Document:

EX-4.1

 Exhibit 4.1 

PRAXAIR RETIREMENT SAVINGS PLAN 

(As Amended and Restated Effective January 1, 2013) 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	 PRAXAIR RETIREMENT SAVINGS PLAN
	  	 	1	 
		
	 INTRODUCTION
	  	 	1	 
			
	 ARTICLE I
	 	DEFINITIONS	  	 	2	 
			
	 1.1
	 	“Accounts”	  	 	2	 
	 1.2
	 	“Account-Based Participant”	  	 	2	 
	 1.3
	 	“Additional Before-Tax Contribution”	  	 	2	 
	 1.4
	 	“Affiliate”	  	 	2	 
	 1.5
	 	“After-Tax Account”	  	 	2	 
	 1.6
	 	“Alternate Payee”	  	 	2	 
	 1.7
	 	“Basic After-Tax Deduction”	  	 	2	 
	 1.8
	 	“Before-Tax Account”	  	 	2	 
	 1.9
	 	“Before-Tax Contribution”	  	 	2	 
	 1.10
	 	“Beneficiary”	  	 	3	 
	 1.11
	 	“Code”	  	 	3	 
	 1.12
	 	“Committee” or “Administration Committee”	  	 	3	 
	 1.13
	 	“Common Stock”	  	 	3	 
	 1.14
	 	“Company”	  	 	3	 
	 1.15
	 	“Compensation”	  	 	3	 
	 1.16
	 	“Domestic Relations Order”	  	 	4	 
	 1.17
	 	“Earnings”	  	 	4	 
	 1.18
	 	“Eligible Employee”	  	 	4	 
	 1.19
	 	“Employee”	  	 	4	 
	 1.20
	 	“Employer”	  	 	5	 
	 1.21
	 	“ERISA”	  	 	5	 
	 1.22
	 	“ESOP”	  	 	5	 
	 1.23
	 	“Matching Contributions”	  	 	5	 
	 1.24
	 	“Matching Contribution Account”	  	 	5	 
	 1.25
	 	“Matching Before-Tax Account”	  	 	6	 
	 1.26
	 	“Matching After-Tax Account”	  	 	6	 
	 1.27
	 	“Money Accumulation Plan”	  	 	6	 
	 1.28
	 	“Normal Retirement Date”	  	 	6	 
	 1.29
	 	“Participant”	  	 	6	 
	 1.30
	 	“Plan”	  	 	6	 
	 1.31
	 	“Plan Year”	  	 	6	 
	 1.32
	 	“Qualified Domestic Relations Order” shall	  	 	6	 
	 1.33
	 	“Qualified Matching Contributions”	  	 	6	 
	 1.34
	 	“Qualified Non-Elective Contributions”	  	 	6	 
	 1.35
	 	“Retirement Plan”	  	 	6	 
	 1.36
	 	“Rollover Contribution”	  	 	6	 
	 1.37
	 	“Roth Contribution”	  	 	6	 
	 1.38
	 	“Roth Contribution Account”	  	 	6	 

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 1.39
	 	“Subsidiary”	  	 	7	 
	 1.40
	 	“Supplemental After-Tax Deduction”	  	 	7	 
	 1.41
	 	“Supplemental Deposit”	  	 	7	 
	 1.42
	 	“Termination of Employment”	  	 	7	 
	 1.43
	 	“Traditional-Design Participant”	  	 	7	 
	 1.44
	 	“Trust Agreement”	  	 	7	 
	 1.45
	 	“Trust Fund”	  	 	7	 
	 1.46
	 	“Trustee”	  	 	7	 
	 1.47
	 	“Valuation Date”	  	 	7	 
			
	 ARTICLE II
	 	ELIGIBILITY, PARTICIPATION, CONTRIBUTIONS AND VESTING	  	 	8	 
			
	 2.1
	 	Eligibility and Participation	  	 	8	 
	 2.2
	 	Exclusions	  	 	9	 
	 2.3
	 	Before-Tax Contributions	  	 	11	 
	 2.4
	 	Adjustment of Before-Tax Contributions and Roth Contributions	  	 	12	 
	 2.5
	 	Matching Contributions for Before-Tax Contributions and Basic Roth Contributions	  	 	13	 
	 2.6
	 	Additional Before-Tax Contributions or Additional Roth Contributions	  	 	14	 
	 2.7
	 	Basic and Supplemental After-Tax Deductions	  	 	14	 
	 2.8
	 	Roth Contribution	  	 	15	 
	 2.9
	 	Transfers from Before-Tax Accounts and Roth Accounts	  	 	16	 
	 2.10
	 	Matching Contributions for Basic After-Tax Deductions	  	 	16	 
	 2.11
	 	Vesting	  	 	17	 
	 2.12
	 	Revocation of Compensation Reduction	  	 	17	 
	 2.13
	 	Limitations on Contributions	  	 	18	 
	 2.14
	 	Allocations of Contributions	  	 	18	 
	 2.15
	 	401(m) Limitations	  	 	19	 
	 2.16
	 	ADP Adjustments	  	 	19	 
	 2.17
	 	Actual Deferral Percentage	  	 	21	 
	 2.18
	 	Contribution Percentage	  	 	22	 
	 2.19
	 	Additional Limitation	  	 	24	 
	 2.20
	 	Catch-Up Contributions	  	 	24	 
			
	 ARTICLE III
	 	INVESTMENT AND VALUATION OF ACCOUNTS	  	 	25	 
			
	 3.1
	 	Before-Tax Accounts	  	 	25	 
	 3.2
	 	Roth Contribution Accounts	  	 	25	 
	 3.3
	 	After-Tax Accounts	  	 	25	 
	 3.4
	 	Matching Contribution Accounts	  	 	25	 
	 3.5
	 	Investment Options	  	 	25	 
	 3.6
	 	Change of Investments	  	 	26	 
	 3.7
	 	Dividends	  	 	27	 

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 3.8
	 	Rights, Warrants and Scrip	  	 	27	 
	 3.9
	 	Voting Rights	  	 	28	 
	 3.10
	 	Tender Offers	  	 	28	 
	 3.11
	 	Statements Furnished Participants	  	 	28	 
	 3.12
	 	Directed Investments by Alternate Payees	  	 	28	 
			
	 ARTICLE IV
	 	DISTRIBUTIONS, WITHDRAWALS AND LOANS	  	 	29	 
			
	 4.1
	 	Distribution of Accounts on Termination of Employment	  	 	29	 
	 4.2
	 	Form of Payment of Accounts 	  	 	33	 
	 4.3
	 	Rehire Prior to Distribution of Before-Tax Accounts	  	 	33	 
	 4.4
	 	Withdrawal by Participant From Before-Tax Account or Roth Contribution Account During Employment Prior to the Attainment of Age 591⁄2	  	 	33	 
	 4.5
	 	Withdrawal by Participant From Specified Accounts During Employment After the Attainment of Age 591⁄2	  	 	34	 
	 4.6
	 	Withdrawal by Participant of After-Tax Deduction, Supplemental Deposits and Rollover Contributions During Employment	  	 	34	 
	 4.7
	 	Commencement of Benefits	  	 	35	 
	 4.8
	 	Loans	  	 	35	 
	 4.9
	 	Money Accumulation Plan Funds	  	 	37	 
	 4.10
	 	Direct Rollovers	  	 	37	 
	 4.11
	 	In-Plan Roth Conversions	  	 	39	 
	 4.12
	 	Permissible Withdrawals of Automatic Contributions	  	 	40	 
	 4.13
	 	Statutory Hurricane Relief Regarding Loans	  	 	40	 
	 4.14
	 	Statutory Hurricane Relief Regarding Withdrawals Due to Financial Hardship	  	 	41	 
	 4.15
	 	Qualified Reservist Distribution	  	 	42	 
	 4.16
	 	HEART Act Distribution	  	 	42	 
			
	 ARTICLE V
	 	LIMITATION ON MAXIMUM CONTRIBUTIONS AND BENEFITS UNDER ALL DEFINED CONTRIBUTION PLANS	  	 	43	 
			
	 5.1
	 	General	  	 	43	 
	 5.2
	 	Affiliate	  	 	43	 
	 5.3
	 	Limitation Year	  	 	43	 
	 5.4
	 	Annual Additions	  	 	43	 
	 5.5
	 	Defined Benefit and Defined Contribution Plans	  	 	43	 
	 5.6
	 	Aggregation of Defined Contribution Plans	  	 	43	 
	 5.7
	 	Defined Contribution Plan Limitation	  	 	44	 
	 5.8
	 	Alternative Method	  	 	44	 
	 5.9
	 	Participation in Multiple Plans 	  	 	44	 
	 5.10
	 	Notice of Reduction	  	 	45	 
	 5.11
	 	Final Code Section 415 Regulations	  	 	45	 

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 5.12
	 	Treatment of Military Differential Pay Under the HEART Act	  	 	49	 
			
	 ARTICLE VI
	 	TOP-HEAVY RULES	  	 	50	 
			
	 6.1
	 	Top-Heavy Plan	  	 	50	 
	 6.2
	 	Minimum Top-Heavy Benefits	  	 	50	 
	 6.3
	 	Key Employee	  	 	51	 
	 6.4
	 	Automatic Removal	  	 	51	 
			
	 ARTICLE VII
	 	SPECIAL RULES WITH RESPECT TO CERTAIN TRANSFERRED AND OTHER EMPLOYEES	  	 	52	 
			
	 7.1
	 	Pyromet Industries, Inc.	  	 	52	 
	 7.2
	 	Materia Ventures, Inc.	  	 	52	 
	 7.3
	 	Former CBI ESOP Participants	  	 	52	 
	 7.4
	 	Praxair Precision Components, Inc. (formerly Treffers Precision, Inc.)	  	 	53	 
	 7.5
	 	Fusion, Inc.	  	 	53	 
	 7.6
	 	Praxair Distribution Inc.	  	 	54	 
	 7.7
	 	Teamsters Local Union #592 – Hopewell, Virginia	  	 	54	 
			
	 ARTICLE VIII
	 	TRUST	  	 	57	 
			
	 8.1
	 	Trustees	  	 	57	 
	 8.2
	 	Trust Expenses	  	 	57	 
			
	 ARTICLE IX
	 	ADMINISTRATION	  	 	58	 
			
	 9.1
	 	Administration Committee	  	 	58	 
	 9.2
	 	Limitation of Liability; Indemnity	  	 	58	 
	 9.3
	 	Compensation and Expenses	  	 	58	 
	 9.4
	 	Voting, Chairmen, Subcommittees	  	 	59	 
	 9.5
	 	Payment of Benefits	  	 	59	 
	 9.6
	 	Powers and Authority; Action Conclusive	  	 	59	 
	 9.7
	 	Counsel and Agents	  	 	62	 
	 9.8
	 	Reliance on Information	  	 	62	 
	 9.9
	 	Fiduciaries	  	 	62	 
	 9.10
	 	Plan Administrator	  	 	63	 
	 9.11
	 	Notices and Elections	  	 	63	 
	 9.12
	 	Taxes Payable by Trustees	  	 	63	 
	 9.13
	 	Rollovers	  	 	63	 
	 9.14
	 	Plan-to-Plan Transfers	  	 	64	 
			
	 ARTICLE X
	 	AMENDMENT, TERMINATION, ADOPTION AND MERGER	  	 	65	 
			
	 10.1
	 	Modification or Amendment of Plan	  	 	65	 
	 10.2
	 	Termination of Plan or Discontinuance of Contributions	  	 	65	 
	 10.3
	 	Expenses of Termination	  	 	65	 

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 10.4
	 	Amendments Required for Qualification	  	 	65	 
	 10.5
	 	Adoption of Plan by Employers	  	 	66	 
	 10.6
	 	Discontinuance of Participation	  	 	67	 
	 10.7
	 	Merger	  	 	67	 
			
	 ARTICLE XI
	 	MISCELLANEOUS	  	 	68	 
			
	 11.1
	 	Claims Procedure	  	 	68	 
	 11.2
	 	Plan Not an Employment Contract	  	 	68	 
	 11.3
	 	Consent to Terms of Plan and Trust Agreement	  	 	68	 
	 11.4
	 	Transfer of Interest Not Permitted	  	 	69	 
	 11.5
	 	Obligations of Employers Limited	  	 	70	 
	 11.6
	 	Separation of Invalid Provisions	  	 	70	 
	 11.7
	 	Payment to a Minor or Incompetent	  	 	70	 
	 11.8
	 	Doubt as to Right to Payment	  	 	70	 
	 11.9
	 	Forfeiture Upon Inability to Locate Distributee	  	 	71	 
	 11.10
	 	Contributions Conditioned on Initial Qualification and Deductibility	  	 	71	 
	 11.11
	 	No Diversion of Trust Fund	  	 	71	 
	 11.12
	 	Usage	  	 	72	 
	 11.13
	 	Governing Law	  	 	72	 
	 11.14
	 	Captions	  	 	72	 
	 11.15
	 	USERRA and HEART Act Compliance	  	 	72	 
	 11.16
	 	ESOP	  	 	72	 
			
	 ARTICLE XII
	 	MINIMUM DISTRIBUTION REQUIREMENTS	  	 	74	 
			
	 12.1
	 	General Rules	  	 	74	 
	 12.2
	 	Time and Manner of Distribution	  	 	74	 
	 12.3
	 	Required Minimum Distributions During Participant’s Lifetime	  	 	75	 
	 12.4
	 	Required Minimum Distributions After Participant’s Death	  	 	76	 
	 12.5
	 	Definitions	  	 	77	 
		
	 APPENDIX A - PARTICIPATING EMPLOYERS
	  	 	79	 
		
	 APPENDIX B - MONEY ACCUMULATION PLAN DISTRIBUTIONS
	  	 	80	 
		
	 APPENDIX C - PROVISIONS APPLICABLE TO PDI PARTICIPANTS
	  	 	81	 

  
 - v - 

 PRAXAIR RETIREMENT SAVINGS PLAN 

INTRODUCTION 
 This Plan
was established by Praxair, Inc., a Delaware Corporation, effective July 1, 1992. The Plan is for the exclusive benefit of Eligible Employees of Praxair, Inc. and their Beneficiaries and the Eligible Employees (and their Beneficiaries) of any
Subsidiary adopting this Plan. Participation in this Plan by Eligible Employees is entirely voluntary. The Plan’s name was changed from The Savings Program for Employees of Praxair, Inc. and Participating Subsidiary Companies to the Praxair
Retirement Savings Plan effective as of July 1, 2002. The Plan was last amended and restated in its entirety effective January 1, 2010. 

The Praxair Distribution, Inc. 401(k) Retirement Plan was merged into the Plan effective December 31, 2012. The Texas Welder’s
Supply Co., Inc. 401(k) Plan was merged into the Plan effective January 1, 2013. The PortaGas, Inc. 401(k) Profit Sharing Plan and Trust was merged into the Plan effective August 1, 2013. 

The Plan is hereby amended and restated effective as of January 1, 2013 to comply with the requirements of the Worker, Retiree, and
Employer Recovery Act of 2008, the Heroes Earnings Assistance and Relief Tax Act of 2008 (“HEART Act”), and other changes in the rules and regulations governing the Plan. 

  
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 ARTICLE I 

DEFINITIONS 
 1. Definitions. As
used in this Plan, the following terms shall have the designated meaning. 
 1.1 “Accounts” shall mean the sum of a
Participant’s interest in the Trust Fund including, as applicable, such Participant’s Before -Tax Account, Roth Contribution Account, After-Tax Account, Matching Contribution Account, Qualified Matching Contributions Account and Qualified
Non-Elective Contributions Account. 
 1.2 “Account-Based Participant” shall mean a Participant who either commenced Plan
participation after April 30, 2002, or elected to be treated as an Account-Based Participant for purposes of the Retirement Plan in accordance with procedures adopted by the Committee. Notwithstanding the foregoing, no Participant shall be
eligible to be an Account-Based Participant if such Participant is an Employee who is a member of a bargaining unit which has entered into a collective bargaining agreement with an Employer until and unless such collective bargaining agreement
expressly provides that Employees subject to such collective bargaining agreement are eligible to be Account-Based Participants. 
 1.3
“Additional Before-Tax Contribution” shall mean a contribution to a Participant’s Before-Tax Account made pursuant to Section 2.6 of this Plan. 

1.4 “Affiliate” shall mean, except as otherwise provided in Article V, each of (a) any corporation (other than an
Employer) of which at least 80% of the total combined voting power of all classes of stock entitled to vote is owned at the time of reference, either directly or indirectly, by the Company, (b) any other trade or business (other than an
Employer), whether or not incorporated, which, at the time of reference, is controlled by or under common control with an Employer, within the meaning of Code Section 414(c) or (c) subject to Code Section 414(o), any member (other
than an Employer), at the time of reference, of an affiliated service group within the meaning of Code Section 414(m), which includes an Employer. 

1.5 “After-Tax Account” shall mean an account setting forth a Participant’s interest in the Trust Fund as provided in
Article III of the Plan. 
 1.6 “Alternate Payee” shall mean 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 benefits payable under the Plan with respect to such Participant. 

1.7 “Basic After-Tax Deduction” shall mean a contribution to a Participant’s Account made pursuant to Section 2.7 of
this Plan. 
 1.8 “Before-Tax Account” shall mean an account setting forth a Participant’s interest in the Trust Fund
as provided in Article III of the Plan. 
 1.9 “Before-Tax Contribution” shall mean a contribution to a Participant’s
Before-Tax Account made pursuant to Section 2.3 of this Plan. 

  
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 1.10 “Beneficiary” shall mean the person, persons or estate entitled under
Section 4.1.3 to receive any amount under this Plan in the event of a Participant’s death. 
 1.11 “Code” shall
mean the Internal Revenue Code of 1986, as from time to time amended. Reference to a specific provision of the Code shall include such provision, any valid regulation promulgated thereunder and any comparable provision of future legislation that
amends, supplements or supersedes such provision. 
 1.12 “Committee” or “Administration Committee” shall
mean the Administration Committee provided for in Article IX of this Plan. 
 1.13 “Common Stock” shall mean the common
stock of the Company, provided that any common stock of the Company held within the ESOP shall consist only of “qualifying employer securities”. Qualifying Employer Securities means common stock issued by Praxair, Inc., (or by a
corporation within the same controlled group as Praxair, Inc.) which is tradable on an established securities market. 
 1.14
“Company” shall mean Praxair, Inc., a Delaware corporation, any predecessor thereof, and any successor thereof by merger, consolidation or otherwise. 

1.15 “Compensation” shall mean a Participant’s regular, basic salary (or for hourly paid employees, a participant’s
actual straight time earnings), including, without limitation, part or all of a Participant’s sales commission, any shift premium, shift bonus or sales bonus paid to the Participant, the straight time portion of overtime, short term disability
benefit payments made under the Employer’s disability plan, military differential pay as defined in Code Section 3401(h) (regardless of whether the Participant currently performs services for the Employer by reason of the Participant
performing qualified military service within the meaning of Code Section 414(u)), and to the extent determined by the Committee, lump sum payments in lieu of increases to the Participant’s basic hourly rate of pay or salary increases, and
incentive compensation awards as designated by the Committee on a non-discriminatory basis, received from the Employer for the established regular working schedule of the Participant, determined prior to any reduction in such rate of compensation
for any Before-Tax Contributions and Additional Before-Tax Contributions to this Plan or any contributions made on behalf of such Participant to any successor plans thereto or any other plan maintained by the Company which meets the requirements of
Code Sections 401 (a) and 401 (k) or any other plan maintained by the Company which meets the requirements of Code Section 125 or 132(f) and which provides for pre-tax contributions. Notwithstanding any provision of the Plan to the
contrary, to the extent required pursuant to an applicable collective bargaining agreement covering a Participant only, a Participant’s Compensation shall also include any payment(s) received from the Employer pursuant to a profit sharing plan,
not in excess of 20 “days’ pay” for the year or, effective January 1, 2006, not in excess of 7.7% of the Participant’s annualized “annual straight-time earnings” (as each such term is defined in the applicable
profit sharing plan) for the year. 
 Notwithstanding any provision of the Plan to the contrary, solely for purposes of determining an
Eligible Employee’s Actual Deferral Percentage under Section 2.17 of the Plan or Contribution Percentage under Section 2.18 of the Plan, “Compensation” shall mean a Participant’s wages as defined in Code
Section 3401(a) from the Employer for the Plan Year, 

  
 - 3 - 

 
and all other payments of compensation to the Participant by the Employer for the Plan Year for which the Employer is required to furnish the Participant a written statement under Code Sections
6041(d) and 6051(a)(3) (Wages, Tips, and Other Compensation box on Form W-2), but excluding wages earned prior to commencement of Plan participation. Compensation shall include Before-Tax Contributions and any other Employer contributions made
pursuant to a salary reduction agreement which are not includible in the gross income of the Participant under Code Sections 125, 132(f) or 402(g)(3). Compensation must be determined without regard to any rules that limit the remuneration included
in wages based on the nature or location of the employment or the services performed. A Participant’s Compensation in excess of $250,000 in any Plan Year shall not be taken into account under the Plan for any purpose. Such $250,000 limitation
shall be adjusted in accordance with Code Section 401(a)(17)(B); for 2013 and 2014 the limitation is $255,000 and $260,000, respectively. The determination of the Committee as to what constitutes Compensation under this Section 1.15 shall
be conclusive. 
 1.16 “Domestic Relations Order” shall mean any judgment, decree, or order (including approval of a
property settlement agreement) which is (a) related to the provision of child support, alimony payments, or marital property rights to a spouse, former spouse, child or other dependent of a Participant, and (b) made pursuant to a state
domestic relations law (including a community property law). 
 1.17 “Earnings” for any Limitation Year means the
Participant’s wages as defined in Code Section 3401 (a) from the Employer for the Plan Year, and all other payments of compensation to the Participant by the Employer for the Plan Year for which the Employer is required to furnish the
Participant a written statement under Code Sections 6041(d) and 6051(a)(3) (Wages, Tips, and Other Compensation box on Form W-2), but excluding wages earned prior to commencement of Plan participation. Earnings shall include Before-Tax Contributions
and any other Employer contributions made pursuant to a salary reduction agreement which are not includible in the gross income of the Participant under Code Sections 125, 132(f) or 402(g)(3). Earnings must be determined without regard to any rules
that limit the remuneration included in wages based on the nature or location of the employment or the services performed. A Participant’s Earnings in excess of $250,000 shall not be taken into account under the Plan for purposes of benefits
accruing under the Plan. Such $250,000 limitation shall be adjusted at the same time and in such manner as the limitation set forth in Code Section 415(b)(1)(A) is adjusted under Code Section 415(d); for 2013 and 2014 the limitation is
$255,00 and $260,000, respectively. 
 1.18 “Eligible Employee” shall mean any Employee, other than an Employee who is a
member of a class of Employees excluded from coverage under this Plan pursuant to Section 2.2, if such individual (a) is compensated on a salaried, hourly, or commission basis, and (b) is an Eligible Employee as described under
Section 2.1 of the Plan. 
 1.19 “Employee” shall mean: (a) any individual who, under the rules applicable in
determining the employer-employee relationship for purposes of Code Section 3121, has the status of an employee of an Employer or an Affiliate; (b) any officer of an Employer or an Affiliate; and (c) any United States citizen employed
on a salaried or commission basis outside the United States, its territories, possessions or Puerto Rico by the Company or a Subsidiary while designated by the Company as an internationally assigned employee of the Company. 

  
 - 4 - 

 1.19.1 “Highly Compensated Employee” shall mean, effective for Plan Years
beginning after December 31, 1996, any Employee who (a) was a 5% owner (as defined in Code Section 416(i)(1)) at any time during the year or the preceding year, or (b) for the preceding year, had compensation from the Employer in
excess of $115,000 (as indexed for inflation) and was in the top 20% of Employees by compensation (as defined in Code Section 415(c)(3)) for such preceding year. 

1.19.2 “Part-Time Employee” shall mean any Employee on the United States payroll of an Employer who is regularly scheduled to
work twenty (20) hours or less per week. 
 1.19.3 “Regular/Full-Time Employee” shall mean an Employee on the United
States payroll of an Employer who is regularly scheduled to work more than twenty (20) hours per week. 
 1.19.4 “Temporary
Employee” shall mean any Employee of an Employer hired for work of a temporary nature, and shall include any Employee employed by an Employer on a per diem or casual basis. 

1.20 “Employer” shall mean (a) the Company, and (b) any other Subsidiary which has adopted this Plan in accordance
with Section 10.5. A list of Employers is included as Appendix A hereto. 
 1.21 “ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as from time to time amended. Reference to a specific provision of ERISA shall include such provision, any valid regulation promulgated thereunder and any comparable provision of future legislation that
amends, supplements or supersedes such provision. 
 1.22 “ESOP” means the portion of the Plan that is intended to be a
stock bonus plan as defined in Treasury Regulation Section 1.401-1(b)(1)(iii) and a non-leveraged employee stock ownership plan satisfying the requirements of Code Sections 401(a), 409, and 4975(e)(7). The ESOP shall consist of(i) a portion of
the Company Stock Fund so designated, and (ii) a portion of all Matching Contribution Accounts so designated. The ESOP is intended to be invested primarily in Common Stock. 

1.23 “Matching Contributions” shall mean contributions by the Company to the Plan pursuant to Section 2.5 and
Section 2.10 of the Plan. 
 1.24 “Matching Contribution Account” shall mean the separate account for each Participant
which shall account for his share of the Trust Fund attributable to Matching Contributions. Each Participant’s Matching Contribution Account shall consist of two subaccounts: a Matching Before-Tax Account (which shall include Matching
Contributions made with respect to Roth Contributions made pursuant to Section 2.8) and a Matching After-Tax Account. Effective March 1, 2002, the Matching Contribution Account shall be further divided into an ESOP portion and a non-ESOP
portion, and both the Matching Before-Tax Account and the Matching After-Tax Account shall consist of both an ESOP and a non-ESOP portion. 

  
 - 5 - 

 1.25 “Matching Before-Tax Account” shall mean the subaccount portion of a
Participant’s Matching Contribution Account established for Matching Contributions made in accordance with Section 2.5. 
 1.26
“Matching After-Tax Account” shall mean the subaccount portion of a Participant’s Matching Contribution Account established for Matching Contributions made in accordance with Section 2.10. 

1.27 “Money Accumulation Plan” shall mean the Money Accumulation Pension Plan for Employees of Linde Division Participating
Corporations. 
 1.28 “Normal Retirement Date” shall mean a Participant’s 65th birthday. 

1.29 “Participant” shall mean an Eligible Employee who becomes a Participant in this Plan pursuant to Section 2.1. 

1.30 “Plan” shall mean this Praxair Retirement Savings Plan as from time to time in effect. 

1.31 “Plan Year” shall mean the calendar year. 

1.32 “Qualified Domestic Relations Order” shall mean a qualified domestic relations order as defined in Code
Section 414(p) and ERISA Section 206(3). 
 1.33 “Qualified Matching Contributions” shall mean Matching
Contributions which are subject to the non-forfeitability requirements and distribution limitations applicable to Before-Tax Contributions when made. Qualified Matching Contributions shall be allocated only to the Qualified Matching Contribution
Accounts of Nonhighly Compensated Employees as the Employer determines is needed to satisfy the Actual Deferral Percentage test described in Section 2.17, the Contribution Percentage test described in Section 2.18, or both. 

1.34 “Qualified Non-Elective Contributions” are contributions made by an Employer that are subject to the non-forfeitability
requirements and distribution limitations applicable to Before-Tax Contributions when made. Qualified Non-Elective Contributions shall be allocated only to the Qualified Non-Elective Contribution Accounts of Nonhighly Compensated Employees as the
Employer determines is needed to satisfy the Actual Deferral Percentage test described in Section 2.17, the Contribution Percentage test described in Section 2.18, or both. 

1.35 “Retirement Plan” shall mean the Praxair Pension Plan. 

1.36 “Rollover Contribution” shall mean a rollover contribution made to the Plan by a Participant pursuant to
Section 9.13. 
 1.37 “Roth Contribution” shall mean a contribution to a Participant’s Account made pursuant to
Section 2.8 of this Plan. 
 1.38 “Roth Contribution Account” shall mean the account setting forth a Participant’s
interest in the Trust Fund as provided in Section 2.8 of this Plan. 

  
 - 6 - 

 1.39 “Subsidiary” shall mean (a) any Affiliate and (b) any other
corporation, partnership or other entity, other than an Employer, 20% or more of which is owned at the time of reference, either directly or indirectly, by the Company. 

1.40 “Supplemental After-Tax Deduction” shall mean a contribution to a Participant’s After-Tax Account made pursuant to
Section 2.7 of the Plan. 
 1.41 “Supplemental Deposit” shall mean a contribution to a Participant’s After-Tax
Account made pursuant to Section 2.7.5 of the Plan. 
 1.42 “Termination of Employment” and similar references shall
mean a Participant’s ceasing to be employed by an Employer or a Subsidiary for any reason, and shall include a Participant’s severance from employment under Code Section 401(k)(2)(B). A transfer between employment by an Employer and
employment by a Subsidiary, between employment by Employers or Subsidiaries, or between employment compensated on a salaried basis and employment compensated on an hourly basis shall not constitute a Termination of Employment. 

1.43 “Traditional-Design Participant” shall mean (a) any Participant who elected to be treated as a Traditional-Design
Participant for purposes of the Retirement Plan in accordance with procedures adopted by the Committee, (b) any Participant who is a PPC Employee (as defined in Section 7.4), and (c) Participants employed by Amko Service Company. 

1.44 “Trust Agreement” shall mean the agreement between the Committee and the Trustee under which this Plan is funded, as such
agreement may be amended from time to time. 
 1.45 “Trust Fund” shall mean the fund created by the Trust Agreement. 

1.46 “Trustee” shall mean the trustee or trustees from time to time designated under the Trust Agreement. 

1.47 “Valuation Date” shall mean each December 31st, and any other date as of which the Committee, in its sole
discretion, determines the value of all or any portion of the Trust Fund or determines the actual deferral percentage, as defined in Code Section 401(k)(3)(B), of any Employee or any group of Employees. 

  
 - 7 - 

 ARTICLE II 

ELIGIBILITY, PARTICIPATION, CONTRIBUTIONS AND VESTING 

2.1 Eligibility and Participation. 

2.1.1 Each Regular/Full-Time Employee of an Employer shall become an Eligible Employee on the later of his date of employment with an Employer
or the effective date of such Employer’s adoption of the Plan. 
 2.1.2 A Part-Time Employee who completes 1,000 hours of service
during the 12-consecutive month period commencing on the first day on which he completes an hour of service, shall become an Eligible Employee upon his completion of 1,000 hours of service. A Part-Time Employee who fails to complete 1,000 hours of
service during such 12-month consecutive period, shall become an Eligible Employee on the first day of the calendar month immediately following his completion of 1,000 hours of service within a Plan Year. 

For purposes of this Section 2.1.2, a Part-Time Employee will be credited with an “hour of service” for each hour: 

(a) for which the Part-Time Employee is directly or indirectly paid, or entitled to payment for the performance of duties for
the Company or any Affiliate during an applicable computation period; 
 (b) for which the Part-Time Employee is directly or
indirectly paid, or entitled to payment, by the Company or an Affiliate (irrespective of whether the employment relationship has terminated) on account of a period of time during which no duties are performed by reasons (such as vacation, holiday,
illness, disability, layoff, jury duty, military leave or leave of absence) other than for the performance of duties during the applicable computation period. No more than 501 hours of service will be credited to a Part-Time Employee during any
single computation period under this paragraph (b). Hours of service under this paragraph (b) shall be computed in accordance with Department of Labor regulation 2530.200b-2, which are incorporated herein by reference. Hours of service credited
under this paragraph (b) shall be credited to the computation period in which such absence occurred; 
 (c) for which
back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Company or an Affiliate. The same hours of service shall not be credited under both paragraph (a) and paragraph (b), as the case may be, and under this
paragraph (c). These hours shall be credited to the Part-Time Employee for the applicable computation period or periods to which the award or agreement pertains. 

In computing hours of service, employment with an Affiliate shall be treated as employment with an Employer, excluding,
however, employment during periods when the employing entity was not an Affiliate. To the extent required by Code Section 414(u), an Employee’s period of military service shall be treated as employment with the Employer. 

  
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 2.1.3 Notwithstanding the foregoing: (a) a Participant who became an Employee of
Praxair Distribution, Inc. or any of its subsidiaries (“PDI”) prior to October 1, 2003, shall be an Eligible Employee if, and only if, he was already an Eligible Employee immediately prior to his employment by PDI; (b) a
Participant who became an Employee of Praxair Healthcare Services, Inc. or any of its subsidiaries (“PHS”) on or after April 1, 2003, but prior to October 1, 2003, shall be an Eligible Employee if, and only if, he was already an
Eligible Employee immediately prior to his employment by PHS; and (c) a Participant who became an Employee of any nonparticipating Subsidiary on or after April 1, 2003, but prior to October 1, 2003, shall be an Eligible Employee if,
and only if, he was already an Eligible Employee immediately prior to his employment by the nonparticipating Subsidiary. Solely to the extent employees of PDI, PHS, and/or a nonparticipating Subsidiary participate in the Plan pursuant to the
immediately preceding sentence of this subsection 2.1.3, such entities shall adopt the Plan as provided in Section 10.5. A Participant who becomes an Employee of PDI, PHS or any other nonparticipating Subsidiary (determined without regard to
the immediately preceding sentence) on or after October 1, 2003, will not be eligible to actively participate in the Plan regardless of whether or not he was an Eligible Employee immediately prior to his employment by PDI, PHS or such other
nonparticipating Subsidiary. 
 2.1.4 An Eligible Employee (including an Eligible Employee who has been “lawfully admitted for
permanent residence” in the United States, as that term is defined in 8 U.S.C. § 1101(a)(20)) who is temporarily transferred by an Employer to the employ of a foreign Subsidiary or Affiliate and is designated as an internationally assigned
Employee by an Employer, shall be eligible to continue to actively participate in the Plan while temporarily assigned outside the United States if, immediately prior to such transfer, such Eligible Employee was employed in the United States by an
Employer and was a Participant in the Plan. 
 2.1.5 An Eligible Employee shall become a Participant in this Plan upon his authorizing his
Employer to reduce his Compensation for each pay period by an amount or to make contributions determined in accordance with Section 2.3, 2.6, 2.7 or 2.8. 

2.1.6 An Eligible Employee shall cease to be a Participant in this Plan upon the complete distribution to him of all of his Accounts under the
Plan. 
 2.1.7 Effective December 31, 2012, the Praxair Distribution, Inc. 401(k) Retirement Plan was merged into the Plan and Eligible
Employees of PDI were permitted to participate in the Plan 
 2.2 Exclusions. 

(a) The following individuals and Employees are not Eligible Employees within the coverage of the Plan: 

(i) Individuals who perform services for an Employer as leased employees. For purposes of this Section 2.2(a)(i) the term
“leased employee” shall mean, effective for Plan Years beginning after December 31, 1996, any person (other than an Employee of an Employer): 

  
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 (A) who, pursuant to an agreement between an Employer and any other person
(the “leasing organization”), has performed services for an Employer (or for an Employer and related persons determined in accordance with Code Section 414(n)) on a substantially full-time basis for a period of at least one year if
such services are performed under the primary direction or control of an Employer; 
 (B) is not a participant in a
qualified money purchase plan maintained by the leasing organization which provides for a nonintegrated employer contribution of at least ten per cent (10%) of such person’s annual compensation and provides for immediate participation and
full and immediate vesting; and 
 (C) meets such other requirements as may be set forth in Code Section 414(n) and the
regulations promulgated thereunder. 
 (ii) Individuals (if any) who are considered by an Employer to be independent
contractors and employees of such independent contractors, but who may be determined for any other purpose to be employees of an Employer. 

(iii) Any individual who is (a) a Part-Time Employee who has not satisfied the eligibility requirements of
Section 2.1.2, unless such individual’s employment status is changed from Regular to Part-Time, or (b) a Temporary Employee. 

(iv) Employees who were previously employed by PDI, PHS or any other Subsidiary (“Previous Employer”) before
transferring employment to the Company, where such Employee remains eligible to actively participate in a qualified retirement plan sponsored by such Previous Employer. 

(v) Employees who are members of a collective bargaining unit of an Employer unless participation in the Plan is negotiated
with the collective bargaining unit’s representative. 
 (b) The characterization by an Employer on its books and
records of the relationship of the individual and an Employer shall be conclusive of the individual’s status for purposes of this Plan. 

(c) An individual or Employee who commences employment (or the provision of services) in an ineligible classification and whose
status changes to a Regular/Full-Time Employee shall become an Eligible Employee on the date such change in status becomes effective. 

  
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 2.3 Before-Tax Contributions. 

2.3.1 A Participant may authorize his Employer to reduce his Compensation, the amount of which reduction shall be paid to the Trustee for such
Participant’s Before-Tax Account as Before-Tax Contributions, provided, however, that an Employee who first becomes an Eligible Employee after December 31, 2005 (other than an Eligible Employee who was previously employed by an Affiliate),
shall be deemed to have elected to reduce his Compensation in accordance with Section 2.3.2 unless such Eligible Employee affirmatively elects otherwise. The reduction in Compensation authorized by a Participant who is not a Highly Compensated
Employee as a Before-Tax Contribution shall range from 1% to 40%, inclusive, of his Compensation, in multiples of 1/2%. The reduction in
Compensation authorized by a Participant who is a Highly Compensated Employee shall range from 1% to 15%, inclusive of his Compensation, in multiples of 1/2% (this 15% limit is a combined limit on a Highly Compensated Employee’s Before-Tax Contributions, Basic Roth Contributions, Additional Before-Tax Contributions, Additional Roth Contributions,
and Basic After-Tax Deductions). 
 2.3.2 The Plan is intended to include an Eligible Automatic Contribution Arrangement (EACA) within the
meaning of Code Section 414(w). Notwithstanding any provision of the Plan to the contrary, each Employee shall be deemed, in accordance with such reasonable procedures as shall be established by the Committee from time to time and applied on a
uniform and nondiscriminatory basis, to have authorized his Employer to reduce his Compensation that would otherwise be payable to him each payroll period by 5%, with such reduction to be paid to the Trustee for such Employee’s Before-Tax
Account as Before-Tax Contributions. 
 The procedures established by the Committee pursuant to this subsection shall afford each
Participant covered under the EACA with advance notice of the Plan’s automatic enrollment feature and with an annual EACA notice, in both cases in accordance with Code Section 414(w). Each such notice shall accurately describe: 

(i) the amount of default Before-Tax Contributions that will be made on the covered Participant’s behalf in the absence
of an affirmative election; 
 (ii) the covered Participant’s right to elect to have no Before-Tax Contributions made
to the Plan on his behalf, to affirmatively elect to have Before-Tax Contributions commence on his behalf prior to the time he would be automatically enrolled in the Plan, or to alter the amount of those contributions at any time in accordance with
Sections 2.3.4 and 2.12; 
 (iii) how default Before-Tax Contributions will be invested in the absence of the covered
Participant’s investment instructions; and 
 (iv) the covered Participant’s right to make a withdrawal of default
Before-Tax Contributions and the procedures for making such a withdrawal. 

  
 - 11 - 

 Each covered Participant will have a reasonable opportunity after receipt of such advance
notice to make an affirmative election regarding Before-Tax Contributions (either to have no Before-Tax Contributions made or to have a different amount of Before-Tax Contributions made) before default Before-Tax Contributions are made on the
covered Participant’s behalf. Default Before-Tax Contributions being made on behalf of a covered Participant will cease as soon as administratively feasible after the covered Participant makes an affirmative election. Any Participant who makes
such an affirmative election shall cease to be covered under the EACA. 
 Notwithstanding any provision in the Plan to the contrary, the
provisions of this subsection 2.3.2 shall not apply to any individual who, immediately prior to becoming an Employee, was employed by an Affiliate and had previously made an affirmative election with respect to participation in either the Praxair
Distribution, Inc. 401(k) Retirement Plan or the Praxair Healthcare Services, Inc. 401(k) Retirement Savings Plan. 
 2.3.3 The sum of a
Participant’s Before-Tax Contributions under this Section 2.3, his Basic After-Tax Deductions under Section 2.7, and his Roth Contributions under Section 2.8 for which the Company makes a Matching Contribution under this Plan shall
not be more than 71/2% of a Traditional-Design Participant’s Compensation or more than 5% of an Account-Based Participant’s
Compensation. Notwithstanding the foregoing, except to the extent permitted under Section 2.20 of the Plan and Code Section 414(v), in no event shall a Participant’s Before-Tax Contributions and Roth Contributions combined for a Plan
Year exceed $17,500 (adjusted annually for increases in the cost of living in accordance with Code Section 402(g)); provided, however, that if the Committee relies upon Section 4.4.2(ii) to permit a hardship withdrawal by the Participant,
such limitation shall be reduced for the year following the year in which such withdrawal is made by the amount of the Participant’s Before-Tax Contributions and Roth Contributions in the year such withdrawal is made. If any deferral in excess
of such limitation is made, then the Committee may, in its discretion, return to the Participant such excess deferral and any income thereon not later than April 15th of the taxable year following the taxable year in which such excess deferral
occurred. 
 2.3.4 Within the limits of Section 2.3.3, a Participant may at any time increase or decrease the amount by which his
Compensation is reduced for Before-Tax Contributions or Roth Contributions for subsequent pay periods. 
 2.4 Adjustment of Before-Tax
Contributions and Roth Contributions. 
 2.4.1 Notwithstanding anything to the contrary in this Article II, the Committee may
prospectively decrease a Participant’s authorized reduction in his Compensation at any time if the Participant is a Highly Compensated Employee and the Committee determines, in its sole discretion, that such action is necessary in order for the
Plan to meet the actual deferral percentage tests under Code Section 401(k)(3)(A). 
 2.4.2 If the Committee determines it is necessary
to prospectively decrease any such Participant’s authorized reduction under this Section 2.4, it shall first decrease by 1⁄2% the authorized reductions of all such Participants who authorized the maximum reduction in their
Compensation, determined without regard to this Section 2.4. If the Committee determines further decreases are necessary, it shall decrease by 1⁄2% the authorized reductions of all such Participants whose authorized reductions in
their Compensation are the largest, determined after taking all previous reductions under this Section 2.4 into account. The Committee shall continue to make such decreases in multiples of 1⁄2% until it determines that the actual deferral
percentage tests in Code Section 401(k)(3)(A) have been met. 

  
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 2.4.3 Any Before-Tax Contributions or Roth Contributions which would have been made to this
Plan on behalf of a Participant but for the decrease in his authorized Compensation reduction under this Section 2.4 shall be paid by his Employer as a Basic After-Tax Deduction pursuant to Section 2.7 and such Employer shall make a
Matching Contribution as defined in Section 2.10 on account of such Basic After-Tax Deduction. If the Participant has not elected to make Basic After-Tax Deductions under Section 2.7, such amounts shall be invested in an After-Tax Account
established for such Participant and shall be allocated among the investment options in such account in the same proportions as the latest Before-Tax Contribution for his Before-Tax Account (or the latest Roth Contribution for his Roth Contribution
Account if the Participant does not have a Before-Tax Account). If the Participant has elected to make Basic After-Tax Deductions under Section 2.7 such amounts shall be allocated to his After-Tax Account, and among the various investment
options in such account, in the same proportions as: 
 2.4.3.1 His latest Basic After-Tax Deductions under Section 2.7;
or 
 2.4.3.2 If he has never made any such Basic After-Tax Deductions under Section 2.7, his latest Supplemental
After-Tax Deductions under Section 2.7; or 
 2.4.3.3 If he has never made any such Basic After-Tax Deductions or
Supplemental After-Tax Deductions, his latest Supplemental Deposits as defined in Section 2.7.5. 
 2.4.4 If the Committee determines,
in its sole discretion, that it is no longer necessary to decrease a Participant’s authorized Compensation reduction under this Section 2.4, the Committee shall increase the authorized Compensation reductions of all Participants who had
such reductions decreased, in multiples of 1/2%, until all such Participants have their authorized Compensation reductions restored to their
originally authorized level or the Committee determines that the actual deferral percentage tests of Code Section 401(k)(3)(A) will not be met, whichever occurs first. 

2.4.5 When increasing or decreasing any Participant’s authorized Compensation reduction under this Section 2.4, the Committee shall
treat all Participants who authorized the same reduction in their Compensation in the same manner. 
 2.4.6 Any action taken by the Committee
under this Section 2.4 may be taken without the consent of, or prior notice to, the affected Participants, but such Participants shall be promptly informed in writing of the Committee’s action. 

2.5 Matching Contributions for Before-Tax Contributions and Basic Roth Contributions. At the time Before-Tax Contributions are paid to
the Trustee (or Basic Roth Contributions, if applicable) on behalf of a Participant, the Participant’s Employer shall, to the extent permitted by Section 2.3.3, pay to the Trustee a Matching Contribution for such Participant’s
Matching Before-Tax Account. The amount and manner of the Matching Contribution shall be as described under Section 2.10 hereof. 

  
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 2.6 Additional Before-Tax Contributions or Additional Roth Contributions. 

2.6.1 If the Committee determines that contributions made under this Section 2.6 will not cause the Plan to fail to meet the actual deferral
percentage tests in Code Section 401(k)(3)(A), the Committee, in its sole discretion, may permit Participants to authorize additional reductions in their Compensation, the amount of which reductions shall be paid to the Trustee for such
Participant’s Before-Tax Account as Additional Before-Tax Contributions (or, if a Participant elects as Additional Roth Contributions to the Participant’s Roth Contribution Account). If permitted by the Committee, reductions for Additional
Before-Tax Contributions or Additional Roth Contributions shall range from 1/2% of the Participant’s Compensation to such upper limit
as the Committee may set, but in no event shall the sum of a Participant’s Before-Tax Contributions, Additional Before-Tax Contributions, Basic Roth Contributions, Additional Roth Contributions, and Supplemental After-Tax Deductions under
Section 2.7, exceed 40% of Compensation in the case of a Participant who is not a Highly Compensated Employee, and 15% of Compensation in the case of a Participant who is a Highly Compensated Employee. The Committee may suspend the right to
authorize Additional Before-Tax Contributions, and Additional Roth Contributions and may raise or reduce the limit on Additional Before-Tax Contributions, and Additional Roth Contributions (subject to the maximum and minimum limits set forth in this
Section 2.6) at any time. Within the limits of Section 2.6.1, a Participant may at any time increase or decrease the amount by which his Compensation is reduced for Additional Before-Tax Contributions or Additional Roth Contributions. 

2.6.2 Additional Before-Tax Contributions and Additional Roth Contributions shall not be taken into consideration in determining the Matching
Contribution to be allocated to any Participant. 
 2.7 Basic and Supplemental After-Tax Deductions. 

2.7.1 A Participant may authorize his Employer to make Basic After-Tax Deductions and, subject to the provisions of Section 2.7.3,
Supplemental After-Tax Deductions, on each pay day from his current Compensation, and to pay over such Deductions to the Trustee. 
 2.7.2
The Basic After-Tax Deductions authorized by a Traditional-Design Participant shall range from 1% to 71/2% (and for an Account-Based
Participant, from 1% to 5%), inclusive, of the Participant’s Compensation in multiples of 1/2%, provided, however, that (a) for a
Participant who is not a Highly Compensated Employee, the sum of such Participant’s Basic After-Tax Deductions under this Section 2.7, Before-Tax Contributions under Section 2.3, and Roth Contributions under Section 2.8 shall not
be less than 1% and not more than 40%, inclusive, of his Compensation, in multiples of 1/2%, and (b) for a Participant who is a Highly
Compensated Employee, the sum of such Participant’s Basic After-Tax Deductions under this Section 2.7, Before-Tax Contributions under Section 2.3, and Roth Contributions under Section 2.8 shall not be less than 1% and not more than
15%, inclusive, of his Compensation, in multiples of 1⁄2%. However, the sum of a Participant’s Basic After-Tax Deductions under this Section 2.7, Before-Tax Contributions under Section 2.3, and Basic Roth Contributions under
Section 2.8 for which the Company makes a Matching Contribution under this Plan shall not be more than 71/2% of a Traditional-Design
Participant’s Compensation or more than 5% of an Account-Based Participant’s Compensation. 

  
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 2.7.3 The Supplemental After-Tax Deductions authorized by a Traditional-Design Participant
who is not a Highly Compensated Employee shall range from 1/2% to 321/2% (and for an Account-Based Participant who is not a Highly Compensated Employee from
1/2% to 35%), inclusive, of the Participant’s Compensation, in multiples of 1/2%; provided, however, that the sum of such Participant’s Supplemental After-Tax Deductions under this Section 2.7.3 and such Participant’s Additional Before-Tax Contributions under
Section 2.6 and/or Additional Roth Contributions under Section 2.8 shall not exceed 321/2% of a Traditional-Design
Participant’s Compensation or 35% of an Account-Based Participant’s Compensation. 
 The Supplemental After-Tax Deductions
authorized by a Traditional-Design Participant who is a Highly Compensated Employee shall range from 1/2% to 51/2% (and for an Account-Based Participant who is a Highly Compensated Employee from 1/2% to 8%), inclusive, of the Participant’s Compensation, in multiples of 1/2%;
provided, however, that the sum of such Participant’s Supplemental After-Tax Deductions under this Section 2.7 and such Participant’s Additional Before-Tax Contributions or Additional Roth Contributions shall not exceed 71/2% of a Traditional-Design Participant’s Compensation or 10% of an Account-Based Participant’s Compensation. 

2.7.4 A Participant may, on a daily basis, increase or decrease his Deductions within these limits for subsequent pay periods. 

2.7.5 Supplemental Deposits. Effective January 1, 1999, a Participant may no longer make Supplemental Deposits to the Plan. 

2.8 Roth Contribution. 

2.8.1 Effective January 1, 2010, the Plan will accept Participant contributions made under Code Section 402A and pursuant to Sections
2.3.1, 2.3.3, 2.3.4, 2.4, and 2.6 of the Plan. 
 2.8.2 A Roth Contribution is (i) an elective contribution to the Plan that the
Participant irrevocably designates at the time the contribution is made as a deferral in lieu of all or a portion of the Before-Tax Contribution or Additional Before-Tax Contributions the Participant is otherwise eligible to make under the Plan, and
(ii) treated by the Employer as includible in the Participant’s income at the time the Participant would have received that amount in cash if the Participant had not made a cash or deferred election. Any Roth Contribution made in lieu of a
Before-Tax Contribution provided in Section 2.3 shall be a “Basic Roth Contribution” and a Roth Contribution made in lieu of an Additional Before-Tax Contribution provided in Section 2.6 shall be an “Additional Roth
Contribution” which shall be treated in the same manner as a Basic Roth Contribution unless specifically noted. 
 2.8.3 Roth
Contributions and withdrawals of Roth Contributions will be credited and debited to the Participant’s Roth Contribution Account. The Plan will maintain a separate record of the amount of Roth Contributions in each Participant’s Roth
Contribution Account. Gains, losses, and other credits or charges must be separately allocated on a reasonable and consistent basis to each Participant’s Roth Contribution Account and the Participant’s other Accounts under the Plan. 

  
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 2.8.4 The earnings on Roth Contributions will not be subject to federal tax if (1) the
Roth Contribution Account, at the time of the Roth Contribution withdrawal, has been open for at least five (5) consecutive years from the first day of the year in which the Participant first made the Roth Contribution and (2) the Roth
Contribution is not withdrawn prior to the earliest of the Participant attaining age 591/2, the Participant’s death, or the
Participant’s disability as defined in Code Section 72(m)(7). 
 2.9 Transfers from Before-Tax Accounts and Roth Accounts.
Any amounts which would have been contributed to the Plan on behalf of an Eligible Employee but for the provisions of Section 2.4 hereof shall be paid by the Company to this Plan as a Basic After-Tax Deduction, and the Company shall make a
Matching Contribution to this Plan for such Eligible Employee on account of such Basic After-Tax Deduction in accordance with the provisions of Section 2.10, unless otherwise directed by the Participant. If the Participant does not maintain an
After-Tax Account in the Plan at the time a Basic After-Tax Deduction is made for such Eligible Employee under this Section 2.9, then, unless otherwise directed by the Participant, the amount of the Basic After-Tax Deduction shall be invested
in an After-Tax Account established for such Eligible Employee and shall be allocated among the investment options in such account in the same proportions as the latest Before-Tax Contribution made to the Plan on behalf of the Participant. If the
Participant does maintain an After-Tax Account in this Plan, then, unless otherwise directed by the Participant, such amounts shall be allocated among the various investment options in the Participant’s After-Tax Account, in the same
proportions as: 
 (a) the Participant’s latest Basic After-Tax Deductions for the Plan; or 

(b) if the Participant has never made any such Basic After-Tax Deductions for the Plan, the Participant’s latest
Supplemental After-Tax Deductions for the Plan; or 
 (c) if the Participant has never made any such Basic After-Tax
Deductions or Supplemental After-Tax Deductions for the Plan, the Participant’s latest Supplemental Deposits for the Plan. 
 2.10
Matching Contributions for Basic After-Tax Deductions. 
 2.10.1 At the time a Participant’s Basic After-Tax Deduction is paid to
the Trustee, the Participant’s Employer shall, to the extent permitted under Section 2.7, pay to the Trustee a Matching Contribution for such Participant’s Matching After-Tax Account. Matching Contributions shall be made in an amount
so that cash in an amount equal to the “applicable percentage” (as defined below) of the Participant’s (i) Before-Tax Contributions and Basic Roth Contribution will be allocated to such Participant’s Matching Before-Tax
Account and (ii) Basic After-Tax Deductions will be allocated to such Participant’s Matching After-Tax Account. 

  
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 For purposes of this Section 2.10 and Section 2.5, the “applicable
percentage” is determined as follows: 
 For Traditional-Design Participants 

 

			
	 Before-Tax Contributions,
 Basic Roth
Contributions, and
 Basic After-Tax Deductions

(as a percentage of Compensation)
	  	The “applicable percentage” is:
	 At least 1% but not exceeding 21/2%
	  	70%
	 At least 21/2% but not exceeding 71/2%
	  	70% of the first 21/2% and

40% of the excess over 21/2%

	
	For Account-Based Participants
		
	 Before-Tax Contributions,
 Basic Roth
Contributions, and
 Basic After-Tax Deductions

(as a percentage of Compensation)
	  	The “applicable percentage” is:
	 At least 1% but not exceeding 5%
	  	100%

 2.10.2 No Matching Contributions shall be made on account of any Supplemental After-Tax Deductions or
Supplemental Deposits made by a Participant. 
 2.10.3 Matching Contributions shall be made to each of a Participant’s Matching
Before-Tax Account and Matching After-Tax Account entirely in cash and will be invested as directed by the Participant in accordance with Article III. 

2.11 Vesting. A Participant’s right to each of his Accounts under the Plan is non-forfeitable (within the meaning of Code
Section 411) at all times. 
 2.12 Revocation of Compensation Reduction. 

2.12.1 A Participant may revoke his authorization for the reduction of his Compensation for Before-Tax Contributions (including his deemed
authorization pursuant to Section 2.3.2), Basic After-Tax Deductions, Basic Roth Contributions, Additional Before-Tax Contributions, and Additional Roth Contributions in a time and manner authorized by the Committee. If a Participant revokes
his authorization for the reduction of his Compensation for Before-Tax Contributions, Basic Roth Contributions, and Basic After-Tax Deductions, the related Matching Contributions will be suspended. 

2.12.2 Supplemental After-Tax Deductions are automatically suspended whenever Basic After-Tax Deductions are suspended. 

  
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 2.12.3 A Participant may suspend or resume Supplemental After-Tax Deductions at any time.

