Document:

Exhibit 10.10

 

SETTLEMENT AGREEMENT AND MUTUAL
RELEASE

                This
Settlement Agreement and Mutual Release (this “Settlement Agreement”) is
entered into as of 

October 1, 2001 (the “Effective Date”) by and
between AeroGen, Inc. (“Aerogen”) and Becton, Dickinson and 

Company (“BD”), 
each of the parties being referred to as “party to the Settlement
Agreement,” and collectively 

referred to as “the  parties
hereto” or “the parties to the Settlement Agreement.”

RECITALS

                A.            WHEREAS on or about May 10, 2000, Aerogen and BD
entered into an Insulin Inhaler 

Development
Agreement, which by its terms was effective as of January 1, 2000 (“the
Development Agreement”);

                B.            WHEREAS, pursuant to the Development Agreement, Aerogen
and BD were to collaborate on the 

development
of a product for the pulmonary delivery of insulin, with the goal of achieving
rapid, effective 

development
of a pulmonary insulin inhaler with broad commercial appeal;

                C.            WHEREAS on or about August 21, 2001, Aerogen
commenced an action in the United States 

District
Court for the Northern District of California entitled Aerogen, Inc. v. Becton, Dickinson and
Company, Case 

No. C
01-20785 RS ARB (“the Action”);

                D.            WHEREAS in the Action Aerogen asserts causes of action
for breach of contract, breach of the 

implied
covenant of good faith and fair dealing, intentional misrepresentation,
concealment, negligence 

misrepresentation,
rescission, unfair competition, unjust enrichment and declaratory judgment,
alleging, among other 

things,
that BD failed to perform its obligations

 

 

under
the Development Agreement;

                E.             WHEREAS BD denies Aerogen’s
allegations, and contends that it performed its obligations under 

the Development Agreement, and further denies that its
conduct was in any way fraudulent, misleading or unfair, or 

that Aerogen is entitled to the relief sought in the
Action;

                F.             WHEREAS the parties to this Settlement Agreement wish to
avoid the costs of maintaining and 

defending
their claims with respect to each other and seek to secure a full and complete
settlement without making 

any
admissions or concessions regarding the merits of the matters in dispute;

NOW, THEREFORE, for and in consideration of the mutual
terms, obligations, covenants and conditions 

contained herein, and for other good and valuable consideration as set
forth below, Aerogen and BD agree as 

follows:

AGREEMENT

1.             Incorporation
of Recitals.  The above Recitals are incorporated herein
by reference.

2.             Termination of Insulin Inhaler
Development Agreement.  The
Development Agreement is 

hereby terminated.  The
provisions of Article 11 of the Development Agreement will survive such
termination, in 

accordance with the provisions of Article 11.  For purposes of those provisions of Article 11 of the Development

Agreement, the Intellectual Property Rights assigned to Aerogen under
the Assignment referred to in Paragraph 4 of 

this Settlement Agreement (and deferred therein) shall be deemed
Aerogen Confidential Information, and BD

 

2

 

shall keep such Intellectual Property Rights confidential, subject to
BD’s right to exercise its rights under the License 

Agreement referred to in Paragraph 5 of this Settlement Agreement.

3.             Payment by Aerogen. 
In consideration of the mutual terms, obligations, covenants and 

conditions contained herein, Aerogen will pay or cause to be paid to BD
the total sum of USD $2,000,000.00 (two 

million U.S. dollars) as follows: BD shall execute and deliver to
Aerogen an executed copy of this Settlement 

Agreement and the Assignment and the License Agreement referred to in
Paragraphs 4 and 5 of this Settlement 

Agreement on or before October 1, 2001; Aerogen shall pay or cause to
be paid to BD USD $1,000,000.00 (one 

million U.S. dollars) within 3 (three) business days of Aerogen’s
receipt of a copy of this Settlement Agreement and 

the Assignment and the License Agreement referred to in Paragraphs 4
and 5 of this Settlement Agreement, all 

executed by BD, and, pursuant to this Settlement Agreement, Aerogen
shall pay or cause to be paid to BD an 

additional USD $1,000,000.00 (one million U.S. dollars) on February 15,
2002.

                4.             Assignment. 
Concurrently
with the execution of this Settlement Agreement, BD shall execute and 

deliver to Aerogen the Assignment attached as Exhibit A to this
Settlement Agreement, and which is incorporated 

herein by reference. 

                5.             License Agreement.  Concurrently
with the execution of this Settlement Agreement, the parties 

hereto shall execute the License Agreement attached as Exhibit B to
this Settlement Agreement, and which is 

incorporated herein by reference.

6.             Dismissal of the Action.  Within three (3) business days after Aerogen’s receipt of executed

copies of this Settlement Agreement and the Assignment and the License
Agreement referred to in Paragraphs 4 and 

5 of this Settlement Agreement, Aerogen shall execute and file a

 

3

 

request for dismissal with prejudice of the Action with the United
States District Court, Northern District of 

California.  No costs or
attorneys’ fees will be sought or awarded to either Party in connection with
the Action.

7.             Mutual Release.  

a.             Except
as otherwise provided in this Settlement Agreement and in the Assignment and
the License 

Agreement referred to in Paragraphs 4 and 5 of this Settlement
Agreement, Aerogen, on behalf of itself, its 

predecessors, successors, affiliates, officers, directors, agents,
employees, representatives, and assigns, hereby 

releases and forever discharges BD, its predecessors, successors,
affiliates, officers, directors, agents, employees, 

representatives, distributors, attorneys, and assigns, and any and all
corporations or other entities which BD controls 

now or in the future, from any and all claims, defenses, demands and
causes of action of every kind and nature 

whatsoever, whether or not now known, suspected, or claimed, which
Aerogen has ever had, now has, or claims to 

have as of the date of execution of this Settlement Agreement,
including those claims or defenses that were raised or 

could have been raised in the Action, which relate to (i) the
Development Agreement, (ii) Aerogen and BD’s 

collaboration on the development of a product for the pulmonary
delivery of insulin, or (iii) the parties’ respective 

rights and obligations, including rights to intellectual property,
related in any way to any product or technology for 

the pulmonary delivery of insulin. 
This release does not apply to any cause of action or claim related to
or arising 

out of any alleged breach of this Settlement Agreement or the
Assignment or the License Agreement referred to in 

Paragraphs 4 and 5 of this Settlement Agreement.

