) an Employee
is temporarily laid off by an Employer because of a change in business conditions; or 
 (c) an Employee is on active military
duty, but only to the extent that his employment rights are protected by the Military Selective Service Act of 1967 (38 U.S.C. Sec. 2021). 
 “Service” means an Employee’s period(s) of employment or self-employment with an Employer, 

  

 4 

 
excluding for initial eligibility purposes any period in which the individual was a nonresident alien and did not receive from an Employer any earned income
which constituted income from sources within the United States. An Employee’s Service shall include any service which constitutes service with a predecessor employer within the meaning of Section 414(a) of the Code. An Employee’s
Service shall also include any service with an entity which is not an Employer, but only either (i) for a period after 1975 in which the other entity is a member of a controlled group of corporations or is under common control with other trades
and businesses within the meaning of Section 414(b) or 414(c) of the Code, and a member of the controlled group or one of the trades and businesses is an Employer, (ii) for a period after 1979 in which the other entity is a member of an
affiliated service group within the meaning of Section 414(m) of the Code, and a member of the affiliated service group is an Employer, or (iii) all employers aggregated with the Employer under Section 414(o) of the Code (but not
until the Proposed Regulations under Section 414(o) become effective). 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. 
 “Spouse” means the individual, if any, to whom a Participant is lawfully
married on the date benefit payments to the Participant are to begin, or on the date of the Participant’s death, if earlier. A former spouse shall be treated as the Spouse or surviving Spouse to the extent provided under a qualified domestic
relations order as described in section 414(p) of the Code. 
 “Stock” means shares of the Company’s voting common
stock or preferred stock meeting the requirements of Section 409(e)(3) of the Code issued by an Employer or an affiliated corporation. 
 “Stock Fund” means that portion of the Trust Fund consisting of Stock. 
 “Stock Obligation” means
an indebtedness arising from any extension of credit to the Plan or the Trust which satisfies the requirements set forth in Section 6.3 and which was obtained for any or all of the following purposes: 
  

	 	(i)	to acquire qualifying Employer securities as defined in Treasury Regulations § 54.4975-12; or 

  

	 	(ii)	to repay such Stock Obligation; or 

  

	 	(iii)	to repay a prior exempt loan. 

 “Total
Compensation”  
 (a) shall mean: 
 (i) A Participant’s wages, salaries, fees for professional services and other amounts received (without regard to whether an amount is paid in cash) for personal services actually rendered in the course of
employment with the Employer while a Participant in the Plan, but are not limited to, commissions paid to salesmen, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips, bonuses, severance
payments and amounts paid as a result of termination, provided that such amounts are includible in the Participant’s gross income when distributed, and any deferred compensation contributions made to a Section 401(k) Plan on behalf of the
Participant’s taxable fringe benefits, reimbursements and expense allowances under a nonaccountable plan (as described in Section 1.62-2(c) of the Treasury Regulations). 
  

 5 

 (ii) Amounts described in Code Sections 104(a)(3), 105(a), and 105(h), but only to the
extent that these amounts are includable in the gross income of the Participant. 
 (iii) Amounts paid or reimbursed by the
Employer for moving expenses incurred by an Employee, but only to the extent that at the time of payment it is reasonable to believe that these amounts are not deductible by the Participant under Code Section 217. 
 (iv) The value of a non-qualified stock option granted to the Participant by the Employer, but only to the extent that the value of the
option is includable in the gross income of the Participant for the taxable year in which granted. 
 (v) The amount
includable in the gross income of the Participant upon making the election described in Code Section 83(b). 
 (vi) Any
elective deferral as defined in Code Section 402(g)(3) (any Employer contributions made on behalf of a Participant to the extent not includible in gross income and any Employer contributions to purchase an annuity contract under Code
Section 403(b) under a salary reduction agreement) and any amount which is contributed or deferred by the Employer at the election of the Participant and which is not includible in gross income of the Participant by reason of Code
Section 125 (Cafeteria Plan) shall also be included in the definition of “Total Compensation.” 
 (vii) The
amounts that are includible in the gross income of the Participant under Code Sections 409A or 457(f)(1)(A) or because the amounts are constructively received by the Participant shall be included in the definition of “Total Compensation.”

 (viii) The amounts that are paid by the later of 2 1/2 months after severance from employment with the Employer or the end of the limitation year that includes the date of severance
from employment with the Employer, provided that such amounts would have been included in the definition of “Total Compensation” if they were paid prior to the Participant’s severance from employment with the Employer.

 (b) The term “Total Compensation” does not include items such as: 
 (i) Contributions (other than elective contributions described in Code Sections 402(g)(3)) made by the Employer to a plan of deferred
compensation to the extent that before the application of Section 415 limitations to the Plan, the contributions are not includible in the gross income of the Participant for the taxable year in which contributed, except for deferred
compensation contributions made by the Employer to a Section 401(k) Plan on behalf of the Participant. However, for Plan Years beginning prior to 1998, for purposes of computing Code Section 415 annual additions, deferred compensation
contributions made by the Employer to a Section 401(k) Plan on behalf of a Participant shall be deducted from Total Compensation. In addition, Employer contributions made on behalf of a Participant to a simplified employee pension plan
described in Code Section 408(k) or to a simple retirement account described in Code Section 408(p), whether or not qualified, are not considered as compensation for the taxable year in which contributed to the extent such contributions
are deductible by the Participant under Code Section 219(b)(7). Additionally, any distributions from a Plan of deferred compensation are not considered as compensation for Code Section 415 purposes, regardless of whether such amounts are
includible in the gross income of the Participant when distributed. However, any amounts received by a Participant pursuant to an unfunded non-qualified Plan may be considered as compensation for Code Section 415 purposes in the year such
amounts are includible in the gross income of the Participant. 
  

 6 

 (ii) Amounts realized from the exercise of a non-qualified stock option, or when
restricted stock (or property) held by the Participant either becomes freely transferable or is no longer subject to a substantial risk of forfeiture. 
 (iii) Amounts realized from the sale, exchange or other disposition of stock acquired under a qualified stock option as defined in Treasury Regulation Section 1.421-1(b). 
 (iv) Other amounts which receive special tax benefits, such as premiums for group term life insurance (but only to the extent that the
premiums are not includable in the gross income of the Participant), or contributions made by the Employer (whether or not under a salary reduction agreement) towards the purchase of an annuity contract described in Code Section 403(b) (whether
or not the contributions are excludable from the gross income of the Participant). 
 (v) Notwithstanding the foregoing, to
the extent permitted under Treasury Regulations Section 1.415-1 et seq., such exclusions shall not apply to disabled Participants, and to Participants who have severed employment due to qualified military service. 
 (c) Total Compensation in excess of $230,000 (as indexed) shall be disregarded for all Participants. For purposes of this sub-section, the $230,000 limit
shall be referred to as the “applicable limit” for the Plan Year in question. The $230,000 limit shall be adjusted for increases in the cost of living in accordance with Section 401(a)(17)(B) of the Code, effective for the Plan Year
which begins within the applicable calendar year. For purposes of the applicable limit, Total Compensation shall be prorated over short Plan Years. 
 “Trust” or “Trust Fund” means the trust fund created under this Plan. 
 “Trust
Agreement” means the agreement between the Bank and the Trustee concerning the Trust Fund. If any assets of the Trust Fund are held in a co-mingled trust fund with assets of other qualified retirement plans, “Trust Agreement”
shall be deemed to include the trust agreement governing that co-mingled trust fund. With respect to the allocation of investment responsibility for the assets of the Trust Fund, the provisions of Section 2.4 of the Trust Agreement are
incorporated herein by reference. 
 “Trustee” means one or more corporate persons or individuals selected from time to time
by the Bank to serve as trustee or co-trustees of the Trust Fund. 
 “Unallocated Stock Fund” means that portion of the
Stock Fund consisting of the Plan’s holding of stock which has been acquired in exchange for one or more Stock Obligations and which has not yet been allocated to the Participant’s Accounts in accordance with Section 4.2 

“Valuation Date” means the last day of the Plan Year and each other date as of which the Committee shall determine the investment
experience of the Investment Fund and adjust the Participants’ accounts accordingly. 
 “Valuation Period” means the
period following a Valuation Date and ending with the next Valuation Date. 
  

 7 

 “Vesting Year” means a unit of Service credited to a Participant pursuant to
Section 9.2 for purposes of determining his vested interest in his Account. 
  

	Section 3.	Eligibility for Participation. 

 3.1
Initial Eligibility. An Employee shall enter the Plan as of the Entry Date coinciding with or next following the later of the following dates: 
 (a) the last day of the Employee’s first Eligibility Year, and 
 (b) the Employee’s 21st birthday.
However, if an Employee is not in active Service with an Employer on the date he would otherwise first enter the Plan, his entry shall be deferred until the next day he is in Service. 
 3.2 Definition of Eligibility Year. An “Eligibility Year” means an applicable eligibility period (as defined below) in which the
Employee has completed 1,000 Hours of Service for the Employer. For this purpose: 
 (a) an Employee’s first “eligibility
period” is the 12-consecutive month period beginning on the first day on which he has an Hour of Service, and 
 (b) his subsequent
eligibility periods will be 12-consecutive month periods beginning on each January 1 after that first day of Service. 
 3.3
Terminated Employees. No Employee shall have any interest or rights under this Plan if he is never in active Service with an Employer on or after the Effective Date. 
 3.4 Certain Employees Ineligible. No Employee shall participate in the Plan while his Service is covered by a collective bargaining
agreement between an Employer and the Employee’s collective bargaining representative if (i) retirement benefits have been the subject of good faith bargaining between the Employer and the representative and (ii) the collective
bargaining agreement does not provide for the Employee’s participation in the Plan. No Employee shall participate in the Plan while he is actually employed by a leasing organization rather than an Employer. 
 3.5 Participation and Reparticipation. Subject to the satisfaction of the foregoing requirements, an Employee shall participate in the Plan
during each period of his Service from the date on which he first becomes eligible until his termination. For this purpose, an Employee who returns before five (5) consecutive Breaks in Service who previously satisfied the initial eligibility
requirements or who returns after five (5) consecutive one year Breaks in Service with a vested Account balance in the Plan shall re-enter the Plan as of the date of his return to Service with an Employer. 
  