 2.12.4 Authorizations for a reduction in a Participant’s Compensation for Before-Tax Contributions, Basic Roth Contributions, and
Additional Before-Tax Contributions, Additional Roth Contributions, or Basic After-Tax Deductions which a Participant has revoked may be reinstated by the Participant in a time and manner authorized by the Committee. If a Participant reinstates the
authorization for a reduction in his Compensation for Before-Tax Contributions, Basic Roth Contributions, or Basic After-Tax Deductions, the related Matching Contributions will be resumed. 

2.12.5 If the Committee, or its designee, relies upon Section 4.4.2(ii) to permit a hardship withdrawal by the Participant, such
Participant’s right to make Before-Tax Contributions, Basic Roth Contributions, Basic After-Tax Deductions, Supplemental After-Tax Deductions, Additional Before-Tax Contributions, and Additional Roth Contributions shall be suspended for a
period of six (6) months after the hardship withdrawal is received by the Participant. 
 2.13 Limitations on Contributions. As
described in Article V, except to the extent permitted under Section 2.20 of the Plan and Code Section 414(v), in no event shall the annual sum of the Before-Tax Contributions, Basic Roth Contributions, Additional Before-Tax Contributions,
Additional Roth Contributions, Basic After-Tax Deductions, Supplemental After-Tax Deductions and Matching Contributions for a Participant’s Accounts in any Plan Year exceed the lesser of $51,000 (as adjusted under Code Section 415(d)) or
100 percent of the Participant’s Earnings for such Plan Year. 
 2.14 Allocations of Contributions. 

2.14.1 A Participant’s Before-Tax Contributions and Additional Before-Tax Contributions shall be held in the Trust Fund in a Before-Tax
Account established for such Participant, and invested and valued in accordance with Article III. 
 2.14.2 A Participant’s Basic
After-Tax Deductions shall be paid to the Trustee exclusively for the After-Tax Account established for such Participant, and invested and valued in accordance with Article III. A Participant may authorize the Company to make Supplemental After-Tax
Deductions to the Trustee exclusively for the After-Tax Account. Supplemental After-Tax Deductions may only be authorized by the Participant while maximum Basic After-Tax Deductions are authorized. 

2.14.3 A Participant’s Matching Contributions shall be held in the Trust Fund in the Matching Contribution Account established for such
Participant. 
 2.14.4 A Participant’s Basic Roth Contributions and Additional Roth Contributions shall be held in a Roth Contribution
Account established for such Participant and invested and valued in accordance with Article III. 

  
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 2.15 401(m) Limitations. The Committee shall ensure that the requirements set forth
in Code Section 401(m) with respect to Participants’ Basic After-Tax Deductions, Supplemental After-Tax Deductions, and Matching Contributions are satisfied. The Plan shall not be treated as failing to meet such requirements for any Plan
Year, if before the close of the following Plan Year, the Committee distributes “excess aggregate contributions,” as defined in Code Section 401(m), to Participants in accordance with procedures set forth in Code Section 401(m)
and the Regulations promulgated thereunder. Any distribution made in accordance with the preceding sentence: 
 (a) shall be
made first from Supplemental After-Tax Deductions, and then Basic After-Tax Deductions. Matching Contributions which relate to such Basic After-Tax Deductions shall be forfeited; 

(b) shall be adjusted for income or loss (including income or loss allocable to the period between the end of the Plan Year and
the date of distribution) in accordance with applicable Treasury Regulations; and 
 (c) shall be designated by the Committee
as a distribution of “excess aggregate contributions” and income. 
 In the event a Highly Compensated Employee is an eligible
employee in more than one 401(m) plan sponsored by any Affiliate, any forfeiture or distribution made under this section shall be made in accordance with Treasury Regulation Section 1.401(m)-2(b)(2)(iii)(B). 

Notwithstanding any provision of this Plan, in lieu of the corrective distributions of excess aggregate contributions as otherwise described in
this Section 2.15, the Employer, in its discretion, may make either Qualified Non-Elective Contributions, Qualified Matching Contributions, or both, on behalf of Nonhighly Compensated Employees that, in combination with Matching Contributions,
Basic After-Tax Deductions and Supplemental After-Tax Deductions, satisfy the Contribution Percentage test set forth in Section 2.18. 

2.16 ADP Adjustments. Notwithstanding anything to the contrary in this Article II, in the event the Committee determines that the Plan
does not meet the actual deferral percentage tests under Code Section 401(k)(3)(A) for a Plan Year, the Committee shall adjust Before-Tax Contributions, Basic Roth Contributions, Additional Roth Contributions, and/or Additional Before-Tax
Contributions for such Plan Year in the following manner, effective for Plan Years beginning after December 31, 1996: 
 2.16.1
(a) Calculate the dollar amount of excess contributions for each affected Highly Compensated Employee in a manner described in Code Section 401(k)(8)(B) and Treasury Regulation Section 1.401(k)-(1)(f)(2). However, in applying these
rules, rather than distributing or recharacterizing the amount necessary to reduce the actual deferral ratio (“ADR”) of each affected Highly Compensated Employee in the order of these Employees’ ADRs, beginning with the highest ADR,
the Plan shall treat these amounts as described in steps (b)-(d) below. 
 (b) Determine the total of the dollar amounts
calculated in step (a) above. This total amount (total excess contributions) should be distributed or recharacterized as Basic After-Tax Deductions and/or Supplemental After-Tax Deductions in accordance with steps (c) and (d) below:

  
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 (c) the elective contributions of the Highly Compensated Employee with the
highest dollar amount of elective contributions are reduced by the amount required to cause that Highly Compensated Employee’s elective contributions to equal the dollar amount of the elective contributions of the Highly Compensated Employee
with the next highest dollar amount of elective contributions. This amount is then distributed to the Highly Compensated Employee with the highest dollar amount or recharacterized as Basic After-Tax Deductions and/or Supplemental After-Tax
Deductions on behalf of such Highly Compensated Employee. However, if a lesser reduction, when added to the total dollar amount already distributed or recharacterized under this step (c), would equal the total excess contributions, the lesser
reduction amount is distributed or recharacterized. 
 (d) If the total amount distributed or recharacterized is less than
the total excess contributions, step (c) is repeated. If these distributions or recharacterizations are made, the cash or deferred arrangement is treated as meeting the nondiscrimination test of Code Section 401(k)(3) regardless of whether
the ADP, if recalculated after distributions or recharacterizations, would satisfy Code Section 401(k)(3). 
 2.16.2 A Highly
Compensated Employee’s excess contributions shall mean such Employee’s Before-Tax Contributions, Basic Roth Contributions, Additional Roth Contributions, or Additional Before-Tax Contributions which must be reduced for the Employee’s
actual deferral percentage to equal the highest permitted actual deferral percentage under the Plan. In determining the amount of excess contributions to be distributed and/or recharacterized with respect to an affected Highly Compensated Employee
as determined herein, such amount shall be reduced by any excess contributions previously distributed to such Highly Compensated Employee for the taxable year ending with or within such Plan Year, and any Matching Contributions which relate to such
excess contributions. 
 2.16.3 With respect to a distribution of excess contributions pursuant to Section 2.16.1, such distribution: 

(a) may be postponed but not later than the close of the Plan Year following the Plan Year to which they are allocable; 

(b) shall be made first from Additional Before-Tax Contributions and, thereafter, from Additional Roth Contributions,
Before-Tax Contributions, and Basic Roth Contributions. Matching Contributions which relate to such Before-Tax Contributions or Basic Roth Contributions, shall be forfeited; 

(c) shall be adjusted for income or loss (including income or loss allocable to the period between the end of the Plan Year and
the date of distribution) in accordance with applicable Treasury Regulations; and 
 (d) shall be designated by the Committee
as a distribution of excess contributions and income. 

  
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 2.16.4 With respect to a recharacterization of excess contributions pursuant to
Section 2.16.1, such recharacterized amounts: 
 (a) shall be deemed to have occurred on the date on which the last of
those Highly Compensated Employees with excess contributions to be recharacterized is notified of the recharacterization and the tax consequences of such recharacterization; 

(b) shall be treated as voluntary employee contributions for purposes of Code Section 401(a)(4) and Regulation
1.401(k)-l(b). However, for purposes of Sections 6.1 and 6.2 hereof, recharacterized excess contributions shall continue to be treated as employer contributions that are deferred compensation; and 

(c) are not permitted if the amount recharacterized plus Basic After-Tax Deductions and Supplemental After-Tax Deductions
actually made by such Highly Compensated Employee, exceed the maximum amount of such contributions (determined prior to application of Section 2.15) that such Highly Compensated Employee is permitted to make under the Plan. 

2.16.5 In the event a Highly Compensated Employee is an eligible employee in more than one 401(k) plan sponsored by any Affiliate, any
recharacterization or distribution made under this section shall be made in accordance with Treasury Regulation Section 1.401(k)-2(b)(2)(iii)(B). 

2.16.6 Notwithstanding any provision of this Plan, in lieu of the corrective actions otherwise described in this Section 2.16, the
Employer may make either Qualified Non-Elective Contributions, Qualified Matching Contributions, or both, on behalf of Nonhighly Compensated Employees that, in combination with Before-Tax Contributions, Basic Roth Contributions, Additional Roth
Contributions, and Additional Before-Tax Contributions, satisfy the Actual Deferral Percentage test in Section 2.17. 
 2.17 Actual
Deferral Percentage. 
 2.17.1 With respect to any Plan Year the Actual Deferral Percentage for Eligible Employees who are Highly
Compensated Employees shall not exceed the greater of: 
 (a) the Actual Deferral Percentage for the Eligible Employees who
are Nonhighly Compensated Employees (for purposes of this Section 2.17, any individual who is not a Highly Compensated Employee) for the Plan Year multiplied by 1.25; or 

(b) the Actual Deferral Percentage for the Eligible Employees who are Nonhighly Compensated Employees for the Plan Year
multiplied by 2; provided, however, that the Actual Deferral Percentage for the Eligible Employees who are Highly Compensated Employees may not exceed the Actual Deferral Percentage for the Eligible Employees who are Nonhighly Compensated Employees
by more than two (2) percentage points or such lesser amount as the Secretary of the Treasury shall prescribe to prevent the multiple use of this alternative limitation with respect to any Highly Compensated Employee. 

  
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 2.17.2 The Actual Deferral Percentage for a specified group of Eligible Employees for a Plan
Year is the average of the ratios (calculated separately for each Eligible Employee in such group) of (a) the amount of the Before-Tax Contributions, Basic Roth Contributions, Additional Roth Contributions, and Additional Before-Tax
Contributions for such Plan Year to (b) each Eligible Employee’s Compensation for such Plan Year. If the Employer, in its discretion, makes Qualified Non-Elective Contributions and/or Qualified Matching Contributions pursuant to
Section 2.16.6 for a Plan Year, such contributions shall be included for purposes of determining the Actual Deferral Percentage of the Nonhighly Compensated Employees for such Plan Year to the extent permissible under Treasury Regulation
Section 1.401(k)-2(a)(6). 
 2.17.3 For purposes of this Section 2.17, the Actual Deferral Percentage for any Eligible Employee who is a
Highly Compensated Employee for the Plan Year and who is eligible to have Before-Tax Contributions, Basic Roth Contributions, Additional Roth Contributions, and Additional Before-Tax Contributions allocated to his account under two or more plans or
arrangements described in Code Section 401(k) that are maintained by the Employer shall be determined as if all such Before-Tax Contributions, Basic Roth Contributions, Additional Roth Contributions, and Additional Before-Tax Contributions,
were made under a single arrangement. 
 2.17.4 The determination and treatment of the Before-Tax Contributions, Basic Roth Contributions,
Additional Roth Contributions, Additional Before-Tax Contributions and Actual Deferral Percentage of any Participant shall satisfy Code Section 401(k)(3) and Section 1.401(k)-1(b) of the Treasury’s Proposed Regulations, and such other
requirements as may be prescribed by the Secretary of the Treasury. 
 2.17.5 The portion of the Plan which constitutes an ESOP, and which is
mandatorily disaggregated from the balance of the Plan pursuant to Treasury Regulation Section 1.401(k)-1(g)(11), shall be tested separately under the provisions of this Section 2.17, but only to the extent of any contributions made
directly to the ESOP. Amounts transferred to the ESOP from time to time shall not be considered as part of the ESOP for the purpose of testing contributions, but shall rather be tested under the test applicable to the non-ESOP portion of the Plan to
which they were contributed. 
 2.18 Contribution Percentage. 

2.18.1 With respect to any Plan Year the Contribution Percentage for Eligible Employees who are Highly Compensated Employees shall not exceed
the greater of: 
 (a) the Contribution Percentage for the Eligible Employees who are Nonhighly Compensated Employees (for
purposes of this Section 2.18, any individual who is not Highly Compensated Employee) for the Plan Year multiplied by 1.25; or 

  
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 (b) the Contribution Percentage for the Eligible Employees who are Nonhighly
Compensated Employees for the Plan Year multiplied by 2; provided, however, that the Contribution Percentage for the Eligible Employees who are Highly Compensated Employees may not exceed the Contribution Percentage for the Eligible Employees, who
are Nonhighly Compensated Employees by more than two (2) percentage points or such lesser amount as the Secretary of the Treasury shall prescribe to prevent the multiple use of this alternative limitation with respect to any Highly Compensated
Employee. 
 2.18.2 The Contribution Percentage for a specified group of Eligible Employees for a Plan Year is the average of the ratios
(calculated separately for each Eligible Employee in such group) of (a) the amount of the sum of Matching Contributions, Basic After-Tax Deductions and Supplemental After-Tax Deductions for such Plan Year to (b) each Eligible
Employee’s Compensation for such Plan Year. If the Employer, in its discretion, makes Qualified Non-Elective Contributions and/or Qualified Matching Contributions pursuant to Section 2.15 for a Plan Year, such contributions shall be
included for purposes of determining the Contribution Percentage of the Nonhighly Compensated Employees for such Plan Year to the extent permissible under Treasury Regulation Section 1.401(m)-2(a)(6). 

2.18.3 For purposes of this Section 2.18, if two or more plans of the Employer to which Matching Contributions, Basic After-Tax
Deductions, and Supplemental After-Tax Deductions are made are treated as one plan for purposes of Code Section 410(b), such plans shall be treated as one plan for purposes of this Section 2.18. In addition, if a Highly Compensated
Employee participates in two or more plans described in Code Section 401(a) or arrangements described in Code Section 401(k) which are maintained by the Employer to which such contributions are made, all such contributions shall be
aggregated for purposes of this Section 2.18. 
 2.18.4 For purposes of this Section 2.18 and Section 2.15, Highly Compensated
Employees and Nonhighly Compensated Employees shall include any Employee eligible to have Matching Contributions, Basic After-Tax Deductions and Supplemental After-Tax Deductions allocated to his Accounts for the Plan Year. 

2.18.5 The determination and treatment of the Contribution Percentage of any Participant shall satisfy such other requirements as may be
prescribed by the Secretary of the Treasury. 
 2.18.6 The portion of the Plan which constitutes an ESOP, and which is mandatorily
disaggregated from the balance of the Plan pursuant to Treasury Regulation Section 1.401(m)-1(b)(3)(ii), shall be tested separately under the provisions of this Section 2.18, but only to the extent of any contributions made directly to the
ESOP. Amounts transferred to the ESOP from time to time shall not be considered as part of the ESOP for the purpose of testing contributions, but shall rather be tested under the test applicable to the non-ESOP portion of the Plan to which they were
contributed. 

  
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 2.19 Additional Limitation. Notwithstanding the foregoing, including the Actual
Deferral Percentage and Contribution Percentage limitations described in Sections 2.17 and 2.18 above, in no event may an Eligible Employee who is a Highly Compensated Employee authorize a reduction in Compensation as a sum of his Before-Tax
Contributions, Basic Roth Contributions, Basic After-Tax Deductions, Supplemental After-Tax Deductions, Additional Roth Contributions, and Additional Before-Tax Contributions in excess of 15%. 

2.20 Catch-Up Contributions. All Participants who are eligible to make Before-Tax Contributions or Roth Contributions and who have
attained age 50 before the close of the Plan Year shall be eligible to make catch-up contributions in accordance with, and subject to the limitations of, Code Section 414(v) (“Catch-Up Contributions”), but in no event may the
aggregate of such a Participant’s Before-Tax Contributions, Roth Contributions and Catch-Up Contributions exceed 75% of Compensation. Such Catch-Up Contributions shall not be taken into account for purposes of the provisions of the Plan
implementing the required limitations of Code Sections 402(g) and 415, and shall not be subject to Matching Contributions. The Plan shall not be treated as failing to satisfy the provisions of the Plan implementing the requirements of Code
Section 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416, as applicable, by reason of the making of such Catch-Up Contributions. Catch-Up Contributions shall be deposited into the Participant’s Before-Tax Account or, if the Participant
designated a Catch-Up Contribution to be made as a Roth Contribution pursuant to Section 2.8, the Participant’s Roth Contribution Account. 

  
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 ARTICLE III 

INVESTMENT AND VALUATION OF ACCOUNTS 

3.1 Before-Tax Accounts. Before-Tax Contributions and Additional Before-Tax Contributions authorized by a Participant shall be paid to
the Trustee and held in the Trust Fund in a Before-Tax Account established for such Participant. Each Participant shall direct how his Account shall be invested in one percentage point increments, among the investment options selected from time to
time by the Administration Committee (including the investment options described in Section 3.5). 
 3.2 Roth Contribution
Accounts. Basic Roth Contributions and Additional Roth Contributions authorized by a Participant and made pursuant to Section 2.8 shall be paid to the Trustee and held in the Trust Fund in a Roth Contribution Account established for such
Participant. Each Participant shall direct how his Account shall be invested in one percentage point increments, among the investment options selected from time to time by the Administration Committee (including the investment options described in
Section 3.5). 
 3.3 After-Tax Accounts. A Participant’s After-Tax Account shall be credited with the Participant’s
Basic After-Tax Deductions, Rollover Contributions, Supplemental After-Tax Deductions and Supplemental Deposits. A Participant’s After-Tax Account shall also be credited with any monies transferred on his behalf from the Money Accumulation
Plan. Each Participant shall direct how his After-Tax Account shall be invested, in one percentage point increments, among the investment options selected from time to time by the Committee (including the investment options described in
Section 3.5). 
 3.4 Matching Contribution Accounts. A Participant’s Matching Before-Tax Account shall be credited with
Matching Contributions made in connection with Before-Tax Contributions authorized by the Participant. A Participant’s Matching After-Tax Account shall be credited with Matching Contributions made in connection with Basic After-Tax Deductions
authorized by the Participant. Each Participant shall direct how 100% of the Matching Contributions made to his Matching Before-Tax Account and/or Matching After-Tax Account shall be invested, in one percentage point increments, among the investment
options selected from time to time by the Administration Committee (including the investment options described in Section 3.5). 
 3.5
Investment Options. In addition to such other investment options as are designated by the Administration Committee from time to time, the investment options under the Plan shall include a Company Stock Fund which invests in Common Stock and
certain short-term instruments. In the event of a tender or exchange offer with respect to any Common Stock held in this fund, the Company Stock Fund may acquire other securities issued by the Company in exchange for, or in connection with, such
Common Stock. 
 Any monies allocated to any investment option may be invested temporarily in obligations of a short-term nature, including
prime commercial obligations or part interests therein, or in interests in any trust fund that has been or shall be created and maintained by the Trustee or any other person or entity as trustee for the collective short-term investment of funds

  
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of trusts for employee benefit plans qualified under Code Section 401 (a). Earnings paid or accrued on such investments shall be applied toward the payment of costs and expenses of
administering the Trust Fund as set forth in Section 8.2 of Article VIII of the Plan. However, nothing in this Article III shall prevent the Trustee from holding any cash in the Trust Fund pending its investment without obligation to credit
interest thereon. 
 3.6 Change of Investments. 

(a) Subject to the other provisions of this Article III, a Participant may at any time, and in accordance with such procedures
as are established by the Committee, change his investment options currently in effect with respect to his Accounts. 
 (b)
Notwithstanding any provision of the Plan to the contrary, as a reasonable restriction designed to limit short-term trading in Company securities, each Participant shall only be permitted to reallocate any portion of his Accounts into the Company
Stock Fund once per calendar month. This limitation shall not apply to any investment into the Company Stock Fund by reason of new contributions or loan repayments made on the Participant’s behalf. A Participant’s allocation of any portion
of his Accounts out of the Company Stock Fund and into any other available investment fund(s) shall be unrestricted. 
 (c)
The portion of a Participant’s Account attributable to the ESOP portion of the Plan must be eligible to be diversified under circumstances no more restrictive than as follows: if a Participant attains age fifty-five (55) and has completed
at least ten (10) Years of Service (so that the Participant is a “Qualified Participant”), such Qualified Participant shall be permitted to elect to transfer to any investment fund or combination of investment funds a portion of the
balance in the Participant’s Account invested in the Common Stock Fund (the “Diversification Election”) in accordance with the following provisions: 

(1) Such Qualified Participant shall be permitted to make the Diversification Election, in such manner as the Plan
Administrator may prescribe, during the ninety-day (90) period immediately following the close of each Plan Year during the Qualified Election Period (the “Diversification Election Period”). For purposes of this Section 3.6(c),
the “Qualified Election Period” means the period of six consecutive Plan Years beginning with the Plan Year during which the Participant becomes a Qualified Participant. 

(2) For each of the first five Plan Years in the Qualified Election Period, such Qualified Participant shall be permitted to
reallocate to other Plan investment funds, up to 25% of the value credited to the Participant within the Common Stock Fund (less any amounts that such Qualified Participant reallocated previously under this Section 3.6(c)). For the sixth Plan
Year in the Qualified Election Period, such Qualified Participant shall be permitted to reallocate up to 50% of the value credited to the Participant within the Common Stock Fund (less any amounts that such Qualified Participant reallocated
previously under this Section 3.6(c)). 

  
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 (3) The amount that may be reallocated during the Qualified Election Period
shall be determined as of the last day of the preceding Plan Year by multiplying the value credited to the Qualified Participant within the Common Stock Fund (including the value of which has been previously reallocated pursuant to this
Section 3.6(c) determined at the time of such reallocation) by 25% percent or, with respect to a Qualified Participant’s Diversification Election for the sixth Plan Year in the Qualified Election Period, by 50% percent, reduced by the
value that has previously been reallocated by such Qualified Participant pursuant to this Section 3.6(c). 
 (4) A
Diversification Election pursuant to this Section 3.6(c) shall be effective no later than ninety (90) days after the end of the Diversification Election Period. 

(5) The rights provided by this Section 3.6(c) no way restrict the application of the more liberal diversification
provisions in Sections 3.6(a) and (b) to any of the Participant’s Accounts. 
 3.7 Dividends. Subject to the provisions of
Section 11.16.3, cash dividends received on Common Stock in the Company Stock Fund held for a Participant’s Before-Tax Account, Roth Contribution Account, or
After-Tax Account shall automatically be used to buy additional shares of Common Stock at a five percent (5%) discount which additional shares shall be allocated to such Participant’s Before-Tax Account, Roth Contribution Account or After-Tax Account, respectively. The purchase price for such additional shares shall be the average of the high price and low
price of Common Stock on the New York Stock Exchange-Composite Transactions on the date the dividends are paid, less a five percent (5%) discount. 

Subject to the provisions of Section 11.16.3, cash dividends received on Common Stock held in a Participant’s Matching Contribution
Accounts shall automatically be used to buy additional shares of Common Stock which additional shares shall be allocated to such Participant’s Matching Contribution Accounts. The purchase price for such additional shares shall be the average of
the high price and low price of Common Stock on the date the dividends are paid. 
 3.8 Rights, Warrants and Scrip. If any rights,
warrants or scrip are issued on stock held in the Company Stock Fund for a Participant’s Before-Tax Account, Roth Contribution Account, or After-Tax Account or in a
Participant’s Matching Contribution Account, the Trustee shall automatically exercise the rights, warrants or scrip for whole shares, which shares shall be for such Participant’s Before-Tax Account,
Roth Contribution Account, After-Tax Account or Matching Contribution Account, respectively, and shall automatically offer the rights, warrants, or scrip for fractional shares for sale on the open market and
shall reinvest the proceeds in additional shares of stock in either (a) the Company Stock Fund, which shares shall be for such Participant’s Before-Tax Account or
After-Tax Account, respectively, or (b) the Company Stock Fund for the Participant’s Matching Contribution Account, as applicable. 

  
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 3.9 Voting Rights. The Company will make forms available to each Participant as a
named fiduciary within the meaning of section 403(a)(1) of ERISA (“Named Fiduciary”) to instruct the Trustee with regard to the voting of any shares of stock of the Company to that Participant’s
Before-Tax Account, Roth Contribution Account, or After-Tax Account and any Common Stock credited to that Participant’s Matching Contribution Account. The Trustee
will vote such shares only as directed by the Participant. If a Participant fails to give timely directions as to the voting of shares of stock of the Company credited to the Participant’s Before-Tax
Account, Roth Contribution Account or After-Tax Account or any Common Stock credited to the Participant’s Matching Contribution Account, the Trustee will vote such shares in the same proportion as it
votes the shares for which the Trustee receives directions, provided, however, that if the Committee determines in any year that the unvoted shares should be voted differently in that year in order to comply with relevant law including, but not
limited to, ERISA’s fiduciary requirements, the Committee shall notify the Trustee of the special voting instructions for that year. 

3.10 Tender Offers. Each Participant or Beneficiary, as a Named Fiduciary, shall have the right to direct the Trustee in writing as to
the manner in which to respond to a tender or exchange offer with respect to any shares of stock of the Company credited to that Participant’s or Beneficiary’s Before-Tax Account, Roth Contribution
Account or After-Tax Account and any Common Stock credited to his Matching Contribution Account. If the Trustee does not receive timely directions from a Participant or Beneficiary as to the manner in which to
respond to such a tender or exchange offer, then the Trustee shall not tender or exchange any such shares of stock of the Company. The Company shall use its best efforts to timely distribute to each Participant or Beneficiary such information as is
distributed to other shareholders of the Company in connection with any such tender or exchange offer. 
 3.11 Statements Furnished
Participants. Each Participant shall be furnished a statement of his Account by the Company on a quarterly basis, or at such other intervals as may be required by applicable law. 

3.12 Directed Investments by Alternate Payees. An Alternate Payee who elects to defer the distribution of assets pursuant to
Section 11.4.1(b) of the Plan shall have the right to direct the investment of such assets in accordance with this Article III until they are distributed in accordance with Section 11.4.1(b). 

  
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 ARTICLE IV 

DISTRIBUTIONS, WITHDRAWALS AND LOANS 

4.1 Distribution of Accounts on Termination of Employment. 

4.1.1 Termination Other Than Death. If the value of the Accounts of a Participant who Terminates Employment for any reason (including
termination on account of disability) other than death is five thousand dollars ($5,000) or less, or the value exceeds five thousand dollars ($5,000) and such Participant consents in writing, then such Participant shall receive the entire value of
such Participant’s Accounts, valued as of the last Valuation Date preceding such Participant’s termination, in a single-sum payment. Subject to Section 4.7, the payment shall be made to the
Participant as soon after such Participant Terminates Employment as the Committee shall determine to be administratively practicable. Effective March 28, 2005, in the event of a mandatory distribution not in excess of $5,000, but greater than
$1,000 (the portion of the Participant’s Account balance attributable to rollover contributions (and earnings allocable thereto) within the meaning of Code Sections 402(c), 403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16) shall not be
disregarded for purposes of determining this $1,000 limit), in accordance with the provisions of this Section, if the Participant does not elect to have such distribution paid directly to an eligible retirement plan specified by the Participant in a
direct rollover in accordance with Section 4.10 or to receive the distribution directly in accordance with this Section, then the Committee will pay the distribution in a direct rollover to an individual retirement plan designated by the
Committee. 
 4.1.2 Settlement Options. If the value of the Accounts of a Participant who Terminates Employment for any reason
(including Termination on account of disability) other than death exceeds five thousand dollars ($5,000) and such Participant does not consent in writing to receive the entire value of such Participant’s Accounts in accordance with
Section 4.1.1, then such Participant shall be deemed to have deferred receipt of the entire value of such Participant’s Accounts until April 1st of the calendar year following the calendar year in which such Participant attains age seventy
and one-half (70 1⁄2). Such a Participant may elect, in accordance with procedures determined by the Committee, to
receive the entire value (but not part except as provided in the following sentence) of such Participant’s Accounts in a single-sum payment at any time prior to April 1st of the calendar year following
the Participant’s attainment of age seventy and one-half (70 1⁄2). In addition, a Participant who has been deemed
to have deferred receipt of the value of his Accounts may elect, in accordance with procedures determined by the Committee, to receive partial distributions from his Accounts at any time prior to April 1st of the calendar year following his
attainment of age seventy and one-half (70 1⁄2) (provided that the balance in such Accounts remains above five thousand
dollars ($5,000)) or to receive the entire balance of his Accounts in monthly installments (provided that the aggregate balance in such Accounts is at least ten thousand dollars ($10,000) at the time of such election). The number of monthly
installments shall be selected by the Participant and shall be; (a) at least twenty four (24); (b) in increments of twelve (12); and (c) last no longer than the Participant’s life expectancy based on appropriate Internal Revenue
Service tables. The amount of each monthly installment shall be determined by dividing the aggregate balance of the Participant’s Accounts by the number of months selected by the Participant and shall be
re-calculated at the end of every year by dividing the balance remaining in such Accounts by the number of months 

  
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left in the period selected by the Participant. A Participant who elects to receive monthly installments shall select an investment liquidation sequence, which may be changed by the Participant
no more frequently than once per month, to provide cash for the monthly installments. The Participant may stop such monthly installments at any time. There shall be no waiting period for a Participant to resume monthly installments. If monthly
installments are stopped when a Participant has a balance of five thousand dollars ($5,000) or less, the Participant shall receive the entire value of his Accounts in a single-sum payment in accordance with
Section 4.1.1. Partial distributions under this Section 4.1.2 may not exceed 95% of the total value of the Participant’s Accounts, unless the Participant has elected that 100% of the balances in his Accounts be distributed and may be
made no more frequently than once every ninety (90) days. A Participant may not receive a partial distribution while he is receiving monthly installment payments pursuant to this Section 4.1.2. 

Any payment deferral and/or election to receive partial distributions or monthly installments under this Section 4.1.2, shall be subject
to the provisions of Section 4.1.5 of the Plan. 
 Unless another settlement option is selected, the entire value of such
Participant’s Accounts shall be distributed to such Participant in a single-sum payment as soon after April 1st of the calendar year following the calendar year in which such Participant attains age
seventy and one-half (70 1⁄2) or such earlier date selected by the Participant as provided above, as the Committee
shall determine to be administratively practicable. If a Participant who has been deemed to have deferred receipt of any part of such Participant’s Accounts under this Section 4.1.2 dies after such Participant’s Termination of Employment,
but prior to April 1st of the calendar year following such Participant’s attainment of age seventy and one-half
(70 1⁄2), then the Participant shall be deemed to have Terminated Employment on account of death and the entire value of such Participant’s Accounts shall
be paid to such Participant’s Beneficiary in accordance with Section 4.1.3. 
 Notwithstanding the foregoing, in the case of a
Participant (other than a 5% owner as defined in Code Section 416(i)(1)) who remains in the employment of the Employer after the attainment of age 701/2, such Participant shall have the option to defer commencement of the distribution of such Participant’s Accounts until the April 1st of the calendar year following the calendar year in which
the Participant Terminates Employment. 
 Distributions under the Plan shall be made in accordance with the Minimum Distribution
requirements set forth in Article XII. 
 4.1.3 Termination on Death. 

(a) If a Participant Terminates Employment on account of the Participant’s death, the Participant’s Accounts, valued
as of the last Valuation Date preceding the Participant’s death, shall, subject to subsection (d) hereof, be paid in a lump sum to the Participant’s surviving spouse, unless such spouse has consented to the designation of the
Participant’s beneficiary as the Participant’s Beneficiary. No consent under this Section 4.1.3 shall be effective unless either (i) such consent is in writing, the terms of such consent acknowledge its effect,

  
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 the execution of such consent is witnessed by a person representing the Plan or a notary
public, as the Committee may determine, and such consent otherwise complies with such rules as the Committee may adopt, or (ii) it is established to the satisfaction of the Committee that the required consent cannot be obtained because the
Participant does not have a spouse, because the spouse cannot be located, or because of such other circumstances as the Secretary of the Treasury may prescribe by regulations. Any consent by a spouse (or establishment that the consent of a spouse
cannot be obtained) shall only be effective with respect to such spouse. The designation of a Beneficiary other than the Participant’s surviving spouse shall be subject to the provisions of Section 4.1.5(b) of the Plan. 

(b) If a Participant’s spouse has consented to the designation of the Participant’s beneficiary as the
Participant’s Beneficiary and either (i) the Participant has not effectively designated a Beneficiary, or (ii) the Beneficiary designated has not survived the Participant and no alternative designation of Beneficiary shall be
effective, then the Participant’s Beneficiary shall be the estate of the deceased Participant. If the Participant’s surviving spouse or Beneficiary cannot be located for a period of one year following death, despite mailing to his last
known address, and if such surviving spouse or Beneficiary has not made a written claim for benefits within such period to the Committee, such surviving spouse or Beneficiary shall be treated as having predeceased the Participant. The Committee may
require such proof of death and such evidence of the right of any person to receive all or part of the benefit of a deceased Participant as the Committee may deem desirable. 

(c) The lump sum payment pursuant to subsection (a) shall be made to the Participant’s surviving spouse or
Beneficiary as soon after the Participant’s death as the Committee shall determine to be administratively practicable. 

(d) If the value of the Participant’s Before-Tax Accounts exceeds $5,000 and
distribution is to be made to the Participant’s surviving spouse, then such surviving spouse may elect either: (i) to defer the lump sum payment until a date no more than five (5) years after the death of the Participant; or
(ii) if the election is made within five (5) years after the Participant’s death, the surviving spouse may elect to receive installment payments with the number of such payments not to exceed such surviving spouse’s life
expectancy. If the surviving spouse makes an election in accordance with clause (ii) hereof, such spouse may defer the commencement of such payments until a date no later than the date the Participant would have attained age seventy and one-half (70 1⁄2). 

4.1.4 Mandatory Distributions. Subject to Article XII hereof, the Accounts of a Participant shall be entirely distributed to such
Participant or shall commence to be distributed not later than April 1st of the calendar year following the calendar year in which the Participant attains age seventy and one-half (70 1⁄2). 

  
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 4.1.5 Account Distribution Rules. 

(a) Termination of Employment. In the event a Participant elects to defer the receipt and/or receive payment in partial
distributions or monthly installments of his Before-Tax Account, Roth Contribution Account, After-Tax Account, or Matching Contribution Account in accordance with
Section 4.1.2, then such Participant shall be deemed to have made the same election with regard to the distribution of all of his Accounts under the Plan. 

(b) Beneficiary Designation. In the event a Participant has designated a Beneficiary other than his surviving spouse for
his Before-Tax Account, Roth Contribution Account, After-Tax Account, or Matching Contribution Account in accordance with Section 4.1.3, then such designation shall
also apply to all of such Participant’s Accounts under the Plan. 
 (c) Order of Liquidation. The distribution of
a Participant’s Accounts upon Termination of Employment shall be made by liquidating his Accounts in the following order: 

(i) First, the Participant’s After-Tax Account; 

(ii) Second, the Participant’s Matching After-Tax Account; 

(iii) Third, the Participant’s Before-Tax Account; 

(iv) Fourth, the Participant’s Matching Before-Tax Account; and 

(v) Fifth, the Participant’s Roth Contribution Account. 

4.1.6 Rollovers Included in Involuntary Cashouts. Except as otherwise provided herein, for purposes of this Section 4.1, the value
of a Participant’s nonforfeitable Account balance shall be determined with regard to that portion of the Account balance that is attributable to rollover contributions (and earnings allocable thereto) within the meaning of Code Sections 402(c),
403(a)(4), 403(b)(8), 408(d)(3)(A)(ii), and 457(e)(16). This Section shall apply with respect to distributions made after December 31, 2001 (without regard to the Participant’s Termination of Employment date). 

4.1.7 Distribution Requirements for ESOP. To the extent required by Code Section 409(o) and properly elected by the Participant,
the portion of a Participant’s Account balance attributable to the ESOP portion of the Plan will be distributed not later than 1 year after the close of the Plan Year (i) in which the Participant separates from service by reason of
reaching his Normal Retirement Date, disability, or death, or (ii) which is the fifth Plan Year following the Plan Year in which the Participant otherwise separates from service, except if the Participant is reemployed by the Employer before
distribution is required to begin pursuant to this clause (ii). 

  
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 4.2 Form of Payment of Accounts. All payments made under Section 4.1 shall be
made entirely in cash, unless the Participant or the Beneficiary, as the case may be, elects with respect to his Accounts, to receive any whole shares of Common Stock held in his Account, in kind. Notwithstanding any provision of the Plan to the
contrary, in the event a Participant Terminates Employment in connection with a sale, transfer or other divestiture of any Subsidiary (or any business thereof) or any division, branch, or business unit, such Participant shall, to the extent
necessary to facilitate the rollover of any existing Plan loan made from such Participant’s Account, be permitted to receive a distribution of such Plan loan note. 

4.3 Rehire Prior to Distribution of Before-Tax Accounts. In the event that a Participant whose
Terminated Employment again becomes an Employee prior to the distribution of his Accounts which would have been made solely on account of the Participant’s separation from service, such distribution shall be deferred until his subsequent
Termination of Employment. 
 4.4 Withdrawal by Participant From Before-Tax Account or Roth
Contribution Account During Employment Prior to the Attainment of Age 59 1⁄2. Prior to attaining age
59 1⁄2, a Participant may make a withdrawal from his Before-Tax Account and Roth Contribution Account (other than any
outstanding loan balance) prior to his Termination of Employment if and only if the withdrawal is made on account of an immediate and heavy financial need of the Participant and is necessary to satisfy such financial need. The Committee, or its
designee, shall determine whether the withdrawal is made on account of an immediate and heavy financial need and whether the withdrawal is necessary to satisfy such financial need in accordance with uniform and
non-discriminatory standards. The immediate and heavy financial need must be one of the events listed in Section 4.4.1 and must satisfy the provisions of Section 4.4.2(i) or (ii). Notwithstanding any
provision in the Plan to the contrary, the Plan shall permit a withdrawal upon an immediate and heavy financial need only on account of the events listed in Treasury Regulation 1.401(k)-1(d)(3)(iii)(B) as
provided in Section 4.4.1 of the Plan, and the provisions of 4.4.2(ii) must be satisfied. 
 4.4.1 A withdrawal will be deemed to be
made on account of an immediate and heavy financial need of the Participant if the withdrawal is on account of: (a) medical expenses described in Code Section 213(d) incurred by the Participant, the Participant’s spouse, or any
dependents (as defined in Code Section 152, without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B)) of the Participant; (b) the purchase (excluding mortgage payment) of the Participant’s principal residence; (c) the payment
of tuition for the next semester or quarter of post-secondary education for the Participant’s spouse or any dependents (as defined in Code Section 152, without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B)) of the Participant;
(d) the need to prevent eviction of the Participant from his principal residence or the foreclosure on the mortgage of the Participant’s principal residence; (e) burial or funeral expenses for the Participant’s deceased parent,
spouse or dependent (as defined in Code Section 152, without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B)); or (f) expenses for the repair of damages to the Participant’s principal residence that would qualify for the casualty
deduction under Code Section 165 (determined without regard to whether the loss exceeds 10% of adjusted gross income). Distributions made on account of an immediate and heavy financial need shall include distributions made to a Hardship
Eligible Beneficiary, as defined herein, on account of the Hardship Eligible Beneficiary’s expenses described in (a), (c), and (e). A Hardship Eligible Beneficiary is the Participant’s primary Beneficiary who has an unconditional right to
all or a portion of the Participant’s Account balance under the Plan upon the death of the Participant regardless of whether the Beneficiary is the Participant’s spouse or Beneficiary. 

  
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 4.4.2 A withdrawal will be treated by the Committee, or its designee, as necessary to
satisfy a Participant’s financial need if the following requirements are satisfied: 
 (i) the withdrawal is not in
excess of the amount of the immediate and heavy financial need of the Participant, and effective December 1, 2010 any gross-up for taxes may not exceed 30%; 

(ii) the Participant has obtained all distributions, other than hardship withdrawals, and all nontaxable loans currently
available under all plans maintained by the Company; 
 (iii) the Plan, and all other plans maintained by the Company,
provide that the Participant’s elective contributions and Participant contributions will be suspended for at least 6 months after receipt of the hardship withdrawal; and 

(iv) the Plan, and all other plans maintained by the Company, provide that the Participant may not make elective contributions
for the Participant’s taxable year immediately following the taxable year of the hardship withdrawal in excess of the limitation set forth in Code Section 402(g) for such next taxable year less the amount of such Participant’s
elective contributions for the taxable year of the hardship withdrawal. 
 4.4.3 A withdrawal from a Participant’s Roth Contribution
Account made under this Section 4.4 is subject to the withdrawal restrictions in Section 2.8.4 of the Plan. 
 4.4.4 If a
Participant makes a withdrawal under his Before-Tax Account or Roth Contribution Account under this Section 4.4, his Matching Contributions under the Plan shall be automatically suspended for six
(6) months from the date of such withdrawal. 
 4.5 Withdrawal by Participant From Specified Accounts During Employment After the
Attainment of Age 59 1⁄2. Upon attaining age 59 1⁄2, a
Participant may make a withdrawal from his Before-Tax Account, Roth Contribution Account, and Matching Contribution Account prior to his Termination of Employment. Withdrawals made pursuant to this
Section 4.5 may be made once in any calendar year and may include all or a portion of a Participant’s Account specified in the previous sentence. A Participant must withdraw all of his Before-Tax
Account before taking a withdrawal from his Roth Contribution Account. 
 4.6 Withdrawal by Participant of
After-Tax Deduction, Supplemental Deposits and Rollover Contributions During Employment. After-Tax Deductions, Supplemental Deposits and Rollover.
Contributions may be withdrawn at any time, subject to the following rules: 
 (a)
After-Tax Deductions (both Basic and Supplemental) and Supplemental Deposits may be withdrawn at any time without Plan penalties, provided the Participant has participated in the Plan for at least 24 months at
the time of the withdrawal. 

  
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 (b) After-Tax Deductions (both Basic
and Supplemental) and Supplemental Deposits may be withdrawn at any time, subject to a three-month suspension of Matching Contributions, provided the Participant has participated in the Plan for at least 12, but fewer than 24, months at the time of
the withdrawal. 
 (c) After-Tax Deductions (both Basic and Supplemental) and
Supplemental Deposits may be withdrawn at any time, subject to a six-month suspension of Matching Contributions, provided the Participant has participated in the Plan for fewer than 12 months at the time of
the withdrawal. 
 (d) Matching Contributions made with respect to a Participant’s Basic
After-Tax Deductions may be withdrawn at any time without penalty provided such Matching Contributions were made to the Participant’s Account at least 24 months prior to the date of the withdrawal
request. 
 (e) Rollover Contributions may be withdrawn at any time without Plan penalties, provided the Participant has not
made a previous withdrawal of Rollover Contributions during the previous 24 months. 
 (f) Notwithstanding the forgoing, any
Supplemental After-Tax Deductions that were contributed to a Participant’s Account prior to January 1, 2007, may be withdrawn at any time without Plan penalties provided the Participant has
participated in the Plan for at least 12 months at the time of the withdrawal. 
 4.7 Commencement of Benefits. Unless the Participant
makes an election under Section 4.1.2 of this Plan, benefits under this Plan will be paid to the Participant not later than the 60th day after the close of the Plan Year in which the latest of the following events occurs: 

4.7.1 the date on which the Participant attains his Normal Retirement Date; 

4.7.2 the tenth anniversary of the year in which the Participant commenced participation in the Plan; or 

4.7.3 the Participant’s most recent Termination of Employment. 

4.8 Loans. 
 4.8.1 Loans
Authorized. A Participant (including a Participant who has Terminated Employment) may apply to the Committee for a loan under this Plan. Upon receipt of a loan application, the Committee may in its discretion instruct the Trustee to make a loan
to such Participant out of the Trust Fund (other than Participants’ Matching Contribution Accounts), effective as of such date as the Committee shall designate, if such loan meets the requirements of Section 4.8.2. In determining whether
to grant a loan under this Section 4.8, the Committee shall consider only those factors which would be considered in a normal commercial 

  
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setting of an entity in the business of making loans, and shall act in accordance with uniform and non-discriminatory standards. A Participant will be
permitted to have only two loans outstanding at any time. There shall be no waiting period for a Participant to receive a new loan after the repayment of a prior loan. Notwithstanding the foregoing, a Participant with two outstanding loans must wait
15 days after one of the Participant’s loans is paid off before commencing a new loan. 
 A Participant may request a loan (other than a
loan used to acquire a principal residence (a “Home Loan”) on a preapproved basis. The Participant will not be required to fill out any forms in order to receive the loan. Federal Truth in Lending information will be printed on the back of
the Participant’s loan check and the Participant’s signature endorsing such check shall signify their agreement to the terms of the loan. However, a Participant will continue to be required to fill out a loan application, and furnish any
requested backup documentation, as determined by the Committee, in connection with a request for a Home Loan. 
 4.8.2 Loan
Requirements. A loan shall not be made to a Participant pursuant to this Section 4.8 unless such loan: 
 (a) does
not exceed the lesser of (i) fifty thousand dollars ($50,000), reduced by the excess (if any) of (A) the highest outstanding balance of loans from the Plan during the one (1) year period ending on the day before the date on which such
loan was made, over (B) the outstanding balance of loans from the Plan on the date on which such loan was made, or (ii) one-half ( 1⁄2) of the present value of the Participant’s Accounts, determined as of no earlier than the last Valuation Date preceding the Participant’s application for a loan; 

(b) is exempt from the tax imposed by Code Section 4975 by reason of Code Section 4975(d)(1); 

(c) is adequately secured by a portion (not in excess of fifty percent (50%) of the present value) of the Participant’s
Accounts; 
 (d) bears interest, payable at least annually to the Trust Fund or to such account or accounts in the Trust Fund
as the Committee shall determine and at such rate as the Committee shall determine; 
 (e) is, by its terms, required to be
repaid upon the earlier of the date of the Participant’s death, or the expiration of a fixed term of not more than five years; provided, however, that the Committee may permit a thirty year term in the case of loans used to acquire any dwelling
unit which within a reasonable time is to be used (determined at the time the loan is made) as the Participant’s principal residence; 

(f) requires substantially level amortization of the principal and interest of such loan, with payments not less frequently
than quarterly, over the term of the loan; 
 (g) is in an amount of at least $1,000; 

  
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 (h) is made pursuant to a loan agreement to be executed by the Participant
and the Trustee, on a form containing such terms and provisions as the Committee shall in its sole discretion determine; 

(i) satisfies the requirements of Section 408(b)(1) of ERISA and the Department of Labor’s regulations promulgated
thereunder; 
 (j) is made in accordance with the specific provisions set out by the Committee; and 

(k) meets such other requirements as the Committee may set. 

4.8.3 If any loan granted to a Participant pursuant to this Section 4.8 is not repaid on the dates required under Sections 4.8.2(e) and
(f), the Committee may, without prior notice to the Participant, direct the Trustee to sell, redeem or otherwise dispose of such collateral as the Participant has given for the loan and apply the proceeds thereof to the repayment of the loan. A
sale, redemption or disposal of a Participant’s Accounts pursuant to this paragraph will be treated as any other distribution under the Plan and will be subject to any applicable penalties, including any suspension of contributions under the
Plan. 
 4.8.4 If a Participant receives a loan under this Section 4.8, his status as a Participant in the Plan and his rights with
respect to his Plan benefits shall not be affected, except to the extent that the Participant has used his interest in his Accounts as security for the loan, pursuant to Section 4.8.2. 

4.8.5 Loan funds will be made available by first liquidating all of the Participant’s After-Tax
Account, then such Participant’s Before-Tax Account, and then such Participant’s Roth Contribution Account. 

4.8.6 Loan repayments will be suspended under the Plan as permitted under Code Section 414(u)(4). 

4.9 Money Accumulation Plan Funds. Notwithstanding any other provision hereunder, for any Participant with respect to whom monies were
transferred into the Plan from the Money Accumulation Plan, the amount of such transferred monies shall be subject to the distribution provisions described in Appendix B. 

4.10 Direct Rollovers. 

(a) Notwithstanding any provision of this Plan to the contrary that would otherwise limit a distributee’s election under
this Section 4.10, a distributee may elect, at the time and in the manner prescribed by the Committee, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a
direct rollover. 

  
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 (b) The following definitions shall apply to this Section 4.10: 

(i) Eligible Rollover Distribution: An eligible rollover distribution is any distribution of all or any portion of the
balance to the account of the distributee under this Plan, except that an eligible rollover distribution does not include: (A) any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually)
made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee’s Beneficiary, or for a specified period of ten years or more; (B) any distribution to the
extent such distribution is required under Code Section 401(a)(9); and (C) the portion of a distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to
Employer securities). Hardship withdrawals as defined in Code Section 401(k)(2)(B)(i)(IV) shall not be included as part of an eligible rollover distribution. Notwithstanding any provision of the Plan to the contrary, a portion of a distribution
shall not fail to be an eligible rollover distribution merely because the portion consists of after-tax employee contributions which are not includible in gross income. However, such portion may be transferred
only to an individual retirement account or annuity described in Code Section 408(a) or (b), or to a qualified defined contribution plan described in Code Section 401(a) or 403(a) that agrees to separately account for amounts so
transferred, including separately accounting for the portion of such distribution which is includible in gross income and the portion of such distribution which is not so includible. 

(ii) Eligible Retirement Plan: 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), an annuity plan described in Code Section 403(a), an annuity contract described in Code Section 403(b), a qualified trust described in Code
Section 401(a), or an eligible plan under Code Section 457 which is maintained by a state, political subdivision of 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, that accepts the distributee’s eligible rollover distribution. The definition of eligible retirement plan shall also apply in the case of a distribution to a surviving spouse, or to
a spouse or former spouse who is the alternate payee under a Qualified Domestic Relation Order. To the extent the Plan permits Basic or Supplemental After-Tax Deductions to be rolled over to another qualified
plan or 403(b) plan, such a rollover must be made as a direct rollover to the receiving plan and the receiving plan must separately account for the after-tax contributions and earnings thereon. Participants
may roll over an eligible rollover distribution, as defined in Code Section 402(c)(4), to a Roth IRA, as defined in Code Section 408A, through a direct rollover so long as there is included in the Participant’s gross income any amount
that would be includable if the distribution were not rolled over. A direct rollover of a distribution from a Participant’s Roth Contribution Account will only be made to another Roth elective deferral account under an applicable retirement
plan described in Code Section 402A(e)(l) or to a Roth IRA described in Code Section 408A, and only to the extent the rollover is permitted under Code Section 402(c). 

  
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 (iii) Distributee: A distributee includes a Participant or former
Participant. In addition, the Participant’s or former Participant’s surviving spouse and the Participant’s or former Participant’s spouse or former spouse who is the alternate payee under a Qualified Domestic Relations Order, are
distributees with regard to the interest of the spouse or former spouse. 
 (iv) Direct Rollover: A direct rollover is
a payment by this Plan to the eligible retirement plan specified by the distributee. 
 (v)
Non-Spouse Beneficiary Direct Rollovers. 
 Notwithstanding any provision of the Plan to the
contrary that would otherwise limit the distribution of a benefit to a non-spouse Beneficiary, a non-spouse Beneficiary who is a designated Beneficiary may elect, at the
time and in the manner prescribed by the Plan Administrator, to have any portion of an eligible rollover distribution paid via a trustee-to-trustee transfer directly to
an individual retirement plan within the meaning of Code Section 408(a) or (b) that is established to receive the distribution as specified by the non-spouse Beneficiary, in a direct rollover
pursuant to the provisions of Code Section 402(c)(11) and as provided under IRS Notice 2007-7 and subsequent guidance. 

4.11 In-Plan Roth Conversions. As provided under the Small Business Jobs Act of 2010
(“SBJA”), and pursuant to the Committee’s procedures and limitations on rollovers under this Section 4.11, the Plan will permit a Participant to rollover 

(i) any amount (other than a Roth Contribution) that is otherwise distributable to the Participant under the existing terms of
the Plan; or 
 (ii) a Matching Contribution (including the earnings thereon), so long as the Participant has completed at
least five years of participation in the Plan or the Matching Contribution was made to the Plan at least two years prior to the date of the rollover 
 to a
Roth Contribution Account as described in Section 2.8.3 of the Plan (“In-Plan Roth Rollover”), so long as the amounts that are rolled over are considered an eligible rollover distribution under
Code Section 402(c). Any amounts that are rolled over into a Roth Contribution Account on behalf of the Participant in an In-Plan Roth Rollover must be accounted for separately from Roth Contributions
made pursuant to Section 2.8 of the Plan. The Participant must include the amount of the In-Plan Roth Rollover in gross income in the same manner as if the distribution were rolled over into a Roth IRA as
provided in Code Section 408A. The Participant, however, may elect to follow any special income inclusion rules related to In-Plan Roth Rollovers made under this Section 4.11 as provided under the
SBJA and any subsequent guidance. Treatment of distributions, including whether the distribution will be subject to taxation, from a Roth Contribution Account to which an In-Plan Roth Rollover has been made
shall be determined in accordance with the relevant provisions of the Code, IRS Notice 2010-84, and any subsequent guidance. 

  
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 4.12 Permissible Withdrawals of Automatic Contributions. A Participant for whom
automatic Before-Tax Contributions are being made pursuant to Subsection 2.3.2, may make a one-time election to withdraw such
Before-Tax Contributions and the earnings thereon, provided that: (a) such election is made no later than 90 days after the date of the first Before-Tax
Contribution made on behalf of the Participant pursuant to Subsection 2.3.2; (b) the amount of such withdrawal is equal to the amount of Before-Tax Contributions made with respect to the first payroll period
to which the deemed election under Subsection 2.3.2 applied and any succeeding payroll period, as well as any earnings attributable thereto; and (c) the Participant has not at any time prior to making such withdrawal election, affirmatively
acted to direct the investment of his or her Account pursuant to Article III. Any Matching Contributions credited with respect to a Participant’s Before-Tax Contributions that are withdrawn pursuant to
this Section, shall be immediately forfeited from the Participant’s Matching Contribution Account and shall be applied to reduce future Matching Contributions to the Plan. 

4.13 Statutory Hurricane Relief Regarding Loans. 

4.13.1 Statutory Hurricane Relief. Notwithstanding anything herein to the contrary, the following special rules apply to loans made to
any Participant who is a Qualified Hurricane Katrina Individual, Qualified Hurricane Rita Individual, or a Qualified Hurricane Wilma Individual (collectively Qualified Hurricane Individuals). 

(a) The amount of any loan from the Plan made during the Applicable Loan Period may not, when added to the outstanding balance
of all loans made to such Qualified Hurricane Individual, exceed the lesser of(A) $100,000 reduced by the excess (if any) of (i) the highest outstanding balance of loans from the Plan during the one-year
period ending on the day before the date on which such loan was made over (ii) the outstanding balance of loans from the Plan on the date on which such loan was made or (B) the greater of (i) the present value of the Qualified
Hurricane Individual’s entire vested interest in his Account or (ii) $10,000. 
 (b) The Plan
Administrator may delay any loan repayment that is due on or after the Qualified Beginning Date and before January 1, 2007 for a period not to exceed one year. Any subsequent repayments with respect to such loan shall be adjusted to reflect the
delay and any interest accruing during such delay. The 5-year loan repayment schedule required under Code Section 72(p) shall be appropriately adjusted to reflect the period during which loan payments are
delayed. 
 (c) Definitions: 

(i) “Qualified Katrina Individual” means an individual whose principal place of abode on August 28, 2005 is
located in the Federally-declared disaster area affected by Hurricane Katrina and who has sustained an economic loss by reason of Hurricane Katrina. 