 

4

 

                b.             Except as otherwise provided in
this Settlement Agreement and in the Assignment and the License 

Agreement referred to in Paragraphs 4 and 5 of this Settlement
Agreement, BD, on behalf of itself, its predecessors, 

successors, affiliates, officers, directors, agents, employees,
representatives, and assigns, hereby releases and forever 

discharges Aerogen, its predecessors, successors, affiliates, officers,
directors, agents, employees, representatives, 

distributors, attorneys, assigns, any all corporations or other
entities which Aerogen controls now or in the future, 

and any customers or users of products made or sold in whole or in part
by or at the direction of Aerogen, from any 

and all claims, defenses, demands and causes of action of every kind
and nature whatsoever, whether or not now 

known, suspected, or claimed, which BD has ever had, now has, or claims
to have as of the date of execution of this 

Settlement Agreement, including those claims or defenses that were
raised or could have been raised in the Action, 

which relate to (i) the Development Agreement, (ii) Aerogen and BD’s
collaboration on the development of a 

product for the pulmonary delivery of insulin, or (iii) the parties’
respective rights and obligations, including rights to 

intellectual property, related in any way to any product or technology
for the pulmonary delivery of insulin. 
This 

release does not apply to any cause of action or claim related to or
arising out of any alleged breach of this 

Settlement Agreement or the Assignment or the License Agreement
referred to in Paragraphs 4 and 5 of this 

Settlement Agreement.

                8.             Waiver of California Civil Code Section 1542. 
The parties to this Settlement Agreement 

understand and acknowledge that they are familiar with California Civil
Code section 1542, which provides as 

follows:

 

5

 

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE
CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS
SETTLEMENT WITH THE DEBTOR.

Aerogen and BD expressly waive and relinquish any rights they may have
under Civil Code section 1542 or any 

other statute or common law principle with a similar effect as to the
matters set forth in Section 7 of this Settlement  

Agreement.  In connection with
such waiver and relinquishment, Aerogen and BD acknowledge that they are
aware  

that they or their attorneys or agents may hereafter discover claims or
facts in addition to or different from those 

which they now know or believe to exist with respect to the subject
matter of this Settlement Agreement, but that it is 

the intention of the parties to this Settlement Agreement to hereby
fully, finally, and forever settle and release all of 

the matters set forth in Section 7 of this Settlement Agreement.  In furtherance of this intention, the
releases herein 

given shall be and remain in effect as full and complete releases
notwithstanding the discovery or existence of any 

such additional or different claim or fact.

                9.             Covenant Not to Sue.  BD acknowledges that Aerogen
and/or any marketing partners, 

distributors, and/or licensees Aerogen chooses,
may develop, make, have made, use, sell, license, sublicense, 

distribute, offer for sale, import or export
products for the pulmonary delivery of insulin, without any payment to BD 

except as set forth herein.  BD, on behalf of itself, its predecessors,
successors, affiliates, officers, directors, agents, 

employees, representatives and assigns, covenants
that it shall not bring suit against Aerogen, its

 

 

6

predecessors, successors, licensees,
sublicensees, contractors, vendors, affiliates, officers, directors, agents, 

employees, representatives, distributors,
marketing partners, attorneys, assigns, customers or users of products made 

or sold in whole or in part by or at the
direction of or under a direct or indirect agreement with Aerogen, or any 

corporations or other entities which Aerogen
controls or is controlled by, or with which Aerogen is under common 

control, now or in the future, with respect to
any alleged breach of any obligation or duty or any alleged 

infringement, misappropriation or other wrongful
use of any intellectual property  (i)
owned by or licensed to BD as 

of the date hereof; (ii) developed under the
Development Agreement; (iii) arising as a result of the Development 

Agreement or any activities thereunder or related
thereto; (iv) based upon or derived from any Aerogen Technology 

or Aerogen Confidential Information (as such
terms are defined in the Development Agreement); (v) based upon or 

derived from the Intellectual Property Rights
assigned to Aerogen under the Assignment referred to in Section 4 of 

this Settlement Agreement; (vi) made during the
period beginning on the date hereof and ending on the fifth 

anniversary of the date hereof by any one or more
of the inventors of any of the Intellectual Property Rights assigned 

to Aerogen under the Assignment and that relate
to the pulmonary delivery of insulin, in each case in connection with 

the developing, making, having made, using,
selling, licensing, offering for sale, exporting or importing of a product 

for the pulmonary delivery of insulin, anywhere
in the world.  BD further covenants that
it shall not challenge the 

validity or priority of any patent or patent
application by Aerogen for any product

 

 

7

 

or technology for the pulmonary delivery of
insulin anywhere in the world.  The
general purposes of the covenant set 

forth in this Section 9 are (i) to permit Aerogen
to develop and commercialize (or have developed and 

commercialized) its pulmonary insulin product
currently in development (including any improvements thereto and 

refinements thereof) without interference
(including by way of any lawsuit) from BD, and (ii) to permit BD to 

operate its business freely without concern that
Aerogen will obtain, by virtue of this Section 9, any rights to use BD 

technology developed after the date hereof by
persons without access to Aerogen Confidential Information or access 

to technology developed under the Development
Agreement.

10.          No Admission of Liability.  The parties hereto agree that nothing in this
Settlement Agreement is 

intended to or shall be construed as an admission of liability by
either party.  

11.          Disputes
and Interpretation.

                                A.            Breach or Default. 
Nothing in this Settlement Agreement will be construed so as to 

impair any legal or equitable right of any party
hereto to enforce any of the terms of this Settlement Agreement by 

any legal means.

                                B.            Descriptive Headings.  The headings used herein are descriptive only and for
the 

convenience of identifying provisions, and are not
determinative of the meaning or a fact of any such provisions.

                                C.            Litigation Expense.  If any party to this Settlement Agreement shall bring
an action 

against any other party hereto by reason of any
alleged breach of this Settlement 

 

 

8

 

Agreement, the prevailing party in such suit shall be
entitled to such party’s costs of suit and reasonable attorneys’ 

fees.

                                D.            California Law Governs. 
This Settlement Agreement and any disputes arising from this 

Settlement Agreement shall be governed by California
law.  The parties hereto stipulate that
jurisdiction (including 

personal jurisdiction) and venue in any action arising
from this Settlement Agreement shall be proper only in the 

United States District Court for the Northern District
of California, or, if that court lacks subject matter jurisdiction 

over such an action, in the Superior Court for the
State of California, County of Santa Clara.

                12.          Representation by Counsel. 
Each of the parties hereto acknowledges that this Settlement 

Agreement and the Assignment and the License Agreement referred to in
Paragraphs 4 and 5 of this Settlement 

Agreement have been executed with the consent and on the advice of
independent legal counsel of its choice. 
Each 

party further acknowledges that it and its counsel have had adequate opportunity
to make whatever investigation or 

inquiry is deemed necessary or desirable in connection with the subject
matter of this Settlement Agreement and the 

Assignment and the License Agreement referred to in Paragraphs 4 and 5
of this Settlement Agreement.

                13.          Representations as to Authority. 
Each of the parties hereto represents and warrants that it has 

the sole right and exclusive authority to execute this Settlement
Agreement and that it has not sold, assigned, 

transferred, conveyed, or otherwise disposed of any claim or demand,
relating to any matter covered by this 

Settlement Agreement or the Assignment or the License Agreement
referred to in Paragraphs 4 and 5 of this 

Settlement Agreement.  