	Section 4.	Contributions and Credits. 

 4.1
Discretionary Contributions. The Employer shall from time to time contribute, with respect to a Plan Year, such amounts as it may determine from time to time. The Employer shall have no obligation to contribute any amount under this
Plan except as so determined in its sole discretion. The Employer’s contributions and available forfeitures for a Plan Year shall be credited as of the last day of the year to the Accounts of the Active Participants in proportion to their
amounts of Plan Compensation. 
  

 8 

 4.2 Contributions for Stock Obligations. If the Trustee, upon instructions from the
Committee, incurs any Stock Obligation upon the purchase of Stock, the Employer may contribute for each Plan Year an amount sufficient to cover all payments of principal and interest as they come due under the terms of the Stock Obligation. If there
is more than one Stock Obligation, the Employer shall designate the one to which any contribution is to be applied. Investment earnings realized on Employer contributions and any dividends paid by the Employer on Stock held in the Unallocated Stock
Account shall be applied to the Stock Obligation related to that Stock, subject to Section 7.2. 
 In each Plan Year in which Employer
contributions, earnings on contributions, or dividends on unallocated Stock are used as payments under a Stock Obligation, a certain number of shares of the Stock acquired with that Stock Obligation which is then held in the Unallocated Stock Fund
shall be released for allocation among the Participants. The number of shares released shall bear the same ratio to the total number of those shares then held in the Unallocated Stock Fund (prior to the release) as (i) the principal and
interest payments made on the Stock Obligation in the current Plan Year bears to (ii) the sum of (i) above, and the remaining principal and interest payments required (or projected to be required on the basis of the interest rate in effect
at the end of the Plan Year) to satisfy the Stock Obligation. 
 At the direction of the Committee, the current and projected payments of
interest under a Stock Obligation may be ignored in calculating the number of shares to be released in each year if (i) the Stock Obligation provides for annual payments of principal and interest at a cumulative rate that is not less rapid at
any time than level annual payments of such amounts for 10 years, (ii) the interest included in any payment is ignored only to the extent that it would be determined to be interest under standard loan amortization tables, and (iii) the
term of the Stock Obligation, by reason of renewal, extension, or refinancing, has not exceeded 10 years from the original acquisition of the Stock. 
 4.3 Definitions Related to Contributions. For the purposes of this Plan, the following terms have the meanings specified: 
 “Active Participant” means a Participant who has satisfied the eligibility requirements under Section 3 and who has at least 1,000 Hours of Service during the current Plan Year. However, a
Participant shall not qualify as an Active Participant unless (i) he is in active Service with an Employer as of the last day of the Plan Year, or (ii) he is on a Recognized Absence as of that date, or (iii) his Service terminated
during the Plan Year by reason of Early Retirement, Normal Retirement, Disability or death. 
 “Plan Compensation” A
Participant’s Plan Compensation shall mean a Participant’s basic salary and wages received by the Participant during the Plan Year, and shall also include amounts contributed under a salary reduction agreement pursuant to
Section 401(k), Section 125, 132(f)(4) or 403(b) of the Code but excluding all additional amounts such as overtime, commissions, bonus payments or other distributions. 
 4.4 Conditions as to Contributions. Employers’ contributions shall in all events be subject to the limitations set forth in
Section 5. Contributions may be made in the form of cash, or securities and other property to the extent permissible under ERISA, including Stock, and shall be held by the Trustee in accordance with the Trust Agreement. In addition to the
provisions of Section 13.3 for the return of an Employer’s contributions in connection with a failure of the Plan to qualify initially under the Code, any amount contributed by an Employer due to a good faith mistake of fact, or based upon
a good faith but erroneous determination of its deductibility under Section 404 of the Code, shall be returned to the Employer within one year after the date on which the contribution was originally made, or within one year after its
nondeductibility has been finally determined. However, the amount to be returned shall be reduced to take account of any adverse investment experience within the Trust Fund so that the balance credited to each Participant’s Account is not less
that it would have been if the contribution had never been made. 
  

 9 

 4.5 Transfers. This plan shall not accept any direct or indirect transfers from any other
retirement plan that is tax-qualified under Section 401(a) of the Code and which is subject to the survivor annuity requirements of Section 401(a)(11) and section 417 of the Code. 
  

	Section 5.	Limitations on Contributions and Allocations. 

 5.1 Limitation on Annual Additions. Notwithstanding anything herein to the contrary, allocation of Employer contributions for any Plan Year shall be subject to the following: 
 5.1-1 If allocation of Employer contributions in accordance with Section 4.1 will result in an allocation of more than one-third the
total contributions for a Plan Year to the accounts of Highly Paid Employees, then allocation of such amount shall be adjusted so that such excess will not occur. 
 5.1-2 After adjustment, if any, required by the preceding paragraph, the annual additions during any Plan Year to any Participant’s
Account under this and any other defined contribution plans maintained by the Employer or an affiliate (within the purview of Section 414(b), (c) and (m) and Section 415(h) of the Code, which affiliate shall be deemed the
Employer for this purpose) shall not exceed the lesser of $46,000 (or such other dollar amount which results from cost-of-living adjustments under Section 415(d) of the Code) or 100 percent of the Participant’s Total Compensation for such
limitation year (the “percentage limitation”). In the event Stock is released from the Unallocated Stock Fund and allocated to a Participant’s Account for a particular Plan Year, the Employer may determine for such year that an annual
addition shall be calculated on the basis of the fair market value of the Stock so released and allocated (such fair market value to be based on the valuation as of the Valuation Date immediately preceding the Plan Year in respect of which the
release and allocation are made) if the annual addition, as so calculated, is lower than the annual addition calculated on the basis of Employer contributions. The percentage limitation shall not apply to any contribution for medical benefits after
separation from service (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an annual addition. In the event that annual additions exceed the aforesaid limitations as a result of
allocation of forfeitures, a reasonable error in estimating a Participant’s Total Compensation, a reasonable error in determining the amount of elective deferrals (within the meaning of Code Section 402(g)(3)), or under other limited facts
and circumstances that the Commissioner of the Internal Revenue Service finds justify the availability of these rules, the Plan may only correct such excess in accordance with the Employee Plans Compliance Resolution System (EPCRS) as set forth in
Revenue Procedure 2008-50 or any subsequent guidance. 
  

 10 

 5.1-3 For purposes of this Section 5.1 and the following Section 5.2, the
“annual addition” to a Participant’s accounts means the sum of (i) Employer contributions, (ii) Employee contributions, if any, and (iii) forfeitures. Annual additions to a defined contribution plan also include amounts
allocated, after March 31, 1984, to an individual medical account, as defined in Section 415(l)(2) of the Internal Revenue Code, which is part of a pension or annuity plan maintained by the Employer, amounts derived from contributions paid
or accrued after December 31, 1985, in taxable years ending after such date, which are attributable to post-retirement medical benefits allocated to the separate account of a Key Employee under a welfare benefit fund, as defined in
Section 419A(d) of the Code, maintained by the Employer. For these purposes, annual additions to a defined contribution plan shall not include a restorative payment in accordance with Treasury Regulation Section 1.415(c)-1(b)(2)(C) that is
made to restore losses to the Plan resulting from actions by a fiduciary for which there is a reasonable risk of liability for breach of fiduciary duty under ERISA or other applicable federal and state law, and (ii) the allocation of excess
amounts remaining in the Unallocated Stock Fund subsequent to a sale of Stock from such fund in accordance with a transaction described in Section 8.1 of the Plan. The $46,000 limitations referred to shall be automatically adjusted to the new
dollar limitations determined by the Commissioner of Internal Revenue for the calendar year beginning in that limitation year. 
 5.1-4 Notwithstanding the foregoing, if no more than one-third of the Employer contributions to the Plan for a year which are deductible under Section 404(a)(9) of the Code are allocated to Highly Paid Employees (within the meaning of
Section 414(q) of the Code), the limitations imposed herein shall not apply to: 
 (i) forfeitures of Employer securities
(within the meaning of Section 409 of the Code) under the Plan if such securities were acquired with the proceeds of a loan described in Section 404(a)(9)(A) of the Code), or 
 (ii) Employer contributions to the Plan which are deductible under Section 404(a)(9)(B) and charged against a Participant’s
account. 
 5.1-5 If the Employer contributes amounts, on behalf of Employees covered by this Plan, to other “defined
contribution plans” as defined in Section 3(34) of ERISA, the limitation on annual additions provided in this Section shall be applied to annual additions in the aggregate to this Plan and to such other plans. Reduction of annual
additions, where required, shall be accomplished first by reductions under such other plan pursuant to the directions of the named fiduciary for administration of such other plans or under priorities, if any, established under the terms of such
other plans and then by allocating any remaining excess for this Plan in the manner and priority set out above with respect to this Plan. 
  

 11 

 5.1-6 A limitation year shall mean each 12 consecutive month period beginning each
January 1. 
 5.2 Effect of Limitations. The Committee shall take whatever action may be necessary from time
to time to assure compliance with the limitations set forth in Section 5.1. Specifically, the Committee shall see that each Employer restrict its contributions for any Plan Year to an amount which, taking into account the amount of available
forfeitures, may be completely allocated to the Participants consistent with those limitations. Where the limitations would otherwise be exceeded by any Participant, further allocations to the Participant shall be curtailed to the extent necessary
to satisfy the limitations. Where an excessive amount is contributed on account of a mistake as to one or more Participants’ compensation, or there is an amount of forfeitures which may not be credited in the Plan Year in which it becomes
available, the amount shall be held in a suspense account to be allocated in lieu of any Employer contributions in future years until it is eliminated, and to be returned to the Employer if it cannot be credited consistent with these limitations
before the termination of the Plan. 
 5.3 Limitations as to Certain Participants. Aside from the limitations set forth in
Section 5.1, if the Plan acquires any Stock in a transaction as to which a selling shareholder or the estate of a deceased shareholder is claiming the benefit of Section 1042 of the Code, the Committee shall see that none of such Stock,
and no other assets in lieu of such Stock, are allocated to the Accounts of certain Participants in order to comply with Section 409(n) of the Code. 
 This restriction shall apply at all times to a Participant who owns (taking into account the attribution rules under Section 318(a) of the Code, without regard to the exception for employee plan trusts in
Section 318(a)(2)(B)(i) more than 25 percent of any class of stock of a corporation which issued the Stock acquired by the Plan, or another corporation within the same controlled group, as defined in Section 409(l)(4) of the Code (any such
class of stock hereafter called a “Related Class”). For this purpose, a Participant who owns more than 25 percent of any Related Class at any time within the one year preceding the Plan’s purchase of the Stock shall be subject to the
restriction as to all allocations of the Stock, but any other Participant shall be subject to the restriction only as to allocations which occur at a time when he owns more than 25 percent of any Related Class. 
 Further, this restriction shall apply to the selling shareholder claiming the benefit of Section 1042 and any other Participant who is related to
such a shareholder within the meaning of Section 267(b) of the Code, during the period beginning on the date of sale and ending on the later of (1) the date that is ten years after the date of sale, or (2) the date of the Plan
allocation attributable to the final payment of acquisition indebtedness incurred in connection with the sale. 
 This restriction shall not
apply to any Participant who is a lineal descendant of a selling shareholder if the aggregate amounts allocated under the Plan for the benefit of all such descendants do not exceed five percent of the Stock acquired from the shareholder. 