  
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 (ii) “Qualified Rita Individual” means an individual whose
principal place of abode on September 23, 2005 is located in the Federally-declared disaster area affected by Hurricane Rita and who has sustained an economic loss by reason of Hurricane Rita. 

(iii) “Qualified Wilma Individual” means an individual whose principal place of abode on October 23, 2005 is
located in the Federally-declared disaster area affected by Hurricane Wilma and who has sustained an economic loss by reason of Hurricane Wilma. 

(iv) “Applicable Loan Period” means in the case of a Qualified Katrina Individual the period beginning on
September 24, 2005 and ending on December 31, 2006 and in the case of a Qualified Rita Individual and a Qualified Wilma Individual the period beginning on December 21, 2005 and ending on December 31, 2006. 

(v) “Qualified Beginning Date” means August 25, 2005 in the case of a Qualified Katrina Individual,
September 23, 2005 in the case of a Qualified Rita Individual, and October 23, 2005, and in the case of a Qualified Wilma Individual. 

4.14 Statutory Hurricane Relief Regarding Withdrawals Due to Financial Hardship. 

4.14.1 Statutory Hurricane Relief. Notwithstanding anything herein to the contrary, the following special rules apply to any Participant
who received a Qualified Hurricane Distribution. 
 (a) A Qualified Hurricane Distribution shall be treated as meeting the
requirements of Code Section 401(k)(2)(B)(i). 
 (b) Section 72(t) shall not apply to any Qualified Hurricane
Distribution. Unless the Participant elects otherwise, any Qualified Hurricane Distribution that would be included in the Participant’s gross income for the taxable year of the distribution shall be included in gross income ratably over a
three-year period beginning in the year of the distribution. 
 (c) The aggregate amount of Qualified Hurricane Distributions
for any taxable year shall not exceed the excess (if any) of (i) $100,000 over (ii) the aggregate amounts treated as Qualified Hurricane Distributions received by the Participant for all prior taxable years from any applicable plans in the
controlled group. 
 (d) A Participant who received a Qualified Hurricane Distribution may, at any time during the three-year
period beginning on the day after receipt of the Qualified Hurricane Distribution, make one or more repayments to the Plan in an aggregate amount not to exceed the amount of the Qualified Hurricane Distribution. Amounts repaid hereunder shall be
treated as direct trustee-to-trustee transfers within 60 days of the distribution and shall be credited to the Participant’s Rollover Contribution Account. 

  
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 (e) Participants may recontribute qualifying Plan withdrawals taken to
purchase or construct a primary residence in the Hurricane Katrina, Hurricane Rita, and Hurricane Wilma disaster areas pursuant to Code Section 1400Q(b). 

(f) “Qualified Hurricane Distribution” means (1) any distribution made on or after August 25, 2005, and
before January 1, 2007, to an individual whose principal place of abode on August 28, 2005, is located in the Federally-declared disaster area affected by Hurricane Katrina and who has sustained an economic loss by reason of Hurricane
Katrina, (2) any distribution made on or after September 23, 2005, and before January 1, 2007, to an individual whose principal place of abode on September 23, 2005, is located in the Federally-declared disaster area affected by
Hurricane Rita and who has sustained an economic loss by reason of Hurricane Rita, and (3) any distribution made on or after October 23, 2005, and before January 1, 2007, to an individual whose principal place of abode on
October 23, 2005, is located in the Federally-declared disaster area affected by Hurricane Wilma and who has sustained an economic loss by reason of Hurricane Wilma. 

4.15 Qualified Reservist Distribution. The additional tax on early withdrawals provided for in Code Section 72(t) does not apply to
a “qualified reservist distribution.” A Qualified Reservist Distribution is any distribution to a Participant from the portion of a Participant’s Account attributable to applicable deferrals made pursuant to Sections 2.3 and 2.8 of
the Plan if, by reason of his being a member in the reserve component (as defined in 37 U.S.C. § 101), the individual is ordered or called to active duty after September 11, 2001 for either (i) a period in excess of 179 days, or
(ii) an indefinite period, and the distribution is made during the period beginning on the date of the order or call to active duty and ending on the close of the active duty period. 

4.16 HEART Act Distribution. A Participant who performs qualified military service as provided for in Code Section 414(u) for a
period of more than 30 days shall be deemed to have had a severance from employment solely for the purposes of electing to take a distribution from the Participant’s Account balance attributable to deferrals made pursuant to Section 2.3
and 2.8 of the Plan. A distribution made under this Section 4.16 will be (i) subject to the tax on early withdrawal provided for in Code Section 72(t) if the Participant is younger than age
59 1⁄2 and (ii) treated as an eligible rollover distribution within the meaning of Code Section 402(c)(4), except to the extent one of the exceptions
listed in Code Section 402(c)(4) applies, other than the exception for hardship distributions under Section 401(k)(2)(B)(i)(IV). The Participant shall not be permitted to make any elective deferral or employee contributions to the Plan for
the 6 month period beginning of the date of a distribution made under this Section 4.16. To the extent a Participant is eligible for a distribution under both this Section 4.16 and Section 4.15 of the Plan, the distribution shall be
considered made under Section 4.15 of the Plan and the aforementioned penalty tax and restriction on contributions shall not apply. 

  
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 ARTICLE V 

LIMITATION ON MAXIMUM CONTRIBUTIONS 

AND BENEFITS UNDER ALL DEFINED CONTRIBUTION PLANS 

5.1 General. By reason of Section 2.13, Before-Tax Contributions, Basic Roth Contributions,
Additional Roth Contributions, Additional Before-Tax Contributions, Basic After-Tax Deductions, Supplemental After-Tax Deductions
and Matching Contributions for a Participant under this Plan will not exceed the maximum limitations imposed by Code Section 415, if all other defined contribution plans of all Employers and Affiliates are disregarded. It is intended that any
limitation imposed by Code Section 415 arising by reason of a Participant’s participation in one or more other such defined contribution plans shall be implemented as provided in this Article V, notwithstanding any contrary provision of
the Plan. 
 5.2 Affiliate. For purposes of this Article V, the definition of Affiliate in Section 1.4 shall be applied by
substituting the phrase “more than 50 percent” for the phrase “at least 80 percent” wherever the phrase “at least 80 percent” would otherwise be applicable under said provision. 

5.3 Limitation Year. For purposes of this Article V, the limitation year shall be the Plan Year. 

5.4 Annual Additions. “Annual Addition” means for each Participant the sum for any year of (a) contributions made by the
Company or an Affiliate allocable to the Participant under all defined contribution plans maintained by the Company or an Affiliate, (b) forfeitures allocable to the Participant under all such plans, (c) the amount of the
Participant’s contributions to all such plans, and (d) any amount attributable to post-retirement medical benefits or life insurance allocated to a separate account after March 31, 1984 on behalf of a Participant under Code
Section 415(1)(1) and Code Section 419A(d). The Participant’s contributions described in clause (c) of the first sentence of this Section 5.4 shall not include any rollover amounts (as defined in Code
Section 402(a)(5)), any repayments of loans or any prior distributions repaid to a plan upon the exercise of buy-back rights under the Plan and the Retirement Plan. A contribution shall be taken into
account as an Annual Addition for purposes of this Article V for the Limitation Year in which it is allocated to the Participant’s account under the applicable plan. 

5.5 Defined Benefit and Defined Contribution Plans. For purposes of this Article V, “defined benefit plan” or “defined
contribution plan” shall mean whichever of the following is applicable: a defined benefit plan or a defined contribution plan described in Code Section 401(a), which includes a trust which is exempt from income tax under Code
Section 501(a); provided that a Participant’s contributions under a plan which otherwise qualifies as a defined benefit plan shall be treated as a defined contribution plan. 

5.6 Aggregation of Defined Contribution Plans. In applying the limitation on Annual Additions provided in this Article V, all defined
contribution plans maintained by all Employers and Affiliates shall be aggregated. 

  
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 5.7 Defined Contribution Plan Limitation. Except to the extent permitted under
Section 2.20 of the Plan and Code Section 414(v), the sum of the Annual Additions for any Participant to all defined contribution plans maintained by all Employers and Affiliates for any year shall not exceed the lesser of (a) fifty-one thousand dollars ($51,000) (effective for Plan Years beginning on January 1, 2013 as adjusted under Code Section 415(d)), or (b) one hundred percent (100%) of such
Participant’s Earnings for such year. 
 5.8 Alternative Method. The Committee may, in its discretion, determine any amounts
required to be taken into account under this Article V by such alternative methods as shall be permitted under applicable regulations or rulings issued by the United States Department of the Treasury. 

5.9 Participation in Multiple Plans. 

5.9.1 If amounts contributed to any defined contribution plan by or on behalf of a Participant must be reduced in any Limitation Year to comply
with the limit on Annual Additions in Section 5.7 of this Plan, the amounts contributed to such defined contribution plans shall be reduced in the following order: 

(a) Supplemental After-Tax Deductions made under Section 2.7 of the Plan; 

(b) Additional Before-Tax Contributions made under Section 2.6 of the Plan; 

(c) Additional Roth Contributions made under Section 2.8 of the Plan; 

(d) Matching Contributions made under Section 2.5 of the Plan; 

(e) Before-Tax Contributions made under Section 2.3 of the Plan; 

(f) Matching Contributions made under Section 2.10 of the Plan; 

(g) Basic After-Tax Deductions made under Section 2.7 of the Plan; 

(h) Contributions to any defined benefit plan treated as a defined contribution plan; and 

(i) Basic Roth Contributions made under Section 2.8 of the Plan. 

Amounts contributed by or on behalf of a Participant to one category shall be reduced to zero before any reduction is made of
any such amounts contributed to the next lowest category. If, notwithstanding subparagraphs (a) through (i) of this subsection 5.9.1, a Before-Tax Contribution, Basic Roth Contribution, Additional Roth
Contribution, Additional Before-Tax Contribution, Supplemental After-Tax Deduction or Basic After-Tax Deduction is made on behalf
of a Participant which results in the limitations set forth in Section 5.7 of this Article V being exceeded, then such excess and any earnings thereon may be returned to such Participant. 

  
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 5.9.2 The amount of Matching Contributions (or forfeitures) which may not be allocated to a
Participant’s Matching Contribution Account because of the limitations of this Article V or of Section 2.13 of this Plan shall be used to reduce Matching Contributions for the following Limitation Year (and succeeding Limitation Years, if
necessary) for that Participant if that Participant is covered by the Plan as of the end of the Limitation Year. If the Participant is not covered by the Plan as of the end of the Limitation Year, such excess Matching Contributions shall be held
unallocated in a suspense account for the Limitation Year. The amounts in such suspense account shall be used to reduce Matching Contributions on behalf of each Participant to whom such amounts are allocated or reallocated, for the Limitation Year
in which such amounts are allocated or reallocated, and shall be allocated and reallocated in the following manner: 
 (a)
The amounts in such suspense account shall be allocated and reallocated in the following Limitation Year to the Accounts of the remaining Participants in the Plan. 

(b) If the allocation or reallocation of the amounts in such suspense account causes the limitations set forth in Article V or
in Section 2.13 of the Plan to be exceeded with respect to all Participants’ Accounts for that Limitation Year, then the amounts which may not be allocated as the result of such limitations shall be held unallocated in the suspense
account, but only to the extent permitted under Code Section 415 and any regulations issued thereunder. All amounts so remaining in the suspense account must be allocated and reallocated among the Accounts of the remaining Participants (subject
to the limitations set forth in this Article V or in Section 2.13 of the Plan) in the following Limitation Year, and succeeding Limitation Years, if necessary. 

5.10 Notice of Reduction. The Committee shall give prompt notice to any Participant whose benefit is reduced pursuant to the provisions
of this Article V. 
 5.11 Final Code Section 415 Regulations. 

(a) Effective Date. The provisions of this Section 5.11 shall apply to limitation years beginning on and after
July 1, 2007 and shall supersede any inconsistent Plan provisions. 
 (b) 415 Compensation Paid After Severance from
Employment. 415 Compensation (defined as the compensation that shall be considered for Code Section 415 purposes) shall be adjusted, as set forth herein, for the following types of compensation paid after a Participant’s severance from
employment with the Employer maintaining the Plan (or any other entity that is treated as the Employer pursuant to Code Sections 414(b), (c), (m) or (o)). However, amounts described in subsections (i) and (ii) below may only be included in 415
Compensation to the extent such amounts are paid by the later of 2 1/2 months 

  
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after severance from employment or by the end of the limitation year that includes the date of such severance from employment. Any other payment of compensation paid after severance of employment
that is not described in the following types of compensation is not considered 415 Compensation within the meaning of Code Section 415(c)(3), even if payment is made within the time period specified above. 

(i) Regular Pay. 415 Compensation shall include regular pay after severance of employment if: 

(1) The payment is regular compensation for services during the participant’s regular working hours, or compensation for
services outside the participant’s regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments; and 

(2) The payment would have been paid to the participant prior to a severance from employment if the participant had continued
in employment with the Employer. 
 (ii) Leave Cashouts and Deferred Compensation. Leave cashouts shall be included
in 415 Compensation if those amounts would have been included in the definition of 415 Compensation if they were paid prior to the participant’s severance from employment, and the amounts are payment for unused accrued bona fide sick, vacation,
or other leave, but only if the participant would have been able to use the leave if employment had continued. In addition, deferred compensation shall be included in 415 Compensation if the compensation would have been included in the definition of
415 Compensation if it had been paid prior to the participant’s severance from employment, and the compensation is received pursuant to a nonqualified unfunded deferred compensation plan, but only if the payment would have been paid at the same
time if the participant had continued in employment with the Employer and only to the extent that the payment is includible in the participant’s gross income. 

(iii) Salary Continuation Payments for Military Service Participants. 415 Compensation does not include payments
to an individual who does not currently perform services for the Employer by reason of qualified military service (as that term is used in Code Section 414(u)(1)) to the extent those payments do not exceed the amounts the individual would have
received if the individual had continued to perform services for the Employer rather than entering qualified military service. 

(iv) Salary Continuation Payments for Disabled Participants. 415 Compensation does not include compensation paid to a
participant who is permanently and totally disabled (as defined in Code Section 22(e)(3)). 

  
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 (c) Administrative Delay (“the first few weeks”) Rule. 415
Compensation for a limitation year shall not include amounts earned but not paid during the limitation year solely because of the timing of pay periods and pay dates. However, 415 Compensation for a limitation year shall include amounts earned but
not paid during the limitation year solely because of the timing of pay periods and pay dates, provided the amounts are paid during the first few weeks of the next limitation year, the amounts are included on a uniform and consistent basis with
respect to all similarly situated participants, and no compensation is included in more than one limitation year. 
 (d)
Definition of Annual Additions. The Plan’s definition of “annual additions” is modified as follows: 

(i) Restorative Payments. Annual additions for purposes of Code Section 415 shall not include restorative
payments. A restorative payment is a payment made to restore losses to a Plan resulting from actions by a fiduciary for which there is reasonable risk of liability for breach of a fiduciary duty under ERISA or under other applicable federal or state
law, where participants who are similarly situated are treated similarly with respect to the payments. Generally, payments are restorative payments only if the payments are made in order to restore some or all of the Plan’s losses due to an
action (or a failure to act) that creates a reasonable risk of liability for such a breach of fiduciary duty (other than a breach of fiduciary duty arising from failure to remit contributions to the Plan). This includes payments to a plan made
pursuant to a Department of Labor order, the Department of Labor’s Voluntary Fiduciary Correction Program, or a court-approved settlement, to restore losses to a qualified defined contribution plan on account of the breach of fiduciary duty
(other than a breach of fiduciary duty arising from failure to remit contributions to the Plan). Payments made to the Plan to make up for losses due merely to market fluctuations and other payments that are not made on account of a reasonable risk
of liability for breach of a fiduciary duty under ERISA are not restorative payments and generally constitute contributions that are considered annual additions. 

(ii) Other Amounts. Annual additions for purposes of Code Section 415 shall not include: (1) The direct
transfer of a benefit or employee contributions from a qualified plan to this Plan; (2) Rollover contributions (as described in Code Sections 401(a)(31), 402(c)(1), 403(a)(4), 403(b)(8), 408(d)(3), and 457(e)(16)); (3) Repayments of loans made
to a participant from the Plan; and (4) Repayments of amounts described in Code Section 411(a)(7)(B) (in accordance with Code Section 411(a)(7)(C)) and Code Section 411(a)(3)(D), as well as Employer restorations of benefits that are
required pursuant to such repayments. 
 (e) Change of Limitation Year. The limitation year may only be changed by a
Plan amendment. Furthermore, if the Plan is terminated effective as of a date other than the last day of the Plan’s limitation year, then the Plan is treated as if the Plan had been amended to change its limitation year. 

  
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 (f) Excess Annual Additions. Notwithstanding any provision of the
Plan to the contrary, if the annual additions (within the meaning of Code Section 415) are exceeded for any participant, then the Plan may only correct such excess in accordance with the Employee Plans Compliance Resolution System (EPCRS) as
set forth in Revenue Procedure 2013-12 or any superseding guidance, including, but not limited to, the preamble of the final Section 415 regulations. 

(g) Aggregation and Disaggregation of Plans. 

(i) For purposes of applying the limitations of Code Section 415, all defined contribution plans (without regard to
whether a plan has been terminated) ever maintained by the Employer (or a “predecessor employer”) under which the participant receives annual additions are treated as one defined contribution plan. The “Employer” means the
Employer that adopts this Plan and all members of a controlled group or an affiliated service group that includes the Employer (within the meaning of Code Sections 414(b), (c), (m) or (o)), except that for purposes of this Section, the determination
shall be made by applying Code Section 415(h), and shall take into account tax exempt organizations under Regulation Section 1.414(c)-5, as modified by Regulation Section 1.415(a)-1(f)(1). For
purposes of this Section: 
 (1) A former employer is a “predecessor employer” with respect to a participant in a
plan maintained by the Employer if the Employer maintains a plan under which the participant had accrued a benefit while performing services for the former Employer, but only if that benefit is provided under the plan maintained by the Employer. For
this purpose, the formerly affiliated plan rules in regulation Section 1.415(f)-1(b)(2) apply as if the Employer and predecessor Employer constituted a single employer under the rules described in regulation Section 1.415(a)-1(f)(1) and
(2) immediately prior to the cessation of affiliation (and as if they constituted two, unrelated employers under the rules described in regulation Section 1.415(a)-l(f)(1) and (2) immediately
after the cessation of affiliation) and cessation of affiliation was the event that gives rise to the predecessor employer relationship, such as a transfer of benefits or plan sponsorship. 

(2) With respect to an Employer of a participant, a former entity that antedates the Employer is a “predecessor
employer” with respect to the participant if, under the facts and circumstances, the Employer constitutes a continuation of all or a portion of the trade or business of the former entity. 

(ii) Break up of an affiliate employer or an affiliated service group. For purposes of aggregating plans for purposes of Code
Section 415, a “formerly affiliated plan” of an employer is taken into account for purposes of applying the Section 415 limitations to the employer, but the formerly affiliated plan is treated as if it had terminated immediately
prior to the “cessation of 

  
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affiliation.” For purposes of this paragraph, a “formerly affiliated plan” of an employer is a plan that, immediately prior to the cessation of affiliation, was actually maintained
by one or more of the entities that constitute the employer (as determined under the employer affiliation rules described in Treasury Regulation Section 1.415(a)-1(f)(1) and (2)), and immediately after
the cessation of affiliation, is not actually maintained by any of the entities that constitute the employer (as determined under the employer affiliation rules described in Treasury Regulation
Section 1.415(a)-1(f)(1) and (2)). For purposes of this paragraph, a “cessation of affiliation” means the event that causes an entity to no longer be aggregated with one or more other entities
as a single employer under the employer affiliation rules described in Treasury Regulation Section 1.415(a)-1(f)(1) and (2) (such as the sale of a subsidiary outside a controlled group), or that causes a plan to not actually be maintained by
any of the entities that constitute the employer under the employer affiliation rules of Treasury Regulation Section 1.415(a)-1(f)(1) and (2) (such as a transfer of plan sponsorship outside of a controlled
group). 
 (iii) Midyear Aggregation. Two or more defined contribution plans that are not required to be aggregated
pursuant to Code Section 415(f) and the regulations thereunder as of the first day of a limitation year, do not fail to satisfy the requirements of Code Section 415 with respect to a participant for the limitation year merely because they
are aggregated later in that limitation year, provided that no annual additions are credited to the participant’s account after the date on which the plans are required to be aggregated. 

(h) Compensation Limit. Notwithstanding anything in Section 5.11, participants may not make elective deferrals with
respect to amounts that are not 415 Compensation. 
 5.12 Treatment of Military Differential Pay Under the HEART Act. 

Military differential pay, as described in Code Section 3401(h), shall be considered compensation for purposes of Code
Section 415(c)(3). 

  
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 ARTICLE VI 

TOP-HEAVY RULES 

6.1 Top-Heavy Plan. 

6.1.1 Top-Heavy Plan Defined. If, on the last day of the preceding Plan Year, the
“Determination Date,” the aggregate value of the Accounts of Key Employees under the Plan exceeds 60% of the aggregate value of the Accounts of all Participants in the Plan, the Plan shall be
top-heavy and the provisions of this Article VI shall apply for the following Plan Year. The Accounts of any individual who has not performed services for the Employer during the
1-year period ending on the Determination Date shall not be taken into account for purposes of this Section. 

The Plan shall also be top-heavy if the Plan is part of a required aggregation group of plans and the
required aggregation group is top-heavy. The term “required aggregation group” shall mean (a) each plan of the Company or an Affiliate which qualifies under Code Section 401(a) in which at
least one Key Employee is a Participant, and (b) any other plan which enables a plan described in the preceding subsection (a) to meet the requirements of Code Sections 401(a)(4) or 410. The Company may also treat any other plan not
required to be included in the “required aggregation group” as being part of such group if such group would continue to meet the requirements of Code Sections 401(a)(4) or 410 with such plan being taken into account. 

6.1.2 Distributions During Year Ending on the Determination Date. The value of an Employee’s Account balances 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 Code Section 416(g)(2) 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 Code Section 416(g)(2)(A)(i). In the case of a
distribution made for a reason other than Termination of Employment, death or disability, this provision shall be applied by substituting “5-year period” for
“1-year period.” 
 6.2 Minimum Top-Heavy
Benefits. If the Plan is top-heavy under Section 6.1, the Matching Contributions for each Participant other than a Participant who is a Key Employee, shall be increased by an amount that, when added
to the sum of the Participant’s Before-Tax Contributions, Basic Roth Contributions, Additional Roth Contributions, Additional Before-Tax Contributions and Matching
Contributions made under this Plan without regard to this Section 6.2, shall bring the total amount contributed for such Participant under this Plan to three percent (3%) of such Participant’s Earnings. Matching Contributions that are used
to satisfy this Section shall be treated as Matching Contributions for purposes of the actual contribution percentage test and other requirements of Code Section 401(m). 

For purposes of this Section 6.2 only, the term “Participant” shall also include any Employee who is otherwise eligible to
participate in the Plan but for his failure to authorize his Employer to reduce his Compensation in accordance with Section 2.3 of this Plan. 

  
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 6.3 Key Employee. For purposes of this Article VI, 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 $170,000 (as adjusted under Code
Section 416(i)(1)), 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 Code Section 415(c)(3). The determination of who is a key employee will be made in accordance with Code Section 416(i)(1) and the applicable regulations and other guidance of
general applicability issued thereunder. 
 6.4 Automatic Removal. In the event that it shall be determined by statute, regulation or
ruling of the Internal Revenue Service that the provisions of this Article VI are no longer necessary in whole or in part to qualify this Plan under the Code, this Article VI shall be ineffective to such extent without amendment to the Plan. 

  
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 ARTICLE VII 

SPECIAL RULES WITH RESPECT TO CERTAIN 

TRANSFERRED AND OTHER EMPLOYEES 

7.1 Pyromet Industries, Inc. Notwithstanding any other provision of the Plan, for any individual who becomes a Participant as a result
of the Company’s acquisition from Pyromet Industries, Inc. and Ontario Corporation of the Pyromet businesses at San Carlos, California, Tulsa, Oklahoma and Hillsboro, Ohio (“Former Pyromet Employees”), benefits for such individuals
shall be determined in accordance with the following special rules: 
 (a) Participation. Effective January 1,
1996, the Former Pyromet Employees shall become Participants in the Plan. 
 (b) Former Pyromet Employees will receive an
annual additional Company contribution, in arrears, of two and one-half percent (2 1⁄2%) of basic salary, provided that
they have at least one year of service with the Pyromet business as of, and are employed on, the last day of the year for which the contribution is to be made. Such contribution will be made as of the last day of the Plan Year, and shall be
deposited into, and be subject to the rules governing, such Employee’s Matching Contribution Account. Notwithstanding the foregoing, effective January 1, 1998, the Former Pyromet Employees shall no longer receive the annual additional
Company contribution described above. 
 7.2 Materia Ventures, Inc. Notwithstanding any other provision of the Plan, for any
individual who becomes a Participant as a result of the Company’s acquisition from Materia Ventures, Inc. and PST Seattle Specialty Ceramics of the Seattle/Woodinville, Washington business (“Former Materia Employees”), benefits for
such individuals shall be determined in accordance with the following special rules: 
 (a) Participation. Effective
May 1, 1996, the Former Materia Employees shall become Participants in the Plan. 
 (b) Vesting Credit. The Plan
will recognize the past service of the Former Materia Employees with Materia Ventures, Inc. and PST Seattle Specialty Ceramics from April 11, 1996 for the purposes of vesting of the Participant’s benefit. 

7.3 Former CBI ESOP Participants. Notwithstanding any other provision of the Plan, to the extent that any assets in a Participant’s
After-Tax Account (i) are attributable to such Participant’s participation in the CBI Salaried Employee Stock Ownership Plan (1987), (the “CBI ESOP”), (ii) were transferred from the CBI
ESOP to the CBI 401(k) Pay Deferral Plan (“CBI 401(k) Plan”) and (iii) were transferred from the CBI 401(k) Plan to this Plan, such assets, plus any earnings thereon from either the CBI 401(k) Plan or this Plan, may be withdrawn from
the Plan by the Participant at any time without incurring any Plan penalties or suspensions. 

  
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 7.4 Praxair Precision Components, Inc. (formerly Treffers Precision, Inc.). Any
Participant who is employed by Praxair Precision Components, Inc. (formerly Treffers Precision, Inc.) (a “PPC Employee”), shall be subject to the following special rules: 

(a) Participation. A PPC Employee shall become eligible to participate in the Plan on the later of such
individual’s date of hire, or January 1, 1999. 
 (b) Additional
Before-Tax Contribution. PPC Employees will receive an additional annual Company contribution, in arrears, of two and one-half percent (2 1⁄2%) of eligible Compensation, provided that they have completed at least one year of service with Praxair Precision Components, Inc., and are employed by Praxair
Precision Components, Inc., as of the last day of the Plan Year for which the contribution is to be made. Such contribution will be made in cash as of the last day of the Plan Year, and shall be subject to the rules governing such Employee’s
Matching Contribution Account. Notwithstanding any provision of the Plan to the contrary, a PPC Employee who: (i) has completed at least one year of service with Praxair Precision Components, Inc. as of July 1, 2006; and (ii) became
an employee of PAS Technologies, Inc. on July 1, 2006 in connection with its acquisition of certain Praxair Precision Components, Inc. assets, shall receive the additional Company contribution described herein with respect to his eligible
Compensation paid in 2006. Notwithstanding any other provision of the Plan to the contrary, a PPC Employee who: (a) is first notified of and incurs an involuntary Termination of Employment with Praxair Precision Components, Inc. between
October 1, 2008 and December 31, 2008 by reason of the elimination of his or her position in connection with the Company’s 4th Quarter 2008 Special Severance; and (b) has
completed at least one year of service with Praxair Precision Components, Inc. as of the effective date of such involuntary Termination of Employment, shall receive the additional Company contribution described herein with respect to his or her
eligible Compensation paid in 2008. Notwithstanding any provision of the Plan to the contrary, a PPC Employee who: (x) incurred an involuntary Termination of Employment in connection with Praxair Surface Technology’s divestiture of certain
assets to FM Industries, Inc.; and (y) has completed at least one year of service with Praxair Precisions Components, Inc. as of the effective date of such involuntary Termination of Employment, shall receive the additional Company contribution
described in this Section 7.4 with respect to his or her eligible Compensation paid in 2012. 
 7.5 Fusion, Inc. Notwithstanding
any other provision of the Plan, the following shall apply to any individual who becomes a Participant as a result of the Company’s acquisition of Fusion, Inc. (“Fusion Participants”). 

(a) Participation. Effective March 1, 1999, the Fusion Participants are eligible to participate in the Plan. 

  
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 (b) Vesting Credit. The Plan will recognize service for Fusion
Participants from the later of March 1, 1999, or such Fusion Participant’s date of hire. 
 (c)
Distributions. With respect to distributions under the Plan made in connection with assets transferred to the Plan from the Fusion, Inc. 401(k) Profit Sharing Plan (the “Fusion Plan”), the ability to receive such distribution in an
optional form available under the Fusion Plan, but not otherwise described in Article IV of the Plan, shall be limited to distributions made on or before November 16, 2001. Distributions made after such date shall be limited to those described
in Article IV of the Plan. 
 7.6 Praxair Distribution Inc. Effective December 31, 2012 the Praxair Distribution, Inc. 401(k)
Retirement Plan (“PDI Plan”) was merged into the Plan. Notwithstanding any other provision of the Plan to the contrary, the provisions in Appendix C shall apply to any merged PDI Plan account and any individual who becomes a Participant in
the Plan as a result of the merger of the PDI Plan into this Plan. 
 7.7 Teamsters Local Union #592—Hopewell, Virginia.
Notwithstanding any other provision of the Plan to the contrary, the following shall apply to any individuals covered under the Teamsters Local Union #592—Hopewell, Virginia collective bargaining unit (“Hopewell Teamsters Employee”):

 (a) Participation. 

(i) Effective May 1, 2013, individuals hired into a position represented by Teamsters Local Union #592 as a
Regular/Full-Time Hopewell Teamsters Employee on and after May 1, 2013 shall become Participants (“Post-April 2013 Hopewell Participants”) in the Plan for purposes of Before-Tax Contributions,
Roth Contributions, Catch-Up Contributions, After-Tax Contributions, Rollover Contributions, and Qualified Non-Elective
Contributions. The automatic enrollment provisions in Section 2.3.2 of the Plan shall apply to the Post-April 2013 Hopewell Participants. 

(ii) Effective October 1, 2013, individuals hired into a position represented by Teamsters Local Union #592 as a
Regular/Full-Time Hopewell Teamsters Employee prior to May 1, 2013 shall become Participants (“Pre-May 2013 Hopewell Participants”) in the Plan for purposes of
Before-Tax Contributions, Roth Contributions, Catch-Up Contributions, After-Tax Contributions, Rollover Contributions, and
Qualified Non-Elective Contributions. The automatic enrollment provisions in Section 2.3.2 of the Plan shall apply to the Pre-May 2013 Hopewell Participants. 

(b) Matching Contribution. Neither the Post-April 2013 Hopewell Participants nor the
Pre-May 2013 Hopewell Participants shall be eligible to receive Matching Contributions. 

  
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 (c) Fixed-Dollar Contribution. Effective May 1, 2013, the
Post-April 2013 Hopewell Participants shall be entitled to receive a Company contribution equal to $240.40, or such other amount established under the relevant collective bargaining agreement, for each full week of participation in the Plan
(“Fixed-Dollar Contribution”). 
 A Post-April 2013 Hopewell Participant shall be deemed to have a full week of
participation so long as the Participant has worked at least one day during the week. Notwithstanding the previous sentence, a Post-April 2013 Hopewell Participant shall be eligible to receive the contribution regardless of whether the Participant
is not currently performing services for the Company on account of an approved sick leave. The Fixed-Dollar Contribution shall be contributed to the Plan no later than the deadline provided in relevant law for making Company contributions to the
Plan. The Fixed-Dollar Contribution shall be subject to the following vesting schedule: 
  

							
	 	 	 Years of Service
	  	 Vested Percentage
	  	 
		 	Less than 3 years	  	0%	  	
		 	3 years	  	100%	  	

 If a Post-April 2013 Hopewell Participant attains age 65, dies, or becomes Disabled, he shall
be immediately 100% vested in his Fixed Dollar Contribution Account. Additionally, a Post-April 2013 Hopewell Participant who dies or becomes Disabled while performing qualified military service as defined in Code Section 414(u), shall become
100% vested in his Fixed Dollar Contribution Account in accordance with Code Section 401(a)(37). For purposes of this Section 7.7(c), “Disability” shall have the meaning provided in Section 1.4 of Appendix C. 

(d) Withdrawal Provisions. Fixed-Dollar Contributions shall be credited to the Post-April 2013 Hopewell
Participants’ Matching Contribution Accounts and, except as otherwise provided in this Section 7.7, shall be subject to all of the Plan’s provisions applicable to Matching Before-Tax Accounts.

 (e) Forfeitures. 

(i) If a Post-April 2013 Hopewell Participant terminates Service and receives payment of the balance of his vested Accounts,
the nonvested portion, if any, of the Post-April 2013 Hopewell Participant’s Account will be forfeited. 
 (ii) If the
balance of the Post-April 2013 Hopewell Participant’s vested Accounts (specifically including the Post-April 2013 Hopewell Participant’s Elective Deferral Account and Roth Contribution Account) upon termination of Service is zero, the
Post-April 2013 Hopewell Participant will be deemed to have received payment of such Accounts. 

  
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 (iii) If a Post-April 2013 Hopewell Participant who receives an actual
distribution of the balance of his vested Accounts resumes employment covered under the Plan before incurring five consecutive one-year Breaks in Service following the date of such distribution, the Post-April
2013 Hopewell Participant’s Accounts will be restored to the amount on the date of the distribution if the Post-April 2013 Hopewell Participant repays the full amount of the distribution within five years of reemployment. 

(iv) If a Post-April 2013 Hopewell Participant who is deemed to have received payment of the balance of his vested Accounts
resumes employment covered under the Plan before incurring five consecutive one-year Breaks in Service, the Post-April 2013 Hopewell Participant’s Accounts will be restored to the amount on the date of
the deemed distribution. 
 (v) If a Post-April 2013 Hopewell Participant neither receives payment (nor is deemed to receive
payment) of the balance of his vested Accounts upon separation from Service, the non-vested portion of his Accounts will be forfeited as of the first Valuation Date after the Post-April 2013 Hopewell
Participant incurs five consecutive one-year Breaks in Service following the date of his termination. If the Post-April 2013 Hopewell Participant thereafter resumes employment covered under the Plan, any
additional Post-April 2013 Hopewell Contributions made on his behalf shall be placed in a separate post-break Account, and his vested percentage in such Account will be determined in accordance with Section 7.7(c). Both pre-break and post-break Account balances will continue to share in the earnings and losses of the Trust Fund. 

(vi) Fixed-Dollar Contributions that are forfeited shall be applied to pay the Plan’s administration expenses or to reduce
future Employer contributions to the Plan. 
 For purposes of Section 7.7, the definitions of “Break in Service” in
Section 1.2 of Appendix C, “Disability” in Section 1.4 of Appendix C, “Hour of Service” in Section 1.5 of Appendix C, “Service” in Section 1.12 of Appendix C, and “Year of Service” in
Section 1.14 of Appendix C shall also apply to the Post-April 2013 Hopewell Participants. 

  
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 ARTICLE VIII 

TRUST 
 8.1
Trustees. To provide for the administration of the Plan, the Committee has entered into a Trust Agreement with a Trustee appointed by the Committee, in such forms and containing such provisions as the Committee may deem appropriate,
including, but not limited to, provisions with respect to the powers and authority of the Trustee (including the management of funds and/or providing investment options and retirement elections under this Plan by some other institution or
institutions, as directed by the Committee from time to time), the authority of the Committee to amend the Trust Agreement and to terminate the Trust, and the authority of the Committee to settle the accounts of the Trustee on behalf of all persons
having an interest in the Plan, and a provision that, except as provided in Section 11.11 of this Plan, it shall be impossible at any time for any part of the corpus or income of the Trusts to be used for or diverted to purposes other than for
the exclusive benefit of Eligible Employees or their Beneficiaries. 
 8.2 Trust Expenses. Costs and expenses of administering the
Trust Fund, including the Trustee’s fees and investment managers’ fees, shall be paid from the Trust Fund, unless they are paid by an Employer. 

  
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 ARTICLE IX 

ADMINISTRATION 
 9.1
Administration Committee. There is hereby created an Administration and Investment Committee (the “Committee” or “Administration Committee”) which shall consist of the Chief Financial Officer of the Company and not less
than two (2) additional members who are appointed by, and serve at the pleasure of, the Finance and Pension Committee of the Board of Directors of the Company (the “Finance and Pension Committee”). The Finance and Pension Committee
may, at any time, fill vacancies or require the resignation of one or more of the members of a Committee with or without cause. In the event that a vacancy or vacancies shall occur on the Committee, the remaining member or members shall act as the
Committee until the Pension and Finance Committee fills such vacancy or vacancies. No person shall be ineligible to be a member of a Committee because he/she is, was or may become entitled to benefits under the Plan or because he/she is a director
and/or officer of an Employer or Affiliate or a Trustee; provided, that no Participant who is a member of the Committee shall participate in any determination by the Committee specifically relating to the disposition of his own Accounts (including
any determination with respect to a hardship withdrawal or a loan pursuant to Sections 4.4 and 4.8, respectively). 
 9.2 Limitation of
Liability; Indemnity. 
 9.2.1 Except as otherwise provided by law, no person who is a member of the Committee, or any employee, director
or officer of any Employer or Affiliate, may incur any liability whatsoever on account of any matter connected with or related to the Plan or the administration of the Plan. 

9.2.2 The Company shall indemnify and save harmless each member of the Committee, and each employee, director or officer of any Employer or
Affiliate, from and against any and all loss, liability, claim, damage, cost and expense which may arise by reason of, or be based upon, any matter connected with or related to the Plan or the administration of the Plan (including, but not limited
to, any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or in settlement of any such claim whatsoever), unless such person shall have acted in bad faith or
been guilty of willful misconduct or gross negligence in respect of his duties, actions or omissions in respect of the Plan. 
 9.3
Compensation and Expenses. The members of the Committee shall serve without compensation for their services as such members. All expenses reasonably incurred by the Committee shall be treated as an expense of the Trust Fund of the Plan unless
paid by the Company. The members of the Committee shall serve without bond unless the Company or the provisions of any applicable laws shall require otherwise, in which event the Company shall pay the premium thereon. 

  
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 9.4 Voting, Chairmen, Subcommittees. 

9.4.1 If there are fewer than five members of the Committee at any time, the Committee may do any act which the Plan authorizes or requires the
Committee to do only upon the unanimous consent of the members of the Committee eligible to vote on such act. If there are five or more members of the Committee at any time, a majority of the members of the Committee at the time in office may do any
act which the Plan authorizes or requires the Committee to do. 
 9.4.2 The action of the members expressed from time to time by a vote at a
meeting, or in writing without a meeting, or by conference telephone or similar communications equipment allowing all persons participating in the meeting to hear each other at the same time, shall constitute the action of the Committee and shall
have the same effect for all purposes as if assented to by all members at the time in office. Where action is taken by members of the Committee by conference telephone or similar communications equipment, such action shall be confirmed in writing by
such members as soon as practicable thereafter. The Secretary shall maintain minutes reflecting Committee meetings and shall cause each action taken in writing without a meeting, and each written confirmation of action taken by conference telephone
or similar communications equipment, to be included in the minutes of the Committee. Any member who dissents from an action taken by the Committee may have such dissent recorded in the minutes, along with the reasons therefor. The Secretary shall
distribute the minutes to the members of the Committee as soon as practicable after a Committee meeting or after Committee action taken without a meeting. 

9.4.3 The Chief Financial Officer of the Company shall be the Chairman of the Committee. The members of the Committee shall elect a Secretary
who may, but need not be, a member of the Committee, and they may appoint from their number such subcommittees as they shall determine. 

9.5 Payment of Benefits. The Committee, through its designee, the Human Resources Department of the Company, shall advise the Trustees
in writing with respect to all benefits which become payable under the terms of the Plan and shall direct the Trustees to pay such benefits. The Committee shall be authorized to give to any party such instructions as may be necessary or appropriate
in order to provide for the payment of benefits in accordance with the Plan. 
 9.6 Powers and Authority; Action Conclusive. Except as
otherwise expressly provided in the Plan or in any trust agreement relating to the Plan, or by the Board of Directors of the Company, the Committee shall have such powers as may be necessary to discharge its duties under the Plan, including: 

9.6.1 The Committee shall be responsible for the administration of the Plan. 

9.6.2 The Committee shall have all powers necessary or helpful for the carrying out of its responsibilities, and the decisions or action of the
Committee in good faith in respect of any matter hereunder shall be conclusive and binding upon all parties concerned. 

  
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 9.6.3 The Committee may delegate to one or more of its members or any other person (a
“Designee”) the right to act on its behalf in any matter connected with the administration of the Plan. 
 9.6.4 Without limiting
the generality of the foregoing, the Committee shall have full discretionary authority to: 
 9.6.4.1 Interpret and construe
the Plan, to determine all questions with regard to employment, eligibility, service, credited service, annual compensation, and such other factual matters as dates of birth, retirement and other similarly related matters for purposes of the Plan.
The Committee’s or its Designee’s determination of all questions arising under the Plan shall be conclusive upon all Participants (except to the extent that a determination relating to a Participant’s benefits may be appealed in
accordance with the terms of the Plan), the Board of Directors, the Company, the Trustee, and other interested parties; 

9.6.4.2 Determine all questions and hear all appeals relating to the administration of the Plan (a) when disputes arise
between the Plan and a Participant or his/her Beneficiary, spouse or legal representatives, and (b) whenever the Committee deems it advisable to determine such questions in order to promote the uniform administration of the Plan; 

9.6.4.3 Make rules and regulations for the administration of the Plan which are not inconsistent with the terms and provisions
of the Plan, and fix the annual accounting period of any trust established relating to the Plan as required for tax purposes; 

9.6.4.4 Modify or amend the Plan, provided the annual cost of such modification or amendment does not exceed two million
dollars ($2,000,000); 
 9.6.4.5 Prescribe procedures to be followed by Participants and Beneficiaries filing applications
for benefits; 
 9.6.4.6 Prepare and distribute to Participants and their Beneficiaries information explaining the Plan; 

9.6.4.7 Appoint from their number such sub-committees with such powers as they shall
determine, and to authorize one or more of their number to exercise any of the Committee’s powers, ministerial or discretionary, necessary to carry out the provisions of the Plan; 

9.6.4.8 Appoint or terminate the engagement of any Trustee for the Plan; 

9.6.4.9 Instruct the Trustee to make disbursements pursuant to the Plan; 

9.6.4.10 Receive and review reports of disbursements from the Trust Fund made by the Trustees; 

  
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 9.6.4.11 Establish investment policies and related guidelines; 

9.6.4.12 Appoint or terminate the engagement of an independent investment manager or managers and such other professional
advisor or advisors as it may deem necessary or desirable; 
 9.6.4.13 Monitor the performance of each Trustee and any
investment manager for the assets of the Plan, and make regular reports to the Finance and Pension Committee regarding the same. In order to accomplish this, the Committee shall meet at least annually with each Trustee and with any investment
manager, at which time the Committee shall request each Trustee or investment manager to present a full report on the financial position of the Plan assets under the control of such Trustee or investment manager; 

9.6.4.14 Change the investment options available under the Plan; 

9.6.4.15 Appoint or employ persons to assist in the administration of the Plan including, without limitation, counsel, an
accountant, other agents and clerical services as they may require in carrying out the provisions of the Plan and applicable law; 

9.6.4.16 Receive and review the periodic audit of the Plan made by a Certified Public Accountant where mandated by ERISA; and

 9.6.4.17 In addition to any other powers granted in the Plan to the Committee, the Committee shall have discretionary
authority to determine whether and to what extent Participants and Beneficiaries are entitled to benefits, and to construe disputed or doubtful Plan terms. The Committee shall be deemed to have properly exercised such authority unless they have
abused their discretion under the Plan by acting arbitrarily and capriciously. 
 9.6.4.18 The Committee may request the
Board of Directors of the Company to review any matter or policy issue the Committee deems appropriate. 
 With respect to the powers
enumerated in subsections 9.6.4.3, 9.6.4.5, 9.6.4.6 and 9.6.4.9, and with respect to making all initial determinations of benefit eligibility under the Plan, the Committee has designated the Human Resources Department of the Company to act on its
behalf. 
 The foregoing list of powers is not intended to be either complete or exclusive, and the Committee shall, in addition, have such
powers as may be necessary for the performance of its duties under the Plan and any trust established relating to the Plan. 
 Other than by
making formal amendments to the Plan, the Committee shall have no power to add to, subtract from, or modify any of the terms of the Plan, or to change or add to any benefits provided by the Plan, or to waive or fail to apply any requirements for
eligibility for a benefit under the Plan. 

  
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 The members of the Committee shall discharge their duties solely in the interests of
Participants and their beneficiaries and (a) for the exclusive purpose of providing benefits to such persons and defraying reasonable expenses of administering the Plan and (b) with the care, skill, prudence and diligence under the
circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims. 

9.7 Counsel and Agents. The Committee may employ such counsel, including legal counsel, accountants, investment advisors, physicians,
agents and such clerical and other services as it may require in carrying out the provisions of the Plan, and shall charge the fees, charges and costs resulting from such employment as an expense of the Trust Fund unless paid by an Employer. Unless
otherwise provided by law, any person so employed by a Committee may be legal or other counsel to an Employer, a Subsidiary, a member of a Committee or an officer or member of the Board of Directors of an Employer or a Subsidiary. 

9.8 Reliance on Information. The members of the Committee and any Employer and its officers, directors and employees shall be entitled
to rely upon all tables, valuations, certificates, opinions, and reports furnished by any accountant, trustee, insurance company, counsel or other expert who shall be engaged by an Employer or the Committee, and the members of the Committee and any
Employer and its officers, directors and employees shall be fully protected in respect of any action taken or suffered by them in good faith in reliance thereon, and all action so taken or suffered shall be conclusive upon all persons affected
thereby. 
 9.9 Fiduciaries. The provisions of this Section 9.9 shall apply notwithstanding any contrary provisions of the Plan
or the Trust Agreement. 
 9.9.1 The named fiduciaries under the Plan shall be the members of the Committee, who shall be named fiduciaries
with respect to control or management of the assets of the Plan, and who shall have authority to control or manage the operation and administration of the Plan, except with respect to those matters which under the Plan or the Trust Agreement are the
responsibility, or subject to the authority, of the Trustee for which Participants have been designated as Named Fiduciaries. 
 9.9.2 The
named fiduciaries under the Plan shall have the right, which shall be exercised in accordance with the procedures set forth in Section 9.4.1 and/or in the Trust Agreement for action by the Committee, to allocate responsibilities, fiduciary or
otherwise, among named fiduciaries, and the named fiduciaries (or any of them to whom such right shall be allocated) shall have the right to designate persons other than named fiduciaries to carry out responsibilities, fiduciary or otherwise, under
the Plan. 
 9.9.3 The members of the Committee shall together establish and carry out, or cause to be provided by those persons (including
without limitation, any investment manager, trustee or insurance company) to whom responsibility or authority therefor has been allocated or delegated in accordance with this Plan or the Trust Agreement, a funding policy and method consistent with
the objectives of the Plan and the requirements of ERISA. For such purposes, the Committee shall, at a meeting duly called for the purpose, establish a funding policy and method which satisfies the requirements of ERISA, and shall meet annually at a
stated time of the year to review such funding policy and method. All actions taken with respect to such funding policy and method and the reasons therefor shall be recorded in the minutes of the meetings of the Committee. 

  
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 9.9.4 Any person or group of persons may serve in more than one fiduciary capacity with
respect to the Plan. 
 9.9.5 Any named fiduciary under the Plan, and any fiduciary designated by a named fiduciary pursuant to
Section 9.9.2 to whom such power is granted by a named fiduciary under the Plan, may employ one or more persons to render advice with regard to any responsibility such fiduciary has under the Plan. 

9.9.6 The Committee, or such of them to whom such power shall be allocated, may appoint an investment manager or managers, as defined in
Section 3(38) of ERISA, to manage (including the power to acquire, invest and dispose of) any assets of the Plan. 
 9.9.7 Except to the
extent otherwise provided by law, if any duty or responsibility of a named fiduciary has been allocated or delegated to any other person in accordance with any provision of this Plan or of the Trust Agreement, then such named fiduciary shall not be
liable for an act or omission of such person in carrying out such duty or responsibility. 
 9.10 Plan Administrator. The Company
shall be the administrator of the Plan, as defined in Section 3(16)(A) of ERISA. 
 9.11 Notices and Elections. An Employee shall
deliver to the Committee all directions, orders, designations, notices or other communications on appropriate forms to be furnished by the Committee. The Committee shall also receive notices or other communications for Participants from the Trustee
and transmit them to the Participants. All elections which may be made by a Participant under this Plan shall be made in a time, manner and form determined by the Committee unless a specific time, manner or form is set forth in the Plan. 

9.12 Taxes Payable by Trustees. Taxes, if any, other than transfer taxes, payable by the Trustee shall be charged against the Accounts
pro rata to the values of the cash and/or securities affected. 
 9.13 Rollovers. 

9.13.1 An Employee (whether or not otherwise eligible to participate in the Plan) may, with the consent of the Committee, transfer to the Plan:

 9.13.1.1 a direct rollover of all or any portion of an eligible rollover distribution (as defined in Code
Section 402(c)) from: (a) a qualified plan described in Code Section 401(a) or 403(a), including after-tax employee contributions and contributions made under an applicable retirement plan
described in Code Section 402A(e)(1); (b) an annuity contract described in Code Section 403(b), excluding after-tax employee contributions; and (c) an eligible plan under Code
Section 457(b) which is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state. 

  
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 9.13.1.2 an indirect rollover of all or any portion of an eligible rollover
distribution from: (a) a qualified plan described in Code Section 401(a) or 403(a); (b) an annuity contract described in Code Section 403(b); and (c) an eligible plan under Code Section 457(b) which is maintained by a state,
political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state. 

9.13.1.3 a distribution from an individual retirement account or annuity described in Code Section 408(a) or 408(b) that
is eligible to be rolled over and would otherwise be includible in gross income. 
 9.13.2 Notwithstanding any provision of the Plan to the
contrary, an Account-Based Participant who has incurred a Termination of Employment may, with the consent of the Committee, transfer to the Plan in a direct or indirect rollover, all or any portion of an eligible rollover distribution of his benefit
from the Retirement Plan provided that an Account is maintained for such Account-Based Participant immediately prior to the time of such Rollover Contribution to the Plan. 

9.14 Plan-to-Plan Transfers. The Trustee may transfer
the balance of a Participant’s Accounts to the trustees of any trust qualified under Code Section 401(a). The Trustee may make such a transfer only at the direction of the Committee. 

The Trustee may accept as part of the Trust Fund property transferred from a trust qualified under Code Section 401(a) provided, however,
that the Trustee shall not accept property transferred from a trust that is qualified under Code Section 401(a) and is required to comply with the provisions of Code Sections 401(a)(11) and 417. The Trustee may accept such a transfer only at
the direction of the Committee. Such property shall at all times be maintained by the Trustee in a segregated account. Such property shall be distributed to the Participant or his Beneficiary within the time required for distribution of his Accounts
under Article IV. 
 With regard to monies transferred to the Plan from the Money Accumulation Plan, such monies shall remain subject to the
vesting schedule and service credit rules in effect under the Money Accumulation Plan at the time of the transfer. 

  
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 ARTICLE X 

AMENDMENT, TERMINATION, ADOPTION AND MERGER 

10.1 Modification or Amendment of Plan. The Company reserves the right at any time and from time to time to amend the Plan in whole or
in part; provided that, except as provided in Section 10.4 or as otherwise permitted by law, no amendment shall be made which (a) would cause or permit any part of the corpus of the Trust Fund to be diverted to purposes other than for the
exclusive benefit of Participants or their Beneficiaries, (b) would cause or permit any portion of the assets of the Trust Fund to revert to or become the property of any Employer or Affiliate at any time, or (c) would divest any
Participant of any amount previously credited to his Accounts. However, the Committee shall also have the right, subject to the same restrictions set forth in the first sentence of this Section 10.1, to amend the Plan (x) to retain the
Plan’s qualified status under Code Section 401(a), or to comply with any other provision of law, or (y) in any other respect to the extent that the annual cost of such amendments to the Plan for the Plan Year under this clause (y),
determined without regard to the effective date of such amendments, does not exceed two million dollars ($2,000,000). Notwithstanding any provision of the Plan to the contrary, amendments to Appendix A may be made by any authorized officer or
representative of the Company and shall not require the approval of the Company’s Board of Directors or the Committee. 
 10.2
Termination of Plan or Discontinuance of Contributions. The Plan may be terminated by the Company at any time in the Company’s sole discretion, in whole or in part. Upon any such termination, the Committee shall instruct the Trustee
either (a) to distribute or dispose of the net assets of the Trust Fund (remaining after payment of or provision for all expenses of final administration and liquidation) exclusively for the benefit of all Participants (or their Beneficiaries,
as the case may be) according to their respective shares of the Trust Fund as of the date of such termination or discontinuance, or (b) to continue the Trust Fund with distributions to be made at the time and in the manner provided for by
Article IV. 
 10.3 Expenses of Termination. In the event of the complete or partial termination of the Plan, the expenses incident
thereto shall be a prior claim and lien upon the assets of the Trust Fund and shall be paid or provided for prior to the distribution of any benefits pursuant to such termination, unless such expenses are paid by an Employer. 

10.4 Amendments Required for Qualification. All provisions of this Plan, and all benefits and rights granted hereunder, are subject to
any amendments, modifications or alterations which are necessary from time to time to qualify the Plan under Code Section 401(a) or corresponding provisions of subsequent law, to continue the Plan as so qualified, to meet the requirements of
Code Section 401(k) and Code Section 4975(e)(7) or to comply with any other provision of law. Accordingly, notwithstanding any other provisions of this Plan, the Company may amend, modify or alter the Plan with retroactive effect in any
respect or manner necessary to qualify the Plan under Code Section 401(a), to continue the Plan as so qualified, to meet the requirements of Code Section 401(k) and Code Section 4975(c)(7), or to comply with any other provision of
law. 

  
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 10.5 Adoption of Plan by Employers. 

10.5.1 With the consent of the Company, any Subsidiary may adopt the Plan and the Trust Agreement for any of its divisions or locations as it
may specify by delivering to the Committee and the Trustee: 
 10.5.1.1 A written instrument, duly executed and acknowledged:

 (a) adopting and assuming, jointly and severally, the obligations of the Company under the Plan and Trust Agreement; 

(b) appointing the Company and the Committee as its agents and
attorneys-in-fact for all purposes with respect to the Plan and Trust Agreement, including amending or terminating the Plan and Trust Agreement and giving or receiving
notices, instructions, directions and other communications to the Trustee; and 
 (c) specifying the divisions or locations
for which it is adopting the Plan and Trust Agreement. 
 10.5.1.2 A duly certified copy of resolutions of the board of
directors of the adopting corporation, or a similar document from the person or persons having the power to bind the partnership or other entity, authorizing the adoption of the Plan and the Trust Agreement and approving and authorizing the
execution, acknowledgement and delivery of the written instrument described in Section 10.5.1.1; and 
 10.5.1.3 A copy
of a document evidencing the Company’s consent to the adoption of the Plan and the Trust Agreement by such Subsidiary. 
 10.5.2 The
Company’s consent to any adoption of this Plan and Trust Agreement shall be evidenced by: 
 10.5.2.1 written approval
and consent to such adoption by the Committee if such adoption would add fewer than 100 Eligible Employees; or 
 10.5.2.2 a
resolution of the Company’s Board of Directors approving and consenting to such adoption if such adoption would add 100 or more Eligible Employees on its effective date. 