                14.          Additional Documents.  Each
of the parties hereto agree that it will execute and provide at the 

request of the other party to the Settlement Agreement, any and all
such other 

 

 

9

 

documents or other written instruments as may be reasonably necessary
to effectuate the purposes of this Settlement 

Agreement, including the purposes of the Assignment and the License
Agreement referred to in Paragraphs 4 and 5 

of this Settlement Agreement.  

                15.          Entire Agreement. 
This
Settlement Agreement and the Assignment and the License Agreement 

referred to in Paragraphs 4 and 5 of this Settlement Agreement
constitute the entire agreement and understanding 

between the parties hereto with respect to the subject matters set
forth therein, and supersede and replace any prior 

agreements and understandings, whether oral or written, between and
among them with respect to such matters. 
The 

provisions of this Settlement Agreement may be waived, altered, amended
or repealed in whole or in part only upon 

the written consent of both of the parties hereto.

                16.          No Reliance on Representations. 
Each of the parties hereto represents and acknowledges that, in 

executing this Settlement Agreement and the Assignment and the License
Agreement referred to in Paragraphs 4 and 

5 of this Settlement Agreement, it does not rely and has not relied on
any representation or statement made by the 

other party or by the other party’s agents, representatives or
attorneys, except for the representations set forth in this 

Settlement Agreement and the Assignment and the License Agreement
referred to in Paragraphs 4 and 5 of this 

Settlement Agreement.

                17.          Successors and Assigns.  The
provisions of this Settlement Agreement shall extend and inure to 

the benefit of and be binding upon, in addition to the parties hereto,
their respective directors, officers, partners, 

attorneys, agents, employees, representatives, affiliates,
subsidiaries, shareholders, predecessors, successors, and 

assigns, just as if they had executed this Settlement Agreement.

 

 

 

10

 

                18.          Counterparts. 
This
Settlement Agreement may be executed in counterparts, each of which shall 

be original, but all of which shall constitute one and
the same instrument.  Signature may be
by facsimile, followed 

by delivery of an original signed copy.

 

                IN
WITNESS WHEREOF, each of the parties hereto has duly executed this Settlement
Agreement as of the date 

noted below.

 

	
  DATED:  October 1, 2001

  	
  AEROGEN, INC.

   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carol Gamble

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Carol Gamble, Vice President and General Counsel

  
	
   

  	
   

  	
  Print Name and Title

  
	
   

  	
   

  	
   

  

 

	
  DATED:  October 1, 2001

  	
  BECTON, DICKINSON AND COMPANY

   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ K.J. Siefert

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin Seifert, VP/GM LHC

  
	
   

  	
   

  	
  Print Name and Title

  
	
   

  	
   

  	
   

  

 

 

 

 

11

 

	
  APPROVED AS TO FORM:

  	
   

   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
  DATED:  October 1, 2001

  	
  By:

  	
  /s/ Richard A. Carbone

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  Richard A. Carbone,
  Associate General Counsel

  	 

	
   

  	
   

  	
  Print Name and Title

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  DATED:  October 1, 2001

  	
   

  	
  Attorney for BECTON, DICKINSON AND 

  COMPANY

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
  FENWICK & WEST LLP

   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Carlyn Clause

  
	
   

  	
   

  	
  Carlyn Clause

  
	
   

  	
   

  	
  Jedediah Wakefield

  
	
   

  	
   

  	
  Attorneys for AEROGEN, INC.

  
	
   

  	
   

  	
   

  
					

 

 

 

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Exhibit 10.36  

 
 

THE CORPORATEPLAN FOR RETIREMENT SELECT PLAN    
    
    BASIC PLAN DOCUMENT    
  

IMPORTANT NOTE  

This
document is not an IRS approved Prototype Plan. An Adopting Employer may not rely solely on this Plan to ensure that the Plan is "unfunded and maintained primarily for the purpose of providing
deferred compensation to a select group of management or highly compensated employees" and exempt from parts 2 through 4 of Title I of the Employee Retirement Income Security Act of 1974 with respect
to the Employer's particular situation. Fidelity Management Trust Company, its affiliates and employees may not provide you with legal advice in connection with the execution of this document. This
document should be reviewed by your attorney and/or accountant prior to execution. 

 
 
 

TABLE OF CONTENTS    
  

	 
	 	 
	 	 
	 	Page

	1.	 	ADOPTION AGREEMENT	 	1
	2.	 	DEFINITIONS	 	1
	 	 	2.1	 	Definitions	 	1
	3.	 	PARTICIPATION	 	5
	 	 	3.1	 	Date of Participation	 	5
	 	 	3.2	 	Resumption of Participation Following Re employment	 	5
	 	 	3.3	 	Cessation or Resumption of Participation Following a Change in Status	 	5
	 	 	3.4	 	Director Participation	 	5
	4.	 	CONTRIBUTIONS	 	5
	 	 	4.1	 	Deferral Contributions	 	5
	 	 	4.2	 	Matching Contributions	 	6
	 	 	4.3	 	Time of Making Employer Contributions	 	6
	5.	 	PARTICIPANTS' ACCOUNTS	 	6
	 	 	5.1	 	Individual Accounts	 	6
	6.	 	INVESTMENT OF CONTRIBUTIONS	 	6
	 	 	6.1	 	Manner of Investment	 	6
	 	 	6.2	 	Investment Decisions	 	6
	7.	 	RIGHT TO BENEFITS	 	6
	 	 	7.1	 	Distribution Election	 	6
	 	 	7.2	 	Death	 	7
	 	 	7.3	 	Other Termination of Employment	 	7
	 	 	7.4	 	Separate Account	 	7
	 	 	7.5	 	Forfeitures	 	7
	 	 	7.6	 	Adjustment for Investment Experience	 	8
	 	 	7.7	 	Hardship Withdrawals	 	8
	 	 	7.8	 	Definition of Hardship	 	8
	 	 	7.9	 	Effect of Early Distribution	 	8
	8.	 	DISTRIBUTION OF BENEFITS PAYABLE AFTER TERMINATION OF SERVICE	 	8
	 	 	8.1	 	Distribution of Benefits to Participants and Beneficiaries	 	8
	 	 	8.2	 	Determination of Timing and Method of Distribution	 	8
	 	 	8.3	 	Notice to Trustee	 	9
	 	 	8.4	 	Time of Distribution	 	9
	9.	 	AMENDMENT AND TERMINATION	 	9
	 	 	9.1	 	Amendment by Employer	 	9
	 	 	9.2	 	Retroactive Amendments	 	9
	 	 	9.3	 	Termination	 	9

i

 