 

 12 

	Section 6.	Trust Fund and Its Investment. 

 6.1
Creation of Trust Fund. All amounts received under the Plan from Employers and investments shall be held as the Trust Fund pursuant to the terms of this Plan and of the Trust Agreement between the Bank and the Trustee. The benefits
described in this Plan shall be payable only from the assets of the Trust Fund, and none of the Bank, any other Employer, its board of directors or trustees, its stockholders, its officers, its employees, the Committee, and the Trustee shall be
liable for payment of any benefit under this Plan except from the Trust Fund. 
 6.2 Stock Fund and Investment Fund. The Trust
Fund held by the Trustee shall be divided into the Stock Fund, consisting entirely of Stock, and the Investment Fund, consisting of all assets of the Trust other than Stock. The Trustee shall have no investment responsibility for the Stock Fund, but
shall accept any Employer contributions made in the form of Stock, and shall acquire, sell, exchange, distribute, and otherwise deal with and dispose of Stock in accordance with the instructions of the Committee. The Trustee shall have full
responsibility for the investment of the Investment Fund, except to the extent such responsibility may be delegated from time to time to one or more investment managers pursuant to Section 2.3 of the Trust Agreement, or to the extent the
Committee directs the Trustee to purchase Stock with the assets in the Investment Fund. 
 6.3 Acquisition of Stock. From time
to time the Committee may, in its sole discretion, direct the Trustee to acquire Stock from the issuing Employer or from shareholders, including shareholders who are or have been Employees, Participants, or fiduciaries with respect to the Plan. The
Trustee shall pay for such Stock no more than its fair market value, which shall be determined conclusively by the Committee pursuant to Section 12.4. The Committee may direct the Trustee to finance the acquisition of Stock by incurring or
assuming indebtedness to the seller or another party, which indebtedness shall be called a “Stock Obligation.” The term “Stock Obligation” shall refer to a loan made to the Plan by a disqualified person within the meaning of
Section 4975(e)(2) of the Code, or a loan to the Plan which is guaranteed by a disqualified person. A Stock Obligation includes a direct loan of cash, a purchase-money transaction, and an assumption of an obligation of a tax-qualified employee
stock ownership plan under Section 4975(e)(7) of the Code (“ESOP”). For these purposes, the term “guarantee” shall include an unsecured guarantee and the use of assets of a disqualified person as collateral for a loan, even
though the use of assets may not be a guarantee under applicable state law. An amendment of a Stock Obligation in order to qualify as an “exempt loan” is not a refinancing of the Stock Obligation or the making of another Stock Obligation.
The term “exempt loan” refers to a loan that satisfies the provisions of this paragraph. A “non-exempt loan” fails to satisfy this paragraph. Any Stock Obligation shall be subject to the following conditions and limitations:

 6.3-1 A Stock Obligation shall be for a specific term, shall not be payable on demand except in the event of default, and
shall bear a reasonable rate of interest. 
 6.3-2 A Stock Obligation may, but need not, be secured by a collateral pledge of
either the Stock acquired in exchange for the Stock Obligation, or the Stock previously pledged in connection with a prior Stock Obligation which is being repaid with the proceeds of the current Stock Obligation. No other assets of the Plan and
Trust may be used as collateral for a Stock Obligation, and no creditor under a Stock Obligation shall have any right or recourse to any Plan and Trust assets other than Stock remaining subject to a collateral pledge. 
 6.3-3 Any pledge of Stock to secure a Stock Obligation must provide for the release of pledged Stock in connection with payments on the
Stock obligations in the ratio prescribed in Section 4.2. 
  

 13 

 6.3-4 Repayments of principal and interest on any Stock Obligation shall be made by the
Trustee only from Employer cash contributions designated for such payments, from earnings on such contributions, and from cash dividends received on Stock, in the last case, however, subject to the further requirements of Section 7.2.

 6.3-5 In the event of default of a Stock Obligation, the value of Plan assets transferred in satisfaction of the Stock
Obligation must not exceed the amount of the default. If the lender is a disqualified person within the meaning of Section 4975 of the Code, a Stock Obligation must provide for a transfer of Plan assets upon default only upon and to the extent
of the failure of the Plan to meet the payment schedule of said Stock Obligation. For purposes of this paragraph, the making of a guarantee does not make a person a lender. 
 6.4 Participants’ Option to Diversify. The Committee shall provide for a procedure under which each Participant may, during the
qualified election period, elect to “diversify” a portion of the Employer Stock allocated to his Account, as provided in Section 401(a)(28)(B) of the Code. An election to diversity must be made on the prescribed form and filed with
the Committee within the period specified herein. For each of the first five (5) Plan years in the qualified election period, the Participant may elect to diversify an amount which does not exceed 25% of the number of shares allocated to his
Account since the inception of the Plan, less all shares with respect to which an election under this Section has already been made. For the last year of the qualified election period, the Participant may elect to have up to 50 percent of the value
of his Account committed to other investments, less all shares with respect to which an election under this Section has already been made. The term “qualified election period” shall mean the six (6) Plan Year period beginning with the
first Plan Year in which a Participant has both attained age 55 and completed 10 years of participation in the Plan. A Participant’s election to diversify his Account may be made within each year of the qualified election period and shall
continue for the 90-day period immediately following the last day of each year in the qualified election period. Once a Participant makes such election, the Plan must complete diversification in accordance with such election within 90 days after the
end of the period during which the election could be made for the Plan Year. In the discretion of the Committee, the Plan may satisfy the diversification requirement by any of the following methods: 
 6.4-1 The Plan may distribute all or part of the amount subject to the diversification election. 
 6.4-2 The Plan may offer the Participant at least three other distinct investment options, if available under the Plan. The other
investment options shall satisfy the requirements of Regulations under Section 404(c) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 
 6.4-3 The Plan may transfer the portion of the Participant’s Account subject to the diversification election to another qualified
defined contribution plan of the Employer that offers at least three investment options satisfying the requirements of the Regulations under Section 404(c) of ERISA. 
  

 14 

	Section 7.	Voting Rights and Dividends on Stock. 

 7.1
Voting and Tendering of Stock. The Trustee generally shall vote all shares of Stock held under the Plan in accordance with the written instructions of the Committee. However, if any Employer has registration-type class of
securities within the meaning of Section 409(e)(4) of the Code, or if a matter submitted to the holders of the Stock involves a merger, consolidation, recapitalization, reclassification, liquidation, dissolution, or sale of substantially all
assets of an entity, then (i) the shares of Stock which have been allocated to Participants’ Accounts shall be voted by the Trustee in accordance with the Participants’ written instructions, and (ii) the Trustee shall vote any
unallocated Stock and allocated Stock for which it has received no voting instructions in the same proportions as it votes the allocated Stock for which it has received instructions from Participants; 
 7.1-1 In the event of a tender offer, Stock shall be tendered by the Trustee in the same manner as set forth above with respect to the
voting of Stock. Notwithstanding any provision hereunder to the contrary, Stock must be tendered by the Trustee in a manner determined by the Trustee to be for the exclusive benefit of the Participants and Beneficiaries. 
 7.1-2 Any other Stock rights shall be handled in the same manner as set forth above with respect to the voting of Stock. 
 7.2 Dividends on Stock. Dividends on Stock which are received by the Trustee in the form of additional Stock shall be retained in the Stock
Fund, and shall be allocated among the Participants’ Accounts and the Unallocated Stock Fund in accordance with their holdings of the Stock on which the dividends have been paid. Dividends on Stock credited to Participants’ Accounts which
are received by the Trustee in the form of cash shall, at the direction of the Employer paying the dividends, either (i) be credited to the Accounts in accordance with Section 8.03 and invested as part of the Investment Fund, (ii) be
distributed to the Participants within 90 days of the close of the Plan Year in which paid in proportion with the Participant’s Stock Fund Account balance, or (iii) be used to make payments on the Stock Obligation. If dividends on Stock
allocated to a Participant’s Account are used to repay the Stock Obligation, Stock with a fair market value at least equal to the dividends so used must be allocated to such Participant’s Account in lieu of the dividends. Dividends on
Stock held in the Unallocated Stock Fund which are received by the Trustee in the form of cash shall be allocated to Participants’ Investment Fund Accounts (pro rata based on the Participant’s Account balance in relation to all
Participants’ Account balances) and shall be applied as soon as practicable to payments of principal and interest under the Stock Obligation incurred with the purchase of the Stock. 
  

	Section 8.	Adjustments to Accounts. 

 8.1
Adjustments for Transactions. An Employer contribution pursuant to Section 4.1 shall be credited to the Participants’ Accounts as of the last day of the Plan Year for which it is contributed, in accordance with
Section 4.1. Stock released from the Unallocated Stock Fund upon the Trust’s repayment of a Stock Obligation pursuant to Section 4.2 shall be credited to the Participants’ Accounts as of the last day of the Plan Year in which the
repayment occurred, pro rata based on the cash applied from such Participant’s account relative to the cash applied from all Participants’ Accounts. Any excess amounts remaining from the use of proceeds of a sale of Stock from the
Unallocated Stock Fund to repay a Stock Obligation shall be allocated as earnings of the Plan as of the last day of the Plan Year in which the repayment occurred among the Participants’ Accounts in proportion to the opening balance in each
Account. Any benefit which is paid to a Participant or Beneficiary pursuant to Section 10 shall be charged to the Participant’s Account as of the first day of the Valuation Period in which it is paid. Any forfeiture or restoral shall be
charged or credited to the Participant’s Account as of the first day of the Valuation Period in which the forfeiture or restoral occurs pursuant to Section 9.6. 
  