10.5.3 In giving its consent to any adoption of the Plan and Trust Agreement under Section 10.5.2, the Company or the Committee may make
its consent subject to such terms and conditions as it may prescribe. 
 10.5.4 A list of Employers adopting the Plan is included in Appendix
A hereto. 

  
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 10.6 Discontinuance of Participation. An Employer’s discontinuance of its
participation under the Plan may be voluntary or involuntary, partial or complete, as described below: 
 10.6.1 Any Employer may, with the
approval of the Committee, elect, at any time, to discontinue its participation hereunder in whole or in part with respect to any of its divisions or locations by filing written notice thereof with the Committee and specifying the group or groups of
Participants affected by such election. 
 10.6.2 The Plan shall discontinue as to all Participants of any Employer which shall be declared
bankrupt or which makes any general assignment for the benefit of creditors. 
 10.6.3 The Plan shall discontinue as to Participants of any
Employer in the event of the dissolution, merger, consolidation, or sale or other disposition of the business and assets or stock of such Employer, unless provision is made for the continuance of the Plan by a successor. In the event the Plan is
discontinued pursuant to this Section 10.6.3, the Committee shall make such current or deferred distribution to the Participants affected by such discontinuance as it shall deem appropriate and in accordance with the provisions of the Plan;
provided, however, if provision is made for the continuance of the Plan by a successor, the Board of Directors of the Company or, if such disposition of the business is either approved by the Board of Directors of the Company or is a disposition for
which no approval by the Board of Directors is required, the Committee may, if they so determine, direct that the portion of the Trust Fund allocable to such Participants be transferred to a successor qualified plan or funding medium covering such
Participants. The Committee, in its sole discretion, may permit the value of such Participants’ Accounts to remain in the Plan pending the completion of the dissolution, merger, consolidation or sale or other disposition of the business and
assets or stock of such Participants’ Employer, as the case may be, for such a period of time as shall be designated by the Committee. 

10.7 Merger. Subject to the provisions of this Section 10.7, the Plan may be amended to provide for the merger of the Plan, in
whole or in part, or a transfer of all or a part of its assets or liabilities, to any other qualified plan within the meaning of Code Section 401(a) or 403(a), including such a merger or transfer in lieu of a distribution which might otherwise
be required under the Plan. In the event of such a merger or consolidation of this Plan or transfer of its assets or liabilities to any other plan in whole or in part, each Participant shall be entitled to a benefit immediately after the merger,
consolidation or transfer (if such other plan then terminated) which is equal to or greater than the benefit he would have been entitled to receive immediately before the merger, consolidation or transfer (if the Plan had then been terminated). 

  
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 ARTICLE XI 

MISCELLANEOUS 
 11.1
Claims Procedure. 
 11.1.1 If a claim for benefits under this Plan is wholly or partially denied, the claimant shall, within 90 days
after receipt of the claim by the Plan (or up to 180 days if special circumstances so require), be provided with a notice setting forth the specific reason or reasons for the denial, specific reference to pertinent Plan provisions on which the
denial is based, a description of any additional material or information necessary for the claimant to perfect the claim, an explanation of why such material or information is necessary, an explanation of the Plan’s claim review procedure and a
statement regarding the claimant’s right to bring a civil action under ERISA Section 502(a) following an adverse benefit determination. Within 60 days after notification of a denial of benefits, such claimant may, upon written application,
appeal such denial to the Committee for a review. Such claimant (or his duly authorized representative) may submit written comments, documents and records, and other information relating to the claim for benefits and, shall be provided, upon request
and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the benefit claim. The review on appeal will consider all comments, documents, records, and other information submitted by the
claimant without regard to whether such information was submitted or considered in the initial benefit determination. 
 11.1.2 Within 60
days of receipt of such written application for review, the Committee shall make a decision in writing, and, in the event of an adverse benefit determination, the written decision shall include (a) the specific reasons for the decision,
(b) references to the specific Plan provisions on which the benefit determination is based, (c) a statement that the claimant is entitled to receive, upon request and free of charge, access to and copies of all documents, records and other
information relevant to the benefit claim, and (d) a statement regarding the claimant’s right to bring a civil action under ERISA Section 502(a). Under special circumstances the Committee may extend the time for processing such a
review, but a decision shall be rendered not later than 120 days after receipt of the request for review. 
 11.1.3 In the event that
government regulations shall impose a different standard for review, such required standard shall be followed in lieu of the above. 
 11.2
Plan Not an Employment Contract. Neither the adoption of this Plan by an Employer nor any action of any Employer, the Committee, or the Trustee under this Plan, nor participation in this Plan or failure to participate in this Plan by any
person, shall be held or construed to confer upon any person any legal right to be continued as an employee of any Employer or Affiliate. All employees, whether or not they participate in this Plan, shall be subject to discharge to the same extent
as they would have been if this Plan had never been adopted. 
 11.3 Consent to Terms of Plan and Trust Agreement. An Employee by
becoming a Participant in this Plan consents and agrees to all the terms and provisions of this Plan, the Trust Agreement, and any rules and regulations adopted by the Committee pursuant to the provisions of this Plan, as they may each be amended
from time to time. 

  
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 11.4 Transfer of Interest Not Permitted. Except as respects any assignment or
encumbrance to secure a loan from the Trust Fund which is made pursuant to Section 4.8, and except as set forth in Section 11.4.1 and 11.4.2 and as otherwise may be required by law, no person shall have any power to assign, transfer,
pledge, encumber, commute, or anticipate any interest in the Trust Fund or in any payment to be made under the Plan, and any attempt to assign, transfer, pledge, encumber, commute or anticipate the same shall be void; nor shall any such interest be
in any way liable for or subject to the debts, contracts, liabilities, engagement or torts of the person entitled to such benefit or payment or subject to levy, garnishment, attachment, execution or other legal or equitable process. 

11.4.1 Qualified Domestic Relations Order. 

(a) The provisions of Section 11.4 shall not be applicable to a Qualified Domestic Relations Order and payment of benefits
shall be made in accordance with the terms of such order. 
 The Committee shall promptly notify a Participant and any
Alternate Payee of the receipt of a Domestic Relations Order and of the Plan’s procedure for determining whether the order constitutes a Qualified Domestic Relations Order. Within a reasonable period of time after the receipt of such order, the
Committee, in accordance with such procedures as it shall from time to time establish, shall determine whether such order constitutes a Qualified Domestic Relations Order and shall notify the Participant and each Alternate Payee of such
determination. 
 During any period of time in which the issue of whether a Domestic Relations Order constitutes a Qualified
Domestic Relations Order is being determined by the Committee, by a court of competent jurisdiction, or otherwise, the Committee shall separately account for 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 the eighteen (18) month period beginning on the date on which the first payment would be required to be made under the Domestic Relations Order such order is
determined to be a Qualified Domestic Relations Order, the Committee shall pay such amounts to the person or persons entitled thereto. If within such eighteen (18) month period it is determined that such order is not a Qualified Domestic
Relations Order, or the issue as to whether such order so qualifies is not resolved, then the Committee shall pay such amounts 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 end of such eighteen-month period shall be applied prospectively only. 

  
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 (b) An Alternate Payee who is entitled to receive assets that exceed $5,000
under this Plan pursuant to a Qualified Domestic Relations Order received by the Committee on or after July 1, 1994 may elect either: (i) to receive a lump sum payment of such assets as soon as practical; or (ii) to defer the payment
of such assets and maintain such assets in a separate Account under this Plan in the name of the Alternate Payee. If the Alternate Payee makes an election in accordance with clause (ii) hereunder, such Alternate Payee may defer the commencement
of such payments until a date no later than the date the Alternate Payee attains age seventy and one-half (70 1⁄2).

 11.4.2 Violations Against the Plan. The anti-assignment provisions of this Section 11.4 shall not be applicable to an order or
requirement to pay monies to the Plan, which arises under a judgment, order, decree or settlement arising from certain crimes or violations of ERISA committed by the Participant with respect to the Plan, provided (i) the judgment, order, decree
or settlement agreement expressly provides for an offset of all or part of the amount ordered or required to be paid to the Plan against the Participant’s Plan benefits and (ii) where the survivor annuity requirements apply to Plan
distributions to the Participant, the rights of the Participant’s spouse to survivor benefits are preserved. 
 11.5 Obligations of
Employers Limited. The Employers assume no obligations under this Plan except those specifically stated in this Plan. No person shall have any right to participate in profits by reason of this Plan except to the extent expressly set forth
herein. The Employers shall be under no legal obligation to make any contributions to the Trust Fund except as expressly provided herein. 

11.6 Separation of Invalid Provisions. If any provision of this Plan or the Trust Agreement is held invalid, the remainder of the Plan
or Trust Agreement shall not be affected thereby. 
 11.7 Payment to a Minor or Incompetent. In the event that any amount is payable
to a minor or other legally incompetent person, such amount may be paid in any of the following ways, as the Committee in its sole discretion shall determine: 

11.7.1 To the legal representatives of such minor or other incompetent person; 

11.7.2 Directly to such minor or other incompetent person; 

11.7.3 To a parent or guardian of such minor, or to a custodian for such minor under the Uniform Gifts to Minors Act (or similar statute) of
any jurisdiction or to the person with whom such minor shall reside. Payment to such minor or incompetent person, or to such other person as may be determined by the Committee, as above provided, shall discharge all Employers, the Committee, the
Trustee and any insurance company or other person or corporation making such payment pursuant to the direction of the Committee, and none of the foregoing shall be required to see to the proper application of any such payment to such person pursuant
to the provisions of this Section 11.7. 
 11.8 Doubt as to Right to Payment. If at any time any doubt exists as to the right of
any person to any payment hereunder or as to the amount or time of such payment (including, without limitation, any doubt as to identity, or any case in which any notice has been received from any other person claiming any interest in amounts
payable hereunder, or any case in which 

  
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 a claim from other persons may exist by reason of community property or similar laws), the Committee shall
be entitled, in its discretion, to direct the Trustee (or any insurance company) to hold such sum as a segregated amount in trust until such right or amount or time is determined or until order of a court of competent jurisdiction, or to pay such
sum into court in accordance with appropriate rules of law in such case then provided, or to make payment only upon receipt of a bond or similar indemnification (in such amount and in such form as is satisfactory to the Committee). 

11.9 Forfeiture Upon Inability to Locate Distributee. Notwithstanding any other provision of the Plan, in the event that the Committee
cannot locate any person to whom a payment is due under the Plan, and no other payee has become entitled thereto pursuant to any provision of the Plan, the benefit in respect of which such payment is to be made shall be forfeited at such time as the
Committee shall determine in its sole discretion (but in all events prior to the time such benefit would otherwise escheat under any applicable state law); provided that any benefit so forfeited shall be restored if such person subsequently makes a
valid claim for such benefit. 
 11.10 Contributions Conditioned on Initial Qualification and Deductibility. Notwithstanding any other
provision of this Plan, each Before-Tax Contribution, Additional Before-Tax Contribution and Matching Contribution made by an Employer under this Plan is conditioned on:

 11.10.1 A determination by the Internal Revenue Service that the Plan qualifies under Code Section 401 for the Plan Year as to which
such Employer first makes a contribution hereunder; and 
 11.10.2 The deductibility of such contribution under Code Section 404. 

11.11 No Diversion of Trust Fund. It shall be impossible at any time for any part of the Trust Fund to be (within the taxable year or
thereafter) used for or diverted to purposes other than for the exclusive benefit of Participants and their Beneficiaries (including the payment of the expenses of the administration of the Plan and of the Trust); provided that: 

11.11.1 A contribution that is made by an Employer by a mistake of fact shall be returned to such Employer upon its request within one year
after the payment of the contribution; or 
 11.11.2 A contribution that is conditioned upon its deductibility under Code Section 404
shall be returned to the contributing Employer upon its request, to the extent that the contribution is disallowed as a deduction, within one year after such disallowance; or 

11.11.3 A contribution that is conditioned on qualification of the Plan under Code Section 401 shall, if the Plan does not so qualify, be
returned to the contributing Employer within one year after the date of denial of qualification of the Plan. 
 Subject to Article IX, the Trust shall
continue for such time as may be necessary to accomplish the purpose for which it is created. 

  
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 11.12 Usage. Whenever applicable the masculine gender, when used in the Plan, shall
include the feminine and neuter genders, and the singular shall include the plural. 
 11.13 Governing Law. The Plan shall be governed
by, construed and administered under the law of the State of Connecticut without regard to the principles of conflict of laws, to the extent not preempted by Federal law. 

11.14 Captions. The captions contained herein are inserted only as a matter of convenience and for reference and in no way define,
limit, enlarge or describe the scope or intent of the Plan and in no way shall affect the Plan or the construction of any provision thereof. 

11.15 USERRA and HEART Act Compliance. 

11.15.1 Notwithstanding any provision of the Plan to the contrary, contributions, benefits and service credit with respect to qualified
military service will be provided in accordance with Code Section 414(u). 
 11.15.2 A Participant who dies or becomes eligible for
disability benefits under the Employer’s long-term disability plan while performing qualifying military service as provided in Code Section 414(u) will be entitled to receive employer contributions attributable to the period of qualifying
military service as provided under Code Section 414(u)(9). 
 11.15.3 Notwithstanding any provision of the Plan to the contrary, in the
case of a Participant who dies or becomes eligible for disability benefits under the Employer’s long-term disability plan while performing qualifying military service as provided in Code Section 414(u), the survivors of the Participant, or
the Participant in the case of disability, are entitled to any additional benefits that would have been provided under the Plan had the Participant resumed employment and then terminated employment on account of death or disability pursuant to Code
Section 401(a)(37). 
 11.16 ESOP. 

11.16.1 Effective February 1, 2002, a portion of the Plan is designated as an ESOP, as defined in Section 1.22 of the Plan. As of
such date, the Company Stock Fund and all Matching Contribution Accounts were subdivided into an ESOP portion and a non-ESOP portion, and the aggregate ESOP portions shall constitute the ESOP. Employee
contributions to the Company Stock Fund, regardless of whether they are Before-Tax Contributions, Additional Before-Tax Contributions, Basic After-Tax Deductions, Supplemental After-Tax Deductions or Catch-Up Contributions shall be allocated to the non-ESOP portion of the relevant Fund. Matching Contributions made in the form of Common Stock to the Matching Contribution Accounts shall be allocated to the non-ESOP portion
of such Account. On the third business day of each March, June, September and December, all Common Stock held in a non-ESOP portion of the Company Stock Fund or the Matching Contribution Accounts shall be
transferred into the ESOP portion of the respective Fund or Account. 

  
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 11.16.2 The portion of the Plan which constitutes an ESOP, and which is mandatorily
disaggregated from the balance of the Plan pursuant to Treasury Regulation Section 1.410(b)-7(c)(2), shall be tested separately for purposes of meeting the requirements of Code Section 410(b), but only to
the extent of any employer or Company contributions made directly to the ESOP. Amounts transferred to the ESOP from time to time shall not be considered as part of the ESOP for the purpose of coverage testing, but shall rather be tested under the
test applicable to the non-ESOP portion of the Plan to which they were contributed. 
 11.16.3
Effective with respect to cash dividends paid on shares of Common Stock held in the ESOP having a record date of March 1, 2002 or later, the Participant (or his or her Beneficiary if applicable) in whose account such ESOP Common Stock is held
shall have the right to receive current payment of such dividends in lieu of reinvestment of the dividends in Common Stock. An election by a Participant or Beneficiary to receive payment of dividends under this Section 11.16.3 shall be made in
the manner designated by the Committee provided that, (1) any Participant or Beneficiary who fails to make an affirmative election to receive payment of dividends within the time prescribed for such election by the Committee shall be deemed to
have elected to retain such dividends in the Plan and (2) any election by a Participant or Beneficiary to receive payment of dividends in lieu of reinvestment shall remain in effect until such election is revoked by the Participant or
Beneficiary. Except as provided below, distribution of dividends in accordance with a Participant’s or Beneficiary’s election shall occur on, or as soon as administratively practicable following, the date such dividends would otherwise
have been paid to the Plan. Notwithstanding the foregoing, any such dividends paid on Common Stock during calendar year 2002 shall not be paid out to electing Participants or Beneficiaries until a favorable determination letter shall have been
issued to the Plan by the Internal Revenue Service. In no event shall dividends be paid to the Participant or Beneficiary later than ninety (90) days after the close of the Plan Year in which such dividends were paid to the Plan. 

  
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 ARTICLE XII 

MINIMUM DISTRIBUTION REQUIREMENTS 

12.1 General Rules. 

12.1.1 Precedence. The requirements of this Article will take precedence over any inconsistent provisions of the Plan. 

12.1.2 Requirements of Treasury Regulations Incorporated. All distributions required under this Article will be determined and made in
accordance with the Treasury regulations under Code Section 401(a)(9). 
 12.1.3 TEFRA Section 242(b)(2) Elections.
Notwithstanding the other provisions of this Article, distributions may be made under a designation made before January 1, 1984, in accordance with Section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (TEFRA) and the
provisions of the Plan that relate to Section 242(b)(2) of TEFRA. 
 12.2 Time and Manner of Distribution. 

12.2.1 Required Beginning Date. The Participant’s entire interest will be distributed, or begin to be distributed, to the
Participant no later than the Participant’s Required Beginning Date. 
 12.2.2 Death of Participant Before Distributions Begin.
If the Participant dies before distributions begin, the Participant’s entire interest will be distributed, or begin to be distributed, no later than as follows: 

(a) If the Participant’s surviving spouse is the Participant’s sole designated Beneficiary, then, subject to
paragraph (d) below, distributions to the surviving spouse will begin by December 31st of the calendar year immediately following the calendar year in which the Participant died, or by December 31st of the calendar year in which the Participant
would have attained age 70 1⁄2, if later. 

(b) If the Participant’s surviving spouse is not the Participant’s sole designated Beneficiary or if there is no
designated Beneficiary as of September 30th of the year following the year of the Participant’s death, the Participant’s entire interest will be distributed by December 31st of the calendar year containing the fifth anniversary of the
Participant’s death. 
 (c) If the Participant’s surviving spouse is the Participant’s sole designated
Beneficiary and the surviving spouse dies after the Participant but before distributions to the surviving spouse begin, this Section 12.2.2, other than Section 12.2.2(a), will apply as if the surviving spouse were the Participant. 

  
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 (d) Election to Allow 5-Year Rule
for Surviving Spouses. Participants or spousal beneficiaries may elect on an individual basis whether the 5-year rule or the life expectancy rule in this Section 12.2.2 and Section 12.4.2 hereof
applies to distributions after the death of a Participant whose designated Beneficiary is his or her surviving spouse. The election must be made no later than the earlier of September 30th of the calendar year in which distribution would be required
to begin under this Section 12.2.2, or by September 30th of the calendar year which contains the fifth anniversary of the Participant’s (or, if applicable, surviving spouse’s) death. If neither the Participant nor spousal Beneficiary
makes an election under this paragraph, distributions will be made in accordance with the remainder of this Section 12.2.2 and Section 12.4.2 hereof. 

For purposes of this Section 12.2.2 and Section 12.4, unless Section 12.2.2(c) applies, distributions are
considered to begin on the Participant’s Required Beginning Date. If Section 12.2.2(c) applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under Section 12.2.2(a). If
distributions under an annuity purchased from an insurance company irrevocably commence to the Participant before the Participant’s required beginning date (or to the Participant’s surviving spouse before the date distributions are
required to begin to the surviving spouse under Section 12.2.2(a)), the date distributions are considered to begin is the date distributions actually commence. 

12.2.3 Forms of Distribution. Unless the Participant’s interest is distributed in the form of an annuity purchased from an
insurance company or in a single sum on or before the required beginning date, as of the first distribution calendar year distributions will be made in accordance with Sections 12.3 and 12.4 of this Article XII. If the Participant’s interest is
distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of Code Section 401(a)(9) and the Treasury regulations. 

12.3 Required Minimum Distributions During Participant’s Lifetime. 

12.3.1 Amount of Required Minimum Distribution For Each Distribution Calendar Year. During the Participant’s lifetime, the
minimum amount that will be distributed for each distribution calendar year is the lesser of: 
 (a) the quotient obtained by
dividing the Participant’s Account balance by the distribution period in the Uniform Lifetime Table set forth in Treasury Regulation Section 1.401(a)(9)-9, using the Participant’s age as of the
Participant’s birthday in the distribution calendar year; or 
 (b) if the Participant’s sole designated
Beneficiary for the distribution calendar year is the Participant’s spouse, the quotient obtained by dividing the Participant’s Account balance by the number in the Joint and Last Survivor Table set forth in Treasury Regulation Section 1.401(a)(9)-9, using the Participant’s and spouse’s attained ages as of the Participant’s and spouse’s birthdays in the distribution calendar year. 

  
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 12.3.2 Lifetime Required Minimum Distributions Continue Through Year of
Participant’s Death. Required minimum distributions will be determined under this Section 13.3 beginning with the first distribution calendar year and up to and including the distribution calendar year that includes the
Participant’s date of death. 
 12.4 Required Minimum Distributions After Participant’s Death. 

12.4.1 Death On or After Date Distributions Begin. 

(a) Participant Survived by Spouse. If the Participant dies on or after the date distributions begin and the
Participant’s surviving spouse is the designated Beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the Participant’s death is the quotient obtained by dividing the
Participant’s Account balance by the longer of the remaining life expectancy of the Participant or the remaining life expectancy of the Participant’s spouse, determined as follows: 

(1) The Participant’s remaining life expectancy is calculated using the age of the Participant in the year of death,
reduced by one for each subsequent year. 
 (2) The remaining life expectancy of the surviving spouse is calculated for each
distribution calendar year after the year of the Participant’s death using the surviving spouse’s age as of the spouse’s birthday in that year. 

(b) No Designated Beneficiary or Non-Spouse Beneficiary. If the Participant dies
on or after the date distributions begin and the designated Beneficiary is someone other than his or her surviving spouse, or there is no designated Beneficiary as of September 30th of the year after the year of the Participant’s death, the
minimum amount that will be distributed for each distribution calendar year after the year of the Participant’s death is the quotient obtained by dividing the Participant’s Account balance by the Participant’s remaining life
expectancy calculated using the age of the Participant in the year of death, reduced by one for each subsequent year. 
 12.4.2 Death
Before Date Distributions Begin. 
 (a) Participant Survived by Spousal Designated Beneficiary. Except as provided
in Section 12.2.2(d), if the Participant dies before the date distributions begin and the designated Beneficiary is the Participant’s surviving spouse, the minimum amount that will be distributed for each distribution calendar year after
the year of the Participant’s death is the quotient obtained by dividing the Participant’s Account balance by the remaining life expectancy of the Participant’s designated Beneficiary, determined as provided in Section 12.4.1.

  
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 (b) No Designated Beneficiary or
Non-Spouse Beneficiary. If the Participant dies before the date distributions begin and the designated Beneficiary is not the Participant’s surviving spouse, or there is no designated Beneficiary as
of September 30th of the year following the year of the Participant’s death, distribution of the Participant’s entire interest will be completed by December 31st of the calendar year containing the fifth anniversary of the
Participant’s death. 
 (c) Death of Surviving Spouse Before Distributions to Surviving Spouse Are Required to
Begin. If the Participant dies before the date distributions begin, the Participant’s surviving spouse is the Participant’s sole designated Beneficiary, and the surviving spouse dies before distributions are required to begin to the
surviving spouse under Section 12.2.2(a), this Section 12.4.2 will apply as if the surviving spouse were the Participant. 
 12.5
Definitions. 
 12.5.1 Designated Beneficiary. The individual who is designated as the Beneficiary under Section 4.1.3 of
the Plan and is the designated Beneficiary under Code Section 401(a)(9) and Section 1.401(a)(9)-, Q&A-4, of the Treasury Regulations. 

12.5.2 Distribution Calendar Year. A calendar year for which a minimum distribution is required. For distributions beginning before the
Participant’s death, the first distribution calendar year is the calendar year immediately preceding the calendar year which contains the Participant’s Required Beginning Date. For distributions beginning after the Participant’s
death, the first distribution calendar year is the calendar year in which distributions are required to begin under Section 12.2.2. The required minimum distribution for the Participant’s first distribution calendar year will be made on or
before the Participant’s Required Beginning Date. The required minimum distribution for other distribution calendar years, including the required minimum distribution for the distribution calendar year in which the Participant’s Required
Beginning Date occurs, will be made on or before December 31st of that distribution calendar year. 
 12.5.3 Life Expectancy. Life
expectancy as computed by use of the Single Life Table in Treasury Regulation Section 1.401(a)(9)-9. 

12.5.4 Participant’s Account Balance. The Account balance as of the last valuation date in the calendar year immediately preceding
the distribution calendar year (valuation calendar year) increased by the amount of any contributions made and allocated or forfeitures allocated to the Account balance as of dates in the valuation calendar year after the valuation date and
decreased by distributions made in the valuation calendar year after the valuation date. The Account balance for the valuation calendar year includes any amounts rolled over or transferred to the Plan either in the valuation calendar year or in the
distribution calendar year if distributed or transferred in the valuation calendar year. 
 12.5.5 Required Beginning Date. The date
specified in Section 4.14 of the Plan. 

  
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 IN WITNESS WHEREOF, and as evidence of the adoption of this Plan, the Committee has caused
this instrument to be signed by its duly authorized member this 19th day of December, 2013. 
  

			
	PRAXAIR, INC.
		
	By:	 	 Authorized Person

  
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 APPENDIX A 

PARTICIPATING EMPLOYERS 

Amko Service Company 
 Praxair,
Inc. 
 Praxair Services, Inc. 

Praxair Surface Technologies, Inc. 

Praxair Technology, Inc. 

Praxair Distribution, Inc. 

  
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 APPENDIX B 

MONEY ACCUMULATION PLAN DISTRIBUTIONS 

The following distribution rules apply to monies transferred into the Plan from the Money Accumulation Plan and are limited to the dollar
amount of such monies at the time of such transfer: 
  

	 	(1)	 Unless a Participant makes a Qualified Election as defined in (2) below, distribution shall be as an
annuity for the life of the Participant with a survivor annuity for the life of such Participant’s spouse which is not less than one-half, or greater than, the amount of the annuity payable during the
joint lives of the Participant and such Participant’s spouse (“Joint and Survivor Annuity”). 

  

	 	(2)	 “Qualified Election” means a waiver of a Joint and Survivor Annuity. The waiver must be in writing
and must be consented to by the Participant’s spouse. The spouse’s consent to a waiver must be witnessed by a Plan representative or notary public. Notwithstanding this consent requirement, if the Participant establishes to the
satisfaction of a Plan representative that such written consent may not be obtained because there is no spouse or the spouse cannot be located, a waiver will be deemed to be a Qualified Election. Any consent necessary under this provision will be
valid only with respect to the spouse who signs the consent, or in the event of a deemed Qualified Election, the designated spouse, if any. Additionally, a revocation of a prior waiver may be made by a Participant without the consent of the spouse
at any time before the commencement of benefits. The number of revocations shall not be limited. 

  

	 	(3)	 A Participant who does not have a spouse or who has a spouse but makes a Qualified Election in accordance with
(2) above, may select one of the following optional forms of benefit: 

  

	 	(a)	 Distribution pursuant to the terms of the Plan; 

 

	 	(b)	 A lump sum; 

  

	 	(c)	 An immediate annuity purchased under a group annuity contract or contracts; 

 

	 	(d)	 A 75% qualified optional survivor annuity as provided in Code Section 417(g) (available only to married
Participants); or 

  

	 	(e)	 A combination of (b) and (c). 

  
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 APPENDIX C 

PROVISIONS APPLICABLE TO PDI PARTICIPANTS 

The Praxair Distribution, Inc. 401(k) Retirement Plan was merged into the Plan effective December 31, 2012. Notwithstanding any
provisions of the Plan to the contrary, the provisions set forth in this Appendix C shall apply to PDI Participants (as defined below). 

ARTICLE I 
 DEFINITIONS

  

	1.	 Definitions. As used in this Appendix C, the following terms shall have the meanings set forth below.
Capitalized terms used in but not defined in this Appendix C shall have the meanings set forth in the Plan. 

  

	 	1.1	 “Affiliate” means all members of a controlled group of corporations (as defined in Code
Section 414(b)), all commonly controlled trades or businesses (as defined in Code Section 414(c)), and all affiliated service groups (as defined in Code Section 414(m)) of which the PDI Employer is a part, and any other entity
required to be aggregated with the PDI Employer pursuant to Code Section 414(o). 

  

	 	1.2	 “Break in Service” means a continuous period of time during which an Employee is not credited
with any Service under the Plan, provided such period lasts at least 12 consecutive months. A Break in Service shall begin on the earlier of (a) the day the Employee quits, retires, dies, is discharged, or (b) the 12 month anniversary of
the date 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 twelve 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 the Plan, an absence from work for maternity or paternity reasons means an absence by reason of the pregnancy of the Employee, by reason of the birth of a child of the Employee, by
reason of a placement of a child with the Employee because of the adoption of such child, or for purposes of caring for such child for a period beginning with the birth or placement. 

 

	 	1.3	 “Compensation” with respect to a PDI Participant shall have the meaning set forth in
Section 1.15 of the Plan and shall specifically include awards paid under the Praxair Distribution Profit Sharing Plan, the PDI Regional Performance Pool Plan or any successor plans thereto. In addition, solely for purposes of determining a PDI
Participant’s PDI Contribution, a PDI Participant’s Compensation shall include any variable compensation award paid to the PDI Participant under the Praxair, Inc. Variable Compensation Plan, the Praxair, Inc.
Mid-Management Variable Compensation Plan, any successor plans thereto, or any other variable compensation plan designated in writing by the Committee and shall exclude discretionary bonuses, overtime, shift
differential, severance payments, fringe benefits, deferred compensation, amounts realized from the exercise of a stock option or a stock appreciation right, and any other special payments. 

  
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	 	1.4	 “Disability” or “Disabled” means that a PDI Participant is disabled, as a
result of sickness or injury, to the extent that he is prevented from engaging in any substantial gainful activity, and is eligible for and receives a disability benefit under Title II of the Federal Social Security Act. 

 

	 	1.5	 “Hour of Service” — An Employee will be credited with an Hour of Service for each hour:

  

	 	(a)	 for which the Employee is directly or indirectly paid, or entitled to payment for the performance of duties for
his Employer or any Affiliate during an applicable computation period; 

  

	 	(b)	 for which the Employee is directly or indirectly paid, or entitled to payment, by his Employer or any Affiliate
(irrespective of whether the employment relationship has terminated) on account of a period of time during which no duties are performed by reasons (such as vacation, holiday, illness, disability, layoff, jury duty, military leave or leave of
absence) other than for the performance of duties during the applicable computation period. No more than 501 Hours of Service will be credited to an Employee during any single computation period under this paragraph (b). Hours of service under this
paragraph (b) shall be computed in accordance with Department of Labor regulation 2530.200b-2, which are incorporated herein by reference. Hours of service credited under this paragraph (b) shall be
credited to the computation period in which such absence occurred; and 

  

	 	(c)	 for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Employer or an
Affiliate. The same Hour of Service shall not be credited under both paragraph (a) and paragraph (b), as the case may be, and under this paragraph (c). These hours shall be credited to the Employee for the applicable computation period or
periods to which the award or agreement pertains. 

 In computing Hour of Service, employment with an Affiliate shall be
treated as employment with an Employer, excluding, however, employment during periods when the employing entity was not an Affiliate. To the extent required by Code Section 414(u), an Employee’s period of military service shall be treated
as employment with the Employer. 
  

	 	1.6	 “Part-Time PDI Employee” means any Employee on the United States payroll of a PDI Employer
other than PDSE who is regularly scheduled to work twenty (20) hours or less per week, and a “Part-Time PDSE Employee” means any Employee on the United States payroll of PDSE who is regularly scheduled to work less than 30
hours per week. 

  
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	 	1.7	 “PDI Contribution” is defined in Section 2.4 of this Appendix C. 

 

	 	1.8	 “PDI Employer” means Praxair Distribution, Inc. (“PDI”), Praxair Distribution
Southeast, LLC (“PDSE”), Westair Cryogenics Company, Westair Cryogenics Holding Company, and Westair Gas & Equipment, L.P. 

  

	 	1.9	 “PDI Participant” means a Participant who is an Employee of a PDI Employer and is not
otherwise excluded from receiving a PDI Contribution as determined by the PDI Employer or the Employer. 

  

	 	1.10	 “Predecessor Employer” means the companies listed in the table below and any other entity
acquired by a PDI Employer if the applicable acquisition agreement requires the PDI Employer to recognize prior service with the acquired entity for purposes of the Plan for any employee of the entity who becomes an Employee in connection with such
acquisition. 

 Predecessor Employers (as of December 1, 2012) 

 

					
	 	  	Effective Date	 
	 Parry Corporation
	  	 	01-01-1997	 
	 Arizona Welding and Equipment Co.
	  	 	01-01-1997	 
	 Northern Cryogenic and Welding Supply Co.
	  	 	01-01-1997	 
	 Valley Welding Supply Co.

(corporation merged into Arizona Welding and Equipment Co. 12/31/1995)
	  	 	01-01-1997	 
	 General Welding Supply Co.
	  	 	07-01-1996	 
	 Coulter Welding Supply Co.
	  	 	01-01-1996	 
	 Bob Smith Corporation
	  	 	10-01-1996	 
	 Wilson Welding Oxygen & Supply Co.
	  	 	11-01-1996	 
	 Columbus Welding Equipment Co., Inc.
	  	 	11-01-1996	 
	 Welder and Industrial Service Co.
	  	 	11-22-1996	 
	 Valley Welding Supply Co.

(corporation merged into Praxair Distribution, Inc. as of June 2, 1997)
	  	 	06-02-1997	 
	 Jay-Ox, Inc.
	  	 	02-01-1996	 
	 Albany Calcium Light Company, Inc.
	  	 	01-01-1997	 
	 Liquid Carbonic Industries, Inc.
	  	 	01-01-1997	 
	 Aeriform Corporation
	  	 	07-08-1997	 
	 Amarillo Helium, Inc.
	  	 	09-01-1997	 
	 Four-R-Industrial
Supply, Inc.
	  	 	09-01-1997	 
	 Helter’s Carbonic, Inc.
	  	 	10-01-1997	 
	 Keystone Metal Welding Supply, Inc.
	  	 	10-01-1997	 
	 Bushman Welding Supply, Inc.
	  	 	09-01-1997	 
	 Liquidtech, Inc.
	  	 	12-01-1997	 
	 Whitmore Oxygen Company
	  	 	04-01-1998	 
	 Gas Tech, Incorporated
	  	 	01-01-1999	 
	 Respiratory Management Services, Inc.
	  	 	01-01-2002	 

  
 - 83 - 

					
	 United Welding
	  	 	05-01-2004	 
	 Alliance Gas Products
	  	 	12-01-2004	 
	 Clifford F. Schultz & Co.
	  	 	11-01-2005	 
	 Welder’s Supply
	  	 	12-01-2005	 
	 Constar
	  	 	12-30-2005	 
	 A-1 Welding
	  	 	04-01-2006	 
	 Hobart Welding Equipment & Supply, Inc.
	  	 	09-01-2006	 
	 Casper Welding
	  	 	11-01-2006	 
	 Welding Equipment
	  	 	11-01-2006	 
	 Withrow Oxygen Services, Inc.
	  	 	11-01-2006	 
	 Lake County Medical Gas, Inc.
	  	 	12-01-2006	 
	 Rite Weld Supply
	  	 	05-02-2007	 
	 Wilson Welding & Medical Gases, Inc.
	  	 	06-01-2007	 
	 Mittler Supply, Inc.
	  	 	07-01-2007	 
	 Northwest Welding
	  	 	07-01-2007	 
	 Mills Welding Supply, Inc.
	  	 	07-03-2007	 
	 Rite-Weld Supply, Inc.
	  	 	07-01-2007	 
	 Kirk Welding Supply, Inc.
	  	 	07-01-2008	 
	 Central Welders Supply, Inc.
	  	 	09-01-2010	 
	 Georgia-Carolina Welding Supply, Inc.
	  	 	10-01-2007	 
	 Cleveland Welding
	  	 	04-01-2008	 
	 Proweld Service & Supply Co., Inc
	  	 	06-09-2008	 
	 Cal-Weld
	  	 	06-30-2008	 
	 Rodgers Welding
	  	 	07-01-2008	 
	 National Welding Supply Company, Inc.
	  	 	08-01-2008	 
	 Airweld
	  	 	10-01-2008	 
	 Little Welding Store
	  	 	10-01-2008	 
	 Deacy Welding
	  	 	11-01-2008	 
	 Paramount Supply Company
	  	 	12-01-2008	 
	 Alabama Welding Supply
	  	 	04-01-2009	 
	 Service Gas Supply
	  	 	04-01-2009	 
	 Nitrogen Air Pressure Co. (NAPCO)
	  	 	12-01-2009	 
	 M&A Welding
	  	 	04-01-2010	 
	 Bay Counties Welding, Inc.
	  	 	04-13-2011	 
	 Weldco
	  	 	08-01-2011	 
	 National Alloy & Equipment, Inc.
	  	 	08-06-2011	 
	 Semiconductor Resources, Inc.
	  	 	11-01-2011	 
	 American Specialty Gases Inc.
	  	 	11-01-2011	 
	 Specialty Gases of America, Inc.
	  	 	11-01-2011	 
	 Specialty Gases of America LLC
	  	 	11-01-2011	 
	 Texas Welders Supply Co., Inc.
	  	 	12-30-2011	 
	 Oxygen Service Inc.
	  	 	05-24-2012	 
	 Buffalo Welding
	  	 	07-01-2012	 
	 Aimtek, Inc.
	  	 	12-01-2012	 

  

	 	1.11	 “Regular/Full-Time PDI Employee” means an Employee on the United States payroll of a PDI
Employer other than PDSE who is regularly scheduled to work more than twenty (20) hours per week, and a “Regular/Full-Time PDSE Employee” means an Employee on the United States payroll of PDSE who is regularly scheduled to work
at least thirty (30) hours per week. 

  
 - 84 - 

	 	1.12	 “Service” means the aggregate of all time periods during which an Employee is employed by the
Employer or an Affiliate, beginning on the first day an Employee performs an Hour of Service, and ending on the earlier of (a) the date the Employee quits, retires, dies or is discharged, or (b) the 12 month anniversary of the date the
Employee was otherwise first absent from service. For purposes of this Section, if an Employee is credited with an Hour of Service within 12 consecutive months after the date on which he quits, retires or is discharged, his Service shall include the
period between the date on which he quit, retired or was discharged and the date on which he is again credited with an Hour of Service. For purposes of determining eligibility to participate in the Plan, the amount of PDI Contributions, and an
Employee’s vested percentage in his or her Account, an Employee’s service with (a) any Predecessor Employer and (b) Praxair Distribution Mid-Atlantic, LLC and its predecessors, shall be
included in determining the Employee’s Service. 

  

	 	1.13	 “Year of Eligibility Service” means the 12-consecutive
month computation period during which an Employee completes at least 1,000 Hours of Service. For purposes of determining a Year of Eligibility Service, the initial computation period is the 12-consecutive
month period beginning on the date the Employee first performs an Hour of Service. Thereafter, the computation period shall be the succeeding 12-consecutive month periods commencing with the first Plan Year
which commences prior to the first anniversary of the date the Employee first performed an Hour of Service. 

  

	 	1.14	 “Year of Service” means twelve months of Service measured using a computation period beginning
on the date the Employee first completes an Hour of Service, or any anniversary of such date. 

 ARTICLE II 

ELIGIBILITY, PARTICIPATION, CONTRIBUTIONS AND VESTING 
  

	 	2.1	 Eligibility for Contributions other than PDI Contributions. For purposes of contributions other than PDI
Contributions: 

  

	 	(a)	 Each Regular/Full-Time PDI Employee or Regular/Full-Time PDSE Employee shall become an Eligible Employee on his
date of employment with a PDI Employer; and 

  

	 	(b)	 Each Part-Time PDI Employee or Part-Time PDSE Employee shall become an Eligible Employee on the first day of
the calendar month immediately following his completion of one Year of Eligibility Service. 

  

	 	2.2	 Eligibility for PDI Contributions. For purposes of PDI Contributions: 

  
 - 85 - 

	 	(a)	 Each Regular/Full-Time PDI Employee shall become eligible to receive PDI Contributions on his date of
employment with a PDI Employer; 

  

	 	(b)	 Each Regular/Full-Time PDSE Employee shall become eligible to receive PDI Contributions upon his completion of
two Years of Service; 

  

	 	(c)	 Each Part-Time PDI Employee shall become eligible to receive PDI Contributions on the first day of the calendar
month immediately following his completion of one Year of Eligibility Service; and 

  

	 	(d)	 Each Part-Time PDSE Employee shall become eligible to receive PDI Contributions upon his completion of two
Years of Eligibility Service. 

  

	 	(e)	 Notwithstanding the forgoing, any PDI Participants who was eligible for and elected in writing to continue
participation in the Praxair Pension Plan, and any PDI Participant who is a member of the collective bargaining unit represented by the International Brotherhood of Teamsters Local Union 364, shall not be eligible to receive PDI Contributions.

  

	 	2.3	 Matching Contributions. PDI Participants shall not receive Matching Contributions with respect to any
contributions made to the Plan while an Employee of a PDI Employer. 

  

	 	2.4	 PDI Contributions. Each pay period, the PDI Employers shall contribute on behalf of each PDI Participant
who has then satisfied the eligibility requirements of Section 2.2 of this Appendix, a PDI Contribution in an amount equal to a percentage of each such PDI Participant’s Compensation for such pay period. The percentage shall be determined
based on a combination of such PDI Participant’s age and Years of Service as follows: 

  

					
	 Age and Years of Service Points
	  	Percentage	 
	 Under 30 points
	  	 	2.0	% 
	 30 to 39 points
	  	 	2.5	% 
	 40 to 49 points
	  	 	3.0	% 
	 50 to 54 points
	  	 	4.0	% 
	 55 or more points
	  	 	5.0	% 

 The number of points for each such PDI Participant shall be equal to the sum of the amounts determined in
(a) and (b) below: 
  

	 	(a)	 One point for each year of the PDI Participant’s age (determined as of the first day of the current Plan
Year). 

  

	 	(b)	 One point for each full Year of Service (determined as of the first day of the current Plan Year).

 PDI Contributions shall be credited to the PDI Participant’s Matching Contribution Account and, except as otherwise
provided in this Appendix, shall be subject to all of the Plan’s provisions applicable to Matching Before-Tax Accounts. 

  
 - 86 - 

	 	2.5	 Vesting on PDI Contribution. 

 

	 	(a)	 All PDI Contributions made to a PDI Participant’s Account before July 1, 2004, and all PDI
Contributions made to a PDI Participant’s Account with respect to his employment with PDSE, shall at all times be 100% vested and nonforfeitable. 

  

	 	(b)	 All PDI Contributions made on or after July 1, 2004 to a PDI Participant’s Account with respect to
his employment with a PDI Employer other than PDSE shall become vested and nonforfeitable in accordance with the following schedule: 

  

					
	 Years of Service
	  	Vested Percentage	 
	 Less than 3
	  	 	0	% 
	 3
	  	 	100	% 

	 	(c)	 Notwithstanding any other provision of the Plan to the contrary, Contributions made on behalf of a PDI
Participant who (a) incurred an involuntary termination of employment by reason of the Employer’s elimination of his or her position in connection with its 4th Quarter 2008 Special Severance, and (b) is first notified by the Employer
of such involuntary termination of employment during the period beginning on October 1, 2008 and ending on December 31, 2008, shall become fully vested and nonforfeitable upon the date of such involuntary termination regardless of the PDI
Participant’s completed Years of Service. 

  

	 	(d)	 Notwithstanding any provision of this Section to the contrary, if, while an employee of an Employer or an
Affiliate, a PDI Participant attains age 65, dies, or becomes Disabled, he shall be immediately 100% vested in his Account. Additionally, effective January 1, 2007, a PDI Participant who dies or becomes Disabled while performing qualified
military service as defined in Code Section 414(u), shall become 100% vested in his Account in accordance with Code Section 401(a)(37). 

  

	 	2.6	 Forfeitures. 

  

	 	(a)	 If a PDI Participant terminates Service and receives payment of the balance of his vested Accounts, the
nonvested portion, if any, of the PDI Participant’s Account will be forfeited. 

  

	 	(b)	 If the balance of the PDI Participant’s vested Accounts (specifically including the PDI Participant’s
Elective Deferral Account and Roth Contribution Account) upon termination of Service is zero, the PDI Participant will be deemed to have received payment of such Accounts. 

  
 - 87 - 

	 	(c)	 If a PDI Participant who receives an actual distribution of the balance of his vested Accounts resumes
employment covered under the Plan before incurring five consecutive one-year Breaks in Service following the date of such distribution, the PDI Participant’s Accounts will be restored to the amount on the
date of the distribution if the PDI Participant repays the full amount of the distribution within five years of reemployment. 

  

	 	(d)	 If a PDI Participant who is deemed to have received payment of the balance of his vested Accounts resumes
employment covered under the Plan before incurring five consecutive one-year Breaks in Service, the PDI Participant’s Accounts will be restored to the amount on the date of the deemed distribution.

  

	 	(e)	 If a PDI Participant neither receives payment (nor is deemed to receive payment) of the balance of his vested
Accounts upon separation from Service, the non-vested portion of his Accounts will be forfeited as of the first Valuation Date after the PDI Participant incurs five consecutive
one-year Breaks in Service following the date of his termination. If the PDI Participant thereafter resumes employment covered under the Plan, any additional PDI Contributions made on his behalf shall be
placed in a separate post-break Account, and his vested percentage in such Account will be determined in accordance with Section 2.5(a) or (b), as applicable, of this Appendix. Both pre-break and
post-break Account balances will continue to share in the earnings and losses of the Trust Fund. 

  

	 	(f)	 PDI Contributions that are forfeited shall be applied to pay the Plan’s administration expenses or to
reduce future Employer contributions to the Plan. 

  
 - 88 - 

 FIRST AMENDMENT TO THE 

PRAXAIR RETIREMENT SAVINGS PLAN 

(As Amended and Restate Effective January 1, 2013) 

The Praxair Retirement Savings Plan, as Amended and Restated Effective January 1, 2013 (the “Plan”), is hereby amended as
follows effective as of the dates set forth below: 
  

	 	1.	 The following paragraph is added to the end of Section 3.5 as follows: 

“The Plan will provide Participants with at least three investment options other than the Company Stock Fund to the extent required under
Code Section 401(a)(35).” 
  

	 	2.	 Section 6.1.1(a) is amended in its entirety to read as follows: 

“(a) each plan of the Company or an Affiliate which qualifies under Code Section 401(a) in which at least on Key Employee is a
Participant at any time during the plan year containing the determination date or any of the preceding four plan years (regardless of whether the plan has terminated).” 
  

	 	3.	 Section 11.16.3 is amended to include the following at the end thereof: 

“Any dividends reinvested in the Plan shall be 100% vested.” 

 

	 	4.	 Section 12.2.3 of the Plan is amended to include the following at the end thereof: 

“To the extent required under applicable law, distributions made under Article XII shall comply with Treasury Regulations Sections 1.401(a)(9)-2 through 1.401(a)(9)-9 and the incidental death benefit requirements of Code Section 401(a)(9)(G). Any inconsistencies herein will be overruled by Code
Section 401(a)(9).” 
  

	 	5.	 Section 12.5.1 of the Plan is amended to delete
“Q&A-4” and replace it with “1.401(a)(9)-4.” 

The provisions of this amendment shall be effective January 1, 2013. 

 

			
	PRAXAIR, INC.
		
	BY:	 	 Authorized Person

	DATE:	 	9/30/14

 SECOND AMENDMENT TO THE 

PRAXAIR RETIREMENT SAVINGS PLAN 

(As Amended and Restated Effective January 1, 2013) 

The Praxair Retirement Savings Plan, as Amended and Restated Effective January 1, 2013 (the “Plan”), is hereby amended as
follows effective as of the dates set forth below: 
  

	 	1.	 The Introduction of the Plan is amended to add the following at the end of the second paragraph:

 “The Acetylene Oxygen Company 401(k) Plan was merged into the Plan effective May 1, 2014. The Lake Welding
Supply Company 
 401(k) Plan was merged into the Plan effective August 1, 2014. The United Welding Supplies LLC 401(k) Plan was merged
into the Plan effective August 1, 2014. The Praxair Distribution Mid-Atlantic, LLC 401(k) Plan was merged into the Plan effective September 1, 2014.” 

 

	 	2.	 Section 2.3.2 of the Plan is amended effective September 1, 2014 to add the following at the end of
the last paragraph: 

 “Additionally, an individual who became a Participant in the Plan as of September 1, 2014
due to the integration of Praxair Distribution Mid-Atlantic, LLC with Praxair Distribution, Inc., and was a participant in the Praxair Distribution Mid-Atlantic, LLC
401(k) Plan (“PDMA Plan”) immediately prior to the integration, shall be enrolled in the Plan at the same elective deferral contribution rate that was in place for the Participant under the PDMA Plan and not the 5%
contribution rate otherwise set forth in this Section 2.3.2.” 
  

	 	3.	 Section 3.6(b) of the Plan is amended effective October 1, 2014 to add the following after the first
sentence: 

 “Notwithstanding the foregoing sentence, during October 2014, a Participant may have one
(1) additional allocation into the Company Stock Fund, but only if such additional allocation is the result of assets being transferred into the Company Stock Fund due to changes made to the Plan’s investment options.” 

	 	4.	 The following is added at the end of the table in Section 1.10 of Appendix C, Article I.

  

					
	 Acetylene Oxygen Company
	  	 	11-15-2012	 
	 Lake Welding Supply Company
	  	 	03-31-2014	 
	 United Welding Supplies, LLC
	  	 	01-21-2014	 

  

	 	5.	 A new Article III is added to Appendix C of the Plan effective September 1, 2014 as follows:

 ARTICLE III 

SPECIAL RULES WITH RESPECT TO CERTAIN 

TRANSFERRED AND OTHER PDI EMPLOYEES 

3.1 Teamsters Local 560 — Newark and Farmingdale Locations. Notwithstanding any other provision of the Plan to the contrary, the
following shall apply to any individuals covered under the Teamsters Local 560 — Newark and Farmingdale locations’ collective bargaining unit (“Newark/Farmingdale Teamsters Employee”): 

(a) Participation. 

(i) Regular/Full-Time Newark/Farmingdale Teamsters Employees becoming PDI Participants in the Plan due to the integration of
Praxair Mid-Atlantic Distribution, LLC with Praxair Distribution, Inc. on September 1, 2014 or hired into a position represented by Teamsters Local 560 thereafter as a Regular/Full-Time Newark/Farmingdale
Teamsters Employee shall become Participants in the Plan for purposes of Before-Tax Contributions, Roth Contributions, Catch-Up Contributions, After-Tax Contributions, Rollover Contributions, and Qualified Non-Elective Contributions after completing one Year of Service (as defined in Section 1.14 of Appendix C,
Article I). The automatic enrollment provisions in Section 2.3.2 of the Plan shall apply to the Regular/Full-Time Newark/Farmingdale Teamsters Employees hired after September 1, 2014. 

(b) Matching Contribution. The Newark/Farmingdale Teamsters Employees shall not be eligible to receive Matching
Contributions. 
 (c) PDI Contributions. The Newark/Farmingdale Teamsters Employees shall not be eligible to receive
PDI Contributions. 

  
 2 

 (d) Newark/Farmingdale
Non-Elective Contribution. Effective September 1, 2014, Regular/Full-Time Newark/Farmingdale Teamsters Employees who have completed one Year of Service (as defined in Section 1.14 of Appendix C,
Article I) shall be entitled to receive a contribution equal to $1.25 per hour of service, up to a maximum of 40 hours per calendar week or such other amount established under the relevant collective bargaining agreement (“Newark/Farmingdale Non-Elective Contribution”). The Newark/Farmingdale Non-Elective Contribution shall be contributed to the Plan no later than the deadline provided in relevant law for
making Company contributions to the Plan. A Newark/Farmingdale Teamsters Employee shall be 100% vested in any Newark/Farmingdale Non-Elective Contribution. 

(e) Withdrawal Provisions. Newark/Farmingdale Non-Elective Contributions shall
be credited to the Newark/Farmingdale Teamsters Employees’ Matching Contribution Accounts and, except as otherwise provided in this Section 3.1, shall be subject to all of the Plan’s provisions applicable to withdrawal of Matching Before-Tax Accounts. 
 3.2 Teamsters Local 773 — Bethlehem, PA. Notwithstanding any other
provision of the Plan to the contrary, the following shall apply to any individuals covered under the Teamsters Local 773 — Bethlehem, PA location’s collective bargaining unit (“Bethlehem Teamsters Employee”): 

(a) Participation. 

(i) Regular/Full-Time Bethlehem Teamsters Employees becoming PDI Participants in the Plan due to the integration of Praxair Mid-Atlantic Distribution, LLC with Praxair Distribution, Inc. on September 1, 2014 or hired into a position represented by Teamsters Local thereafter as a Regular/Full-Time Bethlehem Teamsters Employee shall
become Participants in the Plan for purposes of Before-Tax Contributions, Roth Contributions, Catch-Up Contributions, After-Tax
Contributions, Rollover Contributions, and Qualified Non-Elective Contributions. The automatic enrollment provisions in Section 2.3.2 of the Plan shall apply to the Regular/Full-Time Bethlehem Teamsters
Employees hired after September 1, 2014. 
 (b) Matching Contribution. Regular/Full-Time Bethlehem Teamsters
Employees shall receive Matching Contributions equal to 50% of the first 6% of Compensation deferred to the Plan, up to a maximum of 3% of Compensation. Matching Contributions shall be subject to the following vesting schedule: 

 

					
	 Years of Service
	  	Vested Percentage	 
	 0
	  	 	0	% 
	 1
	  	 	0	% 
	 2
	  	 	50	% 
	 3
	  	 	100	% 

 For purposes of the above vesting schedule, Years of Service will be as defined in Section 1.14 of
Appendix C, Article I of the Plan. 

  
 3 

 (c) Forfeitures. Forfeitures from a Bethlehem Teamsters
Employee’s Matching Contribution Account shall be treated in the same manner as provided under Section 2.6 of Appendix C, Article II of the Plan. 

(d) PDI Contributions. The Bethlehem Teamsters Employees shall not be eligible to receive PDI Contributions. 

(e) Bethlehem Non-Elective Contribution. Effective September 1, 2014,
Regular/Full-Time Bethlehem Teamsters shall be entitled to receive a contribution equal to $1.25 per hour of service, up to a maximum of 45 hours per calendar week or such other amount established under the relevant collective bargaining agreement
(“Bethlehem Non-Elective Contribution”). The Bethlehem Non-Elective Contribution shall be contributed to the Plan no later than the deadline provided in
relevant law for making Company contributions to the Plan. A Bethlehem Teamsters Employee shall be 100% vested in any Bethlehem Non-Elective Contribution. 

(f) Withdrawal Provisions. Matching Contributions described in this Section 3.2 and Bethlehem Non-Elective Contributions shall be subject to all of the Plan’s provisions applicable to withdrawal of Matching Before-Tax Accounts. 