	 	 	9.4	 	Distribution upon Termination of the Plan	 	9
	10.	 	MISCELLANEOUS	 	9
	 	 	10.1	 	Communication to Participants	 	9
	 	 	10.2	 	Limitation of Rights	 	9
	 	 	10.3	 	Nonalienability of Benefits	 	10
	 	 	10.4	 	Facility of Payment	 	10
	 	 	10.5	 	Information between Employer and Trustee	 	10
	 	 	10.6	 	Notices	 	10
	 	 	10.7	 	Governing Law	 	10
	 	 	10.8	 	Establishment of Trust	 	10
	11.	 	PLAN ADMINISTRATION	 	11
	 	 	11.1	 	Powers and responsibilities of the Administrator	 	11
	 	 	11.2	 	Nondiscriminatory Exercise of Authority	 	11
	 	 	11.3	 	Claims and Review Procedures	 	11
	 	 	 	 	(a)    Claims Procedure	 	11
	 	 	 	 	(b)    Review Procedure	 	11
	 	 	11.4	 	Costs of Administration	 	12

ii

  

 
 

PREAMBLE    
  

It is the intention of the Employer to establish herein an unfunded plan maintained solely for the purpose of providing deferred compensation for non-employee
members of the Board of Directors and a select group of management or highly compensated employees for purposes of Title I of ERISA.  

 1.    ADOPTION AGREEMENT.  

2.    DEFINITIONS.  

        2.1    Definitions.    

        (a)  Wherever used herein, the following terms have the meanings set forth below, unless a different meaning is clearly
required by the context: 

        (1)  "Account" means an account established on the books of the Employer for the purpose of recording amounts credited on
behalf of a Participant and any income, expenses, gains or losses included thereon. 

        (2)  "Administrator" means the Employer adopting this Plan, or other person designated by the Employer in
Section 1.1(b). 

        (3)  "Adoption Agreement" means Article 1 under which the Employer establishes and adopts or amends the Plan and
designates the optional provisions selected by the Employer. The provisions of the Adoption Agreement shall be an integral part of the Plan. 

        (4)  "Beneficiary" means the person or persons entitled under Section 7.2 to receive benefits under the Plan upon the
death of a Participant. 

        (5)  "Code" means the Internal Revenue Code of 1986, as amended from time to time. 

        (6)  "Compensation" shall mean for purposes of Article 4 (Contributions) wages as defined in Section 3401(a) of
the Code and all other payments of compensation to an employee by the employer (in the course of the employers trade or business) for which the employer is required to finish the employee a written
statement under Section 6041(d) and 6051(a)(3) of the Code, excluding any items elected by the Employer in Section 1.4, reimbursements or other expense allowances, fringe benefits (cash
and non-cash), moving expenses, deferred compensation and welfare benefits, but including amounts that are not includable in the gross income of the Participant under a salary reduction
agreement by reason of the application of Sections 125, 402(e)(3), 402(h), or 403(b) of the Code. Compensation must be determined without regard to any rules under Section 3401(a) of the Code
that limit the remuneration included in wages based on the nature or location of the employment or the services performed (such as the exception for agricultural labor in Section 3401(a)(2) of
the Code). Notwithstanding the foregoing, Compensation shall not include employee referral awards or severance payments. 

        Compensation
shall generally be based on the amount that would have been actually paid to the Participant during the Plan Year but for an election under Section 4.1. 

        In
the case of any Self-Employed Individual or an Owner-Employee Compensation shall mean the Individual's Earned Income. 

        (7)  "Earned Income" means the net earnings of a Self-Employed Individual derived from the trade or business with
respect to which the Plan is established and for which the personal services of such individual are a material income-providing factor, excluding any items not included in gross income and the
deductions allocated to such items, except that for taxable years beginning after December 31, 1989 net earnings shall be determined with regard 

1

 

to the deduction allowed under Section 164(f) of the Code, to the extent applicable to the Employer. Net earnings shall be reduced by contributions of the Employer to any qualified plan, to
the extent a deduction is allowed to the Employer for such contributions under Section 404 of the Code. 

        (8)  "Employee" means any employee of the Employer, Self-Employed Individual or Owner-Employee. 

        (9)  "Employer" means the employer named in Section 1.2(a) and any Related Employers designated in
Section 1.2(b). 

        (10) "Employment Commencement Date" means the date on which the Employee first performs an Hour of Service. 

        (11) "ERISA" means the Employee Retirement Income Security Act of 1974, as from time to time amended. 

        (12) "Fidelity Fund" means any Registered Investment Company which is made available to plans utilizing the CORPORATEplan for
Retirement Select Plan. 

        (13) "Fund Share" means the share, unit, or other evidence of ownership in a Fidelity Fund. 

        (14) "Hour of Service" means, with respect to any Employee, 

        (A)  Each hour for which the Employee is directly or indirectly paid, or entitled to payment, for the performance of duties
for the Employer or a Related Employer, each such hour to be credited to the Employee for the computation period in which the duties were performed; 

        (B)  Each hour for which the Employee is directly or indirectly paid, or entitled to payment, by the Employer or Related
Employer (including payments made or due from a trust fund or insurer to which the Employer contributes or pays premiums) on account of a period of time during which no duties are performed
(irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity, disability, layoff, jury duty, military duty, or leave of absence, each such hour to
be credited to the Employee for the Eligibility Computation Period in which such period of time occurs, subject to the following rules: 

	(i)
	No more than 501 Hours of Service shall be credited under this paragraph (B) on account of any
single continuous period during which the Employee performs no duties;

	(ii)
	Hours of Service shall not be credited under this paragraph (B) for a payment which solely
reimburses the Employee for medically-related expenses, or which is made or due under a plan maintained solely for the purpose of complying with applicable workmen's compensation, unemployment
compensation or disability insurance laws; and

	(iii)
	If the period during which the Employee performs no duties falls within two or more computation
periods and if the payment made on account of such period is not calculated on the basis of units of time, the Hours of Service credited with respect to such period shall be allocated between not more
than the first two such computation periods on any reasonable basis consistently applied with respect to similarly situated Employees; and 

2

 

        (C)  Each hour not counted under paragraph (A) or (B) for which back pay, irrespective of mitigation of damages,
has been either awarded or agreed to be paid by the Employer or a Related Employer, each such hour to be credited to the Employee for the computation period to which the award or agreement pertains
rather than the computation period in which the award agreement or payment is made. 

        For
purposes of determining Hours of Service, Employees of the Employer and of all Related Employers will be treated as employed by a single employer. For purposes of paragraphs
(B) and (C) above, Hours of Service will be calculated in accordance with the provisions of Section 2530.200b-2(b) of the Department of Labor regulations which are
incorporated herein by reference. 