 15 

 8.2 Valuation of Investment Fund. As of each Valuation Date, the Trustee shall prepare a
balance sheet of the Investment Fund, recording each asset (including any contribution receivable from an Employer) and liability at its fair market value. Any liability with respect to short positions or options and any item of accrued income or
expense and unrealized appreciation or depreciation shall be included; provided, however, that such an item may be estimated or excluded if it is not readily ascertainable unless estimating or excluding it would result in a material distortion. The
Committee shall then determine the net gain or loss of the Investment Fund since the preceding Valuation Date, which shall mean the entire income of the Investment Fund, including realized and unrealized capital gains and losses, net of any expenses
to be charged to the general Investment Fund and excluding any contributions by the Employer. The determination of gain or loss shall be consistent with the balance sheets of the Investment Fund for the current and preceding Valuation Dates.

 8.3 Adjustments for Investment Experience. Any net gain or loss of the Investment Fund during a Valuation Period, as
determined pursuant to Section 8.2, shall be allocated as of the last day of the Valuation Period among the Participants’ Accounts in proportion to the opening balance in each Account, as adjusted for benefit payments and forfeitures
during the Valuation Period, without regard to whatever Stock may be credited to an Account. Any cash dividends received on Stock credited to Participants’ Accounts shall be allocated as of the last day of the Valuation Period among the
Participants’ Accounts based on the opening balance in each Participant’s Stock Fund Account. 
  

	Section 9.	Vesting of Participants’ Interests. 

 9.1 Deferred Vesting in Accounts. A Participant’s vested interest in his Account shall be based on his Vesting Years in accordance with the following Table, subject to the balance of this Section 9. 
  

				
	 Vesting Years
	  	Percentage of
Interest Vested	 
	 Fewer than 2
	  	0	%
	 2
	  	20	%
	 3
	  	40	%
	 4
	  	60	%
	 5
	  	80	%
	 6
	  	100	%

 9.2 Computation of Vesting Years. For purposes of this Plan, a “Vesting
Year” means a Plan Year in which an Employee has at least 1,000 Hours of Service, beginning with the first Plan Year in which the Employee has completed an Hour of Service with the Employer, and including Service with other employers as
provided in the definition of “Service.” Notwithstanding the above, an Employee who was employed with the Bank prior to the Effective Date shall receive credit for vesting purposes for up to six (6) years of continuous employment with
the Bank in which such Employee completed 1,000 Hours of Service (such years shall also be referred to as “Vesting Years”). However, a Participant’s Vesting Years shall be computed subject to the following conditions and
qualifications: 
 (a) A Participant’s vested interest in his Account accumulated before five (5) consecutive Breaks in Service
shall be determined without regard to any Service after such five consecutive Breaks in Service. Further, if a Participant has five (5) consecutive Breaks in Service before his interest in his Account has become vested to some extent, pre-Break
years of Service shall not be required to be taken into account for purposes of determining his post-Break vested percentage. 
  

 16 

 (b) Unless otherwise specifically excluded, a Participant’s Vesting Years shall include any period
of active military duty to the extent required by the Military Selective Service Act of 1967 (38 U.S.C. Section 2021). 
 (c) In the
case of a Participant who has 5 or more consecutive 1-year Breaks in Service, the Participant’s pre-Break Service will count in vesting of the Employer-derived post-Break accrued benefit only if either: 
 (i) such Participant has any nonforfeitable interest in the accrued benefit attributable to Employer contributions at the time of separation from Service,
or 
 (ii) upon returning to Service, the number of consecutive 1-year Breaks in Service is less than the number of years of Service.

 9.3 Full Vesting Upon Certain Events. Notwithstanding Section 9.1, a Participant’s interest in his Account shall
fully vest on the Participant’s Normal Retirement. The Participant’s interest shall also fully vest in the event that his Service is terminated by Early Retirement, Disability or by death. For purposes of this Section 9.3, benefits
payable in the event of a Participant’s death or Disability while performing qualified military service shall be determined in accordance with Section 414(u)(9) of the Code. 
 9.3-1 Full Vesting Upon Change of Control. The Participant’s interest in his Account shall also fully vest in the event
of a “Change in Control” of the Bank or the Company. For these purposes “Change in Control” means a change in control of a nature that: (i) would be required to be reported in response to Item 5.01 of the current report
on Form 8-K, as in effect on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) results in a Change in Control of the Bank or the Company within the meaning of
the Bank Holding Company Act of 1956, as amended, and applicable rules and regulations promulgated thereunder (collectively, the “BHCA”) as in effect at the time of the Change in Control; or (iii) without limitation such a Change in
Control shall be deemed to have occurred at such time as (a) any “person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company representing 25% or more of the combined voting power of the Company’s outstanding securities, except for any securities purchased by the Bank’s employee stock ownership
plan or trust; or (b) individuals who constitute the Board of the Directors on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director
subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the Company’s stockholders was approved by the same Nominating
Committee serving under an Incumbent Board, shall be, for purposes of this clause (b), considered as though he were a member of the Incumbent Board; or (c) a plan of reorganization, merger, consolidation, sale of all or substantially all
the assets of the Bank or the Company or similar transaction in which the Bank or Company is not the surviving institution occurs or is effected; or (d) a proxy statement soliciting proxies from stockholders of the Company is distributed, by
someone other than the current management of the Company, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Company or similar transaction with one or more business organizations as a result of which the
outstanding shares of the class of securities then subject to the plan are to be exchanged for or converted into cash or property or 

  

 17 

 
securities not issued by the Company; or (e) a tender offer is made for 25% or more of the voting securities of the Company and the shareholders owning
beneficially or of record 25% or more of the outstanding securities of the Company have tendered or offered to sell their shares pursuant to such tender offer and such tendered shares have been accepted by the tender offeror. 
 9.3-2 Full Vesting Upon Plan Termination. Notwithstanding Section 9.1, a Participant’s interest in his Account
shall fully vest upon termination of this Plan or upon the permanent and complete discontinuance of contributions by his Employer. In the event of a partial termination, the interest of each affected Participant shall fully vest with respect to that
part of the Plan which is terminated. A partial termination of the Plan shall be determined by the Internal Revenue Service Commissioner based on the facts and circumstances of the particular case in accordance with Code Section 411(d)(3) and
the corresponding Treasury Regulations issued thereunder. 
 9.4 Forfeiture, Repayment, and Restoral. If a Participant’s
Service terminates before his interest in his Account is fully vested, that portion which has not vested shall be forfeited if he either (i) receives a distribution of his entire vested interest pursuant to Section 10.1, or
(ii) incurs a one-year Break in Service. If a Participant’s Account becomes forfeited after a one-year Break in Service and the Participant is retired within five years, the Participant’s Account shall be restored. If a
Participant’s Service terminates prior to having any portion of his Account become vested, such Participant shall be deemed to have a received a distribution of his vested interest as of the Valuation Date next following his termination of
Service. 
 If a Participant who has received his entire vested interest returns to Service before he has five (5) consecutive Breaks in
Service, he may repay to the Trustee an amount equal to the distribution. The Participant may repay such amount at any time within five years after he has returned to Service. The amount shall be credited to his Account at the time it is repaid; an
additional amount equal to that portion of his Account which was previously forfeited shall be restored to his Account at the same time from other Employees’ forfeitures and, if such forfeitures are insufficient, from a special contribution by
his Employer for that year. A Participant who was deemed to receive a distribution of his vested interest in the Plan shall have his Account restored as of the first day on which he performs an Hour of Service after his return. 
 9.5 Accounting for Forfeitures. If a portion of a Participant’s account is forfeited, Stock allocated to said Participant’s
account shall be forfeited only after other assets are forfeited. If interests in more than one class of Stock have been allocated to a Participant’s account, the Participant must be treated as forfeiting the same proportion of each class of
Stock. A forfeiture shall be charged to the Participant’s Account as of the first day of the first Valuation Period in which the forfeiture becomes certain pursuant to Section 9.4. Except as otherwise provided in that Section, a forfeiture
shall be added to the contributions of the terminated Participant’s Employer which are to be credited to other Participants pursuant to Section 4.1 as of the last day of the Plan Year in which the forfeiture becomes certain. 
 9.6 Vesting and Nonforfeitability. A Participant’s interest in his Account which has become vested shall be nonforfeitable for any
reason. 
  

	Section 10.	Payment of Benefits. 

 10.1 Benefits
for Participants. For a Participant whose Service ends for any reason, distribution will be made to or for the benefit of the Participant or, in the case of the Participant’s death, his Beneficiary, by payment in a lump sum, in
accordance with Section 10.2. 
  