3.3 Praxair Distribution Mid-Atlantic, LLC. All employer contributions made to the PDMA Plan (as
defined in Section 2.3.2 of the Plan) subject to vesting shall continue to be subject to the PDMA Plan’s vesting schedule which provides as follows: 
  

					
	 Years of Service
	  	Vested Percentage	 
	 0
	  	 	0	% 
	 1
	  	 	0	% 
	 2
	  	 	50	% 
	 3
	  	 	100	% 

 For purposes of the above vesting schedule, Years of Service will be as defined in Section 1.14 of
Appendix C, Article I of the Plan. 
  

	 	6.	 The provisions of this Second Amendment shall be effective as of the dates provided herein.

  

			
	PRAXAIR, INC.
		
	BY:	 	 Authorized Person

	DATE: 10/16/14

  
 4 

 THIRD AMENDMENT TO THE 

PRAXAIR RETIREMENT SAVINGS PLAN 

(As Amended and Restated Effective January 1, 2013) 

The Praxair Retirement Savings Plan, as Amended and Restated Effective January 1, 2013 (the “Plan”), is hereby amended as
follows effective as of the dates set forth below: 
  

	 	1.	 The first sentence of Section 2.3.1 is amended in its entirety as follows: 

“A Participant may authorize his Employer to reduce his Compensation, the amount of which reduction shall be paid to the Trustee for such
Participant’s Before-Tax Account as Before-Tax Contributions, provided, however, that an Employee who becomes an Eligible Employee after December 31, 2015,
(including an Eligible Employee who is rehired by an Employer or transfers to Employer from an Affiliate), shall be deemed to have elected to reduce his Compensation in accordance with Section 2.3.2 unless such Eligible Employee affirmatively
elects otherwise.” 
  

	 	2.	 Section 4.5 is amended to delete “once in any calendar year” and the following shall replace the
second sentence: 

 “Effective January 1, 2015, withdrawals made pursuant to this Section 4.5 may be made at
any time and may include all or a portion of a Participant’s Account specified in the previous sentence.” 
  

	 	3.	 Appendix C is amended to add Section 2.7, which shall read as follows: 

“2.7 Election Procedures Applicable to the PDI Regional Performance Pool Awards. Prior to the deadline provided in the annual
election form, Participants who are eligible to receive an annual profit sharing award from the PDI Regional Performance Pool, if any, or any successor plan, may elect to defer 100% of their award on a
Before-Tax, After-Tax, or Roth Contribution basis to their Account, less any applicable taxes and withholdings. Participants who choose not to elect a 100% deferral of
their award will automatically contribute the award in the same manner and at the same percentage elected for Compensation, as defined under 1.15 of the Plan, to their Account. 

 

	 	4.	 Except as otherwise provided hereunder, the provisions of this Third Amendment shall be effective as of
January 1, 2016. 

  

			
	PRAXAIR, INC.
		
	BY:	 	 Authorized Person

	DATE:	 	12/18/15

  

 FOURTH AMENDMENT TO THE 

PRAXAIR RETIREMENT SAVINGS PLAN 

(As Amended and Restated Effective January 1, 2013) 

The Praxair Retirement Savings Plan, as Amended and Restated Effective January 1, 2013 (the “Plan”), is hereby amended as
follows effective as of the dates set forth below: 
  

	 	1.	 The second paragraph of the “Introduction” to the Plan is amended effective June 30, 2016 to add
the following at the end thereof: 

 “Praxair Distribution Southeast, LLC (“PDSE”) ended its participation
in the Plan as a Participating Employer as of June 30, 2016 and the Accounts of affected Participants were transferred from the Plan to their new employer’s plan in a
trust-to-trust transfer as of September 15, 2016. 
  

	 	2.	 Section 11.1 of the Plan is amended effective September 1, 2016 to add the following new subsection
11.1.4 at the end thereof: 

 “11.1.4 No action at law or in equity shall be brought with respect to the Plan unless
such action is instituted within two years after the date on which a Participant’s or Beneficiary’s claim for benefits is wholly or partially denied. In no event, however, shall a Participant or a Beneficiary or any other person be
entitled to challenge a decision of the plan administrator in court or in any other administrative proceeding unless and until the claims and appeals procedure established under the Plan have been fully complied with and exhausted. Any action with
respect to the Plan must be adjudicated by the U.S. District Court for the District of Connecticut.” 
  

	 	3.	 Appendix C of the Plan is amended effective July 1, 2016 to delete all references to PDSE, Part-Time PDSE
Employees, and Regular/Full-Time PDSE Employees. 

  

			
	PRAXAIR, INC.
		
	By:	 	 Authorized Person

	Date: 12/7/16

  

 FIFTH AMENDMENT 

TO THE 
 PRAXAIR
RETIREMENT SAVINGS PLAN 
 WHEREAS, Praxair, Inc. (the “Company”) sponsors the Praxair Retirement Savings Plan, as amended and
restated effective as of January 1, 2013 (the “Plan”); 
 WHEREAS, pursuant to Section 10.1 of the Plan, the
Administration and Investment Committee for the Praxair Retirement Savings Plan (the “Committee”) is authorized to amend the Plan to the extent that the annual cost of such amendment(s) to the Plan for the Plan Year without regard to the
effective date of the amendment(s), does not exceed two million dollars; and 
 WHEREAS, the Committee desires to amend the Plan to:
(1) modify the definition of “Account-Based Participant” to clarify that a Participant’s status as an Account-Based Participant may be determined with respect to each Plan Year; (2) modify the definition of
“Traditional-Design Participant” to clarify that a Participant’s status as a Traditional-Design Participant may be determined with respect to each Plan Year; (3) modify the Plan’s loan provisions to permit loans to be taken
from certain Contributions by the Company; and (4) modify the Plan’s loan provisions to prohibit loans by Participants that have terminated employment with the Company; 

NOW, THEREFORE, effective as of the dates set forth below, the Plan is hereby amended as follows: 

 

	1.	 Effective as of February 1, 2017, Section 1.2 of the Plan is amended in its entirety to read as
follows: 

 “1.2 “Account-Based Participant” shall mean, with respect to any Plan
Year, a Participant whose benefit accruals under the Retirement Plan for such Plan Year are determined under Article VI of the Retirement Plan, as determined by the Committee. Notwithstanding the foregoing, no Participant shall be eligible to be an
Account-Based Participant if such Participant is an Employee who is a member of a bargaining unit which has entered into a collective bargaining agreement with an Employer until and unless such collective bargaining agreement expressly provides that
Employees subject to such collective bargaining agreement are eligible to be Account-Based Participants.” 
  

	2.	 Effective as of February 1, 2017, Section 1.43 of the Plan is amended in its entirety to read as
follows: 

 “1.43 “Traditional-Design Participant” shall mean, with respect to any
Plan Year, a Participant whose benefit accruals under the Retirement Plan for such Plan Year are determined under Article V of the Retirement Plan, as determined by the Committee.” 

 

	3.	 Effective as of January 1, 2018, the first sentence of Section 4.8.1 of the Plan is amended to read
as follows: 

 “A Participant (excluding a Participant who has Terminated Employment) may apply to the
Committee for a loan under this Plan.” 

  

	4.	 Effective as of January 1, 2017, the second sentence of Section 4.8.1 of the Plan is amended to read
as follows: 

 “Upon receipt of a loan application, the Committee may in its discretion instruct the Trustee to make a
loan to such Participant out of the Trust Fund, effective as of such date as the Committee shall designate, if such loan meets the requirements of Section 4.8.2.” 
  

	5.	 Effective as of January 1, 2017, Section 4.8.5 of the Plan is amended in its entirety to read as
follows: 

 “4.8.5 Loan funds will be made available from the Accounts of Participants in accordance
with procedures established by the Committee.” 
 IN WITNESS WHEREOF, the Committee, acting through the authorized individual below,
has approved this Fifth Amendment to the Plan this 12 day of December, 2017. 
  

			
	ADMINISTRATION AND INVESTMENT COMMITTEE FOR THE PRAXAIR RETIREMENT SAVINGS PLAN

 
			
		
	By:	 	 Authorized Person

  
 - 2 -EX-4.2

 Exhibit 4.2 

POPULAR MASTER PLAN 

MASTER DEFINED CONTRIBUTION RETIREMENT PLAN 

AMENDED EFFECTIVE AS OF JANUARY 1, 2011 

(01/2011 VERSION) 

 The Banco Popular de Puerto Rico Master Defined Contribution Retirement Plan (the
“Popular Master Plan”) may be adopted through the execution of an adoption agreement (the “Adoption Agreement”) as either a money purchase pension plan, or a profit-sharing plan (the “Plan”), which may or may not,
contain a cash or deferred arrangement or a combination money purchase/profit sharing pension plan. The Plans established hereunder are intended to qualify under Sections 1081.01 of the Puerto Rico Internal Revenue Code of 2011, as amended (the
“IRC”) and to comply with all applicable requirements of Title I of the Employee Retirement Income Security Act of 1974, as amended. 

By executing the Adoption Agreement, the Plan Sponsor has established a Plan governed by the provisions of the Adoption Agreement and this
Popular Master Plan document for the benefit of the Plan Sponsor’s eligible employees and the eligible employees of Affiliates to which the Plan Sponsor has extended participation and which the Affiliate has accepted. If a Plan Sponsor is
interested in establishing more than one type of Plan, a separate Adoption Agreement must be executed for each Plan. The purpose of the Plan is to create a retirement fund intended to help provide for the future security of the Participants and
their Beneficiaries. In no event shall any portion of the principal or income of the Popular Master Trust established by Banco Popular de Puerto Rico and forming part of the Plan Sponsor’s Plan, or the Trust established by the Plan Sponsor to
form part of its Plan, be used for, or diverted to, any purpose other than the exclusive benefit of the Participants and their Beneficiaries, except as and to the limited extent otherwise specifically permitted under the Employee Retirement Income
Security Act of 1974, as amended and the Puerto Rico Internal Revenue Code of 2011, as amended. 
 The Plan consists of this Popular Master
Plan Document, the Adoption Agreement executed by the Plan Sponsor, the Popular Master Trust established by Banco Popular de Puerto Rico and/or the Trust established by the Plan Sponsor, as each may be amended from time to time. The Popular Master
Plan Sponsor is Banco Popular de Puerto Rico. 
 POPULAR MASTER PLAN 

Master Defined Contribution Retirement Plan 

Copyright© 2011 by Banco Popular de Puerto Rico 

 ARTICLE 1 

CONSTRUCTION, INTENT AND APPLICABLE LAW 

1.1 Construction 

Whenever used in the Popular Master Plan document, unless the context clearly indicates otherwise, the masculine pronoun shall include the
feminine; the singular shall include the plural and the plural the singular. The conjunction “or” shall include both the conjunctive and disjunctive, and the adjective “any” shall mean one or more or all. Unless the context
indicates otherwise, the words “herein”, “hereof”, “hereunder” and words of similar import refer to the Popular Master Plan as a whole and not only to the section in which they appear. Article, section and paragraph
headings have been inserted for convenience of reference only and are to be ignored in any construction of the provisions hereof. If any provision of the Popular Master Plan shall for any reason be invalid or unenforceable, the remaining provisions
shall nevertheless be valid, enforceable and fully effective. 
 1.2 Intent 

It is the intent that the Popular Master Plan shall at all times be a qualified plan and the Trust shall at all times be exempt from taxation
under Section 1081.01(a) of the IRC and Section 501(a) of the United States Internal Revenue Code of 1986, as amended (as provided in Section 1022(i)(1) of ERISA). It is also intended that the cash or deferred arrangement contained in
the Popular Master Plan meet the requirements of Section 1081.01(d) of the IRC. 
 The Popular Master Plan is a master plan which has
received a favorable determination letter from the Puerto Rico Treasury Department (the “Department”) under Section 1165 of the Puerto Rico Internal Revenue Code of 1994, as amended and IRC Section 1081.01 and the regulations
issued thereunder. For taxable years commencing on January 1st, 2012, all plans must be submitted for qualification no later than the deadline for filing the employer’s Puerto Rico income tax
return, including extensions of time for such filings, for the first year in which Puerto Rico employees become covered by the plan. Banco Popular de Puerto Rico will assist the Plan Sponsor with its request for a favorable determination letter and
will, on behalf of the Plan Sponsor, file it with the Department. The Master Plan Sponsor shall be responsible for continuing the tax-qualified status of the Popular Master Plan pursuant to the IRC, compliance
with ERISA, in particular with Title I thereof, and any applicable laws. The Plan Sponsor shall warrant and represent that it’s Plan shall be operated in compliance with the IRC, ERISA and any other applicable laws. The Plan Sponsor is solely
responsible for maintaining the tax qualified status of the Plan in operation. It shall be the duty of the Master Plan Sponsor to maintain the Popular Master Plan and the Popular Master Plan Trust, tax qualified in form. 

  
 2 

 1.3 Governing Law 

The Popular Master Plan and all rights hereunder shall be governed by and construed in accordance with the laws of the Commonwealth of Puerto Rico to the
extent such laws have not been preempted by applicable federal law. 
 1.4 Interpretation 

Adoption Agreements with an effective date prior to January 1, 2011, (a “Pre-2011 Adoption
Agreement”) that are not updated utilizing the most recent version of the corresponding Adoption Agreement shall be interpreted by reading any reference to a Section of the Puerto Rico Internal Revenue Code of 1994, as amended as a reference to
the corresponding Section of the Puerto Rico Internal Revenue Code of 2011, as amended and as if such Pre-2011 Adoption Agreement had been amended to incorporate the changes introduced by the Puerto Rico
Internal Revenue Code of 2011, as amended. 
 On the effective date (the “Merger Date”) of the merger of the Westernbank Prototype
Plan into and with the Popular Master Plan all existing Westerbank Adoption Agreements (a “WB Adoption Agreement”) that are not restated utilizing the most recent version of the corresponding Popular Master Plan Adoption Agreement, shall
be read and interpreted by using the corresponding Section of the Popular Master Plan that is most analagous to the corresponding Section of the Westernbank Master Plan referred to in the WB Adoption Agreement. 

WB Adoption Agreements with an effective date prior to January 1, 2011, (a “Pre-2011 WB
Adoption Agreement”) that are not updated utilizing the most recent version of the corresponding WB Adoption Agreement shall be interpreted by reading any reference to a Section of the Puerto Rico Internal Revenue Code of 1994, as amended as a
reference to the corresponding Section of the Puerto Rico Internal Revenue Code of 2011, as amended and as if such Pre-2011 WB Adoption Agreement had been amended to incorporate the changes introduced by the
Puerto Rico Internal Revenue Code of 2011, as amended. 

  
 3 

 ARTICLE 2 

DEFINITIONS 

Whenever used in the Popular Master Plan, unless the context clearly indicates otherwise, the following terms shall have the following
meanings: 
 2.1 “1081.01(d) Plan” ” shall mean a profit sharing plan containing a cash or deferred arrangement
qualified under Section 1081.01(d) of the IRC. 
 2.2 “Actual Deferral Percentage” ” shall mean, the ratio
(expressed as a percentage to the nearest one-hundredths of one percent) of (1) the sum of Pre-Tax Contributions and Qualified Employer Deferral
Contributions actually paid over to the Trust on behalf of each Participant for the Plan Year to (2) the Participant’s Compensation for such Plan Year (whether or not the Employee was a Participant for the entire Plan Year). For purposes
of computing actual deferral percentages, an Employee who would be a Participant but for the failure to make Pre-Tax Contributions shall be treated as a Participant on whose behalf zero (0) Pre-Tax Contributions are made. 
 2.3 “Adoption Agreement” shall mean the Banco
Popular de Puerto Rico Master Defined Contribution Retirement Plan Adoption Agreement executed by the Plan Sponsor to establish or amend the Plan Sponsor’s Plan and to specify optional provisions as part of the Plan Sponsor’s Plan.

 2.4 “Affiliate” shall mean 

A. any corporation which is a member of the same controlled group of corporations (within the meaning of ERISA Section 210(c)) as is the
Plan Sponsor, and 
 B. any other trade or business (whether or not incorporated) under common control (within the meaning of ERISA
Section 210(d)) with the Plan Sponsor. 
 2.5 “Affiliated Service Group” ” shall mean a group of service
organizations as defined in IRC Section 1081.01 (a)(14). 
 2.6 “After-Tax
Contributions” shall mean voluntary contributions made by a Participant to the Plan during the Plan Year as described in Article 5. 

2.7 “After-Tax Contributions Account”, with respect to a Participant, shall mean
the account established under the Plan for such Participant representing the After-Tax Contributions plus any gains or losses allocated to such account in accordance with the provisions of the Plan, as
adjusted to reflect distributions therefrom. Such account will be fully vested and nonforfeitable at all times. 
 2.8 “Annual
Additions” ” shall have the meaning ascribed in Article 7. 

  
 4 

 2.9 “Annuity Starting Date” shall mean the first day of the first period
for which an amount is payable as an annuity or, in the case of a benefit not payable in the form of an annuity, the first day in which all events have occurred which entitle the Participant to such benefit. 

2.10 “Average Actual Deferral Percentage” shall mean the average (expressed as a percentage to the nearest one-hundredth of one percent) of the Actual Deferral Percentage of Participants in a group. 
 2.11
“Base Contribution Percentage” shall mean the percentage of Compensation contributed by the Employer under the Plan with respect to that portion of each Participant’s Compensation not in excess of the Integration Level.

 2.12 “Beneficiary” shall mean the person or persons (natural or otherwise) designated by a Participant or
Beneficiary, or by the Plan, to receive any benefit payable upon the death of the Participant or Beneficiary. 
 2.13 “Board of
Directors” shall mean the Employer’s Board of Directors. The Board may allocate or delegate its fiduciary responsibilities, or may designate others to carry out its fiduciary responsibilities, in writing in accordance with ERISA
Section 405. 
 2.14 “Business Day” ” shall mean a day on which banking business is transacted, but not
including a Saturday, Sunday or legal holiday, or a day on which banking institutions are authorized by law to close in the Commonwealth of Puerto Rico. 

2.15 “Catch-up Contributions” means a contribution to the Plan on a pre-tax basis in excess of the limits of the IRC, by a Participant who has attained age 50 by the close of the Plan Year for which the contribution is made, subject to the limitations of IRC
Section 1081.01(d)(7)(C). 
 2.16 “Catch-up Contributions Account”
with respect to a Participant, shall mean the account established under the Plan for such Participant representing the Catch-up Contributions plus any gains or loss allocated to such account in
accordance with the provisions of the Plan, as adjusted to reflect distributions therefrom. Such account will be fully vested and non-forfeitable at all times. 

2.17 “Compensation”, unless elected otherwise in the Adoption Agreement, shall mean with respect to any Participant
total compensation paid by the Employer during the Plan Year that is currently includible in income for income tax purposes. Amounts contributed by the Employer under the Plan, except for Pre-Tax
Contributions, Catch-up Contributions and any nontaxable fringe benefits, shall not be considered as Compensation. For a Self-Employed Individual, Compensation will mean his Earned Income. 

  
 5 

 Effective for taxable years commenced on or after January 1, 2012, the maximum amount
of each Participant’s Compensation that may be taken into account in determining contributions or benefit accruals, discrimination testing and contribution limits may not exceed the compensation limit under IRC 1081.01(a)(12) as may be amended.

 2.18 “Controlled Group” ” shall mean a controlled group of corporations as defined under Section 1010.04
of the IRC and ERISA Section 210(c). 
 2.19 “Disability” shall mean a physical or mental condition which in the
judgment of the Plan Administrator, based upon medical reports and other evidence satisfactory to the Plan Administrator, presumably permanently prevents an Employee from satisfactorily performing usual duties for the Employer or the duties
of such other position or job which the Employer makes available and for which such Employee is qualified by reason of training, education, or experience. Qualification by an Employee for permanent Disability benefits under the social security
system shall be deemed adequate evidence of Disability for purposes of this Plan. 
 2.20 “Early Retirement Age” shall mean
the early retirement date selected in the Adoption Agreement. 
 2.21 “Early Retirement Date” shall mean the first
day of any month coinciding with or following a Participant’s attainment of Early Retirement Age. 
 2.22 “Earned
Income” shall mean, with respect to a Self-Employed Individual, the net earnings from self employment in the trade or business with respect to which the Plan is established, for which the personal services of the individual are a
material income producing factor. Net earnings will be determined without regard to items excluded from gross income and the deductions allocable to such items. Net earnings are reduced by contributions by the Employer to a qualified plan to the
extent deductible under IRC Section 1033.09. 
 2.23 “Effective Date” shall mean the date elected in the
Adoption Agreement. 
 2.24 “Eligible Spouse” shall mean that spouse to whom a Participant is married on either the
Annuity Starting Date or the date of this death, whichever occurs earlier. 

  
 6 

 2.25 “Employee” shall mean any employee of the Employer. Solely for
purposes of determining eligibility to participate in the Plan, the term “Employee” shall not include a person employed as an independent contractor, consultant or a person otherwise designated by the Employer at the time of hire or
in the Plan’s Adoption Agreement as not eligible to participate in or receive benefits under the Plan or not on the payroll, even if such ineligible person is subsequently determined to be an “employee” by any governmental or judicial
authority. The term “Employee” includes a Self-Employed Individual and an Owner-Employee. 
 2.26 “Employer” shall
mean the Plan Sponsor, the Person and/or any other employers so designated in the Adoption Agreement who has adopted the Plan, and any successor to all or a major portion of its assets or businesses that assume its obligations and any
Affiliate or member of the Affiliated Service Group required to be aggregated with the Employer pursuant to the IRC. 
 2.27
“Employer Additional Contribution” shall mean an additional contribution made by the Employer pursuant to the provisions of Article 6. 

2.28 “Employer Additional Contribution Account”, with respect to a Participant, shall mean the account established
under the Plan for such Participant representing the Employer Additional Contributions (and any forfeitures allocated to a Participant’s Account) plus any gains or losses allocated to such account in accordance with the provisions of the Plan,
as adjusted to reflect distributions therefrom. 
 2.29 “Employer Contributions” shall mean Profit-Sharing Contributions,
Money Purchase Contributions or Employer Additional Contributions made by the Employer to the Plan pursuant to the provisions of Article 6. 

2.30 “Employer Contributions Account”, with respect to a Participant, shall mean the account established under the Plan
for such Participant representing the Employer Contributions (and any forfeitures allocated to a Participant’s Account) plus any gains or losses allocated to such account in accordance with the provisions of the Plan, as adjusted to reflect
distributions therefrom. 
 2.31 “Employer Securities” shall mean stock issued by the Employer or an Affiliate which
meets the ERISA requirements to be considered as qualifying employer security. 
 2.32 “Entry Date” shall mean the date(s)
elected in the Adoption Agreement on which Participants may commence participation in the Plan. 
 2.33 “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended. 

  
 7 

 2.34 “Excess Contributions” shall mean, with respect to any Plan
Year, the excess of: 
 A. The aggregate amount of Pre-Tax Contributions and Qualified Employer
Deferral Contributions actually taken into account in computing the Actual Deferral Percentage of Highly Compensated Employees for such Plan Year, over 

B. The maximum amount of such contributions permitted by the actual deferral percentage test. 

2.35 “Excess Contribution Percentage” shall mean the percentage of Compensation which is contributed by the Employer
under the Plan with respect to that portion of each Participant’s Compensation in excess of the Integration Level. 
 2.36
“Excess Deferrals” shall mean those Pre-Tax Contributions that are includible in a Participant’s gross income under IRC Section 1081.01(d)(7) to the extent such
Participant’s Pre-Tax Contributions for a taxable year exceed the maximum contribution limits established by the IRC. 

2.37 “Highly Compensated Employee” shall mean: 

A. an officer of the Employer, 

B. a shareholder of more than five percent of the voting stock or the total value of all classes of Employer stock, 

C. if the Employer is not a corporation, an owner of 5% or more of the interests in the Employer’s earnings; and 

D. an employee who for the previous tax year received Compensation in excess of the limit imposed by IRC
Section 1081.01(d)(3)(E)(iii)(IV). 
 2.38 “Integration Level” ” shall mean the Social Security Taxable Wage Base
in effect at the beginning of the Plan Year or such lesser amount selected by the Employer in the Adoption Agreement. 
 2.39
“IRC” shall mean the Puerto Rico Internal Revenue Code of 2011, as amended, as subsequently amended and its enabling regulations. If the IRC is amended and any Section renumbered all references in the Popular Master Plan shall
be deemed automatically updated. Similarly, if the IRC is superseded or replaced by new legislation of a similar intent or nature all references to the IRC in the Popular Master Plan shall be deemed references to the new or superseding legislation.

  
 8 

 2.40 “Leased Employee” shall mean any person (other than an Employee of
the Employer “the recipient”) who pursuant to an agreement between the recipient and any other person (“leasing organization”) has performed services for the recipient (or for the recipient and related persons on a
substantially full-time basis for a period of at least one year, where such services are of a type historically performed by Employees in the business field of the Employer. 

2.41 “Matching Contributions” shall mean contributions made by the Employer to the Plan on behalf of a Participant on
account of a Participant’s After-Tax, Pre-Tax or Catch-up Contributions. 

2.42 “Matching Contributions Account”, with respect to a Participant, shall mean the account established under the Plan
for such Participant representing the Matching Contributions plus any gains or loss allocated to such account in accordance with the provisions of the Plan, as adjusted to reflect distributions therefrom. 

2.43 “Money Purchase Contributions” shall mean contributions made by the Employer pursuant to a Money Purchase Pension
Plan using the formula established in the Adoption Agreement. 
 2.44 “Non-Highly
Compensated Employee” shall mean those Participants that are not Highly Compensated Employees. 
 2.45 “Normal
Retirement Age” shall mean the date selected as such in the adoption agreement. 
 2.46 “Normal Retirement Date”
shall mean the first day of the month following the end of the Plan Year in which a Participant has attained Normal Retirement Age. 

2.47 “OASDI” shall mean the Old Age, Survivors and Disability Insurance portion of the Social Security payroll tax
imposed on employers that is equal to a set percentage of the wages paid to employees to pay into a federal fund that provides for retirement benefits . It is the tax rate used for purpose of providing for Social Security Integration in a defined
contribution plan. 
 2.48 “Owner-Employee” shall mean an individual who is a sole proprietor, or who is a partner or
shareholder owning more than 10 percent of either the capital or profits interest of a special partnership or corporation of individuals. 

2.49 “Participant” shall mean any Employee who has become eligible to participate in the Plan and has not for any
reason become ineligible to participate in the Plan. 

  
 9 

 2.50 “Plan” shall mean the Plan Sponsor’s Plan as set forth in this
Popular Master Plan Document and the Adoption Agreement executed by the Plan Sponsor, including all amendments to either document. 

2.51 “Plan Administrator” shall mean the person, persons or committee designated by the Plan Sponsor through duly
approved resolutions of its Board of Directors, to control and manage the operation and administration of the Plan for purposes of Section 3(16) of ERISA, as provided in Article 14. If the Plan Sponsor fails to designate a Plan Administrator,
the Plan Sponsor shall be the Plan Administrator. 
 2.52 “Plan Sponsor” shall mean the Employer establishing a Plan
pursuant to the execution of an Adoption Agreement under this Popular Master Plan. 
 2.53 “Plan Year” shall mean the
calendar year unless another Plan Year is specified in the Adoption Agreement. 
 2.54 “Popular Master Plan” shall
mean the Master Defined Contribution Retirement Plan sponsored by Banco Popular de Puerto Rico, as set forth in this document. 

2.55 “Popular Master Plan Sponsor” shall mean Banco Popular de Puerto Rico, or any successor thereof. 

2.56 “Pre-Tax Contributions” shall mean any Employer contributions made to the Plan
at the election of the Participant, in lieu of cash compensation, pursuant to a salary reduction agreement or other deferral mechanism. 

2.57 “Pre-Tax Contributions Account”, with respect to a Participant, shall mean the
account established under the Plan for such Participant representing the Pre-Tax Contributions plus any gains or losses allocated to such account in accordance with the provisions of the Plan, as adjusted
to reflect distributions therefrom. Such account will be fully vested and nonforfeitable at all times. 
 2.58 “Profit-Sharing
Contributions” shall mean contributions made by the Employer pursuant to a Profit-Sharing Plan. 
 2.59 “Qualified
Employer Deferral Contributions” shall mean Qualified Non-Elective Contributions and Qualified Matching Contributions which are taken into account under this Plan, and any other qualified plans
that are maintained by the Employer which are aggregated with this Plan under section 4.6B. and C., in determining a Participant’s Actual Deferral Percentage. 

  
 10 

 2.60 “Qualified Matching Contributions” shall mean Matching Contributions
which are taken into account under the Plan in determining a Participant’s Actual Deferral Percentage. In order for Matching Contributions to be considered as Qualified Matching Contributions, the Matching Contributions must be one
hundred percent (100%) vested and nonforfeitable when made and must not be distributable under the Plan to Participants or their Beneficiaries earlier than provided in section 4.4C. 

2.61 “Qualified Matching Contributions Account”, with respect to a Participant, shall mean the account established
under the Plan for such Participant representing the Qualified Matching Contributions plus any gains or losses allocated to such account in accordance with the provisions of the Plan, as adjusted to reflect distributions therefrom. Such account will
be fully vested and nonforfeitable at all times. 
 2.62 “Qualified Non-Elective
Contributions” shall mean contributions made by the Employer to this Plan (other than Pre-Tax Contributions and Matching Contributions) which are taken into account in determining a
Participant’s Actual Deferral Percentage and which the Participant may not elect to receive in cash until distributed from the Plan. In order for such contributions to be considered as Qualified Non-
Elective Contributions, they must be one hundred percent (100%) vested and nonforfeitable when made and must not be distributable under the terms of the Plan to Participants or their Beneficiaries earlier than provided in section 4.4C. 

2.63 “Qualified Non-Elective Contributions Account”, with respect to a Participant,
shall mean the account established under the Plan for such Participant representing the Qualified Non-Elective Contributions plus any gains or losses allocated to such account in accordance with the
provisions of the Plan, as adjusted to reflect distributions therefrom. Such account will be fully vested and nonforfeitable at all times. 

2.64 “Rollover Contributions” shall mean contributions to the Plan as described in Article 7. 

2.65 “Rollover Contributions Account”, with respect to a Participant, shall mean the account established under the Plan
for such Participant representing the Rollover Contributions plus any gains or losses allocated thereto, in accordance with the provisions of the Plan, as adjusted to reflect distributions therefrom. Such account will be fully vested and
nonforfeitable at all times. 

  
 11 

 2.66 “Self-Employed Individual” shall mean an individual who has Earned
Income for the taxable year from the trade or business for which the Plan is established, or an individual who would have had Earned Income but for the fact that the trade or business had no net profits for the taxable year. 

2.67 “Single Suspense Account” shall mean the account established to account for all forfeitures under the Plan plus
any gains or losses allocated thereto, in accordance with the provisions of the Plan, as adjusted to reflect allocations therefrom. 

2.68 “Social Security Taxable Wage Base” ” shall mean the maximum earned gross income or upper threshold on which
a wage earner’s Social Security tax may be imposed. 
 2.69 “Spousal Consent” shall mean the Eligible Spouse’s
written consent which acknowledges the effect of the Participant’s election and is witnessed by the Plan Administrator (or any Plan representative appointed by the Plan Administrator for such purposes) or a notary public. The
written consent shall specify the nonspouse Beneficiary, if any (and, in the case of a Participant’s election to waive a qualified joint and survivor annuity, the alternate form of distribution elected). A Spousal Consent shall be irrevocable
unless the Participant changes his Beneficiary designation or revokes his election to waive the qualified joint and survivor annuity or the qualified pre-retirement survivor annuity, as applicable; upon such
event, a consent shall be deemed to be revoked. Notwithstanding the foregoing, Spousal Consent is not required if the Participant establishes to the satisfaction of a Plan Administrator that such written consent may not be obtained because there is
no Eligible Spouse or that the Eligible Spouse cannot be located. In addition, no Spousal Consent is necessary if the Participant has been legally separated or abandoned within the meaning of local law and the Participant provides the Plan
Administrator with a court order to that effect, so long as such court order does not conflict with a qualified domestic relations order as defined in Article 17. If the Eligible Spouse is legally incompetent to consent, the Eligible Spouse’s
legal guardian may consent on his/her behalf, even if the legal guardian is the Participant. Spousal consent is not required to the extent the Plan does not provide for and is not required by applicable law to provided for distribution of benefits
in the form of a qualified joint and survivor annuity or a qualified pre-retirement survivor annuity. 

  
 12 

 2.70 “Transition Period” ” shall mean the period commencing on the day
that the Employer Controlled Group composition changed and ending on the last day of the first plan year commenced after the day the Employer Controlled Group composition changed. 

2.71 “Trust” shall mean the Popular Master Trust established by Banco Popular de Puerto Rico in relation to the Popular
Master Plan and adopted by the Plan Sponsor as part of its Plan and/or the separate trust established by the Plan Sponsor for purposes of the Plan, as specified in the Adoption Agreement, in both cases for the safekeeping and investment of Plan
assets and the payment of the benefits provided by the Plan. 
 2.72 “Trust Fund” shall mean the property held in Trust by
the Trustee for the benefit of Participants, former Participants, and their beneficiaries. 
 2.73 “Trustee” shall
mean Banco Popular de Puerto Rico, any successor to Banco Popular de Puerto Rico that become trustee under the Popular Master Plan Trust or such other person named in the Adoption Agreement and appointed in the constituting documents of the
separate trust established by the Plan Sponsor to fund the Plan. 
 2.74 “US Code” ” shall mean the United States
Internal Revenue Code of 1986, as amended. 
 2.75 “Valuation Date” shall mean the last business day of the Plan Year
or such other date or dates specified in the Adoption Agreement. 

  
 13 

 ARTICLE 3 

ELIGIBILITY AND PARTICIPATION 

3.1 Initial Eligibility and Participation 

An Employee shall become eligible to participate in the Plan in accordance with the following requirements: 

A. Each Employee who, on the Effective Date of the Plan, has complied with the minimum age and service requirements specified in the Adoption
Agreement will become eligible to Participate as of such date. 
 B. Each Employee (other than one who is a Participant under subsection A.
above) will become eligible to Participate on the Entry Date immediately following the date in which he complies with the minimum age and service requirements specified in the Adoption Agreement. 

C. Employees who are included in a unit of Employees covered by a collective bargaining agreement between the Employer and Employee
representatives, where retirement benefits were the subject of good faith bargaining with the Employer and the agreement does not call for his inclusion in the Plan and Employees who are nonresidents of Puerto Rico are not allowed to participate in
the Plan. 
 D. Unless specified otherwise in the Adoption Agreement, the Entry Dates will be the first day of the first and seventh months
of the Plan Year (January 1 and July 1 for calendar year Plans). If the Adoption Agreement provides for additional or other Entry Dates, the Entry Dates will be as so specified; provided that the first day of the Plan Year will always be an
Entry Date. 
 E. If the Plan permits Pre-Tax Contributions,
After-Tax Contributions and/or Catch-up Contributions, as elected by the Plan Sponsor in the Plan’s Adoption Agreement, eligible Employees will be given the
opportunity to make an affirmative election (i) to participate in the Plan (“Positive Election Method”) or (ii) to not participate in the Plan (“Negative Election Method”). 

F. Under the Positive Election Method, an eligible Employee will become a Participant only if the eligible Employee elects to participate and
make Pre-Tax Contributions, After-Tax Contributions and/or Catch-up Contributions, subject to the applicable provisions of the
plan. An eligible Employee may not make Pre-Tax Contributions, After-Tax Contributions and/or Catch-up Contributions before the
date the Employer signs the Adoption Agreement. 

  
 14 

 G. Under the Negative Election Method, an eligible Employee will automatically become a
Participant unless he affirmatively elects not to participate in the Plan. An Eligible Employee enrolled automatically in the Plan under the Negative Election Method will be considered a Participant, as defined by Section 2.46, and will be
deemed to have elected to make After-Tax Contributions and/or Pre-Tax Contributions to the Plan in the amounts indicated by the Plan Sponsor in the Adoption Agreement.
These Employees may elect not to participate in the Plan by following the procedures promulgated by the Plan Administrator. If the Plan is an amendment or restatement of an existing Plan, eligible Employees who have not elected to participate in the
Plan on the effective date of the amendment or restatement will be given a 90-day advance notice following the effective date of the amendment or restatement during which to effect an election not to
participate in the Plan. Provided, that the Employer may select in the Adoption Agreement different non-discriminatory employee groups or classes to whom the Negative Election would apply. 

3.2 Termination of Participation 

An Employee will cease to be a Participant when he is no longer eligible to participate in the Plan due either to a change in his employment
status or to the termination of his service as an Employee because of Disability, death, retirement or any other reason. 
 A. Suspended
Participation 
 A Participant who ceases to be an Eligible Employee, but who has not separated from the service of the Employer, shall
become a suspended Participant. During the period of suspension, no amounts which are based on his Compensation from and after the date of suspension shall be credited to his Account. However, amounts previously credited to a Participant shall be
entitled to benefits in accordance with the other provisions of the Plan while he is a suspended Participant. 
 B. Inactive
Participation 
 A Participant who is not credited with a Year of Service in any Plan Year, but who is not separated from the service of
the Employer, shall be an inactive Participant for such Plan Year. Except as provided in Article V, no amounts which are based on his Compensation shall be credited to his Account for such Plan Year. 

  
 15 

 3.3 Resumes Participation 

If a former Participant returns to service with the Employer, he will resume participation in the Plan immediately upon his return. 

3.4 Rules Relating to Service 

The rules and definitions regarding the computation of years of service for purposes of determining eligibility to participate in the Plan and
vesting will be as follows: 
 A. Hours of Service Method. The definitions and rules in this subsection will apply to Plan Sponsors
who in the Adoption Agreement elected to have Employees’ service determined under the hours of service method. 
 1. Employment
Commencement Date means the date on which an Employee first performs an hour of service; or, in the case of an Employee who has incurred one or more breaks in service, as defined below, such Employee’s employment commencement date
shall mean the date on which such Employee first performs an hour of service following such breaks in service. 
 2. Eligibility
Computation Period, with respect to an Employee, means the period of twelve (12) consecutive months commencing on an Employee’s most recent employment commencement date, or any anniversary thereof, in which he is credited with
at least 1000 hours of service. If so selected in the Adoption Agreement, if the Employee fails to complete at least 1,000 Hours of Service during the twelve consecutive month period commencing on his or her Employment Commencement Date, he or she
shall be credited with one Year of Service at the end of the first Plan Year commencing after such Employment Commencement Date during which he or she completes at least 1,000 Hours of Service. 

3. Year of Service, with respect to an Employee, means an eligibility computation period during which an Employee completes at
least 1,000 hours of service regardless of whether such Employee is in service continuously during all of such eligibility computation period. An Employee who completes one thousand (1,000) hours of service during an eligibility computation period
shall not be deemed to have completed a year of service until the last day of such eligibility computation period regardless of when such Employee completes such one thousand (1,000) hours of service. 

  
 16 

 4. Hours of Service: 

a. each hour for which an Employee is paid, or entitled to payment, by the Employer for the performance of duties for the Employer during any
eligibility computation period. These hours will be credited to the Employee for the eligibility computation period in which the duties are performed; 

b. each hour for which an Employee is paid, or entitled to payment, by the Employer 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 (including Disability), layoff, jury duty, military duty or leave of absence, as determined by the Employer or under
applicable law. Notwithstanding the preceding sentence, no more than 501 hours of service shall be credited under this subsection b. to an Employee on account of any single continuous period during which the Employee performs no duties (whether or
not such period occurs within a single eligibility computation period). Hours under this subsection b. will be calculated and credited under United States Department of Labor Regulations, 29 C.F.R.
2530.200b-2(b) and (c), which are incorporated herein by this reference; 
 c. each hour for which
back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Employer. The same hours of service shall not be credited both under subsections a. or b., as the case may be, and under this subsection c.; and no more than 501
hours of service shall be credited under this subsection c. with respect to payments of back-pay, to the extent that such pay is agreed to or awarded for a period of time described in subsection b. during
which the Employee did not perform or would not have performed any duties. These hours will be credited to the Employee for the eligibility computation period(s) to which the award or agreement pertains rather than the computation period in which
the award, agreement or payment is made; 
 d. in addition to hours credited to an Employee under subsections a. through c. above, an
Employee will be credited with the number of hours (not exceeding 40 for a full week or pro rata portion of 40 for a partial week) he normally would have worked except for the fact that he was absent on one of the following types of unpaid absence:
(i) leave of absence for a period authorized by the Employer under a leave policy applied uniformly to all Employees, for reasons of health or public service or for reasons determined by the Employer to be in its best 

  
 17 

 interests, provided he returns to service with the Employer at or before the expiration of such period; or
(ii) leave of absence for service in the armed forces of the United States, provided he returns to service with the Employer within the period during which his reemployment rights are protected by law; and 

e. solely for purposes of determining whether a break in service, as defined in subsection 5, has occurred in an eligibility computation
period, an Employee who is absent from work for maternity or paternity reasons will receive credit for the hours of service which would otherwise have been credited to such Employee but for such absence, (or in any case in which such hours cannot be
determined, eight hours of service per day of such absence). For purposes of this subsection e., an absence from work for maternity or paternity reasons means an absence (i) by reason of the pregnancy of the Employee, (ii) by reason of a
birth of a child of the Employee, (iii) by reason of the placement of a child with the Employee in connection with the Employee’s adoption of such child, or (iv) for purposes of caring for such child for a period beginning immediately
following such birth or placement. No more than 501 hours of service shall be credited under this subsection e. The hours of service credited under this subsection e. will be credited (i) in the eligibility computation period in which the
absence begins if the crediting is necessary to prevent a break in service in that period, or (ii) in all other cases, in the following eligibility computation period if necessary to prevent a break in service in that eligibility computation
period. 
 5. Break in Service, with respect to an Employee, means a computation period during which such Employee does not
complete more than five hundred (500) hours of service. Transfer of employment from an Employer to another shall not in and of itself cause a break in service. 

6. Vesting Computation Period, for purposes of computing an Employee’ nonforfeitable right to his Employer Contributions Account
and/or Matching Contributions Account, an Employee’s vesting computation period(s) will be each Plan Year in which the Participant is credited with at least 1000 hours of service. 

7. Counting Years of Service for Participation, all of an Employee’s years of service with the Employer are counted toward meeting
the Plan’s participation eligibility requirement (if any), except that, if the Plan provides for 100% vesting after two years or less of service, service before a break in service which occurs before the Employee satisfies the Plan’s
requirement for eligibility will be disregarded. However, the preceding sentence will not apply if the Employer’s Plan is a 1081.01(d) Plan. 

  
 18 

 If the service requirement to become a Participant as specified in the Adoption Agreement
includes a fractional year, an Employee will not be required to complete any minimum number of hours of service to receive credit for such fractional year. 

8. Counting Years of Service for Vesting. For purposes of determining a Participant’s vested percentage, all of his years of
service will be counted, except that, if the Plan specifically so provided, the following years of service will not be counted: 
 a. years
of service completed before age 18; 
 b. years of service before the Employer maintained the Plan or a predecessor plan. 

A plan is a predecessor plan if it was terminated on or after the date it was required to comply with ERISA and within five years before or
after the Effective Date of the Plan. A plan is not treated as a predecessor plan with respect to an Employee unless he was a participant in such plan. 

9. Service With Other Organizations. 

a. To determine whether an Employee is a Participant and to determine his vested percentage, an Employee will receive credit for Hours of
Service under section 3.4A.4 for employment with the Employer and any Affiliate. Service credited under this paragraph shall be limited to the period that the other entities were related to the Employer in the manner described in section 2.3 of the
Popular Master Plan document, unless the Plan Sponsor has elected in the Adoption Agreement to recognize service with any such entity for any period prior to the time such relationship commenced. 

b. If the Employer maintains a plan of a predecessor employer, service with the predecessor employer will be treated as service with the
Employer. 
 c. If not treated as service with the Employer under Section 3.4A.9.b above, service with any entity specifically so
designated in the Adoption Agreement will be treated as service with the Employer. 

  
 19 

 B. Elapsed Time Method. The definitions and rules in this subsection will apply to
Plan Sponsors who in the Adoption Agreement elected to have Employees’ service determined under the elapsed time method. 
 1.
Service 
 a. In General. Service of an Employee includes all of the following: 

i. any period of service, as defined below, whether or not continuous; and 

ii. for a reemployed Employee, any period of severance provided that his reemployment commencement date occurs within one year after his
severance date. 
 b. Year of Service. To determine an Employee’s years of service, all of his service will be aggregated and
each 365 days of such aggregated service will constitute a year of service. If any provision of the Plan calls for completion of a fractional year of service, such fraction of 365 days of the Employee’s aggregated service will satisfy the
provision; for example, if one-half year of service is required, then such requirement will be met when the Employee’s aggregated service equals 183 days. 

2. Definitions Relating to Service 

a. Period of Service shall mean an Employee’s service, beginning on his employment commencement date or reemployment commencement
date and ending on his severance date. 
 b. Employment Commencement Date.    An Employee’s employment
commencement date is the date on which he first completes an hour of service, as defined below. 
 c. Reemployment Commencement Date.
In the case of an Employee who has a period of severance which is not taken into account under subsection 1.a.ii., the reemployment date is the date on which he first completes an hour of service after such period of severance. 

d. Period of Severance. A period of severance of an Employee means a period beginning on his severance date and, if applicable,
ending on his reemployment commencement date. 

  
 20 

 In the case of an Employee who is absent from work for maternity or paternity reasons, the 12-consecutive month period beginning on the date of such absence will constitute a year of service; the first anniversary of the first date of such absence will be treated as neither a period of service nor a
period of severance; any period after the 24-consecutive month period beginning on the date of such absence will constitute a period of severance. For purposes of this section, an absence from work for
maternity or paternity reasons means an absence (1) by reason of the pregnancy of the Employee, (2) by reason of the birth of a child of the Employee, (3) by reason of the placement of a child with the Employee in connection with the
Employee’s adoption of such child, or (4) for purposes of caring for such child for a period beginning immediately following such birth or placement. 

Each Employee will share in Employer Contributions and Matching Contributions for the period beginning on the date the Employee commences
participation under the Plan and ending on the date on which such Employee severs employment with the Employer or is no longer a Participant. 

e. Severance from Service Date. An Employee’s severance from service date is the earlier of: 

i. the date on which he quits, retires, is discharged or dies, or 

ii. the first anniversary of the first day of a period during which he is absent (with or without compensation) from performing duties for the
Employer for any reason other than quit, retirement, discharge or death, such as vacation, holiday, sickness, leave of absence or layoff. Transfer of employment from an Employer to another shall not be considered a Severance from Service. 

f. Hour of Service. Hour of service is an hour for which the Employee is paid or entitled to payment for the performance of duties for
the Employer. 
 3. Counting Years of Service for Participation. All of an Employee’s years of service with the Employer
are counted toward meeting the Plan’s participation requirement (if any), except that, if the Plan provides for 100% vesting after two years or less of service, service will be disregarded if it was completed before a period of severance of one
year or more which occurs before the Employee satisfied the Plan’s service requirement for eligibility. However, the preceding sentence will not apply if the Employer’s Plan is an 1081.01 (d) Plan. 

  
 21 

 4. Counting Years of Service for Vesting. For purposes of determining a
Participant’s vested percentage, all of his years of service will be counted except that, if the Plan so provides, the following years of service will not be counted: 

a. service completed before age 18; 

b. service before the Employer maintained this Plan or a predecessor Plan. 

A plan is a predecessor plan if it was terminated on or after the date it was required to comply with ERISA and within five years before or
after the Effective Date of this Plan. A plan is not treated as a predecessor plan with respect to an Employee unless he was a participant in such plan. 

5. Service With Other Organizations. 

a. To determine whether an Employee is a Participant and to determine his vested percentage, an Employee will receive credit for Hours of
Service under section 3.4A.4 for employment with the Employer and any Affiliate. Service credited under this paragraph shall be limited to the period that the other entities were related to the Employer in the manner described in section 2.3 of the
Popular Master Plan document, unless the Plan Sponsor has elected in the Adoption Agreement to recognize service with any such entity for any period prior to the time such relationship commenced. 

b. If the Employer maintains a plan of a predecessor employer, service with the predecessor employer will be treated as service with the
Employer. 
 c. If not treated as service with the Employer under section 3.4B.5.b above, service with any entity specifically so designated
in the Adoption Agreement will be treated as service with the Employer. 
 3.5 Transfer of Employment 

A Participant who ceases to be a member of a class of employees eligible to participate in the Plan who becomes a member of another class of
employees eligible to participate in another plan of the Employer shall have, to the extent not otherwise prohibited by the IRC or ERISA, his Employer Contributions Account, After-Tax Contributions Account, Pre-Tax Contributions Account, Qualified Matching Contributions Account, Qualified Non-Elective Contributions Account and Rollover Contributions Account transferred to the new
plan in which he is eligible to participate. Vesting shall continue in accordance with the terms of the new plan. 

  
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 3.6 Benefits for Owner-Employees 

A. If the Plan provides contributions or benefits for one or more Owner-Employees who together control the trade or business with respect to
which the Plan is established, and who also control as Owner-Employees, one or more other trades or businesses, the Plan and plans established with respect to such other trades or businesses must, when looked at as a single plan, satisfy Sections
1081.01 (a) and (e) of the IRC with respect to the Employees of the trade or business with respect for which the Plan is established and all such other trades or businesses. If the Plan provides contributions or benefits for one or more
Owner-Employees who control one or more other trades or businesses, the Employees of each other trades or businesses must be included in a plan which satisfies the requirements of Sections 1081.01 (a) and (e) of the IRC and which provides
contributions and benefits not less favorable than those provided for such Owner-Employee under the Plan. If an individual is covered as an Owner-Employee under two or more additional plans of trades or businesses not controlled by him, and the
individual controls one or more other trades or businesses, the contributions or benefits of the Employees under the plan of the trade or business controlled by him must be at least as favorable as those provided for him under the plan of the trade
of business not controlled by him. For purposes of this subsection, an Owner-Employee, or two or more Owner-Employees, shall be considered to control a trade or business if such Owner-Employee, or such two or more Owner-Employees together: 

1. own the entire interest in an unincorporated trade or business, or 

2. in the case of a special partnership or corporation of individuals, own more than 50 percent of either the capital interest or the
profits interest in such partnership or corporation of individuals. 
 For purposes of the preceding sentence, an Owner-Employee or two or
more Owner-Employees shall be treated as owning any interest in a special partnership or corporation of individuals which is owned, directly or indirectly, by a special partnership or corporation of individuals, which such Owner-Employee or such two
or more Owner-Employees are considered to control within the meaning of the preceding sentence. 

  
 23 

 ARTICLE 4 

PRE-TAX CONTRIBUTIONS 

4.1 Eligibility 
 A. If
the Employer’s Plan is a profit-sharing plan an Employee who meets the participation requirements of section 3.1 may elect to, if the Adoption Agreement so provides, 

1. elect to make Pre-Tax Contributions under IRC Section 1081.01 (d), or 

2. elect to not make Pre-Tax Contributions under IRC Section 1081.01(d) and receive cash instead.

 4.2 Pre-Tax Contribution Election 

The Participant may file a written election with the Plan Administrator indicating (i) the amount, of
Pre-Tax Contributions he wishes to make and agreeing to reduce his Compensation by such amount, or (ii) electing to not make Pre-Tax Contributions and not have his
Compensation reduced. Either election may be filed in such manner as the Plan Administrator may provide in agreement with the Recordkeeper, such as an electronic election thru the Internet or an automatic Voice Response Unit. If the Plan Sponsor so
elects in the Adoption Agreement and unless the Employee elects otherwise, each Employee shall be deemed to have made an election to make a Pre-Tax Contribution equal to the percentage of the Employee’s
Compensation selected by the Plan Sponsor in the Adoption Agreement. Subject to any rules specified in the Adoption Agreement or established by the Plan Administrator, a Participant may increase, decrease, discontinue or resume his Pre-Tax Contributions during a Plan Year by filing an appropriate form with the Plan Administrator or in such other manner as the Plan Administrator may provide. A discontinuance of
Pre-Tax Contributions will be effective as soon as reasonably practicable after the Plan Administrator’s receipt of the Participant’s election form. An increase or decrease of Pre-Tax Contributions, or a resumption after a discontinuance, will be effective as soon as administratively possible following the Participant’s timely election. 

No change under the preceding paragraph may cause a Participant’s Pre-Tax Contributions to exceed
the maximum provided for under section 4.4. 
 Participants who are enrolled for participation automatically pursuant to section 3.1E shall
be deemed to have designated a salary reduction for purposes of contribution to the Plan equal to the percentage of Compensation provided for in the Adoption Agreement. If elected in the Adoption Agreement all Participants’ Pre-Tax Contribution election shall be increased yearly as stated in the Adoption Agreement. 

  
 24 

 The Plan Administrator, with the approval of the Popular Master Plan Sponsor, may establish
reasonable rules of uniform application governing Participants’ elections and changes. Such rules may include the number and frequency of elections or changes during any Plan Year, effective dates for elections or changes (for example, the
first day of the payroll period coinciding with or next following the applicable election or change date), cutoff dates for timely filing of elections or changes, and other rules to facilitate operation of this article. 

Notwithstanding the preceding, a Participant will be permitted to change his election at least once each year. 

4.3 Collection of Pre-Tax Contributions 

The Employer will collect Participants’ Pre-Tax Contributions using payroll procedures. The
Employer will transfer the amounts collected to the Trustee as of the earliest date when such contributions can reasonably be segregated from the Employer’s general assets, but in no event later than the date prescribed by the United States
Department of Labor. 
 4.4 Limitations on Pre-Tax Contributions 

A. Limits on Pre-Tax Contributions. Pre-Tax
Contributions may not exceed: 
 1. the following limitations: 

a. for taxable years beginning on or after January 1st, 2011, the amount
of $10,000; 
 b. for taxable years beginning on or after January 1st,
2012, the amount of $13,000; 
 c. for taxable years beginning on or after January 1st, 2013, the amount of $15,000; or 
 d. any other applicable dollar or
percentage limitation under the IRC or regulations issued thereunder; 
 e. Notwithstanding the preceding, employees that
work for the federal government will be subject to US Code Section 402 (a) limits. 
 2. the maximum amount permitted under section 4.6
for Highly Compensated Employees for any Plan Year; or 

  
 25 

 3. any maximum or other limitation imposed by the Plan Administrator provided, such maximum
or limitation is within the scope of those provided by the IRC and/or its regulations. 
 The Plan Administrator shall be responsible for ensuring
compliance with these limitations on Pre-Tax Contributions. 
 If a Participant makes Pre-Tax Contributions in a calendar year equal to the legal applicable maximum, his Pre-Tax Contributions will immediately cease. 

B. Limits due to Withdrawals. Notwithstanding section 4.1 and section 4.4A. above, a Participant who makes a
withdrawal on account of a financial hardship under section 9.1 may not make Pre-Tax Contributions, Catch-up Contributions or
After-Tax Contributions hereunder (or under any other Plan maintained by the Employer) for a period of 12 months following the date of the in-service withdrawal. Also,
in the taxable year following the date of the withdrawal, such a Participant may not make Pre-Tax Contributions which, when added to his Pre-Tax Contributions made
during the taxable year of the withdrawal, exceed the amount specified in subsection A. above. 
 C. Limits on
Distributions. Pre-Tax Contributions may not be distributed to Participants or their Beneficiaries earlier than: 

1. separation from service, death or Disability, 

2. termination of the Plan without the establishment of a successor plan, 

3. the date of the sale or other disposition to an unrelated entity of substantially all of the assets used by the Employer in a trade or
business, provided the Employee continues in employment with the purchaser of the assets, 
 4. the date of sale or other disposition to an
unrelated entity of a subsidiary of the Employer, provided the Employee continues in employment with the subsidiary, 
 5. reaching the age
of fifty-nine and a half (59  1⁄2) years, 
 6. a
case of financial hardship, as defined in section 9.1. 
 4.5 Catch-up Contributions. If the
Adoption Agreement so provides, an Employee who meets the participation requirements of section 3.1 and shall attain age fifty (50) by the end of the Plan Year may elect to have Catch-up
Contributions made to the Plan on his or her behalf as described herein; provided, however, that a Participant may make Catch-up Contribution only if he or 

  
 26 

 she is making Pre-Tax Contributions in the maximum amount allowable
under section 4.4(A). Catch-up Contributions shall be made in the amount elected by the Participant up to the maximum allowable under the IRC for any Plan Year. The Participant may file a written election with
the Plan Administrator electing to make Catch-up Contributions in such manner as the Plan Administrator may provide. 