        Solely
for purposes of determining whether a break in service for participation purposes has occurred in a computation period, an individual who is absent from work for maternity or
paternity reasons shall receive credit for the hours of service which would otherwise been credited to such individual but for such absence, or in any case in which such hours cannot be determined,
8 hours of service per day of such absence. For purposes of this paragraph, an absence from work for maternity reasons means an absence (1) by reason of the pregnancy of the individual,
(2) by reason of a birth of a child of the individual, (3) by reason of the placement of a child with the individual in connection with the adoption of such child by such individual, or
(4) for purposes of caring for such child for a period beginning immediately following such birth or placement. The hours of service credited under this paragraph 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. 

        (15) [Reserved.] 

        (16) "Owner-Employee" means, if the Employer is a sole proprietorship, the individual who is the sole proprietor, or if the
Employer is a partnership, a partner who owns more than 10 percent of either the capital interest or the profits interest of the partnership. 

        (17) "Participant" means any Employee or Non-Employee Director who participates in the Plan in accordance with
Article 3 hereof. 

        (18) "Plan" means the plan established by the Employer as set forth herein as a new plan or as an amendment to an existing
plan, by executing the Adoption Agreement, together with any and all amendments hereto. 

        (19) "Plan Year" means the 12-consecutive month period designated by the Employer in Section 1.1(d). 

        (20) "Registered Investment Company" means any one or more corporations, partnerships or trusts registered under the
Investment Company Act of 1940 for which Fidelity Management and Research Company serves as investment advisor. 

        (21) "Related Employer" means any employer other than the Employer named in Section 1.2(a), if the Employer and such
other employer are members of a controlled group of corporations (as defined in Section 414(b) of the Code) or an affiliated service group (as defined in Section 414(m)), or are trades
or businesses (whether or not incorporated) which are under common control (as defined in Section 414(c)), or such other employer is required to be aggregated with the Employer pursuant to
regulations issued under Section 414(o). 

        (22) "Self-Employed Individual" means an individual who has Earned Income for the taxable year from the Employer
or who would have had Earned Income but for the fact that the trade or business had no net profits for the taxable year. 

3

 

        (23) "Trust" means the trust created by the Employer. 

        (24) "Trust Agreement" means the agreement between the Employer and the Trustee, as set forth in a separate agreement, under
which assets are held, administered, and managed subject to the claims of the Employer's creditors in the event of the Employer's insolvency, until paid to Plan Participants and their Beneficiaries as
specified in the Plan. 

        (25) "Trust Fund" means the property held in the Trust by the Trustee. 

        (26) "Trustee" means the corporation or individuals appointed by the Employer to administer the Trust in accordance with the
Trust Agreement. 

        (27) "Years of Service for Vesting" means, with respect to any Employee, the number of whole years of his periods of service
with the Employer or a Related Employer (the elapsed time method to compute vesting service), subject to any exclusions elected by the Employer in Section 1.7(b). An Employee will receive
credit for the aggregate of all time period(s) commencing with the Employee's Employment Commencement Date and ending on the date a break in service begins, unless any such years are excluded by
Section 1.7(b). An Employee will also receive credit for any period of severance of less than 12 consecutive months. Fractional periods of a year will be expressed in terms of days. 

        In
the case of a Participant who has 5 consecutive 1-year breaks in service, all years of service after such breaks in service will be disregarded for the purpose of vesting
the Employer-derived account balance that accrued before such breaks, but both pre-break and post-break service will count for the purposes of vesting the Employer-derived
account balance that accrues after such breaks. Both accounts will share in the earnings and losses of the fund. 

        In
the case of a Participant who does not have 5 consecutive 1-year breaks in service, both the pre-break and post-break service will count in vesting
both the pre-break and post-break employer-derived account balance. 

        A
break in service is a period of severance of at least 12 consecutive months. Period of severance is a continuous period of time during which the Employee is not employed by the
Employer. Such period begins on the date the Employee retires, quits or is discharged, or if earlier, the 12 month anniversary of the date on which the Employee was otherwise first absent from
service. 

        In
the case of an individual who is absent from work for maternity or paternity reasons, the 12-consecutive month period beginning on the first anniversary of the first date
of such absence shall not constitute a break in service. For purposes of this paragraph, an absence from work for maternity or paternity reasons means an absence (1) by reason of the pregnancy
of the individual, (2) by reason of the birth of a child of the individual, (3) by reason of the placement of a child with the individual in connection with the adoption of such child by
such individual, or (4) for purposes of caring for such child for a period beginning immediately following such birth or placement. 

        If
the Plan maintained by the Employer is the plan of a predecessor employer, an Employee's Years of Service for Vesting shall include years of service with such predecessor employer. In
any case in which
the Plan maintained by the Employer is not the plan maintained by a predecessor employer, service for such predecessor shall be treated as service for the Employer to the extent provided in
Section 1.8. 

        (28) "Annual Retainer" means the annual retainer paid to a Non-Employee Director. 

        (29) "Bonus" means an Employee's bonus paid pursuant to the Company's Management Bonus Plan. 

4

 

        (30) "Non-Employee Director" means a non-employee member of the Board of Directors of the Employer. 

        (31) "Salary" means an Employee's base salary. 

        (b)  Pronouns used in the Plan are in the masculine gender but include the feminine gender unless the context clearly
indicates otherwise. 

3.    PARTICIPATION.  

        3.1    Date of Participation.    An eligible Employee (as set forth in
Section 1.3(a)) will become a Participant in the Plan on the first Entry Date after which he becomes an eligible Employee if he has filed an election pursuant to Section 4.1. If the
eligible Employee does not file an election pursuant to Section 4.1 prior to his first Entry Date, then the eligible Employee will become a Participant in the Plan as of the first day of a Plan
Year for which he has filed an election. 

        3.2    Resumption of Participation Following Re employment.    If a
Participant ceases to be an Employee and thereafter returns to the employ of the Employer he will again become a Participant as of an Entry Date following the date on which he completes an Hour of
Service for the Employer following his re employment, if he is an eligible Employee as defined in Section 1.3(a), and has filed an election pursuant to Section 4.1. 

        3.3    Cessation or Resumption of Participation Following a Change in
Status.    If any Participant continues in the employ of the Employer or Related Employer but ceases to be an eligible Employee as defined in Section 1.3(a),
the individual shall continue to be a Participant until the entire amount of his benefit is distributed; however, the individual shall not be entitled to make Deferral Contributions or receive an
allocation of Matching contributions during the period that he is not an eligible Employee. Such Participant shall continue to receive credit for service completed during the period for purposes of
determining his vested interest in his Accounts. In the event that the individual subsequently again becomes an eligible Employee, the individual shall resume full participation in accordance with
Section 3.1. 

        3.4    Director Participation.    An eligible Non-Employee
Director (as set forth in Section 1.3(a)) will become a Participant in the Plan on the first Entry Date after which he becomes an eligible Non-Employee Director if he has filed an
election pursuant to Section 4.1. If the eligible Non-Employee Director does not file an election pursuant to Section 4.1 prior to his first Entry Date, then the eligible
Non-Employee Director will become a Participant in the Plan as of the first day of a Plan Year for which he has filed an election. 