 18 

 The Participant shall elect the manner in which his vested Account balance will be distributed to him. If
a Participant so desires, he may direct how his benefits are to be paid to his Beneficiary. If a deceased Participant did not file a direction with the Committee, the Participant’s benefits shall be distributed to his Beneficiary in a lump sum.
Notwithstanding any provision to the contrary, if the value of a Participant’s vested Account balance is in excess of $1,000 then his benefits shall not be paid prior to the later of the time he has attained Normal Retirement Age or age 62
unless he elects an early payment date in a written election filed with the Committee. A Participant may modify such an election at any time, provided any new benefit payment date is at least 30 days after a modified election is delivered to the
Committee. The Committee shall provide the Participant with a written notice designed to comply with the requirements of Code Section 411(a)(11), and shall provide a general description of the material features of the optional forms of benefits
under the Plan and the right to defer receipt of any distribution under the Plan. Such notice shall be provided no less than 30 days and no more than 180 days before the date distribution under the Plan commences. 
 Notwithstanding the foregoing, if a Participant’s vested Account balance does not exceed $1,000 and the Participant fails to return his distribution
election form, the Plan Administrator shall distribute the vested portion of his Account balance to the Participant in a lump sum, in cash or stock or a combination of cash and stock, in the sole discretion of the Plan Administrator, as soon as
practicable but in no event later than 60 days after the end of the Plan Year in which employment terminates. If the terminated Participant’s vested Account balance exceeds $1,000 but is not greater than $5,000, and the Participant fails to
consent to the distribution, then the Plan Administrator shall liquidate the Participant’s Stock Fund Account and pay the Participant’s vested Account balance, in cash, in a direct rollover to an individual retirement plan designated by
the Plan Administrator in accordance with Code Section 401(a)(31)(B) and the regulations promulgated thereunder. 
 All distributions
under this Section shall be determined and made in accordance with the regulations under Code Section 401(a)(9), including Section 1.401(a)(9)-2. The provisions reflecting Section 401(a)(9) override any distribution options in the
Plan inconsistent with Section 401(a)(9). 
 10.2 Time for Distribution. 
 10.2.1 Distribution of the balance of a Participant’s Account generally shall commence as soon as practicable after the last day of
the Plan Year next following his termination of Service for any reason, but no later than one year after the close of the Plan Year: 
 (i) in which the Participant separates from service by reason of Early Retirement, Normal Retirement, Disability, or death; or 
 (ii) which is the fifth Plan Year following the year in which the Participant resigns or is dismissed, unless he is reemployed before such date. 
 10.2.2 Unless the Participant elects otherwise, the distribution of the balance of a Participant’s Account shall commence not later
than the 60th day after the latest of the close of the Plan Year in which - 
 (i) the Participant attains the age of 65;

  

 19 

 (ii) occurs the tenth anniversary of the year in which the Participant commenced
participation in the Plan; or 
 (iii) the participant terminates his service with the Employer. 
 10.2.3 Notwithstanding anything to the contrary, (1) with respect to a
5-percent owner (as defined in Code Section 416), distribution of a Participant’s Account shall commence (whether or not he remains in the employ of the Employer) not later than the April 1 of the calendar year next following the
calendar year in which the Participant attains age 70  1/2, and (2) with respect to all other Participants, payment of a
Participant’s benefit will commence not later than April 1 of the calendar year following the calendar year in which the Participant attains age 70 1/2, or, if later, the year in which the Participant retires. Any Participant (other than a 5-percent owner) attaining age 70 1/2 may elect by April 1 of the calendar year following the year in which the Participant attained age 70 1/2 to defer distributions until the calendar year following the calendar year in which the Participant retires. If no such election is made, the Participant will begin receiving distributions by the April 1 of the
calendar year following the year in which the Participant attained age 70 1/2. A Participant’s benefit from that portion of
his Account committed to the Investment Fund shall be calculated on the basis of the most recent Valuation Date before the date of payment. Notwithstanding the foregoing, any amount that is rolled over from the Plan to another eligible retirement
plan in accordance with Section 10.9 of the Plan shall be treated as a distribution by the Plan for purposes of Code Section 401(a)(9). 
 10.2.4 Distribution of a Participant’s Account balance after his death shall comply with the following requirements: 
 (i) If a Participant dies before his distributions have commenced, distribution of
his Account to his Beneficiary shall commence not later than one year after the end of the Plan Year in which the Participant died; however, if the Participant’s Beneficiary is his surviving spouse, distributions may commence no later than the
end of the Plan Year in which the Participant would have attained age 70  1/2. In either case, distributions shall be completed
no later than December 31 of the calendar year that contains the fifth anniversary of the date of the Participant’s death. 
 (ii) If the Participant dies after distribution has commenced pursuant to Section 10.1.2 but before his entire interest in the Plan has been distributed to him, then the remaining portion of that interest shall,
in accordance with Section 401(a)(9) of the Code, be distributed at least as rapidly as under the method of distribution being used under Section 10.1.2 at the date of his death. 
 (iii) If a married Participant dies before his benefit payments begin, then unless he has specifically elected otherwise, the Committee
shall cause the balance in his Account to be paid to his Spouse. No election by a married Participant of a different Beneficiary shall be valid unless the election is accompanied by the Spouse’s written consent, which (i) must acknowledge
the effect of the election, (ii) must explicitly provide either that the designated Beneficiary may not subsequently be changed by the Participant without the Spouse’s further consent, or that it may be changed without such consent, and
(iii) must be witnessed by the Committee, its representative, or a notary public. (This requirement shall not apply if the Participant establishes to the Committee’s satisfaction that the Spouse may not be located.) 
  

 20 

 10.3 Marital Status. The Committee shall from time to time take whatever steps it deems
appropriate to keep informed of each Participant’s marital status. Each Employer shall provide the Committee with the most reliable information in the Employer’s possession regarding its Participants’ marital status, and the Committee
may, in its discretion, require a notarized affidavit from any Participant as to his marital status. The Committee, the Plan, the Trustee, and the Employers shall be fully protected and discharged from any liability to the extent of any benefit
payments made as a result of the Committee’s good faith and reasonable reliance upon information obtained from a Participant and his Employer as to his marital status. 
 10.4 Delay in Benefit Determination. If the Committee is unable to determine the benefits payable to a Participant or Beneficiary on or
before the latest date prescribed for payment pursuant to Section 10.1 or 10.2, the benefits shall in any event be paid within 60 days after they can first be determined, with whatever makeup payments may be appropriate in view of the delay.

 10.5 Accounting for Benefit Payments. Any benefit payment shall be charged to the Participant’s Account as of the first
day of the Valuation Period in which the payment is made. 
 10.6 Options to Receive and Sell Stock. Unless ownership of
virtually all Stock is restricted to active Employees and qualified retirement plans for the benefit of Employees pursuant to the certificates of incorporation or by-laws of the Employers issuing Stock, a terminated Participant or the Beneficiary of
a deceased Participant may instruct the Committee to distribute the Participant’s entire vested interest in his Account in the form of Stock. In that event, the Committee shall apply the Participant’s vested interest in the Investment Fund
to purchase sufficient Stock from the Stock Fund or from any owner of Stock to make the required distribution. In all other cases, the Participant’s vested interest in the Stock Fund shall be distributed in shares of Stock, and his vested
interest in the Investment Fund shall be distributed in cash. 
 Any Participant who receives Stock pursuant to Section 10.1, and any
person who has received Stock from the Plan or from such a Participant by reason of the Participant’s death or incompetency, by reason of divorce or separation from the Participant, or by reason of a rollover contribution described in
Section 402(a)(5) of the Code, shall have the right to require the Employer which issued the Stock to purchase the Stock for its current fair market value (hereinafter referred to as the “put right”). The put right shall be
exercisable by written notice to the Committee during the first 60 days after the Stock is distributed by the Plan, and, if not exercised in that period, during the first 60 days in the following Plan Year after the Committee has communicated to the
Participant its determination as to the Stock’s current fair market value. However, the put right shall not apply to the extent that the Stock, at the time the put right would otherwise be exercisable, may be sold on an established market in
accordance with federal and state securities laws and regulations. Similarly, the put right shall not apply with respect to the portion of a Participant’s account which the Participant elected to have reinvested under Code
Section 401(a)(28)(B). If the put right is exercised, the Trustee may, if so directed by the Committee in its sole discretion, assume the Employer’s rights and obligations with respect to purchasing the Stock. Notwithstanding anything
herein to the contrary, in the case of a plan established by a bank (as defined in Code Section 581), the put right shall not apply if prohibited by a federal or state law and Participants are entitled to elect that their benefits be
distributed in cash. 
 If a Participant elects to receive his distribution in the form of a lump sum pursuant to Section 10.1.1 of the
Plan, the Employer or the Trustee, as the case may be, may elect to pay for the Stock in equal periodic installments, not less frequently than annually, over a period not longer than five years from the day after the put right is exercised, with
adequate security and interest at a reasonable rate on the unpaid balance, all such terms to be set forth in a promissory note delivered to the seller with normal terms as to acceleration upon any uncured default. 
  

 21 

 If a Participant elects to receive his distribution in the form of an installment payment pursuant to
Section 10.1.2 of the Plan, the Employer or the Trustee, as the case may be, shall pay for the Stock distributed in the installment distribution over a period which shall not exceed 30 days after the exercise of the put right. 
 Nothing contained herein shall be deemed to obligate any Employer to register any Stock under any federal or state securities law or to create or
maintain a public market to facilitate the transfer or disposition of any Stock. The put right described herein may only be exercised by a person described in the second preceding paragraph, and may not be transferred with any Stock to any other
person. As to all Stock purchased by the 
 Plan in exchange for any Stock Obligation, the put right shall be nonterminable. The put right
for Stock acquired through a Stock Obligation shall continue with respect to such Stock after the Stock Obligation is repaid or the Plan ceases to be an employee stock ownership plan. 
 10.7 Restrictions on Disposition of Stock. Except in the case of Stock which is traded on an established market, a Participant who receives
Stock pursuant to Section 10.1, and any person who has received Stock from the Plan or from such a Participant by reason of the Participant’s death or incompetency, by reason of divorce or separation from the Participant, or by reason of a
rollover contribution described in Section 402(a)(5) of the Code, shall, prior to any sale or other transfer of the Stock to any other person, first offer the Stock to the issuing Employer and to the Plan at the greater of (i) its current
fair market value, or (ii) the purchase price offered in good faith by an independent third party purchaser. This restriction shall apply to any transfer, whether voluntary, involuntary, or by operation of law, and whether for consideration or
gratuitous. Either the Employer or the Trustee may accept the offer within 14 days after it is delivered. Any Stock distributed by the Plan shall bear a conspicuous legend describing the right of first refusal under this Section 10.7, as well
as any other restrictions upon the transfer of the Stock imposed by federal and state securities laws and regulations. 
 10.8
Continuing Loan Provisions; Creations of Protections and Rights. Except as otherwise provided in Sections 10.6 and 10.7 and this Section, no shares of Employer Stock held or distributed by the Trustee may be subject to a put,
call or other option, or buy-sell arrangement. The provisions of this Section shall continue to be applicable to such Stock even if the Plan ceases to be an employee stock ownership plan under Section 4975(e)(7) of the Code. 
 10.9 Direct Rollover of Eligible Distribution. A Participant or distributee may elect, at the time and in the manner prescribed by the
Trustee or the Committee, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the Participant or distributee in a direct rollover. 
 10.9-1 An “eligible rollover” is any distribution that 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 Participant and the Participant’s Beneficiary, or for a
specified period of ten years or more; any distribution to the extent such distribution is required under Code Section 401(a)(9); any hardship distribution described in Section 401(k)(2)(B)(i)(IV) of the Code; and the portion of any
distribution that is not included in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities). A portion of a distribution shall not fail to be an eligible rollover merely because
the portion consists of after-tax employee contributions which are not includible in gross income. 
 10.9-2 An “eligible
retirement plan” is an individual retirement account described in Code Section 408(a), an individual retirement annuity described in Code Section 408(b), a deemed 