4.6 Actual Deferral Percentage Test 

A. As of the last day of each Plan Year, the Average Actual Deferral Percentages of Highly Compensated Employees (such average is called the HCE-ADP in this section) must meet one of the following tests: 
 (i) The
HCE-ADP does not exceed 125% of the NHCE-ADP; or 
 (ii) The
excess of the HCE-ADP over the NHCE-ADP does not exceed two percentage points, and the HCE-ADP does not exceed twice the NHCE-ADP. 
 The determination and treatment of Participant’s Actual Deferral Percentages will be
subject to the requirements of any applicable regulations under ERISA or the IRC. Catch-up Contributions shall not be taken into account in determining the Actual Deferral Percentage of a Participant for
purposes of the limitation described in this section. 
 B. The Actual Deferral Percentage for any Participant who is a Highly Compensated
Employee for the Plan Year and who is eligible to make Pre-Tax Contributions (and, if applicable, to receive Qualified Employer Deferral Contributions allocated to his accounts) under two or more arrangements
described in IRC Section 1081.01(d) that are maintained by the Employer, shall be determined as if such Pre-Tax Contributions (and, if applicable, such Qualified Employer Deferral Contributions) were made
under a single arrangement. If a Highly Compensated Employee participates in two or more cash or deferred arrangements that have different Plan Years, all cash or deferred arrangements ending with or within the same calendar year shall be treated as
a single arrangement. 
 C. Commencing with taxable years starting on or after January 1, 2012, the requirements of IRC Sections
1081.01(d), 1081.01 (a)(3) or 1081.01(a)(4) will be met by aggregating all plans of the Employer and in accordance with regulations promulgated therefor. 

  
 27 

 D. For purposes of determining the Actual Deferral Percentage test, Pre-Tax Contributions and Qualified Employer Deferral Contributions must be made before the last day of the twelve-month period immediately following the Plan Year to which contributions relate. 

E. The Employer shall maintain records sufficient to demonstrate satisfaction of the Actual Deferral Percentage test and the amount of
Qualified Employer Deferral Contributions used in such test. 
 4.7 Qualified Non-Elective
Contributions 
 If the Plan provides for Profit-Sharing Contributions and such contributions meet the requirements of this section,
then, subject to the requirements of applicable regulations, the Plan Administrator may elect to treat all or part of such contributions as Qualified Non-Elective Contributions which will be considered
Qualified Employer Deferral Contributions for purposes of the Actual Deferral Percentage test of section 4.6, above. 
 Profit-Sharing
Contributions meet the requirements of this section if they are always fully vested when made, and they are subject to the limitations on distribution of section 4.4C. Also, any Profit-Sharing Contributions not treated as Qualified Employer Deferral
Contributions under the preceding paragraph must be nondiscriminatory under IRC Section 1081.01(a)(4). 
 In lieu of distributing
Excess Contributions as provided in section 4.9A. of the Plan, the Employer may make Qualified Non-Elective Contributions under the Plan on behalf of Non-Highly
Compensated Employees in an amount as is needed to meet the Actual Deferral Percentage test. In such case, the allocation of Qualified Non-Elective Contributions shall be made only to the accounts of
Participants who are Non-Highly Compensated Employees in the ratio that each Participant’s Compensation for the Plan Year bears to the Compensation of all such Participants for such Plan Year. 

4.8 Qualified Matching Contributions 

Generally, Matching Contributions will not be included in determining a Participant’s Deferral Percentage. However, if the Plan provides
for Matching Contributions and such contributions meet the requirements of this section, the Plan Administrator may elect to treat all or part of such contributions as Qualified Matching Contributions which will be considered Qualified Employer
Deferral Contributions for purposes of the Actual Deferral Percentage tests of section 4.6 above. 

  
 30 

 Matching Contributions meet the requirements of this section if they are fully vested when
made, and they are subject to the limitations on distribution of section 4.4C. 
 Qualified Matching Contributions will be taken into
account as Qualified Employer Deferral Contributions for purposes of calculating the Actual Deferral Percentages, subject to such other requirements as may be prescribed by the Puerto Rico Secretary of the Treasury and shall be made as are needed to
meet the Actual Deferral Percentage test. The Employer will make Qualified Matching Contributions to the Plan on behalf of Participants who are Non-Highly Compensated Employees who make either Pre-Tax Contributions and/or After-Tax Contributions to the Plan. 

4.9 Monitoring Participant’s Actual Deferral Percentages 

The Plan Administrator (or an administrative service provider—which may be the Trustee or the Popular Master Plan Sponsor—retained by
the Plan Administrator to perform recordkeeping and other administrative duties) will monitor Participants’ Actual Deferral Percentages to insure compliance with the requirements of section 4.6 above. Any adjustments in Participants’
elections or Actual Pre-Tax Contributions necessary to meet the requirements of section 4.6 will be made as follows: the Plan Administrator will reduce the Actual Deferral Percentage of the participating
Highly Compensated Employee who has the highest Actual Deferral Percentage until it reaches the Actual Deferral Percentage of the next participating Highly Compensated Employee(s) with the next highest Actual Deferral Percentage; then the Plan
Administrator will reduce the Actual Deferral Percentages of both or all such participating Highly Compensated Employees until they reach that of the Highly Compensated Employee(s) with the then next highest Actual Deferral Percentage; and so on.
The foregoing reductions will be made only to the extent necessary to meet the requirements of section 4.6. 
 A. Excess
Contributions. The Plan Administrator will adjust Pre-Tax Contributions elections by Highly Compensated Employees in accordance with the preceding paragraph at such time or times before or during a
Plan Year as the Plan Administrator deems advisable to insure that the requirements of section 4.6 are met as of the last day of the Plan Year. 

If, notwithstanding the preceding sentence, the requirements of section 4.6 are not met as of the last day of a Plan Year, such adjustments
may be made after the end of a Plan Year in one or a combination of the following ways: (i) paying to a Participant the amount of his Excess Contributions plus earnings (or losses) on such excess, (ii) recharacterizing the Excess
Contributions 

  
 29 

 of such a Participant as After-Tax Contributions during such year,
or (iii) in the Employer’s discretion, by making Qualified Non-Elective Contributions or Qualified Matching Contributions that meet the requirements of section 4.7 or 4.8, respectively, on behalf of Non-Highly Compensated Employees in the amount needed so that the requirements of section 4.6 are met. For purposes of the preceding sentence, any such payment or recharacterization of Excess Contributions will be
designated as such by the Employer, and will be made no later than Employer’s due date for filling its tax return including extensions. However, the amount to be paid or recharacterized will be reduced by any amounts relating to such Plan Year
previously withdrawn by the Participant. For purposes of clause (ii) of this paragraph, recharacterizing will be available only if the Adoption Agreement permits After-Tax Contributions. 

Recharacterized amounts will remain nonforfeitable and subject to the same distribution requirements as
Pre-Tax Contributions. Amounts may not be recharacterized by a Highly Compensated Employee to the extent that such amount in combination with other After-Tax
Contributions made by that Employee would exceed any stated limit provided in the Adoption Agreement, or by the Puerto Rico Secretary of the Treasury, on After-Tax Contributions. Recharacterized amounts will
be taxable to the Participant in the tax year in which the Participant would have received them in cash. 
 Recharacterization must occur no
later than two and one-half months after the last day of the Plan Year in which such Excess Contributions arose and is deemed to occur no earlier than the date the last Highly Compensated Employee is informed
in writing of the amount recharacterized and the consequences thereof. 
 Excess Contributions shall be distributed from the
Participant’s Pre-Tax Contributions Account and Qualified Matching Contributions Account (if applicable) in proportion to the Participant’s Pre-Tax
Contributions and Qualified Matching Contributions (to the extent used in the Actual Deferral Percentage test) for the Plan Year. Excess Contributions shall be distributed from the Participant’s Qualified
Non-Elective Contributions Account only to the extent that such Excess Contributions exceed the balance in the Participant’s Pre-Tax Contributions Account and
Qualified Matching Contributions Account. 

  
 30 

 A distribution of Excess Contributions under this section may be made notwithstanding any
otherwise applicable restrictions or Spousal Consent requirements on in-service withdrawals or distributions. 

Excess Contributions shall be distributed no later than the last day established by the IRC for filing the Employer’s Puerto Rico income
tax return, including extensions, for the taxable year in which the Excess Contributions where made. 
 4.10 Excess Deferrals 

Notwithstanding any other provision of the Plan, Excess Deferrals, plus any income and minus any loss allocable thereto, shall be distributed
no later than April 15 to any Participant to whose account Excess Deferrals were assigned for the preceding year and who claims Excess Deferrals for such taxable year. A withdrawal of an Excess Deferral under this section may be made
notwithstanding any otherwise applicable restrictions or Spousal Consent requirement on in-service withdrawals. The amount of any Excess Deferrals to be withdrawn under this section will be reduced by any
amounts previously distributed or recharacterized under section 4.9. 

  
 31 

 ARTICLE 5 

AFTER TAX CONTRIBUTIONS 

5.1 Eligibility 
 If the
Adoption Agreement so provides, an Employee may elect to make After-Tax Contributions. After-Tax Contributions are voluntary and no Employee will be required to make
such contributions. After-Tax Contributions Accounts are fully vested and nonforfeitable at all times. 

5.2 Limits on Amount 
 After-Tax Contributions for any Plan Year may not exceed the lesser of 10% of the Aggregate Compensation paid to the Employee during all the years he or she has been a Plan Participant or any other limitation
imposed by the Plan Administrator. The Plan Administrator shall establish such written policies, restrictions and rules pertaining to After-Tax Contributions as may be necessary for Plan administration or for
compliance with the IRC. The Plan Administrator shall adjust in the future this maximum limitation as needed to ensure that the Plan shall meet any limits prescribed by the IRC and Regulations thereunder. Additional restrictions on After-Tax Contributions may apply in certain cases to Participants who make an in-service withdrawal on account of a financial hardship under section 9.1. (See the first
sentence of section 4.4B.) The Plan Administrator shall be responsible for ensuring compliance with the limitations on After-Tax Contributions. 

5.3 After-Tax Contribution Election 

The procedures for electing and changing After-Tax Contributions will be similar to those described in
section 4.2. 
 5.4 Collection of After-Tax Contributions 

The Employer will collect Participants’ After-Tax Contributions using payroll procedures. After-Tax Contributions will be transferred to the Trustee as of the earliest date when such contributions can reasonably be segregated from the Employer’s general assets, but in no event later than the date
prescribed by the United States Department of Labor. 

  
 32 

 5.5 Withdrawals of After-Tax Contributions

 An Employee may, upon written request to the Administrator, withdraw from the After-Tax
Contribution Account an amount not to exceed the lesser of (i) his/her total After-Tax Contributions or (ii) his/her After-Tax Contribution Account balance
without the accumulated investment growth thereon, subject to such other restrictions the Employer may impose in the Adoption Agreement. After said withdrawal, the right of the Employee to make After-Tax
Contributions to the Plan will be determined in accordance with the provisions of the Adoption Agreement. 

  
 33 

 ARTICLE 6 

EMPLOYER AND MATCHING CONTRIBUTIONS 

6.1 Eligibility 
 If the
Adoption Agreement so provides, the Employer will make Employer Contributions (Money Purchase Contributions or Profit-Sharing Contributions) and/or Matching Contributions to all Participants pursuant to the provisions of this Article 6. Participants
will have a vested and nonforfeitable interest in their Employer Contributions Account and Matching Contributions Account in accordance with the vesting schedule specified in the Adoption Agreement. 

6.2 Employer Contributions 

A. In General. For each Plan Year that the Plan is in effect, the Employer will make Employer Contributions (Money Purchase
Contributions or Profit-Sharing Contributions) in cash, the amount (if any) to be determined according to the provisions of this Article. If, due to miscalculation or error, the Employer Contributions exceed the amount prescribed or determined by
the IRC, such excess shall be returned to the Employer within the period established by law for filing the Employer’s Puerto Rico income tax return, including extensions, for the taxable year in which the excess occurred. 

The Employer Contribution may be paid in a single sum or installments, but the total amount will be paid to the Trustee not later than the
time (including extensions thereof) prescribed by law for filing the Employer’s Puerto Rico income tax return for its taxable year ending with or within the Plan Year. 

B. Money Purchase Pension Plans. If pursuant to the Adoption Agreement the Plan is a money purchase pension plan, the following
provisions will apply: 
 1. Money Purchase Contribution. For each Plan Year the Employer will contribute an amount which will
equal the contribution required for all Participants entitled to receive an allocation for such year under the contribution formula elected in the Adoption Agreement. 

  
 34 

 2. Integration with Social Security – Money Purchase Plans. If so chosen
in the Adoption Agreement, the Employer will contribute an Excess Contribution Percentage on Compensation in excess of the Social Security Taxable Wage Base or such lesser amount elected by the Employer. In cases where the Integration Level is the
Social Security Taxable Wage Base, the Excess Contribution Percentage when added to the Money Purchase Contribution cannot exceed the lesser of: 
  

	 	(i)	 twice the Base Contribution Percentage or 

 

	 	(ii)	 the greater of: 

  

	 	(I)	 The Base Contribution Percentage plus 5.7 percentage points, or 

 

	 	(II)	 The Base Contribution Percentage plus the OASDI in effect of the beginning of the year. 

In cases where the Integration Level is other than the Social Security Taxable Wage Base, the Excess Contribution Percentage will consist of the lesser of the
Base Contribution Percentage or 7%. 
 3. Maximum Contribution. Employer Contributions to the Plan shall not exceed the
maximum amount which the Employer may deduct under IRC Section 1033.09, or any successor provision or similar statutory provisions hereafter enacted. 

4. Forfeitures. Forfeitures will be applied as specified in the Adoption Agreement. Forfeitures may be used to reduce the amount
the Employer must contribute to the Plan or used to reduce Plan costs and expenses or reallocated to Participant’s accounts in the proportion that each such Participant’s Compensation during such Plan Year bears to the total Compensation
during such Plan Year of all Participants or in the proportion that a Participant’s Account balance bears to the total Plan assets (to the extent such method is non-discriminatory under Section
1081.01(a)(4) of the Code). No forfeitures will occur solely as a result of an Employee’s withdrawal of Employee contributions. 
 C.
Profit-Sharing Plans. If pursuant to the Adoption Agreement the Plan is a profit sharing plan, the following provisions will apply: 

1. Profit-Sharing Contribution. If specified in the Adoption Agreement, for each Plan Year in which the Plan is in effect, the
Employer shall make contributions to the Trust in such amounts as it may determine; the Employer will not be obligated to contribute any particular amount in a Plan Year or to make any contribution at all in any particular Plan Year. 

  
 35 

 2. Maximum Contribution. All Employer Contributions to the Plan shall be made
out of Net Profits and shall not exceed the lesser of: 
 (i) The Employer’s Net Profits; or 

(ii) The maximum amount permitted to be deducted by the Employer under IRC Section 1033.09, or any successor or similar statutory
provisions hereafter enacted. 
 3. Integration with Social Security – Profit Sharing Plans. If so chosen in the Adoption
Agreement, the Employer will contribute an Excess Contribution Percentage on Compensations in excess of the Social Security Taxable Wage or such lesser amount elected by the Employer in the Adoption Agreement. In cases where the Integration Level is
the Social Security Taxable Wage Base, the Excess Contribution Percentage when added to the Profit Sharing Contribution cannot exceed the lesser of: 

(i) twice the Base Contribution Percentage or 

(ii) the greater of: 

(I) The Base Contribution Percentage plus 5.7 percentage points, or 

(II) The Base Contribution Percentage plus the OASDI in effect of the beginning of the year. 

In cases where the Integration Level is other than the Social Security Taxable Wage Base, the Excess Contribution Percentage will consist of the lesser of the
Base Contribution Percentage or 7%. 
 4. Net Profits Defined. “Net Profits” for purposes of this formula shall
mean, in the case of a for profit Employer, the taxable income of the Employer as determinable for Puerto Rico income tax purposes, without any deduction for taxes based upon income or for contributions made by the Employer under the Plan or to
any other qualified plans maintained by the Employer and including any undistributed Net Profits from prior years, after deduction of taxes based upon income and contributions made by the Employer under the Plan or any other qualified plans
maintained by the Employer. In the case of an Employer that is an insurance company, “Net 

  
 36 

 Profits” shall mean the net income as presented on the insurance company’s financial statements
for the year in question prepared in accordance with generally accepted accounting principles, without any deduction for taxes based upon income or for contributions made by the Employer under the Plan or to any other qualified plans maintained by
the Employer and including any retained earnings after deduction of taxes based upon income and contributions made by the Employer under the Plan or any other qualified plans maintained by the Employer. In the case of a not-for profit Employer, “Net Profits” shall mean the surplus of the Employer as determinable for Puerto Rico income tax purposes, without any deduction for contributions made by the Employer under the
Plan or to any other qualified plans maintained by the Employer and including any accumulated surplus from prior years, after deduction of contributions made by the Employer under the Plan or any other qualified plans maintained by the Employer.

 5. Forfeitures. Forfeitures will be applied as specified in the Adoption Agreement. Forfeitures may be (i) reallocated to
Participant’s accounts in the proportion that each such Participant’s Compensation during such Plan Year bears to the total Compensation during such Plan Year of all Participants or in the proportion that a Participant’s Account
balance bears to the total Plan assets (to the extent such method is non-discriminatory under Section 1081.01(a)(4) of the Code); (ii) used to reduce the amount the Employer must contribute to the Plan;
or (iii) used to reduce Plan costs and expenses. No forfeitures will occur solely as a result of an Employee’s withdrawal of Employee contributions. 

6.3 Allocation of Employer Contributions 

A. Employer Contributions for each Plan Year shall be allocated as of the last day of such Plan Year (even though receipt of the Employer
Contributions by the Trustee may take place after the close of such Plan Year) among the Employer Contributions Accounts of those Participants who either completed more than 500 hours of service or were actively employed by the Employer at the end
of such Plan Year or meet such other test provided for in the Adoption Agreement. 
 Notwithstanding the above, a Participant whose
employment with the Employer terminates because of his retirement, Disability or death during the Plan Year is not required to fulfill the foregoing employment requirement to share in the allocation of Employer Contributions for such Plan Year. 

  
 37 

 Employer Contributions to a profit-sharing plan will be allocated so that each Participant
receives a proportionate amount of the total Employer Contribution equal to the ratio of his Compensation over the Compensation of all Participants for the Plan Year unless the Employer designates a different
non-discriminatory manner of allocation at the time the Employer designates the amount of such Profit Sharing Contributions, or so that each Participant receives the percentage of his Compensation for the Plan
Year specified in the Adoption Agreement (money purchase pension plan). 
 6.4 Matching Contributions 

A. Amount of Contribution. If so chosen in the Adoption Agreement, for each matching period, as defined below, the Employer will
make a Matching Contribution in cash on behalf of each Participant who makes Pre-Tax or Catch-up Contributions under Article 4,
After-Tax Contributions under Article 5 during such period and/or in such other manner as the Employer may determine by Board of Directors resolution adopted for such purposes. A Participant will be required
to be an Employee on the last day of a matching period (or to have left employment during such period because of retirement, death or Disability) in order to receive a Matching Contribution for such period. 

The amount or eligibility criteria of such Matching Contribution will be as specified in the Adoption Agreement. The Employer will not make a
Matching Contribution with respect to any Excess Contributions under section 4.8. 
 The Plan Administrator will select the matching period,
which may be the Plan Year or a period shorter than the Plan Year such as each month, three months (quarterly), four months (tri-annual) or six months (semi-annual). Matching Contributions for a matching
period will be transferred to the Trustee within a reasonable time after the end of such period. However, the total amount of the Employer’s Matching Contributions for a Plan Year will be paid to the Trustee by the 

time specified in section 6.2. 
 Matching
Contributions shall be vested in accordance with the vesting schedule selected in the Adoption Agreement. In any event, Matching Contributions shall be fully vested at Normal Retirement Age, upon the complete or partial termination of the Plan, or
upon the complete discontinuance of contributions by the Employer. 

  
 38 

 B. Source of Contributions. In a profit-sharing or 1081 (d) plan, the Matching
Contributions required under this section will be limited to the Employer’s Net Profits, as defined in section 6.2C.3. 
 C. Use of
Forfeitures. Forfeitures will be applied as specified in the Adoption Agreement. Forfeitures may be (i) reallocated to Participant’s accounts in the proportion that each such Participant’s Compensation during such Plan Year
bears to the total Compensation during such Plan Year of all Participants or in the proportion that a Participant’s Account balance bears to the 

total Plan assets (to the extent such method is non-discriminatory under Section 1081.01(a)(4) of the Code); (ii)
used to reduce the amount the Employer must contribute to the Plan; or (iii) used to reduce Plan costs and expenses. 
 6.5 Employer
Additional Contributions 
 A. Amount of Contribution. If so chosen in the Adoption Agreement, the Employer may, in its
discretion, make an Additional Contributions to the Trust for the benefit of Participants. Allocation among Participants shall be made on a nondiscriminatory manner as the Employer may determine in the Adoption Agreement. Such contributions shall
not cause the Plan to exceed the contribution limits established in the Popular Master Plan or by applicable law. 

  
 39 

 ARTICLE 7 

ANNUAL ADDITIONS 

7.1 Annual Additions 

A. Effective for tax years commenced on or after January 1, 2012, a defined contribution plan will not be a qualified plan if the Annual
Additions credited to the Participant’s Account exceed the lesser of: 
  

	 	(i)	 The limit imposed by IRC Section 1081.01(a)(11)(B)(i). 

 

	 	(ii)	 100% of the Participant’s Compensation for the calendar or Plan Year, as selected by the Employer. A
Participant’s Compensation includes the Participant’s contribution under a cash or deferred arrangement for that year. 

A. All defined contribution plans of the same Employer will be aggregated and shall be treated as one plan for purposes of determining
the limitation amount. 
 7.2 Definitions. 

A. For purposes of this ARTICLE 7, the following terms shall have the meanings set forth below: 

1. “Annual Additions” mean: 

a. the sum of the following amounts allocated to a Participant’s Account for a Limitation Year: 

i. all Employer Contributions (other than Catch-up Contributions); 

ii. all forfeitures; and 
 iii.
all Employee Contributions. 
 7.3 Regulations promulgated under the IRC regarding Annual Additions shall be incorporated fully
herein by reference and shall be applicable to all Plans as of the effective date of such regulations. 

  
 40 

 ARTICLE 8 

ROLLOVERS 
 8.1
Rollover Contributions 
 A. If elected in the Adoption Agreement, with the approval of the Plan Administrator, an Employee may: 

1. make a rollover to the Plan of cash in an amount which constitutes all of a qualifying rollover distribution, as defined in IRC
Section 1081.01(b)(2); or 
 2. cause any amount which could be rolled over to the Plan under subsection 1. to be transferred directly
to the Trustee of the Plan from the Trustee or custodian of a Puerto Rico qualified plan or annuity. 
 B. The Employer, the Plan
Administrator and the Trustee have no responsibility for determining the propriety of, proper amount or time of, or status as a tax free transaction of any transfer under subsection A. above. 

C. If an Employee who is not yet a Participant makes a transfer under subsection a above, he will be considered to be a Participant with
respect to administering such transferred amount only. He will not be a Participant for any other purpose of the Plan until he completes the participation requirements under Article 3. 

D. The Employer, Plan Administrator or Trustee in its discretion may direct the return to the Employee (or the retransfer to another Trustee or
custodian designated by the Employee) of any transfer to the extent that such return is deemed necessary to insure the continued qualification of this Plan under IRC Section 1081.01(a) or that holding such contribution hereunder would be
administratively burdensome. 
 E. The Plan Administrator will credit any Rollover Contribution to the Participant’s Rollover
Contributions Account as soon as practicable after receipt thereof by the Trustee. Any amounts separately accounted for under subsection A.2. above will be separately accounted for hereunder as subaccounts within the Employee’s Rollover
Contributions Account. 

  
 41 

 ARTICLE 9 

VESTING 
 9.1
Vesting 
 A Participant will have a vested and nonforfeitable interest in that percentage of his Employer Contributions Account Matching
Contributions Account and/or Employer Additional Contribution Account determined under the vesting schedule specified in the Adoption Agreement. Effective January 1, 2007, to the extent the vesting schedule specified in the Adoption Agreement
fails to meet the requirements of Section 203 of ERISA, the specified vesting schedule will be deemed to be amended as follows: 
 (i)
if the vesting schedule specified in the Adoption Agreement is a cliff vesting schedule it will be deemed amended to a three year cliff vesting schedule; or 

(ii) if the vesting schedule specified in the Adoption Agreement is a graduated vesting schedule it will be deemed amended to a two (2) to
six (6) year graduated vesting schedule at 20% per year. 
 If the vesting schedule specified in the Adoption Agreement is deemed
amended as stated above it will be deemed amended retroactively with respect to Participants (active and inactive) with an Account balance as of January 1, 2007. Notwithstanding, the previous sentence shall not apply with respect to Plans
existing prior to the Merger Date but participating in the Popular Master Plan effective on or after the Merger Date. For purposes of the Plans that were merged, except as otherwise provided in the before merged adoption agreement prior to the
merger (or a supplement thereof), effective for Plan Years commencing after December 31, 2006 and only with respect to amounts in the Employer Contribution Account of a Participant attributable to Employer Contributions made for Plan Years
beginning after December 31, 2006, a Participant will become vested according to Section 203 of ERISA. The vesting for the merged Plans for balances before December 31, 2006 will vest according to the following: 

  
 42 

 (i) if the vesting schedule specified in the Adoption Agreement is a cliff vesting schedule
it will be deemed amended to a five year cliff vesting schedule; or 
 (ii) if the vesting schedule specified in the Adoption Agreement is a
graduated vesting schedule it will be deemed amended to a three (3) to seven (7) year graduated vesting schedule at 20% per year. 

9.2 Full Vesting 

Notwithstanding section 9.1, Participants will become fully vested in their Employer Contributions Account and/or Matching Contributions
Account upon the earlier of (i) reaching Normal Retirement Age while still employed by the Employer; (ii) upon retirement at their Normal Retirement Date or at an Early Retirement Date as specified in the Adoption Agreement;
(iii) upon Disability as defined in section 2.10; or (iv) upon death while still an Employee. Notwithstanding, the previous sentence the vesting schedule applicable for Early Retirement Date for the Plans acquired on the Merger Date will
be the vesting schedule stated in the applicable vesting schedule or table. 
 9.3 Payment of Vested Interest 

A Participant’s vested interest in his accrued benefit will be paid or payment will begin, on a date elected by the Participant in one or
more of the methods described in section 11.1 as elected by the Participant subject to the rules of Article 11. 
 9.4 Forfeiture of Non-Vested Interest 
 A Participant who has separated from service will forfeit the non-vested portion of his accrued benefit on the earlier of (i) the day after he incurs a period of five consecutive breaks in service (as per section 3.4A. if the Plan counts service for vesting purposes using
the hours of service method), or a Period of Severance of sixty (60) months (as per section 3.4B., if the Plan counts service for vesting purposes using the elapsed time method) or, (ii) the date the Participant receives a distribution of
the Participant’s entire nonforfeitable portion of his accrued benefit derived from Employer Contributions. Forfeitures will be applied as provided in Articles 6.2B.4. and 6.2C.5. of this Plan. 

  
 43 

 9.5 Resumption of Employment 

A former Participant who returns to employment with the Employer after a period of less than five consecutive breaks in service (as per section
3.4A., if the Plan counts service for vesting purposes using the hours of service method) or a Period of Severance of sixty (60) months (as per section 3.4B., if the Plan counts service for vesting purposes using the elapsed time method) will
receive credit for all his prior years of service for vesting purposes. 
 If a Participant receives a distribution and resumes employment
covered under the Plan before the Participant has 5 consecutive Breaks in Service (as per section 3.4A., if the Plan counts service for vesting purposes using the hours of service method) or a Period of Severance of sixty (60) months (as per
section 3.4B., if the Plan counts service for vesting purposes using the elapsed time method), the Employer shall restore to the Participant’s Employer Account an amount equal to the dollar amount of the Forfeitures from such accounts if the
Participant repays to the Plan an amount equal to the dollar amount of the distributions from the Participant’s Employer Account in accordance with this section 9.5. Such repayment must be made before the earlier of (a) 5 years after the first
date on which the Participant is subsequently reemployed by the Employer, or (b) the date the Participant incurs 5 consecutive Breaks in Service (as per section 3.4A., if the Plan counts service for vesting purposes using the hours of service
method) or a Period of Severance of sixty (60) months (as per section 3.4B., if the Plan counts service for vesting purposes using the elapsed time method) following the date of distribution. 

9.6 Calculating Vested Interest After Withdrawal or Distribution 

A. This section applies only in cases in which the Plan Sponsor chooses in the Adoption Agreement the graded vesting schedule. Where a
Participant’s Employer Contributions Account and/or Matching Contributions Account is charged with a withdrawal or distribution at a time when he is not fully vested in such account, the remaining balance of the Participant in such account will
be credited to the Single Suspense Account. The Participant’s vested interest in such Single Suspense Account will be determined in accordance with the following formula: 

X = P(AB + W/D) - W/D 
 For
purposes of the formula: 
 1. “X” is the Participant’s vested interest in the Single Suspense Account at the time the
formula is applied; 

  
 44 

 2. “P” is the Participant’s vested percentage in his/her Employer
Contributions Account and/or Matching Contributions Account at the time the formula is applied; 
 3. “AB” is the balance related
to the Participant in the Single Suspense Account at the time the formula is applied; and 
 4. “W/D” is the amount withdrawn by,
or distributed to, the Participant at the time the formula is applied. 
 The term remaining balance as used in this section means a
Participant’s interest in his Employer Contributions Account and/or Matching Contributions Account remaining after a withdrawal or distribution of a portion or all of his vested interest therein. 

  
 45 

 ARTICLE 10 

IN-SERVICE WITHDRAWALS 

10.1 Withdrawal of Pre-Tax and Catch-up Contributions

 A. Amount. Except as otherwise provided in Section 10.1C., a Participant other than an Owner-Employee, may make in-service withdrawals from his Pre-Tax Contributions Account and Catch-up Contributions Account in the event of financial hardship
only. The maximum withdrawal from the Participant’s Pre-Tax Contributions Account and Catch-up Contributions Account is the smaller of the amount of his Pre-Tax Contributions and Catch-up Contributions, without earnings or investment gains, or the amount needed to alleviate his financial hardship. A Participant, however, may
not apply for more than two (2) in-service withdrawals from his Pre-Tax Contributions Account and Catch-up Contributions
Account in any Plan Year. 
 B. Financial Hardship. 

1. An in-service withdrawal will be on account of financial hardship only if the Participant has an
immediate and heavy financial need and the withdrawal is necessary to meet such need. 
 2. A withdrawal will be deemed to be on account of
an immediate and heavy financial need if it is occasioned by: 
 a. deductible medical expense incurred by the Participant, his spouse, or
dependent; 
 b. purchase of the Participant’s principal residence (not including mortgage payments); 

c. tuition payments and educational expenses for the next twelve months of post-secondary education for the Participant, his spouse, children
or dependents; 
 d. rent or mortgage payments to prevent the Participant’s eviction from or the foreclosure of the mortgage on his
principal residence; 
 e. funeral expenses for the Participant’s deceased parent, spouse, children or, dependents; or 

f. any other cause that, in the Administrator’s determination, has produced an immediate and heavy financial need; provided, that the
Administrator may, 

  
 46 

 in its sole discretion, alter the foregoing definition of financial hardship or otherwise limit the amount,
time, or manner of any distribution under this provision to the extent deemed necessary by the Administrator to satisfy the requirements of PR Code Regulation Article 1165-8(d)(2) or a subsequent applicable
final Regulation or Statute. No distribution under this provision will be made from any income allocable to Elective Contributions, or Matching Contributions. 

g. such other event or circumstances as the Puerto Rico Secretary of the Treasury through administrative determinations, notices or other
documents of general application may permit. 
 3. A withdrawal will be deemed necessary to satisfy the Participant’s financial needs
if: 
 a. the Participant has made all non-financial hardship withdrawals and obtained all
nontaxable loans available under all of the Employer’s qualified retirement Plans; and each such other Plan which provides for Pre-Tax Contributions and Catch-up
Contributions contains restrictions similar to those in section 4.4B.; 
 b. the financial need cannot be satisfied through insurance
reimbursement or compensation or through other means; 
 c. the financial need cannot be satisfied through the reasonable liquidation of the
Participant’s assets to the extent the liquidation itself does not cause a financial hardship; 
 d. the financial need cannot be
satisfied by stopping all of the Participant’s contributions to the Plan; 
 e. the Participant has obtained all commercial loans
available on reasonable commercial terms; or 
 f. the Participant satisfies such other requirements as may be prescribed by the Puerto Rico
Secretary of the Treasury. 
 4. A Participant must establish to the Plan Administrator’s satisfaction both that the Participant has an
immediate and heavy financial need and that the withdrawal is necessary to meet the need, as provided in subsections 2. and 3. above. 

  
 47 

 A Participant’s application for a financial hardship withdrawal may be in writing on
such form and containing such information (or other evidence or materials establishing the Participant’s financial hardship) or through such other means as the Plan Administrator may require. The Plan Administrator’s determination of the
existence of and the amount needed to meet a financial hardship will be binding on the Participant. 
 Any withdrawal under this section will
be paid to the Participant as soon as practicable after the Plan Administrator’s receipt of the Participant’s withdrawal form. 

C. Withdrawals After Age 59 1⁄2.
Notwithstanding subsection B. above, 
 1. to the extent provided in the Adoption Agreement, a Participant including an Owner-Employee
may make in-service withdrawals from his Pre-Tax Contributions, Catch-up Contributions, Qualified Matching, Qualified Non-Elective Contributions Accounts and the vested portion of his Matching Contribution, Profit Sharing Contribution and Employer Additional Contributions Account after he has reached age 59 1⁄2; and 
 2. a Participant may make in-service withdrawals from his Pre-Tax Contributions, Catch-up Contributions, Qualified Matching and/or Qualified Non-Elective Contributions Accounts under the following circumstances: (i) termination of the Plan without the establishment of a successor Plan; (ii) the sale or other disposition to an unrelated entity
of substantially all of the assets used by the Employer in a trade or business, provided the Employee continues in employment with the purchaser of the assets; (iii) the sale or other disposition to an unrelated entity of a subsidiary of the
Employer, provided the Employee continues in employment with the subsidiary. 
 D. Spousal Consent to
In-Service Withdrawals. If a withdrawal under this section is made from a Plan that is a restatement of an existing plan which provided for the payment of benefits in the form of an annuity that was
not eliminated at the time of a restatement effective after December 31, 2001. A married Participant’s spouse must consent to an in-service withdrawal under this section. Such consent must be in
writing and witnessed by a notary public or the Plan Administrator (or any Plan representative appointed by the Plan Administrator for such purpose). 

E. Payment. Any withdrawal under this section will be paid to the Participant as soon as practicable after the Plan Administrator’s
receipt of a complete and accurate Participant’s withdrawal form. 

  
 48 

 F. Limitation on Future Contributions. A Participant who makes a hardship
withdrawal under this section may not make a Pre-Tax Contribution, Catch-up Contribution and After-Tax Contribution for a
period of up to 12 months following such in-service withdrawal. The Participant shall also be subject to the additional restrictions imposed on section 4.4B. of this Plan. 

G. Incorporation of Regulations. In administering the financial hardship withdrawal provisions, the Plan Administrator shall
comply with the applicable IRC regulations which are incorporated herein by reference. 
 10.2 Withdrawal of After-Tax Contributions 
 A. Amount. A Participant whose employment has not terminated may
upon reasonable advance written notice to the Plan Administrator withdraw all or any portion of his After-Tax Contributions Account to the extent not previously withdrawn. In the case of a Participant
who is an Owner-Employee who has not reached the age of 59  1⁄2, the maximum amount that may be withdrawn is the Owner-Employee’s After-Tax Contributions to the extent not previously withdrawn. 
 B. Payment. Any withdrawal under
this section will be paid to the Participant as 
 soon as practicable after the Plan Administrator’s receipt of a complete and accurate
Participant’s withdrawal form; however the Plan Administrator may approve an earlier payment of some or all of the amount to be withdrawn if such earlier payment would not be detrimental to the interests of the other Participants. 

C. Limitations. The Popular Master Plan Sponsor and the Plan Administrator may establish reasonable minimum withdrawal amounts
and reasonable limitations on the frequency or number of withdrawals during a Plan Year. No forfeitures will occur solely as a result of an Employee’s making an in-service withdrawal. 

10.3 Withdrawal of Matching Contributions 

A. Amount. A Participant other than a Participant who is an Owner-Employee who has not reached the age of 59  1⁄2 may make in-service withdrawals from his vested portion of his Matching Contributions Account to the extent provided in
the Adoption Agreement for financial hardship situations, as defined in Section 10.1B. A Participant, however, may not apply for more than two (2) in-service withdrawals from his Matching
Contributions Account in any Plan Year. 

  
 49 

 Any withdrawal under this section will be paid to the Participant as soon as practicable
after the Plan Administrator’s receipt of a complete and accurate Participant’s withdrawal form. 
 10.4 Withdrawals of
Profit-Sharing Contributions 
 A. Amount. A Participant other than a Participant who is an Owner-Employee who has not
reached the age of 59  1⁄2 may make in-service withdrawals from his vested portion of his Profit-Sharing Contributions
Account to the extent provided in the Adoption Agreement for financial hardship situations, as defined in Section 10.1B. A Participant, however, may not apply for more than two (2) in-service
withdrawals from his Profit Sharing Contributions Account in any Plan Year. 
 Any withdrawal under this section will be paid to the
Participant as soon as practicable after the Plan Administrator’s receipt of the Participant’s withdrawal form. 
 10.5
Withdrawals of Employer Additional Contribution 
 A. Amount. A Participant other than a Participant who is an Owner-Employee
who has not reached the age of 59  1⁄2 may make in-service withdrawals from his vested portion of his Employer
Additional Contribution Account to the extent provided in the Adoption Agreement for financial hardship situations, as defined in Section 10.1B. A Participant, however, may not apply for more than two
(2) in-service withdrawals from his Employer Additional Contribution Account in any Plan Year. 

Any withdrawal under this section will be paid to the Participant as soon as practicable after the Plan Administrator’s receipt of the
Participant’s withdrawal form. 
 10.6 Withdrawals of Rollover Contributions 

A. Amounts. A Participant may upon reasonable advance notice to the Plan Administrator withdraw all or any portion of his
Rollover Contributions Account. The Plan Administrator may establish reasonable minimum withdrawal amounts. 
 B. Payment. Any
withdrawal under this section will be paid to the Participant as soon as practicable after the Plan Administrator’s receipt of a complete and accurate Participant’s withdrawal form or request; however, the Plan Administrator may
approve an earlier payment of all or some of the amount to be withdrawn if such earlier payment would not be detrimental to the interests of the other Participants. 

  
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 ARTICLE 11 

DISTRIBUTION OF BENEFITS 

11.1 Methods of Distribution 

A. The distribution of benefits to which a Participant may become entitled shall be made in accordance with this Article 11. 

1. The benefits provided by the Plan shall be distributed, upon separation from service or termination of employment, under whichever of the
following methods is elected in 
 the Adoption Agreement: 

a. The purchase of a nontransferable, conventional fixed or variable annuity contract, providing payments at least annually, of such type and
from such insurance company approved by the Plan Administrator; 
 b. A single distribution of the entire vested balance then standing in
the Participant’s accounts; or 
 Payments in monthly, quarterly, semiannual or annual installments of substantially equal designated
amounts over a period of years certain not to exceed ten (10) years. Notwithstanding, this sentence shall not apply with respect to Plans existing prior to the Merger Date but participating in the Popular Master Plan effective after the Merger
Date. For purposes of the plans that were merged, except as otherwise provided in the adoption agreement prior to the Merger Date (or a supplement thereof) or the Plan, Employees with the option of receiving benefits not to exceed the life
expectancy of the Employee will keep receiving the benefits under that method. 
 c. Payments in monthly, quarterly, semiannual or annual
installments of substantially equal designated amounts over a period of years certain not to exceed the life expectancy of the Employee. 

d. If so selected in the Adoption Agreement, for those Participant’s who attain Normal Retirement Age or Early Retirement Age payments in
monthly, quarterly, semiannual or annual installments of substantially equal designated amounts over a period of years certain not to exceed ten (10) years. 

  
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 e. If so selected in the Adoption Agreement, for those Participant’s who attain Normal
Retirement Age or Early Retirement Age payments in monthly, quarterly, semiannual or annual installments of substantially equal designated amounts over a period of years certain not to exceed the life expectancy of the Employee. Notwithstanding,
this sentence shall not apply with respect to Plans existing prior to the Merger Date but participating in this Plan effective after the Merger Date. For purposes of the plans that were merged, except as otherwise provided in the adoption agreement
prior to the Merger Date (or a supplement thereof) or the Plan, Employees with the option of receiving benefits not to exceed the life expectancy of the Employee will keep receiving the benefits under that method. 

If more than one method of distribution is elected in the Adoption Agreement, then, the Participants shall elect under which of those methods
his or her benefits shall be distributed. If Participants elect to receive periodic payments, a change in such election will not be allowed once such periodic payments commence except to the extent such election is changed to a lump sum distribution
for the remaining balance in the plan. 
 Except in the case of a Participant in a profit sharing or 1081.01(d) version of this Popular
Master Plan, retirement benefits to a married Participant will be paid in the form of a qualified joint and survivor annuity unless the Participant elects otherwise as provided in subsection A.2.b. below. 

Under a profit sharing or 1081.01(d) version of this Popular Master Plan, the Participant will receive his benefits in the form of a lump sum
payment unless the profit sharing or 1081.01(d) Plan (i) elects periodical payments in monthly, quarterly, semiannual or annual installments of substantially equal amounts over a period of years certain not to exceed 10 years or (ii) is a
restatement of an existing plan which provided for payment of benefits in the form of an annuity that was not eliminated at the time of a restatement effective after December 31, 2001, in which case, this form of benefit will be preserved. If
the Participant elects or is entitled to receive his accrued benefits under this Popular Master Plan in the form of a lump sum payment, such benefits shall be paid, at the Participant’s discretion, in cash, common stock of the Plan Sponsor, if
applicable, or a combination thereof. The value of the Participant’s benefits shall be determined as provided in Article 10.2.B. of this Popular Master Plan. 

  
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 For plans that were merged from the Westernbank Master Prototype Defined Contribution Profit
Sharing Plan, effective on the Merger Date the Participant will receive his benefits in the form of a lump sum payment unless the profit sharing or 1081.01(d) Plan (i) elects periodical payments in monthly, quarterly, semiannual or annual
installments of substantially equal amounts over a period of years certain not to exceed 10 years or (ii) is a restatement of an existing plan which provided for payment of benefits in the form of an annuity that was not eliminated at the time
of a restatement effective after December 31, 2001, in which case, this form of benefit will be preserved. 
 An election to receive a
Plan distribution under any method set forth in this subsection A.1 for an Annuity Starting Date which occurs on or after the Participant’s Normal Retirement Age, Early Retirement Age or Disability shall apply to all subsequent distributions
made from the Participant’s accounts. If a participant is declared mentally disabled as provided in Section 2.19, any benefits to which such Participant is entitled shall be paid to the person legally charged with the care of his/her
person or of his/her estate or if other as determined by applicable law. Notwithstanding the foregoing, a Participant who selects the method of payment under 11.1 (A) (1) (c) may change the method to a lump sum distribution for the remaining balance
of the account. Except with respect to the payment of a qualified joint and survivor annuity pursuant to subsection A.2 below or a lump-sum distribution, the Participant shall in all cases elect a distribution
method which requires that the present value of the payments to be made to the Participant exceed fifty percent (50%) of the present value of the total payments to be made to the Participant and his Beneficiary, determined as of the date such
payments commence. 
 2. If at any time the Participant elects or has elected that his benefits be paid through the purchase of an annuity,
the Plan Administrator shall direct the Trustee to purchase an annuity contract in the form of a qualified joint and survivor annuity for all distributions to the Participant. 

a. The term “qualified joint and survivor annuity” means an annuity that commences immediately for the life of the Participant if he
does not have an Eligible Spouse or, if he has an Eligible Spouse, an annuity that commences immediately, which is at least as valuable as any other alternate form of benefit payable under the Plan, for the joint lives of the Participant and his
Eligible Spouse. Upon the election of the Participant, which may be made at any time and any number of times, the survivor annuity shall be fifty percent (50%) or one hundred percent (100%) of the amount of the annuity payable during the joint lives
of the Participant and his Eligible Spouse, both of which shall be actuarially equivalent; provided that in the event no election 

  
 53 

 is made, the survivor annuity shall be fifty percent (50%) of the amount payable during the
Participant’s and his Eligible Spouse’s joint lives. Effective for Plan Years commencing after December 31, 2007 and upon the election of the Participant, which may be made at any time and any number of times, the survivor annuity
shall be fifty percent (50%), seventy five percent (75%) or one hundred percent (100%) of the amount of the annuity payable during the joint lives of the Participant and his Eligible Spouse, both of which shall be actuarially equivalent; provided
that in the event no election is made, the survivor annuity shall be fifty percent (50%) of the amount payable during the Participant’s and his Eligible Spouse’s joint lives. In determining the Participant’s interest subject to the
qualified joint and survivor annuity requirement, any security interest held by the Plan by reason of a loan outstanding to the Participant shall reduce the Participant’s interest if the security interest is treated as payment in satisfaction
of the Plan loan to the Participant. 
 b. Notwithstanding the foregoing, a Participant may elect to waive the qualified joint and survivor
annuity and thereby receive an alternate form of distribution. Such waiver must be made within the ninety (90) day period ending on the Participant’s Annuity Starting Date with respect to such benefit. A Participant may subsequently revoke
an election to waive a qualified joint and survivor annuity and elect again to waive the qualified joint and survivor annuity at any time and any number of times prior to such Annuity Starting Date. All such elections and revocations shall be in
writing. Any election to waive a qualified joint and survivor annuity (1) must specify the alternate form of distribution elected, (2) must be accompanied by the designation of a specific nonspouse beneficiary (including any class of
beneficiaries or any contingent beneficiaries) who will receive the benefit upon the Participant’s death, if applicable, and (3) must be accompanied by a Spousal Consent, to the extent required pursuant to section 2.66. 

B. If a Participant dies before the Annuity Starting Date with respect to such benefits, the portion of his vested accounts balances which are
not currently being distributed in the form of a qualified joint and survivor annuity shall be distributed as provided in this subsection B. 

1. If the Participant is unmarried on the date of his death, his entire interest (reduced by any security interest held by the Plan by reason
of a loan outstanding to the Participant) shall be distributed to his Beneficiary in a single distribution or in installments at the time set forth in section 10.3. 

  
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 2. Except as provided in subsection 3 below, if the Participant is married on the date of
his death, his entire interest (reduced by any security interest held by the Plan by reason of a loan outstanding to the Participant) shall be distributed to his Beneficiary in a single distribution or in installments at the time set forth in
section 11.3. 
 3. If the Participant is married on the date of his death and the Plan is, with respect to the Participant, an offset plan
or a direct or indirect transferee (in a transfer after December 31, 1984) of a defined benefit plan, a money purchase pension plan (including a target benefit plan), or a stock bonus or profit-sharing plan which otherwise would be required to
provide for a life annuity form of payment to the Participant, then fifty percent (50%) of the Participant’s vested interest as of the date of his death (or fifty percent (50%) of the amount of the Participant’s accounts attributable to
the transferred amount, if such transferred amount is separately accounted for and gains, losses, withdrawals, contributions, forfeitures, and other credits or charges are allocated on a reasonable basis between the transferred amount and other
assets in the Participant’s accounts) shall be applied toward the purchase of an annuity for the life of his Eligible Spouse (a “qualified pre-retirement survivor annuity”) unless otherwise
elected as provided below. This Plan shall be considered to be an offset plan if it is used to offset benefits in a plan which is subject to the survivor annuity requirements with respect to the Participant whose benefits are offset. In determining
the Participant’s interest, any security interest held by the Plan by reason of a loan outstanding to the Participant shall reduce the Participant’s interest if the security interest is treated as payment in satisfaction of the Plan loan
to the Participant. The portion of the Participant’s vested interest not applied to the purchase of the qualified pre-retirement survivor annuity shall be distributed to the Participant’s Beneficiary
as provided in subsection B.: 
 a. Within the applicable notice period, each Participant shall be furnished with a written “notice of
the qualified pre-retirement survivor annuity” in such terms and in such manner as would be comparable to the “general notice of distribution” provided pursuant to section 11.2A. This notice
must be accompanied by a general description of the eligibility conditions, relative values, and other material features of each method of distribution under section 11.1A.1. The “applicable notice period” means, with respect to each
Participant, whichever of the following periods ends last: (1) the period beginning with the first day of the Plan Year in which the Participant attains age 32 and ending with the close of the Plan Year preceding the Plan Year in 

  
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 which the Participant attains age 35; (2) the period commencing one year before an ending one year after the
individual becomes a Participant; or (3) the period commencing one year before and ending one year after the annuity requirement of section 11.1A.1.a first applies to such Participant. In addition, the applicable notice period for a Participant
who separates from service before attaining age 35 shall be the period beginning one year before and ending one year after the Participant’s separation from service. Such notice shall be given to the Participant in person, by mailing, by
posting, or by placing it in an Employer publication which is distributed in such a manner as to be reasonably available to such Participant. If the explanation is to be posted, it shall be posted at the location within the Participant’s
principal place of employment which is customarily used for employer notices to employees with regard to labor-management relations matters. 

b. A Participant may elect to waive a qualified pre-retirement survivor annuity, revoke such election,
and elect again to waive the qualified pre-retirement survivor annuity at any time and any number of times during the applicable election period. All such elections and revocations shall be in writing. Any
election to waive a qualified pre-retirement survivor annuity must be accompanied by (1) the designation of a specific nonspouse beneficiary (including any class of beneficiaries or any contingent
beneficiaries) who will receive the benefit upon the Participant’s death, if applicable, and (2) a Spousal Consent to the extent required by section 2.66. The “applicable election period” for the waiver of the qualified pre-retirement survivor annuity shall commence once the Participant receives a written explanation of such annuity as set forth in section 11.1B.3.a above or on the first day of the Plan Year in which the
Participant attains age 35, whichever occurs earlier. Any waiver of the qualified pre-retirement survivor annuity made prior to the first day of the Plan Year in which the Participant attained age 35 shall
become invalid as of such date and a new waiver must be issued in order for a waiver of a qualified pre-retirement survivor annuity to be effective. 

c. Except as provided in subsection d. below, the qualified pre-retirement survivor annuity benefit
shall only apply to a Participant if he is credited with at least one Hour of Service with the Employer on or after August 23, 1984. 

d. If a Participant dies with an effective waiver of the qualified pre-retirement survivor annuity in
force or the Eligible Spouse so elects after the Participant’s death, his account shall be distributed in the manner specified for unmarried Participants in section 11.1B.1. above. 

  
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 11.2 Time of Distribution to Participant 

A. The Plan Administrator must provide the Participant with “general notice of distribution” no less than thirty (30) and no
more than ninety (90) days before the Participant’s Annuity Starting Date. Such notice must be in writing and must set forth the following information: (i) an explanation of the eligibility requirements for, the material features of, and
the relative values of the alternate forms of benefits available under section 11.1A., and (ii) the Participant’s right to defer receipt of a Plan distribution under sections 11.2C. and D. If the Plan is a transferee or offset plan with
respect to the Participant as set forth in section 11.1B.3, the general notice also shall include (a) the terms and conditions of a qualified joint and survivor annuity; (b) the Participant’s right to make, and the effect of, an
election to waive the qualified joint and survivor annuity; (c) the rights of the Participant’s Eligible Spouse; and (d) the right to make, and the effect of, a revocation of an election to waive a qualified joint and survivor
annuity. Such notice shall be given to the Participant in person, by mailing, by posting, or by placing it in an employer publication which is distributed in such a manner as to be reasonably available to such Participant. If the notice is to be
posted, it shall be posted at the location within the Participant’s principal place of employment which is customarily used for employer notices to employees with regard to labor-management relation matters. 

B. Upon receipt of the general notice of distribution, a Participant may consent to receive a distribution of his vested accounts (based upon
the valuation of his vested account as of the Valuation Date preceding his termination of service) as soon as practicable after his termination of service. Such consent may be in writing or in such other manner as the Plan Administrator may provide.
A Participant’s vested accounts shall be distributed in the manner set forth in section 11.1A. If at any time the Participant elects or has elected that his benefits be paid through the purchase of an annuity other than a qualified joint and
survivor annuity, the Participant’s consent to receive such distribution prior to his Normal Retirement Age must be accompanied by the written consent of the Participant’s Eligible Spouse, if married, which is comparable to the Spousal
Consent requirements in section 2.66. 

  
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 C. Subject to the maximum deferral requirements of sections 11.2E. and F., a Participant may
elect to defer receipt of a Plan distribution, provided that such election is in writing, described the form of benefit payment, indicates the date the distribution is to commence, and is signed by the Participant. To the extent not consistent with
section 11.2D. below, in the event that the Participant does not elect to defer receipt of his distribution, payment of the vested balance in the Participant’s accounts shall begin no later than the 60th day after the latest of the close of the
Plan Year in which: 
 1. The Participant attains the earlier of age sixty-five (65) or Normal Retirement Age; 

2. Occurs the tenth (10th) anniversary of the year in which the Participant entered the Plan; or 

3. The Participant terminates service with the Employer. 

D. In the event that the Participant has terminated service and the Participant (and the Eligible Spouse, if applicable) neither consents to
receive a Plan distribution nor elects to defer receipt of a Plan distribution, the Participant’s accounts shall be distributed in the normal benefit form as soon as practicable thereafter, but in no event before the date the Participant
attains Normal Retirement Age, if such vested accounts exceed $5,000 (or, if the Participant’s vested accounts exceeded $5,000 prior to such distribution, is less than or equal to $5,000 for distributions made after the initial distribution
date). In computing the value of a Participant’s vested accounts to determine whether they exceed $5,000, Rollover Contributions and the earnings thereon shall be disregarded. For purposes of this section, “normal benefit form” shall
mean a single distribution or, if the Plan is a transferee or offset plan with respect to the Participant as set forth in section 11.1A.1.a., a qualified joint and survivor annuity as set forth in section 11.1A.1.b. and 11.1A.2., respectively. 

E. If the form of distribution is other than a single distribution, then the Participant’s entire interest shall be paid over a period not
extending beyond the life (or the life expectancy) of the Participant and his Beneficiary. For purposes of this subsection, a Participant may elect (other than in the case of a life annuity) to have the life expectancy of either he or his spouse, or
both, redetermined; provided, however, that if a timely election is not made, such redetermination shall not be made. A Participant’s election to redetermine life expectancy shall be made no later than the time distributions are required to
commence, shall be irrevocable, shall specify the frequency with which redeterminations are to be made (not more frequently than annually), and shall require that such redeterminations be made from that date forward. 