4.    CONTRIBUTIONS.  

        4.1    Deferral Contributions.    Each Participant may elect to
execute a Salary/Bonus/Annual Retainer reduction agreement with the Employer to reduce his Compensation or Annual Retainer by a specified percentage not exceeding the percentage set forth in
Section 1.5(a) and equal to a whole number multiple of one (1) percent. Such agreement shall become effective on the first day of the period as set forth in the Participant's election.
The election will be effective to defer Compensation or Annual Retainer relating to all services performed in the Plan Year. A new election must be made prior to each Plan Year in order for a
Participant to continue participation in the Plan for that Plan Year. A new election, other than the Participant's initial election under the Plan, will be effective as of the first day of the
following Plan Year and will apply only to Compensation or Annual Retainers payable with respect to services rendered after such date. Amounts credited to a Participant's Account prior to the
effective date of any new election will not be affected and will be paid in accordance with that prior election. The Employer shall credit an amount to the Account maintained on behalf of the
Participant corresponding to the amount of the Compensation or Annual Retainer reduction. Under no 

5

 

circumstances may a Salary/Bonus/Annual Retainer reduction agreement be adopted retroactively. A Participant may not revoke a Salary/Bonus/Annual Retainer reduction agreement for a Plan Year during
that year. 

        4.2    Matching Contributions.    If so provided by the Employer in
Section 1.5(b), the Employer shall make a Matching Contribution to be credited to the account maintained on behalf of each Participant who had Deferral Contributions made on his behalf during
the year and who meets the requirement, if any, of
Section 1.5(b)(3). The amount of the Matching Contribution shall be determined in accordance with Section 1.5(b). 

        4.3    Time of Making Employer Contributions.    The Employer will
from time to time make a transfer of assets to the Trustee for each Plan Year. The Employer shall provide the Trustee with information on the amount to be credited to the separate account of each
Participant maintained under the Trust. 

5.    PARTICIPANTS' ACCOUNTS.  

        5.1    Individual Accounts.    The Administrator will establish and
maintain an Account for each Participant which will reflect Matching and Deferral Contributions credited to the Account on behalf of the Participant and earnings, expenses, gains and losses credited
thereto, and deemed investments made with amounts in the Participant's Account. The Administrator will establish and maintain such other accounts and records as it decides in its discretion to be
reasonably required or appropriate in order to discharge its duties under the Plan. Participants will be furnished statements of their Account values at least once each Plan Year. 

6.    INVESTMENT OF CONTRIBUTIONS.  

        6.1    Manner of Investment.    All amounts credited to the Accounts
of Participants shall be treated as though invested and reinvested only in eligible investments selected by the Employer in Section 1.11(b). 

        6.2    Investment Decisions.    Investments in which the Accounts of
Participants shall be treated as invested and reinvested shall be directed by the Employer or by each Participant, or both, in accordance with the Employer's election in Section 1.11(a). 

        (a)  All dividends, interest, gains and distributions of any nature earned in respect of Fund Shares in which the Account is
treated as investing shall be credited to the Account as though reinvested in additional shares of that Fidelity Fund. 

        (b)  Expenses attributable to the acquisition of investments shall be charged to the Account of the Participant for which such
investment is made. 

7.    RIGHT TO BENEFITS.  

        7.1    Distribution Election.    Each Participant shall designate on
his Salary/Bonus/Annual Retainer reduction agreement election form the timing and method of the distribution of Plan benefits as provided in Article 8 hereof. 

6

   
        7.2    Death.    If a Participant dies before the distribution of his
Account has commenced, or before such distribution has been completed, his Account shall become vested in accordance with the vesting schedule elected in Section 1.7 and his designated
Beneficiary or Beneficiaries will be entitled to receive the balance or remaining balance of his Account, plus any amounts thereafter credited to his Account, subject to the provisions of
Section 7.6. Distribution to the Beneficiary or Beneficiaries will be made in accordance with Article 8. 

        A
Participant may designate a Beneficiary or Beneficiaries, or change any prior designation of Beneficiary or Beneficiaries by giving notice to the Administrator on a form designated by
the Administrator. If more than one person is designated as the Beneficiary, their respective interests shall be as indicated on the designation form. 

        A
copy of the death notice or other sufficient documentation must be filed with and approved by the Administrator. If upon the death of the Participant there is, in the opinion of the
Administrator, no designated Beneficiary for part or all of the Participant's Account, such amount will be paid to his surviving spouse or, if none, to his estate (such spouse or estate shall be
deemed to be the Beneficiary for purposes of the Plan). If a Beneficiary dies after benefits to such Beneficiary have commenced, but before they have been completed, and, in the opinion of the
Administrator, no person has been designated to receive such remaining benefits, then such benefits shall be paid to the deceased Beneficiary's estate. 

        7.3    Other Termination of Employment.    If provided by the Employer
in Section 1.6, if a Participant terminates his employment for any reason other than death or normal retirement, he will be entitled to a termination benefit equal to (i) the vested
percentage(s) of the value of the Matching Contributions to his Account, as adjusted for income, expense, gain, or loss, such percentage(s) determined in accordance with the vesting schedule(s)
selected by the Employer in Section 1.7, and (ii) the value of the Deferral Contributions to his Account as adjusted for income, expense, gain or loss. The amount payable under this
Section 7.3 will be subject to the provisions of Section 7.6 and will be distributed in accordance with Article 8. 

        7.4    Separate Account.    If a distribution from a Participant's
Account has been made to him at a time when he has a nonforfeitable right to less than 100 percent of his Account, the vesting schedule in Section 1.7 will thereafter apply only to
amounts in his Account attributable to Matching Contributions allocated after such distribution. The balance of his Account immediately after such distribution will be transferred to a separate
account which will be maintained for the purpose of determining his interest therein according to the following provisions. 

        At
any relevant time prior to a forfeiture of any portion thereof under Section 7.5, a Participant's nonforfeitable interest in his Account held in a separate account described in
the preceding paragraph will be equal to P(AB + (RxD))-(RxD), where P is the nonforfeitable percentage at the relevant time determined under Section 7.5; AB is the account balance
of the separate account at the relevant time; D is the amount of the distribution; and R is the ratio of the account balance at the relevant time to the account balance after distribution. Following a
forfeiture of any portion of such separate account under Section 7.5 below, any balance in the Participant's separate account will remain fully vested and nonforfeitable. 

        7.5    Forfeitures.    If a Participant terminates his employment, any
portion of his Account (including any amounts credited after his termination of employment) not payable to him under Section 7.3 will be forfeited by him. For purposes of this paragraph, if the
value of a Participant's vested account balance is zero, the Participant shall be deemed to have received a distribution of his vested interest immediately following termination of employment. Such
forfeitures will be applied to reduce the contributions of the Employer under the Plan (or administrative expenses of the Plan). 