  

 22 

 
individual retirement account described in Code Section 408(q), an annuity plan described in Code Section 403(a), a Roth individual retirement
account in accordance with Code Section 408A(e), or a qualified trust described in Code Section 401(a), that accepts the distributee’s eligible rollover distribution. An eligible retirement plan shall also include an annuity contract
described in Section 403(b) of the Code and an eligible plan under Section 457(b) of the Code which is maintained by a state, or any agency or instrumentality of a state or political subdivision of a state and which agrees to separately
account for amounts transferred into such plan from this Plan. 
 10.9-3 A “direct rollover” is a payment by the
Plan to the eligible retirement plan specified by the distributee. 
 10.9-4 The term “distributee” shall refer to a
deceased Participant’s spouse or a Participant’s former spouse who is the alternate payee under a qualified domestic relations order, as defined in Code Section 414(p), and a distributee shall refer to any non-spouse beneficiary.

 10.9-5 The Administrator shall provide Participants or other distributees of eligible rollover distributions with a written
notice designed to comply with the requirements of Code Section 402(f). Such notice shall be provided within a reasonable period of time before making an eligible rollover distribution. Such notice may be provided up to 180 days before the
first day of the first period for which an amount is payable as an annuity or any other form. 
 10.10 Waiver of 30 Day Period After
Notice of Distribution. If a distribution is one to which Sections 401(a)(11) and 417 of the Code do not apply, such distribution may commence less than 30 days after the notice required under Section 1.411(a)-11(c) of the Income
Tax Regulations is given, provided that: 
 (i) the Trustee or Committee, as applicable, clearly informs the Participant that
the Participant has a right to a period of at least 30 days after receiving the notice to consider the decision of whether or not to elect a distribution (and, if applicable, a particular option), and 
 (ii) the Participant, after receiving the notice, affirmatively elects a distribution. 
  

	Section 11.	Rules Governing Benefit Claims and Review of Appeals. 

 11.1 Claim for Benefits. Any Participant or Beneficiary who qualifies for the payment of benefits shall file a claim for his benefits with the Committee on a form provided by the Committee. The claim,
including any election of an alternative benefit form, shall be filed at least 30 days before the date on which the benefits are to begin. If a Participant or Beneficiary fails to file a claim by the day before the date on which benefits become
payable, he shall be presumed to have filed a claim for payment for the Participant’s benefits in the standard form prescribed by Sections 10.1 or 10.2. 
 11.2 Notification by Committee. Within 90 days after receiving a claim for benefits (or within 180 days, if special circumstances require an extension of time and written notice of the extension is given
to the Participant or Beneficiary within 90 days after receiving the claim for benefits), the Committee shall notify the Participant or Beneficiary whether the claim has been approved or denied. If the Committee denies a claim in any respect, the
Committee shall set forth in a written notice to the Participant or Beneficiary: 
 (i) each specific reason for the denial;

 (ii) specific references to the pertinent Plan provisions on which the denial is based; 
  

 23 

 (iii) a description of any additional material or information which could be submitted by
the Participant or Beneficiary to support his claim, with an explanation of the relevance of such information; and 
 (iv) an
explanation of the claims review procedures set forth in Section 11.3. 
 11.3 Claims Review Procedure. Within 60 days
after a Participant or Beneficiary receives notice from the Committee that his claim for benefits has been denied in any respect, he may file with the Committee a written notice of appeal setting forth his reasons for disputing the Committee’s
determination. In connection with his appeal, the Participant or Beneficiary or his representative may inspect or purchase copies of pertinent documents and records to the extent not inconsistent with other Participants’ and
Beneficiaries’ rights of privacy. Within 60 days after receiving a notice of appeal from a prior determination (or within 120 days, if special circumstances require an extension of time and written notice of the extension is given to the
Participant or Beneficiary and his representative within 60 days after receiving the notice of appeal), the Committee shall furnish to the Participant or Beneficiary and his representative, if any, a written statement of the Committee’s final
decision with respect to his claim, including the reasons for such decision and the particular Plan provisions upon which it is based. 
  

	Section 12.	The Committee and Its Functions. 

 12.1
Authority of Committee. The Committee shall be the “plan administrator” within the meaning of ERISA and shall have exclusive responsibility and authority to control and manage the operation and administration of the Plan,
including the interpretation and application of its provisions, except to the extent such responsibility and authority are otherwise specifically (i) allocated to the Bank, the Employers, or the Trustee under the Plan and Trust Agreement,
(ii) delegated in writing to other persons by the Bank, the Employers, the Committee, or the Trustee, or (iii) allocated to other parties by operation of law. The Committee shall have exclusive responsibility regarding decisions concerning
the payment of benefits under the Plan. The Committee shall have no investment responsibility with respect to the Investment Fund except to the extent, if any, specifically provided in the Trust Agreement. In the discharge of its duties, the
Committee may employ accountants, actuaries, legal counsel, and other agents (who also may be employed by an Employer or the Trustee in the same or some other capacity) and may pay their reasonable expenses and compensation. 
 12.2 Identity of Committee. The Committee shall consist of three or more individuals selected by the Bank. Any individual, including a
director, trustee, shareholder, officer, or employee of an Employer, shall be eligible to serve as a member of the Committee. The Bank shall have the power to remove any individual serving on the Committee at any time without cause upon 10 days
written notice, and any individual may resign from the Committee at any time upon 10 days written notice to the Bank. The Bank shall notify the Trustee of any change in membership of the Committee. 
 12.3 Duties of Committee. The Committee shall keep whatever records may be necessary to implement the Plan and shall furnish whatever
reports may be required from time to time by the Bank. The Committee shall furnish to the Trustee whatever information may be necessary to properly administer the Trust. The Committee shall see to the filing with the appropriate government agencies
of all reports and returns required of the plan Committee under ERISA and other laws. 
 Further, the Committee shall have exclusive
responsibility and authority with respect to the Plan’s holdings of Stock and shall direct the Trustee in all respects regarding the purchase, retention, sale, exchange, and pledge of Stock and the creation and satisfaction of Stock
Obligations. The Committee shall at all times 

  

 24 

 
act consistently with the Bank’s long-term intention that the Plan, as an employee stock ownership plan, be invested primarily in Stock. Subject to the
direction of the Board as to the application of Employer contributions to Stock Obligations, and subject to the provisions of Sections 6.4 and 10.6 as to Participants’ rights under certain circumstances to have their Accounts invested in Stock
or in assets other than Stock, the Committee shall determine in its sole discretion the extent to which assets of the Trust shall be used to repay Stock Obligations, to purchase Stock, or to invest in other assets to be selected by the Trustee or an
investment manager. No provision of the Plan relating to the allocation or vesting of any interests in the Stock Fund or the Investment Fund shall restrict the Committee from changing any holdings of the Trust, whether the changes involve an
increase or a decrease in the Stock or other assets credited to Participants’ Accounts. In determining the proper extent of the Trust’s investment in Stock, the Committee shall be authorized to employ investment counsel, legal counsel,
appraisers, and other agents to pay their reasonable expenses and compensation. 
 12.4 Valuation of Stock. If the valuation of
any Stock is not established by reported trading on a generally recognized public market, the valuation of such Stock shall be determined by an independent appraiser. For purposes of the preceding sentence, the term “independent appraiser”
means any appraiser meeting requirements similar to the requirements of the regulations prescribed under Section 170(a)(1) of the Code. 
 12.5 Compliance with ERISA. The Committee shall perform all acts necessary to comply with ERISA. Each individual member or employee of the Committee shall discharge his duties in good faith and in accordance with the
applicable requirements of ERISA. 
 12.6 Action by Committee. All actions of the Committee shall be governed by the
affirmative vote of a number of members which is a majority of the total number of members currently appointed, including vacancies. The members of the Committee may meet informally and may take any action without meeting as a group. 
 12.7 Execution of Documents. Any instrument executed by the Committee shall be signed by any member or employee of the Committee.

 12.8 Adoption of Rules. The Committee shall adopt such rules and regulations of uniform applicability as it deems necessary
or appropriate for the proper administration and interpretation of the Plan. 
 12.9 Responsibilities to Participants. The
Committee shall determine which Employees qualify to enter the Plan. The Committee shall furnish to each eligible Employee whatever summary plan descriptions, summary annual reports, and other notices and information may be required under ERISA. The
Committee also shall determine when a Participant or his Beneficiary qualifies for the payment of benefits under the Plan. The Committee shall furnish to each such Participant or Beneficiary whatever information is required under ERISA (or is
otherwise appropriate) to enable the Participant or Beneficiary to make whatever elections may be available pursuant to Sections 6 and 10, and the Committee shall provide for the payment of benefits in the proper form and amount from the assets of
the Trust Fund. The Committee may decide in its sole discretion to permit modifications of elections and to defer or accelerate benefits to the extent consistent with applicable law and the best interests of the individuals concerned. 
 12.10 Alternative Payees in Event of Incapacity. If the Committee finds at any time that an individual qualifying for benefits under this
Plan is a minor or is incompetent, the Committee may direct the benefits to be paid, in the case of a minor, to his parents, his legal guardian, a custodian for him under the Uniform Gifts to Minors Act, or the person having actual custody of him,
or, in the case of an incompetent, to his spouse, his legal guardian, or the person having actual custody of him, the payments to be used for the 

  

 25 

 
individual’s benefit. The Committee and the Trustee shall not be obligated to inquire as to the actual use of the funds by the person receiving them
under this Section 12.10, and any such payment shall completely discharge the obligations of the Plan, the Trustee, the Committee, and the Employers to the extent of the payment. 
 12.11 Indemnification by Employers. Except as separately agreed in writing, the Committee, and any member or employee of the Committee,
shall be indemnified and held harmless by the Employer, jointly and severally, to the fullest extent permitted by law against any and all costs, damages, expenses, and liabilities reasonably incurred by or imposed upon it or him in connection with
any claim made against it or him or in which it or he may be involved by reason of its or his being, or having been, the Committee, or a member or employee of the Committee, to the extent such amounts are not paid by insurance. 
 12.12 Nonparticipation by Interested Member. Any member of the Committee who also is a Participant in the Plan shall take no part in any
determination specifically relating to his own participation or benefits, unless his abstention would leave the Committee incapable of acting on the matter. 
  