  
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 F. Notwithstanding anything to the contrary contained in this Plan, if so chosen in the
Adoption Agreement, distribution of the vested balance in the Participant’s accounts, or the first installment of such distribution, shall be made or commenced, at the Employee’s option, on the April 1 of the calendar year following
the calendar year in which the Participant attains age 70  1⁄2. If the amount of the required payment cannot be ascertained by the date payment is to be made
or commenced, or if it is not possible to make such payment because of the Plan Administrator’s inability to locate the Participant after making reasonable efforts to do so, a payment retroactive to the required commencement date shall be made
no later than sixty (60) days after the date the amount of such payment can be ascertained or the Participant is located. 
 11.3
Time of Distribution to Beneficiary 
 A. A Participant’s Beneficiary may consent to receive a distribution of the
Participant’s vested accounts balances which shall commence within ninety (90) days (or within such longer period as is reasonable based on the particular facts and circumstances) after the Participant’s death, to be distributed in
the manner set forth in section 11.1B. If the Beneficiary is the Participant’s Eligible Spouse, such consent must be comparable to the Spousal Consent requirements in section 2.66. 

B. A Beneficiary may elect to defer such distribution beyond the time specified in subsection A above, provided that such election is in
writing, describes the form of benefit payment to be received, indicates the date distributions are to commence, is signed by the Beneficiary, and satisfied the requirements of subsection D. below. 

C. In the event that the Beneficiary neither consents to receive a Plan distribution nor elects to defer receipt of a Plan distribution, the
Beneficiary shall receive a Plan distribution in the normal benefit form within ninety (90) days (or within such longer period as is reasonable based on the particular facts and circumstances) after the Participant’s death. For purposes of
this subparagraph, “normal benefit form” shall mean a single distribution and, to the extent required by section 11.1B.3., a qualified pre-retirement survivor annuity. Notwithstanding the foregoing
but subject to subsection d. below, if the Beneficiary is the Participant’s Eligible Spouse and the Plan is a transferee or offset plan with respect to the Participant as set forth in section 11.1A.1.a., the 

  
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 Beneficiary shall not receive a Plan distribution before the date the Participant attained or would have
attained Normal Retirement Age if the Participant’s vested accounts exceed $5,000 at the time of distribution (or, if the Participant’s vested accounts exceeded $5,000 prior to such distribution, is less than or equal to $5,000 for
distributions made after the initial distribution date. In computing the value of a Participant’s vested accounts to determine whether they exceed $5,000, Rollover Contributions and the earnings thereon shall be disregarded. 

D. Notwithstanding any provision of this Article to the contrary, any distribution to a Participant’s Beneficiary must comply with the
following requirements: 
 1. If distributions to a Participant have begun and the Participant dies before the entire interest has been
distributed to him, the remaining portion shall be distributed at least as rapidly as under the distribution method being utilized on the date of his death. 

2. Except as provided in subsection D.3. below, in no event shall distributions be made later than December 31 of the calendar year which
contains the fifth anniversary of the Participant’s death unless the Participant’s designated Beneficiary elects to receive payments in substantially equal installments at least annually for a period not exceeding the Beneficiary’s
life expectancy, in which case the first installment must be made by December 31 of the calendar year immediately following the calendar year of the Participant’s death. Any such election shall be made prior to the date the distribution is
scheduled to commence. 
 3. An Eligible Spouse who elects to receive installment payments as set forth in subsection D.2. above, over such
Eligible Spouse’s life expectancy (which may be redetermined no more frequently than annually) may defer commencement of payments until December 31 of the calendar year the deceased participant would have attained 70  1⁄2. Such an election shall be made by the earlier of (a) the date the distribution is required to commence under the preceding sentence, or
(b) December 31 of the calendar year which contains the fifth anniversary of the Participant’s death. An Eligible Spouse who elects to have her life expectancy redetermined must do so no later than the time distributions are required
to commence under this subsection, at which time the election will be irrevocable and shall apply to all subsequent years; provided, however, that if no election is made by the time distribution is required to commence, life expectancy may not be
redetermined. If the Eligible Spouse elects to defer such distribution in accordance with this subsection and the Eligible Spouse dies leaving an unpaid balance, the balance shall be distributed no later than December 31 of the calendar year
which contains the fifth anniversary of the Eligible Spouse’s death to the Beneficiary designated by the Participant or, in the absence of such designation, to the estate of the Eligible Spouse. 

  
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 11.4 Small Account Balances 

Notwithstanding anything to the contrary in sections 11.1, 11.2 and 11.3, if the Participant has terminated service or has died with a vested
accounts balance of $5,000 or less on the date distributions commence, the entire value of the Participant’s vested accounts shall be distributed in a single sum distribution as soon as practicable to the Participant, or, in the event of his
death, to his Beneficiary. Effective In computing the value of a Participant’s vested accounts to determine whether they exceed $5,000, Rollover Contributions and the earnings thereon shall be disregarded. 

11.5 Nonliability 
 Any
payment to any Participant, or to his legal representative or Beneficiary, in accordance with the provisions of the Plan, shall to the extent thereof be in full satisfaction of all claims hereunder against the Trustee, the Plan Administrator and the
Employer, any of whom may require such Participant, legal representative or Beneficiary, as a condition precedent to such payment, to execute a receipt therefor in such form as shall be determined by the Trustee, the Plan Administrator, or the
Employer, as the case may be. The Employer does not guarantee the Trust, the Participants, former Participants or their Beneficiaries against lost of or depreciation in value of any right or benefit that any of them may acquire under the terms of
this Plan. All benefits payable hereunder shall be paid or provided for solely from the Trust, and the Employer does not assume any liability or responsibility therefore. 

11.6 Missing Persons 
 In
the case of any benefit payable to a Participant, Beneficiary or any other person so entitled under this Plan, if the Plan Administrator is unable to locate the Participant, Beneficiary or person within six (6) months from the date a certified
letter was mailed to such Participant, Beneficiary or other person notifying him of the benefit, the Plan Administrator shall utilize the United States Social Security Administration’s (“SSA”) services in forwarding a notice to the
Participant’s, Beneficiary’s or person’s last address in the SSA’s records. Any fee payable for the SSA’s service shall be charged to the missing Participant’s, Beneficiary’s or person’s Account. If six
(6) months after the date the SSA’s services were used, the benefit remains unpaid the Plan Administrator shall 

  
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 direct the Trustee to establish a segregated account. This account shall share in the allocations of Trust
income or loss on a segregated basis. The Trustee shall continue to maintain this segregated account until: (a) the Participant, Beneficiary or person entitled to the benefit makes application therefore; or (b) the benefit reverts by
escheat to the state, whichever occurs first. 
 11.7 Beneficiaries 

A. Designation of Beneficiary. Subject to the qualified pre-retirement survivor annuity
and qualified joint and survivor annuity requirements set forth in this Article 11, a Participant shall have the right to designate, on forms provided by the Employer, a Beneficiary or Beneficiaries to receive the benefits herein provided in the
event of this death (reduced by any security interest held by the Plan by reason of a loan outstanding to the Participant) and to revoke such designation or to substitute another Beneficiary or Beneficiaries at any time. Notwithstanding the
preceding sentence, if this Plan is not a transferee or offset plan with respect to the Participant, a married Participant’s initial designation of a Beneficiary or change in Beneficiary designation to someone other than or in addition to his
Eligible Spouse shall not be effective unless Spousal Consent is obtained. 
 B. Absence of Valid Designation of Beneficiaries. If, upon the
death of a Participant, former Participant or Beneficiary, there is no valid designation of Beneficiary on file with the Employer, the following shall be designated by the Plan Administrator as the Beneficiary or Beneficiaries, in order of priority:

 1. The surviving spouse; 

2. Surviving children, including adopted children, in equal shares; 

3. Surviving descendants, per stirpes; 

4. Surviving parents, in equal shares; 

5. The Participant’s estate; 

6. The Beneficiaries estate. 

The determination of the Plan Administrator as to which persons, if any, qualify within the categories listed above shall be final and
conclusive upon all persons. 
 However if the Plan is established for an Owner-Employee such that the Owner-Employee is the sole
Participant in the Plan, upon the death of the Owner-Employee, the Plan Administrator shall designate the Participant’s estate as the Beneficiary. 

  
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 11.8 Rollovers to Other Plans or Individual Retirement Accounts 

A. A Participant may elect to rollover directly to another employer plan qualified under IRC Section 1081.01, to an individual retirement
account or annuity described in IRC Section 1081.02 or a non-deductible individual retirement account described in IRC Section 1081.01(a)(3), that accepts the distribution. 

The Participant, his spouse or Beneficiary may also make the rollover described in the previous sentence within 60 days of receipt of the
distribution. 

  
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 ARTICLE 12 

LOANS 
 12.1 In
General 
 If the Adoption Agreement so provides, loans will be available from the Plan. If loans are available, the Plan Administrator
will establish guidelines and procedures for loans from the Plan to Participants in specific instances, which guidelines may include limitations on the number of loans that may be outstanding to a Participant at any time, sources of contributions
available for loans or on the frequency of loans, among others. Each loan must be approved by the Plan Administrator and must conform to the loan guidelines and procedures. The guidelines and procedures must be formulated and administered so that
they conform with ERISA Section 408(b)(1) and ERISA Reg. 2550.408 b-1 and the IRC. In addition, the following requirements of this section must be satisfied. 

Loans are available to all Participants and any other person required by the United States Department of Labor on a reasonably equivalent
basis. Public Companies must comply with the restrictions imposed by the Securities Exchange Act of 1934, as amended by Sarbanes-Oxley Act of 2002, applicable to the granting of loans to Directors or Officers. 

A. Loans will be evidenced by a promissory note signed by the Participant, except in the case of loans processed electronically (paperless),
which will be evidenced by alternate methods as established by the Plan Administrator. 
 B. Loans shall not be made available to Highly
Compensated Employees in an amount greater than the amount made available to Non-Highly Compensated Employees. 

C. Loans are adequately secured and bear a reasonable rate of interest. However, no more than fifty percent (50%) of a Participant’s non-forfeitable accrued benefit may be pledged as collateral. 
 Each loan hereunder will be a
Participant-directed investment for the benefit of the Participant requesting such loan; accordingly, any default in the repayment of principal or interest of any loan hereunder will reduce the amount available for distribution to such Participant
(or his Beneficiary). Thus, any loan hereunder will be effectively and adequately secured by the Participant’s accounts. 

  
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 D. A loan to a Participant (when added to the outstanding balance of all other loans from
this Plan and any other qualified plan maintained by the Employer) shall not be in an amount that exceeds the lesser of: 
 1. $50,000
reduced by the excess, if any, of: 
 i. the highest outstanding balance of loans from the plan during the
one-year period ending on the day before such loan is made, over 
 ii. the outstanding balance of
loans from the Plan on the date such loan is made; or 
 2. fifty percent (50%) of the vested Participant’s account balances. 

A Participant, however, may not have outstanding more than two (2) loans in any Plan Year. 

E. Except as provided in the next sentence, the maximum term of a loan will be five years. If a Participant requests a loan for the
acquisition of the principal residence of the Participant, the maximum repayment period will be determined by reference to bank loans for the same purpose. 

F. In the event the Plan is subject to the requirements of ERISA Section 205 (pertaining to qualified joint and survivor annuities), a
Participant must obtain the consent of his or her spouse, if any, within the 90 day period before the time the account balance is used as security for the loan. A new consent is required if the account balance is used as security for any increase in
the loan balance, for renegotiation, extension, renewal, or other revision of the loan. However, Spousal Consent is not necessary if the total amount of loans outstanding hereunder does not exceed $5,000. The consent of any subsequent spouse will
not be necessary in order to foreclose the Plan’s security interest in the Participant’s account balance if the Participant’s then spouse validly consented to the original use of the account balance as security (or if the Participant
was unmarried at such time). 
 If a valid Spousal Consent has been obtained in accordance with this section, then, notwithstanding any
other provision of this Plan, the portion of the Participant’s vested account balance used as a security interest held by the Plan by reason of a loan outstanding to the Participant shall be taken into account for purposes of determining the
amount of the account balance payable at the time of death or distribution, but only if the reduction is used as repayment of the loan. If less than 100% of the Participant’s vested account balance (determined without regard to the preceding
sentence) is payable to the surviving spouse, then the account balance shall be adjusted by first reducing the vested account balance by the amount of the security used as repayment of the loan, and then determining the benefit payable to the
surviving spouse. 

  
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 G. The Plan Administrator may require a Participant to agree to repay the principal and
interest of a loan through regular payroll deduction payments. The Plan Administrator may establish back-up repayment procedures for Participants who do not make payroll deduction repayment; except as may
otherwise be permitted under ERISA or the IRC, any such back-up procedures will provide for substantially level amortization payments made quarterly or more frequently. Any loan hereunder may be prepaid, in
whole or in part, at any time without penalty. If a Participant’s service as an Employee is terminated for any reason, the entire unpaid principal and interest of any loan then outstanding to such Participant will become immediately due and
payable. 
 If a Participant defaults on any payment of interest or principal of a loan hereunder or defaults upon any other obligation
relating to such loan, the Plan Administrator may take (or direct the Trustee to take) such action or actions as it determines to be necessary to protect the interest of the Plan. Such actions may include commencing legal proceedings against the
Participant, or foreclosing on any security interest in the Participant’s account or other security given in connection with a loan hereunder. In the event of a default, the outstanding balance will be considered a deemed distribution to the
Participant, but foreclosure on the Participant’s note and attachment of one or more of the Participant’s accounts given as security will not occur until a distributable event occurs in the Plan. 

An assignment or pledge of any portion of the Participant’s interest in the Plan and a loan, pledge, or assignment with respect to any
insurance contract purchased under the Plan, will be treated as a loan under this section. 
 H. In the case of any Participant with one or
more loans outstanding hereunder, the amount available for distribution to such Participant (or his Beneficiary) will consist of the Participant’s vested account balance(s) (not including the outstanding principal and accrued but unpaid
interest on such loans), plus the notes representing such loans. 

  
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 ARTICLE 13 

INVESTMENTS 

13.1 In General 
 A.
Investment Funds will mean any investment fund or Employer Securities chosen in an addendum to the Adoption Agreement as an investment medium for the Plan. The Popular Master Plan Sponsor and the Plan Administrator shall have the discretion to make
available and terminate such funds as they shall deem appropriate. 
 B. The Popular Master Plan Sponsor may impose requirements concerning
the investment funds or securities in which contributions to the Plan must be invested, and the Employer agrees to observe such requirements as a condition of participating in this Popular Master Plan. Subject to such requirements, the Employer may
permit each Participant to direct the investment of some or all of the contributions to his accounts. To the extent that Participants do direct the investment of their accounts, it is intended that ERISA Section 404(c) apply to the Plan, and
neither the Employer, the Plan Administrator, the Trustee, the Popular Master Plan Sponsor nor any other fiduciary will have any responsibility or liability for the Participant’s exercise of such investment control or for any loss of diminution
in value occasioned thereby. 
 The Trustee shall be considered a directed Trustee unless it is otherwise agreed to by the parties in the
Adoption Agreement. 
 13.2 Participant Investment Directions 

A. If the Employer allows, amounts credited to a Participant’s accounts will be invested in the investment funds selected for the Plan by
the Plan Sponsor or Named Fiduciary in accordance with the Participant’s directions. Such Participant investment control may be permitted with respect to certain types of contributions but not others. Where allowed, a Participant’s
investment directions will govern the investment of contributions to his accounts and the transfer of amounts in one investment fund to another. Participants’ exercise of investment control over their accounts will be subject to any rules of
the Plan Administrator under section 13.3. 
 B. Subject to the Popular Master Plan Sponsor’s requirements under section 13.1B. above,
the investment of any account over which the Participant does not exercise investment control under subsection A. above may be made in the “qualified default investment alternative” chosen by the Plan Sponsor in the Adoption Agreement that
meets the requirements of Section 404(c)(5) of ERISA or any other alternative default investment chosen by the Plan Sponsor in the Adoption Agreement. 

  
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 13.3 Rules for Exercise of Investment Options 

Any designation of investments by the Participants will be subject to nondiscriminatory general rules established by the Plan Administrator and
the Trustee; such rules may include; (a) restrictions on the minimum amount or percentage of any contribution which may be placed in any particular investment fund; (b) restrictions on the use of different amounts or percentages for
different types of contributions; (c) minimums or maximums (or both) on the amount which may be invested or transferred to or from any particular investment fund; and (d) restrictions on the time and frequency of designations, changes in
designations and transfers from one investment fund to another including the required advance notice. 
 These rules may differ for
different types of contributions. The effective date of any change in a Participant’s election respecting allocation of contributions among investment funds or any transfer from one fund to another must coincide with a valuation date for each
fund, unless the Plan Administrator, Popular Master Plan Sponsor and Trustee provide otherwise. 
 13.4 Voting of Securities 

A. The Trustee shall vote or direct the vote of proxies solicited by or with respect to the issuer of securities or Investment Funds in which
assets of an Employer Plan are invested in accordance with instructions provided by the Employer in the Adoption Agreement. If such instructions are not provided by the Employer in the Adoption Agreement such proxies will not be voted. 

13.5 Investment in Employer Securities 

A. Voting of Employer Securities Generally. 

Each Participant shall have the right and shall be afforded the opportunity to instruct the Trustee how to vote at any meeting of the
shareholders of the issuer of Employer Securities the total number of shares of Employer Securities held in the Participant’s Account. Instructions by Participants to the Trustee shall be in such form and pursuant to such requirements as the
Plan Administrator and the Trustee may prescribe. Any such instructions shall remain in the strict confidence of the Trustee. Any share for which no such instructions are received by the Trustee shall not be voted by the Trustee. 

  
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 B. Tender of Exchange Offers. 

In the event of a tender or exchange offer for any or all shares of Employer Securities, the Plan Administrator and the Trustee shall notify
each Participant or Beneficiary and utilize its best efforts to timely distribute or cause to be distributed to him such information as will be distributed to the shareholders of the issuer of the Employer Securities in connection with any such
tender or exchange offer. Each Participant or his Beneficiary shall have the right to instruct the Trustee in writing not to tender or exchange shares of Employer Securities credited to his account under the Trust. The Trustee shall not tender or
exchange any shares of Employer Securities credited to a Participant’s Account under the Trust unless instructions to tender or exchange such shares have been received. 

C. Diversification of Employer Securities. 

Each Participant shall have the right and shall be afforded the opportunity to divest their balances in Employer Securities and to reinvest an
equivalent amount in other investment options in accordance with the requirements of Section 204(j) of ERISA. 
 The Plan shall offer
not less than 3 investment options, other than Employer Securities, to which the Employee may direct the proceeds from the divestment of Employer Securities, each of which is diversified and has materially different risk and return characteristics.

 13.6 Investment in Puerto Rico Property 

a. If so provided in the Adoption Agreement or an attachment thereto, a Plan may provide investment options that comply with the investment in
Puerto Rico property requirement of IRC Section 1081.01(b)(1)(B) that results in reduced taxation on distributions to Participants. 

  
 69 

 ARTICLE 14 

ACCOUNTS 
 14.1
Separate Accounts 
 A. The Plan Administrator and the Trustee shall establish and maintain, where appropriate, separate accounts for
each Participant, including Pre-Tax Contributions Account, Catch-up Contributions Account, After-Tax Contributions Account,
Employer Contributions Account, Employer Additional Contributions Account, Matching Contributions Account and Rollover Contributions Account; a Participant’s Rollover Contributions Account may contain subaccounts as provided in section 8.1.
Earnings will be credited to such accounts (and subaccounts) in accordance with the provisions of this Article. Since these individual accounts are maintained only for accounting purposes, a segregation of the Trust assets within each account is not
required. 
 B. The Plan Administrator may itself maintain records of Participants’ accounts or may arrange for such records to be
maintained by an outside service provider (which may be the Popular Master Plan Sponsor or Trustee or a person contracted by the Popular Master Plan Sponsor or Trustee). If the Plan Administrator arranges with a service provider to maintain records
of Participants’ accounts, the Plan Administrator will provide such information as is necessary for the service provider to maintain such accounts as required herein. 

14.2 Valuation and Allocation of Earnings and Losses to Participants’ Accounts 

As of each Valuation Date, the Plan Administrator shall allocate to the account of each Participant the net earnings and gains or losses on the
Participant’s account received by the Trustee since the preceding Valuation Date. 
 14.3 Allocation of Expenses 

Any fees and expenses will be paid by the Trust unless the Employer elects to pay any or all such fees and expenses; in such event, any fee or
expense not paid by the Employer will be paid from the Trust and will be allocated to the accounts of Participants or to collective investment funds in which accounts are invested in a manner which reasonably reflects the accounts and investment
funds that generated such fees and expenses. Approximations may be used whenever it is not feasible to allocate such expenses on an exact basis. Recordkeeping expenses properly allocable to a Participant’s Account, such as, but not limited to,
loan originations fees, shall be so allocated and charged. Proper disclosure will be given to the amounts and percentages of fees allocated to Participant’s accounts. 

  
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 If the Plan is terminated, amounts remaining in the Trust after all Participants’
accounts have been distributed to the Participants in accordance with the Plan shall be distributed to the Employer. 

  
 71 

 ARTICLE 15 

PLAN ADMINISTRATION 

15.1 Plan Administrator 

The Plan Sponsor shall identify in writing the individual or group of individuals, acting as a committee, that are the Plan Administrator or
that act on behalf of the Plan Sponsor (when the Plan Sponsor is acting as Plan Administrator). Such persons may, but need not, be Participants or Employees, partners, or officers of the Employer. The Plan Sponsor will notify the Trustee of any such
appointment. The Plan Sponsor may remove any such individual or committee member at any time with or without cause, such removal which shall be notified in writing to the Trustee. Any such individual or committee member may resign at any time by
filing his written resignation with the Plan Sponsor. Vacancies, however arising, will be filled by the Plan Sponsor. 
 If the Plan Sponsor
is a sole proprietorship and the Plan Sponsor is the Plan Administrator, in the event of the sole proprietor’s death, absent a different designation by the Plan Sponsor, his executor or administrator will be the Plan Administrator. If the Plan
Sponsor is a partnership and the Plan Sponsor is the Plan Administrator, in the event of the death of all the partners, absent a different designation by the Plan Sponsor, the executor or administrator of the last partner to die will be the Plan
Administrator. 
 15.2 Plan Administration 

The Plan Administrator is the named fiduciary of the Plan. In addition, the Plan Administrator shall have the power and the duty to perform the
following administrative functions according to the policies, interpretations, rules, practices and procedures established by the Plan Sponsor in accordance with the respective areas of named fiduciary responsibilities. For this purpose the
Administrator’s power will include, but will not be limited to, the following authority 
 A. Apply Plan rules determining eligibility
for participation or benefits; 
 B. Calculate service and compensation credits for benefits; 

C. Prepare employee communications materials; 

D. Maintain Participants’ service and employment records; 

E. Prepare reports required by government agencies, which shall include maintaining records to demonstrate compliance with the Actual Deferral
Percentage test of Article 4 of the Plan that indicate the extent that Qualified Non-Elective Contributions and Qualified Matching Contributions were taken into account to satisfy such requirements; 

  
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 F. Calculate benefits; 

G. Orient new Participants and advise Participants regarding their rights and options under the Plan; 

H. Collect contributions and apply contributions as provided in the Plan; 

I. Prepare reports concerning Participants’ benefits; and 

J. Process claims. 
 The Plan
Administrator (and those to whom it has delegated its authority) shall have vested in it under the terms of this Plan full discretionary and final authority when exercising its duties hereunder. 

15.3 Compensation and Expenses 

The Plan Administrator will serve without compensation unless otherwise determined by the Plan Sponsor, but no Employee of an Employer will be
compensated for his service as Plan Administrator. All reasonable expenses of operating and administering the Plan will be paid by the Employer or from the assets of the Trust, as provided in section 14.3. Such expenses include the compensation of
all persons employed or retained by the Plan Administrator (such as attorneys, accountants, actuaries, trustee or other consultants or specialists), premiums for insurance or bonds protecting the Plan and required by law or deemed advisable by the
Plan Administrator, and all other fees, expenses or costs of Plan administration. 
 15.4 Indemnification of Administrator 

The Employer agrees to indemnify and defend to the fullest extent of the law any Employee or former Employee who serves or has served in the
capacity of Administrator or as a member of a committee designated as Administrator against any liabilities, damages, costs and expenses (including attorneys’ fees and amounts paid in settlement of any claims approved by the Company) occasioned
by any act or omission to act in connection with the Plan, if such act or omission to act is in good faith. 

  
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 15.5 Claims Procedures 

A. Filing of Claim. A Participant or Beneficiary who believes he is entitled to a benefit which he has not received may file a
claim in writing with the Plan Administrator within 3 years from the date such benefit should have been received or such other period, if shorter, under applicable law. The Plan Administrator may require a claimant to submit additional information,
if necessary to process the claim. The Plan Administrator shall review the claim and render its decision within ninety (90) days from the date the claim is filed (or the requested additional information is submitted, if later), unless special
circumstances require an extension of time for processing the claim. If such an extension is required, written notice of the extension shall be furnished the claimant within the initial ninety (90) day period. The notice shall indicate the
special circumstances requiring the extension and the date by which the Plan Administrator expects to reach a decision on the claim. In no event shall the extension exceed a period of ninety (90) days from the end of the initial period. 

B. Notice of Claim Denied. If the Plan Administrator denies a claim, in whole or in part, it shall provide the claimant with
written notice of the denial within the period specified in subparagraph a. The notice shall be written in language calculated to be understood by the claimant, and shall include the following information: 

1. The specific reason for such denial; 

2. Specific reference to pertinent Plan provisions upon which the denial is based; 

3. A description of any additional material or information which may be needed to clarify or perfect the request, and an explanation of why
such information is required; and 
 4. An explanation of the Plan’s review procedure with respect to the denial of benefits. 

C. Review Procedure. Any claimant whose claim has been denied, in whole or in part, shall follow those review procedures as set
forth herein. 
 1. A claimant whose claim has been denied, in whole or in part, may request a full and fair review of the claim by the Plan
Administrator by making written request therefor within sixty (60) days of receipt of the notification of denial. The Plan Administrator, for good cause shown, may extend the period during which the request may be filed. The claimant shall be
permitted to examine all documents pertinent to the claim and shall be permitted to submit issues and comments regarding the claim to the Plan Administrator in writing. 
  

  
 74 

 2. The Plan Administrator shall render its decision within sixty (60) days after
receipt of the application for review, unless special circumstances (such as the need to hold a hearing) require an extension of time for processing, in which case the decision shall be rendered as soon as possible but not later than one hundred and
twenty (120) days after receipt of a request for review. If an extension of time is necessary, written notice shall be furnished the claimant before the extension period commences. 

3. The Plan Administrator shall decide whether a hearing shall be held on the claim. If so, it shall notify the claimant in writing of the
time and place for the hearing. Unless the claimant agrees to a shorter period, the hearing shall be scheduled at least fourteen (14) days after the date of the notice of hearing. The claimant and/or his authorized representative may appear at
any such hearing. 
 4. The Plan Administrator shall send its decision on review to the claimant in writing within the time specified in his
section. If the claim is denied, in whole or in part, the decision shall specify the reasons for the denial in a manner calculated to be understood by the claimant, referring to the specific Plan provisions on which the decision is based. The Plan
Administrator shall not be restricted in its review to those provisions of the Plan cited in the original denial of the claim. 
 5. If the
Plan Administrator does not furnish its decision on review within the time specified in this subsection c., the claim shall be deemed denied on review. 

15.6 Agent for Legal Process 

The Plan Sponsor shall be the agent for service of legal process. 

  
 75 

 ARTICLE 16 

AMENDMENT, TERMINATION OR 

MERGER OF POPULAR MASTER PLAN AND PLAN 

16.1 Amendment by Popular Master Plan Sponsor 

The Popular Master Plan Sponsor may amend any or all provisions of this Popular Master Plan at any time without obtaining the consent of the
Employer, and the Employer hereby expressly delegates authority to amend this Popular Master Plan to the Popular Master Plan Sponsor. 

16.2 Amendment by the Plan Sponsor 

Except for changes of design options selected in the Adoption Agreement, if the Plan Sponsor amends the Plan or
non-elective portions of the Adoption Agreement it will no longer participate in this Popular Master Plan and will be considered to have an individually designed plan. 

16.3 Restrictions on Amendments 

No amendment under section 16.1 or 16.2 will: 

A. cause or permit any part of the assets of the Trust to be diverted to purposes other than the exclusive benefit of Participants and their
Beneficiaries, or cause or permit any portion of such assets to revert to or become the property of the Employer except as allowed under ERISA Section 403(c) and IRC Section 1081(a)(10); 

B. retroactively deprive any Participant of any benefit of which he was entitled hereunder by reason of contributions made by the Employer or
the Participant before the amendment, unless such amendment is necessary to conform the Trust or Plan to, or satisfy the conditions of any law, governmental regulation or ruling or to permit the Plan and Trust to meet the requirements of ERISA and
the IRC; 
 C. decrease a Participant’s account balance, except as permitted in ERISA Section 302(c)(8). For purposes of this
paragraph, a Plan amendment which has the effect of decreasing a Participant’s account balance or eliminating an optional form of benefit, with respect to benefits attributable to service before the amendment shall be treated as reducing an
accrued benefit; 

  
 76 

 D. if the vesting schedule of a Plan is amended, for an Employee who is a Participant as of
the later of the date such amendment is adopted or the date it becomes effective, cause the nonforfeitable percentage (determined as of such date) of such Employee’s right to his Employer-derived accrued benefit to be less than his percentage
computed under the Plan without regard to such amendment; also, if an amendment affects the vesting schedule of a Plan, any Participant with three (3) or more Years of Service will have his vesting determined under the pre-amendment vesting schedule if this would result in such Participant having a greater vested interest then under the new vesting schedule. 

E. eliminate an optional form of distribution in violation of ERISA Section 204(g); or 

F. increase or otherwise affect the duties, liabilities or rights of the Trustee unless the Trustee consents thereto in writing. 

16.4 Nonreversion 
 Except
as provided in this section ERISA Section 403(c) and IRC Section 1081(a)(10), the assets of the Plan shall never inure to the benefit of an Employer; such assets shall be held for the exclusive purpose of providing benefits to Participants
and their Beneficiaries and for defraying the reasonable administrative expenses of the Plan. 
 A. If an Employer Contribution is made by
virtue of a mistake of fact, to the extent permitted by applicable law, this section shall not prohibit the return of such contribution to the Employer within one (1) year after the payment of the contribution. 

B. If a deduction for an Employer Contribution is disallowed under IRC Section 1033.09, or any successor provision thereto, to the extent
permitted by applicable law, the contribution shall be returned to the Employer (to the extent disallowed) within one (1) year after such disallowance. 

C. If the Plan is terminated amounts remaining in the Trust after all Participants’ accounts have been distributed to the Participants in
accordance with the Plan shall be distributed to the Employer. 
 16.5 Termination of the Plan 

Although the Plan Sponsor has established the Plan with the bona fide intention and expectation that it will be able to make contributions
indefinitely, nevertheless the Plan Sponsor is not and shall not be under any obligation or liability whatsoever to continue its contributions or to maintain the Plan for any given length of time. An Employer may in its sole and absolute discretion,
discontinue such contributions or terminate the Plan with respect to its Employees, in accordance 

  
 77 

 with the provisions of the Plan, at any time with no liability whatsoever for such discontinuance or
termination. If the Plan is terminated or partially terminated, or if contributions of an Employer are completely discontinued, the rights of all affected Participants in their accounts shall thereupon become nonforfeitable, notwithstanding any
other provisions of the Plan. However, the Trust shall continue until all Participants’ accounts have been completely distributed to or for the benefit of the Participants, in accordance with the Plan. 

16.6 Disposition and Termination of the Plan 

A. Upon complete or partial termination of the Plan, the Plan Administrator will determine, subject to the joint and survivor rules of this
Plan, whether to direct the Trustee to continue to hold the accounts of Participants affected by the termination or partial termination, to disburse them as immediate benefit payments, to purchase immediate or deferred annuity contracts, or to
follow any other procedure he deems advisable. The Trustee will follow the directions of the Plan Administrator. 
 B. For purposes of each
Employer adopting the Plan, the Trustee created hereunder will terminate when all the assets in the Trust related to such Employer have been distributed. 

16.7 Merger of Employer and Plan 

A. If the Employer merges or consolidates with or into a corporation, or if substantially all of the assets of the Employer are transferred to
another business, the Plan hereby created shall terminate on the effective date of such merger, consolidation or transfer. However, if the surviving corporation resulting from such merger or consolidation, or the business to which the
Employer’s assets have been transferred, adopts this Plan, it shall continue and such corporation or business shall succeed to all rights, powers and duties of the Employer hereunder. The employment of any Employee who continues in the employ
of such successor corporation or business shall not be deemed to have been terminated for any purpose hereunder. 
 B. In no event shall this
Plan be merged or consolidated with any other plan, nor shall there be any transfer of assets or liabilities from this Plan to any other plan, unless immediately after such merger, consolidation or transfer, each Participant’s benefits, if such
other plan were then to terminate, are at least equal to or greater than the benefits to which the Participant would have been entitled, had this Plan been terminated immediately before such merger, consolidation, or transfer. 

  
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 16.8 Predecessor Plan Assets 

A. The Plan may receive assets for a Participant form a predecessor plan. Such assets shall be accounted for separately unless such assets are
transferred from a plan in which there is no curtailment of benefits or rights and vesting remains the same. 

  
 79 

 ARTICLE 17 

TRANSFERS FROM OR TO OTHER QUALIFIED PLANS 

17.1 Transfers from Another Plan of the Employer 

A. Notwithstanding any other provision hereof, the Employer, with the approval of the Popular Master Plan Sponsor, may cause to be transferred
to the Trustee all or any of the assets held (whether by a Trustee, custodian, or otherwise) under any other defined contribution Plan which satisfies the requirements of IRC Section 1081.01(a) and which is maintained by the Employer for the
benefit of any of the Participants hereunder. If the Trustee is keeping separate accounts for each Participant, any such assets so transferred will be accompanied by written instructions from the Employer or Plan Administrator naming the
Participants for whose benefit such assets have been transferred and showing separately the respective contributions by the Employer and by the Participants and the current value of the assets attributable thereto. 

B. Upon receipt of any assets transferred to it under subsection (a), the Trustee may sell any non-cash
assets and invest the proceeds and any cash transferred to it. The Trustee will make appropriate credits to the proper accounts in accordance with the Employer’s or Plan Administrator’s instructions. 

17.2 Transfers to Other Plans 

Upon the written request of the Employer, the Trustee will transfer an amount designated by the Employer to the Trustee or custodian of any
other qualified Plan under which Plan Participants are covered. 

  
 80 

 ARTICLE 18 

QUALIFIED DOMESTIC RELATIONS ORDER 

18.1 General 
 A. The
provisions of section 18.1 shall not be applicable to a Qualified Domestic Relations Order (as defined in section 18.2), and payment of benefits under the Plan shall be made in accordance with the terms of such order, provided that such order: 

1. creates or recognizes the existence of an alternate payee’s (as defined in section 18.2) right to, or assigns to an alternate payee
the right to, receive all or a portion of the benefits payable to a Participant under the Plan; 
 2. clearly specifies: 

a. the name and the last known mailing address (if any) of the Participant and the name and mailing address of each alternate payee covered by
the order; 
 b. the amount or percentage of the Participant’s benefits to be paid by the Plan to each such alternate payee or the
manner in which such amount or percentage is to be determined; 
 c. the number of payments or the period to which the order applies; and

 d. the name of each plan to which such order applies; 

3. does not require the Plan to provide any type or form of benefit, or any option, not otherwise provided under the Plan; 

4. does not require the Plan to provide increased benefits (determined on the basis of actuarial value); and 

5. does not require the payment of benefits to an alternate payee which are required to be paid to another alternate payee under another order
previously determined to be Qualified Domestic Relations Order. 

  
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 18.2 Definitions 

A. The following terms shall have the following meanings for purposes of this Article: 

1. “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 benefits payable under the Plan with respect to such Participant. 

2. “Qualified Domestic Relations Order” means any judgment, decree or order (including approval of a property settlement
agreement), which: 
 a. relates to the provision of child support, alimony payments, or marital property rights to a spouse, former spouse,
child, or other dependent of a Participant; 
 b. is made pursuant to a state domestic relations law (including a community property law);
and 
 c. which meets the requirements of the foregoing section 18.1. 

18.3 Payments after the Earliest Retirement Age 

A. In the case of any payment made before a Participant has separated from service, a Qualified Domestic Relations Order shall not be
considered as failing to meet the requirements of section 18.1C. solely because such order requires that payment of benefits be made to an alternate payee: 

1. on or after the date on which the Participant first attains (or would have attained) the earliest retirement age; 

2. as if the Participant had retired on the date on which such payment is to begin under such order (but taking into account only the present
value of benefits accrued); and 
 3. in any form in which such benefits may be paid under the Plan to the Participant. 

18.4 Treatment of Former Spouse as Surviving Spouse 

A. To the extent provided in any Qualified Domestic Relations Order: 

1. the former spouse of a Participant shall be treated as a “surviving spouse” of such Participant for purposes of Section 205
of ERISA; and 
 2. if married for at least one (1) year to the Participant, such former spouse shall be treated as meeting the
requirements of Section 205(f) of ERISA. 

  
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 18.5 Procedures 

The Plan Administrator shall promptly notify a Participant and any other alternate payee of the receipt of a domestic relations order and of
the Plan’s procedure for determining whether the order meets the requirements of a Qualified Domestic Relations Order under this Article. Within a reasonable period of time after the receipt of such order, the Plan Administrator, in accordance
with such procedures as it shall from time to time establish, shall determine whether such order meets the requirements of a Qualified Domestic Relations Order under this Article and shall notify the Participant and each alternate payee of such
determination. 
 18.6 Procedures During Period of Determination 

During any period of time in which the issue of whether a domestic relations order meets the requirements of a Qualified Domestic Relations
Order under this Article is being determined by a court of competent jurisdiction, the Plan Administrator 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 under this Article. If within eighteen (18) months such order is determined to be a Qualified Domestic Relations Order under this Article, the Plan
Administrator shall instruct the Trustee to pay the segregated amounts (plus any interest thereon) to the person or persons entitled thereto. If within eighteen (18) months it is determined that such order is not a Qualified Domestic Relations
Order under this Article, or the issue as to whether such order so qualifies is not resolved, then the Plan Administrator shall instruct the Trustee to 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 under this Article which is made after the end of the eighteen (18) month period, shall be applied prospectively
only. 

  
 83 

 ARTICLE 19 

MISCELLANEOUS 

19.1 Non-Alienation and Non-Assignment of Benefits 

Except as provided in Article 18, no benefit under this Plan shall be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance or charge, and any attempt so to do shall be void, nor shall any benefit be in any manner liable for or subject to garnishment, attachment, execution or levy, or liable for or subject to the debts, contracts,
liabilities, engagements or torts of the person entitled to such benefit; and in the event that the Plan Administrator shall find that any Participant or other person entitled to a benefit under this plan has become bankrupt or that any attempt has
been made to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge any of his benefits under this Plan, then such benefit shall cease and terminate and in that event the Plan Administrator shall hold or apply the same to or for
the benefit of such Participant or such other person, his spouse, children, parents or other blood relatives, or any of them. 
 19.2
Limitation on Rights Created by Plan 
 A. The adoption and maintenance of the Plan and Trust will not be construed to give a Participant
the right to continue in the employ of the Employer or to interfere with the right of the Employer to discharge, lay off or discipline a Participant at any time, or give the Employer the right to require any Participant to remain in its employ or to
interfere with the Participant’s right to terminate his employment. 
 B. The adoption and maintenance of the Plan and Trust, the
creation of any account or the payment of any benefit will not be construed as creating any legal or equitable right against the Employer or the Trust except as this Plan specifically provides. 

C. The Employer, the Trustee, the Plan Administrator and the Rollover Contributions Account do not guarantee the payment of benefits hereunder
and benefits will be paid only to the extent of the assets of the Trust. It is a condition of participation in the Plan that each Participant (and his Beneficiary or anyone else claiming through him) will look only to the assets of the Trust for the
payment of any benefit to which he or his Beneficiary or other person is entitled. 

  
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 19.3 Allocation of Responsibilities 

The Employer, the Trustee and the Plan Administrator will each have only those duties and responsibilities specifically allocated to each of
them under the Plan. There will be no joint fiduciary responsibility between or among fiduciaries unless specifically stated otherwise. Any person may serve in more than one fiduciary capacity. 

19.4 Current Address of Payee 

The Plan Administrator, the Trustee and the Employer have no obligation to locate any person entitled to payments hereunder and will be fully
protected if all payments, notices and other papers are mailed to the last address of which such person has notified the Plan Administrator in writing, or are withheld pending receipt of proof of his current address and proof that he is alive. 

19.5 Application of Plan’s Terms 

A. If an Employee retired, died or otherwise terminated his service before the Effective Date of the Plan, the Employee and his beneficiaries
will receive no benefits and will have no rights under the Plan. 
 B. If an Employee retires, dies or otherwise terminates his service on or
after the Effective Date of the Plan, the benefits and rights of the Employee and his beneficiaries will be determined in accordance with the terms of the Plan that are in effect on the date of such termination of service. 

C. The allocations to a Participant’s account for any year of reference will be determined in accordance with the terms of the Plan that
are in effect for such year. 
 19.6 Employers with Employees within and without Puerto Rico or that are members of an affiliated group
of corporations or partnerships 
 A. The satisfaction of the participation and
non-discrimination requirements of Sections 1081.01(a)(3)(A), 1081.01(a)(4), and 1081.01(d)(3) of the IRC shall be determined by taking into the account the active Employees that the Employer has in Puerto
Rico. Notwithstanding the above, in the case of an Employer having Employees within and without Puerto Rico or that are members of an affiliated group of corporations or partnerships (within the meaning of Section 1010.04 of the IRC) that adopt
the same plan, said Employer or Employers shall meet the above mentioned requirements by considering all Employees of Employers that adopt the plan or utilizing such other method allowed under the IRC: 

  
 85 

 B. Corporate acquisitions or dispositions. For purposes of the requirements of
satisfaction of requirements under IRC Section 1081.01(a)(3), special rules will apply in cases where there is a corporate acquisition or disposition transaction. If as a result of a corporate transaction of acquisition or disposition, an
entity becomes part or is no longer part of a controlled group of the employer, as defined in IRC Section 1010.04, it will be considered that any Plan that covers employees of such entities or any member of the Employer’s controlled group
complies with the requirements of Section 1081.01 (a)(3) of the IRC during the Transition Period, if: 
 1. The Plan complied with the
requirements of IRC Section 1081.01(a)(3)(C) immediately before the change in the composition of the Employer controlled group, and 

2. Coverage under the Plan does not change significantly during the Transition Period (except by reason of change in the composition of the
Employer’s controlled group), or the Plan complies with such requirements of the IRC as may be provided by regulation. 
 19.7
USERRA 
 Notwithstanding any provision of the Popular Master Plan, all Plans created pursuant to the Popular Master Plan shall comply
with all requirements of Uniformed Services Employment and Reemployment Rights Act, as amended (‘USERRA’) effective for employment on or after December 12, 1994, that are applicable to Puerto Rico. Provisions of USERRA that are not
mandatory to Puerto Rico shall apply to the extent elected in the Adoption Agreement. 

  
 86 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1 - CONSTRUCTIONS, INTENT AND APPLICABLE LAW	  	 	2	 
			
	 1.1
	 	Construction	  	 	2	 
			
	 1.2
	 	Intent	  	 	2	 
			
	 1.3
	 	Governing Law	  	 	3	 
			
	 1.4
	 	Interpretation	  	 	3	 
		
	 ARTICLE 2 - DEFINITIONS
	  	 	4	 
			
	 2.1
	 	“1081.01(d) Plan”	  	 	4	 
			
	 2.2
	 	“Actual Deferral Percentage”	  	 	4	 
			
	 2.3
	 	“Adoption Agreement”	  	 	4	 
			
	 2.4
	 	“Affiliate”	  	 	4	 
			
	 2.5
	 	“Affiliate Service Group”	  	 	4	 
			
	 2.6
	 	“After-Tax Contributions”	  	 	4	 
			
	 2.7
	 	“After-Tax Contributions Account”	  	 	4	 
			
	 2.8
	 	“Annual Additions”	  	 	4	 
			
	 2.9
	 	“Annuity Starting Date”	  	 	5	 
			
	 2.10
	 	“Average Actual Deferral Percentage”	  	 	5	 
			
	 2.11
	 	“Base Contribution Percentage”	  	 	5	 
			
	 2.12
	 	“Beneficiary”	  	 	5	 
			
	 2.13
	 	“Board of Directors”	  	 	5	 
			
	 2.14
	 	“Business Day”	  	 	5	 
			
	 2.15
	 	“Catch-up Contributions”	  	 	5	 
			
	 2.16
	 	“Catch-up Contributions Account”	  	 	5	 
			
	 2.17
	 	“Compensation”	  	 	5	 
			
	 2.18
	 	“Controlled Group”	  	 	6	 
			
	 2.19
	 	“Disability”	  	 	6	 
			
	 2.20
	 	“Early Retirement Age”	  	 	6	 
			
	 2.21
	 	“Early Retirement Date”	  	 	6	 
			
	 2.22
	 	“Earned Income”	  	 	6	 

  
 i 

							
	 2.23
	 	“Effective Date”	  	 	6	 
			
	 2.24
	 	“Eligible Spouse”	  	 	6	 
			
	 2.25
	 	“Employee”	  	 	7	 
			
	 2.26
	 	“Employer”	  	 	7	 
			
	 2.27
	 	“Employer Additional Contribution”	  	 	7	 
			
	 2.28
	 	“Employer Additional Contributions Account”	  	 	7	 
			
	 2.29
	 	“Employer Contributions”	  	 	7	 
			
	 2.30
	 	“Employer Contributions Account”	  	 	7	 
			
	 2.31
	 	“Employer Securities”	  	 	7	 
			
	 2.32
	 	“Entry Date”	  	 	7	 
			
	 2.33
	 	“ERISA”	  	 	7	 
			
	 2.34
	 	“Excess Contributions”	  	 	8	 
			
	 2.35
	 	“Excess Contribution Percentage”	  	 	8	 
			
	 2.36
	 	“Excess Deferrals”	  	 	8	 
			
	 2.37
	 	“Highly Compensated Employee”	  	 	8	 
			
	 2.38
	 	“Integration Level”	  	 	8	 
			
	 2.39
	 	“IRC”	  	 	8	 
			
	 2.40
	 	“Leased Employee”	  	 	9	 
			
	 2.41
	 	“Matching Contributions”	  	 	9	 
			
	 2.42
	 	“Matching Contributions Account”	  	 	9	 
			
	 2.43
	 	“Money Purchase Contributions”	  	 	9	 
			
	 2.44
	 	“Non-Highly Compensated Employee”	  	 	9	 
			
	 2.45
	 	“Normal Retirement Age”	  	 	9	 
			
	 2.46
	 	“Normal Retirement Date”	  	 	9	 
			
	 2.47
	 	“OASDI”	  	 	9	 
			
	 2.48
	 	“Owner-Employee”	  	 	9	 
			
	 2.49
	 	“Participant”	  	 	9	 
			
	 2.50
	 	“Plan”	  	 	10	 
			
	 2.51
	 	“Plan Administrator”	  	 	10	 
			
	 2.52
	 	“Plan Sponsor”	  	 	10	 
			
	 2.53
	 	“Plan Year”	  	 	10	 
			
	 2.54
	 	“Popular Master Plan”	  	 	10	 

  
 ii 

							
	 2.55
	 	“Popular Master Plan Sponsor”	  	 	10	 
			
	 2.56
	 	“Pre-Tax Contributions”	  	 	10	 
			
	 2.57
	 	“Pre-Tax Contributions Account”	  	 	10	 
			
	 2.58
	 	“Profit-Sharing Contributions”	  	 	10	 
			
	 2.59
	 	“Qualified Employer Deferral Contributions”	  	 	10	 
			
	 2.60
	 	“Qualified Matching Contributions”	  	 	11	 
			
	 2.61
	 	“Qualified Matching Contributions Account”	  	 	11	 
			
	 2.62
	 	“Qualified Non-Elective Contributions”	  	 	11	 
			
	 2.63
	 	“Qualified Non-Elective Contributions Account”	  	 	11	 
			
	 2.64
	 	“Rollover Contributions”	  	 	11	 
			
	 2.65
	 	“Rollover Contributions Account”	  	 	11	 
			
	 2.66
	 	“Self-Employed Individual”	  	 	12	 
			
	 2.67
	 	“Single Suspense Account”	  	 	12	 
			
	 2.68
	 	“Social Security Taxable Wage Base”	  	 	12	 
			
	 2.69
	 	“Spousal Consent”	  	 	12	 
			
	 2.70
	 	“Transition Period”	  	 	13	 
			
	 2.71
	 	“Trust”	  	 	13	 
			
	 2.72
	 	“Trust Fund”	  	 	13	 
			
	 2.73
	 	“Trustee”	  	 	13	 
			
	 2.74
	 	“US Code”	  	 	13	 
			
	 2.75
	 	“Valuation Date”	  	 	13	 
		
	 ARTICLE 3 – ELIGIBILITY AND PARTICIPATION
	  	 	14	 
			
	 3.1
	 	Initial Eligibility to Participate	  	 	14	 
			
	 3.2
	 	Termination of Participation	  	 	15	 
			
	 3.3
	 	Resumes Participation	  	 	16	 
			
	 3.4
	 	Rules Relating to Service	  	 	16	 
			
	 3.5
	 	Transfer of Employment	  	 	22	 
			
	 3.6
	 	Benefits for Owner-Employees	  	 	23	 
		
	 ARTICLE 4 – PRE-TAX CONTRIBUTIONS
	  	 	24	 
			
	 4.1
	 	Eligibility	  	 	24	 
			
	 4.2
	 	Pre-Tax Contribution Election	  	 	24	 

  
 iii 

							
	 4.3
	 	Collection of Pre-Tax Contributions	  	 	25	 
			
	 4.4
	 	Limitations on Pre-Tax Contributions	  	 	25	 
			
	 4.5
	 	Catch-up Contributions	  	 	26	 
			
	 4.6
	 	Actual Deferral Percentage Test	  	 	27	 
			
	 4.7
	 	Qualified Non-Elective Contributions	  	 	28	 
			
	 4.8
	 	Qualified Matching Contributions	  	 	28	 
			
	 4.9
	 	Monitoring Participant’s Actual Deferral Percentages	  	 	29	 
			
	 4.10
	 	Excess Deferrals	  	 	31	 
		
	 ARTICLE 5 – AFTER TAX CONTRIBUTIONS
	  	 	32	 
			
	 5.1
	 	Eligibility	  	 	32	 
			
	 5.2
	 	Limits on Amount	  	 	32	 
			
	 5.3
	 	After-Tax Contribution Election	  	 	32	 
			
	 5.4
	 	Collection of After-Tax Contributions	  	 	32	 
			
	 5.5
	 	Withdrawals of After-Tax Contributions	  	 	33	 
		
	 ARTICLE 6 - EMPLOYER AND MATCHING CONTRIBUTIONS
	  	 	34	 
			
	 6.1
	 	Eligibility	  	 	34	 
			
	 6.2
	 	Employer Contributions	  	 	34	 
			
	 6.3
	 	Allocation of Employer Contributions	  	 	37	 
			
	 6.4
	 	Matching Contributions	  	 	38	 
			
	 6.5
	 	Employer Additional Contributions	  	 	39	 
		
	 ARTICLE 7 – Annual Additions
	  	 	40	 
			
	 7.1
	 	Annual Additions	  	 	40	 
			
	 7.2
	 	Definitions	  	 	40	 
		
	 ARTICLE 8 - ROLLOVERS
	  	 	41	 
			
	 8.1
	 	Rollover Contributions	  	 	41	 
		
	 ARTICLE 9 - VESTING
	  	 	42	 
			
	 9.1
	 	Vesting	  	 	42	 
			
	 9.2
	 	Full Vesting	  	 	43	 
			
	 9.3
	 	Payment of Vested Interest	  	 	43	 

  
 iv 

							
	 9.4
	 	Forfeiture of Non-Vested Interest	  	 	43	 
			
	 9.5
	 	Resumption of Employment	  	 	44	 
			
	 9.6
	 	Calculating Vested Interest After Withdrawal or Distribution	  	 	44	 
		
	 ARTICLE 10 – IN-SERVICE WITHDRAWALS
	  	 	46	 
			
	 10.1
	 	Withdrawal of Pre-Tax Contributions	  	 	46	 
			
	 10.2
	 	Withdrawal of After-Tax Contributions	  	 	49	 
			
	 10.3
	 	Withdrawal of Matching Contributions	  	 	49	 
			
	 10.4
	 	Withdrawals of Profit-Sharing Contributions	  	 	50	 
			
	 10.5
	 	Withdrawals of Employer Additional Contribution	  	 	50	 
			
	 10.6
	 	Withdrawals of Rollover Contributions	  	 	50	 
		
	 ARTICLE 11 - DISTRIBUTION OF BENEFITS
	  	 	51	 
			
	 11.1
	 	Methods of Distribution	  	 	51	 
			
	 11.2
	 	Time of Distribution to Participant	  	 	57	 
			
	 11.3
	 	Time of Distribution to Beneficiary	  	 	59	 
			
	 11.4
	 	Small Account Balances	  	 	61	 
			
	 11.5
	 	Nonliability	  	 	61	 
			
	 11.6
	 	Missing Persons	  	 	61	 
			
	 11.7
	 	Beneficiaries	  	 	62	 
			
	 11.8
	 	Rollovers	  	 	63	 
		
	 ARTICLE 12 - LOANS
	  	 	64	 
			
	 12.1
	 	In General	  	 	64	 
		
	 ARTICLE 13 - INVESTMENTS
	  	 	67	 
			
	 13.1
	 	In General	  	 	67	 
			
	 13.2
	 	Participant Investment Directions	  	 	67	 
			
	 13.3
	 	Rules for Exercise of Investment Options	  	 	68	 
			
	 13.4
	 	Voting of Securities	  	 	68	 
			
	 13.5
	 	Investment in Employer Stock	  	 	68	 
			
	 13.6
	 	Investment in Puerto Rico Property	  	 	69	 
		
	 ARTICLE 14 - ACCOUNTS
	  	 	70	 

  
 v 

							
	 14.1
	 	Separate Accounts	  	 	70	 
			
	 14.2
	 	Valuation and Allocation of Earnings and Losses to Participants’ Accounts	  	 	70	 
			
	 14.3
	 	Allocation of Expenses	  	 	70	 
		
	 ARTICLE 15 – PLAN ADMINISTRATION
	  	 	72	 
			
	 15.1
	 	Plan Administrator	  	 	72	 
			
	 15.2
	 	Plan Administration	  	 	72	 
			
	 15.3
	 	Compensation and Expenses	  	 	73	 
			
	 15.4
	 	Indemnification of Administrator	  	 	73	 
			
	 15.5
	 	Claims Procedures	  	 	74	 
			
	 15.6
	 	Agent for Legal Process	  	 	75	 
		
	 ARTICLE 16 - AMENDMENT, TERMINATION OR MERGER OF POPULAR MASTER PLAN AND PLAN
	  	 	76	 
			
	 16.1
	 	Amendment by Popular Master Plan Sponsor	  	 	76	 
			
	 16.2
	 	Amendment by the Plan Sponsor	  	 	76	 
			
	 16.3
	 	Restrictions on Amendments	  	 	76	 
			
	 16.4
	 	Nonreversion	  	 	77	 
			
	 16.5
	 	Termination of the Plan	  	 	77	 
			
	 16.6
	 	Disposition and Termination of the Plan	  	 	78	 
			
	 16.7
	 	Merger of Employer and Plan	  	 	78	 
			
	 16.8
	 	Predecessor Plan Assets	  	 	79	 
		
	 ARTICLE 17 - TRANSFERS FROM OR TO OTHER QUALIFIED PLANS
	  	 	80	 
			
	 17.1
	 	Transfers from Another Plan of the Employer	  	 	80	 
			
	 17.2
	 	Transfers to Other Plans	  	 	80	 
		
	 ARTICLE 18 - QUALIFIED DOMESTIC RELATIONS ORDER
	  	 	81	 
			
	 18.1
	 	General	  	 	81	 
			
	 18.2
	 	Definitions	  	 	82	 
			
	 18.3
	 	Payments after the Earliest Retirement Age	  	 	82	 
			
	 18.4
	 	Treatment of Former Spouse as Surviving Spouse	  	 	82	 
			
	 18.5
	 	Procedures	  	 	83	 
			
	 18.6
	 	Procedures During Period of Determination	  	 	83	 

  
 vi 

							
	 ARTICLE 19 - MISCELLANEOUS
	  	 	84	 
			
	 19.1
	 	Non-Alienation and Non-Assignment of Benefits	  	 	84	 
			
	 19.2
	 	Limitation on Rights Created by Plan	  	 	84	 
			
	 19.3
	 	Allocation of Responsibilities	  	 	85	 
			
	 19.4
	 	Current Address of Payee	  	 	85	 
			
	 19.5
	 	Application of Plan’s Terms	  	 	85	 
			
	 19.6
	 	Employers with Employees within and without Puerto Rico or that are members of an affiliated group of corporations or partnerships	  	 	85	 
			
	 19.7
	 	USERRA	  	 	86	 

  
 vii 

 AMENDMENT NUMBER 2014-1 

TO THE 
 POPULAR MASTER
PLAN 
 MASTER DEFINED CONTRIBUTION RETIREMENT PLAN 

AMENDED EFFECTIVE JANUARY 1, 2011 

The Popular Master Plan, Master Defined Contribution Retirement Plan, Amended Effective January 1, 2011 (the “Plan”) is hereby
amended effective July 1, 2014 as follows: 
  

	 	1.	 A new sub-section D is added to Section 10.2 to read in its entirety as follows: 

“D. Act 77-2014. To the extent permitted under regulations promulgated under Act 77-2014 or guidance published by the Puerto Rico
Secretary of the Treasury pursuant to Act 77-2014, the portion of a Participant’s Account upon which taxes have been prepaid pursuant to Section 10.8 of the Plan, may be withdrawn under this Section 10.2. Such portion upon which taxes have been
paid shall be considered part of the Participant’s Account’s tax basis.” 
  