7

 

        7.6    Adjustment for Investment Experience.    If any distribution
under this Article 7 is not made in a single payment, the amount remaining in the Account after the distribution will be subject to adjustment until distributed to reflect the income and gain
or loss on the investments in which such amount is treated as invested and any expenses properly charged under the Plan and Trust to such amounts. 

        7.7    Hardship Withdrawals.    Subject to the provisions of
Article 8, a Participant shall not be permitted to withdraw his Account (and earnings thereon) prior to retirement or termination of employment, except if permitted under Section 1.9, a
Participant may apply to the Administrator to withdraw some or all of his Account if such withdrawal is made on account of a hardship as determined by the Employer. 

        7.8    Definition of Hardship.    "Hardship" means any severe
financial hardship to the Participant resulting from a sudden and unexpected illness or accident of the Participant or the Participant's dependent (as defined in Section 152(a) of the Code),
loss of the Participant's property due to casualty, or other similar extraordinary and unforeseen circumstances arising as a result of events beyond the control of the Participant. The circumstances
that will constitute an unforeseeable emergency will depend on the facts of each case, but, in any case, payment may not be made to the extent that such hardship is or may be relieved
(i) through reimbursement or compensation by insurance or otherwise; (ii) by liquidation of the Participant's assets, to the extent the liquidation of such assets would not itself cause
severe financial hardship; or (iii) by cessation of deferrals under the Plan. Furthermore, examples of events that would not be considered unforeseeable emergencies include the need to send a
Participant's child to college or the desire to purchase a home. 

        7.9    Effect of Early Distribution.    If a Participant, pursuant to
Section 1.6(d), elects to receive a distribution of all or a portion of his Account on a date prior to that established under the Plan, including the Adoption Agreement and the Participant's
election form, the amount distributed shall equal 90% of the portion of the Participant's Account balance requested to be distributed, and the remaining portion shall be treated as forfeited by the
Participant; provided, however, that if a Participant withdraws any portion of his Account balance, he will be barred from further participation in the Plan until the first day of the Plan Year
following the conclusion of a twelve (12) month period beginning on the date the early distribution occurs. 

8.    DISTRIBUTION OF BENEFITS PAYABLE AFTER TERMINATION OF SERVICE.  

        8.1    Distribution of Benefits to Participants and Beneficiaries.    

        (a)  Distributions under the Plan to a Participant or to the Beneficiary of the Participant shall be made under a systematic
withdrawal plan (installment(s)) not exceeding 10 years or, if elected by the Employer in Section 1.10 and specified in the Participant's deferral election, in a lump sum. 

        (b)  Distributions under a systematic withdrawal plan must be made in substantially equal annual, or more frequent,
installments, in cash over a period certain which does not exceed 10 years. A systematic withdrawal plan may include a plan whereby one installment is elected. 

        8.2    Determination of Timing and Method of Distribution.    The
Participant will elect the timing and method of distribution of Plan benefits to himself and the timing and method of distribution to his Beneficiary. Such election will be made at the time the
Participant makes a deferral election. Such election shall apply to all amounts deferred in the applicable Plan Year. A Participant may modify the election made under this Section 8.2 by
submitting a completed and executed form provided for such purpose; provided, however, that such change shall not be given any effect unless a full calendar year passes between the date on which such
election form is submitted and the date of the distribution designated on such form. If the Participant does not elect the method of distribution to him or his Beneficiary, the method shall be a
single installment payment. If the Participant does not elect the 

8

 

timing of distribution to him or his Beneficiary, the Participant's account balance will be distributed upon his termination of service with the Company. 

        8.3    Notice to Trustee.    The Administrator will notify the Trustee
in writing whenever any Participant or Beneficiary is entitled to receive benefits under the Plan. The Administrator's notice shall indicate the form, amount and frequency of benefits that such
Participant or Beneficiary shall receive. 

        8.4    Time of Distribution.    In no event will distribution to a
Participant be made later than the date specified by the Participant in his salary reduction agreement. 

9.    AMENDMENT AND TERMINATION.  

        9.1    Amendment by Employer.    The Employer reserves the authority
to amend the Plan by filing with the Trustee an amended Adoption Agreement, executed by the Employer only, on which said Employer has indicated a change or changes in provisions previously elected by
it. Such changes are to be effective on the effective date of such amended Adoption Agreement. Any such change notwithstanding, no Participant's Account shall be reduced by such change below the
amount to which the Participant would have been entitled if he had voluntarily left the employ of the Employer immediately prior to the date of the change. The Employer may from time to time make any
amendment to the Plan that may be necessary to satisfy the Code or ERISA. The Employer's board of directors or other individual specified in the resolution adopting this Plan shall act on behalf of
the Employer for purposes of this Section 9.1. 

        9.2    Retroactive Amendments.    An amendment made by the Employer in
accordance with Section 9.1 may be made effective on a date prior to the first day of the Plan Year in which it is adopted if such amendment is necessary or appropriate to enable the Plan and
Trust to satisfy the applicable requirements of the Code or ERISA or to conform the Plan to any change in federal law or to any regulations or ruling thereunder. Any retroactive amendment by the
Employer shall be subject to the provisions of Section 9.1. 

        9.3    Termination.    The Employer has adopted the Plan with the
intention and expectation that contributions will be continued indefinitely. However, said Employer has no obligation or liability whatsoever to maintain the Plan for any length of time and may
discontinue contributions under the Plan or terminate the Plan at any time by written notice delivered to the Trustee without any liability hereunder for any such discontinuance or termination. 

        9.4    Distribution upon Termination of the Plan.    Upon termination
of the Plan, no further Deferral Contributions or Matching Contributions shall be made under the Plan. In addition, upon termination of the Plan, the Board of Directors of the Employer may, in its
sole discretion, determine whether or not Participants' Accounts maintained under the Plan will be immediately distributed in a single lump sum or continue to be governed by the terms of the Plan
until paid out in accordance with the terms of the Plan and each Participant's election under Section 7.1 of the Plan. 

10.    MISCELLANEOUS.  

        10.1    Communication to Participants.    The Plan will be
communicated to all Participants by the Employer promptly after the Plan is adopted. 

        10.2    Limitation of Rights.    Neither the establishment of the Plan
and the Trust, nor any amendment thereof, nor the creation of any fund or account, nor the payment of any benefits, will be construed as giving to any Participant or other person any legal or
equitable right against the Employer, Administrator or Trustee, except as provided herein; and in no event will the terms of employment or service of any Participant be modified or in any way affected
hereby. 

9

 

        10.3    Nonalienability of Benefits.    The benefits provided
hereunder will not be subject to alienation, assignment, garnishment, attachment, execution or levy of any kind, either voluntarily or involuntarily, and any attempt to cause such benefits to be so
subjected will not be recognized, except to such extent as may be required by law. 