	Section 13.	Adoption, Amendment, or Termination of the Plan. 

 13.1 Adoption of Plan by Other Employers. With the consent of the Bank, any entity may become a participating Employer under the Plan by (i) taking such action as shall be necessary to adopt the Plan, (ii) becoming a
party to the Trust Agreement establishing the Trust Fund, and (iii) executing and delivering such instruments and taking such other action as may be necessary or desirable to put the Plan into effect with respect to the entity’s Employees.

 13.2 Adoption of Plan by Successor. In the event that any Employer shall be reorganized by way of merger, consolidation,
transfer of assets or otherwise, so that an entity other than an Employer shall succeed to all or substantially all of the Employer’s business, the successor entity may be substituted for the Employer under the Plan by adopting the Plan and
becoming a party to the Trust Agreement. Contributions by the Employer shall be automatically suspended from the effective date of any such reorganization until the date upon which the substitution of the successor entity for the Employer under
the Plan becomes effective. If, within 90 days following the effective date of any such reorganization, the successor entity shall not have elected to become a party to the Plan, or if the Employer shall adopt a plan of complete liquidation other
than in connection with a reorganization, the Plan shall be automatically terminated with respect to Employees of the Employer as of the close of business on the 90th day following the effective date of the reorganization, or as of the close of
business on the date of adoption of a plan of complete liquidation, as the case may be. 
 13.3 Plan Adoption Subject to
Qualification. Notwithstanding any other provision of the Plan, the adoption of the Plan and the execution of the Trust Agreement are conditioned upon their being determined initially by the Internal Revenue Service to meet the qualification
requirements of Section 401(a) of the Code, so that the Employers may deduct currently for federal income tax purposes their contributions to the Trust and so that the Participants may exclude the contributions from their gross income and
recognize income only when they receive benefits. In the event that this Plan is held by the Internal Revenue Service not to qualify initially under Section 401(a), the Plan may be amended retroactively to the earliest date permitted by U.S.
Treasury Regulations in order to secure qualification under Section 401(a). If this Plan is held by the Internal Revenue Service not to qualify initially under Section 401(a) either as originally adopted or as amended, each Employer’s
contributions to the Trust under this Plan (including any earnings thereon) shall be returned to it and this Plan shall be terminated. In the event that this Plan is amended after its initial qualification and the Plan as amended is held by the
Internal Revenue Service not to qualify under Section 401(a), the amendment may be modified retroactively to the earliest date permitted by U.S. Treasury Regulations in order to secure approval of the amendment under Section 401(a).

  

 26 

 13.4 Right to Amend or Terminate. The Bank intends to continue this Plan as a permanent
program. However, each participating Employer separately reserves the right to suspend, supersede, or terminate the Plan at any time and for any reason, as it applies to that Employer’s Employees, and the Bank reserves the right to amend,
suspend, supersede, merge, consolidate, or terminate the Plan at any time and for any reason, as it applies to the Employees of each Employer. No amendment, suspension, supersession, merger, consolidation, or termination of the Plan shall
(i) reduce any Participant’s or Beneficiary’s proportionate interest in the Trust Fund, (ii) reduce or restrict, either directly or indirectly, the benefit provided any Participant prior to the amendment, or (iii) divert any
portion of the Trust Fund to purposes other than the exclusive benefit of the Participants and their Beneficiaries prior to the satisfaction of all liabilities under the Plan. Moreover, there shall not be any transfer of assets to a successor plan
or merger or consolidation with another plan unless, in the event of the termination of the successor plan or the surviving plan immediately following such transfer, merger, or consolidation, each participant or beneficiary would be entitled to a
benefit equal to or greater than the benefit he would have been entitled to if the plan in which he was previously a participant or beneficiary had terminated immediately prior to such transfer, merger, or consolidation. Following a termination of
this Plan by the Bank, the Trustee shall continue to administer the Trust and pay benefits in accordance with the Plan as amended from time to time and the Committee’s instructions. 
 If any amendment changes the vesting schedule, including an automatic change to or from a top-heavy vesting schedule, any Participant with three
(3) or more Vesting Years may, by filing a written request with the Employer, elect to have his vested percentage computed under the vesting schedule in effect prior to the amendment. The election period must begin not later than the later of
sixty (60) days after the amendment is adopted, the amendment becomes effective, or the Participant is issued written notice of the amendment by the Employer or the Committee. 
  

	Section 14.	Miscellaneous Provisions. 

 14.1 Plan
Creates No Employment Rights. Nothing in this Plan shall be interpreted as giving any Employee the right to be retained as an Employee by an Employer, or as limiting or affecting the rights of an Employer to control its Employees or to
terminate the Service of any Employee at any time and for any reason, subject to any applicable employment or collective bargaining agreements. 
 14.2 Nonassignability of Benefits. No assignment, pledge, or other anticipation of benefits from the Plan will be permitted or recognized by the Employer, the Committee, or the Trustee. Moreover, benefits from the Plan shall
not be subject to attachment, garnishment, or other legal process for debts or liabilities of any Participant or Beneficiary, to the extent permitted by law. This prohibition on assignment or alienation shall apply to any judgment, decree, or order
(including approval of a property settlement agreement) which relates to the provision of child support, alimony, or property rights to a present or former spouse, child or other dependent of a Participant pursuant to a State domestic relations or
community property law, unless the judgment, decree, or order is determined by the Committee to be a qualified domestic relations order within the meaning of Section 414(p) of the Code, as more fully set forth in Section 14.2 hereof.
Notwithstanding any provisions of this Section 14.2 to the contrary, an offset of a Participant’s Account against an amount the Participant is ordered or required to pay the Plan with respect to a judgment, order or decree issued, or a
settlement entered into, shall be permitted in accordance with Code Sections 401(a)(13)(C) and (D). 
 14.3 Limit of Employer
Liability. The liability of the Employer with respect to Participants under this Plan shall be limited to making contributions to the Trust from time to time, in accordance with Section 4. 
 14.4 Treatment of Expenses. All expenses incurred by the Committee and the Trustee in connection with administering this Plan and Trust
Fund shall be paid by the Trustee from the Trust Fund to the extent the expenses have not been paid or assumed by the Employer or by the Trustee. 
  

 27 

 14.5 Number and Gender. Any use of the singular shall be interpreted to include the plural,
and the plural the singular. Any use of the masculine, feminine, or neuter shall be interpreted to include the masculine, feminine, or neuter, as the context shall require. 
 14.6 Nondiversion of Assets. Except as provided in Sections 5.3 and 13.3, under no circumstances shall any portion of the Trust Fund be
diverted to or used for any purpose other than the exclusive benefit of the Participants and their Beneficiaries prior to the satisfaction of all liabilities under the Plan. 
 14.7 Separability of Provisions. If any provision of this Plan is held to be invalid or unenforceable, the other provisions of the Plan
shall not be affected but shall be applied as if the invalid or unenforceable provision had not been included in the Plan. 
 14.8
Service of Process. The agent for the service of process upon the Plan shall be the president of the Bank, or such other person as may be designated from time to time by the Bank. 
 14.9 Governing State Law. This Plan shall be interpreted in accordance with the laws of the Commonwealth of Massachusetts to the extent
those laws are applicable under the provisions of ERISA. 
 14.10 Employer Contributions Conditioned on Deductibility.
Employer Contributions to the Plan are conditioned on deductibility under Code Section 404. In the event that the Internal Revenue Service shall determine that all or any portion of an Employer Contribution is not deductible under that
Section, the nondeductible portion shall be returned to the Employer within one year of the disallowance of the deduction. 
 14.11
Unclaimed Accounts. Neither the Employer nor the Trustees shall be under any obligation to search for, or ascertain the whereabouts of, any Participant or beneficiary. The Employer or the Trustees, by certified or registered
mail addressed to his last known address of record with the Employer, shall notify any Participant or beneficiary that he is entitled to a distribution under this Plan, and the notice shall quote the provisions of this Section. If the Participant or
beneficiary fails to claim his benefits or make his whereabouts known in writing to the Employer or the Trustees within seven (7) calendar years after the date of notification, the benefits of the Participant or Beneficiary under the Plan will
be disposed of as follows: 
 (a) If the whereabouts of the Participant is unknown but the whereabouts of the
Participant’s Beneficiary is known to the Trustees, distribution will be made to the Beneficiary. 
 (b) If the
whereabouts of the Participant and his Beneficiary are unknown to the Trustees, but the whereabouts of one (1) or more relatives of the Participants by adoption, blood or marriage is known to the Trustees, the Trustees shall distribute the
Participant’s benefits to any one (1) or more of such relatives and in such proportions as the Trustees shall determine. 
 (c) If the Trustees do not know the whereabouts of any of the above persons, they shall then notify the Social Security Administration of the Participant’s (or Beneficiary’s) failure to claim the distribution to which he is
entitled. The Trustees shall request the Social Security Administration to notify the Participant (or Beneficiary) in accordance with the procedures it has established for this purpose. 
 Any payment made pursuant to the power herein conferred upon the Trustees shall operate as a complete discharge of all obligations of the Trustees, to
the extent of the distributions so made. 
  