	 	2.	 A new Section 10.7 is added to the Plan to read in its entirety as follows: 

“10.7 Apportionment of Tax Basis. 

Any distribution from the Plan that is not a lump sum distribution shall include a portion of the Participant’s tax basis, if any,
determined strictly on a pro-rata basis by the Popular Master Plan Sponsor’s procedures.” 
  

	 	3.	 A new Section 10.8 is added to the Plan to read in its entirety as follows: 

“10.8 Act 77-2014 Withdrawals. 

A. Amounts. To the extent permitted in the Adoption Agreement, a Participant may upon reasonable advance notice to the Plan
Administrator request a withdrawal from all or some of the Participant’s Account in an amount equal to the amount required to pre-pay his future income-tax obligations with respect to his accounts in the Plan under Puerto Rico Act 77-2014. 

B. Spousal Consent to In-Service Withdrawals. If a withdrawal under this section is made from a Plan that is a restatement of an
existing plan which provided for the payment of benefits in the form of an annuity that was not eliminated at the time of a restatement effective after December 31, 2001. A married Participant’s spouse must consent to an in-service withdrawal
under this section. Such consent must be in writing and witnessed by a notary public or the Plan Administrator (or any Plan representative appointed by the Plan Administrator for such purpose). 

 C. Payment. Any withdrawal under this section will be paid to the Participant
as soon as practicable after the Plan Administrator’s receipt of a complete and accurate Participant’s withdrawal form or request; however, the Plan Administrator may approve an earlier payment of all or some of the amount to be withdrawn
if such earlier payment would not be detrimental to the interests of the other Participants.” 
  

	 	4.	 A new Section 11.9 is added to the Plan to read in its entirety as follows: 

“11.9 Apportionment of Tax Basis. 

Any distribution from the Plan that is not a lump sum distribution shall include a portion of the Participant’s tax basis, if any,
determined strictly on a pro-rata basis by the Popular Master Plan Sponsor’s procedures.” 
 In San Juan, Puerto Rico this 18th
day of September 2014. 
  

			
	 /s/ Héctor Rivera Rivera

	By:	 	Héctor Rivera Rivera
	Title:	 	Vice President

 AMENDMENT NUMBER 2014-2 

TO THE 
 POPULAR MASTER
PLAN 
 MASTER DEFINED CONTRIBUTION RETIREMENT PLAN 

AMENDED EFFECTIVE JANUARY 1,2011 

The Popular Master Plan, Master Defined Contribution Retirement Plan, Amended Effective January 1, 2011 (the “Plan”) is hereby
amended effective as of June 26, 2013 as follows: 
  

	 	1.	 A new Section 2.69A is added to read in its entirety as follows: 

“2.69A ‘Spouse’ or ‘spouse’ shall mean individuals who are lawfully married under any state law,
including individuals married to a person of the same sex who were legally married in a state that recognizes such marriages, but who are domiciled in a state that does not recognize such marriages. ‘Spouse’ or ‘spouse’ shall not
include individuals (whether of the opposite sex or the same sex) who have entered into a registered domestic partnership, civil union, cohabitation or other similar formal or informal relationship recognized under state law that is not denominated
as a marriage under the laws of that state, and the term “marriage” does not include such formal relationships. For purposes of the definition of ‘Spouse’ or ‘spouse’, ‘State” or ‘state’ means any
state of the United States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, American Samoa, Guam, Wake Island, the Northern Mariana Islands, any other territory or possession of the United States, and any foreign jurisdiction having
the legal authority to sanction marriages.” 
 In San Juan, Puerto Rico this 17 day of December 2014. 

 

			
	Banco Popular de Puerto Rico
		
	By:	 	 /s/ Héctor Rivera Rivera

		 	Héctor Rivera Rivera
		 	Vice President & Trust Officer

 AMENDMENT NUMBER 2015-1 

TO THE POPULAR MASTER PLAN 

MASTER DEFINED CONTRIBUTION RETIREMENT PLAN 

AMENDED EFFECTIVE JANUARY 1, 2011 

The Popular Master Plan, Master Defined Contribution Retirement Plan, Amended Effective January 1, 2011 (the “Plan”) is hereby
amended effective as of July 1, 2014 as follows: 
  

	 	1.	 Section 10.2.D is restated to read in its entirety as follows: 

“D. Withdrawal of Pre-Paid Account Balances. To the extent permitted under regulations promulgated under Section 1023.21 of the IRC or
guidance published by the Puerto Rico Secretary of the Treasury pursuant to Section 1023.21 of the IRC, the portion of a Participant’s Account upon which taxes have been prepaid pursuant to Section 10.8 of the Plan, may be withdrawn under this
Section 10.2. Such portion upon which taxes have been paid shall be considered part of the Participant’s Account’s tax basis.” 
  

	 	2.	 Section 10.8.A is restated to read in its entirety as follows: 

“10.8 Withdrawals to Pre-Pay Income Tax on Account Balance. 

A. Amounts. To the extent permitted in the Adoption Agreement, a Participant may upon reasonable advance notice to the Plan
Administrator request a withdrawal from all or some of the Participant’s Account in an amount equal to the amount required to pre-pay his future income-tax obligations with respect to his Accounts in the Plan pursuant to Section 1023.21 of the
IRC.” 
 In San Juan, Puerto Rico this 1st, day of April 2015. 

 

			
	Banco Popular de P. R.
		
	By:	 	 /s/ Héctor Rivera Rivera

	Title:	 	Vice President

 AMENDMENT NUMBER 2017-1 

TO THE POPULAR MASTER PLAN 

MASTER DEFINED CONTRIBUTION RETIREMENT PLAN 

AMENDED EFFECTIVE JANUARY 1, 2011 

The Popular Master Plan, Master Defined Contribution Retirement Plan, Amended Effective January 1, 2011 (the “Plan”) is hereby
amended effective as of September 20, 2017 as follows: 
  

	 	1.	 Section 10.1.B is amended to add an item 5 and shall read as follows: 

“5. Financial Hardship Withdrawal pursuant to Administrative Determination No. 17-29. To the extent permitted in the
Adoption Agreement and under guidance issued under Administrative Determination No. 17-29 (“AD 17-29”) published by the Secretary of the Puerto Rico Treasury Department, a Participant may upon reasonable advance notice to the Plan
Administrator request a withdrawal from all or some of the Participant’s Account to cover Eligible Expenses (as such term is defined in AD 17-29).” 
  

	 	2.	 Section 11.1.A is amended to add an item 3 and shall read as follows: 

“3. To the extent permitted in the Adoption Agreement and under guidance promulgated under AD 17-29, a Participant who terminated
employment (or the beneficiary of a Participant who terminated employment) may upon reasonable advance notice to the Plan Administrator request a lump sum of its entire vested balance in the participant’s account to cover Eligible Expenses (as
defined in AD 17-29).” 
  

	 	3.	 Section 12.1.E is restated to read in its entirety as follows: 

“E. Except as provided below, the maximum term of a loan will be five (5) years. If a Participant requests a loan for the acquisition of its principal
residence, the maximum repayment period will be determined by reference to bank loans for the same purpose. However, to the extent permitted in the loan policy approved by the Plan Sponsor and under guidance promulgated under AD 17-29, during the
Eligible Period (as defined in AD 17-29) a Participant may request: 
  

	 	(i)	 a temporary repayment forbearance of up to one (1) year from the original date on loans with outstanding
balances as of September 20, 2017 or on new loans completed on or before the Eligible Period, or 

  

	 	(ii)	 to extend for one year the period for loan repayment, but not halting the repayments. 

In San Juan, Puerto Rico this 30th day of November, 2017. 

 

			
	 Roberto Cabrera

		
	By:	 	 /s/ Roberto Cabrera

	Title:	 	Vice President

 PROFIT SHARING PLAN WITH CASH OR 

DEFERRED ARRANGEMENT 

PLAN ADOPTION AGREEMENT 

POPULAR MASTER DEFINED CONTRIBUTION RETIREMENT PLAN 

AMENDED EFFECTIVE AS OF JANUARY 1, 2011 

  
 1 

 By executing this Adoption Agreement the Employer is adopting a profit sharing plan with an
optional cash or deferred arrangement provisions for the benefit of its Employees. The Employer’s Plan is comprised of: (i) the Popular Master Defined Contribution Retirement Plan Document; (ii) ☒ the Popular Master Defined
Contribution Retirement Plan Master Trust or ☐ the Employer’s Defined Contribution Retirement Plan Trust; and (iii) this Adoption Agreement. The terms used in this Adoption Agreement, as well as the rules to be complied with in
connection with the Plan, are fully explained in the Popular Master Defined Contribution Retirement Plan Document. When signing this Adoption Agreement the Employer has received copy of the Popular Master Defined Contribution Retirement Plan and the
Popular Master Plan’s Summary Plan Description. The Popular Master Defined Contribution Retirement Plan Master Trust is available upon request at Banco Popular’s main offices in Hato Rey, Puerto Rico. 

Profit Sharing Plan with a Cash or Deferred Arrangement 

Plan Adoption Agreement 
 Popular
Master Defined Contribution Retirement Plan 
 Copyright© 2011 by Banco Popular de Puerto Rico 

  
 2 

 Plan Sponsor 

Name of Plan Sponsor: Praxair Puerto Rico B.V. 
 Address
(Physical): Road 189 INT 931 Navarro Gurabo, PR 00778 
 Address (Postal): PO Box 307 Gurabo, PR 00778 

Telephone: (787)258-7232
                                         
                 Telefax: 787-258-7274 

Name of Person for Banco Popular de Puerto Rico to Contact: Melissa Echegaray Mercado 

Position: Human Resources Manager 
  

					
	Telephone: (787)258-7200	  	Telefax: 787-258-7274	  	E-Mail: Melissa Echegaray-Mercado@Praxair.com
	    ext. 7232
	  		  	

 Plan Sponsor tax identification number:
66-0605193 
  

					
	Type of business:	  	Date of Organization:	  	
			
	 ☐   Unincorporated Trade or Business
	  	  
	  	
			
	 ☐   Partnership
	  	  
	  	
			
	 ☐   Special Partnership
	  	  
	  	
			
	 ☒   Regular Corporation
	  	11/14/2001	  	
			
	 ☐   Corporation of Individuals
	  	  
	  	
			
	 ☐   Corporation with Special Partnership Election
	  	  
	  	
			
	 ☐   Other (specify)
                                         
           
	  	  
	  	
			
	 Employer’s taxable year:
  

☒   Calendar Year
  

☐   Fiscal Year ending on
                        
	  		  	

  
 3 

 Employer Information (Complete even if only one Employer will adopt the plan; attach additional
sheets to provide information for additional Employers adopting the Plan. References in this Adoption Agreement to any Employer shall be in reference to all employers adopting the Plan.) 

Name of Plan Sponsor: Praxair Puerto Rico B.V. 
 Address
(Physical): Road 189 INT 931 Navarro Gurabo, PR 00778 
 Address (Postal): PO Box 307 Gurabo, PR 00778 

Telephone: (787) 258-7200 ext. 7232
                                         
Telefax: 787-258-7274 
 Name of Person for Banco Popular de Puerto Rico to
Contact: Melissa Echegaray Mercado 
 Position: Human Resources Manager 
  

					
	Telephone: (787) 258-7232	  	Telefax: 787-258-7274	  	E-Mail: Melissa Echegaray-Mercado@Praxair.com

 Plan Sponsor tax identification number: 66-0605193 

 

					
	Type of business:	  	Date of Organization:	  	
			
	☐ Unincorporated Trade or Business	  	  
	  	
			
	☐ Partnership	  	  
	  	
			
	☐ Special Partnership	  	  
	  	
			
	☒ Regular Corporation	  	11/14/2001	  	
			
	☐ Corporation of Individuals	  	  
	  	
			
	☐ Corporation with Special Partnership Election	  	  
	  	
			
	☐ Other (specify)
                                         
   	  	  
	  	

  

					
	Payroll frequency:	  	 ☒   Weekly
	  	 ☐   Bi-Weekly

		  	 ☒   Semi-Monthly
	  	 ☐   Monthly

		  	 ☐   Semi-Weekly
	  	 ☐   Other

 Contributions will be transferred to Banco Popular’s Fiduciary Services Division with payroll or N/A. 

Should the transfer date be on a holiday or weekend, Employer shall effect the transfer on the ☐ prior or ☒ next Banco Popular business day. 

  
 4 

 General Plan Information 

Plan Name          The Savings Program for Employees of Praxair Puerto Rico B.V. and its Participating
Subsidiary Companies 
 Adoption or Amendment of Plan 

By signing this Adoption Agreement the Employer: 
  

	☐	 adopts the Popular Master Defined Contribution Retirement Plan and its Popular Master Trust

  

	☐	 adopts the Popular Master Defined Contribution Retirement Plan and an Individual Trust amends and restates an
earlier Popular Master Defined Contribution Retirement Plan 

  

	☒	 Adoption Agreement or Individually Designed plan for the following Plan: 

        Name of Plan:
                                         
                                         
                                         
                                         
                 

        Original Effective Date:
                                         
                                         
                                         
                                         

 ☒ Amends and restates the following Plan:
                                         
                                         
                                         
                  

        Name of Plan:         The Savings Program for Employees of
Praxair Puerto Rico B.V. and its Participating Subsidiary Companies 
  

							
	        	 	Original Effective Date:	  	January 1, 2002	  	
		 	Amendment Date:	  	August 1, 2009	  	
		 	Amendment Date:	  	October 1, 2012                                  
                                         
                                         
                      	  	

 Effective Date (cannot be earlier than the first day of the Plan Year in which the Employer signs this Adoption
Agreement). 
 The effective date of this Plan or amendment 
  

			
	is:	 	                August 22, 2014
                
		 	    (month/day/year)

 Plan Year 
 The Plan Year
will be a calendar year unless the Employer elects otherwise by checking the box below: 
  

	☐	 The Plan Year shall begin 

 

					
		 	on                                      
   	  	and end on
                                    
		 	(month/day)	  	 (month/day)

  

	☐	 If applicable, the first Plan Year is a short Plan Year 

 

					
	        	 	on                                      
    	  	and end on
                                    
		 	(month/day)	  	 (month/day)

  
 5 

 Accounting Method 

The Plan shall use the cash basis accounting method. 

Eligibility for Plan Participation 
 Waiver of
Requirements for New Plans 
  

	 	☐	 If checked, each Employee employed on the Effective Date of the Plan is automatically eligible to participate.
Employees hired after the Effective Date of the Plan are eligible upon satisfying any service and/or age requirements specified below: 

The following employees are eligible to participate in the Plan: 
  

	 	☐	 All Employees 

  

	 	☒	 All Employees except those marked below: 

 

	 	☐	 Hourly paid Employees 

 

	 	☐	 Salaried Employees 

  

	 	☒	 Leased Employees 

  

	 	☒	 Employees in the following other classes (specify): 

 

	 	Temporary,	  Part-time and Casual Employees, as defined in the Employee Handbook. 

Age Requirement. An employee must fulfill the following age requirement to become a Participant: 

 

	☐	 No minimum age required. 

 

	☒	 Minimum age 18 (not greater than 21). 

 

	☐	 Other
                                        

 Service Requirements. An employee must fulfill the following service requirement to become a Participant: 

 

	☐	 No service requirement. 

 

	☐	 One year of service. 

 

	☒	 Other: 90 days 

 
  

Method for calculating eligibility. 
  

	☐	 Hours of Service Method. An Employee’s service will be determined by using the Hours of Service
method as described in Article 3 of the Popular Master Plan document unless the following box is checked: 

  

	 	☐	 If the Employee fails to complete at least 1,000 Hours of Service during the twelve consecutive month period
commencing on his or her Employment Commencement Date, he or she shall be credited with one Year of Service at the end of the first Plan Year commencing after such Employment Commencement Date during which he or she completes at least 1,000 Hours of
Service. 

  
 6 

	☒	 Elapsed Time Method. An Employee’s service will be determined using the elapsed time method as
described in Article 3 of the Popular Master Plan document. 

 Affiliates. Please list the affiliates for which service will be
treated as service under the Plan. 
  
  

 
  
  

 
 Predecessor Employers. Service with the
following predecessor employers will be treated as service under the Plan: 
  

 
 Entry Dates 

An Employee may elect to become a Participant and start making Employee Contributions on any entry date on or after he or she satisfies the Plan’s
eligibility requirements. 
 Indicate the Plan’s entry dates: 
  

	☐	 Daily Entry Dates. 

  

	☒	 Monthly Entry Dates. The first day of each month date. 

 

	☐	 Quarterly Entry Dates. The first day of each of the first, fourth, seventh and tenth months of the Plan Year is
an entry date. 

  

	☐	 Semi-Annual Entry Dates. The first day of each of the first and seventh months of the Plan Year is an entry
date. 

 Compensation 
 Employee Pre-Tax Contributions 
 A Participant’s Compensation for purposes of Employee
Pre-Tax Contributions shall mean the total compensation that is currently includible in income for income tax purposes paid to him by the Employer during a Plan Year. Compensation will exclude the
following items: 
  

	☒	 bonuses 

  

	☒	 overtime 

  

	☐	 commissions 

  

	☐	 Compensation in excess of
$                         

  

	☐	 other items (specify)
                                         
                                         
                                   

 
  

  
 7 

 Employee Catch-up Contributions 

A Participant’s Compensation for purposes of Employee Catch-up Contributions shall mean the total compensation
that is currently includible in income for income tax purposes paid to him by the Employer during a Plan Year. Compensation will exclude the following items: 
  

	☒	 bonuses 

  

	☒	 overtime 

  

	☐	 commissions 

  

	☐	 Compensation in excess of $
                                 

 

			
	 ☐     other items (specify)
	  	  

  

			
		  	  

 Employee After-Tax Contributions 

A Participant’s Compensation for purposes of Employee After-Tax Contributions shall mean the total compensation
that is currently includible in income for income tax purposes paid to him by the Employer during a Plan Year. Compensation will exclude the following items: 
  

	☒	 bonuses 

  

	☒	 overtime 

  

	☐	 commissions 

  

	☐	 Compensation in excess of
$                             

 

			
	 ☐     other items (specify)
	  	  

  

			
		  	  

 Employer Matching Contributions 

A Participant’s Compensation for purposes of Employer Matching Contributions shall mean the total compensation that is currently includible in income for
income tax purposes paid to him by the Employer during a Plan Year. Compensation will exclude following items: 
  

	☒	 bonuses 

  

	☒	 overtime 

  

	☐	 commissions 

  

	☐	 Compensation in excess of
$                             

 

			
	 ☐     other items (specify)
	  	  

  

			
		  	  

 Employer Profit Sharing Contributions 

A Participant’s Compensation for purposes of Employer Profit Sharing Contributions shall mean the total compensation that is currently includible in
income for income tax purposes paid to him by the Employer during a Plan Year. Compensation will exclude the following items: 
  

	☐	 bonuses 

  

	☐	 overtime 

  

	☐	 commissions 

  

	☐	 Compensation in excess of
$                         

  

			
	 ☐     other items (specify)
	  	  

  

			
		  	  

  
 8 

 Employer Additional Contributions 

A Participant’s Compensation for purposes of Employer Additional Contributions shall mean the total compensation that is currently includible in income
for income tax purposes paid to him by the Employer during a Plan Year. Compensation will exclude the following items: 
  

	☐	 bonuses 

  

	☐	 overtime 

  

	☐	 commissions 

  

	☐	 Compensation in excess of
$                             

 

	☐	 other items
(specify)                                       
                                         
                                         
                                         
           

 Contributions 

Auto enrollment 
 If the Employer so elects, eligible
Employees shall be deemed to have elected to make a Pre-Tax Contribution in the percentage indicated below commencing with the first payroll period following completion of the eligibility requirements of the
Plan unless the Employee elects otherwise. If this is a restatement of an existing plan eligible Employees not participating in the Plan on the effective date of the restatement will be given a 90-day advance
notice during which to effect an election not to enroll. An eligible Employee who does not file an election to not participate, will become a Participant on the first Entry Date following the three month period. The Employee may at any time elect to
not make Pre-Tax Contributions to the Plan. This is called an “Autoenrollment” or “Negative Election”. The Employer can also choose a “Positive Election” whereby the
Employee must make an affirmative election to make a pre-tax contribution. For purposes of this paragraph an “eligible Employee” is one who has met the eligibility requirements of the Plan and is
within the class of Employees that will be auto-enrolled. An Employee that is not within the class of Employees that will be auto-enrolled will never be auto-enrolled in the Plan. 

 

	☐	 Auto enrollment (Negative election) 

 

	 	☐	 All Employees 

 

	 	☐	 Other 

  

 
  

 
 Employees will be deemed to have
elected to make a Pre-Tax Contribution of          % (up to          %) of Compensation commencing on their first
day of eligibility. 
  

	☐	 If selected, Employees will also be deemed to have elected to make an
After-Tax Contribution of          % (up to          %) of Compensation commencing on their first day of
eligibility. 

  

	☐	 Pre-Tax Contributions for all participants will increase yearly
as follows: 

  

			
	   Yearly increase percentage
	  	Year 1 after this option is elected              %
		  	Year 2 after this option is elected              %
		  	Year 3 after this option is elected and after                  %

  

	☒	 Positive Election 

  
 9 

 Employee Contributions 

Participants may make contributions as follows: 
  

	☒	 Pre-Tax Contributions. 

 

	☒	 Catch-up Contributions. * 

 

	☒	 After-Tax Contributions. 

 

	*	 Catch-up contributions will be allowed only after the Participant has
reached the maximum amount allowable for Pre-tax Contributions under section 4.4(A). 

 Pre-Tax Contributions may not exceed the amounts provided for on Section 4.4 of the Master Plan or such other amount provided by applicable law. Catch-up Contributions
are not considered for purposes of this limitation unless otherwise provided by law or regulation. 
 Catch-up
Contributions may only be made by participants who reach age 50 by the close of the Plan Year. Catch-up Contributions are limited to the amounts provided in Section 4.5 of the Master Plan or such other
amount provided by applicable law. 
 After-Tax Contributions in a Plan Year, if authorized, may not exceed 10% of
the aggregate compensation paid to the Employee during all the years he or she has been a Plan Participant. After-Tax Contributions may be subject to other restrictions and rules established by the Plan
Administrator. 
 Pre-Tax, Catch-up and
After-Tax Contributions may not commence prior to the date the Plan is adopted. 
 Rollover Contributions

  

	 	☐	 The Plan’s Trustee shall not be authorized to receive rollover contributions. 

 

	 	☒	 The Plan’s Trustee shall be authorized to receive rollover contributions: 

 

	 	☒	 Only if the Employee has met the participation requirements of the Plan as of the date of the contribution.

  

	 	☐	 Even if the Employee has not met the participation requirements of the Plan as of the date of the contribution.

 Matching Contributions 
  

	 	☐	 The Employer will make no Matching Contributions. 

 

	 	☒	 The Employer will make a Matching Contribution as follows: 

For employees hired before October 1st, 2012, the Employer will make a Matching
Contribution equal to 70% of first 2.5% and 40% from 2.51 %to 7.5% of compensation of a participant’s Pre-Tax and After-Tax Contributions. For employees hired on or
after October 1st, 2012, the Employer will make a Matching Contribution equal to 100% of first 5% of compensation of a participant’s Pre Tax and
After-Tax Contributions. The Employer will not make Matching Contributions of a participant’s Catch-up Contribution. 

  
 10 

	 	☐	 The Employer may make a Discretionary Matching Contribution. 

However, the Employer will not make Matching Contributions above 7.5 % of the Participant’s Compensation. 

 

			
	 ☒   Matching Contributions shall be contributed to the
Plan:

		
	 ☒   with each payroll
	  	 ☐   bi-weekly

		
	 ☐   semi-weekly
	  	 ☐   weekly

		
	 ☐   monthly
	  	 ☐   quarterly

		
	 ☐   semi-monthly
	  	 ☐   annually

		
	 ☐   monthly
	  	
☐   other             
                           

	
	 ☐   Discretionary Matching Contributions shall be contributed
to the Plan:

		
	 ☐   with each payroll
	  	 ☐   bi-weekly

		
	 ☐   semi-weekly
	  	 ☐   weekly

		
	 ☐   monthly
	  	 ☐   quarterly

		
	 ☐   semi-monthly
	  	 ☐   annually

		
	 ☐   monthly
	  	
☐   other             
                           

 Profit Sharing Contributions 
  

	☒	 The Employer will make no Profit Sharing Contributions 

Non-Integrated Contribution Formula 

 

	☐	 For each Plan Year in which this Plan is in effect the Employer may make contributions to the Trust in one or
more installments out of its Net Profits (as defined in section 6.2C.4 of the Plan) for the Plan Year, in such amounts as the Employer may determine (if any). The Plan Year for which each contribution is made shall be designated at the time of the
contribution. 

 Integrated Contribution Formula 
  

	☐	 Profit Sharing Contributions shall be integrated with Social Security in accordance with Article 6 of the Plan.

  

	☐	 Profit Sharing Contributions integrated with Social Security will be
             percent (not to exceed 7%) of a Participant’s Compensation in excess of
$                    . 

Allocation of Employer Contributions 
 Profit Sharing
Contributions shall be allocated as of the last day of such Plan Year among the Employees who: 
  

	☐	 completed more than 500 hours of service during the Plan Year ☐ and ☐ or

  

	☐	 were employed by the Employer on the last day of the Plan Year ☐ and ☐ or 

 

	☐	 other: 

  

 
  

  
 11 

 If yearly contribution of Matching Contributions is selected above, Matching Contributions shall be
allocated as of the last day of such Plan Year among the Employees who: 
  

	☐	 completed more than 500 hours of service during the Plan Year ☐ and ☐ or 

 

	☐	 were employed by the Employer on the last day of the Plan Year ☐ and ☐ or

  

	☐	
                       
                                         
                                         
                                         
                                         
                     

 Employer
Additional Contributions 
  

	 	☒	 The Employer will make no Employer Additional Contributions. 

 

	 	☐	 For each Plan Year in which this Plan is in effect the Employer may in its discretion make an Additional
Contributions to the Trust for the benefit of Participants based on nondiscriminatory criteria and in the manner described below. Such contributions shall not cause the Plan to exceed the requirements of this Plan or as permitted by applicable law.

 Allocation of Employer Additional Contributions 

Employer Additional Contributions shall be allocated to each Participant in accordance with the provisions established either below or in an appendix to this
Adoption Agreement which will contain the provisions related to, among others, Employer Additional Contributions per Employer: 
  

 
 Qualified Matching and Non-Elective Contributions 
 Qualified Matching Contributions and Qualified
Non-Elective Contributions, as defined in the Popular Master Plan Document or the Employer’s Plan Document, will be taken into account for purposes of calculating the Actual Deferral Percentages of Non-Highly Compensated Employees to the extent necessary to meet the Actual Deferral Percentage test. 
 Vesting

 Pre-Tax, Catch-up Contributions and/or After-Tax Contributions are always 100% vested. 
 Method for calculating vesting service. 

 

	☐	 Hours of Service Method. An Employee’s vesting service will be determined by using the Hours of
Service Method. 

  

	☒	 Elapsed Time Method. An Employee’s vesting service will be determined using the Elapsed Time
Method. 

 Vesting service shall be calculated using Employee’s Commencement date anniversary for an Elapsed Time Method and Plan
Year for an Hours Method. 

  
 12 

 Matching Contributions, Profit Sharing Contributions and/or Employer Additional Contributions 

You may elect a single vesting schedule for Matching Contributions, Profit Sharing Contributions and Employer Additional Contributions or you may select
different vesting schedules: 
 ☒ Single Vesting Schedules. If selected the Vesting Schedule selected for Matching Contributions will also apply to
Profit Sharing Contributions and Employer Additional Contributions. 
 ☐ Multiple Vesting Schedules. 

Matching Contributions will vest in accordance with the following vesting schedule: 
  

							
		  	Graded Vesting Table
				
	☒ Full Vesting. Participants are 100% vested at all times.	  	 (1)

Years of

Service
	  	 (2)

Vested

Percentage
	  	 (3)

Minimum Required

Percentage

				
	☐ Cliff Vesting. Participants are 100% vested after completing          years of service (insert number; cannot be greater than 3). The Participant will
be 0% vested until completing the years of service specified above.	  	Less than 1	  	                    	  	0
	  	  
 At least 1
	  	                    	  	0
	  	  
 At least 2
	  	                    	  	20
				
	☐ Graded Vesting. Participants are vested in accordance with the following vesting schedule. (A Participant’s vested percentage is the percentage inserted in column (2) or the
percentage in column (3), whichever is greater. Spaces left blank are treated as zeros).	  	  
 At least 3
	  	                    	  	40
	  	At least 4	  	                    	  	60
				
		  	At least 5	  	                    	  	80
				
	☐ Applicable to Matching Contribution and Profit Sharing Contributions.	  	At least 6	  	                    	  	100
				
	☐ Applicable to Matching Contributions.	  		  		  	

 Profit Sharing Contributions will vest in accordance with the following vesting schedule: 

  
 13 

							
		  	Graded Vesting Table
				
	☐ Full Vesting. Participants are 100% vested at all times.	  	 (1)

Years of

Service
	  	 (2)

Vested

Percentage
	  	 (3)

Minimum Required

Percentage

				
	☐ Cliff Vesting. Participants are 100% vested after completing          years of service (insert number; cannot be greater than 3). The
Participant will be 0% vested until completing the years of service specified above.	  	Less than 1	  	                    	  	0
	  	  
 At least 1
	  	                    	  	0
	  	  
 At least 2
	  	                    	  	20
				
	☐ Graded Vesting. Participants are vested in accordance with the following vesting schedule. (A Participant’s vested percentage is the percentage inserted in column (2) or the
percentage in column (3), whichever is greater. Spaces left blank are treated as zeros).	  	  
 At least 3
	  	                    	  	40
	  	At least 4	  	                    	  	60
				
		  	At least 5	  	                    	  	80
				
		  	At least 6	  	                    	  	100
				
		  		  		  	

 Years of service excluded in determining vested percentages. Need not be completed - check as many as desired.

  

	☐	 Years completed before the effective date of this Plan (or a predecessor plan). 

 

	☐	 Years completed before the Participant’s          birthday
(insert birthday not greater than 18th). 

 Forfeitures 

Forfeitures under the Plan will be (choose one): 
  

	 	☐	 allocated to Participant’s accounts during the Plan Year: 

 

	 	☐	 in the proportion that each such Participant’s Compensation during such Plan Year bears to the total
Compensation during such Plan Year of all Participants. 

  

	 	☐	 in the proportion that a Participant’s account balance bears to the total Plan assets (to the extent such
method is non-discriminatory under applicable law). 

  

	 	☐	 used to reduce the amount the Employer must contribute to the Plan. 

 

	 	☐	 used to reduce related Plan costs and expenses. 

 

	 	☐	 Any of the options selected above to be determined on an annual basis by the Employer 

Forfeitures will be made at the time specified in Section 8.4 of the Popular Master Plan document. Forfeitures will be maintained in a Single Suspense
Account and invested in the default investment option selected by the Plan Sponsor. 

  
 14 

 Loans 
  

	☒	 Loans from the Plan will be permitted, subject to the Plan’s loan rules. Public Companies must comply with
the restrictions imposed by the Securities Exchange Act of 1934, as amended by Sarbanes-Oxley Act of 2002, applicable to the granting of loans to Directors or Officers. 

 

	☐	 Loans to Participants from the Plan are not permitted. 

In-service Withdrawals 
 The following provisions will
govern the availability of in-service withdrawals from a Participant’s accounts. See Article 10 of the Plan document for additional details, including definitions and limitations. 

Profit Sharing Contributions. In-service withdrawals from Profit Sharing Contributions will only be allowed in
case of a financial hardship as such term is defined in Article 9.1 of the Popular Master Plan Document unless the following box is checked: 
  

	 	☐	 In-service withdrawals from Profit Sharing Contributions will not be
allowed 

 Employer Additional Contributions. In-service withdrawals from Employer
Additional Contributions will only be allowed in case of a financial hardship as such term is defined in Article 9.1 of the Popular Master Plan Document unless the following box is checked: 

 

	 	☐	 In-service withdrawals from Employer Additional Contributions will not
be allowed 

 Pre-Tax Contributions. In-service
withdrawals from Pre-Tax Contributions will only be allowed in case of a financial hardship as such term is defined in Article 9.1 of the Popular Master Plan Document, unless selected otherwise below. If an in-service withdrawal is made from Pre-Tax Contributions, the Participant will be impeded from making additional Pre-Tax Contributions,
Catch-up Contributions and After-Tax Contributions for a 12-month period. 

 

	 	☐	 In-service withdrawals from
Pre-Tax Contributions will not be allowed for any reason. 

Catch-up Contributions. In-service withdrawals from Catch-up Contributions will only be allowed in case of a financial hardship as such term is defined in Article 9.1 of the Popular Master Plan Document, unless selected otherwise below. If an in-service withdrawal is made from Catch-up Contributions, the Participant will be impeded from making additional Pre-Tax
Contributions, Catch-up Contributions and After-Tax Contributions for a 12 month period. 
  

	 	☐	 In-service withdrawals from
Catch-up Contributions will not be allowed for any reason. 

After-Tax Contributions. In-service withdrawals from After-Tax Contributions will be allowed for any reason. However, withdrawals of After-Tax Contributions will be limited as follows: 

 
  
  

 
  

 

  
 15 

 A Participant making a withdrawal from his After-Tax Contributions
account will: 
  

	 	☐	 Not have the right to make After-Tax Contributions for a period of
             months                      (not to exceed 12 months) following the Plan
Year of such withdrawal 

  

	 	☒	 Have the right to make After-Tax Contributions following the date of
the withdrawal. 

 Matching Contributions. In-service withdrawals from Matching
Contributions will only be allowed in case of a financial hardship as such term is defined in Article 9.1 of the Popular Master Plan Document unless the following box is checked: 

 

	 	☒	 In-service withdrawals from Matching Contributions will not be allowed

 Rollover Contributions. A Participant may upon reasonable advance written notice to the Plan Administrator withdraw all or any
portion of his Rollover Contributions Account. The Plan Administrator may establish reasonable minimum withdrawal amounts. 
 Special Withdrawals under
Act 77-2014 
 Act 77-2014 Withdrawals. Withdrawals under Act
77-2014 to pre-pay the income tax due on future distributions from the Plan will be allowed unless the following box is checked. Refer to Section 10.7 of the Plan
document. 
 A Participant may make a Special Withdrawals under Act 77-2014 from its: 

 

	 	☒	 Pre-Tax Contributions Account, 

 

	 	☒	 Catch-up Contributions Account, 

 

	 	☐	 Qualified Matching Contributions Account, 

 

	 	☒	 Qualified Non-Elective Contributions Accounts, 

and the vested portion of its: 
  

	 	☐	 Profit Sharing Contributions Account, 

 

	 	☒	 Matching Contributions Account. 

 

	 	☐	 Employer Additional Contributions Accounts 

to the extent such Accounts are available under the Plan. 
  

	 	☐	 In-service withdrawals under Act 77.2014 will not be allowed

  
 16 

 Withdrawals After Age 591⁄2. 
  

	☒	 If checked, after age
591⁄2 a Participant may make in-service withdrawals from his:

  

	 	☒	 Pre-Tax Contributions Account, 

 

	 	☒	 Catch-up Contributions Account, 

 

	 	☒	 Qualified Matching Contributions Account, 

 

	 	☒	 Qualified Non-Elective Contributions Accounts, 

and the vested portion of his: 
  

	 	☐	 Profit Sharing Contributions Account, 

 

	 	☐	 Matching Contributions Account. 

 

	 	☐	 Employer Additional Contributions Accounts without financial hardship. 

Financial Hardship. An in-service withdrawal will be on account of financial hardship only if the Participant
has an immediate and heavy financial need and the withdrawal is necessary to meet such need. 
 A withdrawal will be deemed to be on account of an immediate
and heavy financial need if it is occasioned by: 
  

	 	•	 	 a deductible medical expense incurred by the Participant or his spouse, children or dependent; (not reimbursed by
medical insurance or otherwise); 

  

	 	•	 	 purchase of the Participant’s principal residence (not including mortgage payments); 

 

	 	•	 	 tuition payments for the next semester or quarter of post-secondary education for the Participant or his spouse,
child or dependent; 

  

	 	•	 	 rent or mortgage payments to prevent the Participant’s eviction from or the foreclosure of the mortgage on
his principal residence; 

  

	 	•	 	 funeral expenses for the participant’s deceased parent, spouse, children or dependents

  

	 	•	 	 any other cause that, in the Administrator’s determination, has produced an immediate and heavy financial
need; provided, that the Administrator may, in its sole discretion, alter the foregoing definition of financial hardship or otherwise limit the amount, time, or manner of any distribution under this provision to the extent deemed necessary by the
Administrator to satisfy the requirements of PR Code Regulation Article 1165-8(d)(2) or a subsequent applicable final Regulation or Statute. No distribution under this provision will be made from any income
allocable to Elective Contributions, or Matching Contributions or 

  

	 	•	 	 such other event or circumstances as the Puerto Rico Secretary of the Treasury through regulations may permit.

 A Participant must establish to the Plan Administrator’s satisfaction both that the Participant has an immediate and heavy
financial need and that the withdrawal is necessary to meet the need. 
 The Trustee and the Plan Administrator shall agree as to the most convenient way of
administering the financial hardship provisions of the Plan. 
 A Participant who makes a withdrawal on account of a financial hardship may not make Pre-Tax Contributions or After-Tax Contributions hereunder (or under any other Plan maintained by the Employer) for a period of 12 months following the date of the in-service withdrawal. 

  
 17 

 Payment. Participant’s in-service withdrawal request
shall be paid as soon as it is administratively feasible following the date in which the Plan Participant requests the distribution. 
 Retirement Age

 Normal Retirement Age. 
 For each Participant,
Normal Retirement Age is (Please select one): 
  

	 	☐	 Age 65 (not to exceed 65); 

 

	 	☒	 The later of: 

Age 65 (not to exceed 65) or 
 The
5 (not to exceed 5) anniversary of the participation commencement date. 
 Disability Retirement. A Participant will be fully vested and may retire
before normal retirement upon becoming disabled. 
 Early Retirement Age. 
  

	 	☐	 If checked, a Participant will be fully vested and may retire prior to Normal Retirement Age upon

  

	 	☐	 reaching age             and
completing         years of service 

  

	 	☐	 Age        ; or 

 

	 	☐	 The later of such participant attaining age 55 or the fifth (5th) anniversary of a participant’s
participation commencement date (This schedule is not applicable to plans acquired through the WBPR merger that have not migrated to a Popular Master Plan Adoption Agreement). 

 

	 	☐	 If checked, a Participant will be vested according to the applicable vesting table and may retire prior to
Normal Retirement Age upon 

  

	 	☐	 reaching age         and
completing         years of service 

  

	 	☐	 Age        ; or 

 

	 	☐	 The later of such participant attaining age 55 or the fifth (5th) anniversary of a participant’s
participation commencement date years of service. 

 (This schedule is applicable to plans acquired through the WBPR
merger). 
 Distribution of Vested Benefits before Retirement, Death or Disability. 

If the Participant terminates his employment with the Employer before reaching his normal or early retirement age, becoming disabled or dying, Participant
☒ Shall be ☐ shall not be allowed to apply for an early distribution of his plan benefits. 
 Withdrawals after age 701⁄2 
  

	☐	 If checked, starting on April 1st of the calendar year following the calendar year in which the Participant
attains age 701⁄2, distribution of the vested balance in the Participant’s account, or the first installment of such distribution, shall be made
or commenced at the Participant’s election. 

  
 18 

 Distribution of Benefits 

Upon termination of employment, the Participants or their authorized representative must request from the Employer that their benefits be distributed. The
normal form of benefit under the Plan is a lump sum distribution. However, the Plan Sponsor may elect periodical payments (below) as an optional form of benefit. If this Plan is a restatement of an existing plan which provided for payment of
benefits in the form of an annuity this form of payment will be preserved. Please provide details in the space provided below. 
  

	☒	 periodical payments (monthly, quarterly, semiannual or annual installments of substantially equal amounts over
a period of years certain not to exceed 10). Not applicable to plans merged from WBPR that had the option of periodic payments before the Merger Date. 

  

	☐	 periodical payments (monthly, quarterly, semiannual or annual installments of substantially equal amounts over
a period of years certain not to exceed the life expectancy of the Employee). 

  

	☐	 periodical payments only for Participant’s who attain Normal Retirement Age or Early Retirement Age
starting on Normal or Early Retirement Date (monthly, quarterly, semiannual or annual installments of substantially equal amounts over a period of years certain not to exceed 10). 

Not applicable to plans merged from WBPR that had the option of periodic payments before the Merger Date. 

 

	☐	 periodical payments only for Participant’s who attain Normal Retirement Age or Early Retirement Age
starting on Normal or Early Retirement Date (monthly, quarterly, semiannual or annual installments of substantially equal amounts over a period of years certain not to the life expectancy of the Employee). 

 

	☐	 Other (for amended and restated Plans with optional forms of benefits only) 

 
  

If the Employer elects more that one method of distribution hereunder, Participants shall elect under which of such methods his or her benefit shall be
distributed. Participants who elect to receive periodical payments may change their election once to elect a lump sum distribution of their remaining Account balance. 

Investment Fund 
 All investment instructions as to each
Participant’s account will be directed by the Participant and/or the Employer and/or the Trustee. If no investment instructions are provided by the Participant and/or the Employer, and the Trustee is a directed trustee, the Participant’s
accounts will be invested in a qualified default investment alternative selected by the Plan Sponsor in accordance with the requirements of Section 404(c)(5) of ERISA or any other default investment chosen by the Plan Sponsor in this Adoption
Agreement. 
 For purposes of the Plan, the Trustee ☒ shall be ☐ shall not be considered as a directed trustee. 

  
 19 

 Participant’s Investment Instructions 

Participants will be allowed to modify their investments instructions on a ☒ daily ☐ monthly ☐ quarterly basis. 

**Effective January 31, 2008, Matching Contributions will be in cash and invested per participant’s investment direction ** 

Participant’s Contributions to the Plan 

Participants will be allowed to modify or suspend their pre-tax, catch-up
and/or their after-tax contributions to the Plan on a ☐daily ☐ monthly ☒ quarterly ☐ semi annual ☐ annual basis. 

Uniformed Service Employment and Reemployment Right Act 
  

	☐	 If checked, in addition to the mandatory provisions of the Uniformed Services Employment and Reemployment
Rights Act (USERRA) this Plan will be subject to the optional provisions of the Act as follows: 

  

	 	☐	 Retroactive Adjustments — earnings and forfeitures will be credited with respect to make- up contributions
to the Plan with respect to the period of qualified military service. 

  

	 	☐	 Loan Repayment suspensions — loan repayments will be suspended and if so determined in the loan guidelines
and upon meeting certain requirements a special interest rate relief will be applicable during military service 

  

	 	☐	 For purposes of benefit accruals an individual that dies or becomes disabled while performing qualified
military service will be treated as if the individual had resumed employment on the day preceding the death or disability 

  

	 	☐	 The Employee will be allowed to make additional Elective Deferrals based on differential pay received from
Employer. Differential Pay is the full or partial civilian payment to the Employee while the employee is absent from employment to perform military services. 

Popular Master Trust 
 By executing this Adoption
Agreement the Plan Sponsor ☒ adopts ☐ does not adopt the Popular Master Trust established by Banco Popular de Puerto Rico to carry out the purposes of the Plan and thus retains Banco Popular as Trustee. The terms of the Trust and
corresponding fees are contained in the Banco Popular de Puerto Rico Master Defined Contribution Retirement Plan, Popular Master Trust and Fee Schedule respectively, which are incorporated by reference into this Adoption Agreement. 

  
 20 

 Recordkeeper 
  

	☒	 By executing this Adoption Agreement, the Plan Sponsor retains Banco Popular de Puerto Rico as Recordkeeper of
the Plan pursuant to the Recordkeeping Agreement and Fee Schedule incorporated by reference into this Adoption Agreement. 

  

	☐	 The Plan Sponsor has selected as recordkeeper for the Plan: 

 

					
	Name                                   
                                         
                                         
                                         
                                         
       
	
	Address                                  
                                         
                                         
                                         
                                         
    
	
	                                   
                                         
                                         
                                         
                                         
                 
	
	Telephone                                  
                                         
              Telefax:                          
                                         
                              
	No:                                   
                                         
                                        
                                         
                                         
           
	
	Contact Person
Name                                        
                                         
                                         
                                         
                  
	
	Telephone                                  
                              
Telefax:                                        
                        
E-Mail:                                   
        
	No:                                   
                                         
                                        
                                         
                                         
            

 Recordkeeper and Trustee’s Fees 

By executing this Adoption Agreement, the Plan Sponsor, if so selected, agrees to retain Banco Popular de Puerto Rico as Recordkeeper and, if applicable, as
Trustee of the Plan, for an initial minimum period of three years. The retention of Banco Popular de Puerto Rico as recordkeeper and trustee of the Plan, as applicable, shall renew automatically for successive three year periods indefinitely. The
Plan Sponsor may terminate the services of Banco Popular de Puerto Rico as recordkeeper and trustee of the Plan, as applicable, at any time subject to a written termination notice received by Banco Popular at least sixty (60) days prior to the
effective date of termination. If termination occurs during the initial three year period, the Plan Sponsor agrees to compensate Banco Popular with a termination fee equal to three times the total annual fees minus any amount already satisfied in
connection with the services rendered since the effective date of this agreement. Banco Popular may change the Fee Schedule from time to time and shall provide written notification to the Plan Sponsor. Termination may occur due to a termination and
liquidation of the Plan by the Plan Sponsor or due to a trust to trust transfer whereby a successor trustee is appointed. Should Banco Popular be instructed to carry out a trust to trust transfer, the Plan assets shall be transferred as requested by
the Plan Sponsor. 
 Valuation of Participant’s Accounts 

The Participant’s Accounts shall be valued ☒ daily ☐ monthly ☐ quarterly ☐ semi-annually ☐ annually. 

  
 21 

 Participant’s Account Statements 

If the Plan (other than a plan covering an owner-employee with no other employees) provides for Participant directed investments, statements shall be provided
quarterly. Plans that do not provide for Participant directed accounts may select any frequency for the Account Statements. 
 Participants shall be
provided with a statement of their account on a ☐ monthly ☒ quarterly ☐ semi-annual or ☐ annual basis. 
 Plan Administrator.

 Plan Administrator. The Plan Sponsor is the legal Plan Administrator under ERISA unless the Plan Sponsor has made a different designation. 

Service Fee Disclosure 
 Banco Popular has agreed to make
available plan recordkeeping, trustee services, certain administration services, and mutual fund investment choices (which have been provided separately). 

For providing certain administrative or shareholder services to the mutual funds, Banco Popular will receive an administrative fee from the mutual funds. The
rate or amount of the fees to be paid to Banco Popular by each mutual fund is shown in the mutual fund’s prospectus. 
 Banco Popular’s annual fee
for its services as trustee and recordkeeper will be billed to the Plan Sponsor separately based on the separate fee schedule. 
 Banco Popular reserves the
right to change the funds on the funds list from time to time. Banco Popular will provide the Plan Sponsor with 60 days advance written notice of any change thereto and the corresponding change in fees if any. Banco Popular will try to find a
suitable alternative if the Plan Sponsor does not agree with the proposed substitution. However, if the Plan Sponsor does not object in writing within the 60-day period, Banco Popular will make the change. If
the Plan Sponsor objects to the proposed change and a suitable alternative cannot be found, the Plan Sponsor will be provided an additional 60 day period to find a new trustee for the Plan. 

By executing this Adoption Agreement the Plan Sponsor acknowledges that (i) Banco Popular has provided the Plan Sponsor with the mutual fund list,
(ii) the mutual funds list contains the rate or amount of fees to be paid to Banco Popular, (iii) Banco Popular has the right to modify the mutual funds lists in such manner as Banco Popular, in its sole discretion, sees fit, (iv) the
Plan Sponsor has selected from the mutual funds list the mutual funds used as investment options for the Plan, (v) the Plan Sponsor has received copies of each mutual fund’s Prospectus and Statement of Additional Information, and
(vi) the Plan Sponsor agrees with the procedures disclosed herein with relation to a substitution of a particular mutual fund. 
 Banco Popular shall
provide the Plan Sponsor with such additional information and disclosures as may be required by the U.S. Department of Labor. 

  
 22 

 Execution of Adoption Agreement 

Responsibilities of the Plan Sponsor. 
 The Plan Sponsor
understands that, by establishing this Plan, it will have certain legal responsibilities for which neither the Trustee nor BPPR will be responsible. The Plan Sponsor should ensure that this Adoption Agreement has been filled out completely and
properly. Failure to do so may result in Plan disqualification. The Plan Sponsor also understands that it will be solely responsible for any taxes, costs or expenses arising from the disqualification of the Plan. The Plan Sponsor warrants that it
has obtained legal and tax advice to the extent the Plan Sponsor deems necessary before signing this Adoption Agreement. 
  

			
	Plan Sponsor	  	
		
	Name of Plan Sponsor:	  	PRAXAIR PUERTO RICO B.V.
		
	Signed:	  	Authorized Person
		
	Print name and title:	  	AUTHORIZED PERSON/PRESIDENT
		
	Date:	  	OCTOBER/29/2017
		
	Trustee	  	
		
	Name of Trustee:	  	Banco Popular de Puerto Rico-Fiduciary Services Division
		
	Address:	  	PO Box 362708, San Juan PR 00936-2708
		
	Signed:	  	Authorized Person
		
	Print name and title:	  	Authorized Person, VP & Retirement Plans Manager
		
	Date:	  	10/31/14

 The identifying number for the Banco Popular de Puerto Rico Popular Master Defined Contribution Retirement Plan document is 01
and for this Adoption Agreement is 102. The Plan Sponsor is (insert Plan Sponsor’s name and
address):                                       
          
 Banco Popular de Puerto Rico will notify you if it amends or discontinues this Popular Master
Plan. 

  
 23 

 AMENDMENT NUMBER 2017-1 

TO THE PROFIT SHARING PLAN WITH A CASH OR DEFERRED ARRANGEMENT 

PLAN ADOPTION AGREEMENT 

POPULAR MASTER PLAN MASTER DEFINED CONTRIBUTION RETIREMENT PLAN 

AMENDED EFFECTIVE JANUARY 1,2011 

The Profit Sharing Plan With Cash or Deferred Arrangement Plan Adoption Agreement, Popular Master Plan, Master Defined Contribution Retirement
Plan, amended effective January 1, 2011 (the “Plan”) is hereby amended effective as of February 1, 2018 as follows: 
 1.
A new Section titled: Financial Hardship Withdrawal pursuant to Administrative Determination No. 17-29 is added to read in its entirety as follows: 

Financial Hardship Withdrawals pursuant to Administrative Determination No. 17-29 

Financial Hardship Withdrawal pursuant to Administrative Determination No. 17-29 to cover Eligible Expenses
(as such term is defined in AD 17-29): 
  

	 	☐	 Will not be allowed 

  

	 	☒	 Will be allowed from the following Participant’s Account, to the extent such contributions are available
under the plan: 

  

	 	☒	 Pre-Tax Contributions Account 

 

	 	☐	 Catch-up Contributions Account 

 

	 	☐	 Qualified Matching Contributions Account 

 

	 	☐	 Qualified Non-Elective Contributions Account 

and the vested portion of its: 
  

	 	☐	 Profit Sharing Contributions Account 

 

	 	☒	 Matching Contributions Account 

 

	 	☐	 Employer Additional Contributions Account 

 

	 	☒	 Other: Employee After tax Contributions & Rollouts (Specify Account(s) and conditions in a manner that is
definitely determinable and not subject to Employer discretion) 

  

	 	☐	 and earnings attributable thereto 

Additional limitations. The following limitations apply to hardship distributions: 

 

	 	☐	 N/A (no additional limitations) 

 

	 	☒	 Additional limitations (select one or more): 

	 	☒	 The minimum amount of a distribution is $1,000 (may not exceed $10,000). 

 

	 	☒	 No more than 1 distribution(s) may be made to a Participant during a Plan Year. 

 

	 	☐	 Hardship distributions may be made subject to the following provisions: (must be definitely determinable and
not subject to Employer discretion). 

  

	
	  

	
	  

 2. The Section titled: Lump Sum Distributions pursuant to Administrative Determination
No. 17-29 is added to read in its entirety as follows: 
 Lump Sum Distributions to
Participants who terminated employment pursuant to Administrative Determination No. 17-29 
  

	 	☐	 Will not be allowed 

  

	 	☒	 Will be allowed 

In Gurabo, Puerto Rico this 22 day of January 2018. 
  

			
	 Authorized Person

	Authorized signatory
		
	By:	 	 Authorized Person

	Printed name of authorized signatory
	Title:	 	HR & Compliance Manager

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