        10.4    Facility of Payment.    In the event the Administrator
determines, on the basis of medical reports or other evidence satisfactory to the Administrator, that the recipient of any benefit payments under the Plan is incapable of handling his affairs by
reason of minority, illness, infirmity or other incapacity, the Administrator may direct the Trustee to disburse such payments to a person or institution designated by a court which has jurisdiction
over such recipient or a person or institution otherwise having the legal authority under State law for the care and control of such recipient. The receipt by such person or institution of any such
payments shall be complete acquittance therefore, and any such payment to the extent thereof, shall discharge the liability of the Trust for the payment of benefits hereunder to such recipient. 

        10.5    Information between Employer and Trustee.    The Employer
agrees to furnish the Trustee, and the Trustee agrees to furnish the Employer with such information relating to the Plan and Trust as may be required by the other in order to carry out their
respective duties hereunder, including without limitation information required under the Code or ERISA and any regulations issued or forms adopted thereunder. 

        10.6    Notices.    Any notice or other communication in connection
with this Plan shall be deemed delivered in writing if addressed as provided below and if either actually delivered at said address or, in the case
of a letter, three business days shall have elapsed after the same shall have been deposited in the United States mails, first-class postage prepaid and registered or certified: 

        (a)  If to the Employer or Administrator, to it at the address set forth in the Adoption Agreement, to the attention of the
person specified to receive notice in the Adoption Agreement; 

        (b)  If to the Trustee, to it at the address set forth in the Trust Agreement; 

        or,
in each case at such other address as the addressee shall have specified by written notice delivered in accordance with the foregoing to the addressor's then effective notice
address. 

        10.7    Governing Law.    The Plan and the accompanying Adoption
Agreement will be construed, administered and enforced according to ERISA, and to the extent not preempted thereby, the laws of the Commonwealth of Massachusetts. 

        10.8    Establishment of Trust.    The Employer shall be responsible
for the payment of all benefits under the Plan. At its discretion, the Employer may establish one or more grantor trusts for the purpose of providing for the payment of benefits under the Plan;
provided, however, that the establishment of such a trust shall not affect the status of the Plan as an unfunded plan. Such trust or trusts may be irrevocable, but the assets thereof shall be subject
to the claims of the Employer's creditors in the event of its bankruptcy or insolvency. Benefits paid to the Participants from any such trust shall be considered paid by the Employer for purposes of
meeting the obligations of the Employer under the Plan. Notwithstanding the establishment of a trust, the Employer reserves the right at any time and from time to time to pay Plan benefits to
Participants or their Beneficiaries in whole or in part from sources other than the Trust, in which case upon the Employer's request, the Employer shall receive a distribution from the Trust in an
amount equal to the amount paid by the Employer from sources other than the Trust to the Participant in satisfaction of its obligations under the Plan, provided that such distribution shall not exceed
the amount of Trust assets previously allocated to such Participant or Beneficiary. 

10

 

11.    PLAN ADMINISTRATION.  

        11.1    Powers and responsibilities of the Administrator.    The
Administrator has the full power and the full responsibility to administer the Plan in all of its details, subject, however, to the applicable requirements of ERISA. The Administrator's powers and
responsibilities include, but are not limited to, the following: 

        (a)  To make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of the
Plan; 

        (b)  To interpret the Plan, its interpretation thereof in good faith to be final and conclusive on all persons claiming
benefits under the Plan; 

        (c)  To decide all questions concerning the Plan and the eligibility of any person to participate in the Plan; 

        (d)  To administer the claims and review procedures specified in Section 11.3; 

        (e)  To compute the amount of benefits which will be payable to any Participant, former Participant or Beneficiary in
accordance with the provisions of the Plan; 

        (f)    To determine the person or persons to whom such benefits will be paid; 

        (g)  To authorize the payment of benefits; 

        (h)  To comply with the reporting and disclosure requirements of Part 1 of Subtitle B of Title I of ERISA; 

        (i)    To appoint such agents, counsel, accountants, and consultants as may be required to assist in administering the Plan; 

        (j)    By written instrument, to allocate and delegate its responsibilities, including the formation of an Administrative
Committee to administer the Plan; 

        11.2    Nondiscriminatory Exercise of Authority.    Whenever, in the
administration of the Plan, any discretionary action by the Administrator is required, the Administrator shall exercise its authority in a nondiscriminatory manner so that all persons similarly
situated will receive substantially the same treatment. 

        11.3    Claims and Review Procedures.    

        (a)  Claims Procedure.    If any person believes he is being denied any rights or benefits under the Plan, such
person may file a claim in writing with the Administrator. If any such claim is wholly or partially denied, the Administrator will notify such person of its decision in writing. Such
notification will contain (i) specific reasons for the denial, (ii) specific reference to pertinent Plan provisions, (iii) a description of any additional material or information
necessary for such person to perfect such claim and an explanation of why such material or information is necessary, and (iv) information as to the steps to be taken if the person wishes to
submit a request for review. Such notification will be given within 90 days after the claim is received by the Administrator (or within 180 days, if special circumstances require an
extension of time for processing the claim, and if written notice of such extension and circumstances is given to such person within the initial 90-day period). If such notification is not
given within such period, the claim will be considered denied as of the last day of such period and such person may request a review of his claim. 

        (b)  Review Procedure.    Within 60 days after the date on which a person receives a written notice of a
denied claim (or, if applicable, within 60 days after the date on which such denial is considered to have occurred), such person (or his duly authorized representative) may
(i) file a written request with the Administrator for a review of his denied claim and of pertinent documents and (ii) submit written issues and comments to the Administrator. The
Administrator will notify 

11

 

such person of its decision in writing. Such notification will be written in a manner calculated to be understood by such person and will contain specific reasons for the decision as well as specific
references to pertinent Plan provisions. The decision on review will be made within 60 days after the request for review is received by the Administrator (or within 120 days, if special
circumstances require an extension of time for processing the request, such as an election by the Administrator to hold a hearing, and if written notice of such extension and circumstances is given to
such person within the initial 60-day period). If the decision on review is not made within such period, the claim will be considered denied. 

        11.4    Costs of Administration.    Unless some or all costs and
expenses are paid by the Employer, all reasonable costs and expenses (including legal, accounting, and employee communication fees) incurred by the Administrator and the Trustee in administering the
Plan and Trust will be paid first from the forfeitures (if any) resulting under Section 7.5, then from the remaining Trust Fund. All such costs and expenses paid from the Trust Fund will,
unless allocable to the Accounts of particular Participants, be charged against the Accounts of all Participants on a pro rata basis or in such other
reasonable manner as may be directed by the Employer. 

12

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THE CORPORATEPLAN FOR RETIREMENT SELECT PLAN BASIC PLAN DOCUMENT

TABLE OF CONTENTS

PREAMBLE

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