 28 

 14.12 Qualified Domestic Relations Order. Section 14.2 shall not apply to a
“qualified domestic relations order” defined in Code Section 414(p), and such other domestic relations orders permitted to be so treated by Administrator under the provisions of the Retirement Equity Act of 1984. Further, to the
extent provided under a “qualified domestic relations order,” a former Spouse of a Participant shall be treated as the Spouse or surviving Spouse for all purposes under the Plan. 
 In the case of any domestic relations order received by the Plan: 
 (a) The Employer or the Plan Committee shall promptly notify the Participant and any other alternate payee of the receipt of such order and the Plan’s procedures for determining the qualified status of domestic
relations orders, and 
 (b) Within a reasonable period after receipt of such order, the Employer or the Plan Committee shall
determine whether such order is a qualified domestic relations order and notify the Participant and each alternate payee of such determination. The Employer or the Plan Committee shall establish reasonable procedures to determine the qualified
status of domestic relations orders and to administer distributions under such qualified orders. 
 During any period in which the issue of
whether a domestic relations order is a qualified domestic relations order is being determined (by the Employer or Plan Committee, by a court of competent jurisdiction, or otherwise), the Employer or the Plan Committee shall segregate in a separate
account in the Plan or in an escrow account the amounts which would have been payable to the alternate payee during such period if the order had been determined to be a qualified domestic relations order. If within eighteen (18) months the
order (or modification thereof) is determined to be a qualified domestic relations order, the Employer or the Plan Committee shall pay the segregated amounts (plus any interest thereon) to the person or persons entitled thereto. If within eighteen
(18) months it is determined that the order is not a qualified domestic relations order, or the issue as to whether such order is a qualified domestic relations order is not resolved, then the Employer or the Plan Committee shall pay the
segregated amounts (plus any interest thereon) to the person or persons who would have been entitled to such amounts if there had been no order. Any determination that an order is a qualified domestic relations order which is made after the close of
the eighteen (18) month period shall be applied prospectively only. The term “alternate payee” means any Spouse, former Spouse, child or other dependent of a Participant who is recognized by a domestic relations order as having a
right to receive all, or a portion of, the benefit payable under a Plan with respect to such Participant. 
 14.13 Use of Electronic
Media to Provide Notices and Make Participant Elections. Pursuant to Treasury Regulation Section 1.401(a)-21, the Plan may elect to use electronic media to provide notices required to be provided to Participants under the Plan and will
accept elections from Participants communicated to the Plan using such electronic media. 
  

	Section 15.	Top-Heavy Provisions. 

 15.1 Top-Heavy
Plan. For any Plan Year beginning after December 31, 1983, this Plan is top-heavy if any of the following conditions exist: 
 (a) If the top-heavy ratio for this Plan exceeds sixty percent (60%) and this Plan is not part of any required aggregation group or permissive aggregation group; 
 (b) If this Plan is a part of a required aggregation group (but is not part of a permissive aggregation group) and the aggregate top-heavy
ratio for the group of Plans exceeds sixty percent (60%); or 
  

 29 

 (c) If this Plan is a part of a required aggregation group and part of a permissive
aggregation group and the aggregate top-heavy ratio for the permissive aggregation group exceeds sixty percent (60%). 
 15.2
Definitions. 
 In making this determination, the Committee shall use the following definitions and principles: 
 15.2-1 The “Determination Date,” with respect to the first Plan Year of any plan, means the last day of that Plan Year, and with
respect to each subsequent Plan Year, means the last day of the preceding Plan Year. If any other plan has a Determination Date which differs from this Plan’s Determination Date, the top-heaviness of this Plan shall be determined on the basis
of the other plan’s Determination Date falling within the same calendar years as this Plan’s Determination Date. 
 15.2-2 A “Key Employee” means any Employee or former Employee (including any deceased Employee) who at any time during the Plan Year that includes the Determination Date was an officer of the Employer having annual compensation
greater than $150,000 (as adjusted under section 461(i)(1) of the Code), a 5-percent owner of the Employer, or a 1-percent owner of the Employer having annual compensation of more than $150,000. For this purpose, annual compensation means
compensation within the meaning of section 415(c)(3) of the Code. The determination of who is a Key Employee will be made in accordance with section 416(i)(1) of the Code and the applicable regulations and other guidance of general applicability
issued thereunder. 
 15.2-3 A “Non-key Employee” means an Employee who at any time during the five years ending on
the top-heavy Determination Date for the Plan Year has received compensation from an Employer and who has never been a Key Employee, and the Beneficiary of any such Employee. 
 15.2-4 A “required aggregation group” includes (a) each qualified plan of the Employer in which at least one Key Employee
participates in the Plan Year containing the Determination Date and any of the four (4) preceding Plan Years, and (b) any other qualified plan of the Employer which enables a plan described in (a) to meet the requirements of Code
Sections 401(a)(4) or 410. For purposes of the preceding sentence, a qualified plan of the Employer includes a terminated plan maintained by the Employer within the five (5) year period ending on the Determination Date. In the case of a
required aggregation group, each plan in the group will be considered a top-heavy plan if the required aggregation group is a top-heavy group. No plan in the required aggregation group will be considered a top-heavy plan if the required aggregation
group is not a top-heavy group. All Employers aggregated under Code Sections 414(b), (c) or (m) or (o) (but only after the Code Section 414(o) regulations become effective) are considered a single Employer. 
 15.2-5 A “permissive aggregation group” includes the required aggregation group of plans plus any other qualified plan(s) of the
Employer that are not required to be aggregated but which, when considered as a group with the required aggregation group, satisfy the requirements of Code Sections 401(a)(4) and 410 and are comparable to the plans in the required aggregation group.
No plan in the permissive aggregation group will be considered a top-heavy plan if the permissive aggregation group is not a top-heavy group. Only a plan that is part of the required aggregation group will be considered a top-heavy plan if the
permissive aggregation group is top-heavy. 
  

 30 

 15.3 Top-Heavy Rules of Application. 
 For purposes of determining the value of Account balances and the present value of accrued benefits the following provisions shall apply: 
 15.3-1 The value of Account balances and the present value of accrued benefits will be determined as of the most recent Valuation Date
that falls within or ends with the twelve (12) month period ending on the Determination Date. 
 15.3-2 For purposes of
testing whether this Plan is top-heavy, the present value of an individual’s accrued benefits and an individual’s Account balances is counted only once each year. 
 15.3-3 The Account balances and accrued benefits of a Participant who is not presently a Key Employee but who was a Key Employee in a Plan
Year beginning on or after January 1, 1984 will be disregarded. 
 15.3-4 Employer contributions attributable to a salary
reduction or similar arrangement will be taken into account. Employer matching contributions also shall be taken into account for purposes of satisfying the minimum contribution requirements of Section 416(c)(2) of the Code and the Plan.

 15.3-5 When aggregating plans, the value of Account balances and accrued benefits will be calculated with reference to the
Determination Dates that fall within the same calendar year. 
 15.3-6 The present values of accrued benefits and the amounts
of account balances of an Employee as of the Determination Date shall be increased by the distributions made with respect to the Employee under the Plan and any plan aggregated with the Plan under Section 416(g)(2) of the Code during the 1-year
period ending on the Determination Date. The preceding sentence shall also apply to distributions under a terminated plan which, had it not been terminated, would have been aggregated with the Plan under Section 416(g)(2)(A)(i) of the Code. In
the case of a distribution made for a reason other than separation from service, death, or disability, this provision shall be applied by substituting “five (5) year period” for “one (1) year period.” 
 15.3-7 Accrued benefits and Account balances of an individual shall not be taken into account for purposes of determining the top-heavy
ratios if the individual has performed no services for the Employer during the one (1) year period ending on the applicable Determination Date. Compensation for purposes of this subparagraph shall not include any payments made to an individual
by the Employer pursuant to a qualified or non-qualified deferred compensation plan. 
 15.3-8 The present value of the
accrued benefits or the amount of the Account balances of any Employee participating in this Plan shall not include any rollover contributions or other transfers voluntarily initiated by the Employee except as described below. If this Plan transfers
or rolls over funds to another plan in a transaction voluntarily initiated by the Employee, then this Plan shall count the distribution for purposes of determining Account balances or the present value of accrued benefits. A transfer incident to a
merger or consolidation of two or more plans of the Employer (including plans of related Employers treated as a single Employer under Code Section 414), or a transfer or rollover between plans of the Employer, shall not be considered as
voluntarily initiated by the Employee. 
  

 31 

 15.4 Minimum Contributions. For any top-heavy year, each Employer shall make a special
contribution on behalf of each Participant to the extent that the total allocations to his Account pursuant to Section 4 is less than the lesser of: 
 (i) three percent of his Total Compensation for that year, or 
 (ii) the highest ratio of
such allocation to Total Compensation received by any Key Employee for that year. For purposes of the special contribution of this Section 15.4, a Key Employee’s Total Compensation shall include amounts the Key Employee elected to
defer under a qualified 401(k) arrangement. Such a special contribution shall be made on behalf of each Participant who is employed by an Employer on the last day of the Plan Year, regardless of the number of his Hours of Service, and shall be
allocated to his Account. 
 For any Plan Year when (1) the Plan is top-heavy and (2) a Non-key Employee is a Participant in both
this Plan and a defined benefit plan included in the plan aggregation group which is top heavy, the sum of the Employer contributions and forfeitures allocated to the Account of each such Non-key Employee shall be equal to at least five percent
(5%) of such Non-key Employee’s Total Compensation for that year. 
 If the Employer maintains a qualified plan in addition to this
Plan and more than one such plan is determined to be top-heavy, a minimum contribution or a minimum benefit shall be provided in one of such other plans, including a plan that consists solely of a cash or deferred arrangement which meets the
requirements of Section 401(k)(12) of the Code and matching contributions with respect to which the requirements of Section 401(m)(11) of the Code are met. 
 15.5 Minimum Vesting. If a Participant’s vested interest in his Account is to be determined in a top-heavy year, it shall be based on the following “top-heavy table”: 
  

				
	 Vesting
 Years
	  	Percentage of
Interest Vested	 
	 Fewer than 3 years
	  	0	%
	 3
	  	100	%

 15.6 Maximum Compensation. For any top-heavy year, a Participant’s “Plan
Compensation” as defined in Section 4.3, and his “Total Compensation” for purposes of Section 15.3, shall not exceed $230,000 (or the limit currently in effect under Section 415(d) of the Code). 
 15.7 Top-Heavy Provisions Control in Top-Heavy Plan. In the event this Plan becomes top-heavy and a conflict arises between the top-heavy
provisions herein set forth and the remaining provisions set forth in this Plan, the top-heavy provisions shall control. 
  

 32

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